Pittsburg City Council
August 17, 2026

37 Section 9.3. Application of Revenues and Other Funds After Event of Default. All amounts received by the Trustee with respect to the Bonds pursuant to any right given or action taken by the Trustee under the provisions of this Indenture relating to the Bonds will be applied by the Trustee in the following order upon presentation of the several Bonds, and the stamping thereon of the amount of the payment if only partially paid, or upon the surrender thereof if fully paid –

First, to the payment of the fees, costs and expenses of the Trustee in declaring such Event of Default and in carrying out the provisions of this Article IX, including reasonable compensation to its agents, attorneys and counsel (including outside counsel and the allocated costs of internal attorneys), and to the payment of all other outstanding fees and expenses of the Trustee; and

Second, to the payment of the whole amount of interest on and principal of the Bonds then due and unpaid, with interest on overdue installments of principal and interest to the extent permitted by law at the net effective rate of interest then borne by the Outstanding Bonds; provided, however, that in the event such amounts will be insufficient to pay in full the full amount of such interest and principal, then such amounts will be applied in the following order of priority.

(a) first to the payment of all installments of interest on the Bonds then due and unpaid,

(b) second, to the payment of all installments of principal of the Bonds then due and unpaid, and

(c) third, to the payment of interest on overdue installments of principal and interest on Bonds.

Section 9.4. Power of Trustee to Control Proceedings. In the event that the Trustee, upon the happening of an Event of Default, will have taken any action, by judicial proceedings or otherwise, pursuant to its duties hereunder, whether upon its own discretion or upon the request of the Owners of a majority in aggregate principal amount of the Bonds then Outstanding, it may, in the exercise of its discretion for the best interests of the Owners of the Bonds, with respect to the continuance, discontinuance, withdrawal, compromise, settlement or other disposal of such action; provided, however, that the Trustee will not, unless there no longer continues an Event of Default, discontinue, withdraw, compromise or settle, or otherwise dispose of any litigation pending at law or in equity, if there has been filed with it a written request signed by the Owners of a majority in aggregate principal amount of the Outstanding Bonds hereunder opposing such discontinuance, withdrawal, compromise, settlement or other such litigation and provided further that the Trustee will have the right to decline to comply with such written request unless indemnification satisfactory to it has been provided. Any suit, action or proceeding which any Owner of Bonds will have the right to bring to enforce any right or remedy hereunder may be brought by the Trustee for the equal benefit and protection of all Owners of Bonds similarly situated and the Trustee is hereby appointed (and the successive respective Owners of the Bonds issued hereunder, by taking and holding the same, will be conclusively deemed so to have appointed it) the true and lawful attorney in fact of the respective Owners of the Bonds for the purposes of bringing any such suit, action or proceeding and to do and perform any and all acts and things for and on behalf of the respective Owners of the Bonds as a class or classes, as may be necessary or advisable in the opinion of the Trustee as such attorney in fact.

38 Section 9.5. Appointment of Receivers. Upon the occurrence of an Event of Default hereunder, and upon the filing of a suit or other commencement of judicial proceedings to enforce the rights of the Trustee and of the Bond Owners under this Indenture, the Trustee will be entitled, as a matter of right, to the appointment of a receiver or receivers of the Revenues and other amounts pledged hereunder, pending such proceedings, with such powers as the court making such appointment will confer.

Section 9.6. Non-Waiver. Nothing in this Article IX or in any other provision of this Indenture, or in the Bonds, will affect or impair the obligation of the Authority, which is absolute and unconditional, to pay the interest on and principal of the Bonds to the respective Owners of the Bonds at the respective dates of maturity, as herein provided, out of the Revenues and other moneys herein pledged for such payment.

A waiver of any default or breach of duty or contract by the Trustee or any Bond Owners will not affect any subsequent default or breach of duty or contract, or impair any rights or remedies on any such subsequent default or breach. No delay or omission of the Trustee or any Owner of any of the Bonds to exercise any right or power accruing upon any default will impair any such right or power or will be construed to be a waiver of any such default or an acquiescence therein; and every power and remedy conferred upon the Trustee or Bond Owners by the Bond Law or by this Article IX may be enforced and exercised from time to time and as often as will be deemed expedient by the Trustee or the Bond Owners, as the case may be.

Section 9.7. Rights and Remedies of Bond Owners. No Owner of any Bond issued hereunder will have the right to institute any suit, action or proceeding at law or in equity, for any remedy under or upon this Indenture, unless (a) such Owner will have previously given to the Trustee written notice of the occurrence of an Event of Default; (b) the Owners of a majority in aggregate principal amount of all the Bonds then Outstanding will have made written request upon the Trustee to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own name; (c) said Owners will have tendered to the Trustee indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; and (d) the Trustee will have refused or omitted to comply with such request for a period of 60 days after such written request will have been received by, and said tender of indemnity will have been made to, the Trustee.

Such notification, request, tender of indemnity and refusal or omission are hereby declared, in every case, to be conditions precedent to the exercise by any Owner of Bonds of any remedy hereunder; it being understood and intended that no one or more Owners of Bonds will have any right in any manner whatever by his or their action to enforce any right under this Indenture, except in the manner herein provided, and that all proceedings at law or in equity to enforce any provision of this Indenture will be instituted, had and maintained in the manner herein provided and for the equal benefit of all Owners of the Outstanding.

The right of any Owner of any Bond to receive payment of the principal of and interest and premium (if any) on such Bond as herein provided or to institute suit for the enforcement of any such payment, will not be impaired or affected without the written consent of such Owner, notwithstanding the foregoing provisions of this Section or any other provision of this Indenture.

39 Section 9.8. Termination of Proceedings. In case the Trustee will have proceeded to enforce any right under this Indenture by the appointment of a receiver or otherwise, and such proceedings will have been discontinued or abandoned for any reason, or will have been determined adversely, then and in every such case, the Authority, the Trustee and the Bond Owners will be restored to their former positions and rights hereunder, respectively, with regard to the property subject to this Indenture, and all rights, remedies and powers of the Trustee will continue as if no such proceedings had been taken.

40 ARTICLE X

MISCELLANEOUS

Section 10.1. Limited Liability of Authority. Notwithstanding anything in this Indenture contained, (a) the Authority will not be required to advance any moneys derived from any source of income other than the Revenues for the payment of the principal of or interest on the Bonds, or any premiums upon the redemption thereof, or for the performance of any covenants herein contained for the benefit of the owners of the Bonds (except to the extent any such covenants are expressly payable hereunder from the Revenues) and (b) the Authority will not be required to advance any moneys derived from any source of income for the payment of the principal of or interest on the Local Obligations, or any premiums upon the redemption thereof or for the performance of any covenants herein contained for the benefit of the owners of the Local Obligations (except to the extent any such covenants are expressly payable hereunder from the Revenues). The Authority may, however, advance funds for any such purpose, provided that such funds are derived from a source legally available for such purpose and may be used by the Authority for such purpose without incurring indebtedness.

The Bonds will be revenue bonds, payable exclusively from the Revenues and other funds as in this Indenture provided. The general fund of the Authority is not liable, and the credit of the Authority is not pledged, for the payment of the interest and premium (if any) on or principal of the Bonds or the Local Obligations. The Owners of the Bonds and the Local Obligations will never have the right to compel the forfeiture of any property of the Authority. The principal of and interest on the Bonds, and any premiums upon the redemption of any thereof, will not be a legal or equitable pledge, charge, lien or encumbrance upon any property of the Authority or upon any of its income, receipts or revenues except the Revenues and other funds pledged to the payment thereof as in this Indenture provided.

Neither the Authority nor its members, officers, directors, agents or employees or their successors and assigns shall be liable for any costs, expenses, losses, damages, claims or actions, of any conceivable kind on any conceivable theory, under, by reason of or in connection with the Bonds or the Indenture, except only to the extent amounts are received for the payment thereof pursuant to the Indenture. Notwithstanding any contrary provision hereof, the Authority shall under no circumstances be obligated to pay the cost or expense of carrying out its duties hereunder except from funds received for such purposes or from funds which are made available under this Indenture or otherwise.

Section 10.2. Benefits of Indenture Limited to Parties. Nothing in this Indenture, expressed or implied, is intended to give to any person other than the Authority, the Trustee and the Owners of the Bonds, any right, remedy or claim under or by reason of this Indenture. Any covenants, stipulations, promises or agreements in this Indenture contained by and on behalf of the Authority will be for the sole and exclusive benefit of the Trustee and the Owners of the Bonds.

Section 10.3. Discharge of Indenture. If the Authority will pay and discharge any or all of the Outstanding Bonds in any one or more of the following ways:

(a) by well and truly paying or causing to be paid the principal of and interest and premium (if any) on such Bonds, as and when the same become due and payable;

41 (b) by irrevocably depositing with the Trustee, in trust, at or before maturity, money which, together with the available amounts then on deposit in the funds and accounts established with the Trustee pursuant to this Indenture and available for such purpose, is fully sufficient to pay such Bonds, including all principal, interest and redemption premiums; or

(c) by irrevocably depositing with the Trustee or any other fiduciary, Federal Securities in such amount as an Independent Financial Consultant determines will, together with the interest to accrue thereon and available moneys then on deposit in the funds and accounts established with the Trustee pursuant to this Indenture and available for such purpose, be fully sufficient to pay and discharge the indebtedness on such Bonds (including all principal, interest and redemption premiums) at or before their respective maturity dates;

then any such Outstanding Bond or Bonds will be deemed to have been paid and discharged; provided, however, that any such Outstanding Bond or Bonds will be deemed to have been paid under paragraph (c) above only if (i) in the case of Bonds to be redeemed prior to the maturity thereof, notice of such redemption will have been mailed pursuant to Section 2.2(d) or provision satisfactory to the Trustee will have been made for the mailing of such notice, (ii) a verification report of an Independent Financial Consultant will be delivered to the Trustee, and (iii) an opinion of Bond Counsel will be delivered to the Trustee in the case of a defeasance of Bonds, to the effect that the requirements of this Indenture have been satisfied with respect to such discharge of such Bonds. Upon a discharge of one or more Bonds as described above, and notwithstanding that any of such Bonds will not have been surrendered for payment, the pledge of the Revenues, and other funds provided for in this Indenture with respect to such Bonds, and all other pecuniary obligations of the Authority under this Indenture with respect to such Bonds, as applicable, will cease and terminate, except only the obligation of the Authority to comply with the covenants contained in Section 5.7 (Tax Covenants), to pay or cause to be paid to the Owners of such Bonds not so surrendered and paid all sums due thereon from amounts set aside for such purpose, and to pay all expenses and costs of the Trustee. Any funds thereafter held by the Trustee, which are not required for said purposes, will be paid over to the Authority or upon a Request of the Authority.

Section 10.4. Successor is Deemed Included in All References to Predecessor.

Whenever in this Indenture or any Supplemental Indenture either the Authority is named or referred to, such reference will be deemed to include the successor, via written assignment, operation of law, or otherwise, to the powers, duties and functions, with respect to the management, administration and control of the affairs of the Authority, that are presently vested in the Authority, and all the covenants, agreements and provisions contained in this Indenture by or on behalf of the Authority will bind and inure to the benefit of its successors whether so expressed or not.

Section 10.5. Delegation by Authority; Content of Certificates. The Authority may delegate any or all of its obligations hereunder to its Authorized Officers, consultants and/or others. Every certificate by or on behalf of the Authority with respect to compliance with a condition or covenant provided for in this Indenture will include (a) a statement that the person or persons making or giving such certificate have read such covenant or condition and the definitions herein relating thereto; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate are based; (c) a statement that, in the opinion of the signers, they have made or caused to be made such examination or investigation as is necessary to enable them to express an informed opinion as to

42 whether or not such covenant or condition has been complied with; and (d) a statement as to whether, in the opinion of the signers, such condition or covenant has been complied with.

Any such certificate made or given by an officer of the Authority may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate may be based, as aforesaid, are erroneous, or in the exercise of reasonable care should have known that the same were erroneous. Any such certificate or opinion or representation made or given by counsel may be based, insofar as it relates to factual matters, on information with respect to which is in the possession of the Authority, or upon the certificate or opinion of or representations by an officer or officers of the Authority, unless such counsel knows that the certificate or opinion or representations with respect to the matters upon which his certificate, opinion or representation may be based, as aforesaid, are erroneous, or in the exercise of reasonable care should have known that the same were erroneous.

Section 10.6. Execution of Documents by Bond Owners. Any request, consent or other instrument required by this Indenture to be signed and executed by Bond Owners may be in any number of concurrent writings of substantially similar tenor and may be signed or executed by such Bond Owners in person or by agent or agents duly appointed in writing. Proof of the execution of any such request, consent or other instrument or of a writing appointing any such agent, will be sufficient for any purpose of this Indenture and will be conclusive in favor of the Trustee and of the Authority if made in the manner provided in this Section 10.6.

The fact and date of the execution by any person of any such request, consent or other instrument or writing may be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer of any jurisdiction, authorized by the laws thereof to take acknowledgements of deeds, certifying that the person signing such request, consent or other instrument or writing acknowledged to him the execution thereof.

The ownership of Bonds will be conclusively proved by the Bond Register. Any request, consent or vote of the Owner of any Bond will bind every future Owner of the same Bond and the Owner of any Bond issued in exchange therefor or in lieu thereof, in respect of anything done or suffered to be done by the Trustee or the Authority in pursuance of such request, consent or vote.

In lieu of obtaining any demand, request, direction, consent or waiver in writing, the Trustee may call and hold a meeting of the Bond Owners upon such notice and in accordance with such rules and obligation as the Trustee considers fair and reasonable for the purpose of obtaining any such action.

Section 10.7. Disqualified Bonds. In determining whether the Owners of the requisite aggregate principal amount of Bonds have concurred in any demand, request, direction, consent or waiver under this Indenture, Bonds which are owned or held by or for the account of the Authority (but excluding Bonds held in any employees’ or retirement fund) will be disregarded and deemed not to be Outstanding for the purpose of any such determination, provided, however, that for the purpose of determining whether the Trustee will be protected in relying on any such demand, request, direction, consent or waiver, only Bonds which the Trustee knows to be so owned or held will be disregarded. Upon request, the Authority will specify to the Trustee those Bonds disqualified pursuant to this Section 10.7.

Section 10.8. Waiver of Personal Liability. No officer, agent or employee of the Authority will be individually or personally liable for the payment of the interest on or principal of the Bonds;

43 but nothing herein contained will relieve any such officer, agent or employee from the performance of any official duty provided by law.

Section 10.9. Partial Invalidity. If any one or more of the covenants or agreements, or portions thereof, provided in this Indenture on the part of the Authority (or of the Trustee) to be performed should be contrary to law, then such covenant or covenants, such agreement or agreements, or such portions thereof, will be null and void and will be deemed separable from the remaining covenants and agreements or portions thereof and will in no way affect the validity of this Indenture or of the Bonds; but the Bond Owners will retain all rights and benefits accorded to them under the Bond Law or any other applicable provisions of law. The Authority hereby declares that it would have entered into this Indenture and each and every other section, paragraph, subdivision, sentence, clause and phrase and would have authorized the issuance of the Bonds pursuant hereto irrespective of the fact that any or more sections, paragraphs, subdivisions, sentences, clauses or phrases of this Indenture or the application thereof to any person or circumstance may be held to be unconstitutional, unenforceable or invalid.

Section 10.10. Destruction of Cancelled Bonds. Whenever in this Indenture provision is made for the surrender to the Authority or the Trustee of any Bonds which have been paid or cancelled pursuant to the provisions of this Indenture, the Trustee will destroy such Bonds in accordance with the retention policy of the Trustee then in effect.

Section 10.11. Funds and Accounts. Any fund or account required by this Indenture to be established and maintained by the Authority or the Trustee may be established and maintained in the accounting records of the Authority or the Trustee, as the case may be, either as a fund or an account, and may, for the purpose of such records, any audits thereof and any reports or statements with respect thereto, be treated either as a fund or as an account. All such records with respect to all such funds and accounts held by the Authority will at all times be maintained in accordance with generally accepted accounting principles and all such records with respect to all such funds and accounts held by the Trustee will be at all times maintained in accordance with corporate trust industry practices; in each case with due regard for the protection of the security of the Bonds and the rights of every Owner thereof.

Section 10.12. Notices. Any notice, request, complaint, demand, communication or other paper will be sufficiently given and will be deemed given when delivered or mailed by registered or certified mail, postage prepaid, or sent by telegram, addressed as follows:

If to the Authority: City of Pittsburg Public Financing Authority Attention: Treasurer
65 Civic Avenue
Pittsburg, California 94565

If to the Trustee: The Bank of New York Mellon Trust Company, N.A.

Attention: Corporate Trust
333 S. Hope Street, Suite 2525
Los Angeles, CA 90071

The Authority and the Trustee may designate any further or different addresses to which subsequent notices, certificates or other communications will be sent.

Section 10.13. Unclaimed Moneys. Anything in this Indenture to the contrary notwithstanding, any moneys held by the Trustee in trust for the payment and discharge of any of

44 the Bonds which remain unclaimed for two (2) years after the date when such Bonds have become due and payable, either at their stated maturity dates or by call for earlier redemption, if such moneys were held by the Trustee at such date, or for two (2) years after the date of deposit of such moneys if deposited with the Trustee after said date when such Bonds become due and payable, will be repaid by the Trustee to the Authority, as its absolute property and free from trust, and the Trustee will thereupon be released and discharged with respect thereto and the Bond Owners will look only to the Authority for the payment of such Bonds; provided, however, that before being required to make such payment to the Authority, the Trustee will, at the expense of Authority, cause to be mailed to the Owners of all such Bonds, at their respective addresses appearing on the Bond Register, a notice that said moneys remain unclaimed and that, after a date in said notice, which date will not be fewer than thirty (30) days after the date of mailing such notice, the balance of such moneys then unclaimed will be returned to the Authority.

Section 10.14. Payment Due on Other than a Business Day. If the date for making any payment or the last date for performance of any act or the exercising of any right, as provided in the Indenture, is not a Business Day, such payment, with no interest accruing for the period after such nominal date, may be made or act performed or right exercised on the next succeeding Business Day with the same force and effect as if done on the nominal date provided in this Indenture.

Section 10.15. Electronic Signatures. All notices, approvals, consents, requests and any communications to the Trustee hereunder must be in writing in English and must be in the form of a document that is signed manually or by way of an electronic signature (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other electronic signature provider acceptable to the Trustee). Electronic signatures believed by the Trustee to comply with the ESIGN ACT of 2000 or other applicable law shall be deemed original signatures for all purposes. If the Authority chooses to use electronic signatures to sign documents delivered to the Trustee, the Authority agrees to assume all risks arising out of its use of electronic signatures, including without limitation the risk of the Trustee acting on an unauthorized document and the risk of interception or misuse by third parties. Notwithstanding the foregoing, the Trustee may in any instance and in its sole discretion require that an original document bearing a manual signature be delivered to the Trustee in lieu of, or in addition to, any document signed via electronic signature.

[Signature Page Follows]

[Signature Page to Indenture of Trust dated as of September 1, 2026 – Special Tax Revenue Bonds, Series 2026]

IN WITNESS WHEREOF, the Authority has caused this Indenture to be executed by an authorized signatory, and the Trustee has caused this Indenture to be executed by one of its authorized officers, all as of the day and year first above written.

