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Unless the City Council has adopted more specific standards, and except as otherwise provided in this section, a proposed WCF Project shall comply with the following standards:
(1) Shall utilize the smallest antennae, radio, and associated equipment, as measured by volume, technically feasible to achieve a network objective; (2) Shall be screened from public view;
(3) When attached to an existing structure, shall be shrouded or screened using materials or colors found on existing structure;
(4) Shall be placed at a location that would not require the removal of any required landscaping or would reduce the quantity of landscaping to a level of noncompliance with the Zoning Code;
(5) An antenna, base station, or tower shall be of a "camouflaged" or "stealth" design, including concealment, screening, and other techniques to hide or blend the antenna, base station, or tower into the surrounding area, such as the use of a monopine design; (6) Shall not be attached on a historic structure/site, as designated by Chapter 16.49; (7) Except as otherwise permitted by the Spectrum Act, a building-mounted WCF may extend no more than fifteen (15) feet beyond the permitted height of the building in the zone district; (8) Except as otherwise permitted by the Spectrum Act, a tower or other stand-alone Tier 3 WCF Project shall not exceed beyond sixty-five (65) feet in height; and (9) A tower or other stand-alone Tier 3 WCF may encroach into the interior/street side and rear setback.
(j) Conditions of Approval
In addition to any other conditions of approval permitted under federal and state law and this Code that the Director deems appropriate or required under this Code, all WCF Projects approved under this chapter, whether approved by the Director, City Council, or deemed granted by operation of law, shall be subject to the following conditions of approval:
(1) Permit conditions. The grant or approval of a WCF Tier 1 Permit shall be subject to the conditions of approval of the underlying permit, except as may be preempted by the Spectrum Act.
(2) As-built plans. The applicant shall submit to the Director an as-built set of plans and photographs depicting the entire WCF as modified, including all transmission equipment and all utilities, within ninety (90) days after the completion of construction. (3) Applicant shall hire a radio engineer licensed by the State of California to measure the actual radio frequency emission of the WCF and determine if it meets FCC's standards. A report, certified by the engineer, of all calculations, required measurements, and the engineer's findings with respect to compliance with the FCC's radio frequency emission standards shall be submitted to the Planning Division within one year of commencement of operation.
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(4) Indemnification. To the extent permitted by law, the applicant shall indemnify and hold harmless the city, its City Council, its officers, employees and agents (the "indemnified parties") from and against any claim, action, or proceeding brought by a third party against the indemnified parties and the applicant to attack, set aside or void, any permit or approval authorized hereby for the Project, including (without limitation) reimbursing the city for its actual attorneys' fees and costs incurred in defense of the litigation. The city may, in its sole discretion and at Applicant's expense, elect to defend any such action with attorneys of its own choice.
(5) Compliance with applicable laws. The applicant shall comply with all applicable provisions of the Code, any permit issued under this Code, and all other applicable federal, state and local laws (including without limitation all building code, electrical code and other public safety requirements). Any failure by the City to enforce compliance with any applicable laws shall not relieve any applicant of its obligations under this code, any permit issued under this code, or all other applicable laws and regulations. (6) Compliance with approved plans. The proposed Project shall be built in compliance with the approved plans on file with the Planning Division.
(7) Subject to city uses. Any permit to install or utilize poles or conduit in the public rights- of-way is subject to the city’s prior right to use, maintain, expand, replace or remove from use such facilities in the reasonable exercise of its governmental or proprietary powers. Such permit is further subject to the city’s right to construction, maintain, and modify streets, sidewalks, and other improvements in the public rights-of-way. The city, in its sole discretion, may require removal or relocation of a permittee’s equipment, at permittee’s sole cost and expense, if necessary to accommodate a city use.
(8) Replacement. Where feasible, as new technology becomes available, the applicant shall place above-ground equipment below ground and replace equipment remaining above-ground with smaller equipment, as determined by volume. The applicant shall obtain all necessary permits and approvals for such replacement.
(9) Permit length. WCFs permits shall be valid for the time provided in Section
18.42.110(n), except that a permit shall automatically expire after twelve months from the date of approval if within such twelve month period, the applicant has not obtained all necessary permits to commence construction. The director may, without a hearing, extend such time for a maximum period of twelve additional months only, upon application filed with him or her before the expiration of the twelve-month limit.
(k) Exceptions
(1) The decision-making authority may grant exceptions to objective standards adopted by City Council resolution or any provision of this Section 18.42.110, upon finding that:
A. The proposed WCF complies with the requirements of this Section 18.42.110 and any other requirements adopted by the City Council to the greatest extent feasible; and either B. As applied to a proposed WCF, the provision(s) from which exception is sought would deprive the applicant of rights guaranteed by federal law, state law, or both; or Item 11
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C. Denial of the application as proposed would violate federal law, state law, or both. (2) An applicant must request an exception at the time an application is initially submitted for a WCF permit under this Section 18.42.110. The request must include both the specific provision(s) from which exception is sought and the basis of the request, including all supporting evidence on which the applicant relies. Any request for exception after the City has deemed an application complete constitutes a material change to the proposed WCF and shall be considered a new application.
(3) If the applicant seeks an exception from objective standards adopted by City Council resolution or generally applicable development standards, the Director may refer the application to the Architectural Review Board for recommendation on whether the application complies with such standards to the greatest extent feasible. (43) The applicant shall have the burden of proving that federal law, state law, or both compel the decision-making authority to grant the requested exception(s), using the evidentiary standards applicable to the law at issue. The Ccity shall have the right to hire independent consultants, at the applicant’s expense, to evaluate the issues raised by the exception request and to submit rebuttal evidence where applicable. (l) Removal of Abandoned Equipment
A WCF (Tier 1, Tier 2, or Tier 3) or a component of that WCF that ceases to be in use for more than ninety (90) days shall be removed by the applicant, wireless communications service provider, or property owner within ninety (90) days of the cessation of use of that WCF. A new WCF permit shall not be issued to an owner or operator of a WCF or a wireless communications service provider until the abandoned WCF or its component is removed. (m) Revocation
The Director may revoke any WCF Permit if the permit holder fails to comply with any condition of the permit. The Director's decision to revoke a Permit shall be appealable pursuant to the process applicable to issuance of the Permit, as provided in subdivisions (f), (g), and (h) of this section.
(n) Expiration
Except as otherwise provided in the permit or in a lease or license agreement with the City of Palo Alto, WCF permits shall be valid for a period of ten years from the date of approval. An applicant may seek extensions of an approved WCF permit in increments of no more than ten years and no sooner than twelve months prior to the expiration of the permit. The Director shall approve an extension request upon finding that that applicant has complied with all conditions of approval for the WCF permit and will comply with all other requirements applicable to WCFs at the time the extension is granted. Prior to issuing a decision on an extension request, the Director may seek additional studies and information to be prepared at the applicant’s expense.
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SECTION 4. Severability. If any provision, clause, sentence or paragraph of this ordinance, or the application to any person or circumstances, shall be held invalid, such invalidity shall not affect the other provisions of this Ordinance which can be given effect without the invalid provision or application and, to this end, the provisions of this Ordinance are hereby declared to be severable.
SECTION 5. Effective Date. This Ordinance shall be effective on the thirty-first date after the date of its adoption.
SECTION 6. This ordinance shall be of no further force or effect as of [Insert date 24 months + 1 day after date of adoption], or unless repealed earlier by the Council.
SECTION 7. CEQA. The City Council finds and determines that this Ordinance is not a project within the meaning of section 15378 of the California Environmental Quality Act (“CEQA”) Guidelines because it has no potential for resulting in physical change in the environment, either directly or ultimately. In the event that this Ordinance is found to be a project under CEQA, it is subject to the CEQA exemption contained in CEQA Guidelines section 15061(b)(3) because it can be seen with certainty to have no possibility of a significant effect on the environment in that this Ordinance simply clarifies existing local regulations.
INTRODUCED:
PASSED:
AYES:
NOES:
ABSTENTIONS:
ABSENT:
ATTEST:
APPROVED:
______________________________ ____________________________ City Clerk Mayor
APPROVED AS TO FORM: ____________________________
City Manager
______________________________
City Attorney or designee ____________________________ Director of Planning and
Community Environment
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Attachment B
1 Standards for reviewing Wireless Communication Facilities (WCFs) in Palo Alto All projects:
1) Generally Applicable Development Standards, Palo Alto Municipal Code (PAMC) Section 18.42.110 (i)
(i) Generally Applicable Development Standards
Unless the City Council has adopted more specific standards, and except as otherwise provided in this section, a proposed WCF Project shall comply with the following standards:
(1) Shall utilize the smallest antennae, radio, and associated equipment, as measured by volume, technically feasible to achieve a network objective; (2) Shall be screened from public view;
(3) When attached to an existing structure, shall be shrouded or screened using materials or colors found on existing structure;
(4) Shall be placed at a location that would not require the removal of any required landscaping or would reduce the quantity of landscaping to a level of noncompliance with the Zoning Code;
(5) An antenna, base station, or tower shall be of a "camouflaged" or "stealth" design, including concealment, screening, and other techniques to hide or blend the antenna, base station, or tower into the surrounding area, such as the use of a monopine design;
(6) Shall not be attached on a historic structure/site, as designated by Chapter
16.49;
(7) Except as otherwise permitted by the Spectrum Act, a building-mounted WCF may extend no more than fifteen (15) feet beyond the permitted height of the building in the zone district;
(8) Except as otherwise permitted by the Spectrum Act, a tower or other stand- alone Tier 3 WCF Project shall not exceed beyond sixty-five (65) feet in height; and (9) A tower or other stand-alone Tier 3 WCF may encroach into the interior/street side and rear setback.
2) Conditions of Approval, PAMC Section 18.42.110 (j)
(j) Conditions of Approval
In addition to any other conditions of approval permitted under federal and state law and this Code that the Director deems appropriate or required under this Code, all WCF Projects approved under this chapter, whether approved by the Director or Item 11
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2 deemed granted by operation of law, shall be subject to the following conditions of approval:
(1) Permit conditions. The grant or approval of a WCF Tier 1 Permit shall be subject to the conditions of approval of the underlying permit, except as may be preempted by the Spectrum Act.
(2) As-built plans. The applicant shall submit to the Director an as-built set of plans and photographs depicting the entire WCF as modified, including all transmission equipment and all utilities, within ninety (90) days after the completion of construction. (3) Applicant shall hire a radio engineer licensed by the State of California to measure the actual radio frequency emission of the WCF and determine if it meets FCC's standards. A report, certified by the engineer, of all calculations, required measurements, and the engineer's findings with respect to compliance with the FCC's radio frequency emission standards shall be submitted to the Planning Division within one year of commencement of operation.
(4) Indemnification. To the extent permitted by law, the applicant shall indemnify and hold harmless the city, its City Council, its officers, employees and agents (the "indemnified parties") from and against any claim, action, or proceeding brought by a third party against the indemnified parties and the applicant to attack, set aside or void, any permit or approval authorized hereby for the Project, including (without limitation) reimbursing the city for its actual attorneys' fees and costs incurred in defense of the litigation. The city may, in its sole discretion and at Applicant's expense, elect to defend any such action with attorneys of its own choice.
(5) Compliance with applicable laws. The applicant shall comply with all applicable provisions of the Code, any permit issued under this Code, and all other applicable federal, state and local laws (including without limitation all building code, electrical code and other public safety requirements). Any failure by the City to enforce compliance with any applicable laws shall not relieve any applicant of its obligations under this code, any permit issued under this code, or all other applicable laws and regulations.
(6) Compliance with approved plans. The proposed Project shall be built in compliance with the approved plans on file with the Planning Division. (7) Subject to city uses. Any permit to install or utilize poles or conduit in the public rights- of-way is subject to the city’s prior right to use, maintain, expand, replace or remove from use such facilities in the reasonable exercise of its governmental or proprietary powers. Such permit is further subject to the city’s right to construction, maintain, and modify streets, sidewalks, and other improvements in the public rights-of- way. The city, in its sole discretion, may require removal or relocation of a permittee’s equipment, at permittee’s sole cost and expense, if necessary to accommodate a city use.
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3 (8) Replacement. Where feasible, as new technology becomes available, the applicant shall place above-ground equipment below ground and replace equipment remaining above-ground with smaller equipment, as determined by volume. The applicant shall obtain all necessary permits and approvals for such replacement. (9) Permit length. WCFs permits shall be valid for the time provided in Section 18.42.110(n), except that a permit shall automatically expire after twelve months from the date of approval if within such twelve month period, the applicant has not obtained all necessary permits to commence construction. The director may, without a hearing, extend such time for a maximum period of twelve additional months only, upon application filed with him or her before the expiration of the twelve-month limit.
Additional findings for Tier 2 and 3 Projects in the public rights-of-way, if Council’s objective standards are repealed:
3) Architectural Review findings, PAMC Section 18.76.020(d)
18.76.020 Architectural Review
…(d) Findings
Neither the director, nor the city council on appeal, shall grant architectural review approval, unless it is found that each of the following applicable findings is met:
(1) The design is consistent with applicable provisions of the Palo Alto Comprehensive Plan, Zoning Code, coordinated area plans (including compatibility requirements), and any relevant design guides.
(2) The project has a unified and coherent design, that:
(A) Creates an internal sense of order and desirable environment for occupants, visitors, and the general community,
(B) Preserves, respects and integrates existing natural features that contribute positively to the site and the historic character including historic resources of the area when relevant,
(C) Is consistent with the context-based design criteria of the applicable zone district,
(D) Provides harmonious transitions in scale, mass and character to adjacent land uses and land use designations,
(E) Enhances living conditions on the site (if it includes residential uses) and in adjacent residential areas.
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4 (3) The design is of high aesthetic quality, using high quality, integrated materials and appropriate construction techniques, and incorporating textures, colors, and other details that are compatible with and enhance the surrounding area. (4) The design is functional, allowing for ease and safety of pedestrian and bicycle traffic and providing for elements that support the building's necessary operations (e.g. convenient vehicle access to property and utilities, appropriate arrangement and amount of open space and integrated signage, if applicable, etc.). (5) The landscape design complements and enhances the building design and its surroundings, is appropriate to the site's functions, and utilizes to the extent practical, regional indigenous drought resistant plant material capable of providing desirable habitat that can be appropriately maintained.
(6) The project incorporates design principles that achieve sustainability in areas related to energy efficiency, water conservation, building materials, landscaping, and site planning.
For Tier 3 projects only
4) Conditional Use Permit findings, PAMC Section 18.76.010(c)
18.76.010 Conditional Use Permit (CUP)
…(c) Findings
Neither the director, nor the city council on appeal, shall grant a conditional use perrnit, unless it is found that the granting of the application will:
(1) Not be detrimental or injurious to property or improvements in the vicinity, and will not be detrimental to the public health, safety, general welfare, or convenience; (2) Be located and conducted in a manner in accord with the Palo Alto Comprehensive Plan and the purposes of this title (Zoning).
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DocuSign Envelope ID: ECCACC0E-18AC-4D5E-9AEE-0C930810BD0A Attachment C
Resolution No. 9873
Resolution of the Council of the City of Palo Alto Amending Objective Aesthetic, Noise, and Related Standards for
Wireless Communication Facilities in the Public Rights of Way The Council of the City of Palo Alto RESOLVES as follows:
SECTION 1. Findings and Declarations.
a. On April 15, 2019, the City Council adopted Resolution 9825, establishing objective aesthetic, noise, and related standards for Wireless Communication Facilities (WCFs) on Streetlight and Wood Utility Poles in the Public Rights-of-Way.
b. On June 17, 2019, the City Council adopted Resolution 9847, amending the standards to delete inadvertently added language, clarify existing standards, and adopt an interim setback from public schools.
c. On August 12, 2019, the City Council adopted Resolution 9855, amending the standards to address a conflict with other City standards and to clarify the allowable height for WCFs on Streetlights and Wood Utility Poles.
d. The City Council wishes to consolidate the existing objective standards previously described in Resolution 9855 for clarity and update the objective standards in order to address Council specified location, design, and other preferences in the City for WCF on Streetlight Poles and Wood Utility Poles.
SECTION 2. Objective Standards for WCFs on Streetlight Poles and Wood Utility Poles in the Public Rights-of-Way Amended.
The City Council hereby adopts the objective standards in Exhibit 1, attached to and incorporated into this resolution, for Wireless Communication Facilities in the Public Rights of Way on Streetlight Poles and Wood Utility Poles.
The City Council hereby adopts Exhibit 2 that illustrates the Residential Zone of Exclusion and Exhibit 3 that illustrates the City of Palo Alto roadway network and locations of special setbacks relative to generalized zoning designations for the sole purpose of supplementing the objective standards in Exhibit 1.
SECTION 3. If any section, subsection, clause or phrase of this resolution or the attached standards is for any reason held to be invalid, such decision shall not affect the validity of the remaining portion or sections of the resolution and exhibits. The Council hereby declares that it should have 1 Item 11
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adopted the resolution and exhibits, and each section, subsection, sentence, clause or phrase thereof irrespective of the fact that any one or more sections, subsections, sentences, clauses or phrases be declared invalid.
SECTION 4. Environmental Review. The Council finds that this resolution is exempt from the provisions of the California Environmental Quality Act (“CEQA”), pursuant to Section 15061 of the CEQA Guidelines, because it does not authorize the construction of Wireless Communication Facilities in any locations where such facilities are not already permitted; therefore it can be seen with certainty that there is no possibility that the ordinance will have a significant effect on the environment. The resolution is further exempt under CEQA Guidelines sections 15301, 15302, 15303 and 15305 because it represents part of a comprehensive regulatory scheme governing minor alterations to existing facilities or small structures.
INTRODUCED AND PASSED: December 16, 2019
AYES: CORMACK, DUBOIS, FILSETH, KNISS, KOU, TANAKA
FINENOES:
ABSENT:
ABSTENTIONS:
ATTEST:
City Clerk Mayor
APPROVED AS TO FORM: APPROVED:
Deputy City Attorney City Manager
Director of Planning and Development
Services
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Exhibit 1
Objective Standards for Wireless Communication Facilities in the Public Rights of Way on Streetlight Poles and Wood Utility Poles A Wireless Communication Facility (WCF) proposed for the public right of way must comply with the applicable provisions of the City’s Municipal Code and all of the following objective standards. In each instance where a proposed facility is unable to comply with the City’s objective standards, a WCF Exception may be requested and evaluated in accordance with this resolution and PAMC Section
18.42.110(k).1The following standards apply to both streetlight poles and wood utility poles, unless otherwise noted.
WCF SITING STANDARDS
Permitted Zoning Districts
Public School Boundary
WCF placement is permitted in non-residential zoning districts.
A WCF shall not be placed within 600 feet of a parcel containing a public school. No WCF Exception shall be granted allowing a WCF to be placed closer than 300 feet to a parcel containing a public school.
Residential Zone of Exclusion No WCF shall be placed within the public right of way in the area (this standard applies to WCF Exception between the street centerline and the central fifty percent (50%) requests to locate in residential
districts) of the immediately adjacent parcel’s front lot line. The central fifty percent standard shall be based on the parcel’s lot width2. For corner lots, the central fifty percent standard along the street lot line3 shall be based on the parcel’s lot depth4. Exhibit 2 illustrates this requirement.
Residential Roadways Any request for a WCF Exception involving placement of a WCF (this standard applies to WCF Exception within a residential zoning district shall prioritize WCF placement requests to locate in residential
districts) on the following roadway types (See Exhibit 3):
Expressways
Arterials
Residential Arterials
Roadways identified with a Special Setback (including
collector and local streets).
1 The City may hire an independent consultant to evaluate WCF Exceptions at applicant’s expense. 2 Palo Alto Municipal Code Section 18.04.030(a)(93)
3 Palo Alto Municipal Code Section 18.04.030(a)(91)(E)
4 Palo Alto Municipal Code Section 18.04.030(a)(87)
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In each instance above, the priority shall be for placement of a WCF most distant from residential property.
An additional WCF Exception request must be made to place a WCF on a collector or a local roadway that does not have an identified special setback.
Building or Structure Setback
Distance Between WCFs
A WCF shall not be placed closer than 20 feet from any building used for occupancy in any zoning district.
A WCF shall not be placed less than 600 feet away from another WCF. This requirement does not preclude WCFs collocating on the same structure where otherwise allowed.
Intersection Corners5 A WCF shall not be placed less than 20 feet away from any roadway intersection. An intersection is measured from the start of the curb radius.
Scenic Routes6 A WCF shall not be placed along an identified scenic route.
Historic Districts, Sites, and
Structures
A WCF shall not be placed within a listed historic district, nor immediately adjacent to a parcel with an historic structure, nor immediately adjacent to an historic site, as those terms are defined by PAMC Section 16.49.020.
A WCF shall not be placed in a potential historic district, or immediately adjacent to a potential historic structure or site, where the application for historic designation was filed with the City prior to the filing of a WCF application, until a final decision has been made regarding that pending historic designation.
WCF DESIGN STANDARDS
Underground Design
(Preferred Option)
Radio equipment shall be placed in an underground vault. The associated antenna(s) shall be placed in a shroud at the top of a nearby pole.
Underground vaults shall be the minimum volume necessary to house WCF equipment and include information detailing why the proposed dimensions are required. Maximum vault size shall not exceed 5 feet 8-inches x 8 feet 2-inches x 5 feet 7-inches or 260 cubic feet, excluding space required for ventilation or sump pump equipment.
5 Gateway intersections are identified on Map L-4 in the Comprehensive Plan. 6 Scenic routes are identified in Policy L-9.1 in the Comprehensive Plan. 4 Item 11
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Top-Mounted Design
(Secondary Option)
Radio equipment and the associated antenna(s) shall be enclosed within a shroud at the top of the pole.
Minimal Sunshield Design
Use of this design requires a WCF
Exception
Radio equipment shall be enclosed within one or two sunshields not exceeding 8 inches wide nor 0.75 cubic feet in volume each, mounted directly to the side of the pole. The associated antenna(s) shall be placed in a shroud at the top of the pole.
Sunshields shall be attached at least 12 feet above ground level and, when located on wood utility poles, shall not interfere with the identified communication space.
Existing Signage Design
Use of this design requires a WCF
Exception
Radio equipment shall be attached to a pole behind existing signage under the following conditions:
i) Radio equipment shall be placed within a shroud that does not exceed the dimensions of the sign in height and width, nor 4 inches in depth, including any required mounting bracket. ii) In no event shall WCF equipment obscure or interfere with the visibility or functioning of the signage.
The associated antenna(s) shall be placed in a shroud at the top of the pole.
WCF Antenna and Shroud Antennas shall have the smallest size possible to achieve the Dimensions (Diameter / Height) coverage objective.
The diameter of the antenna and shroud shall not exceed 15 inches at their widest.
For Streetlight Poles: The maximum WCF height shall not exceed 3 feet (or 5.5 feet for top-mounted designs) from the top of the streetlight pole that meets the City standards for the proposed location.
The associated “antenna skirt” shall taper to meet the pole above the mast arm.
For Wood Utility Poles: In no circumstance shall the total height of a pole and all WCF equipment exceed 55 feet. For wood utility poles carrying power lines, replacement poles shall be the minimum height necessary to provide GO 95 mandated clearance between WC equipment and power lines. For wood utility poles without power lines, any WCF equipment shall not increase the height of the pole by 5.5 feet when compared with the height of the existing pole.
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The associated “antenna skirt” shall taper to meet the top of the pole if wider than the pole.
WCF Design Quality Antennas and/or equipment at the top of the pole shall be covered by a single integrated shroud and “antenna skirt” designed without gaps between materials or sky visible between component surfaces and between the shroud or skirt and the top of the pole.
All components external to the pole shall have an integral color or shall be painted to match the color and/or materials of the pole.
Equipment shall be oriented to face in either of the directions of travel in the right of way and shall not face or extend toward private property or the curb line.
WCF Equipment Adjustment For Streetlight Poles: Equipment that cannot propagate an adequate signal within the shrouding required by the standard designs shall be attached to a streetlight pole at a height of 2 feet below the light mast or higher. Each instance of such equipment shall not exceed 0.85 cubic feet, nor shall the total volume of such equipment and any shrouding exceed 2.6 cubic feet per streetlight pole.
For Wood Utility Poles:
Equipment that cannot propagate an adequate signal within the shrouding required by the standard designs shall be attached to the top of the pole or on a cross arm or brace protruding from the pole the minimum extent necessary to comply with safety standards, including GO 95. Such cross arm shall be placed as high on the pole as technically feasible. Each instance of such equipment shall not exceed 0.85 cubic feet nor shall the total volume of such equipment exceed 2.6 cubic feet per wood utility pole.
Curb Clearances Any WCF attachments placed below 16 feet above ground level shall not be placed closer than 18 inches to the curb, nor shall they extend over the sidewalk (Caltrans Highway Design Manual Section 309).
All WCF equipment shall maintain at least 3 feet from any curb cut.