CITY OF PITTSBURG PUBLIC FINANCING

AUTHORITY

By:

Executive Director

THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as Trustee

By:

Authorized Officer

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EXHIBIT A

FORM OF BOND

UNITED STATES OF AMERICA

STATE OF CALIFORNIA

No. _______________ $________________

CITY OF PITTSBURG PUBLIC FINANCING AUTHORITY

SPECIAL TAX REVENUE BOND
SERIES 2026

INTEREST RATE: MATURITY DATE: DATED DATE: CUSIP:
_____% September 1, _____ September __, 2026 _______ ___

REGISTERED OWNER: CEDE & CO.

PRINCIPAL AMOUNT: ***_____________________ DOLLARS***

The CITY OF PITTSBURG PUBLIC FINANCING AUTHORITY, a joint powers authority organized and existing under the laws of the State of California (the “Authority”), for value received, hereby promises to pay (but only out of the Revenues and other funds hereinafter referred to) to the Registered Owner identified above or registered assigns (the “Registered Owner”), on the Maturity Date identified above (subject to any right of prior redemption hereinafter mentioned), the Principal Amount identified above in lawful money of the United States of America; and to pay interest thereon at the Interest Rate identified above in like money from the Interest Payment Date (as hereinafter defined) next preceding the date of authentication of this Bond (unless this Bond is authenticated on or before an Interest Payment Date and after the fifteenth calendar day of the month preceding the month in which such Interest Payment Date occurs, in which event it will bear interest from such Interest Payment Date, or unless this Bond is authenticated on or prior to February 15, 2027, in which event it will bear interest from the Dated Date identified above; provided, however, that if, at the time of authentication of this Bond, interest is in default on this Bond, this Bond will bear interest from the Interest Payment Date to which interest hereon has previously been paid or made available for payment), payable semiannually on March 1 and September 1 in each year, commencing March 1, 2027 (each, an “Interest Payment Date”) until the Maturity Date stated above or date of redemption of this Bond. The Principal Amount is payable upon presentation and surrender at the Trust Office (as defined in the Indenture) of Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”).

Interest hereon is payable by check of the Trustee mailed by first class mail, postage prepaid, on each Interest Payment Date to the Registered Owner at the address of the Registered Owner as it appears on the registration books of the Trustee as of the fifteenth calendar day of the month preceding the month in which such Interest Payment Date occurs; provided, however, that payment of interest may be made by wire transfer to an account in the United States of America to any registered owner of Bonds in the aggregate principal amount of $1,000,000 or more upon

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written instructions of any such registered owner filed with the Trustee for that purpose as of the close of business on the fifteenth calendar day of the month preceding the month in which such Interest Payment Date occurs.

This Bond is a limited obligation of the Authority, payable solely from the Revenues and funds pledged under the Indenture (as defined herein). This Bond is not a debt of any member of the Authority or the State of California or any of its political subdivisions (except this bond is a debt of the Authority but only to the extent set forth in the Indenture), and none of the members of the Authority, said State or any of its political subdivisions is liable hereon.

This Bond is one of a duly authorized series of bonds of the Authority designated the “City of Pittsburg Public Financing Authority Special Tax Revenue Bonds, Series 2026” (the “Bonds”), limited in principal amount to $_______________, secured by an Indenture of Trust dated as of September 1, 2026 (the “Indenture”), between the Authority and the Trustee.

Reference is hereby made to the Indenture and all indentures supplemental thereto for a description of the rights thereunder of the owners of the Bonds, of the nature and extent of the Revenues (as that term is defined in the Indenture), of the rights, duties and immunities of the Trustee and of the rights and obligations of the Authority thereunder; and all of the terms of the Indenture are hereby incorporated herein and constitute a contract between the Authority and the Registered Owner, and to all of the provisions of which Indenture the Registered Owner, by acceptance, assents and agrees.

The Bonds are authorized to be issued pursuant to the provisions of the Marks Roos Local Bond Pooling Act of 1985, as amended, constituting Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the “Bond Law”). The Bonds are limited obligations of the Authority and, as and to the extent set forth in the Indenture, are payable solely from and secured by a first lien on and pledge of the Revenues and certain other funds held by the Trustee as provided in the Indenture. The Revenues and such other funds constitute a trust fund for the security and payment of the principal of and interest on the Bonds, except to the extent otherwise provided in the Indenture. The full faith and credit of the Authority is not pledged to the payment of the principal of or interest or redemption premiums (if any) on the Bonds. The Bonds are not secured by a legal or equitable pledge of, or charge, lien or encumbrance upon, any of the property of the Authority or any of its income or receipts, except the Revenues and such other funds as provided in the Indenture.

The Bonds have been issued to provide funds to purchase the City of Pittsburg Community Facilities District 2009-01 (San Marco) Special Tax Bonds, Series 2026 (the “Local Obligations”).

The obligations of the City to make payments of principal and interest on the Local Obligations are limited obligations secured by Revenues as defined and set forth in the Indenture, primarily comprised of payments received by the Authority on the Local Obligations.

The Bonds maturing on and after September 1, ____ may be redeemed at the option of the Authority on any date on and after September 1, ____, from any source of available funds, prior to maturity as a whole, or in part from maturities corresponding proportionately to the maturities of the Local Obligations simultaneously redeemed, if any redemption of Local Obligations is being accomplished in conjunction with such optional redemption, and otherwise from such maturities as are selected by the Authority, and by lot within a maturity, at a redemption price equal to principal amount of the Bonds to be redeemed, plus a premium expressed below

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as a percentage of the principal amount so redeemed, plus accrued interest thereon to the date of redemption thereof:

Redemption Date Redemption Premium
September 1, _____ through August 31, _____ 3%
September 1, _____ through August 31, _____ 2
September 1, _____ through August 31, _____ 1
September 1, _____ and any date thereafter 0

The Bonds are subject to mandatory special redemption on any Interest Payment Date from proceeds of early redemption of Local Obligations from Prepayment of Special Taxes, in whole or in part, in the amounts and among maturities the Authority shall select as directed to the Trustee in a Certificate of the Authority, at a redemption price equal to the principal amount thereof, plus a premium expressed below as a percentage of the principal amount so redeemed, plus accrued interest to the date of redemption thereof:

Redemption Date Redemption Premium
Interest Payment Dates through March 1, ______ 3%
September 1, ______ and March 1, ______ 2
September 1, ______ and March 1, ______ 1
September 1, ______ and thereafter 0

The Bonds maturing on September 1, ______, September 1, ______, and September 1, ______ are subject to redemption prior to their stated maturity, in part, by lot from amounts deposited into the Principal Account in the following amounts and on the following dates, at the principal amount thereof on the date fixed for redemption, without premium, but which amounts will be proportionately reduced by the principal amount of all Bonds optionally redeemed:

Term Bonds Maturing September 1, _______

Mandatory
Redemption Date
(Sept. 1)

Sinking Fund
Payment

(maturity)

Term Bonds Maturing September 1, _______

Mandatory
Redemption Date
(Sept. 1)

Sinking Fund
Payment

(maturity)

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Term Bonds Maturing September 1, _______

Mandatory
Redemption Date
(Sept. 1)

Sinking Fund
Payment

(maturity)

The amounts in the foregoing tables may be reduced pro rata, in order to maintain substantially uniform debt service, as a result of any prior partial optional redemption or mandatory redemption of the Bonds.

The Trustee on behalf and at the expense of the Authority will give notice of any redemption to the respective owners of any Bonds designated for redemption, at their respective addresses appearing on the registration books maintained by the Trustee and to the Securities Depositories and to the Municipal Securities Rulemaking Board (as such terms are defined in the Indenture), at least 20 but not more than 60 days prior to the redemption date; provided, however, that neither failure to receive any such notice so mailed nor any defect therein will affect the validity of the proceedings for the redemption of such Bonds or the cessation of the accrual of interest thereon. If this Bond is called for redemption and payment is duly provided therefor as specified in the Indenture, interest will cease to accrue hereon from and after the date fixed for redemption.

The Bonds are issuable as fully registered Bonds without coupons in denominations of $5,000 or any integral multiple thereof. Subject to the limitations and upon payment of the charges, if any, provided in the Indenture, fully registered Bonds may be exchanged at the Trust Office of the Trustee for a like aggregate principal amount and maturity of fully registered Bonds of other authorized denominations.

This Bond is transferable by the Registered Owner, in person or by its attorney duly authorized in writing, at the Trust Office of the Trustee, but only in the manner, subject to the limitations and upon payment of the charges provided in the Indenture, and upon surrender and cancellation of this Bond. Upon such transfer a new fully registered Bond or Bonds, of authorized denomination or denominations, for the same aggregate principal amount will be issued to the transferee in exchange herefor. The Trustee will not be required to register the transfer or exchange of any Bond (i) during 15 days prior to selection of Bonds for redemption, or (ii) selected for redemption.

The Authority and the Trustee may treat the Registered Owner as the absolute owner for all purposes, and the Authority and the Trustee will not be affected by any notice to the contrary.

The Indenture and the rights and obligations of the Authority and of the owners of the Bonds and of the Trustee may be modified or amended from time to time and at any time in the manner, to the extent, and upon the terms provided in the Indenture; provided that no such modification or amendment will (a) extend the maturity of or reduce the interest rate on any Bond or otherwise alter or impair the obligation of the Authority to pay the principal, interest or redemption premiums at the time and place and at the rate and in the currency provided therein of any Bond without the express written consent of the owner of such Bond, (b) reduce the percentage of Bonds required for the written consent to any such amendment or modification, or (c) without its written consent

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thereto, modify any of the rights or obligations of the Trustee, all as more fully set forth in the Indenture.

It is hereby certified by the Authority that all things, conditions and acts required to exist, to have happened and to have been performed precedent to and in the issuance of this Bond do exist, have happened and have been performed in due time, form and manner as required by the Constitution and statutes of the State of California and by the Bond Law, and that the amount of this Bond, together with all other indebtedness of the Authority, does not exceed any limit prescribed by the Constitution or statutes of the State of California or by the Bond Law.

This Bond will not be entitled to any benefit under the Indenture, or become valid or obligatory for any purpose, until the certificate of authentication hereon will have been signed by the Trustee.

Unless this Bond is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC") to the Trustee for registration of transfer, exchange or payment, and any Bond executed and delivered is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY

TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.

A-6

IN WITNESS WHEREOF, the CITY OF PITTSBURG PUBLIC FINANCING AUTHORITY has caused this Bond to be executed in its name and on its behalf by the facsimile signature of its Executive Director and attested by the facsimile signature of its Secretary, all as of the Dated Date set forth above.

CITY OF PITTSBURG PUBLIC FINANCING

AUTHORITY

By:

Executive Director
Attest:

Secretary

CERTIFICATE OF AUTHENTICATION

This is one of the Bonds described in the within-mentioned Indenture.

Date: _________________

BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as Trustee

By:

Authorized Signatory

A-7

FORM OF ASSIGNMENT

For value received the undersigned do(es) hereby sell, assign and transfer unto

whose tax identification number is ,
the within mentioned registered Bond and hereby irrevocably constitute(s) and appoint(s)

attorney to transfer the same on the books of the Trustee with full power of substitution in the premises.

Dated: _______________

Signature guaranteed:

NOTE: Signature(s) must be guaranteed by an
eligible guarantor institution
NOTE: The signatures(s) on this Assignment must
correspond with the name(s) as written on the face of
the within Bond in every particular without alteration or enlargement or any change whatsoever

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$___________

CITY OF PITTSBURG PUBLIC FINANCING AUTHORITY

SPECIAL TAX REVENUE BONDS
SERIES 2026

BOND PURCHASE AGREEMENT
____________, 2026
City of Pittsburg Public Financing Authority
65 Civic Avenue
Pittsburg, California 94565
Ladies and Gentlemen:

Piper Sandler & Co., as underwriter (the “Underwriter”), acting not as a fiduciary or agent for you, but on behalf of itself, offers to enter into this Bond Purchase Agreement (this “Purchase Agreement”) with the City of Pittsburg Public Financing Authority (the “Authority”), which upon acceptance will be binding upon the Underwriter and the Authority. The agreement of the Underwriter to purchase the Bonds (as hereinafter defined) is contingent upon the Authority purchasing from the City of Pittsburg (the “City”) its City of Pittsburg Community Facilities District 2009-01 (San Marco) Special Tax Bonds, Series 2026 (the “Special Tax Bonds”) in the aggregate principal amount of $__________, and upon the Authority and the City satisfying all of the obligations imposed upon them under this Purchase Agreement. This offer is made subject to the Authority’s acceptance by the execution of this Purchase Agreement and its delivery to the Underwriter at or before 8:00 P.M., local time, on the date hereof, and, if not so accepted, will be subject to withdrawal by the Underwriter upon notice delivered to the Authority at any time prior to the acceptance hereof by the Authority. All capitalized terms used herein, which are not otherwise defined, shall have the meaning provided for such terms in the Indenture of Trust, dated as of _______ 1, 2026 (the “Indenture”), by and between the Authority and The Bank of New York Mellon Trust Company, N.A. (“BNY”), as trustee (the “Trustee”). The Special Tax Bonds are being issued pursuant to a Fiscal Agent Agreement, dated as of _______ 1, 2026 (the “Fiscal Agent Agreement”), by and between the City and BNY, as fiscal agent (the “Fiscal Agent”).

1. Purchase, Sale and Delivery of the Bonds.

Subject to the terms and conditions and in reliance upon the representations, warranties and agreements set forth herein, the Underwriter hereby agrees to purchase from the Authority and the Authority hereby agrees to sell to the Underwriter all (but not less than all) of the $________ aggregate principal amount of the City of Pittsburg Public Financing Authority Special Tax Revenue Bonds, Series 2026 (the “Bonds”), dated the Closing Date (as hereinafter defined), bearing interest at the rates and maturing on the dates and in the principal amounts set forth in Exhibit A hereto. The purchase price for the Bonds shall be $__________ (being 100% of the aggregate principal amount thereof plus a net original issue premium of $_________ and less an Underwriter’s discount of $________). From the proceeds of the Bonds, the Authority agrees to purchase the Special Tax Bonds from the City

30544.00027\45102048.2

2 pursuant to the terms of the Local Obligations Purchase Agreement (the “2026 CFD Bond Purchase Agreement”), by and between the City and the Authority.

The Bonds shall be substantially in the form described in, shall be issued and secured under the provisions of, and shall be payable from the Revenues as provided in the Indenture, the Preliminary Official Statement (as hereinafter defined), and the Marks-Roos Local Bond Pooling Act of 1985, as amended, being Article 4, Chapter 5, Division 7, Title 1 of the Government Code of the State of California (the “Bond Law”). The issuance of the Bonds has been duly authorized by the Authority pursuant to a resolution of the Authority adopted by the Board of Directors of the Authority on ________, 2026 (the “Authority Resolution”). The net proceeds of the Bonds will be used to purchase the Special Tax Bonds.

The Special Tax Bonds shall be substantially in the form described in, shall be issued and secured under the provisions of, and shall be payable from Special Taxes (as such term is defined in the Fiscal Agent Agreement) pledged thereto as provided in the Fiscal Agent Agreement.

The Special Tax Bonds are issued under the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California (the “Community Facilities District Act”). The issuance of the Special Tax Bonds have been duly authorized by the City Council of the City of Pittsburg (the “City Council”) as the legislative body for City of Pittsburg Community Facilities District 2009-01 (San Marco) (the “Community Facilities District”), pursuant to a resolution adopted by the City Council on ________, 2026 (the “Community Facilities District Resolution of Issuance”). The Purchase Agreement, the 2026 CFD Bond Purchase Agreement and the Preliminary Official Statement have been duly authorized by the City Council pursuant to the Community Facilities District Resolution of Issuance.

The net proceeds of the Special Tax Bonds will be used, as indicated in the Fiscal Agent Agreement, for the following purposes: (1) providing funds for the acquisition and/or construction of certain public facilities; (2) funding the Reserve Requirement for the Bonds; and (3) funding the costs of issuance of the Bonds and the Special Tax Bonds.

Prior to the acceptance of this Purchase Agreement by the Authority, the Authority shall have caused to be delivered to the Underwriter the Letter of Representations of the City (the “City Letter of Representations”) in substantially the form set forth in Exhibit B hereto.

A. The Authority acknowledges that the Underwriter is entering into this Purchase Agreement in reliance on the representations and agreements made by the Authority herein and by the City in the City Letter of Representations of the City, and the Authority shall take all action necessary to enforce its rights hereunder for the benefit of the Underwriter and shall immediately notify the Underwriter if it becomes aware that any representation or agreement made by the Authority herein is incorrect in any material respect.

The Authority acknowledges and agrees that: (i) the purchase and sale of the Bonds pursuant to this Purchase Agreement is an arm’s-length commercial transaction between the Authority and the Underwriter; (ii) in connection therewith and with the discussions, undertakings and procedures leading up to the consummation of such transaction, the Underwriter is and has been acting solely as principal and is not acting as a Municipal Advisor (as defined in Section 15B of the Securities Exchange Act of 1934, as amended); (iii) the Underwriter has not assumed an advisory or fiduciary responsibility in favor of the Authority or the City with respect to the offering contemplated hereby or

30544.00027\45102048.2

3 the discussions, undertakings and procedures leading thereto (irrespective of whether the Underwriter has provided other services or is currently providing other services to the Authority or the City on other matters); and (iv) the Authority and the City have consulted their own legal, financial and other advisors to the extent that they have deemed appropriate.

B. Pursuant to the authorization of the Authority, the Underwriter has distributed copies of the Preliminary Official Statement dated _________, 2026, relating to the Bonds, which, together with the cover page, inside cover page and appendices thereto is herein called the “Preliminary Official Statement.” By its acceptance of this Purchase Agreement, the Authority hereby ratifies the use by the Underwriter of the Preliminary Official Statement, and the Authority agrees to execute a final official statement relating to the Bonds (the “Official Statement”) which will consist of the Preliminary Official Statement with such changes as may be made thereto, with the approval of Jones Hall LLP, the City and the Authority’s Bond Counsel (“Bond Counsel”) and Disclosure Counsel (“Disclosure Counsel”), and the Underwriter, and to provide copies thereof to the Underwriter as set forth in Section 3(O) hereof. The Authority hereby authorizes and requires the Underwriter to use and promptly distribute, in connection with the offer and sale of the Bonds, the Preliminary Official Statement, the Official Statement and any supplement or amendment thereto. The Authority further authorizes the Underwriter to use and distribute, in connection with the offer and sale of the Bonds, the Indenture, the Fiscal Agent Agreement, this Purchase Agreement, the 2026 CFD Bond Purchase Agreement and all information contained herein, and all other documents, certificates and statements furnished by or on behalf of the Authority or the City to the Underwriter in connection with the transactions contemplated by this Purchase Agreement.

C. To assist the Underwriter in complying with Securities and Exchange Commission Rule 15c2-12(b)(5) (the “Rule”), the City will undertake for and on behalf of the Authority pursuant to the Continuing Disclosure Certificate, in the form attached to the Official Statement as Appendix F (the “Continuing Disclosure Certificate”), to provide annual reports and notices of certain enumerated events. A description of this undertaking is set forth in the Preliminary Official Statement and will also be set forth in the Official Statement.

D. Except as the Underwriter and the Authority may otherwise agree, the Authority will deliver to the Underwriter, at the offices of Bond Counsel in San Francisco, California, or at such other location as may be mutually agreed upon by the Underwriter, the City and the Authority, the documents hereinafter mentioned; and the Authority will deliver to the Underwriter through the facilities of The Depository Trust Company (“DTC”) in New York, New York, the Bonds, in definitive form (all Bonds bearing CUSIP numbers), duly executed by the Authority and authenticated by the Trustee in the manner provided for in the Indenture and the Bond Law at 8:00 a.m.

California time, on __________, 2026 (the “Closing Date”), and the Underwriter will accept such delivery and pay the purchase price of the Bonds as set forth in paragraph (A) of this Section by wire transfer, payable in federal or other immediately available funds (such delivery and payment being herein referred to as the “Closing”). The Bonds shall be in fully registered book-entry form (which may be typewritten) and shall be registered in the name of Cede & Co., as nominee of DTC.

2. Public Offering and Establishment of Issue Price.

A. The Underwriter agrees to make a bona fide public offering of all of the Bonds initially at the public offering prices (or yields) set forth in Exhibit A attached hereto and incorporated herein by reference. Subsequent to the initial public offering, the Underwriter reserves the right to change the public offering prices (or yields) as it deems necessary in connection with the marketing of

30544.00027\45102048.2

4 the Bonds, provided that the Underwriter shall not change the interest rates set forth in Exhibit A. The Bonds will be offered and sold to certain dealers at prices lower than such initial offering prices. The Bonds shall be subject to redemption as set forth in Exhibit A.

B. The Underwriter agrees to assist the Authority in establishing the issue price of the Bonds and shall execute and deliver to the Authority at Closing an “issue price” or similar certificate, together with the supporting pricing wires or equivalent communications, substantially in the form attached hereto as Exhibit D, with such modifications as may be appropriate or necessary, in the reasonable judgment of the Underwriter, the Authority and Bond Counsel, to accurately reflect, as applicable, the sales price or prices or the initial offering price or prices to the Public of the Bonds. All actions to be taken by the Authority under this section to establish the issue price of the Bonds may be taken on behalf of the Authority by the Authority’s municipal advisor, NHA Advisors, LLC (the “Municipal Advisor”) and any notice or report to be provided to the Authority may be provided to the Authority’s Municipal Advisor.

C. Except as otherwise set forth in Exhibit A attached hereto, the Authority will treat the first price at which 10% of each maturity of the Bonds (the “10% test”), identified under the column “10% Test Used” in Exhibit A, is sold to the Public as the issue price of that maturity (if different interest rates apply within a maturity, each separate CUSIP number within that maturity will be subject to the 10% test). At or promptly after the execution of this Purchase Agreement, the Underwriter shall report to the Authority the price or prices at which it has sold to the Public each maturity of Bonds. If at that time the 10% test has not been satisfied as to any maturity of the Bonds, the Underwriter agrees to promptly report to the Authority the prices at which it sells the unsold Bonds of that maturity to the Public. That reporting obligation shall continue, whether or not the Closing Date (as defined below) has occurred, until the 10% test has been satisfied as to the Bonds of that maturity or until all Bonds of that maturity have been sold to the Public.

D. The Underwriter confirms that it has offered the Bonds to the Public on or before the date of this Purchase Agreement at the offering price or prices (the “initial offering price”), or at the corresponding yield or yields, set forth in Exhibit A attached hereto, except as otherwise set forth therein. Exhibit A also sets forth, identified under the column “Hold the Offering Price Rule Used,” as of the date of this Purchase Agreement, the maturities, if any, of the Bonds for which the 10% test has not been satisfied and for which the Authority and the Underwriter agree that the restrictions set forth in the next sentence shall apply, which will allow the Authority to treat the initial offering price to the Public of each such maturity as of the Sale Date as the issue price of that maturity (the “hold-the-offering-price rule”). So long as the hold-the-offering-price rule remains applicable to any maturity of the Bonds, the Underwriter will neither offer nor sell unsold Bonds of that maturity to any person at a price that is higher than the initial offering price to the Public during the period starting on the Sale Date and ending on the earlier of the following: (i) the close of the fifth (5th) business day after the Sale Date; or (ii) the date on which the Underwriter has sold at least 10% of that maturity of the Bonds to the Public at a price that is no higher than the initial offering price to the Public.

The Underwriter shall promptly advise the Issuer when it has sold 10% of that maturity of the Bonds to the Public at a price that is no higher than the initial offering price to the Public, if that occurs prior to the close of the fifth (5th) business day after the Sale Date.

E. The Underwriter confirms that any selling group agreement and any retail distribution agreement relating to the initial sale of the Bonds to the Public, together with the related

30544.00027\45102048.2

5 pricing wires, contains or will contain language obligating each dealer who is a member of the selling group and each broker-dealer that is a party to such retail distribution agreement, as applicable, to (A) report the prices at which it sells to the Public the unsold Bonds of each maturity allotted to it until it is notified by the Underwriter that either the 10% test has been satisfied as to the Bonds of that maturity or all Bonds of that maturity have been sold to the Public and (B) comply with the hold-the-offering- price rule, if applicable, in each case if and for so long as directed by the Underwriter. The Authority acknowledges that, in making the representation set forth in this subsection, the Underwriter will rely on (i) in the event a selling group has been created in connection with the initial sale of the Bonds to the Public, the agreement of each dealer who is a member of the selling group to comply with the hold- the-offering-price rule, if applicable, as set forth in a selling group agreement and the related pricing wires, and (ii) in the event that a retail distribution agreement was employed in connection with the initial sale of the Bonds to the Public, the agreement of each broker-dealer that is a party to such agreement to comply with the hold-the-offering-price rule, if applicable, as set forth in the retail distribution agreement and the related pricing wires. The Authority further acknowledges that the Underwriter shall not be liable for the failure of any dealer who is a member of a selling group, or of any broker-dealer that is a party to a retail distribution agreement, to comply with its corresponding agreement regarding the hold-the-offering-price rule as applicable to the Bonds.

F. The Underwriter acknowledges that sales of any Bonds to any person that is a Related Party to the Underwriter shall not constitute sales to the Public for purposes of this section.

Further, for purposes of this section:

1. “Public” means any person other than an underwriter or a related party;

2. “Underwriter” means (A) any person that agrees pursuant to a written contract with the Authority (or with the lead Underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the Public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale of the Bonds to the Public (including a member of a selling group or a party to a retail distribution agreement participating in the initial sale of the Bonds to the Public);

3. a purchaser of any of the Bonds is a “Related Party” to an Underwriter if the Underwriter and the purchaser are subject, directly or indirectly, to (i) at least 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other); and

4. “Sale Date” means the date of execution of this Purchase Agreement by all parties.

3. Representations and Covenants of the Authority. The Authority represents and covenants to the Underwriter that:

A. The Authority is a joint exercise of powers authority, duly organized and existing under the Constitution and laws of the State of California (the “State”), and formed pursuant

30544.00027\45102048.2

6 to Articles 1 through 4 (commencing with Section 6500) of Chapter 5, Division 7, Title 1 of the Government Code (the “JPA Act”), with full right, power and authority: (i) to enter into this Purchase Agreement; (ii) to enter into the Indenture; (iii) to adopt the Authority Resolution authorizing the issuance of the Bonds and entry into this Purchase Agreement and the Indenture and to take all other actions on the part of the Authority relating thereto (the “Authority Proceedings”); (iv) to issue, sell and deliver the Bonds to the Underwriter as provided herein; (v) to purchase the Special Tax Bonds; and (vi) to carry out and consummate the transactions on its part contemplated by this Purchase Agreement, the Indenture and the Official Statement.

The Indenture, the Bonds, the 2026 CFD Bond Purchase Agreement and this Purchase Agreement are collectively referred to herein as the “Authority Documents.” B. By all necessary official action of the Authority, the Authority has duly authorized and approved the execution and delivery by the Authority of, and the performance by the Authority of the obligations on its part contained in, the Authority Documents, and has approved the use by the Underwriter of the Preliminary Official Statement and the Official Statement and, as of the date hereof, such authorizations and approvals are in full force and effect and have not been amended, modified or rescinded. When executed and delivered by the parties thereto, the Authority Documents will constitute the legally valid and binding obligations of the Authority enforceable upon the Authority in accordance with their respective terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or affecting creditors’ rights generally. The Authority has complied, and will at the Closing Date be in compliance in all respects, with the terms of the Authority Documents that are applicable to the Authority.

C. The information in the Preliminary Official Statement and in the Official Statement relating to the Authority and the Bonds (other than statements pertaining to the book-entry system, as to which no view is expressed), does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and, upon delivery and up to and including 25 days after the End of the Underwriting Period (as defined in paragraph (D) below), the Official Statement will be amended and supplemented so as to contain no misstatement of any material fact or omission of any statement necessary to make the statements contained therein, in the light of the circumstances in which such statements were made, not misleading.

D. Up to and including 25 days after the End of the Underwriting Period (as defined below), the Authority will advise the Underwriter promptly of any proposal to amend or supplement the Official Statement and will not effect or consent to any such amendment or supplement without the consent of the Underwriter, which consent will not be unreasonably withheld. The Authority will advise the Underwriter promptly of the institution of any proceedings known to it by any governmental agency prohibiting or otherwise materially affecting the use of the Official Statement in connection with the offering, sale or distribution of the Bonds. As used herein, the term “End of the Underwriting Period” means the later of such time as: (i) the Bonds are delivered to the Underwriter; or (ii) the Underwriter does not retain, directly or as a member of an underwriting syndicate, an unsold balance of the Bonds for sale to the public. Unless the Underwriter gives notice to the contrary, the End of the Underwriting Period shall be deemed to be the Closing Date. Any notice delivered pursuant to this provision shall be a written notice delivered to the Authority and the City at or prior to the Closing Date, and shall specify a date (other than the Closing Date) to be deemed the “End of the Underwriting Period.”

30544.00027\45102048.2

7 E. As of the time of acceptance hereof and as of the Closing Date, except as otherwise disclosed in the Official Statement, the Authority is not, and as of the Closing Date, will not be, in breach of or in default under any applicable constitutional provision, law or administrative rule or regulation of the State or the United States, or any applicable judgment or decree or any trust agreement, loan agreement, bond, note, resolution, ordinance, agreement or other instrument to which the Authority is a party or is otherwise subject; and no event has occurred and is continuing which, with the passage of time or the giving of notice, or both, would constitute a default or event of default under any such instrument; which breach, default or event could have an adverse effect on the Authority’s ability to perform its obligations under the Authority Documents; and, as of such times, except as disclosed in the Official Statement, the authorization, execution and delivery of the Authority Documents and compliance by the Authority with the provisions of each of such agreements or instruments does not and will not conflict with or constitute a breach of or default under any applicable constitutional provision, law or administrative rule or regulation of the State or the United States, or any applicable judgment, decree, license, permit, trust agreement, loan agreement, bond, note, resolution, ordinance, agreement or other instrument to which the Authority (or any of its officers in their respective capacities as such) is subject, or by which it or any of its properties is bound; nor will any such authorization, execution, delivery or compliance result in the creation or imposition of any lien, charge or other security interest or encumbrance of any nature whatsoever upon any of its assets or properties or under the terms of any such law, regulation or instrument, except as may be provided by the Authority Documents.

F. At the time of acceptance hereof there is, and as of the Closing Date, there will be no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, government agency, public board or body (collectively and individually, an “Action”) pending (notice of which has been served on the Authority or the City) or to the knowledge of the Authority threatened, in which any such Action: (i) in any way questions the corporate existence of the Authority, the City or the titles of the officers of the Authority and the City to their respective offices; (ii) affects, contests or seeks to prohibit, restrain or enjoin the issuance or delivery of any of the Bonds, the Special Tax Bonds, or the payment or collection of Revenues (as defined in the Indenture), the Special Taxes or any amounts pledged or to be pledged to pay the principal of and interest on the Bonds or the Special Tax Bonds, or in any way contests or affects the validity of the Authority Documents, the City Documents (as defined herein), or the consummation of the transactions on the part of the Authority contemplated thereby; (iii) contests the exclusion of the interest on the Bonds from federal or state income taxation or contests the powers of the Authority or the City which may result in any material adverse change relating to the financial condition of the Authority; or (iv) contests the completeness or accuracy of the Preliminary Official Statement or the Official Statement or any supplement or amendment thereto or asserts that the Preliminary Official Statement or the Official Statement contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and, as of the time of acceptance hereof, there is, and as of the Closing Date, there will be no known basis for any action, suit, proceeding, inquiry or investigation of the nature described in clauses (i) through (iv) of this sentence.

G. The Authority will furnish such information, execute such instruments and take such other action in cooperation with the Underwriter and at the expense of the Underwriter as the Underwriter may reasonably request in order: (i) to qualify the Bonds for offer and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions of the United States as the Underwriter may designate; and (ii) to determine the eligibility of the Bonds for investment under the laws of such states and other jurisdictions, and will use its best efforts to continue such

30544.00027\45102048.2

8 qualifications in effect so long as required for the distribution of the Bonds, provided; however, that the Authority will not be required to execute a special or general consent to service of process or qualify as a foreign corporation in connection with any such qualification in any jurisdiction.

H. The Authority Documents conform as to form and tenor to the descriptions thereof contained in the Official Statement. The Authority represents that the Bonds, when issued, executed and delivered in accordance with the Indenture and sold to the Underwriter as provided herein, will be validly issued and outstanding obligations of the Authority, entitled to the benefits of the Indenture. The Indenture creates a valid pledge of the moneys in certain funds and accounts established pursuant to the Indenture, subject in all cases to the provisions of the Indenture permitting the application thereof for the purposes and on the terms and conditions set forth therein.

I. The Authority has not been notified of any listing or proposed listing by the Internal Revenue Service to the effect that the Authority is a bond issuer whose arbitrage certifications may not be relied upon.

J. Any certificate signed by any authorized officer of the Authority and delivered to the Underwriter in connection with the issuance and sale of the Bonds shall be deemed to be a representation and covenant by the Authority to the Underwriter as to the statements made therein.

K. The Authority will apply the proceeds of the Bonds in accordance with the Indenture.

L. Between the date of this Purchase Agreement and the Closing Date, the Authority will not offer or issue any bonds, notes or other obligations for borrowed money not previously disclosed to the Underwriter.

M. Until such time as moneys have been set aside in an amount sufficient to pay all then outstanding Bonds at maturity or to the date of redemption if redeemed prior to maturity, plus unpaid interest thereon and premium, if any, to maturity or to the date of redemption if redeemed prior to maturity, the Authority will faithfully perform and abide by all of the covenants, undertakings and provisions contained in the Indenture.

N. The Preliminary Official Statement was deemed final by a duly authorized officer of the Authority prior to its delivery to the Underwriter, except for the omission of such information as is permitted to be omitted in accordance with paragraph (b)(1) of the Rule. The Authority hereby covenants and agrees that, within seven (7) business days from the date hereof, or upon reasonable written notice from the Underwriter within sufficient time to accompany any confirmation requesting payment from any customers of the Underwriter, the Authority shall cause a final printed form of the Official Statement to be delivered to the Underwriter in sufficient quantity to comply with paragraph (b)(4) of the Rule and Rules G-12, G-15, G-32 and G-36 of the Municipal Securities Rulemaking Board.

The Authority hereby approves the preparation and distribution of the Official Statement, consisting of the Preliminary Official Statement with such changes as are noted thereon and as may be made thereto, with the approval of Bond Counsel, Disclosure Counsel and the Underwriter, from time to time prior to the Closing Date.

30544.00027\45102048.2

9 The Authority hereby ratifies any prior use of and authorizes the future use by the Underwriter, in connection with the offering and sale of the Bonds, of the Preliminary Official Statement, the Official Statement, this Purchase Agreement and all information contained herein, and all other documents, certificates and written statements furnished by the Authority to the Underwriter in connection with the transactions contemplated by this Purchase Agreement.

The execution and delivery of this Purchase Agreement by the Authority shall constitute a representation to the Underwriter that the representations contained in this Section 3 are true as of the date hereof.

4. Conditions to the Obligations of the Underwriter. The obligation of the Underwriter to accept delivery of and pay for the Bonds on the Closing Date shall be subject, at the option of the Underwriter, to the accuracy in all material respects of the representations on the part of the Authority contained herein and of the City in the City Letter of Representations, to the accuracy in all material respects of the statements of the officers and other officials of the Authority made in any certificates or other documents furnished pursuant to the provisions hereof, to the performance by the Authority of its obligations to be performed hereunder at or prior to the Closing Date and, to the following additional conditions:

A. At the Closing Date, the Authority Resolution, the Community Facilities District Resolution of Issuance, the Authority Documents and this Purchase Agreement, the Fiscal Agent Agreement, the 2026 CFD Bond Purchase Agreement, the Special Tax Bonds, the City Letter of Representations and the Continuing Disclosure Certificate (collectively, the “City Documents”) shall be in full force and effect, and shall not have been amended, modified or supplemented, except as may have been agreed to in writing by the Underwriter, and there shall have been taken in connection therewith, with the issuance of the Bonds and with the Special Tax Bonds, and with the transactions contemplated thereby, and by this Purchase Agreement, all such actions as, in the opinion of Bond Counsel, shall be necessary and appropriate.

B. At the Closing Date, except as was described in the Preliminary Official Statement, the Authority shall not be, in any respect material to the transactions referred to herein or contemplated hereby, in breach of or in default under, any law or administrative rule or regulation of the State, the United States of America, or of any department, division, agency or instrumentality of either thereof, or under any applicable court or administrative decree or order, or under any loan agreement, note, resolution, indenture, contract, agreement or other instrument to which the Authority is a party or is otherwise subject or bound, and the performance by the Authority of its obligations under the Authority Documents, the Authority Resolution and any other instruments contemplated by any of such documents, and compliance with the provisions of each thereof, will not conflict with or constitute a breach of or default under any applicable law or administrative rule or regulation of the State, the United States of America, or of any department, division, agency or instrumentality of either thereof, or under any applicable court or administrative decree or order, or under any loan agreement, note, resolution, indenture, contract, agreement or other instrument to which the Authority is a party or is otherwise subject or bound, in any manner that would materially and adversely affect the performance by the Authority of its obligations under the Authority Documents or the Authority Resolution.

C. At the Closing Date, except as described in the Preliminary Official Statement, the City shall not be, in any respect material to the transactions referred to in the City Letter of Representations or contemplated therein, in breach of or in default under, any law or administrative

30544.00027\45102048.2

10 rule or regulation of the State, the United States of America, or of any department, division, agency or instrumentality of either thereof, or under any applicable court or administrative decree or order, or under any loan agreement, note, resolution, indenture, contract, agreement or other instrument to which the City is a party or is otherwise subject or bound, and the performance by the City of its obligations under its Special Tax Bonds, the Community Facilities District Resolution of Issuance, the City Documents, and any other instruments contemplated by any of such documents, and compliance with the provisions of each thereof, or the performance of the conditions precedent to be performed hereunder, will not conflict with or constitute a breach of or default under any applicable law or administrative rule or regulation of the State, the United States of America, or of any department, division, agency or instrumentality of either thereof, or under any applicable court or administrative decree or order, or under any loan agreement, note, resolution, indenture, contract, agreement or other instrument to which the City is a party or is otherwise subject or bound, in any manner that would materially and adversely affect the performance by the City of its obligations under the City Documents, the Special Tax Bonds or the performance of the conditions precedent to be performed by the City under the City Documents.