WCF Wires and Cabling For Streetlight Poles: All wires and cabling shall be routed entirely underground and within the pole and any attached shroud.
For Wood Utility Poles: All wires and cabling to equipment shall be within the shroud or shall be within conduit. All conduit shall be mounted flush to the pole.
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Safety Signs Safety signs shall be the smallest size possible to accomplish its purpose.
Power Disconnects For Streetlight Poles: Power disconnects shall be labeled and placed in a vault near the base of the pole.
For Wood Utility Poles: Power disconnects shall be labeled and placed on the wood pole or in a vault near the base of the pole.
Ground Mounted Equipment
Existing Pole Locations
Except as provided in these standards, no equipment cabinets may be placed at grade.
A WCF shall utilize an existing streetlight pole or wood utility pole location. Any new pole locations are prohibited unless approved through a City Public Works/Utilities pole placement application.
WCF PERFORMANCE STANDARDS
Pole Replacement For Streetlight Poles: An existing streetlight pole proposed for a WCF installation shall be replaced with a new pole.7
For Wood Utility Poles: An existing wood utility pole proposed for a WCF installation shall be replaced with a new pole.8
Landscaping Replacement
Landscape Screening
Any existing landscaping removed or damaged by installation shall be replaced in kind.
A WCF shall be placed where existing street tree foliage or new street tree or amenity tree foliage within 35 feet of the WCF provides interruption of direct views of the WCF.
7 Replacement streetlight poles must meet the currently applicable City standards for the pole, including foundation and bolt designs, conduit separation, aluminum material, color, width, height, light mast characteristics (examples:
orientation, design, height, color temperature and photometrics), and the presence/absence of decorative features.
Replacement poles will conform to Public Works Department (PWD) style guidelines and Utilities-Electrical (CPAU) standards where the City has adopted standards and will match the pole being replaced where no standards exist.
Standard specifications for streetlight poles in the City can be obtained from the Utilities-Electrical (CPAU) and Public Works (PWD) Departments.
8 Replacement wood utility poles must meet the currently applicable City standards for the pole, including width, height, color, material, structural capacity, and GO 95 compliance. Replacement poles shall be no greater in diameter or other cross-sectional dimension than is necessary for the proper functioning of the pole with all attachments.
Existing pole functionality shall be maintained, such as in regard to electrical lines, climbing space, light masts (examples: orientation, design, height, color temperature and photometrics), and provision of communication space, unless existing functionality, such as transformers, can be relocated with the approval of the Utilities-Electrical Department (CPAU). Standard specifications for pole replacement in the City can be obtained from CPAU. For wood utility poles carrying power lines, replacement poles shall be the minimum height necessary to provide GO-95 mandated clearance between WCF equipment and power lines. 7 Item 11
Attachment C - Objective
Standards for WCF
(proposed for repeal)
Item 11: Staff Report
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DocuSign Envelope ID: ECCACC0E-18AC-4D5E-9AEE-0C930810BD0A Attachment C
Noise9 Noise from a WCF shall comply with PAMC Chapter 9.10 and shall be consistent with noise-related Comprehensive Plan goals and policies.
City Marketing Banners
WCF EXCEPTIONS
WCF installations shall not require any changes in the City’s existing banner marketing program.
A WCF applicant may file an application(s) containing a request for one or more WCF Exceptions to the objective standards set forth in this resolution or any other provision of PAMC Section 18.42.110. The request for a WCF Exception(s) does not exempt a WCF from complying with other objective wireless administrative standards adopted by City Council resolution or any other provision of PAMC Section
18.42.110.
Each WCF Exception request must be made at the time an application is submitted and must include both the specific provision(s) from which the exception is sought and the basis of the request, including all supporting evidence on which the applicant relies. The applicant has the burden of proving that federal law, state law, or both, compel the decision-making authority to grant the requested exception(s). The WCF Exception must satisfy the requirements of PAMC Section 18.42.110(k) and demonstrate why the standard is infeasible.
Failure to identify all required WCF Exceptions upon application submittal may result in application denial.
No WCF Exception may be granted that allows a WCF to be placed:
1) within 300 feet of a parcel containing a public school, 2) within 20 feet of a habitable residential building in a residential zoning district, 3) on wood utility poles within the Residential Zone of Exclusion described in this resolution, or 4) in an alley within a residential zoning district.
9 In residential areas with an average 24-hour noise level (Ldn) at or below 60 decibels (dB), noise generated by WCF equipment shall not cause the L dn to exceed 60dB or to increase by 5.0 dB or more, even if the resulting L dn would remain below 60 dB. In residential areas with a Ldn above 60 dB, noise generated by WCF equipment shall not cause the average to increase by 3.0 dB or more.
8 Item 11
Attachment C - Objective
Standards for WCF
(proposed for repeal)
Item 11: Staff Report
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DocuSign Envelope ID: ECCACC0E-18AC-4D5E-9AEE-0C930810BD0A Attachment C
Residential Zone of Exclusion (RZOE) (this standard applies to WCF Exception requests to locate in residential districts) No WCF shall be placed within the public right of way in the area between the street centerline and the central fifty percent (50%) of the immediately adjacent parcel’s front lot line. The central fifty percent standard shall be based on the parcel’s lot width. For corner lots, the central fifty percent standard along the street lot line shall be based on the parcel’s lot depth. 6 T h e C i t y o f
P a l o A l t o
50% of 70 ft lot width
= 35 ftROAD CENTERLINE
64.9' 64.9' 139.1'' 100.1'
32.45 ft 32.45 ft 5
5 00
.
.
039
5 f t
ft
69.55 ft
100.1'
100.1'
50% of 139.1 lot width
= 69.55 ft
' 64.9' 64.9'
100.1'
139.1'
Legend
ROAD CENTERLINE
CURB LIP
144.2'PARCEL/PROPERTY LINE
This map is a product of the
City of Palo Alto GIS
144.2'
0' 53'
rrivera, 2019-11-25 17:25:35
(\\cc-maps\Encompass\Admin\Personal\rrivera.mdb)
This document is a graphic representation only of best available sources.
The City of Palo Alto assumes no responsibility for any errors. ©1989 to 2016 City of Palo Alto Item 11
Attachment C - Objective Standards
for WCF (proposed for repeal)
Item 11: Staff Report
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DocuSign Envelope ID: ECCACC0E-18AC-4D5E-9AEE-0C930810BD0A Attachment C
6 T h e C i t y o f
P a l o A l t o
Channing Ave
15 15
Legend
Residential Zone Districts
Non- Residential Zone Districts
Public Facilities/Open Space Zone Districts
Special Setback Frontages
Local
This map is a product of the
City of Palo Alto GIS
Special Co
Collector
Residential Arterial
Arterial
Expressway
City Jurisdictional Limits
0' 2670'
rrivera, 2019-11-25 13:00:40
(\\cc-maps\Encompass\Admin\Personal\rrivera.mdb)
This document is a graphic representation only of best available sources.
The City of Palo Alto assumes no responsibility for any errors. ©1989 to 2016 City of Palo Alto Item 11
Attachment C - Objective Standards
for WCF (proposed for repeal)
Item 11: Staff Report
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December 16, 2024
[VIA ELECTRONIC MAIL]
Members of the City Council
City of Palo Alto
Office of the City Clerk: City Hall, 7th Floor
250 Hamilton Avenue
Palo Alto, California 95901-5273
[[email protected]]
Re: Comments regarding Item 22 (Consent Calendar) on the December 16, 2024 City Council Agenda, Entitled “ First Reading: Adoption of a Temporary Ordinance Amending Section 18.42.110 (Wireless Communications Facilities) of Title 18 (Zoning) to Require Architectural Review Board Review for Tier 2 and Tier 3 Wireless Communications Facilities in the Public Rights-of-Way and Repeal the Objective Aesthetic, Noise, and Related Standards for Wireless Communication Facilities in the Public Rights-of-Way.”
Dear Mayor Stone, Vice Mayor Lauing, and Members of the City Council:
I am writing regarding Item 22, which would modify the existing wireless communications facility ordinance to eliminate the City’s objective standards for wireless communications facilities in the public rights of way and require Architectural Review Board (“ARB”) approval for Tier 2 and Tier 3 wireless facilities. AT&T recommends that the City continue to maintain its objective standards until it has developed substitute processes that will ensure compliance with the “shot clock” deadlines and “reasonableness” and “published in advance” requirements set by the Federal Communications Commission (“FCC”). AT&T requests the Council remove the item from the Consent Agenda, and send the item back to City staff with instructions that they work with the industry on developing a proposal that will comply with federal legal requirements.
AT&T is concerned that eliminating all objective standards for wireless facilities in the public rights of way will make it impossible for the City to comply with the FCC’s “shot clock” deadlines.
Small wireless facilities in the public rights of way have either a 60 day or 90 day “shot clock” deadline, and as the staff report notes, the City’s existing process makes it difficult to process permits for wireless communications facilities within these deadlines even with objective standards . Removing those objective standards and putting ARB in the middle of the process will ensure the City cannot comply with the federal law. AT&T respectfully suggests that this proposal is getting the “cart before the horse” – if the City wants to appeal its objective standards, it needs to streamline its review process first so it can ensure it can process applications for wireless communications facilities within the FCC shot clock deadlines.
Even if the Council wants to eliminate the objective standards, it should not replace them with the standard ARB requirements in Municipal Code Section 18.76.020. The extremely broad and general requirements applicable to all ARB projects are too vague and general to be useful in reviewing small wireless facilities on poles in the public rights of way. When it eliminated the Item 11
Attachment D - Public
Comment letters,
received on December
16, 2024
Item 11: Staff Report
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City Council
City of Palo Alto
December __, 2024
objective standards, the Ninth Circuit kept in place the requirement that requirements be “reasonable” and “published in advance.” See City of Portland v. United States, 969 F.3d 1020, 1041-42 (9th Cir. 2020), cert. denied, 141 S.Ct. 2855 (Mem) (U.S. June 26, 2021). The ARB criteria in Section 18.76.020 do not include either of these concepts, and, as such, could lead the ARB to make decisions inconsistent with federal requirements. If the Council wants to rely on ARB review, it needs to at least include the “reasonable” and “published in advance” criteria from the City of Portland decision.
AT&T thus recommends that the City Council send Item 22 back to City staff with instructions to develop a new proposal that is fully consistent with federal law. AT&T would be happy to work with the staff on any such future proposal.
Sincerely,
Ellen Kamei, Lead External Affairs
Item 11
Attachment D - Public
Comment letters,
received on December
16, 2024
Item 11: Staff Report
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MACKENZIE & ALBRITTON LLP
155 SANSOME STREET, SUITE 620
SAN FRANCISCO, CALIFORNIA 94104
TELEPHONE 415 / 288-4000
FACSIMILE 415 / 288-4010
December 16, 2024
VIA EMAIL
City Council
City of Palo Alto
250 Hamilton Avenue
Palo Alto, California 94301
Re: Draft Temporary Ordinance to Repeal Objective Standards and Require Architectural Review Board Review of Wireless Facilities in the Right-of-Way City Council Consent Calendar Item 22, December 16, 2024 Dear Councilmembers:
We write on behalf of Verizon Wireless regarding the draft ordinance that would repeal the current Objective Standards for small cell wireless facilities in the right-of-way, and instead require Architectural Review Board (“ARB”) review (the “Draft Ordinance”). The Draft Ordinance is inconsistent with Federal Communications Commission (“FCC”) regulations and the City’s own municipal code (the “Code”). Eliminating the Objective Standards would increase burdens on planning staff, the ARB, and the Council, requiring them to apply the subjective architectural review criteria to small utility components placed on poles along the right-of-way. We request that the Council remove Item 22 from the consent calendar, decline adoption of the Draft Ordinance, and direct staff to work with industry to update the current Objective Standards.
Verizon Wireless worked closely with the City to develop the Objective Standards, which were adopted in 2019 before the Ninth Circuit Court of Appeals vacated the FCC’s requirement that small cell standards be objective. On March 8, 2019, Verizon Wireless provided example designs for small cells on utility poles and streetlights to the ARB. At its March 21, 2019 meeting, the ARB provided feedback on potential small cell designs, which City staff incorporated into the Objective Standards. On April 15, 2019, the City Council adopted the Objective Standards along with an ordinance designating them as the applicable design criteria for wireless facilities in the right-of-way. The Objective Standards were amended later in 2019, and have since been the pertinent standards for approval of numerous small cells, which provide reliable wireless service to Palo Alto residential and commercial areas.
The close collaboration with industry ensured that the Objective Standards were technically feasible and therefore “reasonable” as mandated by FCC regulations—a Item 11
Attachment D - Public
Comment letters,
received on December
16, 2024
Item 11: Staff Report
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Palo Alto City Council December 16, 2024 Page 2 of 3 requirement that the Ninth Circuit upheld. See Infrastructure Order, 33 FCC Rcd. 9088, ¶¶ 86-88 (FCC 2018); see also City of Portland v. United States, 969 F.3d 1020, 1042 (9th Cir. 2020), cert. denied, 141 S.Ct. 2855 (Mem) (U.S. June 26, 2021). Feasible objective standards provide clear direction to applicants, staff, and decision-makers, and avoid legal challenges. In late 2021, Verizon Wireless recommended amendments to the Objective Standards to accommodate new wireless technology. Planning staff proposed a work program to update the standards at a November 15, 2021 City Council study session, but the initiative stalled. Verizon Wireless remains willing to collaborate with the City to update the Objective Standards. To repeal the Objective Standards would leave small cells in the right-of-way subject to the highly subjective findings for architectural review, such as “harmonious transitions in scale.” Code § 18.76.020(d). While those standards may be appropriate for typical commercial development, they are not tailored to communications utility infrastructure. For applications reviewed before 2019, the architectural review findings led the ARB to apply inappropriate and inconsistent design concepts to wireless facility equipment on utility poles and streetlights, frustrating applicants, City staff, and indeed the ARB members themselves. The Draft Ordinance would also require that right-of-way facilities satisfy the Code’s dated general wireless facilities standards, including vague requirements for “stealth” design and screening from public view. Code § 18.42.110(i). These various discretionary findings and standards could lead to denial of small cells that satisfy the FCC’s “reasonableness” standard, resulting in appeals to the City Council. According to the Council’s staff report, the Draft Ordinance would place additional burdens on planning staff workloads, due to the need to evaluate discretionary standards with no clear criteria, prepare ARB staff reports, and attend ARB meetings for each small cell application. As acknowledged in your staff report, the extended ARB review and appeal process will cause the City to miss the FCC’s “Shot Clock” deadline for final action on an application (e.g., 60 days for small cells on existing poles). In that case, an application would be deemed approved per state law. California Government Code § 65964.1. The City has bypassed Planning and Transportation Commission review by rushing the Draft Ordinance to first reading, citing City Code Section 18.80.090, which allows the Council to change zoning code provisions for a temporary period without Commission review. That specific provision was added to the Code by a 1993 ordinance intended to expedite permits for vendors serving the World Cup soccer games at Stanford the following year. See Ordinance 4181. The Draft Ordinance does not include adequate justification of the finding that it is necessary for the public health, safety, or welfare, nor can it satisfy that finding. The City has already permitted numerous small cells in the right-of-way, which pose no such impacts because the Code’s conditions of approval require compliance with the FCC’s radio frequency exposure guidelines as well as applicable building and safety regulations. Code § 18.42.110(j).
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Comment letters,
received on December
16, 2024
Item 11: Staff Report
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Palo Alto City Council December 16, 2024 Page 3 of 3
Small cells provide enhanced wireless service for Palo Alto residents, visitors, workers, and emergency personnel with minimal impact. The City should continue to review applications for small cells in the right-of-way based on feasible standards that accommodate this unique technology. We urge you to remove Item 22 from the consent calendar, decline adoption of the Draft Ordinance, and instead direct staff to work with wireless industry representatives to update the Objective Standards. Very truly yours, Paul B. Albritton cc: Molly Stump, Esq. Jonathan Lait Planning and Transportation Commission Item 11
Attachment D - Public
Comment letters,
received on December
16, 2024
Item 11: Staff Report
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City Council
Staff Report
Report Type: INFORMATION REPORTS
Lead Department: Administrative Services
Meeting Date: May 19, 2025
Report #:2412-3892
TITLE
City of Palo Alto Monthly Investment Activity Report for April 2025 (Unaudited)
ATTACHMENTS
Attachment A - April 2025 Monthly Investment Activity Report APPROVED BY:
Lauren Lai, Administrative Services Director
Item 12
Item 12 Staff Report
Item 12: Staff Report
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CITY OF PALO ALTO
MONTHLY INVESTMENT ACTIVITY REPORT
April 2025 (Unaudited)
TO: Honorable City Council
Report Posted at the City’s Website: www.cityofpaloalto.org/investmentreporting Above Link on Council Agenda of May 19, 2025
______________________________________________________________________
The City’s Investment Policy1 (Policy) and California Government Code Section 53607 requires that a report of transactions (investments, reinvestment, sold, and exchanged securities) be made available to the Council on a monthly basis.
The attached list of transactions (Attachment A) also includes, though not required by the Policy or the government code, security maturities and cash movement activity in the City’s two liquid operating cash pool accounts (Local Agency Investment Fund or LAIF and Fidelity accounts). Liquid cash are available on a daily basis but are invested by the two entities in a range of securities (e.g., treasuries, federal agencies, commercial paper, corporate bonds, time deposits, loans, and certificate of deposits/bank notes).
This reporting requirement is separate and distinct from the quarterly investment report submitted under California Government Code Section 53646 that includes portfolio composition, a detailed list of all securities, performance compared to the Policy, overall compliance with the Policy, and the City’s ability to meet expenditure requirements over the next six months.
Prepared by:
_______________________
Tarun Narayan
Mgr. Treasury, Debt &
Investments
________________
Date
Approved by:
_______________________
Christine Paras
Asst. Director ASD
_________________
Date
______________________
Lauren Lai
Chief Financial Officer
_________________
Date
1 https://www.cityofpaloalto.org/files/assets/public/v/1/administrative‐services/investment‐policies/adopted‐investment‐policy‐1‐39‐asd.pdf Docusign Envelope ID: C29AECDF-CBE2-4B1F-888B-2900C6D4B15D 5/3/2025
5/5/2025
5/5/2025
Item 12
Attachment A - April 2025
Monthly Investment
Activity Report
Item 12: Staff Report
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City of Palo Alto
Activity Report
City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
Sorted By Safekeeper
April 1, 2025 - April 30, 2025
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Percent
of Portfolio
Par Value
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Safekeeper: U.S. Bank
Negotiable Certificates of Deposits
United Heritage Credit Union2711 NCD 0.004.600 05/31/2023 249,000.0091334AAC7 Carter Federal Credit Union2870 NCD 0.004.750 04/25/2025 249,000.0014622LAK8 Clearpath Federal Credit Union2881 NCD 0.005.150 05/22/2023 249,000.0018507MAA9 Bank of Old Monroe2899 NCD 0.005.000 04/24/2025 249,000.00064236BQ4 Greenway Bank3108 NCD 250,000.004.350 04/03/2025 0.00396916AC2 Morgan Stanley Bank NA3118 NCD 250,000.004.500 04/14/2025 0.0061768UU47 Diversified Members CU3127 NCD 250,000.004.400 04/30/2025 0.0025529LAE2 996,000.0030,811,000.00 30,565,000.00Subtotal and Balance 750,000.00 Corporate Medium Term Bonds
Yale University2376 MTN 0.000.873 04/15/2025 2,000,000.0098459LAA1 Yale University2511 MTN 0.000.873 04/15/2025 3,000,000.0098459LAA1 5,000,000.0036,300,000.00 31,300,000.00Subtotal and Balance 0.00 Federal Agency Bonds
Federal Farm Credit Bank .3115 1,000,000.004.375 04/03/2025 0.003133ETBB2 Federal Farm Credit Bank .3119 Call 1,500,000.005.330 04/03/2025 0.003133ER4B4 Federal Home Loan Bank3123 Call 1,500,000.005.440 04/11/2025 0.003130B5SR0 Federal Farm Credit Bank .3124 Call 1,500,000.005.450 04/17/2025 0.003133ETBS5
0.00200,149,000.00 205,649,000.00Subtotal and Balance 5,500,000.00 Treasury Securities (Notes)
4,500,000.00 4,500,000.00Subtotal and Balance
Municipal Bonds
State of Minnesota HSG FIN AGY3116 MUN 1,230,000.005.349 04/03/2025 0.0060416UQT5 State of Maryland Dept. Housin3117 MUN 1,050,000.005.438 04/03/2025 0.0057419UPL6 State of Hawaii3122 MUN 1,500,000.001.865 04/03/2025 0.00419792YY6
0.00243,493,741.43 247,273,741.43Subtotal and Balance 3,780,000.00 Supranationals (World Bank) Bonds
Intl Bk Recon & Development3120 IBRD 2,000,000.004.750 04/03/2025 0.0045906M5K3 Intl Bk Recon & Development3121 IBRD 1,500,000.003.875 04/03/2025 0.00459058KQ5 Portfolio CPA
AP
Run Date: 05/03/2025 - 21:47 DA (PRF_DA) 7.3.11
Report Ver. 7.3.11
Attachment A
Docusign Envelope ID: C29AECDF-CBE2-4B1F-888B-2900C6D4B15D Item 12
Attachment A - April 2025 Monthly
Investment Activity Report
Item 12: Staff Report
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Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Percent
of Portfolio
Par Value
April 1, 2025 - April 30, 2025
Activity Report
City of Palo Alto
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Safekeeper: U.S. Bank
Supranationals (World Bank) Bonds
Intl Bk Recon & Development3125 IBRD 1,713,000.004.500 04/24/2025 0.0045906M4E8 Intl Bk Recon & Development3126 IBRD 1,500,000.004.125 04/24/2025 0.00459058LR2
0.0062,171,000.00 68,884,000.00Subtotal and Balance 6,713,000.00 16,743,000.00 5,996,000.00577,424,741.43 588,171,741.4390.077%Safekeeper Subtotal Safekeeper: Not applicable - Cash/Managed Pool Accounts LAIF & Fidelity Cash Accounts
Fidelity Investments158 47,235.214.190 2,500,000.00SYS158 Local Agency Investment Fund159 18,300,000.004.270 30,200,000.00SYS159 32,700,000.0079,149,678.84 64,796,914.05Subtotal and Balance 18,347,235.21 18,347,235.21 32,700,000.0079,149,678.84 64,796,914.059.923%Safekeeper Subtotal 656,574,420.27 652,968,655.48Total 38,696,000.0035,090,235.21100.000% Portfolio CPA
AP
Run Date: 05/03/2025 - 21:47 DA (PRF_DA) 7.3.11
Report Ver. 7.3.11
Docusign Envelope ID: C29AECDF-CBE2-4B1F-888B-2900C6D4B15D Item 12
Attachment A - April 2025 Monthly
Investment Activity Report
Item 12: Staff Report
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City Council
Staff Report
From: City Manager
Report Type: INFORMATION REPORTS
Lead Department: Administrative Services
Meeting Date: May 19, 2025
Report #:2501-4015
TITLE
Investment Activity Report for the Third Quarter, Fiscal Year 2025. CEQA Status – Not a Project.
RECOMMENDATION
This is an informational report and no City Council action is required.
EXECUTIVE SUMMARY
The City’s Investment Policy1 (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 recommendations, if any, for Policy changes. In addition, staff provides a detailed list of all securities and reports 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, 2025 and to disclose staff’s cash flow projections for the next six months. Staff expect that the City will have sufficient funds or liquidity to meet expenditure requirements for the next six months. The portfolio details, activities, and performance are discussed below, and additional information is provided in the attachments. During the third quarter staff complied with all aspects of the Investment Policy and no significant notable activity or changes in value occurred in this reporting period. Two municipalities’ bond ratings have been downgraded below the City’s minimum Investment Policy guidelines, however, the likelihood of a loss of their investments is low so these investments are planned to be retained.
ANALYSIS
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 include details of the investment issuer, date of maturity, current market 1 City of Palo Alto website, Administrative Services Department, Money Management & Treasury:
https://www.cityofpaloalto.org/files/assets/public/v/1/administrative-services/investment-policies/adopted- investment-policy-1-39-asd.pdf
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value, the book and face (par) value, and the weighted average maturity of each type of investment and of the entire portfolio.
The par value of the City’s portfolio is $656.6 million; in comparison, last quarter it was $637.2 million. The $19.4 million portfolio growth since the last quarter results from timing of cash flows, primarily seasonality and timing of major revenue receipts.
Property taxes and related receipts begin in the second quarter; for example, third quarter property related (taxes and assessments) receipts were $22.3 million. In addition, other major revenues such as sales, transient occupancy and utility user’s taxes historically trend higher in the third quarter.
The portfolio consists of $79.1 million in liquid accounts and $577.5 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 $247.1 million in investments maturing in less than two years, comprising 37.6% of the City’s investment portfolio. In addition, the Investment Policy allows up to 30% of the portfolio to be invested in securities with maturities beyond five years; actual at the end of the third quarter it is 26.1% of the portfolio.
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The current market value of the portfolio is 96.3% of the book value. The market value of securities fluctuates, depending on how interest rates perform.
As interest rates decrease, the market value of the City’s portfolio will likely increase, and vice versa. There are inherent principal risks when actively buying and selling securities; reporting on market values a reporting requirement that informs staff of the portfolio’s overall position.
The market valuation is provided by U.S. Bank, the City’s safekeeping agent. The average life to maturity of the investment portfolio is 2.87 years compared to 2.95 years last quarter.
To minimize investment principal risk of loss due to lower market values, the City’s investment practice is to buy and hold investments to maturity. In instances where there is a need to sell securities for contingency cash flow planning, the City’s practice is to sell securities that are at or above the market value.
Investments Activity During the Third Quarter
During the third quarter, $18.5 million securities with an average yield of 3.6% matured. During the same period, per the following Table 2, securities totaling $25.4 million with an average yield of 4.3% were purchased. The interest rates rose on new investments, the City’s portfolio’s average yield also rose. The City’s short-term money market and pool account increased by $12.4 million compared to the same quarter of the prior fiscal year. Staff continually monitors the City’s short-term cash flow needs and adjust liquid funds to meet them.
Per California Government Code Section 53607, the Administrative Services Department provides a monthly report of transactions (investments, reinvestment, sold, and exchanged securities) to Council via a separate report. Though not required by this code, included in this report are security maturities and cash movement activity in the City’s two liquid operating cash Table 1: Up to 1 Year 1 to 2 Years 2 to 3 Years 3 to 5 Years Over 5 Years Portfolio Total * % of Portfolio U.S. Treasury 3.0$ 1.5$ -$ -$ -$ 4.5$ 0.7%U.S. Agency Bonds 64.6 17.5 2.2 12.9 103.0 200.2 30.5%U.S. Municipal/ State Bonds 30.8 57.1 30.3 58.0 67.3 243.5 37.1%Negotiable Certificates of Deposits (NCD) 9.2 6.7 5.7 8.4 0.8 30.8 4.7%U.S. Corporate Bonds 14.0 3.7 13.6 5.0 - 36.3 5.5%Supranational Organizations Bonds 26.5 12.5 1.0 22.2 - 62.2 9.5%Liquid Accounts (LAIF & Fidelity) 79.1 - - - - 79.1 12.0% Grand Total 227.2$ 99.0$ 52.8$ 106.5$ 171.1$ 656.6$ 100%% of Portfolio 34.6% 15.1% 8.0% 16.2% 26.1% 100.0%* $123.5 million or 18.9% are in investments that support Environmental, Social, and Governace (ESG) Activities(aka "Green", local banks, and Supranational Bonds) Investment Type
FY 2025 Q3 Maturities - Par Value (millions)
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pool accounts (Local Agency Investment Fund and Fidelity accounts). Monthly and quarterly investment reports, along with the City’s Investment Policy, can be found on the City’s website2.
Availability of Funds for the Next Six Months
Staff expect that the City will have sufficient funds or liquidity to meet expenditure requirements for the next six months.
Projections indicate that for the City’s cashflow, an overall decline in the portfolio of $37.1 million is expected over the coming six months due to routine business activities. This reflects expected receipts of $385.8 million and expenditures of $422.9 million over the next six months.
As of March 31, 2025, the City had $79.1 million deposited in the Local Agency Investment Fund (LAIF) and a money market account. In addition, investments totaling $73.1 million will mature between April 1, 2025 and September 30, 2025.
Compliance with City Investment Policy
During the third quarter, staff complied with all aspects of the Investment Policy. Attachment C lists the major restrictions in the City’s Investment Policy compared with the portfolio’s actual performance.
The City’s Investment Policy requires new such security purchases to be rated AA or better and “If securities owned by the City are downgraded by Moody’s, Fitch, or Standard & Poor’s to a level below AA or Aa2, it shall be the City’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio.” The Southern California wildfires (Palisades and Eaton fires), as reported in the prior quarter’s report, have resulted in rating downgrades of the Los Angeles Department of Water & Power 2 City of Palo Alto, Administrative Services, Financial Reporting, City Investment Reports and Policy:
www.cityofpaloalto.org/investmentreporting
Table 2:
Up to 1 Year 1 to 2 Years 2 to 3 Years 3 to 5 Years Over 5 Years Portfolio Total * % of Purchase U.S. Agency Bonds -$ -$ -$ $ - 8.1$ 8.1$ 31.9%U.S. Municipal/ State Bonds - - - - 7.0 7.0 27.6%Negotiable Certificates of Deposits (NCD) - - - - 0.3 0.3 1.2%U.S. Corporate Bonds - 1.9 1.0 1.2 - 4.1 16.1%Supranational Organizations Bonds - - - 5.9 - 5.9 23.2% Grand Total -$ 1.9$ 1.0$ 7.1$ 15.3$ 25.4$ 100%% of Purchase 0.0% 7.5% 3.9% 28.0% 60.2% 99.6%* $7.6 million or 30.1% are in investments that support Environmental, Social, and Governace (ESG) Activities(aka "Green", local banks, and Supranational Bonds) Investment Type
FY 2025 Q3 Security Purchases - Par Value (millions)
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(LADWP) to “A” by Standard and Poor’s and Fitch to AA-. Moody’s still maintains its “Aa2” with a negative credit watch by all three rating firms meaning further rating downgrade(s) could occur.
The City’s investment portfolio has $1.9 million in LADWP bonds with a remaining maturity duration of 2.2 years. LADWP potential issues revolve around lack of water supply and working hydrants and possibility of fires starting by downed power lines. Based on staff’s analysis, the likelihood of a loss of these investments is low so these investments should be retained.
In April 2025, the City of Los Angeles rating was downgraded by S&P to AA- and is on a negative credit watch by the three rating agencies. The City’s portfolio contains $5.4 million of their General Obligation (GO) Bonds, six of their bonds in the City’s portfolio are only rated by S&P and one is rated only by Moody’s which has a rating of Aa2 with durations ranging from 1.6 years to
7.6 years. GO bonds debt service on these bonds are funded by restricted annual property tax assessment(s); risk of loss is low and these securities will be retained to maturity. The City’s portfolio does own other municipalities securities in the area whose ratings have not been impacted by this, but staff will actively monitor all these entities’ ratings and potential liability developments with the assistance of the City’s brokers.
In this report quarter, the City of Oakland’s S&P’s rating was downgraded to AA- with a negative credit watch. The City’s portfolio has $6.9 million in their GO Bonds only rated by S&P and $0.2 million in revenue bonds rated by both S&P and Moody’s. The five GO Bonds duration range from
3.8 years to 8.3 years while the one revenue bond duration is 0.7 years. The main reason for the revised ratings is the large current and projected deficit due to expenditure growth outpacing revenue growth, largely due to public safety spending increases. S&P acknowledges that Oakland’s management has implemented a plan to reduce operation expenditures, but they have concerns whether such actions are sufficient to address their structural imbalance. Based on the staff’s analysis, since they are mostly GO Bonds, the likelihood of a loss of these investments is low so these investments should be retained.
Investment Yields
Third quarter interest income, on an accrual basis, was $4.1 million. Compared to the prior year’s same quarter of $4.0 million, it is $0.1 million higher due to prudent long-term investments made in the last several years during the higher interest rate environment. As of March 31, 2025, the yield to maturity of the City’s portfolio was 2.65%; in the prior quarter it was 2.58%. In the third quarter, LAIF’s average yield was 4.34% while the average yield on the two-year and five-year Treasury bonds was approximately 4.15% and 4.25%, respectively. In comparison, in the prior quarter LAIF had higher 4.48% yield and the two-year and five-year Treasury bonds yields were at the same at 4.15% and lower at 4.13%.
The City’s portfolio yield is lower than the two-year and five-year Treasury bond due to the fluctuating but still high interest rates environment. It is expected that as the City’s investments mature in the next few years, funds will continue to be reinvested and will follow the economic patterns. Graph 2 shows the City’s yields and interest earnings for the past 23+ years.
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City’s portfolio duration is 2.87 years.
Yield Trends
The Federal Open Market Committee (FOMC), since March 2020, has raised the federal funds rate 11 times totaling 5.25% with the first occurring on March 16, 2022. Then beginning July 31, 2024, they decreased the rate four times totaling 1.25%. In January and March 2025, the Federal Reserve kept interest rates unchanged. The primary goals of the Fed's monetary policy are to promote maximum employment, stable prices, and moderate long-term interest rates.
Following three consecutive rate reductions that began in September 2024, in March 2025 the FOMC held interest rate in the range of 4.25% to 4.50% for a third straight meeting. The Fed’s “wait-and-see” posture allows for time to assess impacts to inflation and growth from recent policy shifts under the new administration. Inflation remains elevated but has moderated over the past year and the economy is progressing at a steady pace with solid labor market conditions, according to the Chairman of the Federal Reserve. The latest FOMC outlook expects slower economic growth, higher inflation, and higher unemployment, with possible rate cuts in calendar year 2025.
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 ID #2404-2845 3. The bond proceeds, reserves, and debt service payments being held by the City’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 3 City Council, June 17, 2024, https://portal.laserfiche.com/Portal/DocView.aspx?id=73964&repo=r-704298fc Item 13
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Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and money market mutual 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 held by the fiscal agent is as of March 31, 2025.
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 governed by the City’s Retiree Benefit Policy as opposed to the 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 Governmental 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. In February 2023, the City Council revised the City’s portfolio selection from “Moderately Conservative” to “Moderate”, shifting from the second most conservative to third. Additional information on the establishment of this trust can be found in City Council Staff Report ID # 75534. Through March 31, 2025, principal investment contributions of $80.3 million made over time since May 2017, have increased to $96.1 million and the net return for one and five years has been 6.4% and 6.3% respectively. Since inception, $16.7 million net earnings have been realized with $0.9 million in administrative expenses.
FISCAL/RESOURCE IMPACT
This is an information report.
STAKEHOLDER ENGAGEMENT
Staff works internally and with external parties (U.S. Bank’s custodial, U.S. Bank’s bonds, Wells Fargo and U.S. Bank’s banking, California Asset Management Program (CAMP), and Public Agency Retirement Services (PARS)) statements to prepare this report.
ENVIRONMENTAL REVIEW
This Council informational report is not a project under California Environmental Quality Act (CEQA) as defined in CEQA Guidelines, section 15378, because the report is presented for informational purposes only with no action requested of the Council. 4 City Council, January 23, 2017 Item #5, CMR 7553:
https://www.cityofpaloalto.org/files/assets/public/agendas-minutes-reports/reports/city-manager-reports- cmrs/year-archive/2017/7553.pdf
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ATTACHMENTS
Attachment A: Consolidated Report of Cash Management
Attachment B: Investment Portfolio
Attachment C: Investment Portfolio Compliance
APPROVED BY:
Lauren Lai, Administrative Services Director
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Book Value Market Value
City Investment Portfolio (see Attachment B) 651,684,684$ 627,787,797 $ Other Funds Held by the City
Cash with Wells Fargo Bank 337,944 337,944 Cash with US Bank 4,752,879 4,752,879 Total - Other Funds Held By City 5,090,823 5,090,823 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 2,502,303 2,502,303 2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 588,382 588,382 2018 Capital Improvement (Golf Course & 2002B COP Refinance) (Taxable- Green Bond) Certificates of Participation
Debt Service Funds 751 751 2019 California Avenue Parking Garage Certificates of Participation (Tax-Exempt and Taxable Bonds)
Debt Service and Reserve Funds 3,176 3,176 2021 Public Safety Building Certificates of Participation Debt Service Funds 9,460 9,460 2022A & B General Obligation (Library) Bond
Cost of Issuance Funds 4,344 4,344 California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 3,091,947 3,091,947
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 96,099,885 96,099,885 Total Under Trustee Management 102,300,248 102,300,248 GRAND TOTAL 759,075,755 $ 735,178,868 $
* 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 2024-25
(Unaudited)
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments
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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, 2025
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 16,025,243.21SYS158 14.20007/01/2023 16,025,243.21 4.142 4.20016,025,243.21 Local Agency Investment Fund159 63,124,435.63SYS159 14.31007/01/2023 63,178,040.33 4.250 4.31063,124,435.63 Subtotal and Average 79,149,678.84 79,149,678.84 79,203,283.54 4.229 4.288 1 Negotiable Certificates of Deposits
Achieve Federal Credit Union2831 NCD 249,000.0000453NAA9 02/17/2026 3224.65002/17/2023 250,098.09 4.589 4.653249,000.00 Alaska USA Federal CU2850 NCD 249,000.00011852AK6 03/22/2028 1,0864.85003/22/2023 254,057.19 4.789 4.855249,000.00 Alliant Credit Union2781 NCD 249,000.0001882MAB8 12/30/2027 1,0034.95012/30/2022 254,395.83 4.884 4.952249,000.00 Anderson Bros Bank2997 NCD 249,000.00033537BC4 06/09/2025 695.10003/08/2024 249,375.99 5.033 5.103249,000.00 Austin Telco Fed. Credit Union2732 NCD 249,000.00052392CC9 11/27/2026 6055.05011/28/2022 252,832.11 4.984 5.053249,000.00 American Express Centurion Bk2729 NCD 249,000.0002589AEG3 11/16/2027 9595.00011/16/2022 254,450.61 4.931 5.000249,000.00 Banner Capital Bank2453 NCD 249,000.0006654HAA6 11/28/2025 2410.45011/27/2020 242,941.83 0.493 0.500248,917.89 Bank of Wisconsin Dells2455 NCD 249,000.00065847EH4 07/28/2025 1181.05011/23/2020 246,380.52 0.542 0.549249,397.27 Baxter Credit Union2730 NCD 249,000.0007181JAU8 11/23/2026 6015.00011/22/2022 252,640.38 4.940 5.009249,000.00 Beal Bank - Plano, TX2668 NCD 249,000.0007371AYT4 02/24/2027 6942.05003/02/2022 239,737.20 2.053 2.081248,857.58 Bippus State Bank3094 NCD 250,000.0009070LAY5 03/06/2030 1,8004.55003/13/2025 250,082.50 4.487 4.549250,000.00 Texas Exchange Bank2346 NCD 249,000.0088241THJ2 06/13/2025 731.00006/02/2020 247,331.70 0.986 1.000249,000.00 BankUnited NA2474 NCD 249,000.00066519QC6 01/22/2026 2960.55001/22/2021 241,883.58 0.592 0.600248,899.09 BMO Harris Bank2480 NCD 249,000.0005600XBX7 10/27/2028 1,3051.00001/27/2021 223,298.22 1.019 1.034248,712.95 BMW Bank of North America2448 NCD 249,000.0005580AXU3 11/20/2025 2330.50011/20/2020 243,265.53 0.493 0.500249,000.00 BankFirst Norfolk3028 NCD 249,000.0006644QAF8 09/28/2029 1,6413.60009/30/2024 243,691.32 3.552 3.601249,000.00 Bank of Old Monroe2899 NCD 249,000.00064236BQ4 05/24/2028 1,1495.00005/24/2023 249,069.72 4.937 5.006249,000.00 Beal Bank USA - Las Vegas, NV2669 NCD 249,000.0007371CH69 02/24/2027 6942.05003/02/2022 239,737.20 2.053 2.081248,857.58 Encore Bank2343 NCD 249,000.0029260MBH7 05/21/2027 7801.15005/21/2020 234,027.63 1.134 1.150249,000.00 First Carolina Bank2389 NCD 248,000.0031944MBB0 08/20/2025 1410.45008/20/2020 244,366.80 0.444 0.450248,000.00 Central Bank3093 NCD 225,000.00152577CT7 03/08/2030 1,8024.55003/13/2025 225,076.50 4.487 4.549225,000.00 Community Choice Credit Union3032 NCD 249,000.0020368QAD8 03/30/2026 3634.00009/30/2024 248,800.80 3.945 4.000249,000.00 CFG Bank3106 NCD 250,000.0012527CKK7 03/31/2031 2,1904.60003/31/2025 250,100.00250,000.00 Chambers State Bank3009 NCD 249,000.0015783QAE3 03/12/2029 1,4415.05003/12/2024 249,169.32 4.984 5.053249,000.00 CIBM Bank2904 NCD 249,000.0012545JBB0 05/17/2028 1,1425.00005/17/2023 249,234.06 4.937 5.006249,000.00 Cinfed Fed Credtit Union Bank2504 NCD 249,000.0017248MAC1 03/04/2027 7020.65003/04/2021 233,188.50 0.691 0.701248,760.66 Clearpath Federal Credit Union2881 NCD 249,000.0018507MAA9 04/28/2025 275.15004/26/2023 249,129.48 5.086 5.157249,000.00 Citizens National Bank3091 NCD 250,000.0018977NAE0 03/05/2030 1,7994.55003/13/2025 250,082.50 4.487 4.549250,000.00 Portfolio CPA
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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
Connexus Credit Union2643 NCD 249,000.0020825WAR1 12/23/2026 6311.25012/23/2021 237,264.63 1.273 1.291248,827.91 Commercial Bank of CAL3010 NCD 249,000.00201313CB7 09/08/2025 1605.00003/06/2024 249,836.64 4.931 5.000249,000.00 Cornerstone Community FCU3033 NCD 249,000.0021923MAA9 10/01/2029 1,6444.25009/30/2024 247,513.47 4.193 4.251249,000.00 Capital One Bank USA NA2609 NCD 249,000.0014042RQB0 11/17/2026 5951.10011/17/2021 237,399.09 1.084 1.100249,000.00 County Schools FCU2695 NCD 249,000.0022258JAB7 09/27/2027 9094.40009/30/2022 250,740.51 4.341 4.402249,000.00 Carter Federal Credit Union2870 NCD 249,000.0014622LAK8 04/25/2025 244.75004/25/2023 249,044.82 4.688 4.753249,000.00 Cental Valley Community Bank2945 NCD 249,000.0015568PAV8 01/29/2027 6684.90001/30/2024 249,074.70 4.836 4.904249,000.00 Country Club Bank2477 NCD 249,000.00222327AD0 01/29/2030 1,7641.10001/29/2021 216,112.08 1.154 1.170248,198.23 Decorah Bank Trust Company2690 NCD 249,000.00243594AR9 09/23/2027 9053.70009/23/2022 243,477.18 3.651 3.701249,000.00 Delta Natl Bank & TR2670 NCD 249,000.0024773RCR4 02/25/2027 6952.00003/09/2022 239,498.16 1.975 2.003249,000.00 Eaglemark Savings Bank2545 NCD 249,000.0027004PBV4 07/07/2026 4620.85007/07/2021 239,117.19 0.919 0.932248,748.00 Enterprise Bank2897 NCD 249,000.0029367RMN3 05/19/2028 1,1444.25005/19/2023 249,921.30 4.196 4.255249,000.00 Evolve Federal Cr Union Bank3000 NCD 249,000.0030053QAA3 03/12/2029 1,4415.10003/12/2024 249,184.26 5.033 5.103249,000.00 Exchange State Bank3029 NCD 249,000.00301485AN8 09/06/2029 1,6194.60009/19/2024 249,019.92 4.561 4.625248,777.64 Farmers & Merchant State Bank2486 NCD 249,000.00308682BM4 02/12/2029 1,4131.00002/12/2021 221,268.87 1.037 1.052248,518.36 1st Financial Bank2390 NCD 248,000.0032022RNT0 08/19/2025 1400.45008/19/2020 244,391.60 0.444 0.450248,000.00 Farmers Insurance Group CU2479 NCD 249,000.0030960QAK3 01/27/2026 3010.50001/27/2021 241,644.54 0.543 0.550248,897.39 First Guaranty Bank3069 NCD 250,000.00320437AP1 10/25/2027 9374.20010/25/2024 248,835.00 4.140 4.197250,000.00 First Oklahoma Bank2451 NCD 249,000.00335857CK2 11/30/2026 6080.65011/30/2020 235,257.69 0.691 0.701248,792.71 Farmers &Merchants Bank2644 NCD 249,000.00307811DM8 01/22/2030 1,7571.60001/14/2022 221,652.33 1.630 1.653248,402.74 First National Bank of America2465 NCD 249,000.0032110YRQ0 12/31/2026 6390.60012/31/2020 234,388.68 0.625 0.633248,854.76 Evolve Bank & Trust2951 NCD 249,000.00300498AV4 02/02/2026 3074.40002/02/2024 249,590.13 4.339 4.400249,000.00 First Southwest Bank3092 NCD 250,000.0033647BAG0 03/08/2030 1,8024.55003/13/2025 250,085.00 4.487 4.549250,000.00 First Technology Federal Credi3062 NCD 250,000.0033715LFZ8 10/25/2027 9374.00010/23/2024 249,347.50 3.949 4.003250,000.00 First Community Credit Union2554 NCD 249,000.0031986JAD3 02/26/2027 6960.85007/28/2021 234,276.63 0.892 0.905248,745.02 General Electric Credit Union2989 NCD 249,000.00369674CS3 03/01/2027 6994.60002/28/2024 251,355.54 4.537 4.600249,000.00 Gesa Credit Union2456 NCD 249,000.0037424PAC8 11/30/2027 9730.80011/30/2020 228,230.91 0.825 0.836248,763.03 Ally Bank3061 NCD 250,000.0002007G3R2 09/27/2027 9093.75010/15/2024 247,932.50 3.944 3.999248,522.98 Haddon Savings Bank2447 NCD 207,000.00404730DA8 10/20/2025 2020.35011/16/2020 202,675.77 0.491 0.498206,790.81 Bank Hapoalim BM2457 NCD 249,000.0006251A2Q2 12/15/2025 2580.50012/14/2020 242,643.03 0.543 0.550248,912.09 Huntington National Bank2891 NCD 249,000.00446438SB0 05/05/2025 344.80005/05/2023 249,077.19 4.734 4.800249,000.00 Healthcare Systems FCU2816 NCD 249,000.0042228LAM3 02/01/2027 6714.25001/30/2023 249,771.90 4.193 4.251249,000.00 Intracoastal Bank2995 NCD 249,000.0046117YAC2 03/06/2029 1,4355.00003/06/2024 249,169.32 4.931 5.000249,000.00 Timberland Bank Hoquaim3020 NCD 249,000.0088709RBB4 03/28/2029 1,4575.10003/28/2024 249,112.05 5.033 5.103249,000.00 Portfolio CPA