D. The information contained in the Official Statement is, as of the Closing Date and as of the date of any supplement or amendment thereto pursuant hereto, true and correct in all material respects and does not, as of the Closing Date or as of the date of any supplement or amendment thereto, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

E. Between the date hereof and the Closing Date, the market price or marketability, at the initial offering prices set forth on the cover page of the Official Statement, of the Bonds shall not have been materially adversely affected, in the judgment of the Underwriter (evidenced by a written notice to the Authority terminating the obligation of the Underwriter to accept delivery of and pay for the Bonds), by reason of any of the following:

1. Legislation introduced in or enacted (or resolution passed) by the Congress of the United States of America or recommended to the Congress by the President of the United States, the Department of the Treasury, the Internal Revenue Service, or any member of Congress, or favorably reported for passage to either House of Congress by any committee of such House to which such legislation had been referred for consideration, or a decision rendered by a court established under Article III of the Constitution of the United States of America or by the Tax Court of the United States of America, or an order, ruling, regulation (final, temporary or proposed), press release or other form of notice issued or made by or on behalf of the Treasury Department of the United States of America or the Internal Revenue Service, with the purpose or effect, directly or indirectly, of imposing federal income taxation upon such interest as would be received by any owners of the Bonds beyond the extent to which such interest is subject to taxation as of the date hereof;

2. Legislation introduced in or enacted (or resolution passed) by the Congress or an order, decree or injunction issued by any court of competent jurisdiction, or an order, ruling, regulation (final, temporary or proposed), press release or other form of notice issued or made by or on behalf of the Securities and Exchange Commission, or any other governmental agency having jurisdiction of the subject matter, to the effect that obligations of the general character of the Bonds or the Special Tax Bonds, including any or all underlying arrangements, are not exempt from registration under or other requirements of the Securities Act of 1933, as amended, or that the Indenture or the Fiscal Agent Agreement is not exempt from qualification under or other requirements of the Indenture

30544.00027\45102048.2

11 Act of 1939, as amended, or that the issuance, offering or sale of obligations of the general character of the Bonds or the Special Tax Bonds, including any or all underlying arrangements, as contemplated hereby or by the Official Statement or otherwise is or would be in violation of the federal securities laws as amended and then in effect;

3. A general suspension of trading in securities on the New York Stock Exchange, or a general banking moratorium declared by Federal, State of New York or State officials authorized to do so;

4. The introduction, proposal or enactment of any amendment to the Federal or State Constitution or any action by any Federal or State court, legislative body, regulatory body or other authority materially adversely affecting the tax status of the Authority or the City, their property, income, securities (or interest thereon), the validity or enforceability of Special Taxes, or the ability of the Authority to purchase any Special Tax Bonds as contemplated by the Official Statement;

5. Any event occurring, or information becoming known which, in the judgment of the Underwriter, makes untrue in any material respect any statement or information contained in the Preliminary Official Statement or in the Official Statement, or has the effect that the Preliminary Official Statement or the Official Statement contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

6. Any national securities exchange, the Comptroller of the Currency, or any other governmental authority, shall impose as to the Bonds, the Special Tax Bonds or obligations of the general character of the Bonds or the Special Tax Bonds, any material restrictions not now in force, or increase materially those now in force, with respect to the extension of credit by, or the charge to the net capital requirements of, the Underwriter;

7. There shall have occurred any material outbreak or escalation of hostilities or other calamity or crisis the effect of which on the financial markets of the United States is such as to make it impracticable, in the judgment of the Underwriter, following consultation with the Authority, to sell the Bonds;

8. Any proceeding shall have been commenced or be threatened in writing by the Securities and Exchange Commission against the City or the Authority; or

9. The filing or threat of an Action described in Section 3.F. hereof or in Section K of the City Letter of Representations.

F. At or prior to the Closing Date, the Underwriter shall have received a counterpart original or certified copy of the following documents, in each case satisfactory in form and substance to the Underwriter:

1. The Official Statement, executed on behalf of the Authority by its Treasurer or other authorized officer;

2. The Authority Documents, duly executed and delivered by all parties thereto;

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12 3. The Authority Resolution, together with a certificate of the Secretary of the Authority, dated as of the Closing Date, to the effect that such resolution is a true, correct and complete copy of the resolution duly adopted by the Board of Directors of the Authority;

4. The Community Facilities District Resolution of Issuance, together with a certificate dated as of the Closing Date of the City Clerk to the effect that the Community Facilities District Resolution of Issuance is a true, correct and complete copy of the one duly adopted by the City Council;

5. The City Documents duly executed and delivered by all parties thereto;

6. An unqualified approving opinion for the Bonds, dated the Closing Date and addressed to the Authority, of Bond Counsel, in substantially the form included as Appendix D to the Official Statement;

7. A supplemental opinion or opinions, dated the Closing Date and addressed to the Underwriter, of Bond Counsel, in substantially the form attached hereto as Exhibit C;

8. An unqualified opinion of Bond Counsel addressed to the City, in form and substance acceptable to the Underwriter, as to the due authorization, execution and enforceability of the Special Tax Bonds and the Fiscal Agent Agreement.

9. A certificate, dated the Closing Date and signed by the Treasurer of the Authority or other authorized officer, to the effect that: (i) the representations of the Authority contained herein are true and correct in all material respects on and as of the Closing Date with the same effect as if made on the Closing Date; (ii) to the best knowledge of such officer, no event has occurred since the date of the Official Statement which should be disclosed in the Official Statement for the purpose for which it is to be used or which it is necessary to disclose therein in order to make the statements and information therein not misleading in any material respect; and (iii) the Authority has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied under the Authority Documents and the Authority Resolution at or prior to the Closing Date;

10. A certificate dated the Closing Date and signed by an authorized representative of the City or an authorized designee, on behalf of the City to the effect that: (i) the representations made by the City contained in the City Letter of Representations are true and correct in all material respects on and as of the Closing Date with the same effect as if made on the Closing Date, provided that any references as to the Preliminary Official Statement shall be deemed to be to the Official Statement; (ii) to the best knowledge of such officer, no event has occurred since the date of the Official Statement which should be disclosed in the Official Statement for the purpose for which it is to be used or which it is necessary to disclose therein in order to make the statements and information therein not misleading in any material respect; and (iii) the City has complied with all the agreements and satisfied all the conditions on its part to be satisfied under the City Documents prior to the Closing Date;

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13 11. An opinion of the City Attorney of the City, as counsel to the Authority, dated the date of Closing and addressed to the Underwriter, the Authority and the Community Facilities District, to the effect that:
(i) The Authority is a public body, corporate and politic, duly organized and validly existing as a joint powers authority under the laws of the State of California; (ii) The Authority has full legal power and lawful authority to enter into the Authority Documents and to carry out the transactions contemplated under the Authority Documents;
(iii) The Authority Resolution was duly adopted at regular meetings of the governing body of the Authority, which was called and held pursuant to law and with all public notice required by law and at which a quorum was present and acting throughout, and the Authority Resolution is in full force and effect and has not been modified, amended, rescinded or repealed since the dates of its adoption;
(iv) The Authority Documents have been duly authorized, executed and delivered by the Authority and constitute the legal, valid and binding obligations of the Authority enforceable against the Authority in accordance with their terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights, to the application of equitable principles where equitable remedies are sought and to the exercise of judicial discretion in appropriate cases;
(v) To the best knowledge of such counsel, the execution and delivery of the Authority Documents and the Official Statement and compliance with the provisions thereof under the circumstances contemplated thereby: (a) do not in any material respect conflict with or constitute on the part of the Authority a breach of or default under any agreement or other instrument to which the Authority is a party or by which it is bound; and (b) do not and will not in any material respect or constitute on the part of the Authority a violation, breach of or default under any court order or consent decree to which the Authority is subject; (vi) The Authority Documents and the Official Statement have been duly authorized by the Board of Directors of the Authority and executed on its behalf by an authorized officer of the Authority;
(vii) Except as may be stated in the Official Statement, there is no action, suit, proceeding or investigation before or by any court, public board or body pending (notice of which has been served on the Authority) or, to the City Attorney’s knowledge, threatened wherein an unfavorable decision, ruling or finding would: (a) affect the creation, organization, existence or powers of the Authority, or the titles of its members and officers to their respective offices; (b) enjoin or restrain the issuance, sale and delivery of the Bonds, the collection of the Revenues or the pledge thereof; (c) in any way question or affect any of the rights, powers, duties or obligations of the Authority with respect to the Revenues or the moneys and assets pledged or to be pledged to pay the principal of, premium, if any, or interest on the Bonds; (d) in any way question or affect any authority for the issuance of the Bonds, or the validity or enforceability of the Bonds; or (e) in any way question or affect the Authority Documents or the transactions contemplated by the Authority Documents, the Official Statement, or any activity regarding the Bonds;

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14 12. An opinion of the City Attorney of the City, dated the date of Closing and addressed to the Underwriter, the Authority and the City, to the effect that:
(i) The City is a municipal corporation and general law city, corporate and politic, duly organized and existing under the Constitution and laws of the State of California;
(ii) The Community Facilities District Resolution of
Issuance has been duly adopted at a meeting of the City Council, which was called and held pursuant to law and with all public notice required by law and at which a quorum was present and acting throughout, and the Community Facilities District Resolution of Issuance is in full force and effect and has not been modified, amended, rescinded or repealed since the date of its adoption; (iii) The City Documents and the Official Statement have been duly authorized, executed and delivered by the City and constitute the legal, valid and binding obligations of the City enforceable against the City in accordance with their terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights, to the application of equitable principles where equitable remedies are sought and to the exercise of judicial discretion in appropriate cases; and
(iv) Except as may be stated in the Official Statement, there is no action, suit, proceeding or investigation before or by any court, public board or body pending (notice of which has been served on the City) or, to such counsel’s knowledge, threatened wherein an unfavorable decision, ruling or finding would: (a) affect the creation, organization, existence or powers of the City, or the titles of its members and officers to their respective offices; or (b) affect the validity of the City Documents or restrain or enjoin the repayment of the Special Tax Bonds or in any way contest or affect the validity of the City Documents or contest the authority of the City to enter into or perform its obligations under any of the City Documents or under which a determination adverse to the City would have a material adverse affect upon the financial condition or the revenues of the City, questions the right of the City to use Special Taxes levied within the Community Facilities District for the repayment of the Special Tax Bonds or affects in any manner the right or ability of the City to collect or pledge the Special Taxes levied within the Community Facilities District for the repayment of the Special Tax Bonds;

13. A transcript of all proceedings relating to the authorization, issuance, sale and delivery of the Bonds and the Special Tax Bonds, including certified copies of the Indenture, the Fiscal Agent Agreement and all resolutions of the City and the Authority relating thereto;

14. A certificate dated the Closing Date from Goodwin Consulting Group, Inc. addressed to the Authority, the City and the Underwriter to the effect that: (i) the Special Tax if collected in the maximum amounts permitted pursuant to the Rate and Method of Apportionment of Special Taxes of the Community Facilities District as of the Closing Date would generate at least 100% of Administrative Expenses and the maximum Special Taxes net of Administrative Expenses will generate at least 110% of the annual debt service payable with respect to the related issue of Special Tax Bonds and outstanding bonds payable from the Special Tax on a parity therewith, based on such assumptions and qualifications as shall be acceptable to the Underwriter; and (ii) the statements in the Official Statement provided by Goodwin Consulting Group, Inc. concerning the Special Taxes and the Rate and Method of Apportionment of the Special Taxes of the Community Facilities District and all information supplied by it for use in the Official Statement as of the date of the Official Statement and

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15 as of the Closing Date did not and do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;

15. Certified copies of the general resolution of BNY authorizing the execution and delivery of certain documents by certain officers of BNY, which resolution authorizes the execution of the Indenture, the Fiscal Agent Agreement and the authentication of the Bonds and the Special Tax Bonds;

16. A certificate of BNY, addressed to the Underwriter, the Authority and the City dated the Closing Date, to the effect that: (i) BNY is authorized to carry out corporate trust powers, and have full power and authority to perform its duties under the Indenture and the Fiscal Agent Agreement; (ii) BNY is duly authorized to execute and deliver the Indenture and the Fiscal Agent Agreement, to accept the obligations created by the Indenture and the Fiscal Agent Agreement and to authenticate the Bonds and the Special Tax Bonds pursuant to the terms of the Indenture and the Fiscal Agent Agreement, respectively; (iii) no consent, approval, authorization or other action by any governmental or regulatory authority having jurisdiction over BNY that has not been obtained is or will be required for the authentication of the Bonds or the Special Tax Bonds or the consummation by BNY of the other transactions contemplated to be performed by BNY in connection with the authentication of the Bonds and the Special Tax Bonds and the acceptance and performance of the obligations created by the Indenture and the Fiscal Agent Agreement; and (iv) to the best of its knowledge, compliance with the terms of the Indenture and the Fiscal Agent Agreement will not conflict with, or result in a violation or breach of, or constitute a default under, any loan agreement, trust agreement, bond, note, resolution or any other agreement or instrument to which BNY is a party or by which it is bound, or any law or any rule, regulation, order or decree of any court or governmental agency or body having jurisdiction over BNY or any of its activities or properties;

17. An opinion of counsel to BNY, dated the Closing Date, addressed to the Underwriter, the Authority and the City to the effect that BNY is a national banking association duly organized and validly existing under the laws of the United States having full power and being qualified to enter into, accept and agree to the provisions of the Indenture and the Fiscal Agent Agreement, and that each of such documents has been duly authorized, executed and delivered by BNY and, assuming due execution and delivery by the other parties thereto, constitutes the legal, valid and binding obligation of BNY enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by the application of equitable principles if equitable remedies are sought;

18. A certificate of the Authority dated the Closing Date, in a form acceptable to Bond Counsel and the Underwriter, that the Bonds are not arbitrage bonds within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended;

19. An opinion of Best Best & Krieger LLP, counsel to the Underwriter (“Underwriter’s Counsel”), dated the date of Closing and addressed to the Underwriter in form and substance acceptable to the Underwriter; and

20. Such additional legal opinions, certificates, instruments and other documents as the Underwriter may reasonably request to evidence the truth and accuracy, as of the date hereof and as of the Closing Date, of the material representations of the Authority contained

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16 herein, and of the statements and information contained in the Official Statement and the due performance or satisfaction by the Authority and the City at or prior to the Closing of all agreements then to be performed and all conditions then to be satisfied by the City and the Authority in connection with the transactions contemplated hereby and by the Fiscal Agent Agreement and the Indenture and the Official Statement.

If the Authority shall be unable to satisfy the conditions to the obligations of the Underwriter to purchase, accept delivery of and pay for the Bonds contained in this Purchase Agreement, or if the obligations of the Underwriter to purchase, accept delivery of and pay for the Bonds shall be terminated for any reason permitted by this Purchase Agreement, this Purchase Agreement shall terminate and neither the Authority nor the Underwriter shall be under any further obligation hereunder, except that the respective obligations of the Underwriter and the Authority set forth in Section 7 hereof shall continue in full force and effect.

5. Conditions to the Obligations of the Authority.

A. The obligations of the Authority shall be subject to the satisfaction of the conditions contained in Section 4 of this Purchase Agreement.

B. If the Authority shall be unable to satisfy the conditions to the obligations of the Authority to purchase, accept delivery of and pay for the Special Tax Bonds contained in the 2026 CFD Bond Purchase Agreement, or if the obligations of the Authority to purchase, accept delivery of and pay for the Special Tax Bonds shall be terminated for any reason permitted by this Purchase Agreement, this Purchase Agreement shall terminate and neither the Authority nor the City shall be under any further obligation hereunder, except that the obligations of the Authority set forth in Section 8 hereof shall continue in full force and effect.

6. Expenses. Whether or not the transactions contemplated by this Purchase Agreement are consummated, the Underwriter shall be under no obligation to pay, and the Authority shall pay only from the proceeds of the Bonds, or cause the City to pay out of the proceeds of the Special Tax Bonds or any other legally available funds of the City, the Community Facilities District or the Authority, but only as the Authority and such other party providing such services may agree, all expenses and costs of the Authority incident to the performance of its obligations in connection with the authorization, execution, sale and delivery of the Bonds to the Underwriter, including, without limitation, printing costs, rating agency fees and charges, initial fees of the BNY, including fees and disbursements of their counsel, if any, fees and disbursements of Bond Counsel, Disclosure Counsel and other professional advisors employed by the Authority, costs of preparation, printing, signing, transportation, delivery and safekeeping of the Bonds and for expenses (included in the expense component of the spread) incurred by the Underwriter on behalf of the Authority’s employees which are incidental to implementing this Purchase Agreement, including, but not limited to, meals, transportation, lodging, and entertainment of those employees. The Underwriter shall pay all out-of- pocket expenses of the Underwriter, including, without limitation, advertising expenses, the California Debt and Investment Advisory Commission fee, CUSIP Services Bureau charges, regulatory fees imposed on new securities issuers and any and all other expenses incurred by the Underwriter in connection with the public offering and distribution of the Bonds, including fees of its counsel.

7. Notices. Any notice of other communication to be given to the Community Facilities District or the Authority under this Purchase Agreement may be given by delivering the same in writing to the City of Pittsburg, 65 Civic Avenue, Pittsburg, California 94565 Attention: Director of Finance;

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17 any notice or other communication to be given to the Underwriter under this Purchase Agreement may be given by delivering the same in writing to Piper Sandler & Co., 1777 Botelho Drive, Suite 345, Walnut Creek, California 94596, Attention: Ralph Holmes.

8. Parties in Interest. This Purchase Agreement is made solely for the benefit of the Authority and Underwriter (including any successors or assignees of the Underwriter) and no other person shall acquire or have any right hereunder or by virtue hereof.

9. Survival of Representations. The representations of the Authority under this Purchase Agreement shall not be deemed to have been discharged, satisfied or otherwise rendered void by reason of the Closing and regardless of any investigations made by or on behalf of the Underwriter (or statements as to the results of such investigations) concerning such representations and statements of the Authority and regardless of delivery of and payment for the Bonds.

10. Execution in Counterparts. This Purchase Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

11. Effective. This Purchase Agreement shall become effective and binding upon the respective parties hereto upon the execution of the acceptance hereof by the Authority and shall be valid and enforceable as of the time of such acceptance.

12. No Prior Agreements. This Purchase Agreement supersedes and replaces all prior negotiations, agreements and understanding among the parties hereto in relation to the sale of the Bonds by the Authority.

13. Governing Law. This Purchase Agreement shall be governed by the laws of the State.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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S-1

14. Effective Date. This Purchase Agreement shall become effective and binding upon the respective parties hereto upon the execution of the acceptance hereof by the Authority and the City and shall be valid and enforceable as of the time of such acceptance.

Very truly yours,
PIPER SANDLER & CO.

By:

Its: Authorized Officer

CITY OF PITTSBURG PUBLIC

FINANCING AUTHORITY
By:

Its: Treasurer

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A-1

EXHIBIT A

CITY OF PITTSBURG PUBLIC FINANCING AUTHORITY

SPECIAL TAX REVENUE BONDS
SERIES 2026

Schedule of Bond Maturities, Principal Amounts, Interest Rates and Yield Maturity Date
(September 1) Principal
Amount
Interest
Rate Yield Price
10% Test
Used
Hold the
Offering
Price Used

† Term Bonds.