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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
Inst. for Sav in Newburyport2556 NCD 249,000.0045780PAQ8 07/29/2026 4840.90007/29/2021 238,756.14 0.888 0.900249,000.00 Jonesboro State Bank2452 NCD 249,000.0048040PJL0 11/26/2027 9690.75011/27/2020 228,006.81 0.790 0.801248,669.48 JP Morgan Chase BAnk NA3087 NCD 250,000.0046657VNZ9 11/01/2029 1,6754.60011/01/2024 250,237.50 4.535 4.598250,000.00 Kennett Trust Bank3047 NCD 245,000.00489642CW6 10/04/2034 3,4734.30010/07/2024 240,766.40 4.277 4.337244,300.45 Lafayette Federal Credit Union2879 NCD 249,000.0050625LBG7 05/27/2025 563.10004/14/2023 248,509.47 4.931 5.000248,312.53 Ledyark National Bank2918 NCD 249,000.00523343AA9 12/29/2028 1,3684.05012/29/2023 255,869.91 3.994 4.050249,000.00 Legacy Bank & Trust Company2469 NCD 249,000.0052470QAN4 12/21/2028 1,3600.85012/30/2020 220,920.27 0.889 0.901248,534.99 Liberty First Credit Union2803 NCD 249,000.00530520AC9 01/27/2026 3014.50001/27/2023 249,704.67 4.442 4.503249,000.00 Live Oak Banking Company2599 NCD 249,000.00538036SS4 10/18/2027 9301.10010/18/2021 230,937.54 1.135 1.151248,682.93 Malaga Bank FSB2402 NCD 249,000.0056102AAQ9 06/30/2025 900.40008/31/2020 246,577.23 0.394 0.400249,000.00 Meritrust Federal Credit Union2672 NCD 249,000.0059001PAP4 03/10/2026 3430.55003/07/2022 241,637.07 1.904 1.930245,893.50 Merrick Bank2610 NCD 249,000.0059013KPS9 05/19/2026 4131.10011/19/2021 240,768.06 1.152 1.168248,812.11 Metropolitan Capital Bank2986 NCD 249,000.00591803CJ8 02/28/2028 1,0635.05002/26/2024 249,266.43 4.980 5.050249,000.00 MI Bank2960 NCD 249,000.0059319LAS4 08/02/2027 8534.75002/01/2024 249,119.52 4.684 4.749249,000.00 Minwest Bank MV2478 NCD 249,000.0060425SJQ3 01/29/2029 1,3991.00001/28/2021 221,512.89 1.024 1.039248,642.47 Mountain America FD Credit Uni2719 NCD 249,000.0062384RAR7 05/09/2025 384.85011/09/2022 249,122.01 4.825 4.892248,989.63 Morgan Stanley Bank NA2815 NCD 249,000.0061690UY20 02/02/2026 3074.25002/02/2023 249,184.26 4.191 4.250249,000.00 Mutual Savings Assoc Bank2955 NCD 249,000.0062835RCA7 01/31/2029 1,4014.90001/31/2024 249,082.17 4.837 4.904249,000.00 Amerant Bank3060 NCD 250,000.0002357QCJ4 09/20/2027 9023.85010/15/2024 248,070.00 3.939 3.994249,157.01 Noble Federal Credit Union Bk3083 NCD 250,000.0065504UAF4 11/09/2026 5874.50011/08/2024 250,002.50 4.441 4.502250,000.00 Oak Bank2938 NCD 249,000.00671082CN3 01/19/2027 6584.80001/19/2024 249,059.76 4.738 4.804249,000.00 Pacific Western Bank2420 NCD 249,000.0069506YSA8 09/30/2025 1820.45009/30/2020 244,341.21 0.443 0.450249,000.00 Pathfinder Bank2429 NCD 249,000.0070320KAR2 10/14/2025 1960.50010/13/2020 244,102.17 0.533 0.540248,946.57 Peoples Bank Clifton TN3016 NCD 249,000.00710247AS6 03/15/2029 1,4445.00003/15/2024 249,032.37 4.934 5.003249,000.00 Peoples Bank - Pratt KS3031 NCD 249,000.00710649AD6 09/20/2029 1,6334.55009/23/2024 248,990.04 4.509 4.572248,776.95 People's Bank2468 NCD 249,000.00710665GD6 12/31/2029 1,7350.90012/30/2020 214,441.29 0.967 0.981248,080.26 Ponce De Leon Federal Bank2686 NCD 249,000.00732329BD8 09/15/2027 8973.50009/15/2022 245,496.57 3.453 3.501249,000.00 Pentagon Fed Cred Union2565 NCD 249,000.0070962LAE2 09/01/2026 5180.85009/01/2021 237,919.50 0.889 0.901248,823.41 Pitney Bowes Bank, Inc.2873 NCD 249,000.00724468AC7 04/13/2028 1,1084.35004/14/2023 250,633.44 4.290 4.350249,000.00 People Bank / Coldwater OH2853 NCD 249,000.00710275AD0 03/30/2027 7284.80003/30/2023 252,463.59 4.735 4.800249,000.00 Pony Express Bank2488 NCD 249,000.00732770BJ0 02/25/2030 1,7911.00002/24/2021 214,807.32 1.055 1.070248,186.21 Premier Community Bank2895 NCD 249,000.0074048CAT9 06/14/2027 8044.90005/12/2023 249,126.99 4.838 4.905249,000.00 Public Service Credit Union2796 NCD 249,000.00744562AS8 01/20/2028 1,0244.75001/20/2023 249,017.43 4.687 4.752249,000.00 Rockland Federal Credit Union3035 NCD 240,000.0077357DAK4 12/26/2025 2694.50010/01/2024 240,528.00 4.356 4.416240,143.15 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
12 Packet Pg. 213 of 245
March 31, 2025
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
Rogue Credit Union2717 NCD 249,000.0077535MAC7 11/10/2025 2234.90011/09/2022 249,181.77 4.868 4.935248,949.38 State Bank of India2403 NCD 249,000.00856285UJ8 09/04/2025 1560.50009/04/2020 245,013.51 0.493 0.500249,000.00 Southern Bank2882 NCD 249,000.0084229LBV3 04/28/2028 1,1234.00004/28/2023 248,083.68 3.945 4.000249,000.00 Select Bank Forest VA2857 NCD 249,000.0081618LAE7 03/31/2028 1,0955.40003/31/2023 249,161.85 5.332 5.406249,000.00 Sharonview Fed Credit Union2718 NCD 249,000.00819866BR4 10/31/2025 2135.00010/31/2022 249,166.83 4.966 5.035248,951.61 Signature Federal Credit Union2804 NCD 249,000.0082671DAB3 01/31/2028 1,0354.40001/31/2023 250,904.85 4.341 4.401249,000.00 Skyla Federal Credit Union3042 NCD 250,000.0083086XAA8 10/08/2025 1904.15010/08/2024 249,830.00 4.093 4.150250,000.00 Sunwest Bank2491 NCD 249,000.0086804DCQ9 02/17/2028 1,0520.80002/17/2021 226,604.94 0.861 0.873248,487.58 SPCO Credit Union2827 NCD 249,000.0078472EAC8 02/28/2028 1,0634.35002/27/2023 250,588.62 4.290 4.349249,000.00 First Source Bank2754 NCD 249,000.0033646CNJ9 06/16/2028 1,1725.05012/16/2022 249,273.90 4.980 5.050249,000.00 Sherwin Williams Emp CU3082 NCD 250,000.0082436LAA3 11/06/2025 2194.30011/06/2024 250,055.00 4.246 4.305250,000.00 Synchrony Bank2563 NCD 249,000.0087165FZN7 08/20/2026 5060.90008/20/2021 238,362.72 0.887 0.900249,000.00 Tab Bank Inc.3039 NCD 250,000.0089388CJK5 04/13/2026 3773.70010/11/2024 249,037.50 3.652 3.703250,000.00 Texas Bank Henderson2464 NCD 249,000.00882214AA7 12/23/2025 2660.45012/23/2020 242,277.00 0.483 0.490248,927.45 Truist Bank3107 NCD 250,000.00897926BE0 03/28/2030 1,8224.45003/28/2025 249,847.50 4.389 4.450250,000.00 Toyota Financial Savings Bank2551 NCD 249,000.0089235MLC3 07/15/2026 4700.95007/15/2021 239,259.12 0.936 0.950249,000.00 UBS Financial Services, Inc.2992 NCD 249,000.0090355GLE4 03/01/2027 6994.60002/28/2024 251,375.46 4.540 4.603249,000.00 Ufirst Federal Credit Union2832 NCD 249,000.00902684AB5 08/25/2025 1464.85002/24/2023 249,602.58 4.787 4.854249,000.00 United Heritage Credit Union2711 NCD 249,000.0091334AAC7 04/28/2025 274.60010/28/2022 249,057.27 4.539 4.602249,000.00 Greenstate Credit Union2552 NCD 249,000.0039573LBM9 07/21/2026 4760.95007/21/2021 239,097.27 0.937 0.950249,000.00 USF Federal Credit Union2546 NCD 249,000.0090353EAR4 07/15/2031 2,2961.75007/15/2021 216,241.56 1.801 1.826247,904.18 Finwise Bank3013 NCD 249,000.0031810PCF4 03/22/2029 1,4515.10003/22/2024 249,079.68 5.033 5.103249,000.00 Webster Five Cents Savings3030 NCD 250,000.0094789PCJ1 08/30/2029 1,6124.55009/19/2024 250,002.50 4.533 4.596249,553.71 Western State Bank2342 NCD 248,000.0095960NKE6 11/13/2025 2261.05005/13/2020 243,278.08 1.035 1.050248,000.00 Wyoming Bank & Trust2446 NCD 249,000.0098321PAJ9 11/28/2025 2410.50011/27/2020 243,026.49 0.515 0.522248,950.73 Wings Financial Credit Union3043 NCD 250,000.0097412MAG4 04/10/2026 3744.00010/10/2024 249,742.50 3.945 4.000250,000.00 Workers Fed Credit Union3052 NCD 250,000.0098138MCU2 04/21/2028 1,1164.10010/21/2024 249,827.50 4.100 4.156250,000.00 West Town Bank and Trust2855 NCD 249,000.00956310BM7 03/28/2028 1,0925.45003/28/2023 249,171.81 5.381 5.456249,000.00 Subtotal and Average 30,793,830.98 30,811,000.00 30,200,517.26 3.108 3.152 837 Corporate Medium Term Bonds
Apple, Inc.2489 MTN 700,000.00037833EB2 02/08/2026 3130.70002/08/2021 679,175.00 0.684 0.694700,034.33 Apple, Inc.2667 MTN 750,000.00037833CJ7 02/09/2027 6793.35002/23/2022 740,190.00 2.115 2.145765,073.56 Apple, Inc.3027 MTN 1,000,000.00037833DP2 09/11/2029 1,6242.20009/19/2024 918,970.00 3.600 3.650941,552.05 Apple, Inc.3068 MTN 1,000,000.00037833DP2 09/11/2029 1,6242.20010/18/2024 918,970.00 3.996 4.052925,989.79 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
13 Packet Pg. 214 of 245
March 31, 2025
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
Corporate Medium Term Bonds
Apple, Inc.3090 MTN 1,000,000.00037833EC0 02/08/2028 1,0431.20003/13/2025 922,190.00 4.108 4.165921,083.16 Alphabet (Google) Inc.2507 MTN 200,000.0002079KAH0 08/15/2025 1360.45003/01/2021 197,234.00 0.668 0.678199,833.08 Alphabet (Google) Inc.2675 MTN 1,000,000.0002079KAC1 08/15/2026 5011.99803/14/2022 971,730.00 2.197 2.228997,006.81 Alphabet (Google) Inc.2689 MTN 1,000,000.0002079KAJ6 08/15/2027 8660.80009/14/2022 928,930.00 3.442 3.489941,826.54 Alphabet (Google) Inc.2837 MTN 2,800,000.0002079KAJ6 08/15/2027 8660.80002/15/2023 2,601,004.00 3.964 4.0202,606,120.91 Johnson & Johnson2466 MTN 2,000,000.00478160CN2 09/01/2025 1530.55012/23/2020 1,969,360.00 0.479 0.4862,000,525.47 Johnson & Johnson2508 MTN 2,000,000.00478160BY9 03/01/2026 3342.45003/01/2021 1,968,480.00 0.812 0.8232,027,725.83 Johnson & Johnson2509 MTN 1,000,000.00478160BY9 03/01/2026 3342.45003/01/2021 984,240.00 0.812 0.8241,013,859.36 Andrew W Mellon Foundation2976 MTN 1,000,000.0003444RAB4 08/01/2027 8520.94702/14/2024 925,559.03 4.389 4.450925,012.99 Andrew W Mellon Foundation3038 MTN 1,000,000.0003444RAB4 08/01/2027 8520.94710/01/2024 925,559.03 3.668 3.719939,132.94 Andrew W Mellon Foundation3044 MTN 870,000.0003444RAB4 08/01/2027 8520.94710/04/2024 805,236.35 3.765 3.817815,243.89 Andrew W Mellon Foundation3067 MTN 1,000,000.0003444RAB4 08/01/2027 8520.94710/18/2024 925,559.03 3.970 4.026932,666.00 Microsoft Corporation2450 MTN 2,920,000.00594918BJ2 11/03/2025 2163.12511/18/2020 2,902,129.60 0.572 0.5802,960,936.40 Microsoft Corporation2506 MTN 180,000.00594918BJ2 11/03/2025 2163.12503/01/2021 178,898.40 0.753 0.763182,325.16 Microsoft Corporation3104 MTN 1,900,000.00594918BY9 02/06/2027 6763.30003/27/2025 1,875,566.00 4.051 4.1081,872,898.02 Stanford University2648 MTN 1,500,000.0085440KAC8 06/01/2027 7911.28901/07/2022 1,411,440.00 1.479 1.5001,493,434.17 Stanford University2658 MTN 500,000.0085440KAC8 06/01/2027 7911.28902/01/2022 470,480.00 1.849 1.875493,984.17 Stanford University2709 MTN 1,530,000.0085440KAC8 06/01/2027 7911.28910/19/2022 1,439,668.80 4.487 4.5501,433,470.11 Stanford University2761 MTN 450,000.0085440KAC8 06/01/2027 7911.28912/12/2022 423,432.00 4.142 4.200424,365.52 Stanford University2969 MTN 1,000,000.0085440KAC8 06/01/2027 7911.28902/12/2024 940,960.00 4.364 4.424937,416.32 University of Chicago3080 MTN 1,500,000.0091412NBH2 04/01/2029 1,4614.94710/25/2024 1,531,170.00 4.241 4.3001,534,917.29 University of Chicago3085 MTN 1,500,000.0091412NBH2 04/01/2029 1,4614.94710/28/2024 1,531,170.00 4.306 4.3661,531,322.03 Yale University2376 MTN 2,000,000.0098459LAA1 04/15/2025 140.87307/01/2020 1,996,680.00 0.616 0.6252,000,186.13 Yale University2511 MTN 3,000,000.0098459LAA1 04/15/2025 140.87303/01/2021 2,995,020.00 0.638 0.6463,000,254.72 Subtotal and Average 35,518,196.75 36,300,000.00 35,079,001.24 2.468 2.502 647 Federal Agency Bonds
Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 1254.35004/08/2016 473,872.02 2.296 2.328476,927.78 Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 3084.81010/18/2016 1,507,620.00 2.131 2.1601,530,051.03 Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 1254.35009/09/2019 549,851.50 1.659 1.683554,751.39 Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 9622.85003/11/2020 1,525,899.57 1.050 1.0641,639,634.34 Federal Agricultural Mortgage2340 Call 2,000,000.0031422BZS2 05/13/2030 1,8681.50005/13/2020 1,756,160.00 1.479 1.5002,000,000.00 Federal Agricultural Mortgage2366 Call 1,750,000.0031422BF54 06/24/2030 1,9101.40006/24/2020 1,522,325.00 1.380 1.4001,750,000.00 Federal Agricultural Mortgage2367 Call 2,000,000.0031422BF54 06/24/2030 1,9101.40006/24/2020 1,739,800.00 1.380 1.4002,000,000.00 Federal Agricultural Mortgage2381 Call 1,500,000.0031422BH78 07/08/2030 1,9241.40007/08/2020 1,297,215.00 1.380 1.4001,500,000.00 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
14 Packet Pg. 215 of 245
March 31, 2025
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
Federal Agency Bonds
Federal Agricultural Mortgage2425 Call 2,000,000.0031422BX54 09/27/2030 2,0051.30010/08/2020 1,713,740.00 1.286 1.3042,000,000.00 Federal Agricultural Mortgage2435 Call 2,000,000.0031422BZ45 10/21/2030 2,0291.28010/21/2020 1,713,340.00 1.262 1.2802,000,000.00 Federal Agricultural Mortgage2439 Call 2,000,000.0031422B2E9 10/29/2030 2,0371.34010/29/2020 1,718,200.00 1.321 1.3402,000,000.00 Federal Agricultural Mortgage2449 1,500,000.0031422B3D0 11/20/2030 2,0591.15011/20/2020 1,275,675.00 1.134 1.1501,500,000.00 Federal Agricultural Mortgage2458 Call 1,500,000.0031422B4A5 12/11/2030 2,0801.30012/11/2020 1,278,195.00 1.282 1.3001,500,000.00 Federal Agricultural Mortgage2459 Call 2,000,000.0031422B3W8 12/16/2030 2,0851.45012/16/2020 1,718,580.00 1.430 1.4502,000,000.00 Federal Agricultural Mortgage2461 1,000,000.0031422B3D0 11/20/2030 2,0591.15012/09/2020 850,450.00 1.144 1.160999,433.40 Federal Agricultural Mortgage2471 1,500,000.0031422B6K1 01/15/2026 2890.48001/15/2021 1,457,670.00 0.493 0.5001,499,763.33 Federal Agricultural Mortgage2473 Call 1,500,000.0031422B6A3 01/15/2031 2,1151.29001/15/2021 1,273,890.00 1.319 1.3381,496,092.50 Federal Agricultural Mortgage2484 Call 1,000,000.0031422B7E4 01/28/2031 2,1281.32001/28/2021 849,900.00 1.301 1.3201,000,000.00 Federal Agricultural Mortgage2496 Call 1,500,000.0031422XAW2 02/25/2031 2,1561.53002/25/2021 1,290,870.00 1.509 1.5301,500,000.00 Federal Agricultural Mortgage2513 1,000,000.0031422XCB6 03/04/2031 2,1631.47003/04/2021 856,180.00 1.581 1.602992,747.80 Federal Agricultural Mortgage2519 1,500,000.0031422XDX7 03/27/2026 3600.83003/29/2021 1,453,320.00 0.828 0.8401,499,851.50 Federal Agricultural Mortgage2524 1,500,000.0031422XDX7 03/27/2026 3600.83003/31/2021 1,453,320.00 0.913 0.9261,498,602.56 Federal Agricultural Mortgage2527 Call 1,500,000.0031422XEE8 04/07/2031 2,1972.07004/07/2021 1,322,670.00 2.074 2.1031,497,517.50 Federal Agricultural Mortgage2529 2,000,000.0031422XEL2 04/13/2028 1,1081.37504/15/2021 1,853,620.00 1.311 1.3302,002,593.39 Federal Agricultural Mortgage2530 1,500,000.0031422XFJ6 04/29/2031 2,2191.66004/29/2021 1,293,780.00 1.627 1.6501,500,820.50 Federal Agricultural Mortgage2533 1,500,000.0031422XDX7 03/27/2026 3600.83005/20/2021 1,453,320.00 0.864 0.8761,499,332.73 Federal Agricultural Mortgage2540 255,000.0031422XDX7 03/27/2026 3600.83006/08/2021 247,064.40 0.820 0.831254,995.69 Federal Agricultural Mortgage2593 1,000,000.0031422XNM0 10/05/2026 5521.05010/05/2021 956,930.00 1.035 1.0501,000,000.00 Federal Agricultural Mortgage2621 1,000,000.0031422XPS5 11/17/2026 5951.15011/17/2021 955,100.00 1.272 1.290997,792.73 Federal Agricultural Mortgage2625 1,000,000.0031422XQM7 12/01/2026 6091.32012/01/2021 957,230.00 1.301 1.3201,000,000.00 Federal Agricultural Mortgage2634 1,500,000.0031422XRK0 01/04/2027 6431.32001/04/2022 1,432,665.00 1.301 1.3201,500,000.00 Federal Agricultural Mortgage2640 Call 1,500,000.0031422XRY0 12/29/2031 2,4632.15012/29/2021 1,312,425.00 2.120 2.1501,500,000.00 Federal Farm Credit Bank .2314 1,000,000.003133EAG44 08/03/2026 4892.63003/13/2020 981,780.00 1.089 1.1041,019,665.60 Federal Farm Credit Bank .2371 Call 1,500,000.003133ELQ31 07/01/2030 1,9171.33007/01/2020 1,299,420.00 1.311 1.3301,500,000.00 Federal Farm Credit Bank .2372 Call 1,500,000.003133ELQ31 07/01/2030 1,9171.33007/01/2020 1,299,420.00 1.311 1.3301,500,000.00 Federal Farm Credit Bank .2391 Call 1,500,000.003133EL3H5 08/12/2025 1330.57008/12/2020 1,480,020.00 0.587 0.5951,499,863.54 Federal Farm Credit Bank .2406 Call 1,500,000.003133EL4W1 08/25/2025 1460.61009/03/2020 1,477,905.00 0.611 0.6201,499,939.73 Federal Farm Credit Bank .2408 Call 1,500,000.003133EL4W1 08/25/2025 1460.61009/10/2020 1,477,905.00 0.611 0.6201,499,939.50 Federal Farm Credit Bank .2416 Call 1,500,000.003133EL7K4 09/16/2025 1680.55009/22/2020 1,474,785.00 0.542 0.5491,500,000.00 Federal Farm Credit Bank .2417 Call 1,500,000.003133EMBH4 09/29/2025 1810.53009/29/2020 1,472,655.00 0.522 0.5301,500,000.00 Federal Farm Credit Bank .2423 Call 1,500,000.003133EMBJ0 09/29/2025 1810.53009/29/2020 1,472,655.00 0.537 0.5451,499,888.75 Federal Farm Credit Bank .2427 Call 2,000,000.003133EMAZ5 06/24/2030 1,9101.25010/01/2020 1,725,920.00 1.246 1.2631,998,656.15 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
15 Packet Pg. 216 of 245
March 31, 2025
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 Farm Credit Bank .2442 Call 1,500,000.003133EMFG2 11/04/2030 2,0431.37011/04/2020 1,285,530.00 1.351 1.3701,500,000.00 Federal Farm Credit Bank .2443 Call 1,500,000.003133EMFG2 11/04/2030 2,0431.37011/04/2020 1,285,530.00 1.351 1.3701,500,000.00 Federal Farm Credit Bank .2472 Call 1,500,000.003133EMNB4 01/14/2031 2,1141.38001/14/2021 1,280,805.00 1.361 1.3801,500,000.00 Federal Farm Credit Bank .2525 Call 1,500,000.003133EMRE4 02/18/2031 2,1491.42004/01/2021 1,277,655.00 1.834 1.8591,464,691.87 Federal Farm Credit Bank .2538 Call 1,000,000.003133EMUG5 03/24/2031 2,1831.98005/27/2021 879,580.00 1.887 1.9131,003,585.29 Federal Farm Credit Bank .3037 1,330,000.003133EMZF2 05/17/2034 3,3331.91010/01/2024 1,083,963.30 3.991 4.0461,116,902.99 Federal Farm Credit Bank .3040 Call 1,000,000.003133ERVD0 04/01/2033 2,9225.10010/02/2024 999,840.00 5.030 5.0991,000,000.00 Federal Farm Credit Bank .3041 824,000.003133EPGG4 04/20/2033 2,9414.00010/03/2024 805,542.40 3.946 4.001823,922.37 Federal Farm Credit Bank .3045 1,000,000.003133EPDZ5 03/23/2033 2,9134.00010/04/2024 979,940.00 3.985 4.041997,240.09 Federal Farm Credit Bank .3057 1,000,000.003133ENVE7 04/25/2034 3,3113.40010/11/2024 926,270.00 4.290 4.350930,091.09 Federal Farm Credit Bank .3097 Call 1,500,000.003133ER5R8 03/03/2034 3,2585.25003/13/2025 1,501,635.00 5.176 5.2481,500,000.00 Federal Farm Credit Bank .3099 1,620,000.003133EN7L8 02/01/2035 3,5934.12503/20/2025 1,579,888.80 4.386 4.4461,578,769.52 Federal Farm Credit Bank .3105 1,500,000.003133EPGG4 04/20/2033 2,9414.00003/27/2025 1,466,400.00 4.378 4.4391,455,794.49 Federal Farm Credit Bank .3113 Call 1,985,000.003133ETAF4 03/19/2031 2,1784.90003/27/2025 1,982,637.85 4.851 4.9191,983,018.69 Federal Home Loan Bank2347 Call 1,500,000.003130AJMF3 11/28/2028 1,3371.32005/28/2020 1,363,095.00 1.301 1.3201,500,000.00 Federal Home Loan Bank2358 Call 1,000,000.003130AJP78 06/11/2029 1,5321.40006/11/2020 895,230.00 1.380 1.4001,000,000.00 Federal Home Loan Bank2361 Call 1,000,000.003130AJP78 06/11/2029 1,5321.40006/11/2020 895,230.00 1.427 1.447998,135.80 Federal Home Loan Bank2368 Call 900,000.003130AJR76 06/29/2029 1,5501.25006/29/2020 799,389.00 1.232 1.250900,000.00 Federal Home Loan Bank2369 Call 1,500,000.003130AJRG6 06/24/2030 1,9101.36006/24/2020 1,301,490.00 1.341 1.3601,500,000.00 Federal Home Loan Bank2375 Call 1,500,000.003130AJSR1 07/09/2030 1,9251.39007/09/2020 1,301,970.00 1.370 1.3901,500,000.00 Federal Home Loan Bank2377 Call 1,500,000.003130AJSR1 07/09/2030 1,9251.39007/09/2020 1,301,970.00 1.370 1.3901,500,000.00 Federal Home Loan Bank2384 Call 1,500,000.003130AJSR1 07/09/2030 1,9251.39007/09/2020 1,301,970.00 1.382 1.4011,499,130.08 Federal Home Loan Bank2395 Call 1,500,000.003130AJZ36 08/27/2025 1480.60008/27/2020 1,477,545.00 0.611 0.6201,499,878.33 Federal Home Loan Bank2399 Call 1,500,000.003130AJZ36 08/27/2025 1480.60008/27/2020 1,477,545.00 0.611 0.6201,499,878.33 Federal Home Loan Bank2405 Call 1,500,000.003130AK3Z7 09/29/2025 1810.57009/29/2020 1,472,550.00 0.582 0.5901,499,851.67 Federal Home Loan Bank2411 Call 1,180,000.003130AJZ36 08/27/2025 1480.60009/16/2020 1,162,335.40 0.591 0.5991,180,000.00 Federal Home Loan Bank2419 1,500,000.003130AKAZ91 09/29/2025 1810.52009/29/2020 1,472,760.00 0.512 0.5201,500,000.00 Federal Home Loan Bank2445 Call 1,200,000.003130AJQS1 06/25/2030 1,9111.35011/04/2020 1,040,568.00 1.334 1.3531,199,791.57 Federal Home Loan Bank2475 Call 1,500,000.003130AKQN9 01/09/2031 2,1091.40001/28/2021 1,277,025.00 1.380 1.4001,500,000.00 Federal Home Loan Bank2476 Call 1,500,000.003130AKQV1 01/28/2031 2,1281.40001/28/2021 1,275,075.00 1.380 1.4001,500,000.00 Federal Home Loan Bank2485 Call 1,500,000.003130AKVH6 02/10/2031 2,1411.35002/10/2021 1,270,110.00 1.331 1.3501,500,000.00 Federal Home Loan Bank2490 Call 2,000,000.003130AKYB6 02/18/2031 2,1491.40002/18/2021 1,697,520.00 1.380 1.4002,000,000.00 Federal Home Loan Bank2494 Call 1,500,000.003130AL2J2 02/26/2031 2,1571.50002/26/2021 1,283,715.00 1.479 1.5001,500,000.00 Federal Home Loan Bank2500 Call 1,500,000.003130ALF66 02/25/2031 2,1561.62502/25/2021 1,293,480.00 1.602 1.6251,500,000.00 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
16 Packet Pg. 217 of 245
March 31, 2025
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 Home Loan Bank2520 Call 1,925,000.003130ALF33 03/16/2026 3490.75003/25/2021 1,863,111.25 0.853 0.8651,922,923.45 Federal Home Loan Bank2607 Call 1,000,000.003130APPJ8 11/04/2031 2,4082.00011/04/2021 864,650.00 1.972 2.0001,000,000.00 Federal Home Loan Bank2613 Call 1,000,000.003130APV77 12/10/2026 6181.50012/10/2021 958,050.00 1.479 1.5001,000,000.00 Federal Home Loan Bank2616 Call 1,000,000.003130APW84 12/03/2026 6111.50012/03/2021 958,900.00 1.479 1.5001,000,000.00 Federal Home Loan Bank2618 Call 1,000,000.003130APXD2 12/17/2026 6251.55012/17/2021 958,770.00 1.528 1.5501,000,000.00 Federal Home Loan Bank2619 Call 1,000,000.003130APWY7 12/07/2026 6151.35012/07/2021 956,210.00 1.331 1.3501,000,000.00 Federal Home Loan Bank2620 Call 1,000,000.003130APXT7 12/17/2026 6251.60012/17/2021 959,580.00 1.578 1.6001,000,000.00 Federal Home Loan Bank2659 Call 1,000,000.003130AQSM6 02/25/2027 6952.05002/25/2022 964,750.00 2.021 2.0501,000,000.00 Federal Home Loan Bank2662 Call 1,000,000.003130AQX65 03/04/2027 7022.25003/04/2022 967,980.00 2.219 2.2501,000,000.00 Federal Home Loan Bank2663 Call 1,000,000.003130AQYA5 02/24/2027 6942.25002/28/2022 966,950.00 2.219 2.2501,000,000.00 Federal Home Loan Bank2664 Call 1,500,000.003130AQYG2 02/25/2027 6952.50002/28/2022 1,458,360.00 2.470 2.5041,500,000.00 Federal Home Loan Bank2665 Call 1,000,000.003130AQZD8 02/25/2027 6952.62502/25/2022 974,360.00 2.589 2.6251,000,000.00 Federal Home Loan Bank2802 Call 1,500,000.003130AULM4 01/26/2033 2,8575.62001/26/2023 1,499,415.00 5.543 5.6201,500,000.00 Federal Home Loan Bank2988 610,000.003130ATS57 03/10/2028 1,0744.50002/21/2024 619,882.00 4.223 4.282613,542.10 Federal Home Loan Bank3025 Call 1,000,000.003130B2RP2 09/25/2034 3,4645.25009/25/2024 996,800.00 5.178 5.2501,000,000.00 Federal Home Loan Bank3036 1,000,000.003130AWGR5 06/12/2026 4374.37510/01/2024 1,003,640.00 3.580 3.6301,008,535.35 Federal Home Loan Bank3046 1,000,000.003130B0X87 03/10/2034 3,2654.75010/07/2024 1,026,970.00 4.138 4.1961,040,510.26 Federal Home Loan Bank3048 Call 1,500,000.003130B32V4 10/07/2031 2,3804.25010/08/2024 1,484,010.00 4.191 4.2491,500,000.00 Federal Home Loan Bank3051 Call 1,000,000.003130B3AN3 10/25/2034 3,4945.50010/25/2024 999,020.00 5.424 5.5001,000,000.00 Federal Home Loan Bank3058 1,000,000.003130AWV23 09/09/2033 3,0834.50010/11/2024 1,005,760.00 4.244 4.3031,013,636.91 Federal Home Loan Bank3063 1,000,000.003130B0X87 03/10/2034 3,2654.75010/17/2024 1,026,970.00 4.173 4.2311,037,918.16 Federal Home Loan Bank3077 1,000,000.003130B0X87 03/10/2034 3,2654.75010/24/2024 1,026,970.00 4.399 4.4611,020,881.55 Federal Home Loan Bank3081 Call 1,500,000.003130B3FV0 11/06/2034 3,5065.48011/06/2024 1,498,215.00 5.404 5.4801,500,000.00 Federal Home Loan Bank3086 Call 2,000,000.003130B3D75 10/17/2034 3,4865.00010/28/2024 2,005,600.00 4.931 4.9992,000,000.00 Federal Home Loan Bank3088 Call 800,000.003130B3HR7 11/04/2031 2,4085.30011/04/2024 799,896.00 5.227 5.300800,000.00 Federal Home Loan Bank3111 Call 1,500,000.003130B44G3 12/27/2034 3,5575.60003/27/2025 1,499,625.00 5.446 5.5221,500,000.00 Fed. Home Loan Mortgage Corp.2345 Call 455,000.003134GVUA4 05/18/2028 1,1431.20005/18/2020 417,548.95 1.183 1.200455,000.00 Fed. Home Loan Mortgage Corp.2370 Call 1,500,000.003134GV3B2 06/28/2030 1,9141.40006/30/2020 1,304,490.00 1.380 1.4001,500,000.00 Fed. Home Loan Mortgage Corp.2373 Call 1,500,000.003134GV3U0 06/29/2029 1,5501.25006/29/2020 1,333,290.00 1.232 1.2501,500,000.00 Fed. Home Loan Mortgage Corp.2379 Call 1,500,000.003134GV4E5 12/29/2028 1,3681.20007/01/2020 1,350,990.00 1.183 1.1991,500,000.00 Fed. Home Loan Mortgage Corp.2380 Call 1,500,000.003134GV5D6 01/08/2029 1,3781.20007/08/2020 1,348,440.00 1.183 1.2001,500,000.00 Fed. Home Loan Mortgage Corp.2382 Call 1,500,000.003134GV5A2 07/15/2030 1,9311.37507/15/2020 1,304,250.00 1.356 1.3751,500,000.00 Fed. Home Loan Mortgage Corp.2386 Call 1,500,000.003134GV7L6 07/29/2030 1,9451.35007/29/2020 1,292,385.00 1.331 1.3501,500,000.00 Fed. Home Loan Mortgage Corp.2387 Call 1,500,000.003134GV7L6 07/29/2030 1,9451.35007/29/2020 1,292,385.00 1.331 1.3501,500,000.00 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
17 Packet Pg. 218 of 245
March 31, 2025
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
Fed. Home Loan Mortgage Corp.2396 Call 1,000,000.003134GWNC6 08/19/2025 1400.62508/20/2020 985,850.00 0.616 0.6251,000,000.00 Fed. Home Loan Mortgage Corp.2400 Call 1,500,000.003134GWC53 09/15/2025 1670.65009/15/2020 1,475,475.00 0.641 0.6501,500,000.00 Fed. Home Loan Mortgage Corp.2404 Call 1,447,000.003134GWA55 09/09/2025 1610.65009/09/2020 1,423,269.20 0.641 0.6501,447,000.00 Fed. Home Loan Mortgage Corp.2407 Call 1,500,000.003134GWD52 09/02/2025 1540.68009/04/2020 1,477,590.00 0.670 0.6791,500,000.00 Fed. Home Loan Mortgage Corp.2409 Call 1,500,000.003134GWP75 09/23/2025 1750.62509/23/2020 1,474,410.00 0.616 0.6251,500,000.00 Fed. Home Loan Mortgage Corp.2410 Call 1,000,000.003134GWP75 09/23/2025 1750.62509/23/2020 982,940.00 0.616 0.6251,000,000.00 Fed. Home Loan Mortgage Corp.2418 1,500,000.003134GWVV5 10/15/2025 1970.50010/15/2020 1,470,075.00 0.493 0.5001,500,000.00 Fed. Home Loan Mortgage Corp.2421 Call 2,000,000.003134GWW93 09/30/2025 1820.55009/30/2020 1,963,580.00 0.542 0.5502,000,000.00 Fed. Home Loan Mortgage Corp.2422 Call 1,500,000.003134GWW93 09/30/2025 1820.55009/30/2020 1,472,685.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2424 Call 1,500,000.003134GWXK7 09/30/2025 1820.55009/30/2020 1,472,685.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2426 Call 1,500,000.003134GWXX9 10/15/2025 1970.55010/15/2020 1,470,210.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2428 Call 1,500,000.003134GWY26 10/08/2025 1900.57010/08/2020 1,471,470.00 0.562 0.5701,500,000.00 Fed. Home Loan Mortgage Corp.2430 Call 1,500,000.003134GWYZ3 10/28/2025 2100.53010/28/2020 1,468,620.00 0.522 0.5301,500,000.00 Fed. Home Loan Mortgage Corp.2431 Call 1,500,000.003134GWZ33 10/22/2030 2,0301.25010/22/2020 1,282,710.00 1.232 1.2501,500,000.00 Fed. Home Loan Mortgage Corp.2432 Call 1,500,000.003134GWZL3 10/29/2025 2110.57010/29/2020 1,468,725.00 0.562 0.5701,500,000.00 Fed. Home Loan Mortgage Corp.2433 Call 2,000,000.003134GW3T1 10/28/2030 2,0361.40010/28/2020 1,724,180.00 1.380 1.4002,000,000.00 Fed. Home Loan Mortgage Corp.2434 Call 1,500,000.003134GW3H7 10/29/2025 2110.61010/29/2020 1,468,995.00 0.601 0.6101,500,000.00 Fed. Home Loan Mortgage Corp.2436 Call 2,000,000.003134GWZZ2 10/28/2030 2,0361.30010/28/2020 1,714,400.00 1.282 1.3002,000,000.00 Fed. Home Loan Mortgage Corp.2437 Call 750,000.003134GW3Z7 10/28/2025 2100.60010/28/2020 734,430.00 0.591 0.600750,000.00 Fed. Home Loan Mortgage Corp.2438 Call 1,500,000.003134GW3X2 10/27/2025 2090.62510/27/2020 1,469,145.00 0.616 0.6251,500,000.00 Fed. Home Loan Mortgage Corp.2440 Call 1,500,000.003134GW6N1 11/05/2030 2,0441.40011/05/2020 1,287,645.00 1.380 1.4001,500,000.00 Fed. Home Loan Mortgage Corp.2444 Call 1,500,000.003134GW6N1 11/05/2030 2,0441.40011/05/2020 1,287,645.00 1.380 1.4001,500,000.00 Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 3947.12511/10/2016 515,970.00 2.367 2.400522,712.59 Federal National Mortgage Asso2392 Call 1,000,000.003136G4R62 08/28/2025 1490.62508/28/2020 985,120.00 0.616 0.6251,000,000.00 Federal National Mortgage Asso2393 Call 1,000,000.003136G4S87 08/27/2025 1480.65008/27/2020 985,290.00 0.641 0.6501,000,000.00 Federal National Mortgage Asso2394 Call 1,500,000.003136G4Q97 08/27/2025 1480.65008/27/2020 1,477,935.00 0.641 0.6501,500,000.00 Federal National Mortgage Asso2397 Call 1,500,000.003136G4V59 08/27/2025 1480.62508/27/2020 1,478,055.00 0.616 0.6251,500,000.00 Federal National Mortgage Asso2412 Call 1,500,000.003136G44G5 09/22/2025 1740.51509/22/2020 1,473,540.00 0.507 0.5151,500,000.00 Federal National Mortgage Asso2413 Call 1,500,000.003136G43L5 09/30/2025 1820.55009/30/2020 1,472,580.00 0.542 0.5501,500,000.00 Federal National Mortgage Asso2415 Call 1,500,000.003136G44L4 09/25/2025 1770.60009/25/2020 1,473,705.00 0.591 0.6001,500,000.00 Federal National Mortgage Asso2460 2,000,000.003135G05Q2 08/05/2030 1,9520.87512/07/2020 1,696,860.00 1.139 1.1551,971,754.04 Federal National Mortgage Asso2463 Call 1,500,000.003135GAAS0 12/23/2030 2,0921.40012/23/2020 1,284,555.00 1.380 1.4001,500,000.00 Federal National Mortgage Asso2467 Call 1,000,000.003135G06Q1 12/30/2025 2730.64012/30/2020 974,300.00 0.597 0.6051,000,252.56 Federal National Mortgage Asso3056 Call 1,500,000.003135GAWG2 10/10/2029 1,6535.10010/17/2024 1,500,315.00 5.030 5.1001,500,000.00 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
18 Packet Pg. 219 of 245
March 31, 2025
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
Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 2146.75011/20/2015 1,014,650.00 2.807 2.8461,019,708.10 Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 2146.75004/18/2016 786,353.75 2.337 2.370792,629.43 Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 2146.75011/10/2016 1,268,312.50 2.317 2.3501,278,773.44 Subtotal and Average 200,035,321.56 200,149,000.00 186,341,630.89 1.694 1.718 1,409 Treasury Securities (Notes)
U.S. Treasury2505 TB 1,500,000.0091282CBC4 12/31/2025 2740.37502/26/2021 1,458,975.00 0.731 0.7421,495,951.34 U.S. Treasury2516 TB 1,500,000.0091282CBQ3 02/28/2026 3330.50003/09/2021 1,451,880.00 0.819 0.8311,495,571.30 U.S. Treasury2587 TB 1,500,000.0091282CCP4 07/31/2026 4860.62509/24/2021 1,435,200.00 0.888 0.9011,494,619.15 Subtotal and Average 4,486,141.79 4,500,000.00 4,346,055.00 0.813 0.825 364 Municipal Bonds
County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 4874.00012/05/2019 289,640.40 2.139 2.168296,559.13 County of Alameda2691 MUN 1,500,000.00010878BK1 08/01/2031 2,3133.69909/21/2022 1,443,045.00 4.281 4.3401,449,847.15 County of Alameda2925 MUN 1,250,000.00010878BJ4 08/01/2030 1,9483.64901/16/2024 1,212,137.50 4.193 4.2511,215,248.41 Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 613.36512/24/2018 504,161.70 3.175 3.220505,109.20 Alameda County Joint Pws Auth.2566 MUN 110,000.00010831DT9 06/01/2026 4263.39508/13/2021 108,946.20 0.925 0.938113,072.50 State of Alabama2835 MUN 1,000,000.00010411CT1 11/01/2026 5793.45002/15/2023 988,510.00 4.142 4.200989,090.64 Antelope Valley Community Coll2694 MUN 1,080,000.0003667PHJ4 08/01/2029 1,5831.66109/23/2022 970,228.80 4.389 4.450968,542.42 Antelope Valley Community Coll2784 MUN 675,000.0003667PHL9 08/01/2031 2,3131.86101/05/2023 579,609.00 4.911 4.980567,529.33 City of Auburn3001 MUN 445,000.0005028XAH7 06/01/2030 1,8872.20603/01/2024 397,816.65 4.813 4.880392,542.21 City of Auburn3002 MUN 265,000.0005028XAG9 06/01/2029 1,5222.05603/01/2024 241,216.25 4.734 4.800238,489.48 Bay Area Toll Authority2558 MUN 1,750,000.00072024XC1 04/01/2026 3651.07907/26/2021 1,698,357.50 0.739 0.7501,755,645.70 Berkeley Unified School Dist.2817 MUN 250,000.00084154G49 08/01/2031 2,3131.85601/26/2023 215,230.00 4.524 4.586214,535.40 Beverly Hills Public Fing Auth2612 MUN 350,000.00088006KA8 06/01/2026 4261.14711/15/2021 337,792.00 1.183 1.200349,789.74 Beverly Hills Public Fing Auth2680 MUN 490,000.00088006KB6 06/01/2027 7911.32704/01/2022 461,099.80 2.810 2.850475,061.32 Beverly Hills Unified Sch Dist2682 MUN 920,000.00088023PL4 08/01/2026 4872.70004/13/2022 903,872.40 2.644 2.681920,222.51 Burlingame School District1548 MUN 120,000.00121457EQ4 08/01/2025 1226.23802/24/2016 120,717.60 3.557 3.606120,887.24 City of Buena Park2734 MUN 685,000.00119174AJ9 07/01/2030 1,9171.88211/18/2022 600,834.05 5.076 5.147588,857.02 Burbank Unified School Distri.2570 MUN 1,000,000.0012082SDN1 08/01/2026 4871.36708/30/2021 963,850.00 0.947 0.9601,005,285.15 Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 8522.38510/08/2019 1,921,600.00 2.342 2.3752,000,000.00 Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 4875.23409/27/2017 309,300.50 2.850 2.890313,356.39 CA Infrastructure -Econ Dev Bk2666 MUN 210,000.0013034AL73 10/01/2026 5481.03502/16/2022 200,518.50 2.224 2.254206,369.84 CA Infrastructure -Econ Dev Bk2893 MUN 500,000.0013034AL99 10/01/2028 1,2791.46605/08/2023 455,280.00 3.728 3.780463,672.05 CA ST Dept of WTR Resources2633 MUN 180,000.0013067WRC8 12/01/2025 2440.79012/13/2021 175,944.60 1.301 1.320179,382.25 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
19 Packet Pg. 220 of 245
March 31, 2025
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
Municipal Bonds
CA ST Dept of WTR Resources2645 MUN 300,000.0013067WRD6 12/01/2026 6090.92012/23/2021 284,865.00 1.430 1.450297,450.84 CA ST Dept of WTR Resources2944 MUN 225,000.0013067WRK0 12/01/2032 2,8011.60901/24/2024 182,632.50 4.589 4.653182,352.28 CA ST Dept of WTR Resources3100 MUN 310,000.0013067WTC6 12/01/2032 2,8012.08203/20/2025 261,029.30 4.438 4.500261,869.03 Chabot-Las Positas CCD2564 MUN 285,000.0015722TJR3 08/01/2026 4871.08008/16/2021 273,577.20 0.897 0.910285,629.97 Chabot-Las Positas CCD2589 MUN 125,000.0015722TJQ5 08/01/2025 1220.88009/29/2021 123,583.75 0.897 0.910124,987.63 Chabot-Las Positas CCD2830 MUN 205,000.0015722TJS1 08/01/2027 8521.28702/13/2023 191,923.05 4.296 4.356191,788.36 Chabot-Las Positas CCD2842 MUN 1,000,000.0015722TJQ5 08/01/2025 1220.88003/07/2023 988,670.00 4.783 4.850987,647.22 Chaffey Community Clg District2698 MUN 300,000.00157432KL8 06/01/2030 1,8872.32910/06/2022 272,334.00 4.931 5.000265,940.73 City of Chula Vista2653 MUN 1,000,000.0017131RAU0 06/01/2026 4260.84001/10/2022 959,480.00 1.676 1.700990,370.02 City of Chula Vista2923 MUN 1,000,000.0017131RAZ9 06/01/2031 2,2521.82801/10/2024 846,470.00 4.753 4.820846,301.92 City of Chula Vista3075 MUN 500,000.0017131RAZ9 06/01/2031 2,2521.82810/24/2024 423,235.00 4.529 4.592427,175.22 Calleguas Municipal Water Dist2544 MUN 550,000.0013124MCE3 07/01/2029 1,5521.86507/01/2021 499,554.00 1.425 1.445559,238.97 Calleguas Municipal Water Dist2646 MUN 600,000.0013124MCB9 07/01/2026 4561.09712/27/2021 577,998.00 1.233 1.250598,886.08 Calleguas Municipal Water Dist2791 MUN 170,000.0013124MCB9 07/01/2026 4561.09701/09/2023 163,766.10 4.625 4.690163,029.46 Campbell Union High Sch Dist2753 MUN 500,000.00134159A77 08/01/2029 1,5831.47212/07/2022 446,580.00 4.714 4.780439,209.52 City of Corona2601 MUN 500,000.0021969AAJ1 05/01/2030 1,8562.24210/14/2021 451,910.00 2.052 2.081503,728.99 City of Corona2943 MUN 1,000,000.0021969AAH5 05/01/2029 1,4912.04201/24/2024 916,920.00 4.562 4.626907,282.29 City of Corona2967 MUN 325,000.0021969AAH5 05/01/2029 1,4912.04202/12/2024 297,999.00 4.694 4.760293,383.07 City of Corona3054 MUN 1,000,000.0021969AAG7 05/01/2028 1,1261.86310/10/2024 932,630.00 4.097 4.154934,942.39 State of Colorado HSG & FIN Au3059 MUN 1,500,000.0019648GSA1 05/01/2034 3,3174.85011/13/2024 1,505,550.00 4.672 4.7371,519,565.12 City of Covina2968 MUN 400,000.00223047AG6 08/01/2028 1,2181.76702/12/2024 367,296.00 4.645 4.710364,979.99 City of Covina2990 MUN 1,000,000.00223047AH4 08/01/2029 1,5831.91602/23/2024 899,140.00 4.842 4.909887,342.19 Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 1,2182.21309/12/2019 374,536.00 2.071 2.100401,365.43 Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 1,5832.26309/20/2019 909,037.80 2.505 2.539979,553.23 Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 1,5832.26302/07/2020 1,377,330.00 2.100 2.1301,507,786.29 Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 1221.91803/09/2020 317,372.80 1.128 1.143320,798.65 Contra Costa Community College2555 MUN 1,000,000.00212204LM1 08/01/2026 4871.30008/02/2021 962,370.00 0.764 0.7751,006,851.81 Desert Community Clg Dist2611 MUN 200,000.00250375JX1 08/01/2027 8521.16911/12/2021 187,018.00 1.479 1.500198,523.98 Desert Community Clg Dist2738 MUN 200,000.00250375LA8 08/01/2027 8523.00011/23/2022 195,082.00 4.965 5.034191,632.84 Desert Community Clg Dist3112 MUN 775,000.00250375LW0 08/01/2031 2,3132.30803/27/2025 684,410.25 4.329 4.390686,619.05 City of Downey2978 MUN 185,000.00260888AJ1 06/01/2031 2,2521.95002/15/2024 158,239.75 4.842 4.910156,896.92 Desert Sands Unif Sch District2635 MUN 880,000.00250433UA5 08/01/2026 4871.98212/16/2021 856,574.40 1.390 1.410886,471.73 City of El Segundo2696 MUN 935,000.00284035AK8 07/01/2031 2,2822.26709/29/2022 822,968.30 5.118 5.190799,090.54 City of Fairfield3049 MUN 1,000,000.0030421VBQ1 06/01/2034 3,3484.75010/08/2024 981,960.00 4.734 4.800996,303.23 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
20 Packet Pg. 221 of 245
March 31, 2025
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
Municipal Bonds
City of Fairfield3050 MUN 995,000.0030421VBQ1 06/01/2034 3,3484.75010/08/2024 977,050.20 4.734 4.800991,321.71 Fremon Union High School Distr1646 MUN 260,000.00357172VA0 02/01/2026 3066.08006/28/2016 262,815.80 2.994 3.035265,760.21 Fremon Union High School Distr2595 MUN 235,000.00357172C52 08/01/2031 2,3132.02010/01/2021 204,424.15 1.825 1.851237,283.96 Foothill-De Anza Comm Clg Dist2818 MUN 540,000.00345102PG6 08/01/2025 1220.90601/27/2023 534,103.20 4.172 4.230534,379.46 Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 4873.16002/14/2018 981,915.75 3.028 3.070996,042.35 Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 1223.04002/14/2018 747,037.50 2.959 3.000750,088.43 Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 4873.16008/29/2019 360,200.25 1.913 1.940370,530.19 State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 1834.00004/10/2017 249,632.50 2.739 2.777251,353.69 State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 5484.31001/26/2018 1,098,317.85 2.979 3.0201,113,516.68 State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 5484.31003/19/2018 200,606.00 3.204 3.248202,756.87 State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 6712.72010/31/2018 342,307.00 3.412 3.460345,897.22 State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 5484.31001/31/2020 426,287.75 1.837 1.863439,605.27 State of Georgia2953 MUN 1,000,000.00373384X76 02/01/2034 3,2284.00001/29/2024 956,750.00 4.438 4.500964,748.08 State of Georgia2956 MUN 1,250,000.00373384X76 02/01/2034 3,2284.00001/30/2024 1,195,937.50 4.438 4.5001,205,922.87 State of Georgia2981 MUN 1,000,000.00373384TP1 07/01/2025 914.15002/16/2024 999,790.00 4.714 4.780998,483.64 State of Georgia3084 MUN 1,500,000.00373384PD2 11/01/2029 1,6755.11410/25/2024 1,509,495.00 4.586 4.6501,528,148.67 City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 1,1572.26509/16/2019 1,257,494.30 2.318 2.3501,341,732.87 City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 1,1572.26510/02/2019 373,976.00 2.194 2.225400,456.15 City of Glendora2590 MUN 1,365,000.00378612AJ4 06/01/2026 4262.10809/29/2021 1,328,841.15 1.075 1.0901,380,760.64 Glendale Unified School Dist.2739 MUN 535,000.00378460A74 09/01/2027 8831.11311/25/2022 491,980.65 4.686 4.751493,338.27 Glendale Unified School Dist.2916 MUN 1,095,000.00378460C64 09/01/2032 2,7101.83012/22/2023 875,912.40 4.438 4.499917,149.21 State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 5483.15010/19/2016 1,030,234.15 2.431 2.4651,054,463.29 State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 3065.33012/06/2018 806,224.00 3.304 3.350811,646.76 State of Hawaii2820 MUN 700,000.00419792F92 08/01/2025 1221.03301/30/2023 692,489.00 4.172 4.230692,990.99 State of Hawaii2926 MUN 1,000,000.00419792YW0 08/01/2031 2,3131.59501/16/2024 844,630.00 4.389 4.450847,806.85 State of Hawaii2931 MUN 1,165,000.00419792M78 10/01/2032 2,7404.82101/17/2024 1,184,793.35 4.439 4.5011,187,923.81 State of Hawaii2948 MUN 1,075,000.00419792M86 10/01/2033 3,1054.84101/25/2024 1,090,458.50 4.557 4.6211,091,070.05 State of Hawaii2952 MUN 1,255,000.00419792M78 10/01/2032 2,7404.82101/29/2024 1,276,322.45 4.508 4.5711,274,254.32 State of Hawaii3109 MUN 715,000.00419792B96 10/01/2034 3,4702.42203/27/2025 590,697.25 4.734 4.800586,521.77 City of Huntington Beach2560 MUN 1,000,000.00446201AE5 06/15/2026 4401.34408/12/2021 965,170.00 0.909 0.9211,004,962.49 City of Huntington Beach2562 MUN 1,000,000.00446201AE5 06/15/2026 4401.34408/13/2021 965,170.00 0.927 0.9391,004,748.59 City of Huntington Beach2790 MUN 805,000.00446216HN6 05/01/2029 1,4911.73101/09/2023 724,620.75 4.931 5.000713,795.59 City of Huntington Beach2840 MUN 175,000.00446201AE5 06/15/2026 4401.34403/03/2023 168,904.75 5.340 5.414167,226.37 Liberty Union High Sch Distr2768 MUN 530,000.00530319SP8 08/01/2028 1,2181.48412/15/2022 485,930.50 4.614 4.678480,871.67 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