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A-2

Optional Redemption. The 2026 Bonds maturing on or before September 1, 20____, are not subject to optional redemption prior to maturity. The 2026 Bonds maturing on and after September 1, 20___, may be redeemed at the option of the Authority, from any source of available funds, prior to maturity on any date on or after September 1, 20___, as a whole, or in part from maturities corresponding to the maturities of the Special Tax Bonds simultaneously redeemed, if any redemption of Special Tax Bonds is being accomplished in conjunction with such optional redemption, and otherwise from such maturities as are selected by the Authority, and by lot within a maturity, at the following respective redemption prices (expressed as percentages of the principal amount of the Bonds to be redeemed), plus accrued interest thereon to the date of redemption:

Redemption Date Redemption
Premium

Special Mandatory Redemption. The Bonds are subject to mandatory special redemption on any Interest Payment Date from proceeds of early redemption of Special Tax Bonds from prepayment of Special Taxes, in whole or in part, from maturities corresponding to the maturities of the Special Tax Bonds simultaneously redeemed, at the principal amount thereof, plus a premium expressed below as a percentage of the principal amount so redeemed, plus accrued interest to the date of redemption thereof:

Redemption Date Redemption
Premium

Mandatory Sinking Fund Redemption of Bonds. The Bonds maturing on September 1, 20____ and September 1, 20____, are subject to redemption prior to their stated maturity, in part, by lot from amounts deposited into the Principal Account in the following amounts and on the following dates, at the principal amount thereof on the date fixed for redemption, without premium, but which amounts will be reduced by the principal amount of all Bonds optionally redeemed:

Term Bond Maturing September 1, 20____

Mandatory Redemption Dates
(September 1) Principal Amount

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A-3

Term Bond Maturing September 1, 20___

Mandatory Redemption Dates
(September 1) Principal Amount

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B-1

EXHIBIT B

LETTER OF REPRESENTATIONS OF THE CITY
Piper Sandler & Co.

Walnut Creek, California
Re: City of Pittsburg Community Facilities District 2009-01 (San Marco) Special Tax Bonds, Series 2026
Ladies and Gentlemen:

In connection with the proposed offer and sale of the above-referenced bonds (the “Special Tax Bonds”), the City of Pittsburg hereby represents and covenants to Piper Sandler & Co., as underwriter (the “Underwriter”) of the City of Pittsburg Public Financing Authority Special Tax Revenue Bonds, Series 2026 (the “Bonds”), as follows:

A. The City is duly organized and validly existing as a municipal corporation and general law city under the Constitution and laws of the State of California, and has duly authorized the formation of the Community Facilities District and annexation of land to the Community Facilities District pursuant to resolutions and ordinances duly adopted by the City Council (collectively, the “Community Facilities District Formation Resolutions” and, together with the Community Facilities District Resolutions of Issuance the “Community Facilities District Resolutions”) and the Community Facilities District Act. The City Council, as the legislative body of the City and the Community Facilities District, has duly adopted the Community Facilities District Resolutions, and has caused to be recorded in the real property records of the County of Contra Costa, a notice of special tax lien for CFD No. 2009-01 (San Marco) (the “Notice of Special Tax Lien”) (the Community Facilities District Formation Resolutions and Notice of Special Tax Lien being collectively referred to herein as the “Formation Documents”) for all property located within the boundaries of the Community Facilities District as of the date hereof. Each of the Formation Documents remains in full force and effect as of the date hereof and has not been amended. The Community Facilities District is duly organized and validly existing as a Community Facilities District under the laws of the State of California. The City has, and at the Closing Date will have, as the case may be, full legal right, power and authority: (i) to execute, deliver and perform its obligations under this Letter of Representations, the Fiscal Agent Agreement, the Indenture and the 2026 CFD Bond Purchase Agreement, and to carry out all transactions contemplated by each of such agreements; (ii) to issue, sell and deliver its Special Tax Bonds to the Authority; (iii) to enter into the Continuing Disclosure Certificate; and (iv) to carry out, give effect to and consummate the transactions contemplated by the Formation Documents, the Fiscal Agent Agreement, the Indenture, the 2026 CFD Bond Purchase Agreement, the Special Tax Bonds, the Purchase Agreement dated as of ____________, 2026 by and between the Underwriter and the City of Pittsburg Public Financing Authority (the “Authority”) and the Official Statement.

This Letter of Representations, the Fiscal Agent Agreement, the 2026 CFD Bond Purchase Agreement, the Special Tax Bonds and the Continuing Disclosure Certificate are collectively referred to herein as the “City Documents.”
B. The City has complied, and will at the Closing Date be in compliance in all material respects, with the Formation Documents and the City Documents, and any immaterial

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B-2

noncompliance by the City, if any, will not impair the ability of the City to carry out, give effect to or consummate the transactions contemplated by the foregoing. From and after the date of issuance of its Special Tax Bonds, the City will continue to comply with the covenants of the City contained in the City Documents.

C. Except as described in the Preliminary Official Statement, the City is not, in any respect material to the transactions referred to herein or contemplated hereby, in breach of or in default under, any law or administrative rule or regulation of the State of California, the United States of America, or of any department, division, agency or instrumentality of either thereof, or under any applicable court or administrative decree or order, or under any loan agreement, note, resolution, indenture, contract, agreement or other instrument to which the City is a party or is otherwise subject or bound, and the performance of its obligations under the City Documents and compliance with the provisions of each thereof, or the performance of the conditions precedent to be performed by the City pursuant to the City Documents, will not conflict with or constitute a breach of or default under any applicable law or administrative rule or regulation of the State of California, the United States of America, or of any department, division, agency or instrumentality of either thereof, or under any applicable court or administrative decree or order, or under any loan agreement, note, resolution, indenture, contract, agreement or other instrument to which the City is a party or is otherwise subject or bound, in any manner that would materially and adversely affect the performance by the City of its obligations under the City Documents or the performance of the conditions precedent to be performed by the City pursuant to the City Documents.

D. Except as may be required under the “blue sky” or other securities laws of any jurisdiction, all approvals, consents, authorizations, elections and orders of, or filings or registrations with, any governmental authority, board, agency or commission having jurisdiction which would constitute a condition precedent to, or the absence of which would materially adversely affect, the performance by the City of its obligations under the City Documents, have been or will be obtained at the Closing Date and are or will be in full force and effect at the Closing Date.

E. The City Documents conform as to form and tenor to the descriptions thereof contained in the Preliminary Official Statement.

F. The Special Tax Bonds are payable from the Special Taxes, as set forth in the Fiscal Agent Agreement, the levy of which has been duly and validly authorized pursuant to the Community Facilities District Act and the Special Taxes within the Community Facilities District will be fixed and levied in an amount which, together with other available funds, is required for the payment of the principal of, and interest on, the Special Tax Bonds when due and payable, all as provided in the Fiscal Agent Agreement. The City has covenanted to cause the Special Taxes to be levied and collected at the same time and in the same manner as ordinary ad valorem property taxes.

G. The Fiscal Agent Agreement creates a valid pledge of, first lien upon and security interest in, the Special Taxes, and in the moneys in the Special Tax Fund established pursuant to the Fiscal Agent Agreement, on the terms and conditions set forth in the Fiscal Agent Agreement.

H. Except as disclosed in the Preliminary Official Statement, there are, to the best of the City’s knowledge, no entities with outstanding assessment liens against any of the properties within the Community Facilities District or which are senior to or on a parity with the Special Taxes referred to in paragraph (G) hereof.

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I. The information contained in the Preliminary Official Statement and in the Official Statement (other than statements therein pertaining to the Authority, DTC and its book-entry system as to which no view is expressed) does not and shall not contain any untrue or misleading statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and, upon delivery and up to and including 25 days after the End of the Underwriting Period (as defined in paragraph (J) below), the Official Statement will be amended and supplemented so as to contain no misstatement of any material fact or omission of any statement necessary to make the statements contained therein, in the light of the circumstances in which such statements were made, not misleading.

J. Up to and including 25 days after the End of the Underwriting Period, the City will advise the Underwriter promptly of any proposal to amend or supplement the Official Statement and will not effect or consent to any such amendment or supplement without the consent of the Underwriter, which consent will not be unreasonably withheld. The City will advise the Underwriter promptly of the institution of any proceedings known to it by any governmental agency prohibiting or otherwise materially affecting the use of the Official Statement in connection with the offering, sale or distribution of the Bonds. As used herein, the term “End of the Underwriting Period” means the later of such time as: (i) the Bonds are delivered to the Underwriter; or (ii) the Underwriter does not retain, directly or as a member of an underwriting syndicate, an unsold balance of the Bonds for sale to the public. Unless the Underwriter gives notice to the contrary, the End of the Underwriting Period shall be deemed to be the Closing Date. Any notice delivered pursuant to this provision shall be a written notice delivered to the City and the Community Facilities District at or prior to the Closing Date, and shall specify a date (other than the Closing Date) to be deemed the “End of the Underwriting Period.”
K. At the time of acceptance hereof there is and as of the Closing there will be no action pending (notice of which has been served on the City) or to the best knowledge of the City threatened, in which any such action: (i) in any way questions the existence of the Community Facilities District or the titles of the officers of the City to their respective offices; (ii) affects, contests or seeks to prohibit, restrain or enjoin the issuance or delivery of the Bonds or the Special Tax Bonds or the payment or collection of Special Taxes or any amounts pledged or to be pledged to pay the principal of and interest on the Special Tax Bonds or the Bonds, or in any way contests or affects the validity of the City Documents or the consummation of the transactions on the part of the City contemplated thereby; (iii) contests the exemption of interest on the Special Tax Bonds from federal or State income taxation or contests the powers of the City or Community Facilities District which may result in any material adverse change relating to the financial condition of the Community Facilities District; or (iv) contests the completeness or accuracy of the Preliminary Official Statement or the Official Statement or any supplement or amendment thereto or asserts that the Preliminary Official Statement or the Official Statement contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and as of the time of acceptance hereof there is and, as of the Closing Date, there will be no basis for any action, suit, proceeding, inquiry or investigation of the nature described in clauses (i) through (iv) of this sentence.

L. Any certificate signed on behalf of the City by any officer or employee of the City authorized to do so shall be deemed a representation by the City to the Authority and the Underwriter on behalf of itself and the City as to the statements made therein.

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M. At or prior to the Closing, the City will have duly authorized, executed and delivered the Continuing Disclosure Certificate in substantially the form attached as Appendix F to the Official Statement. Except as disclosed in the Preliminary Official Statement, the City has not failed to comply in all respects with any previous undertakings with regard to the Rule to provide annual reports or notices of material events in the last five years.

N. The City will apply the proceeds of its Special Tax Bonds in accordance with the Fiscal Agent Agreement.

O. Between the date of the Purchase Agreement and the date of Closing, the City will not offer or issue any bonds, notes or other obligations for borrowed money not previously disclosed to the Underwriter.
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Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Bond Purchase Agreement by and between the Authority and the Underwriter.

CITY OF PITTSBURG
By:

Its: Director of Finance

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EXHIBIT C

SUPPLEMENTAL OPINION OF BOND COUNSEL
[Closing Date]
Piper Sandler & Co., as underwriter
Walnut Creek, California
Re: City of Pittsburg Public Financing Authority
Special Tax Revenue Bonds, Series 2026

Ladies and Gentlemen:

This letter is addressed to you, as Underwriter, pursuant to Section 6.G.7. of the Bond Purchase Agreement, dated _________, 2026 (the “Purchase Agreement”), between you and the City of Pittsburg Public Financing Authority (the “Authority”), providing for the purchase of $________ principal amount of City of Pittsburg Public Financing Authority Special Tax Revenue Bonds, Series 2026 (the “Bonds”).

The Bonds are being issued pursuant to an Indenture of Trust, dated as of ________ 1, 2026 (the “Indenture”), by and between the Authority and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Indenture or, if not defined in the Indenture, in the Purchase Agreement.

We have delivered our final legal opinion (the “Bond Opinion”) as bond counsel to the Authority concerning the validity of the Bonds and certain other matters, dated the date hereof and addressed to the Authority. You may rely on such opinion as though the same were addressed to you.

In connection with our role as bond counsel to the Authority, we have reviewed the Purchase Agreement, the Indenture, the Tax Certificate, opinions of counsel to the Authority and the Trustee, certificates of the Authority, the Trustee, the special tax consultant and such other documents, opinions and matters to the extent we deemed necessary to provide the opinions or conclusions set forth herein.

The opinions and conclusions expressed herein are based on an analysis of existing laws, regulations, rulings and court decisions and cover certain matters not directly addressed by such authorities.

Such opinions or conclusions may be affected by actions taken or omitted or events occurring after the date hereof. We have not undertaken to determine, or to inform any person, whether any such actions are taken or omitted or events do occur or any other matters come to our attention after the date hereof. We have assumed the genuineness of all documents and signatures presented to us (whether as originals or as copies) and the due and legal execution and delivery thereof by, and validity against, any parties other than the Authority. We have assumed, without undertaking to verify, the accuracy of the factual matters represented, warranted or certified in the documents, and of the legal conclusions contained in the opinions, referred to in the third paragraph hereof. We have further assumed compliance with all covenants and agreements contained in such documents. In addition, we call attention to the fact that the rights and obligations under the Bonds, the Indenture, the Tax Certificate and the Purchase Agreement and their enforceability may be subject to bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium and other laws relating to or affecting creditors’ rights, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases and to the limitations on legal remedies against cities in the State of California. We express no opinion with respect to any indemnification, contribution, liquidated damages, penalty (including any remedy deemed to constitute a penalty), arbitration, judicial reference, choice of

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law, choice of forum, choice of venue, waiver or severability provisions contained in the foregoing documents, nor do we express any opinions with respect to the plans, specifications, maps, financial report or other engineering or financial details of the proceedings, or upon the Rate and Method of Apportionment of the Special Tax for the Community Facilities District or the validity of the Special Tax levied upon any individual parcel.

Based on and subject to the foregoing, and in reliance thereon, as of the date hereof, we are of the following opinions or conclusions:

1. The Bonds are not subject to the registration requirements of the Securities Act of 1933, as amended and the Indenture is exempt from qualification pursuant to the Trust Indenture Act of 1939, as amended.

2. The Purchase Agreement has been duly executed and delivered by, and is a valid and binding agreement of, the Authority.

3. The statements contained in the Official Statement under the captions “THE BONDS,” “SECURITY FOR THE BONDS” and “TAX MATTERS,” and in Appendix D—“FORM OF BOND COUNSEL OPINION” and Appendix A—“SUMMARY OF CERTAIN PROVISIONS OF PRINCIPAL LEGAL DOCUMENTS,” excluding any material that may be treated as included under such captions by cross-reference, insofar as such statements expressly summarize certain provisions of the Indenture, the Fiscal Agent Agreement and the form and content of our Bond Opinion are accurate in all material respects.

4. We are not passing upon and do not assume any responsibility for the accuracy (except as explicitly stated in paragraph 3 above), completeness or fairness of any of the statements contained in the Preliminary Official Statement or the Official Statement, and make no representation that we have independently verified the accuracy, completeness or fairness of any such statements. We do not assume any responsibility for any electronic version of the Preliminary Official Statement or the Official Statement, and assume that any such version is identical in all respects in the printed version. In our capacity as bond counsel to the Authority in connection with the issuance of the Bonds, we participated in conferences with your representatives, your counsel, representatives of the City of Pittsburg, the Authority, their counsel, the special tax consultant and others, during which conferences the contents of the Preliminary Official Statement and the Official Statement and related matters were discussed. Based on our participation in the above-referenced conferences (which did not extend beyond the date of the Official Statement), and in reliance thereon, on oral and written statements and representations of the Authority, the City of Pittsburg, and others and on the records, documents, certificates and opinions herein mentioned (as set forth above), subject to the limitations on our role as bond and disclosure counsel to the Authority, we advise you as a matter of fact and not opinion that no facts came to the attention of the attorneys in our firm rendering legal services in connection with such issuance which caused us to believe that the Preliminary Official Statement, as of its date and as of the date of the Purchase Agreement, or the Official Statement, as of its date and as of the date hereof (except for any CUSIP numbers, financial, accounting, statistical or economic, engineering or demographic data or forecasts, numbers, charts, tables, graphs, estimates, projections, assumptions or expressions of opinion, any information about feasibility, valuation, real estate or environmental matters, or any information about book-entry, DTC, ratings, rating agencies, underwriters, underwriting, and the information contained in Appendix G included or referred to therein, which we expressly exclude from the scope of this paragraph and as to which we express no opinion or view), contained or contains any untrue statement of a material fact or omitted or omits to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. No responsibility is undertaken or opinion rendered with respect to any other disclosure document, materials or activity, or as to any information from another

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document or source referred to by or incorporated by reference in the Preliminary Official Statement or the Official Statement.

This letter is furnished by us as bond counsel to the Authority. No attorney-client relationship has existed or exists between our firm and you in connection with the Bonds or by virtue of this letter. Our engagement with respect to the Bonds has concluded with their issuance. We disclaim any obligation to update this letter. This letter is delivered to you as Underwriter of the Bonds, is solely for your benefit as such Underwriter and is not to be used, circulated, quoted or otherwise referred to or relied upon for any other purpose or by any other person. This letter is not intended to, and may not, be relied upon by owners of Bonds or by any other party to whom it is not specifically addressed.

Very truly yours,

JONES HALL LLP

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EXHIBIT D

CITY OF PITTSBURG PUBLIC FINANCING AUTHORITY

SPECIAL TAX REVENUE BONDS
SERIES 2026

FORM OF ISSUE PRICE CERTIFICATE
The undersigned, on behalf of Piper Sandler & Co. (“PSC”) hereby certifies as set forth below with respect to the sale and issuance of the above-captioned bonds (the “Bonds”).

1. Sale of the General Rule Maturities. As of the date of this certificate, for each Maturity of the General Rule Maturities, the first price at which at least 10% of such Maturity was sold to the Public is the respective price listed in Schedule A.

2. Initial Offering Price of the Hold-the-Offering-Price Maturities. (a) PSC offered the Hold-the-Offering-Price Maturities to the Public for purchase at the respective initial offering prices listed in Schedule A (the “Initial Offering Prices”) on or before the Sale Date. A copy of the pricing wire or equivalent communication for the Bonds is attached to this certificate as Schedule B.
(b) As set forth in the Bond Purchase Agreement, dated ________, 2026, by and between PSC and the City of Pittsburg Public Financing Authority (the “Authority”), PSC has agreed in writing that, (i) for each Maturity of the Hold-the-Offering-Price Maturities, it would neither offer nor sell any of the Bonds of such Maturity to any person at a price that is higher than the Initial Offering Price for such Maturity during the Holding Period for such Maturity (the “hold-the-offering-price rule”), and (ii) any selling group agreement shall contain the agreement of each dealer who is a member of the selling group, and any retail distribution agreement shall contain the agreement of each broker-dealer who is a party to the retail distribution agreement, to comply with the hold-the-offering-price rule.

Pursuant to such agreement, no Underwriter (as defined below) has offered or sold any Maturity of the Hold-the-Offering-Price Maturities at a price that is higher than the respective Initial Offering Price for that Maturity of the Bonds during the Holding Period.

3. Defined Terms.
(a) General Rule Maturities means those Maturities of the Bonds listed in Schedule A hereto as the “General Rule Maturities.”
(b) Hold-the-Offering-Price Maturities means those Maturities of the Bonds listed in Schedule A hereto as the “Hold-the-Offering-Price Maturities.” (c) Holding Period means, with respect to a Hold-the-Offering-Price Maturity, the period starting on the Sale Date and ending on the earlier of (i) the close of the fifth business day after the Sale Date (___________, 2026), or (ii) the date on which PSC has sold at least 10% of such Hold-the- Offering-Price Maturity to the Public at prices that are no higher than the Initial Offering Price for such Hold-the-Offering-Price Maturity.
(d) Issuer means the City of Pittsburg Public Financing Authority.