21 Packet Pg. 222 of 245
March 31, 2025
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
City of La Habra2660 MUN 500,000.00503433AK0 08/01/2031 2,3132.67302/07/2022 447,680.00 2.638 2.675499,933.22 City of La Habra2941 MUN 500,000.00503433AT1 08/01/2030 1,9482.57301/22/2024 455,950.00 4.686 4.751450,553.26 City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 5183.30011/02/2018 290,993.90 3.530 3.579293,985.44 City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 5183.50001/07/2019 989,140.00 3.077 3.1191,004,750.00 City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 8833.40001/06/2020 822,990.00 2.360 2.393858,568.42 City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 1,6143.05001/22/2020 930,943.20 2.413 2.4461,008,259.07 City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 5183.15003/05/2020 984,380.00 1.519 1.5411,021,611.69 City of Los Angeles2692 MUN 1,000,000.00544351QX0 09/01/2032 2,7104.40009/28/2022 979,880.00 4.346 4.406999,626.36 City of Los Angeles2783 MUN 300,000.00544351MR7 09/01/2025 1533.45012/23/2022 298,890.00 4.724 4.790298,443.13 City of Los Angeles Fin Author2947 MUN 925,000.0054473ENT7 08/01/2033 3,0447.48801/25/2024 1,012,264.50 5.721 5.8011,023,817.86 Los Angeles Community College2487 MUN 1,000,000.0054438CYN6 08/01/2030 1,9481.80601/28/2021 884,950.00 1.432 1.4521,017,578.01 Los Angeles Community College2592 MUN 250,000.0054438CYL0 08/01/2026 4871.17409/30/2021 240,187.50 1.064 1.078250,308.10 Los Angeles Community College2614 MUN 1,500,000.0054438CYL0 08/01/2026 4871.17411/15/2021 1,441,125.00 1.233 1.2501,498,522.64 Los Angeles Community College2642 MUN 275,000.0054438CYL0 08/01/2026 4871.17412/21/2021 264,206.25 1.282 1.300274,552.31 Los Angeles Community College2871 MUN 1,000,000.0054438CMS8 08/01/2029 1,5837.53004/10/2023 1,090,160.00 4.615 4.6801,105,806.61 Los Angeles Community College3011 MUN 770,000.0054438CYP1 08/01/2032 2,6792.10603/06/2024 656,340.30 4.438 4.500658,448.00 Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 8215.51603/29/2018 1,511,115.00 3.254 3.3001,563,973.47 Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 8215.51610/29/2018 428,149.25 3.600 3.650440,171.48 State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 1,4914.91001/30/2020 250,227.50 2.331 2.363273,227.19 State of Massachusetts2543 MUN 1,000,000.0057582PUT5 05/01/2029 1,4914.91007/01/2021 1,000,910.00 1.484 1.5051,130,897.77 State of Massachusetts2684 MUN 1,000,000.0057582PUS7 05/01/2027 7604.76004/05/2022 1,000,210.00 2.968 3.0101,033,565.17 State of Massachusetts2985 MUN 1,000,000.0057582PUD0 01/01/2030 1,7365.30602/21/2024 1,015,610.00 4.645 4.7091,024,446.71 State of Massachusetts2994 MUN 1,000,000.0057582PUD0 01/01/2030 1,7365.30602/23/2024 1,015,610.00 4.675 4.7391,023,195.36 State of Massachusetts3012 MUN 1,250,000.0057582PUD0 01/01/2030 1,7365.30603/07/2024 1,269,512.50 4.537 4.6001,286,336.78 State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 1224.35012/16/2019 500,165.00 2.089 2.118503,487.41 State of Maryland2581 MUN 245,000.005741926N5 08/01/2025 1224.35009/23/2021 245,080.85 0.690 0.700247,935.55 Milpitas Unified School Distr2746 MUN 630,000.00601670ML3 08/01/2028 1,2181.45112/02/2022 576,972.90 4.802 4.869567,878.47 City of Manhattan Beach2647 MUN 650,000.00562784AM0 01/01/2032 2,4662.34101/05/2022 567,268.00 2.129 2.159656,456.80 City of Manhattan Beach2927 MUN 400,000.00562784AL2 01/01/2031 2,1012.24101/16/2024 355,696.00 4.635 4.700352,227.21 City of Manhattan Beach2930 MUN 400,000.00562784AK4 01/01/2030 1,7362.14101/17/2024 362,412.00 4.537 4.600359,531.06 City of Manhattan Beach2964 MUN 1,250,000.00562784AM05 01/01/2032 2,4662.34102/12/2024 1,090,900.00 4.537 4.6001,091,561.64 City of Manhattan Beach2972 MUN 400,000.00562784AM05 01/01/2032 2,4662.34102/13/2024 349,088.00 4.537 4.600349,295.82 Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 8212.21410/08/2019 960,690.00 2.183 2.2141,000,000.00 Mtn. View-Whisman School Dist.2708 MUN 1,135,000.0062451FJE1 09/01/2026 5181.89310/19/2022 1,100,757.05 4.487 4.5501,096,214.55 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
22 Packet Pg. 223 of 245
March 31, 2025
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
Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 8523.27209/28/2017 491,795.00 2.791 2.830504,470.28 Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 4873.17211/05/2018 118,670.40 3.452 3.500119,542.88 Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 8523.33008/29/2019 246,215.00 1.874 1.900257,709.33 Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 1225.00003/06/2020 310,601.40 1.193 1.210313,779.67 Marin Community College Dist.2495 MUN 1,000,000.0056781RKH9 08/01/2030 1,9481.45102/25/2021 867,840.00 1.431 1.4511,000,000.00 Marin Community College Dist.2499 MUN 710,000.0056781RKH9 08/01/2030 1,9481.45102/25/2021 616,166.40 1.470 1.490708,595.05 Marin Community College Dist.2568 MUN 1,000,000.0056781RKU0 08/01/2026 4870.89309/14/2021 959,640.00 0.880 0.8931,000,000.00 Marin Community College Dist.2588 MUN 285,000.0056781RKD8 08/01/2026 4870.67909/29/2021 272,716.50 1.025 1.040283,664.98 Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 1,5832.56902/04/2020 214,981.00 2.533 2.569230,000.00 Mt. San Antonio Community Coll2661 MUN 785,000.00623040KX9 08/01/2030 1,9482.64902/07/2022 722,875.10 2.173 2.203801,937.49 State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 5793.75111/07/2018 1,493,010.00 3.377 3.4241,506,720.41 State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 5793.75111/07/2018 497,670.00 3.401 3.449502,066.60 State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 2144.68109/09/2019 149,755.50 1.888 1.914152,279.48 State of Mississippi2626 MUN 1,000,000.00605581QR1 10/01/2031 2,3742.11712/09/2021 874,540.00 1.992 2.0201,005,684.37 State of Mississippi2629 MUN 250,000.00605581LL9 11/01/2025 2143.64612/06/2021 249,187.50 1.080 1.095253,631.65 City of Monterey2928 MUN 560,000.0061255QAM8 06/01/2033 2,9832.19301/16/2024 464,564.80 4.734 4.800464,874.67 New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 3483.07009/09/2019 692,622.00 2.071 2.100706,033.34 New York State Urban Dev Corp.2683 MUN 1,000,000.00650036AV8 03/15/2027 7131.49603/28/2022 952,180.00 2.777 2.816976,059.27 New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 6852.36001/30/2020 561,300.80 1.933 1.960584,037.19 New York State Envrnmntl Corp2575 MUN 1,500,000.00649791PR5 02/15/2026 3202.26009/13/2021 1,475,040.00 0.794 0.8051,518,662.49 New York State Envrnmntl Corp2677 MUN 1,000,000.00649791PS3 02/15/2027 6852.36003/16/2022 967,760.00 2.325 2.3581,000,030.48 New York State Envrnmntl Corp2678 MUN 1,000,000.00649791PS3 02/15/2027 6852.36003/21/2022 967,760.00 2.367 2.400999,289.32 City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 1,7502.11003/09/2020 1,338,345.00 1.436 1.4561,543,552.15 City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 1,7502.11003/13/2020 1,338,345.00 1.638 1.6611,529,634.60 City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 1,7502.11003/16/2020 963,608.40 2.247 2.2791,072,155.63 City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 1,3852.07003/16/2020 1,371,360.00 2.151 2.1811,494,207.61 City of Oakland2919 MUN 1,350,000.00672240ZA9 07/15/2033 3,0275.65012/26/2023 1,411,006.50 4.523 4.5861,445,491.47 City of Oakland Pension2630 MUN 230,000.00672319CF5 12/15/2025 2584.67612/06/2021 230,071.30 1.562 1.584234,841.40 Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 8522.23711/22/2019 574,392.00 2.271 2.303599,151.81 Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 8522.23712/06/2019 268,049.60 2.327 2.360279,267.51 Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 1,5832.33712/11/2019 894,931.70 2.382 2.415967,078.26 Ohlone Community College Distr2341 MUN 1,185,000.00677765GZ6 08/01/2028 1,2182.28705/08/2020 1,113,663.00 1.849 1.8751,199,997.47 State of Ohio2308 MUN 500,000.00677521CT1 09/01/2026 5185.26203/13/2020 504,220.00 1.710 1.734523,537.11 City of Ontario (Pub Fin Auth)2847 MUN 600,000.00683050BW7 08/01/2026 4871.44003/17/2023 579,252.00 4.339 4.400578,210.21 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
23 Packet Pg. 224 of 245
March 31, 2025
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
Orange Cnty Water District2578 MUN 315,000.0068442CCY0 08/15/2025 1362.09509/16/2021 312,360.30 0.690 0.700316,610.51 Orchard School District1910 MUN 125,000.00685585FD8 08/01/2027 8523.12501/25/2018 123,301.25 3.208 3.253124,688.32 State of Oregon1974 MUN 393,977.0868607LXQ5 06/01/2027 7915.89211/06/2018 401,738.43 3.516 3.565408,505.22 State of Oregon2015 MUN 350,639.6068607LXQ5 06/01/2027 7915.89201/16/2019 357,547.20 3.537 3.587365,645.30 State of Oregon2230 MUN 390,037.3068607LXQ5 06/01/2027 7915.89201/31/2020 397,721.03 2.583 2.619415,044.01 State of Oregon2266 MUN 787,954.1568607LXQ5 06/01/2027 7915.89202/24/2020 803,476.85 2.482 2.517840,295.32 State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 7603.08003/13/2020 343,021.00 1.302 1.320362,188.01 State of Oregon2378 MUN 355,000.0068609TVS4 06/01/2030 1,8871.67207/02/2020 311,874.60 1.433 1.452358,729.80 State of Oregon2542 MUN 870,000.0068608KA24 08/01/2030 1,9485.33207/01/2021 883,502.40 1.943 1.9701,012,143.89 State of Oregon2549 MUN 1,225,000.0068609TU30 08/01/2028 1,2181.48407/08/2021 1,118,131.00 1.134 1.1501,238,058.32 State of Oregon2584 MUN 265,000.0068609TT81 08/01/2025 1220.80309/24/2021 262,000.20 0.690 0.700265,089.42 State of Oregon2624 MUN 250,000.0068609TZT8 08/01/2026 4870.98411/19/2021 239,922.50 1.292 1.310248,948.94 State of Oregon2627 MUN 900,000.0068609T3M8 11/01/2031 2,4052.03711/26/2021 779,247.00 2.020 2.048899,355.63 State of Oregon2679 MUN 787,954.1568607LXQ5 06/01/2027 7915.89204/01/2022 803,476.85 3.259 3.304828,243.77 State of Oregon2977 MUN 787,954.1568607LXQ5 06/01/2027 7915.89202/15/2024 803,476.85 5.079 5.150799,422.27 Oxnard Union High School Distr2859 MUN 500,000.00692039QX1 08/01/2027 8521.51203/23/2023 471,325.00 4.458 4.520468,459.82 City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 612.56310/23/2019 1,011,904.25 2.469 2.5031,015,092.04 City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 4262.66310/23/2019 569,020.60 2.611 2.647580,092.20 Pasadena CA Public Finance Aut2573 MUN 120,000.0070227RBM1 05/01/2026 3951.98409/09/2021 117,091.20 0.903 0.915121,357.26 Pasadena CA Public Finance Aut2615 MUN 550,000.00702274CS8 12/01/2026 6093.50012/01/2021 543,312.00 1.380 1.400568,527.67 Palo Alto Unified School Dist.2838 MUN 1,500,000.00697379TV7 07/01/2027 8215.86202/17/2023 1,529,880.00 4.698 4.7641,533,045.84 Palo Alto Unified School Dist.2839 MUN 1,500,000.00697379TV7 07/01/2027 8215.86202/21/2023 1,529,880.00 4.683 4.7481,533,532.45 Palo Alto Unified School Dist.2841 MUN 1,480,000.00697379TV7 07/01/2027 8215.86203/06/2023 1,509,481.60 4.941 5.0101,505,163.24 Placentia-Yorba Linda Unif Sch3023 MUN 1,000,000.00725894NB1 08/01/2031 2,3132.06403/13/2024 865,740.00 4.359 4.420873,845.15 Polomar Community Clge Distri2582 MUN 1,000,000.00697511FU2 08/01/2026 4871.03110/13/2021 959,920.00 1.016 1.0311,000,000.00 Polomar Community Clge Distri2676 MUN 335,000.00697511FD0 08/01/2026 4871.19903/15/2022 322,169.50 2.288 2.320330,263.75 Rancho Water Dist. Fin. Auth.2889 MUN 600,000.00752111HE7 08/01/2030 1,9485.12505/03/2023 617,166.00 4.284 4.344621,202.45 Redondo Beach Unified School D2388 MUN 750,000.00757710UE6 08/01/2030 1,9481.66008/06/2020 652,065.00 1.439 1.459757,466.37 Redondo Beach Unified School D2763 MUN 715,000.00757710UE6 08/01/2030 1,9481.66012/14/2022 621,635.30 4.783 4.850614,321.34 State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 1,0963.25001/27/2020 1,460,220.00 2.077 2.1061,547,026.22 State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 1,0963.25002/06/2020 535,414.00 1.990 2.018568,645.73 County of Riverside Pen Oblg3074 MUN 255,000.0076913CBD0 02/15/2029 1,4163.12010/24/2024 243,440.85 4.389 4.450243,157.88 Riverside Cmnty College Distt.2596 MUN 1,365,000.0076886PJP9 08/01/2026 4871.12410/04/2021 1,313,116.35 1.006 1.0201,366,840.75 Riverside Cmnty College Distt.2733 MUN 560,000.0076886PJS3 08/01/2029 1,5831.78511/17/2022 506,839.20 5.022 5.092492,721.22 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
24 Packet Pg. 225 of 245
March 31, 2025
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
Riverside Cmnty College Distt.2936 MUN 120,000.0076886PJS3 08/01/2029 1,5831.78501/19/2024 108,608.40 4.562 4.625107,098.05 City of Roseville Electric Sys2942 MUN 470,000.0077781RCW1 02/01/2031 2,1321.83101/24/2024 407,522.90 4.487 4.550406,792.16 Rancho Santiago Comm College D2805 MUN 635,000.00752147HK7 09/01/2026 5180.95601/19/2023 607,231.45 4.164 4.222608,012.50 Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 8522.28410/16/2019 959,650.00 2.252 2.2841,000,000.00 Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 4872.15902/13/2020 1,067,230.80 1.727 1.7511,100,605.95 City of Santa Ana2603 MUN 175,000.00801139AE6 08/01/2026 4871.17610/18/2021 168,026.25 1.223 1.240174,855.21 City of Santa Ana2747 MUN 1,250,000.00801139AF3 08/01/2027 8521.46512/02/2022 1,173,037.50 5.178 5.2501,153,167.36 City of Santa Ana2932 MUN 500,000.00801139AK2 08/01/2031 2,3132.18901/18/2024 434,515.00 4.606 4.670434,402.73 Santa Barbara Unified School D2385 MUN 490,000.00801315KU5 08/01/2029 1,5831.65307/21/2020 440,044.50 1.483 1.504492,937.65 San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 1,2182.59012/12/2019 1,424,130.00 2.554 2.5901,500,000.00 San Bernardino Cmty College Di2365 MUN 2,000,000.00796720NV8 08/01/2029 1,5831.84807/07/2020 1,807,680.00 1.822 1.8482,000,000.00 San Bernardino Cmty College Di2920 MUN 1,000,000.00796720ND8 08/01/2029 1,5832.64001/04/2024 934,840.00 4.261 4.320935,874.44 County of Santa Clara3076 MUN 500,000.00801546SS2 08/01/2033 3,0444.80010/24/2024 504,060.00 4.533 4.596506,898.95 Santa Clarita Community Colleg2557 MUN 1,250,000.00801686TF3 08/01/2026 4871.14608/02/2021 1,202,837.50 0.742 0.7521,256,463.59 Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 1,1572.43412/12/2019 1,467,655.65 2.416 2.4501,554,284.87 Santa Clara Valley Water Dist.2793 MUN 1,000,000.0080168FPC4 06/01/2030 1,8871.63401/12/2023 867,890.00 4.418 4.480875,962.69 Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 612.75001/25/2018 463,642.20 3.008 3.050464,792.81 Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 4263.00001/25/2018 462,362.50 3.107 3.150469,279.61 Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 7913.00001/25/2018 271,955.60 3.205 3.250278,699.07 Santa Cruz MET Transit Dist.2671 MUN 1,000,000.00801747AF3 08/01/2027 8522.47003/03/2022 962,670.00 2.030 2.0581,009,038.19 San Diego Unified Sch District2602 MUN 1,000,000.00797356DL3 07/01/2031 2,2821.98410/21/2021 867,400.00 1.824 1.8501,007,626.79 San Diego Unified Sch District2606 MUN 900,000.00797356DL3 07/01/2031 2,2821.98410/23/2021 780,660.00 2.024 2.053896,516.63 San Diego Unified Sch District2617 MUN 270,000.00797356DH2 07/01/2028 1,1871.59911/17/2021 248,427.00 1.712 1.736268,867.05 San Diego Unified Sch District2693 MUN 260,000.00797356DF6 07/01/2026 4561.20109/23/2022 250,790.80 4.053 4.110251,322.36 San Diego Unified Sch District2767 MUN 1,000,000.00797356DH2 07/01/2028 1,1871.59912/16/2022 920,100.00 4.241 4.300922,621.65 San Diego Community College Di2550 MUN 255,000.00797272QS3 08/01/2027 8522.40707/09/2021 245,236.05 1.007 1.021262,976.05 San Diego Community College Di2639 MUN 1,980,000.00797272RN3 08/01/2026 4871.44512/28/2021 1,910,898.00 1.193 1.2101,986,014.03 San Diego Community College Di2651 MUN 500,000.00797272RT0 08/01/2031 2,3132.11301/10/2022 436,225.00 2.120 2.150498,943.16 San Diego Regl Trans Commissio2632 MUN 200,000.00797400MR6 04/01/2026 3651.03612/08/2021 194,090.00 1.292 1.310199,468.84 San Diego Cnty Wtr Authority2580 MUN 875,000.00797412DN0 05/01/2026 3950.97109/17/2021 845,320.00 0.887 0.900875,656.25 San Diego Cnty Wtr Authority2600 MUN 210,000.00797412DM2 05/01/2025 300.74310/08/2021 209,374.20 0.838 0.850209,981.59 San Diego Cnty Wtr Authority2604 MUN 250,000.00797412DN0 05/01/2026 3950.97110/20/2021 241,520.00 1.134 1.150249,528.34 San Diego Cnty Wtr Authority2623 MUN 750,000.00797412DN0 05/01/2026 3950.97111/19/2021 724,560.00 1.282 1.300747,409.13 San Diego Cnty Wtr Authority2688 MUN 1,275,000.00797412DQ3 05/01/2028 1,1261.33109/12/2022 1,169,340.75 3.945 4.0001,181,875.29 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
25 Packet Pg. 226 of 245
March 31, 2025
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
San Diego Cnty Wtr Authority2716 MUN 225,000.00797412DR1 05/01/2029 1,4911.43110/24/2022 201,129.75 5.079 5.150196,285.21 San Diego Cnty Wtr Authority2993 MUN 445,000.00797412DN0 05/01/2026 3950.97103/23/2024 429,905.60 4.590 4.653427,656.45 San Diego Cnty Wtr Authority3024 MUN 745,000.00797412DM2 05/01/2025 300.74303/22/2024 742,779.90 4.853 4.920742,505.09 San Dieguito Union High Sch Di2536 MUN 430,000.00797508JW9 08/01/2026 4871.07406/09/2021 412,731.20 1.059 1.074430,000.00 San Dieguito Union High Sch Di2537 MUN 435,000.00797508JX7 08/01/2027 8521.37206/09/2021 408,064.80 1.353 1.372435,000.00 San Dieguito Union High Sch Di2674 MUN 435,000.00797508HF8 08/01/2026 4871.86003/11/2022 421,915.20 2.070 2.099433,681.12 Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 911.73503/18/2020 397,304.00 1.381 1.400400,321.60 Sequoia Union High School Dist2531 MUN 250,000.00817409N76 07/01/2029 1,5522.10304/30/2021 229,360.00 1.658 1.681254,161.85 Sequoia Union High School Dist3102 MUN 1,125,000.00817409P33 07/01/2033 3,0132.46303/21/2025 959,827.50 4.428 4.490969,273.08 City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 755.45011/27/2015 1,001,220.00 3.067 3.1101,004,133.50 City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 752.29011/01/2016 2,096,306.35 2.219 2.2492,105,155.57 City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 4402.39011/01/2016 239,683.50 2.376 2.410244,946.90 City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 752.29007/14/2017 229,050.10 2.682 2.720229,818.10 City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 4405.60001/16/2019 1,434,058.00 3.304 3.3501,453,848.06 City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 1,5362.10010/31/2019 1,024,777.60 2.337 2.3691,108,677.52 City & County of San Francisco2762 MUN 575,000.007976466F8 06/15/2032 2,6322.35012/14/2022 495,535.00 4.744 4.810493,956.65 City & County of San Francisco2864 MUN 1,000,000.0079773KKQ6 06/15/2025 756.00004/11/2023 1,003,160.00 4.146 4.2031,003,493.29 City & County of San Francisco2883 MUN 500,000.0079773KKT0 06/15/2028 1,1716.00004/21/2023 525,870.00 4.273 4.332523,739.78 City & County of San Francisco2910 MUN 635,000.0079773KDG6 06/15/2029 1,5361.78410/20/2023 572,471.55 5.375 5.450551,692.13 City & County of San Francisco2913 MUN 305,000.0079773KKX1 06/15/2032 2,6326.00012/15/2023 329,811.75 4.803 4.870325,136.05 City & County of San Francisco2934 MUN 760,000.007976466E1 06/15/2031 2,2662.30001/18/2024 669,225.60 4.553 4.616668,328.10 City & County of San Francisco2958 MUN 470,000.007976466G6 06/15/2033 2,9972.40001/31/2024 396,802.20 4.546 4.610401,408.10 City & Cnty of San Francisco2911 MUN 1,000,000.0079765D5Y2 10/01/2032 2,7406.00011/07/2023 1,063,380.00 5.889 5.9711,001,449.44 San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 8833.25003/02/2018 662,694.00 3.451 3.499676,539.25 San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 1,6143.64810/11/2019 338,016.00 2.398 2.431366,618.66 San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 8833.46803/13/2020 127,335.00 1.577 1.599135,511.01 San Francisco Cmnty Facs Dist2608 MUN 575,000.0079772EDY2 09/01/2031 2,3442.59111/03/2021 508,346.00 2.305 2.337583,325.64 San Francisco Cmnty Facs Dist2628 MUN 1,295,000.0079772EDA4 09/01/2026 5182.23611/29/2021 1,256,434.90 1.425 1.4451,308,968.45 San Francisco Cmnty Facs Dist2946 MUN 600,000.0079772EEK1 09/01/2030 1,9795.53501/24/2024 626,490.00 4.783 4.850618,830.04 San Francisco Cmnty Facs Dist2973 MUN 700,000.0079772EDF3 09/01/2031 2,3442.70102/13/2024 623,077.00 4.583 4.647626,958.51 San Francisco Cmnty Facs Dist3053 MUN 1,150,000.0079772ECR8 09/01/2034 3,4404.03810/10/2024 1,070,362.50 4.598 4.6621,096,246.46 San Francisco Cmnty Facs Dist3066 MUN 500,000.0079772EBF5 09/01/2030 1,9793.50010/18/2024 473,790.00 4.333 4.394478,843.47 SF Bay Area Rapid Transit Dist2636 MUN 480,000.00797669ZR2 07/01/2031 2,2822.76812/16/2021 435,465.60 1.846 1.872504,500.98 SF Bay Area Rapid Transit Dist2766 MUN 405,000.00797669ZR2 07/01/2031 2,2822.76812/15/2022 367,424.10 4.832 4.899361,334.04 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
26 Packet Pg. 227 of 245
March 31, 2025
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
Sierra Joint Com. College Dist2501 MUN 585,000.00826239GD1 08/01/2029 1,5831.44503/09/2021 521,667.90 1.425 1.445585,000.00 Sierra Joint Com. College Dist2535 MUN 500,000.00826239GD1 08/01/2029 1,5831.44505/27/2021 445,870.00 1.461 1.481499,258.15 Silicon Valley Clean Water2828 MUN 245,000.0082707BDP1 08/01/2027 8521.38002/10/2023 230,393.10 4.301 4.361229,670.39 San Juan Unified School Dist2707 MUN 545,000.00798306WQ5 08/01/2026 4871.20110/17/2022 523,608.75 4.586 4.650522,257.68 City of San Jose2656 MUN 350,000.00798135E96 09/01/2026 5182.50001/28/2022 342,237.00 1.686 1.710353,750.34 San Jose Financing Authority2622 MUN 345,000.00798153NF5 06/01/2026 4261.31111/18/2021 332,655.90 1.459 1.480344,344.27 San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 8833.72810/29/2018 312,536.70 3.676 3.727315,000.00 San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 1,2182.35010/01/2019 472,505.00 2.317 2.350500,000.00 San Jose Evergreen Cmnty Colll3095 MUN 315,000.00798189QG4 08/01/2034 3,4092.84003/13/2025 271,974.15 4.546 4.610273,127.72 San Jose Unified School Dist.2518 MUN 1,000,000.00798186N81 08/01/2025 1220.55803/15/2021 987,940.00 0.739 0.750999,371.07 San Jose Unified School Dist.2700 MUN 990,000.00798186P30 08/01/2028 1,2181.22410/07/2022 902,642.40 4.487 4.550894,500.46 San Jose Unified School Dist.2774 MUN 850,000.00798186P22 08/01/2027 8521.01412/21/2022 792,820.50 4.341 4.401789,783.13 San Jose Unified School Dist.2949 MUN 200,000.00798186P22 08/01/2027 8521.01401/26/2024 186,546.00 4.421 4.483185,173.50 Santa Maria JT Union High Sch2706 MUN 455,000.00802309NY6 08/01/2026 4871.50810/17/2022 439,375.30 4.586 4.650437,702.53 Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 1,2183.47209/05/2019 307,616.40 1.972 2.000329,091.88 Santa Monica Cmnty College Dis2481 MUN 570,000.00802385RV8 08/01/2030 1,9481.69601/22/2021 497,524.50 1.499 1.520574,964.38 Santa Monica Cmnty College Dis2482 MUN 600,000.00802385RT3 08/01/2028 1,2181.49601/22/2021 549,450.00 1.085 1.100607,584.58 Santa Monica Cmnty College Dis2810 MUN 850,000.00802385RS5 08/01/2027 8521.24401/23/2023 795,336.50 3.965 4.020800,107.71 Santa Monica Cmnty College Dis3098 MUN 1,500,000.00802385RJ5 08/01/2034 3,4093.94203/20/2025 1,408,215.00 4.658 4.7231,412,371.88 Santa Monica Cmnty College Dis3103 MUN 1,500,000.00802385RJ5 08/01/2034 3,4093.94203/27/2025 1,408,215.00 4.724 4.7901,405,102.97 Santa Monica-Malibu USD2561 MUN 650,000.00802498VW2 07/01/2026 4560.98908/12/2021 625,547.00 0.877 0.890650,784.88 Santa Monica-Malibu USD2637 MUN 215,000.00802498ZA6 08/01/2026 4870.84912/20/2021 206,015.15 1.193 1.210213,995.96 Santa Monica-Malibu USD2792 MUN 825,000.00802498ZF5 08/01/2031 2,3131.62401/09/2023 698,956.50 4.694 4.760691,694.35 Santa Monica-Malibu USD3114 MUN 750,000.00802498ZH1 08/01/2033 3,0441.91403/27/2025 611,820.00 4.556 4.620610,947.90 San Mateo Foster City SCH Dist1902 MUN 1,000,000.00799017UW6 09/01/2025 1532.69901/16/2018 994,130.00 2.786 2.825999,529.51 San Mateo Foster City SCH Dist1940 MUN 1,000,000.00799017UW6 09/01/2025 1532.69903/09/2018 994,130.00 2.959 3.000998,883.36 San Mateo Foster City SCH Dist2153 MUN 1,360,000.00799017WD6 09/01/2028 1,2492.23711/07/2019 1,278,413.60 2.447 2.4801,349,874.61 San Mateo Foster City SCH Dist2178 MUN 1,565,000.00799017VM7 09/01/2028 1,2492.54212/11/2019 1,486,186.60 2.311 2.3431,574,520.53 San Mateo Foster City SCH Dist2567 MUN 500,000.00799017XW3 09/01/2026 5180.92509/21/2021 478,520.00 0.912 0.925500,000.00 San Mateo Foster City SCH Dist2585 MUN 175,000.00799055QV3 08/01/2026 4871.79909/27/2021 169,907.50 0.897 0.910177,024.38 San Mateo Foster City SCH Dist2591 MUN 810,000.00799055ME5 08/01/2026 4876.00009/29/2021 822,854.70 2.297 2.329847,273.02 San Mateo Foster City SCH Dist2782 MUN 425,000.00799017WE4 09/01/2029 1,6142.33712/22/2022 393,197.25 4.685 4.750386,572.85 Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 1,2182.71712/09/2019 1,096,674.50 2.462 2.4961,157,551.86 Solano Cnty Community Clg Dist2579 MUN 750,000.0083412PHQ8 08/01/2026 4871.02510/06/2021 719,692.50 1.011 1.025750,000.00 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
27 Packet Pg. 228 of 245
March 31, 2025
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
Solano Cnty Community Clg Dist2583 MUN 200,000.0083412PGZ9 08/01/2026 4871.02510/06/2021 191,918.00 0.887 0.900200,324.80 Solano Cnty Community Clg Dist2594 MUN 390,000.0083412PHE5 08/01/2031 2,3131.86110/06/2021 334,101.30 1.948 1.975387,434.27 Solano Cnty Community Clg Dist2597 MUN 750,000.0083412PHU9 08/01/2030 1,9481.76110/06/2021 657,262.50 1.834 1.860746,358.05 Solano Cnty Community Clg Dist2598 MUN 825,000.0083412PHW5 08/01/2031 2,3131.86110/06/2021 706,752.75 1.879 1.905822,897.11 Solano Cnty Community Clg Dist2649 MUN 350,000.0083412PHB1 08/01/2028 1,2181.47901/07/2022 320,432.00 1.775 1.800346,480.46 Sonoma Cnty Jr. College Distr.2577 MUN 155,000.00835569GT5 08/01/2026 4872.44709/15/2021 151,545.05 0.843 0.855158,215.38 South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 8523.00002/15/2018 175,379.40 3.057 3.100179,637.69 South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 1,5835.00012/12/2019 380,067.70 2.598 2.634403,304.22 South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 1,2185.00012/12/2019 255,897.50 2.549 2.584267,938.24 South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 8525.00012/12/2019 147,659.30 2.500 2.534152,541.05 South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 4875.00012/12/2019 394,075.50 2.378 2.411402,369.77 City of San Ramon2933 MUN 355,000.00799381AL2 07/01/2032 2,6482.46001/18/2024 306,801.65 4.753 4.819305,600.24 San Ramon Vly Unif Sch Dist.2605 MUN 1,500,000.007994082K4 08/01/2030 1,9481.91411/03/2021 1,333,920.00 1.805 1.8301,506,166.20 San Ramon Vly Unif Sch Dist.2813 MUN 935,000.00799408Z93 08/01/2026 4871.03401/26/2023 898,843.55 4.044 4.100899,734.61 Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 1,2492.19009/19/2019 126,906.75 2.157 2.187135,000.00 Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 8832.09009/19/2019 129,054.60 2.061 2.090135,000.00 Tracy Unified School District2493 MUN 500,000.00892404CN2 08/01/2029 1,5831.64402/08/2021 451,010.00 1.437 1.457503,791.42 Temecula Valley Unified School2539 MUN 250,000.0087970GPS0 08/01/2028 1,2181.50306/16/2021 229,357.50 1.482 1.503250,000.00 Temecula Valley Unified School2569 MUN 355,000.0087970GPQ4 08/01/2026 4871.05108/27/2021 340,949.10 0.887 0.900355,697.35 State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 4872.11608/25/2016 975,200.00 1.923 1.9501,002,001.34 State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 1222.06608/25/2016 1,637,856.00 1.893 1.9201,650,735.37 State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 1222.06608/25/2016 694,848.00 1.893 1.920700,311.97 City of Torrance JT PWRS Fin A2795 MUN 445,000.00891371BB1 06/01/2032 2,6182.63701/12/2023 388,845.45 5.001 5.070383,840.49 Tustin Unif Sch Dist Facs Impt2715 MUN 650,000.00901072LD8 08/01/2027 8521.14510/24/2022 607,464.00 4.783 4.850600,357.57 Tustin Unif Sch Dist Facs Impt2758 MUN 205,000.00901072MB1 08/01/2031 2,3131.75412/09/2022 174,830.15 4.843 4.910171,926.04 Tustin Unif Sch Dist Facs Impt2814 MUN 500,000.00901072LX4 08/01/2027 8521.14501/26/2023 467,280.00 4.098 4.155468,276.43 State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 1833.05112/23/2019 1,491,630.00 1.975 2.0031,507,382.77 State of Texas2225 MUN 940,000.008827237T0 10/01/2029 1,6443.52101/30/2020 918,248.40 2.191 2.221989,214.31 State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 1,6443.52102/14/2020 1,235,727.90 2.192 2.2221,331,201.79 State of Texas2541 MUN 245,000.008827235K1 10/01/2025 1832.92206/30/2021 242,540.20 0.641 0.650247,740.48 State of Texas2548 MUN 1,000,000.00882724RF6 10/01/2030 2,0092.42607/02/2021 914,290.00 1.480 1.5011,047,326.10 State of Texas2631 MUN 500,000.00882723A90 10/01/2025 1832.83112/07/2021 496,065.00 1.030 1.045504,365.07 State of Texas2957 MUN 295,000.00882724U47 10/01/2033 3,1054.70001/30/2024 300,292.30 4.536 4.599296,989.00 University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 443.05008/26/2019 1,497,210.00 1.930 1.9571,501,885.12 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
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March 31, 2025
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
University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 443.05009/09/2019 998,140.00 1.797 1.8211,001,419.35 University of California2685 MUN 440,000.0091412HGF4 05/15/2027 7741.31604/05/2022 414,911.20 3.028 3.070424,945.88 University of California2866 MUN 230,000.0091412HJN4 05/15/2027 7741.27204/05/2023 216,236.80 4.311 4.371216,286.72 University of California2996 MUN 745,000.0091412HGG2 05/15/2030 1,8701.61402/26/2024 651,472.70 4.566 4.630645,963.90 State of Utah2306 MUN 295,225.00917542QV7 07/01/2025 913.53903/13/2020 294,619.79 1.948 1.975296,315.24 State of Wisconsin2547 MUN 2,000,000.0097705MNU5 05/01/2031 2,2212.45107/02/2021 1,798,100.00 1.553 1.5752,098,367.45 State of Wisconsin2574 MUN 1,500,000.0097705MNP6 05/01/2026 3952.08909/09/2021 1,466,220.00 0.739 0.7501,521,342.70 State of Wisconsin2576 MUN 1,000,000.0097705MNP6 05/01/2026 3952.08909/13/2021 977,480.00 0.769 0.7801,013,897.84 State of Wisconsin 22822 MUN 610,000.00977100AC0 05/01/2026 3955.70001/30/2023 614,758.00 5.039 5.109613,539.04 Yosemite Community College Dis2657 MUN 1,000,000.00987388GX7 08/01/2027 8522.08202/17/2022 953,910.00 2.053 2.0821,000,000.00 Yosemite Community College Dis2687 MUN 500,000.00987388GX7 08/01/2027 8522.08209/02/2022 476,955.00 3.846 3.900480,863.76 Subtotal and Average 239,878,859.44 243,493,741.43 231,754,856.40 2.911 2.952 1,258 Supranationals (World Bank) Bonds
Inter-American Dev. Bank2528 IADB 2,000,000.004581X0DV7 04/20/2026 3840.87504/20/2021 1,934,400.00 0.910 0.9231,999,010.39 Inter-American Dev. Bank2586 IADB 2,000,000.0045818WDH6 06/17/2026 4420.80009/27/2021 1,922,340.00 0.914 0.9271,996,991.74 Inter-American Dev. Bank2652 IADB 1,000,000.004581X0EB0 01/13/2027 6521.50001/13/2022 957,150.00 1.504 1.525999,564.87 Inter-American Dev. Bank2655 IADB 1,000,000.004581X0EB0 01/13/2027 6521.50001/14/2022 957,150.00 1.518 1.540999,314.82 Inter-American Dev. Bank2922 IADB 1,000,000.004581X0EK0 05/15/2026 4094.50001/08/2024 1,004,420.00 4.214 4.2731,002,370.58 Inter-American Dev. Bank2987 IADB 1,000,000.004581X0EN4 02/15/2029 1,4164.12502/22/2024 1,004,160.00 4.222 4.281994,557.72 Inter-American Dev. Bank3026 IADB 1,500,000.0045818WFV3 08/15/2029 1,5973.90009/19/2024 1,497,105.00 3.462 3.5111,523,208.92 Inter-American Dev. Bank3073 IADB 1,000,000.0045818WFZ4 10/09/2029 1,6523.60010/23/2024 985,460.00 3.993 4.049981,758.38 Inter-American Dev. Bank3079 IADB 1,000,000.0045818WFZ4 10/09/2029 1,6523.60010/24/2024 985,460.00 4.035 4.091980,033.51 Intl Bk Recon & Development2470 IBRD 1,500,000.00459058JL8 10/28/2025 2100.50001/08/2021 1,467,975.00 0.480 0.4871,500,107.33 Intl Bk Recon & Development2492 IBRD 1,500,000.00459058JS3 02/10/2026 3150.65002/10/2021 1,453,635.00 0.641 0.6501,500,000.00 Intl Bk Recon & Development2497 IBRD 1,500,000.0045905U5Y6 02/18/2026 3230.60002/18/2021 1,456,185.00 0.591 0.6001,500,000.00 Intl Bk Recon & Development2498 IBRD 1,500,000.00459058JL8 10/28/2025 2100.50002/18/2021 1,467,975.00 0.591 0.6001,499,150.63 Intl Bk Recon & Development2510 IBRD 1,500,000.00459058JL8 10/28/2025 2100.50003/01/2021 1,467,975.00 0.787 0.7981,497,480.08 Intl Bk Recon & Development2534 IBRD 1,500,000.00459058JS3 02/10/2026 3150.65005/26/2021 1,453,635.00 0.833 0.8451,497,543.23 Intl Bk Recon & Development2553 IBRD 1,500,000.00459058JS3 02/10/2026 3150.65007/15/2021 1,453,635.00 0.839 0.8511,497,464.13 Intl Bk Recon & Development2559 IBRD 1,500,000.00459058JS3 02/10/2026 3150.65008/12/2021 1,453,635.00 0.871 0.8831,497,062.88 Intl Bk Recon & Development2650 IBRD 1,000,000.0045906M2L4 02/24/2026 3290.65001/07/2022 967,580.00 1.368 1.387993,592.13 Intl Bk Recon & Development2736 IBRD 1,000,000.0045906M2L4 02/24/2026 3290.65011/23/2022 967,580.00 4.480 4.542967,865.50 Intl Bk Recon & Development2775 IBRD 1,000,000.00459058JN4 11/24/2027 9670.75012/21/2022 919,690.00 3.807 3.860925,670.30 Intl Bk Recon & Development2779 IBRD 1,500,000.00459058JT1 02/10/2027 6800.85012/22/2022 1,412,220.00 4.241 4.3001,412,740.68 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
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March 31, 2025
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 & Development2826 IBRD 1,500,000.00459058JT1 02/10/2027 6800.85002/10/2023 1,412,220.00 4.310 4.3701,410,862.72 Intl Bk Recon & Development2912 IBRD 1,000,000.00459058KW2 08/01/2028 1,2184.62510/27/2023 1,019,720.00 4.967 5.036987,957.99 Intl Bk Recon & Development2921 IBRD 1,000,000.00459058KT9 07/12/2028 1,1983.50001/08/2024 985,130.00 4.024 4.079982,779.51 Intl Bk Recon & Development2950 IBRD 1,000,000.00459058KW2 08/01/2028 1,2184.62501/26/2024 1,019,720.00 4.112 4.1691,013,694.77 Intl Bk Recon & Development3034 IBRD 1,000,000.00459058KW2 08/01/2028 1,2184.62509/24/2024 1,019,720.00 3.475 3.5241,034,001.44 Intl Bk Recon & Development3055 IBRD 1,000,000.00459058LN1 10/16/2029 1,6593.87510/16/2024 992,580.00 3.906 3.961996,487.48 Intl Bk Recon & Development3064 IBRD 1,500,000.00459058LN1 10/16/2029 1,6593.87510/18/2024 1,488,870.00 3.876 3.9301,496,625.01 Intl Bk Recon & Development3065 IBRD 1,500,000.0045906M5K3 07/30/2029 1,5814.75010/18/2024 1,504,410.00 4.446 4.5081,513,580.14 Intl Bk Recon & Development3070 IBRD 1,750,000.0045906M4E8 06/26/2028 1,1824.50010/22/2024 1,751,347.50 4.246 4.3051,760,008.97 Intl Bk Recon & Development3089 IBRD 1,500,000.00459058KT9 07/12/2028 1,1983.50003/13/2025 1,477,695.00 4.001 4.0561,474,557.77 Intl Bk Recon & Development3096 IBRD 1,421,000.00459058KQ5 02/14/2030 1,7803.87503/13/2025 1,408,679.93 4.082 4.1381,404,587.32 Intl Bk Recon & Development3101 IBRD 1,500,000.00459058LR2 03/20/2030 1,8144.12503/20/2025 1,503,075.00 4.073 4.1301,499,666.35 Intl Bk Recon & Development3110 IBRD 1,500,000.00459058LN1 10/16/2029 1,6593.87503/27/2025 1,488,870.00 4.101 4.1581,482,517.09 International Finance Corp.2441 IFC 1,000,000.0045950VPE0 10/15/2025 1971.00010/30/2020 983,990.00 0.450 0.4561,000,000.00 International Finance Corp.2454 IFC 1,500,000.0045950VPH3 11/15/2025 2281.50011/30/2020 1,484,265.00 0.539 0.5471,500,000.00 International Finance Corp.2483 IFC 1,500,000.0045950VPJ9 01/15/2026 2890.58001/25/2021 1,455,990.00 0.501 0.5081,500,832.96 International Finance Corp.2502 IFC 1,500,000.0045950VPJ9 01/15/2026 2890.58002/11/2021 1,455,990.00 0.522 0.5301,500,581.13 International Finance Corp.2503 IFC 1,500,000.0045950VPS9 02/26/2026 3310.50002/26/2021 1,448,715.00 0.616 0.6251,498,336.03 International Finance Corp.2514 IFC 2,000,000.0045950VPT7 03/15/2026 3481.25003/15/2021 1,954,300.00 0.690 0.7002,000,000.00 International Finance Corp.2515 IFC 1,500,000.0045950VPU4 03/23/2026 3560.75003/23/2021 1,448,610.00 0.746 0.7571,499,894.40 International Finance Corp.2517 IFC 2,000,000.0045950VPU4 03/23/2026 3560.75003/23/2021 1,931,480.00 0.887 0.9001,997,133.16 International Finance Corp.2532 IFC 1,500,000.0045950VPY6 05/15/2026 4091.00005/28/2021 1,469,010.00 0.642 0.6511,500,000.00 International Finance Corp.2654 IFC 1,000,000.0045950KCX6 10/08/2026 5550.75001/12/2022 952,360.00 1.518 1.540988,464.80 International Finance Corp.3072 IFC 1,000,000.0045950KDH0 07/02/2029 1,5534.25010/23/2024 1,008,170.00 3.979 4.0351,008,203.40 International Finance Corp.3078 IFC 1,000,000.0045950KDH0 07/02/2029 1,5534.25010/24/2024 1,008,170.00 4.026 4.0821,006,394.28 Subtotal and Average 61,822,654.54 62,171,000.00 60,862,452.43 2.278 2.310 781 Total Investments and Average 651,684,683.90 656,574,420.27 627,787,796.76 2.608 2.645 1,047 Portfolio CPA
AP
Run Date: 04/18/2025 - 14:13 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Item 13
Attachment B - Investment Portfolio
Item 13: Staff Report
Pg.
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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 26.1% 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 $63.1 million - Fidelity Investments $16 million
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a 96.3% 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. 23.74%
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. 37.08% 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.
$247.1 million
0.69%
Attachment C
Investment Policy Compliance
As of March 31, 2025
Investment Policy Requirements
Compliance
Check / Actual
Item 13
Attachment C -
Investment Portfolio
Compliance
Item 13: Staff Report
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Attachment C
Investment Policy Compliance
As of March 31, 2025
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 fr om 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. 4.69% 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. 5.53% 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. 9.47% c) No more than 10 percent in any one institution. Full Compliance 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
Item 13
Attachment C -
Investment Portfolio
Compliance
Item 13: Staff Report
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City Council
Staff Report
From: City Manager
Report Type: CONSENT CALENDAR
Lead Department: City Manager
Meeting Date: May 19, 2025
Report #:2505-4620
TITLE
Approval of the Appointment of Alan Kurotori as Utilities Director
RECOMMENDATION
The City Manager recommends that the City Council approve the appointment of Alan Kurotori as Utilities Director.
BACKGROUND
The Palo Alto Charter and Municipal Code establish the City Manager as the appointing authority for all officers, department directors, and employees under the City Manager’s control. The Charter and Municipal Code additionally specify that appointments of department heads are subject to the approval of the Council per PAMC section 2.08.020.