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(e) Maturity means Bonds with the same credit and payment terms. Bonds with different maturity dates, or Bonds with the same maturity date but different stated interest rates, are treated as separate maturities.
(f) Public means any person (including an individual, trust, estate, partnership, association, company, or corporation) other than an Underwriter or a related party to an Underwriter.

The term “related party” for purposes of this certificate generally means any two or more persons who have greater than 50 percent common ownership, directly or indirectly. (g) Sale Date means the first day on which there is a binding contract in writing for the sale of a Maturity of the Bonds. The Sale Date of the Bonds is September 24, 2026. (h) Underwriter means (i) any person that agrees pursuant to a written contract with the Issuer (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the Public, and (ii) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (i) of this paragraph to participate in the initial sale of the Bonds to the Public (including a member of a selling group or a party to a retail distribution agreement participating in the initial sale of the Bonds to the Public).

The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate represents PSC’s interpretation of any laws, including specifically Sections 103 and 148 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned understands that the foregoing information will be relied upon by the Issuer with respect to certain of the representations set forth in the Tax Certificate and with respect to compliance with the federal income tax rules affecting the Bonds, and by Jones Hall, A Professional Law Corporation in connection with rendering its opinion that the interest on the Bonds is excluded from gross income for federal income tax purposes, the preparation of the Internal Revenue Service Form 8038-G, and other federal income tax advice that it may give to the Issuer from time to time relating to the Bonds.

PIPER SANDLER & CO.

By:

Name:

Dated: __________, 2026

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SCHEDULE A

SALE PRICES OF THE GENERAL RULE MATURITIES AND INITIAL OFFERING

PRICES OF THE HOLD-THE-OFFERING-PRICE MATURITIES
(Attached)

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SCHEDULE B

PRICING WIRE OR EQUIVALENT COMMUNICATION
(Attached)

Jones Hall Draft of July 17, 2026

LOCAL OBLIGATIONS PURCHASE AGREEMENT

$____________
City of Pittsburg
Community Facilities District 2009-01
(San Marco)
Special Tax Bonds Series 2026

This LOCAL OBLIGATIONS PURCHASE AGREEMENT (this “Purchase Agreement”), dated as of September 1, 2026, is by and between the City of Pittsburg Public Financing Authority (the “Authority”), a joint powers authority organized and existing under the laws of the State of California, and the City of Pittsburg (the “City”), a general law city and municipal corporation organized and existing under and by virtue of the Constitution and laws of the State of California, for and on behalf of its Community Facilities District 2009-01 (San Marco) (the “District”) located within the City.

BACKGROUND:

WHEREAS, the Authority is a joint exercise of powers authority duly organized and existing under the provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the “Act”), and is authorized pursuant to Article 4 of the Act (the “Bond Law”) to borrow money for the purpose of financing the acquisition of bonds, notes and other obligations to provide financing or refinancing for public capital improvements of local agencies within the State of California; and

WHEREAS, the City is issuing City of Pittsburg Community Facilities District 2009-01 (San Marco) Special Tax Bonds, Series 2026 in the principal amount of $________ (the “Local Obligations”) for the purpose of financing authorized improvements for the District.

WHEREAS, the Authority has authorized the issuance of its Special Tax Revenue Bonds, Series 2026 in the aggregate principal amount of $____________ (the “Authority Bonds”), pursuant to an Indenture of Trust, dated as of September 1, 2026 (the “Indenture”), by and between the Authority and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), for the purpose of providing the funds required to acquire the Local Obligations; and

WHEREAS, the Authority and the City desire to enter into this Purchase Agreement providing for the sale of the Local Obligations by the City to the Authority, and the purchase thereof by the Authority, and containing the other agreements herein set forth.

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Authority and the City agree as follows:

AGREEMENT:

1. Upon the terms and conditions and upon the basis of the representations, warranties and agreements hereinafter set forth, the City hereby commits to sell to the Authority and does hereby sell to the Authority, and the Authority hereby commits to purchase from the

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City and does hereby purchase from the City, with the proceeds of the Authority Bonds, all of the Local Obligations. The Local Obligations will bear the annual interest rates and mature at the times set forth in Exhibit A attached hereto and hereby made a part hereof. The purchase price of the Local Obligations is set forth below.

2. All terms not herein defined will have the meanings given such terms in the Indenture authorizing the issuance of the Authority Bonds.

3. The City confirms that there are no substantial conditions precedent to the issuance by the City and to the sale (as provided herein) and the delivery to the Authority of the Local Obligations.

4. The parties hereto hereby specify September [1], 2026, as the date of closing of the purchase of the Local Obligations hereunder (the “Closing Date”). The Local Obligations will be registered in the name of the Trustee, as assignee of the Authority. On the Closing Date, the City will issue and deliver the Local Obligations to the Trustee upon payment by the Trustee of the purchase price of the Local Obligations in the aggregate amount of $__________, calculated as the $____________ aggregate principal amount of Local Obligations, plus a net original issue premium of $__________, less allocable shares of the costs related to Underwriter’s discount, capitalized interest, reserve fund deposit and costs of issuance, in each case as paid by the Authority in connection with the Authority Bonds. Said purchase price will be paid from the proceeds of sale of the Authority Bonds, and will be paid by the Trustee from the Purchase Fund established under the Indenture.

5. The Local Obligations will be as described in the Official Statement dated as of the date hereof, relating to the Authority Bonds (the “Official Statement”) and will be issued and secured under the provisions of the resolution adopted by the City on [August 3], 2026 (the “Resolution”) and a Fiscal Agent Agreement dated as of September 1, 2026 (the “Fiscal Agent Agreement”), by and between the City and The Bank of New York Mellon Trust Company, N.A., as fiscal agent. The Local Obligations and interest thereon will be payable from Special Taxes levied and collected in accordance with the Resolution and the applicable Fiscal Agent Agreement.

6. Any action under this Purchase Agreement taken by the Authority, including payment for and acceptance of the Local Obligations, and delivery and execution of any receipt for the Local Obligations and any other instruments in connection with the closing on the Closing Date, will be valid and sufficient for all purposes and binding upon the Authority, provided that any such action will not impose any obligation or liability upon the Authority other than as may arise as expressly set forth in this Purchase Agreement.

7. It is a condition to the City’s sale and delivery of the Local Obligations to the Authority, and to the Authority’s purchase of the Local Obligations and the obligations of the Authority to accept delivery of and to pay for the Local Obligations, that the entire aggregate principal amount of the Local Obligations authorized by the Resolution and the Fiscal Agent Agreement will be delivered by the City, and accepted and paid for by the Authority, on the Closing Date.

8. The City has furnished some, but not all, of the information contained in the Official Statement and hereby authorizes the use of that information by the Authority in connection with the public offering and sale of the Authority Bonds.

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9. The City represents and warrants to the Authority that:

(a) The City is a general law city and municipal corporation organized and existing under the Constitution and laws of the State of California, and has, and on the Closing Date will have, full legal right, power and authority (i) to enter into this Purchase Agreement, the Continuing Disclosure Certificate relating to the Authority Bonds and the Local Obligations (the “Continuing Disclosure Certificate”) and the Fiscal Agent Agreement (collectively, the “City Documents”), (ii) to adopt the Resolution, (iii) to issue, sell and deliver the Local Obligations to the Authority as provided herein, and (iv) to carry out and consummate the transactions contemplated by the Resolution, the City Documents and the Official Statement;

(b) By all necessary official action of the City, the City has duly authorized and approved the execution and delivery of, and the performance by the City of the obligations contained in, the City Documents and as of the date hereof, such authorizations and approvals are in full force and effect and have not been amended, modified or rescinded. When executed and delivered, the City Documents will constitute the legally valid and binding obligations of the City enforceable in accordance with their respective terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or affecting creditors’ rights generally;

(c) The City has complied, and will at the Closing be in compliance in all respects, with the terms of the City Documents;

(d) The execution and delivery of City Documents and the Local Obligations, the adoption of the Resolution and compliance with the provisions of each thereof, and the carrying out and consummation of the transactions contemplated by the Official Statement, will not conflict with or constitute a breach of or a default under any applicable law or administrative regulation of the State of California or the United States, or any applicable judgment, decree, agreement or other instrument to which the City is a party or is otherwise subject;

(e) To the knowledge of the City, at the time of the City’s acceptance hereof and at all times subsequent thereto up to and including the Closing Date, with respect to information describing the City, the District, the City Documents and the Resolution and other resolutions relating to the District, the Official Statement does not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

(f) Except as may be described in the Official Statement, there is no action, suit, proceeding or investigation before or by any court, public board or body pending or, to the knowledge of the City, threatened, wherein an unfavorable decision, ruling or finding would: (i) affect the creation, organization, existence or powers of the City or the titles of its members and officers to their respective offices, (ii) enjoin or restrain the issuance, sale and delivery of the Local Obligations, the levy and receipt of the Special Taxes which secure the Local Obligations, or the pledge thereof, (iii) in any way question or affect any of the rights, powers, duties or obligations of the City with respect to the moneys pledged or to be pledged to pay the principal of, premium, if any, or interest on the Local Obligations, (iv) in any way question or affect any authority for the issuance of

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the Local Obligations, or the validity or enforceability of the Local Obligations, the Resolution or the City Documents, or (v) in any way question or affect the City Documents or the transactions contemplated by the City Documents, the Official Statement, the Resolution, the other documents referred to in the Official Statement, or any other agreement or instrument to which the City is a party relating to the Local Obligations;

(g) The City will furnish such information, execute such instruments and take such other action in cooperation with the Authority, as the Authority may reasonably request, to qualify the Authority Bonds for offer and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions of the United States as the Authority may designate, and will assist, if necessary therefor, in the continuance of such qualifications in effect as long as required for the distribution of the Authority Bonds; provided, however, that the City will not be required to qualify as a foreign corporation or to file any general consents to service of process under the laws of any state;

(h) The issuance and sale of the Local Obligations is not subject to any transfer or other documentary stamp taxes of the State of California or any political subdivision thereof;

(i) Any certificate signed by any official of the City authorized to do so will be deemed a representation and warranty by the City to the Authority as to the statements made therein.

10. Up to and including 25 days after the End of the Underwriting Period (as defined below), the City will advise the Authority promptly of any proposal to amend or supplement the Official Statement. The City will advise the Authority promptly of the institution of any proceedings known to it by any governmental agency prohibiting or otherwise materially affecting the use of the Official Statement in connection with the offering, sale or distribution of the Authority Bonds or the Local Obligations. As used herein, the term “End of the Underwriting Period” means the later of such time as: (a) the Authority Bonds are delivered to the Original Purchaser (as defined in the Indenture); or (b) the Original Purchaser does not retain, directly or as a member of an underwriting syndicate, an unsold balance of the Authority Bonds for sale to the public. Unless the Authority or the Original Purchaser gives notice to the contrary, the End of the Underwriting Period shall be deemed to be the Closing Date. Any notice delivered pursuant to this provision shall be written notice delivered to the City at or prior to the Closing Date and shall specify a date (other than the Closing Date) to be deemed the “End of the Underwriting Period.”

11. At 8:00 a.m., Pacific Time, on the Closing Date, or at such other time or on such other date as is mutually agreed by the City and the Authority, (a) the City will deliver the Local Obligations to the Trustee in definitive form, duly executed, together with the other documents hereinafter mentioned, (b) subject to the terms and conditions hereof, the Trustee solely from moneys held under the Indenture will accept such delivery and pay the purchase price of the Local Obligations as referenced in paragraph 1 hereof by wire transfer or other funds which are good funds on the Closing Date, (c) the Trustee will deposit into the funds established under the Fiscal Agent Agreement the amounts described in the Fiscal Agent Agreement. Delivery and payment, as aforesaid, will be made at such place as will have been mutually agreed upon by the City, the Trustee and the Authority.

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12. The Authority has entered into this Purchase Agreement in reliance upon the representations, warranties and agreements of the City contained herein and to be contained in the documents and instruments to be delivered on the Closing Date, and upon the performance by the City of its obligations hereunder, both as of the date hereof and as of the Closing Date.

Accordingly, the Authority’s obligations under this Purchase Agreement to purchase, to accept delivery of and to pay for the Local Obligations will be subject to the performance by the City of its obligations to be performed hereunder and under such documents and instruments at or prior to the Closing Date, and will also be subject to the following conditions:

(a) The representations and warranties of the City contained herein will be true, complete and correct on the date hereof and on and as of the Closing Date, as if made on the Closing Date;

(b) On the Closing Date, the Resolution and the City Documents will be in full force and effect, and will not have been amended, modified or supplemented, and the Official Statement will not have been amended, modified or supplemented, except in either case as may have been agreed to by both the Authority and the Original Purchaser;

(c) As of the Closing Date, all official action of the City relating to the Local Obligations, including but not limited to the Resolution, will be in full force and effect, and there will have been taken all such actions as, in the opinion of Jones Hall LLP (“Bond Counsel”), will be necessary or appropriate in connection therewith, with the issuance of the Authority Bonds and the Local Obligations, and with the transactions contemplated hereby, all as described in the Official Statement;

(d) The Authority will have the right to terminate the Authority’s obligations under this Purchase Agreement to purchase, to accept delivery of and to pay for the Local Obligations by notifying the City of its election to do so if, after the execution hereof and prior to the Closing: (i) either the marketability of the Authority Bonds or the market price of the Authority Bonds, in the opinion of the Authority, has been materially and adversely affected by any decision issued by a court of the United States (including the United States Tax Court) or of the State of California, by any ruling or regulation (final, temporary or proposed) issued by or on behalf of the Department of the Treasury of the United States, the Internal Revenue Service, or other governmental agency of the United States, or any governmental agency of the State of California, or by a tentative decision with respect to legislation reached by a committee of the House of Representatives or the Senate of the Congress of the United States, or by legislation enacted by, pending in, or favorably reported to either the House of Representatives or the Senate of the Congress of the United States or either house of the Legislature of the State of California, or formally proposed to the Congress of the United States by the President of the United States or to the Legislature of the State of California by the Governor of the State of California in an executive communication, affecting the tax status of the Authority or the City, their property or income, their bonds (including the Authority Bonds) or the interest thereon, or any tax exemption granted or authorized by the Bond Law; (ii) the United States will have become engaged in: hostilities which have resulted in a declaration of war or national emergency, or there will have occurred any other outbreak of hostilities, or a local, national or international calamity or crisis, financial or otherwise, the effect of such outbreak, calamity or crisis being such as, in the reasonable opinion of the Authority, would affect materially and adversely the ability of the Authority to market the Authority Bonds (it being agreed by the Authority that there is

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no outbreak, calamity or crisis of such a character as of the date hereof); (iii) there will have occurred a general suspension of trading on the New York Stock Exchange or the declaration of a general banking moratorium by the United States, New York State or California State authorities; (iv) there will have occurred a withdrawal or downgrading of any rating assigned to any securities of the City by a national municipal bond rating agency; (v) any Federal or California court, authority or regulatory body will take action materially and adversely affecting the ability of a developer to proceed with the development as contemplated by the Official Statement; (vi) an event described in paragraph 12 hereof occurs which in the opinion of the Authority requires a supplement or amendment to the Official Statement, and such supplement or amendment is not agreed to by the City; and

(e) On or prior to the Closing Date, the Authority will have received each of the following documents:

(1) All documents and opinions required to be received by the Trustee prior to the application of proceeds of the Authority Bonds to the purchase of the Local Obligations;

(2) Opinions, in form and substance satisfactory to the City and the Authority, dated as of the Closing Date, of Bond Counsel, approving, without qualification, the validity of the Local Obligations;

(3) A certificate dated the Closing Date, addressed to the Authority and the Original Purchaser, signed by a City official having knowledge of the facts to the effect that:

(i) The representations and warranties of the City contained herein are true and correct in all material respects on and as of the Closing Date as if made on the Closing Date;

(ii) Except as described in the Official Statement, there is no action, suit, proceeding or investigation before or by any court, public board or body pending or threatened, wherein an unfavorable decision, ruling or finding would: (A) affect the creation, organization, existence or powers of the City, or the titles of its members and officers to their respective offices, (B) enjoin or restrain the issuance, sale and delivery of the Local Obligations, the levy or collection of the Special Taxes or any other moneys or property pledged or to be pledged under the Resolution or the Fiscal Agent Agreement, or the pledge thereof, (C) in any way question or affect any of the rights, powers, duties or obligations of the City with respect to the moneys and assets pledged or to be pledged to pay the principal of, premium, if any, or interest on the Local Obligations, (D) in any way question or affect any authority for the issuance of the Local Obligations, or the validity or enforceability of the Local Obligations, the Resolution or the City Documents, or (E) in any way question or affect this Purchase Agreement or the transactions contemplated by the City Documents, the Resolution, the Official Statement or the documents referred to in the Official Statement;

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(iii) The City has complied with all agreements, covenants and arrangements, and satisfied all conditions, on its part to be complied with or satisfied on or prior to the Closing Date; and

(iv) To the best of its knowledge, no event affecting the City has occurred since the date of the Official Statement which should be disclosed in the Official Statement for the purposes for which it is necessary to disclose therein in order to make the statements not misleading in any respect;

(4) An opinion, dated the Closing Date and addressed to the City, the Authority and the Original Purchaser, of the City Attorney, to the effect that (A) the City Documents have been duly authorized, executed and delivered by, and, assuming due authorization, execution and delivery, constitute the legal, valid and binding agreement of the City enforceable in accordance with their terms, except as such enforceability may be limited by the application of equitable principles if equitable remedies are sought, (B) the Resolution has been duly adopted, is in full force and effect and has not been modified, amended or rescinded, and (C) except as described in the Official Statement, there is no action, suit, proceeding or investigation before or by any court, public board or body pending or threatened, wherein an unfavorable decision, ruling or finding would: (i) affect the creation, organization, existence or powers of the City or the District; (ii) enjoin or restrain the issuance, sale and delivery of the Local Obligations, the levy and collection of the Special Taxes or the pledge of the Special Taxes and other amounts pledged or to be pledged under the Fiscal Agent Agreement or the pledge thereof; (iii) in any way question or affect any of the rights, powers, duties or obligations of the City with respect to the moneys and assets pledged or to be pledged to pay the principal of, premium, if any, or interest on the Local Obligations; (iv) in any way question or affect any authority for the issuance of the Local Obligations, or the validity or enforceability of the Local Obligations, the Resolution or the City Documents; (v) in any way question or affect this Purchase Agreement or the transactions contemplated by the City Documents, the Official Statement or the documents referred to in the Official Statement and (vi) the statements in the Official Statement relating to the City are true and accurate;

(5) Such additional legal opinions, certificates, instruments and documents as the Authority may reasonably request to evidence the truth and accuracy, as of the date hereof and as of the Closing Date, of the City’s representations and warranties contained herein and of the statements and information contained in the Official Statement;

(6 An executed copy of the Fiscal Agent Agreement; and

(7) The Resolution, certified by authorized officers as a true copy and/or as having been adopted or executed (as applicable), with only such amendments, modifications or supplements as may have been agreed to by the Authority and the Original Purchaser.

All of the opinions, letters, certificates, instruments and other documents mentioned above or elsewhere in this Purchase Agreement will be deemed to be in compliance with the provisions hereof if, but only if, they are in form and substance satisfactory to the Authority, but

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the approval of the Authority will not be unreasonably withheld. Receipt of, and payment for, the Local Obligations will constitute evidence of the satisfactory nature of such as to the Authority.