The Utilities Director oversees the City of Palo Alto Utilities (CPAU), a nationally recognized municipal utility that provides electric, water, gas, wastewater, and fiber optic services. Palo Alto is one of the very few cities in California to operate all five services, offering a unique platform for leadership, innovation, and sustainability.
CPAU operates with a FY 2025 operating budget of $476.4 million and supports 279.18 full-time equivalent employees across five divisions: Administration, Customer Support Services, Engineering, Operations, and Resource Management. The department plays a key role in supporting the City's ambitious climate goals, including the “80x30” target to reduce greenhouse gas emissions 80% below 1990 levels by 2030.
Recruitment Process
The recruitment process for the Utilities Director was designed to engage stakeholders, attract top candidates, and ensure a comprehensive evaluation of candidates.
The City and executive recruitment firm Teri Black and Company (TBC) conducted stakeholder engagement sessions, including public meetings at the Utilities Advisory Commission (UAC) and the Finance Committee and engagement with internal stakeholders, such as the City Manager, the outgoing Utilities Director, and department staff. These discussions provided insight into Item AA2
Item AA2 Staff Report
Item AA2: Staff Report
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the core competencies and leadership characteristics essential for a successful Utilities Director and informed the recruitment strategy.
The City and TBC then engaged in targeted direct outreach and advertised the position across a variety of platforms likely to generate a qualified and competitive national candidate pool. This approach yielded a robust candidate pool of over 60 applicants.
ANALYSIS
After a thorough selection process which included panel interviews with internal and external stakeholders, the City Manager has selected Alan Kurotori for appointment as Utilities Director.1 Kurotori brings 30+ years of utility experience, including experience at three Bay Area cities and 15 years of executive-level experience. Kurotori has demonstrated a strong record of operational excellence, innovation, and community engagement.
In past roles, Kurotori has led large-scale utility operations, introduced sustainability and technology-forward programs, and built collaborative partnerships with regional, state, and industry stakeholders. This experience will be instrumental in advancing Palo Alto’s leadership in utility innovation, grid modernization, reliability, and customer service.
Kurotori will take on his new role at the end of May, with an annual salary of $375,000, within the Council-approved range of $263,973 to $395,970 for this position.
FISCAL/RESOURCE IMPACT
The cost of this appointment is fully funded within the adopted FY 2025 Utilities Department budget. No additional appropriation is required at this time. Ongoing costs will be incorporated into future fiscal year planning.
STAKEHOLDER ENGAGEMENT
The UAC, Finance Committee, and other internal stakeholders were engaged in this recruitment process as described above.
ENVIRONMENTAL REVIEW
Council action on this item is not a project as defined by CEQA because approval of the appointment of the Utilities Director is a continuing administrative activity. CEQA Guidelines section 15378(b)(2).
ATTACHMENTS
None.
APPROVED BY:
Ed Shikada, City Manager
1 News Release: https://www.paloalto.gov/News-Articles/City-Manager/News-Release-City-Manager-Selects-Alan- Kurotori-as-Utilities-Director
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Item No. 10. Page 1 of 1
City Council
Supplemental Report
From: Brad Eggleston, Director Public Works/City Engineer Meeting Date: May 19, 2025
Item Number: 10
*Item Reordered to be Heard Under Consent Calendar
Report #:2505-4641
TITLE
Approval of Construction Contract No. C25193197 with Anderson Pacific Engineering Construction, Inc. in the Amount Not-to Exceed $47,282,100 for the Local Advanced Water Purification System project (WQ-19003); Authorization of Contract Contingency in an Amount Not-to-Exceed $4,728,210; and Approval of Amendment No. 2 to the First Amended and Restated Contract No. C059999 Between the City of Palo Alto and the City of Mountain View; CEQA Status - Addendum to the 2015 Environmental Impact Report for the Palo Alto Recycled Water Project (SCH 2011062037)
BACKGROUND
This report transmits Amendment No. 2 to the Recycled Water Supply Agreement, which was approved by the Mountain View City Council on May 13, 2025, as a late packet supplemental report to Staff Report #2503-4327 (Agenda Item 10).
ATTACHMENTS
Attachment A: Amendment No. 2 to the First Amended and Restated Contract No. C059999 Between the City of Palo Alto and the City of Mountain View.
APPROVED BY:
Brad Eggleston, Director Public Works/City Engineer
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Item 10 Supplemental
Report
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AMENDMENT NO. 2 TO
THE FIRST AMENDED AND RESTATED CONTRACT NO. C059999 BETWEEN
THE CITY OF PALO ALTO AND THE CITY OF MOUNTAIN VIEW
This Amendment No. 2 to the FIRST AMENDED AND RESTATED CONTRACT NO. C059999 BETWEEN THE CITY OF PALO ALTO AND THE CITY OF MOUNTAINVIEW, is entered into _____________________, by and between the CITY OF PALO ALTO, a chartered city and a municipal corporation of the State of California (“PALO ALTO”), and the CITY OF MOUNTAIN VIEW, a chartered city and a municipal corporation of the State of California (“MOUNTAIN VIEW”).
RECITALS
A. On January 11, 2005, PALO ALTO and MOUNTAIN VIEW entered into an agreement (AGREEMENT) defining the cost sharing of the Mountain View- Moffett Area Recycled Water Facility Project, including the Project’s design and related construction expenses, the allocation of related grant revenues, and the repayment of loans.
B. On June 18, 2007, PALO ALTO and MOUNTAIN VIEW amended and restated the entire AGREEMENT.
C. On August 28, 2017, PALO ALTO and MOUNTAIN VIEW amended the AGREEMENT to extend the term of the AGREEMENT and add language defining each Party’s responsibility for the costs of operating and maintaining the recycled water portion of the Joint System.
D. In 2015, PALO ALTO adopted and filed with the Santa Clara County Clerk and State Clearinghouse an Environmental Impact Report (EIR) which identified several options to reduce salt levels in the recycled water.
E. In 2017, PALO ALTO in collaboration with MOUNTAIN VIEW and the Santa Clara Valley Water District, a Special District created by the California Legislature (VALLEY WATER) prepared an Advanced Water Purification System (AWPS) Feasibility Study and AWPS Preliminary/Conceptual Design Report (MNS Engineers) assessing the potential for an AWPS at the Regional Water Quality Control Plant (RWQCP).
F. In 2019, PALO ALTO in collaboration with VALLEY WATER prepared a Northwest County Strategic Recycled Water Plan (Woodard & Curran, 2019) to assess recycled water opportunities through the RWQCP service area.
G. In 2019, PALO ALTO approved and filed with the Santa Clara County Clerk and State Clearinghouse an addendum to the 2015 EIR to clarify plans for reduction of salt levels in the recycled water though implementation of the AWPS.
H. On December 10, 2019, PALO ALTO, MOUNTAIN VIEW and VALLEY WATER, entered into a partnership agreement to develop Phase I of a local AWPS also known as the Local Salt Removal Facility. This partnership agreement includes a contribution from VALLEY WATER of $16 million, escalated annually by the investment returns, with an estimated current balance of Item 10
Supplemental Attachment
A - Amendment No. 2 to
the First Amended and
Restated Contract No.
C059999 Between the
City of Palo Alto and the
City of Mountain View.
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$17 million. The partnership agreement also addresses reductions to PALO ALTO and MOUNTAIN VIEW’s minimum Enhanced Recycled Water supplies during water supply shortages.
I. PALO ALTO has obtained a State Revolving Fund (SRF) loan for implementation of the AWPS in an amount not to exceed $57 million with an annual interest rate of 1.7%, repayable over a 30-year period.
J. PALO ALTO has obtained a United States Bureau of Reclamation (USBR) grant for implementation of the AWPS in the amount of $12,867,875.
K. PALO ALTO and MOUNTAIN VIEW have agreed that the Phase I of the AWPS project cost shall not exceed $60 million.
L. PALO ALTO and MOUNTAIN VIEW have determined that cash payments of $22 million made by MOUNTAIN VIEW towards construction of the Phase I of the AWPS is mutually beneficial to reduce the loaned amount and impacts to the overall RWQCP budget.
M. With the operation and maintenance of the AWPS, PALO ALTO anticipates the need of additional funding for staff at the RWQCP.
N. PALO ALTO and MOUNTAIN VIEW anticipate transitioning coverage of their recycled water programs from the California Regional Water Quality Control Board Order #93-160 to the California State Water Resources Control Board Order WQ 2016-0068-DDW (Statewide Recycled Water General Order).
O. MOUNTAIN VIEW anticipates adding a new recycled water service connection at Moffett Field and to enroll NASA as the Administrator and/or Distributor for this site per the Statewide Recycled Water General Order and future service agreement between MOUNTAIN VIEW and NASA.
P. PALO ALTO and MOUNTAIN VIEW wish to amend the AGREEMENT to expand the scope of the agreement, add language defining Party’s responsibility for the costs of implementing the Phase I of the AWPS, incorporate reference to the Statewide Recycled Water General Order, restate reductions due to reduced flows, and address potential early termination of the USBR grant or SRF loan.
AGREEMENT
NOW, THEREFORE, in consideration of the recitals and mutual promises of the Parties contained herein, PALO ALTO and MOUNTAIN VIEW agree to the below-referenced amendments to the AGREEMENT as follows:
SECTION 1: The following sections of the AGREEMENT are replaced in their entirety:
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Supplemental Attachment
A - Amendment No. 2 to
the First Amended and
Restated Contract No.
C059999 Between the
City of Palo Alto and the
City of Mountain View.
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1.1 Project Narrative
(a) The PROJECT shall be as described in the Facilities Plan that corresponds to the State Water Resources Control Board Water Recycling Project No. 3212-010. Pursuant to the California Environmental Quality Act, a mitigated negative declaration for the PROJECT (SCH# 2003102161) was completed and adopted by the PALO ALTO City Council in January 2004 (Resolution No. 8391, attached as Exhibit D). (b) The AWPS shall be as described in the Project Report that corresponds to the State Water Resources Control Board Clean Water State Revolving Fund Project No. 8417- 110. Pursuant to the California Environmental Quality Act, an Environmental Impact Report (EIR) was completed and adopted by the Palo Alto City Council in October 2015 (Resolution No. 9548) and an addendum for the AWPS (SCH# 2011062037) was subsequently prepared and approved by the PALO ALTO City Council November 2019. Notices of Determinations were filed with the Santa Clara County Clerk and State Clearinghouse.
1.2 Scope of Agreement
(a) This AGREEMENT is intended to set forth the general terms and conditions for implementation and operation of the PROJECT and AWPS described in Section 1.1 of this AGREEMENT, as well as the financial obligations of each Party with respect to design, construction, construction management, State and Federal grants, and repayment of SRF loan.
(b) This AGREEMENT, including Amendment No 1 and this Amendment No 2, covers beneficial, nonpotable recycled water uses such as landscape irrigation using disinfected tertiary recycled water treated pursuant to Cal. Code Regs, Title 22, §60301.230. This AGREEMENT does not cover activities by PALO ALTO, MOUNTAIN VIEW, or any other party to replenish groundwater resources, including spreading basins, percolation ponds, or injection through groundwater wells. Furthermore, this AGREEMENT does not cover direct potable reuse (Water Code, §13561(b)), indirect potable reuse for groundwater recharge (Water Code 13561 (c)), or surface water augmentation (Water Code, §13561(d)). (c) As allowed under the AGREEMENT, Mountain View is currently working with NASA to convey recycled water to federal property at Moffett Field.
SECTION 2: The following sections are added to the AGREEMENT:
3.5 Allocation of Costs for AWPS
Monetary contributions and allocations from each party for the design, construction, construction management, State and Federal grants and SRF loan repayments for the AWPS shall be in accordance with the percentages and allocations set forth herein.
PALO ALTO and MOUNTAIN VIEW estimate the AWPS Phase I capital cost will be approximately $60 million, which includes, design, construction management services, construction costs, program management and a 10% construction contingency.
Construction of the AWPS project shall include membrane filtration units, reverse Item 10
Supplemental Attachment
A - Amendment No. 2 to
the First Amended and
Restated Contract No.
C059999 Between the
City of Palo Alto and the
City of Mountain View.
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osmosis units, chemical dosing equipment, permeate storage tank and ancillary systems. AWPS Project construction costs shall include the costs for the equipment and associated structures, yard piping, utility relocations, relocation of existing biofilter, site grading and drainage, landscaping and irrigation, and the proportionate costs for mobilization, insurance, and bonds.
MOUNTAIN VIEW agrees to pay for 100% of the difference between the sum of Federal and local funds outlined in sections 3.6 and 3.7 below and the total AWPS Phase I project capital costs, based on the current understanding of costs and funding availability.
MOUNTAIN VIEW reserves the right to assign any or all of its obligations, in whole or in part, under this Amendment No. 2 to the Shoreline Regional Park Community, a special government district administered by MOUTAIN VIEW.
3.6 Allocation of Valley Water Funding for AWPS
Costs for the design of the AWPS have been funded by a portion of VALLEY WATER’s contribution towards the local AWPS.
The remainder of VALLEY WATER’s contribution calculated as $14.5M will be applied to construction and construction management of the AWPS.
3.7 Allocation of Grants for AWPS
State and Federal grant funding will be applied to design, construction and construction management of the AWPS in accordance with the terms of the grant agreements. PALO ALTO estimates receiving up to $12.9 million of Federal grant funding through WaterSmart: Title XVI WIIN Water Reclamation and Reuse Program Funding.
3.8 AWPS SRF Loan
(a) SRF Loan Amount
The maximum loan amount from the SWRCB will be $57 million, based on the design engineer’s estimate and SRF program limitations. PALO ALTO and MOUNTAIN VIEW will mutually agree on the exact loan amount to be requested. PALO ALTO will submit disbursement requests based on the mutually agreed loan amount upon PALO ALTO’s execution of a construction contract for the AWPS. The interest rate established by the State for the AWPS SRF loan is 1.7%.
(b) SRF Loan Repayment Process for AWPS
The SRF loan will have a thirty-year repaym ent term. The first annual loan repayment will be due to the SWRCB one year after construction is complete. Repayments of the SRF loan shall be allocated in the same proportionate shares as determined in Section 3.5. The Parties further agree that, if necessary, each Party shall secure the funding necessary for repayment of the SRF loan, operations, and/or maintenance of the Projects, following any appropriate process executed under California Constitution article XIII C and D (Proposition 218).
MOUNTAIN VIEW shall pay its respective shar es of any AWPS costs within thirty (30) Item 10
Supplemental Attachment
A - Amendment No. 2 to
the First Amended and
Restated Contract No.
C059999 Between the
City of Palo Alto and the
City of Mountain View.
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days of receipt of a billing statement sent by PALO ALTO. PALO ALTO will include this billing in an additional separate statement separate from the quarterly Partners Billing statement. If a Party disputes the correctness of an invoice, both Parties should resolve the dispute as quickly as possible , in accordance with Section 19 of the Basic Agreement.
In the event that the initial Federal grant funding from the WaterSmart: Title XVI WIIN Water Reclamation and Reuse Program is le ss than $12.9 million and the shortage is covered by the SRF loan, any additional amount from the Federal grant received later (which was originally covered by the SRF loan) will be reimbursed to MOUNTAIN VIEW.
3.9 Mountain View Cash Payments
MOUNTAIN VIEW shall provide a cash contribution of $22 million to cover total project costs. An initial payment will be billed in the next following quarterly Partner Billing period in a separate billing statement after PALO ALTO issues the construction contract Notice to Proceed and will be in the amount of $7 million. A second payment of $10 million will be made to PALO ALTO once the total project costs reach $30 million and an additional $5 million will be made to PALO ALTO after the total project costs reach $48 million.
PALO ALTO will provide MOUNTAIN VIEW with quarterly records of expenses and payments during construction.
If PALO ALTO receives additional external re venue for this project, such as additional state or federal grants, or donations not mentioned in this agreement, the extra revenue should be reimbursed to Mountain View in the same proportionate shares as determined in Section 3.5 to offset MOUNTAIN VIEW cash payments.
4.1 (e) AWPS O&M Costs
The AWPS facility will require new operating and maintenance expenditures, such as replacement of membranes and ancillary equipment, chemicals, energy consumption, and additional staffing. The additional staffing necessary for Phase 1 of the AWPS is estimated at 1.0 FTE Operator II, 0.5 FTE Maintenance (combination of Plant Mechanic, Electrician and Technologist) and 0.5 FTE Laboratory Technician.
The AWPS O&M costs (including staffing) will be charged to each Partner agency in proportion to their enhanced recycled water usage from the previous fiscal year. The initial calculation of these costs is included as Exhibit “A”. The RWQCP Administrator will periodically evaluate and adjust the costs as needed to operate and maintain the facility for at least 30 years.
7.4 Statewide Recycled Water General Order
Unless directed otherwise by the SWRCB or the Regional Water Quality Control Board, the Parties are anticipated to have the following roles upon transition to the Statewide Recycled Water General Order. PALO ALTO will continue to serve as the administrator of the recycled water permit and producer of recycled water. PALO ALTO and Item 10
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A - Amendment No. 2 to
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Restated Contract No.
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City of Mountain View.
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MOUNTAIN VIEW will continue to serve as distributors and will be responsible for the recycled water system within their respective jurisdictional limits. MOUNTAIN VIEW will also serve as a program administrator.
8.5 ADD “(a)” TO THE FIRST EXISTING PARAGRAPH
(b) PALO ALTO, as the RWQCP Administrator, shall install a meter at the MOUNTAIN VIEW boundary (“City-Line Meter”) for the purpose of accurately measuring recycled water flows into MOUNTAIN VIEW. Prior to installation, the parties shall meet to discuss and agree upon the most appropriate meter type and location. PALO ALTO, as the RWQCP Administrator, shall be responsible for installation, inspection, testing, servicing, and calibration of the City-Line Meter and shall repair and replace it as necessary. MOUNTAIN VIEW shall pay for all costs associated with the City-Line Meter, and PALO ALTO shall pay for all costs associated with meters serving properties within its jurisdiction.
8.6(e) The Phase I AWPS is designed to provide 1.125 MGD of permeate to be blended with tertiary-treated recycled water to produce a monthly average of 2.6 MGD enhanced recycled water with a TDS concentration of 450 milligrams per liter (mg/L) ± 50 mg/L.
The parties recognize that in order to meet the delivery schedule set forth in Section 8.2, the expansion of the AWPS beyond Phase I will be needed to achieve the optimal TDS concentration of 500 mg/L.
8.7 Restatement of Proportional Reduction of Effluent Due to Reduced Flows If insufficient effluent is available to meet PALO ALTO’s and MOUNTAIN VIEW’s minimum enhanced recycled water supplies and VALLEY WATER’s Minimum Flow Delivery as set forth in the 2019 partnership agreement with VALLEY WATER, all three volumes shall be reduced proportionally based on the volumes of effluent required to produce them. In no case shall Mountain View’s or Palo Alto’s Enhanced Recycled Water reduction exceed 30% below 2.5 MGD and 1.0 MGD, respectively, unless otherwise agreed to by MOUNTAIN VIEW, PALO ALTO, and VALLEY WATER.
8.8 Meet and Confer for Increase in Flows
The parties must meet and confer for the purposes of identifying delivery schedules, re- evaluating capital cost obligations, or evaluating the need for AWPS Phase II expansion if any of the following occur:
(a) Either party’s annual usage increases by 10% or more above the anticipated New Baseline Capacity during any consecutive twenty-four (24) month period the parties must meet and confer in order to determine a new capital cost recovery allocation that is in proportion to the amount of actual use or reasonably forecasted use for the remaining service of life capital assets acquired pursuant to this Amendment No. 2. It is the express intent of the parties that neither party bears any additional cost if its usage remains at or below the New Baseline Capacity, and no meet and confer shall be required unless a party must make a Item 10
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Restated Contract No.
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City of Mountain View.
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financial contribution to the other party. At the time of the execution of this Amendment No. 2 the New Baseline Capacity is calculated to be 1.95 MGD for MOUNTAIN VIEW and 0.65 MGD for PALO ALTO at a measured concentration of 500 mg/L TDS. At the time of the execution of this Amendment No. 2, the New Baseline Capacity is a reasonable estimation of the parties’ respective capital contributions towards anticipated capital costs.
(b) PALO ALTO and MOUNTAIN VIEW's combined enhanced recycled water use exceeds 2.6 MGD at a measured concentration of 500 mg/L TDS for two consecutive months.
(c) The average monthly enhanced recycled water TDS concentration exceeds 500 mg/L for two consecutive months.
(d) Other PARTNERS are interested in using enhanced recycled water.
9.3 Early Termination
(f) If the SWRCB or Federal government terminates its loan or grant commitments unexpectedly following execution of th e construction contract for the AWPS, PALO ALTO shall notify MOUNTAIN VIEW promptly. Following notification of the termination of e i t h e r the SRF loan or WaterSmart: Title XVI WIIN Water Reclamation and Reuse Program Funding commitment, the Parties shall meet in a timely manner to discuss alternativ e funding sources and strategies for completion of the AWPS. If the Partie s are unable to agree on new funding sources in a timely manner, then PALO ALTO and MOUNTAIN VIEW may agree to terminate construction of the AWPS. Any constructed and delivered materials for the AWPS that are salvageable shou ld be transferred by PALO ALTO to MOUNTAIN VIEW to be sold and the proceeds should be returned to MOUNTAIN VIEW.
9.16 Bankruptcy, Dissolution, Merger
(a) If any party to this Agreement seeks bankruptcy protection under Chapter 9 of the United States Bankruptcy Code, or any su ccessor provision of federal or state law governing the reorganization of state politic al subdivisions, the parties agree that all provisions of this Agreement shall remain in full force and effect and they shall fully cooperate to transfer assets and liabilities into a bankruptcy-remote instrument if required to sustain ongoing operations of the facilities. (b) If any party to this Agreement is dissolved by an act of the California State Legislature or by referendum, the partie s agree that all provisions of this Agreement shall remain in full force and effect until the parties can meet and confer to effectuate the transfer of assets and lia bilities to a successor body or bodies as may be required by law.
(c) If any parties to this Agreement are me rged into a successor political subdivision of the State of California, the parties agr ee that all provisions of this Agreement shall remain in full force and effect un til the parties can meet and confer to effectuate any necessary amendments that may be required by law.
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Supplemental Attachment
A - Amendment No. 2 to
the First Amended and
Restated Contract No.
C059999 Between the
City of Palo Alto and the
City of Mountain View.
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SECTION 3. Except as modified herein, the FI RST AMENDED AND RESTATED CONTRACT NO. C059999 BETWEEN THE CITY OF PALO ALTO AND THE CITY OF MOUNTAINVIEW shall remain unchanged, and is hereby ratified and confirmed.
IN WITNESS WHEREOF, the have by their duly authorized representatives executed this Amendment as of the date first written above.
“CITY OF PALO ALTO”:
a chartered city and a municipal
corporation of the State of California
By:
City Manager
ATTEST:
City Clerk
APPROVED AS TO FORM:
Chief Assistant City Attorney
APPROVED AS TO CONTENT:
Public Works Director
“CITY OF MOUNTAIN VIEW”:
a chartered city and a municipal
corporation of the State of California
By:
City Manager
ATTEST:
________________________________
City Clerk
APPROVED AS TO FORM:
City Attorney
FINANCIAL APPROVAL:
Administrative Services Director
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Supplemental Attachment
A - Amendment No. 2 to
the First Amended and
Restated Contract No.
C059999 Between the
City of Palo Alto and the
City of Mountain View.
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Recycled Water Agreement PA‐MV Amendment #2
Section 4.1 (e) ‐ Recycled Water Operation and Maintenance Cost Determination Process Last updated 5/15/25
Item Estimated Annual
Cost
Maintenance and Repair 425,429.00$
Energy 213,025.00$
Employee Role Group Salary (Step 5
June 2024)
% Working
With AWPS Benefits AWPS Apportioned
Salary & Benefits
Operator II SEIU 114,192$ 100% 84,160$ 198,353$ Maintenance (combination of
Mechanic, Electrician and SCADA) SEIU 119,600$ 50% 88,145$ 103,873$ Laboratory technician SEIU 114,192$ 50% 84,160$ 99,176$ Table 3. Summary of Costs for FY 202 Palo Alto Mountain View Previous Fiscal Year usage 31.5% 68.5%
Local AWPS Staffing 126,441$ 274,960$ 401,401$ Local AWPS Energy 67,103$ 145,922$ 213,025$ Local AWPS Repairs and Replacement 134,010$ 291,419$ 425,429$ Total AWPS 392,352$ 781,783$ 1,039,855$ Table 2. RWQCP Staffing to operate Local AWPS (Source B&V OPEX , 2022) Table 1. Local AWPS O&M Cost for FY 2027 ‐ (Source
Finance Plan 2023 )
Exhibit A - Initial Calculation of O&M Costs for Local AWPS Item 10
Supplemental Attachment
A - Amendment No. 2 to
the First Amended and
Restated Contract No.
C059999 Between the
City of Palo Alto and the
City of Mountain View.
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