The performance of any and all obligations of the City hereunder and the performance of any and all conditions contained herein for the benefit of the Authority may be waived by the Authority in its sole discretion.

If the City will be unable to satisfy the conditions to the obligations of the Authority to purchase, accept delivery of and pay for the Local Obligations contained in this Purchase Agreement, or if the obligations of the Authority to purchase, accept delivery of and pay for the Local Obligations will be terminated for any reason permitted by this Purchase Agreement, this Purchase Agreement will terminate, and neither the Authority nor the City will be under further obligation hereunder, except that the respective obligations of the City and the Authority set forth in paragraphs 14 and 15 hereof will continue in full force and effect.

13. The Authority and the City will determine which portion of expenses incurred in connection with issuance of the Authority Bonds and the Local Obligations will be paid by each respective entity, in such proportion as is in compliance with all applicable laws.

14. To the extent permitted by law, the City will indemnify and hold harmless the Authority and the Trustee, and their respective officers, directors, employees and agents, against any and all losses, claims, damages, liabilities, costs and expenses (including without limitation fees and disbursements of counsel and other expenses) incurred by them or any of them in connection with investigating or defending any loss, claim, damages, liability or any suit, action or proceeding, joint or several, to which they or any of them may become subject under the laws of the State of California or under federal tax law, insofar as such losses, claims, damages, liabilities, costs and expenses (or any suit, action or proceeding in respect thereof) arise out of or are based upon the issuance and sale of the Local Obligations or any untrue statement or alleged untrue statement of a material fact contained in the Official Statement or in any amendment or supplement thereto, or any omission or alleged omission to state therein a material fact relating to the City, the District or the Local Obligations which is required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. This indemnity agreement will be in addition to any liability which the City or the District may otherwise have.

15. This Purchase Agreement is made solely for the benefit of the City and the Authority (including their successors and assigns), and no other person will acquire or have any right hereunder or by virtue hereof. All of the City’s representations, warranties and agreements contained in this Purchase Agreement will remain operative and in full force and effect regardless of: (i) any investigations made by or on behalf of the Authority or (ii) delivery of and payment for the Local Obligations pursuant to this Purchase Agreement. The agreements contained in this paragraph and in paragraph 14 will survive any termination of this Purchase Agreement.

16. This Purchase Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered will be an original, but all such counterparts will together constitute but one and the same instrument.

17. In case any one or more of the provisions contained herein will for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provision hereof.

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18. The validity, interpretation and performance of this Purchase Agreement will be governed by the laws of the State of California.

[Signature Page Follows]

[Signature Page to District Bond Purchase Agreement dated as of ________, 2026]

IN WITNESS WHEREOF, the Authority and the City have caused this Purchase Agreement to be executed by their duly authorized officers all as of the date first above written.

PITTSBURG PUBLIC FINANCING

AUTHORITY

By:

Executive Director

CITY OF PITTSBURG, on behalf of Community
Facilities District 2009-01 (San Marco)

By:

City Manager

A-1

EXHIBIT A

Schedule of Bond Maturities, Principal Amounts and Interest Rates Local Obligations

Maturity Date
(September 1)
Principal
Amount
Interest
Rate
Maturity Date
(September 1)
Principal
Amount
Interest
Rate

A-1

AMENDMENT TO

ACQUISITION, FUNDING AND DISCLOSURE AGREEMENT

CITY OF PITTSBURG
COMMUNITY FACILITIES DISTRICT NO. 2009-01 (SAN MARCO)

This Amendment to Acquisition, Funding and Disclosure Agreement (this “Amendment”) is entered into as of ___________, 2026, by and among the CITY OF PITTSBURG, a municipal corporation (the “City”), WEST COAST HOME BUILDERS, INC., SEECON FINANCIAL & CONSTRUCTION CO., INC., AND SAN MARCO PROPERTIES, LLC (collectively, the “Developer”).

WHEREAS, the City in 2009 formed its City of Pittsburg Community Facilities District No. 2009-01 (San Marco) (the “District”) and

WHEREAS, the District is authorized to fund certain public improvements, and in connection therewith the City and the Developer entered into that certain Acquisition, Funding and Disclosure Agreement dated as of April 5, 2010 (the “Agreement”) which provided, among other things, that the Developer will be reimbursed for costs of construction of certain public improvements, according to the terms of and as more specifically provided in the Agreement, including Exhibit A thereto; and

WHEREAS, to date no bonds have been issued for the District and reimbursements to the Developer pursuant to the Agreement have been from certain special taxes levied within the District and passed through by the City to the Developer on a “pay-as-you go” basis; and

WHEREAS, the City and Developer contemplate issuing a series of bonds for the District (the “2026 Bonds”) and in connection with such issuance desire to enter into this Amendment to set forth certain terms related to (i) proceeds of the 2026 Bonds, (ii) pay-as-you go funds generated through the levy of special taxes in the future, and (iii) special taxes collected to date and currently held by the City; and

WHEREAS, to implement the foregoing, the City and the Developer desire to amend the Agreement pursuant to the terms of this Amendment.

NOW, THEREFORE, in consideration of the preceding recitals and the mutual covenants hereinafter contained, the parties agree the following amendments to the Agreement:

1. Proceeds of the 2026 Bonds. Proceeds of the 2026 Bonds net of Expenses, the City Administrative Fee, capitalized interest, if any, and the debt service reserve shall be deposited into the Acquisition Fund and used for purchase of the Acquisition Improvements as set forth in the Agreement.

2. Description of Acquisition Improvements. Exhibit A to the Agreement is hereby deleted in its entirety and replaced with Exhibit A attached to, and incorporated in, this Amendment.

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3. Future “Pay-As-You-Go” Funding. The City and the Developer recognize and acknowledge that the proceeds of special tax collections described in Section 1.04(a)(iii) of the Agreement represent the amounts available for “pay-as-you-go” funding. Section 1.04(a)(iii) is amended as follows:

“…(iii) the balance shall be deposited in a City Improvements Fund to be created in the bond documentation, all amounts in such fund shall exclusively be available to and utilized by the City and at the City’s sole discretion for the cost of any public improvements authorized to be funded by the District, but in no event shall any of the amounts in such fund be used for any other purpose other than the costs associated with the public improvements located within the boundaries of the District, unless otherwise allowed by the District and for the benefit of the District.

4. Special Tax Collections Currently Held. The City is currently in possession of $2,240,396 of special taxes (the “Available Taxes”), not including accrued interest for Fiscal Year 2025-26, in that such interest has not yet been posted. The City and Developer agree that such amount shall be distributed as follows: (i) $1,120,198, shall be disbursed to the Developer on or before 10 days following the date of closing of the 2026 Bonds, plus one-half of the interest accrued for Fiscal Year 2025-26 when available, as the last and final distribution of pay-as-you-go funding to which the Developer is entitled to under the Agreement as it existed prior to this Amendment, and (ii) $1,120,198, plus one-half of the interest accrued for Fiscal Year 2025-26 shall be available to the City to be utilized by the City and at the City’s sole discretion for the cost of any public improvements authorized to be funded by the District. Special tax collections beginning in Fiscal Year 2026-27 and thereafter shall be available to the City as set forth in Section 3 of this Amendment.

This Amendment amends, but does not replace or supersede, the Agreement as originally entered into, except as specified herein and as otherwise needed or necessary to be interpreted to implement the terms of this Amendment.

This Amendment may be executed in counterparts.

IN WITNESS WHEREOF, the parties have caused this Amendment to Acquisition, Funding and Disclosure Agreement to be signed as of the date first above written.

CITY OF PITTSBURG

By:

Darin Gale
City Manager

DEVELOPER

West Coast Home Builders, Inc.

By:

Its:

Seecon Financial & Construction Co., Inc.

By:

Its:

San Marco Properties, LLC

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By:

Its:

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EXHIBIT A

DESCRIPTION OF ACQUISITION IMPROVEMENTS

COMMUNITY FACILITIES DISTRICT 2009-01
(SAN MARCO)

CITY OF PITTSBURG, COUNTY OF CONTRA COSTA, STATE OF CALIFORNIA

ITEM # DESCRIPTION OF IMPROVEMENTS UNIT QUANTITY
UNIT
PRICE

BUDGETED
AMOUNT
A. PREVIOUSLY REIMBURSED ACQUISITION

IMPROVEMENTS

1. Acquisition Improvements previously acquired and/or
reimbursed from Special Tax revenues pursuant to the
Agreement
L.S. 1 $14,000,000.00 $14,000,000.00

SUBTOTAL -- PREVIOUSLY REIMBURSED ACQUISITION
IMPROVEMENTS $14,000,000.00

B. SAN MARCO UNITS 9 & 10 ACQUISITION IMPROVEMENTS

1. Final design, engineering, construction, fees and related public improvement costs
L.S. 1 $8,699,735.00 $8,699,735.00
SUBTOTAL -- SAN MARCO UNITS 9 & 10 $8,699,735.00

C. SAN MARCO UNITS 11 & 12 AND RELATED PRO-RATA

ACQUISITION IMPROVEMENTS

1. Final design, engineering, construction, fees and related public improvement costs
L.S. 1 $17,907,553.00 $17,907,553.00
SUBTOTAL -- SAN MARCO UNITS 11 & 12 AND PRO-RATA
IMPROVEMENTS $17,907,553.00

D. SAN MARCO UNIT 13 ACQUISITION IMPROVEMENTS

1. Final design, engineering, construction, fees and related public improvement costs
L.S. 1 $11,651,070.00 $11,651,070.00
SUBTOTAL -- SAN MARCO UNIT 13 $11,651,070.00

TOTAL ESTIMATED PUBLIC IMPROVEMENTS AND
EXPENSES $52,258,358.00

STAFF REPORT

MEETING DATE: August 17, 2026

TO: Mayor and Council Members

FROM: Darin E. Gale‚ City Manager
Sara Bellafronte, Assistant to the City Manager

SUBJECT: Introduce and Waive First Reading of an Ordinance Adding Chapter 9.19 to the Pittsburg Municipal Code Regulating Open Fires

EXECUTIVE SUMMARY

Staff requests that the City Council introduce and waive the first reading of an Ordinance adding Chapter 9.19, “Open Fires,” to Title 9 of the Pittsburg Municipal Code, establishing rules governing open fires, fire pits, BBQ pits, and bonfires on City parks and public property in order to reduce fire hazards and protect public health and safety. Staff recommends introduction of the Ordinance at this meeting, with second reading and adoption to follow at a subsequent regular meeting.

FISCAL IMPACT
There is no direct impact on the General Fund associated with introduction of the Ordinance. Any associated fees intended to recover the City's maintenance and administrative costs will be established by separate City Council action.

RECOMMENDATION
City Council move to introduce and waive the first reading of an Ordinance adding Chapter 9.19, “Open Fires,” to Title 9 of the Pittsburg Municipal Code, regulating open fires, fire pits, BBQ pits, and bonfires within City parks and on public property.

BACKGROUND
The Pittsburg Municipal Code does not currently contain a comprehensive chapter regulating open fires, fire pits, BBQ pits, or bonfires on City parks and public property. As use of City parks and shoreline areas has grown, staff have identified a need for clear

rules addressing fire safety, particularly given the City's proximity to environmentally sensitive shoreline habitat, increasing wildfire risk, and the region's recurring Red Flag Warnings, Spare the Air Alerts, and BAAQMD burn restrictions.

Under existing conditions, enforcement staff have lacked a dedicated regulatory framework specific to open fire activity, relying instead on general nuisance, fire code, and park rule provisions that do not squarely address fire pits, BBQ pits, bonfires, or the use of accelerants and prohibited fuels. The proposed Ordinance closes this gap by adding a new Chapter 9.19 to Title 9 of the PMC dedicated exclusively to open fire regulation, consistent with the requirements of the California Fire Code, Con Fire, and BAAQMD Regulation 6, Rule 3.

SUBCOMMITTEE FINDINGS
This item was not considered at a subcommittee.

STAFF ANALYSIS
The proposed Ordinance is organized into 17 sections and applies City-wide to all City parks, open spaces, trails, shoreline areas, and public property. Key provisions include:
• Weather and Air Quality Conditions: All fires, including those in City-owned Designated Devices, are automatically prohibited during a Red Flag Warning, a Spare the Air Alert, a Burn Ban issued by BAAQMD or Con Fire, or when sustained winds exceed 15 mph or gusts exceed 25 mph. Users are responsible for verifying conditions before igniting any fire.
• City-Owned Designated Devices: Wood-burning and charcoal use in City-owned fire pits and BBQ pits is permitted only when a Supervising Adult is present, only Seasoned Firewood or approved charcoal is used, a 10-foot clearance from combustibles is maintained, and suppression equipment is on hand. Fire Pits may only be used between 3:00 p.m. and 9:00 p.m., and BBQ Pits may only be used between sunrise and 9:00 p.m., with extinguishment for all beginning by 8:30 p.m.
• Portable BBQ Pits and Fire Pits: Portable charcoal, seasoned wood, or propane BBQ pits, and portable propane fire pits, require a City Special Event Permit; portable wood-burning fire pits remain prohibited City-wide. • Bonfires: Bonfires are prohibited on all City parks and public property with no exemption for cultural, ceremonial, or recreational use. • Special Event Permits: Any fire use in a device other than a City-owned Designated Device requires a Special Event Permit, including a site plan, safety and suppression plan, proof of outside agency permits, and proof of insurance.

Fees will be set by separate Council resolution.
• Reservations: Use of City-owned fire pits requires an advance, first-come, first- served reservation through the Recreation Department, limited to adults 18 years of age or older acting as the Supervising Adult as defined in the proposed Ordinance.
• Environmental Protection: Fires are prohibited in shoreline habitat, environmentally sensitive areas, and creek zones regardless of permit status,

and burning of garbage, plastics, and treated or painted wood is prohibited at all times.
• Enforcement: The Ordinance may be enforced by the Pittsburg Police Department, Code Enforcement Division, Public Works Department, and Recreation Department through administrative citations, removal from City property, and permit or reservation revocation, consistent with the penalty schedule in PMC 1.20.

Staff has coordinated with Contra Costa County Fire Protection District policies and reviewed applicable Bay Area Air Quality Management District Regulation 6, Rule 3 requirements in drafting the Ordinance.

ATTACHMENTS: Ordinance Adding Chapter 9.19, “Open Fires,” to Title 9 of the Pittsburg Municipal Code

Ordinance No. 26- Page 1 of 9 August 17, 2026

BEFORE THE CITY COUNCIL OF THE CITY OF PITTSBURG

In the Matter of:

Amending Pittsburg Municipal Code Title 9 ) ORDINANCE NO. 26- To Add Chapter 9.19 Regulating Open Fires )

WHEREAS, the City of Pittsburg (City) owns and maintains numerous parks, open spaces, trails, and shoreline areas that are used by the public for recreation, including areas where open fires, fire pits, BBQ pits, and bonfires may occur; and WHEREAS, uncontrolled open fires, portable fire pits, and bonfires on City parks and public property pose risks to public health and safety, including risk of injury, wildfire, and damage to environmentally sensitive shoreline habitat; and WHEREAS, the Contra Costa County Fire Protection District (CCCFPD) and the Bay Area Air Quality Management District (BAAQMD), including BAAQMD Regulation 6, Rule 3 governing wood-burning devices, impose requirements applicable to outdoor burning, and it would be beneficial to public health and safety to establish municipal code provisions consistent with those requirements.

NOW, THEREFORE, the City Council of the City of Pittsburg Does ORDAIN as follows:

SECTION 1. Amendment. Chapter 9.19 is hereby added to the Pittsburg Municipal Code Title 9 to read as follows:

Chapter 9.19

OPEN FIRES

9.19.010. Purpose
The purpose of this Chapter is to regulate open fires, including fire pits, BBQ pits, and bonfires, within City parks and open spaces to protect public health and safety, reduce fire hazards, and promote safe recreation. This Chapter ensures compliance with the California Fire Code, the Contra Costa County Fire Protection District (Con Fire), and the Bay Area Air Quality Management District (BAAQMD), including BAAQMD Regulation 6, Rule 3 (Wood-Burning Devices), as each may be amended from time to time.

9.19.020. Definitions
As used in this Chapter, the following terms have the meanings set forth below:

"Accelerant" means any flammable liquid or chemical agent used to initiate or intensify combustion, including but not limited to lighter fluid, gasoline, kerosene, or alcohol- based fuels.

Ordinance No. 26- Page 2 of 9 August 17, 2026

"BBQ Pit" means a permanent or portable charcoal or propane barbecue or smoker designed primarily for cooking.

"Bonfire" means a large, intentionally ignited outdoor fire, typically for ceremonial, recreational, or cultural purposes.

"Burn Ban" means any outdoor burning prohibition issued by BAAQMD or Con Fire.

"Designated Device" means any City-installed fire pit or BBQ pit approved for public use and identified by the Public Works Department pursuant to this Chapter.

"Fire Pit" means a permanent or portable device designed to contain wood or charcoal for heating or ceremonial purposes.

"Open Fire" means any flame or combustion not entirely contained within a manufactured device designed for cooking or heating.

"Park" means any City-owned park, recreation area, trail, open space, or shoreline area governed by the Pittsburg Municipal Code (PMC).

"Public Property" means all public property including, but not limited to, streets, sidewalks, alleys, improved or unimproved land and parks, as further defined in PMC

9.27. "Red Flag Warning" means a fire weather warning issued by the National Weather Service indicating conditions of high fire danger, including low humidity, high temperatures, and/or strong winds.

"Seasoned Firewood" means wood with a moisture content of less than twenty percent (20%) by weight, as defined by BAAQMD Regulation 6, Rule 3.

"Spare the Air Alert" means an air quality advisory or mandatory curtailment notification issued by the Bay Area Air Quality Management District (BAAQMD) prohibiting the use of wood-burning devices, outdoor fire pits, or other solid-fuel-burning devices, as issued pursuant to BAAQMD Regulation 6, Rule 3, as amended from time to time.

"Supervising Adult" means a person eighteen (18) years of age or older who is physically present within ten (10) feet of a fire device at all times while the fire is lit and is responsible for the safe operation and extinguishment of the fire.

9.19.030. General Prohibitions
The following are prohibited within all City Parks and Public Property:

1. Open fires, fire pits, and bonfires, except as expressly permitted by this Chapter.

Ordinance No. 26- Page 3 of 9 August 17, 2026

2. Wood-burning in any device other than a City-owned Designated Device used in compliance with this Chapter.

3. Portable fire pits using wood, charcoal, or other solid fuels.

4. Bonfires. (See also Section 6.)

5. All outdoor fires including fires in City-owned fire pits and charcoal BBQ devices, during any Red Flag Warning, Spare the Air Alert, or Burn Ban.

6. Disposal of hot ashes, coals, or embers on the ground, in regular trash containers, or in any container other than a City-designated metal ash receptacle.

7. Use of Accelerants to intensify any fire, with the exception of starting the fire.

8. Burning of treated wood, painted wood, pallets, garbage, plastics, or other materials that produce toxic smoke.

9. Igniting or maintaining any fire during park curfew hours as established by PMC

9.96 (10:00 pm – sunrise).

10. Igniting or maintaining any fire in any Fire Pit outside the hours of 3:00pm and 9:00pm.

11. Igniting or maintaining any fire in any BBQ pit outside the hours of sunrise and 9:00pm.

12. Any fire by a person who is under the influence of alcohol or a controlled substance.

9.19.040. Weather and Air Quality Conditions
A. Automatic Prohibition. No fire of any kind shall be ignited or maintained when any of the following conditions exist:

1. A Red Flag Warning is in effect for the City of Pittsburg or Contra Costa County;

2. A Spare the Air Alert is in effect (year-round, as issued by BAAQMD pursuant to Regulation 6, Rule 3, as amended); or

3. A Burn Ban has been issued by BAAQMD or Con Fire.

B. Wind Conditions. Fires are prohibited when sustained winds exceed fifteen (15) miles per hour or wind gusts exceed twenty-five (25) miles per hour, as measured or forecast by the National Weather Service.

C. User Responsibility. It is the responsibility of the user to verify, prior to igniting any fire, whether a Red Flag Warning, Spare the Air Alert, Burn Ban, or wind restriction is in effect. Ignorance of applicable weather or air quality conditions is not a defense to a violation of this Chapter.

D. City Signage and Notice. The City shall post notices of active burn restrictions at park entrances and on the City website. Posting of notice is for public convenience only and does not relieve users of the responsibility set forth in subsection (C).

9.19.050. Use of City-Owned Designated Devices
A. Authorized Locations. Designated Devices may be used only in designated parks and areas identified by the Public Works Department. A current list of Designated Devices locations shall be maintained on the City website and posted at each Park.

Ordinance No. 26- Page 4 of 9 August 17, 2026

B. Wood-Burning and Charcoal Use. The City may permit wood-burning or charcoal use in City-owned Designated Devices when all of the following conditions are met:

1. No Red Flag Warning, Spare the Air Alert, or Burn Ban is in effect, and sustained winds do not exceed fifteen (15) miles per hour.

2. The fire is supervised by a Supervising Adult at all times.

3. Only Seasoned Firewood is used as fuel for City-owned Fire Pits. Treated wood, painted wood, pallets, trash, plastics, or Accelerants are prohibited.

4. Only Seasoned Firewood or charcoal is used as fuel for City owned BBQ Pits.

Treated wood, painted wood, pallets, trash, plastics, or Accelerants are prohibited.

5. Individual pieces of firewood shall not exceed eighteen (18) inches in length. The total fuel load shall not cause flames to extend more than twelve (12) inches above the rim of the fire pit.

6. Fire size is contained within the physical boundaries of the fire pit at all times.

7. Only adults (persons 18 years of age or older) may ignite a fire or add fuel to a fire. Minors may not operate fire devices, even under adult supervision.

8. A ten-foot (10') clearance from vegetation, structures, and other combustible materials is maintained at all times.

9. Water, sand, or a fire extinguisher rated at minimum 2A:10B:C is immediately available within ten (10) feet of the fire.

C. Propane Fire Features. Propane-based City-owned fire features may be used without a permit unless a Red Flag Warning, Spare the Air Alert, Burn Ban, or wind restriction under Section 4 is in effect. Propane features shall: (1) include a functional on/off shutoff mechanism; (2) be inspected and certified as safe by City staff or a licensed contractor at least once annually; and (3) maintain a ten-foot (10') clearance from combustible materials.

D. Extinguishment and Ash Disposal. Users must fully extinguish all fires. Ash disposal on the ground or in any container other than a City-designated metal ash receptacle is prohibited.

E. Spark Arrestors (Lid). City-owned wood-burning fire pits are equipped with a functional spark arrestor screen (lid). Use of a City-owned fire pit without its lid in place is prohibited.

Section 9.19.060. Portable BBQ Pits and Portable Fire Pits A. Portable Charcoal, Seasoned Wood, or Propane BBQ Pits. Portable charcoal, Seasoned Wood, or propane BBQ Pits may be used only in areas approved by the City and only when a City of Pittsburg Special Event Permit has been obtained. They must be placed at least ten (10) feet from vegetation, structures, or other combustible materials.

B. Portable Propane Fire Pits. Portable propane fire pits (non-cooking) may be permitted in designated areas pursuant to a Special Event Fire Permit if they: (1)

Ordinance No. 26- Page 5 of 9 August 17, 2026

include a functional on/off shutoff mechanism; (2) maintain a ten-foot (10') clearance from combustible materials; and (3) are not used during any Red Flag Warning, Spare the Air Alert, Burn Ban, or wind restriction. They must be placed at least ten (10) feet from vegetation, structures, or other combustible materials.

C. Portable Wood-Burning Fire Pits. Portable wood-burning fire pits are prohibited in Parks and Public Spaces.

9.19.070. Bonfires and Special Use Fire Activities

1. General Prohibition. Bonfires are prohibited within all City Parks and on all Public Property.

B. No Exemption for Cultural or Ceremonial Use. No permit or exception for Bonfires shall be issued under this Chapter, regardless of cultural, ceremonial, or recreational purpose.

9.19.080. Special Event Permit for Fires
A. Permit Required. A Special Event Permit is required for any activity in a Park or on Public Property that involves use of fire in any device other than a City-owned Designated Device.

B. Application Requirements. Applications must include:

1. Site plan showing fire device location, clearances, and proximity to structures, vegetation, and public pathways;

2. Safety and fire suppression plan, including a description of suppression equipment on hand;

3. Designation for time of use;

4. Description of fuel types and quantities to be used;

5. Supervision plan identifying the Supervising Adult(s) responsible;

6. Proof of all required permits from outside agencies (Con Fire, Contra Costa County Health, BAAQMD, or other applicable agencies);

7. Certificate of liability insurance in amounts required by the City;

8. Any other information required by the City.

C. Fees. Permit and reservation fees shall be established by City Council Resolution and are subject to change. No permit shall be issued until all applicable fees have been paid.

D. Conditions. The City may impose conditions on any Special Event Permit, including limitations on fire size, fuel type, hours of operation, and required safety staffing.

E. Denial and Revocation. The City may deny or revoke a permit for any reason including but not limited to failure to comply with the requirements of this Chapter, for misrepresentation in the application, or for any condition that poses an unreasonable risk to public safety.

Ordinance No. 26- Page 6 of 9 August 17, 2026

9.19.090. Safety Requirements
The following safety requirements apply to all fires permitted under this Chapter:

1. A Supervising Adult must be physically present at all times while any fire is lit or device remains hot.

2. Only adults (18 years of age or older) may ignite a fire or add fuel to a fire device.

3. Water, sand, or a fire extinguisher rated at minimum 2A:10B:C must be immediately available within ten (10) feet of the fire device.

4. Fires must be fully extinguished before the user leaves the area.

5. A ten-foot (10') clearance must be maintained around any fire device, free from vegetation, combustible materials, and structures.

6. No more than the permitted party may occupy the ten-foot (10') clearance zone around any fire device. All others must remain outside the clearance zone.

7. Users with fires in Designated Devices must begin extinguishing by 8:30pm.

Fires in Designated Devices must be fully extinguished by 9:00pm.

8. Users shall not ignite or maintain any fire in any Fire Pit outside the hours of 3:00 pm and 9:00 pm.

9. Users shall not ignite or maintain any fire in any BBQ pit outside the hours of sunrise and 9:00pm.

10. Users must comply with all signage posted at the fire device or designated fire area.

9.19.100. Environmental Protection
A. Restricted Areas. Fires are prohibited in shoreline habitat areas, environmentally sensitive areas, and creek zones, regardless of permit status.

B. Prohibited Materials. Burning of garbage, plastics, treated or painted wood, pallets, wrapping paper, or other materials that produce toxic or excessive smoke is prohibited at all times, regardless of permit status.

C. Compliance with BAAQMD. All fire activities under this Chapter are subject to BAAQMD Regulation 6, Rule 3, and all other applicable air quality regulations, as amended from time to time.

9.19.110. Required Signage
The City shall post conspicuous signage at or near each City-owned fire pit area setting forth:

1. A summary of rules applicable to that fire device or area, with reference to this PMC Chapter 9.19;

2. Resources for checking current alert status (e.g., The Bay Area Air Quality management District’s sparetheair.org page and the National Weather Service’s Fire Weather page weather.gov/wrh/CAFW);

3. Reservation instructions for reserving and accessing applicable Designated Devices;

Ordinance No. 26- Page 7 of 9 August 17, 2026

4. Contact information for applicable City departments and outside agency emergency services

9.19.120. Reservations for City-Owned Fire Pits

1. Minimum Age for Rental of City-Owned Fire Pits. The minimum age for renting a City-owned Fire Pit is eighteen (18) years.

2. Supervising Adult. All reservations of City-owned Fire Pits must be made by a Supervising Adult. Supervising Adults must be able to show age-verifying identification and must remain inside the fire pit area within ten (10) feet of a fire device at all times while the fire is lit.

100. First-Come, First-Served Reservations. Use of City-owned Fire Pits requires prior reservation. Reservations shall be granted on a first-come, first-served basis. .

4. How to Reserve. Users may reserve a City-owned Fire Pit through the Recreation Department by:

1. Submitting an online reservation request through the City's recreation registration system; or

2. Calling or visiting the Recreation Department during normal business hours.

5. Confirmation. A reservation is not final until confirmed by the City in writing. The City may issue a reservation permit or confirmation notice that must be available for inspection at the park upon request by any authorized enforcement officer.

6. Conditions. The City may impose conditions on any reservation including:

1. Maximum occupancy of the designated fire area: 20

2. Required safety equipment;

3. Time of use;

4. Age of users;

5. Reservation exclusions due to safety, conflicting events, or other reasons;

6. Prohibited fuel types;

7. Clean-up responsibilities; and

8. Weather-related restrictions, including automatic cancellation during Red Flag Warnings, Spare the Air Alerts, or Burn Bans.

G. City-Initiated Cancellations. The City may cancel reservations for any reason including but not limited to weather, unsafe conditions, conflicting uses of the nearby

Ordinance No. 26- Page 8 of 9 August 17, 2026

amenities, maintenance, or fire danger. In the event of a City-initiated cancellation, permit holders shall receive a full refund or credit of any fees paid.

H. Failure to Comply. Failure to comply with reservation terms or the provisions of this Chapter may result in permit revocation, administrative citation, fines, and/or denial of future reservations.

I. Accessibility. The City shall provide reasonable accommodations for persons with disabilities in the reservation process and in the designation and maintenance of Fire Pit areas, consistent with applicable state and federal accessibility standards.

9.19.130. Enforcement
A. Authorized Enforcement. This Chapter may be enforced by the Pittsburg Police Department, Code Enforcement Division, Public Works Department, and Recreation Department.

B. Penalties. Violations may result in:

1. Administrative citations and fines consistent with the schedule established in PMC 1.20, as amended;

2. Removal from the Park or Public Property;

3. Permit or reservation revocation; and/or

4. Denial of future reservation or permit requests.

C. Cost Recovery. The City may recover all costs associated with emergency response, cleanup, and fire suppression from the responsible party, including but not limited to any Supervising Adults and reservation-holders, to the full extent permitted by law.

9.19.140. Liability
Users are liable for any damages, injuries, or fire suppression costs resulting from unauthorized or unsafe fire use in violation of this Chapter or any other applicable law.

The City's authorization of fire use in designated areas does not constitute assumption of liability for harm caused by a user's negligence or violations of this Chapter.

Section 2. Severability
If any provision of this ordinance or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications which can be given effect without the invalid provision or application, and to this end the provisions of this ordinance are severable.

Section 3. Effective Date
This ordinance shall take effect thirty (30) days after adoption by the City Council.

SECTION 4. Publication.

The ordinance shall be posted and published in accordance with the California Government Code.

Ordinance No. 26- Page 9 of 9 August 17, 2026

The foregoing Ordinance was introduced at a regular meeting of the City Council of the City of Pittsburg held on August 17, 2026, and was adopted and ordered published at a regular meeting of the City Council held on ____________, by the following vote:

AYES:

NOES:

ABSTAINED:

ABSENT:

__________________________
Dionne Adams, Mayor

ATTEST:

______________________________
Alice E. Evenson, City Clerk

STAFF REPORT

MEETING DATE: August 17, 2026

TO: Mayor and Council Members

FROM: Darin E. Gale‚ City Manager
Melaine Venenciano, Director of City Clerk Services

SUBJECT: Adoption of a City Council Resolution Designating a Voting Delegate and an Alternate for the League of California Cities 2026 Annual Conference and Expo

EXECUTIVE SUMMARY

Every year, the League of California Cities (Cal Cities) convenes a member-driven General Assembly during its Annual Conference and Expo. The General Assembly provides an important opportunity for city officials to directly participate in shaping Cal Cities policies. To take part, the City Council must appoint one voting delegate and may designate up to two alternates.

FISCAL IMPACT

There is no fiscal impact.

RECOMMENDATION

Adopt the attached Resolution designating Mayor Dionne Adams as the primary voting delegate, and allow the City Council to select an alternate delegate. The Resolution will be updated to include the alternate’s name once selected.

BACKGROUND

In order to vote during the General Assembly a voting delegate and an alternate must be designated by City Council.

SUBCOMMITTEE FINDINGS

This item was not presented to a subcommittee.

STAFF ANALYSIS

On Friday, September 25, 2026, the General Assembly will consist of voting delegates appointed by each member city; each city may designate one voting delegate. The City’s voting delegate plays a key role by representing the City and casting votes on proposed resolutions. To participate in the voting process, cities must appoint one voting delegate and may designate up to two alternates. An alternate may vote only if the designated voting delegate is unable to serve. Voting delegates may be either elected or appointed officials.

Mayor Adams is registered to attend the Annual Conference from September 23–25, 2026, at the Anaheim Convention Center and should therefore be appointed as the City’s voting delegate. The City Council will also select an alternate delegate. Following the City Council’s adoption of the resolution, delegate information must be submitted through the online portal by September 1, 2026, to allow Cal Cities sufficient time to establish delegate and alternate records prior to the conference and to provide pre-conference communications.

ATTACHMENT: Resolution

BEFORE THE CITY COUNCIL OF THE CITY OF PITTSBURG

In the Matter of:

Designating a Voting Delegate and an )
Alternate for the League of California ) RESOLUTION NO. 26- Cities 2026 Annual Conference and Expo )

WHEREAS, every year, the League of California Cities (Cal Cities) convenes a member-driven General Assembly at the Annual Conference and Expo; and

WHEREAS, the General Assembly is an important opportunity where city officials can directly participate in shaping Cal Cities policies; and

WHEREAS, the City Council must appoint a voting delegate and an alternate in order to vote; and

WHEREAS, Mayor Adams is registered to attend the conference and should therefore be appointed as the City’s primary voting delegate; and

WHEREAS, Councilmember ______ is also registered to attend the conference and should therefore be appointed as the City’s alternate voting delegate.

NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Pittsburg hereby appoints Mayor Adams and Councilmember ______ as the City’s voting delegates.

PASSED AND ADOPTED by the City Council of the City of Pittsburg, at a regular meeting on the 17th day of August 2026, by the following vote:

AYES:

NOES:

ABSTAINED:

ABSENT:

Dionne Adams, Mayor
ATTEST:

Alice E. Evenson, City Clerk

STAFF REPORT

MEETING DATE: August 17, 2026

TO: Mayor and Council Members

FROM: Darin E. Gale‚ City Manager
Elena Adair, Finance Director
Isaac Williams, Financial Analyst

SUBJECT: Receive and File the Treasurer’s Report for the Quarter Ending June 30, 2026

EXECUTIVE SUMMARY

An Investment Summary Report is provided to the City Council for review for each fiscal quarter. The report includes the combined detailed information of the City and the Successor Agency's (Agency) investments, which are compliant with the City and Agency's Investment Policies. This Treasurer's Report is for fiscal quarter ending June 30, 2026.

FISCAL IMPACT

The City’s expenditure requirements for the next six months are covered by anticipated revenues from City operations and liquidity from maturing investments. The difference between market value and cost as of June 30, 2026, will be reflected in the City’s financial statements for Fiscal Year 2025-26 as an adjustment to interest income for each of the City’s funds on a pro rata basis as required by Governmental Accounting Standards Board Statement Number 31. Market values change on a daily basis. The change in market value is considered temporary in nature, as the City mostly holds its investments until maturity, when they can be redeemed at par value.

RECOMMENDATION
City Council accept the Treasurer’s Report for the quarter ending June 30, 2026, for information purposes only.

BACKGROUND
Each fiscal quarter, an Investment Summary Report is required to be provided, by policy, to the City Council for review. This report was included in the August 3, 2026 City Council meeting. However, due to report revision, City Council requested to have it moved to the upcoming meeting to provide adequate time for the public to review the revised document. Revision was made to correct asset allocation between various types of investments as well as correct double counting of some bonded debt funds.

SUBCOMMITTEE FINDINGS
This item was not reviewed by a subcommittee.

STAFF ANALYSIS
The City’s objectives, in order of priority, are to provide safety, ensure the preservation of capital, provide sufficient liquidity for cash needs and earn a competitive rate of return (yield) within the confines of the California Government Code and the Investment Policy. Chandler Asset Management is responsible for managing investments in accordance with the City’s investment policy. All portfolio holdings were held with investment grade securities.

The advisor-managed funds are comprised of operating funds managed in a Core Portfolio account, as well as several Non-Successor Agency bond-related funds. The City’s advisor works to achieve the City’s objectives by investing in high-quality fixed income securities consistent with the City’s investment policy and California Government Code.

The Core Portfolio represents the City’s cash reserves. Its return objective is to enhance both interest income and principal value as measured by total return. Total return reflects the value added to the portfolio for a period of time from interest income, realized gains and losses, as well as unrealized gains and losses.

This quarter the City's main portfolio continued to shift to a longer duration period. This change in the investment policy started in the quarter ending March 31, 2026 and allow money managers to take advantage of purchasing securities with higher coupon rates, which in turn translates to higher investment income. The portfolio’s total return for the quarter ending June 30, 2026 was 0.43% comparing to the City performance benchmark of 0.24%, the Intercontinental Exchange Bank of America Merrill Lynch (ICE BAML) 1-5 Year Unsubordinated U.S. Treasury/Agency Index. Since inception (7/31/2018), the portfolio’s total return through quarter end is 2.54%, which slightly overperformed the benchmark return of 2.22% for the same period. Total returns for the quarter and since inception reflect fluctuations in market value.

Governmental Accounting Standards Board Statement No. 31 requires the City to recognize the fair market value of its investments at the end of each fiscal year. The market values of investments included in this report were obtained from the State Controller’s office for Local Agency Investment Funds (LAIF), and from the City’s

registered investment advisor and bond trustees for longer-term investments.

Attached is the Chandler Asset Management (CAM) Investment Report detailing an economic update, account profile and investment activity for the quarter ending June 30, 2026.

ATTACHMENTS: Letter from City Treasurer
June 2026 Quarterly Investment Report

INVESTMENT REPORT
City of Pittsburg | As of June 30, 2026
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.

TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS
1

ECONOMIC UPDATE
2

▪
▪
▪
Energy prices and inflation remained the primary drivers of the macro backdrop as the U.S.-Israel-Iran conflict entered its third month, disrupting global oil supply. Headline CPI accelerated at the fastest pace in more than three years, reflecting volatility in the energy component. Crude oil, however, retraced roughly 20% from its May–early June peak as diplomatic progress between the United States and Iran pointed to a potential framework for de-escalation. The labor market remained resilient, with continued payroll growth and subdued jobless claims. Risk assets held firm, as equities hovered near record highs and credit spreads remained historically tight amid broadly better-than-expected corporate earnings. Taken together, the current market environment has further constrained the case for near-term monetary policy easing, leading the Chandler team to push out its expected timing for rate cuts beyond the six-month investment horizon.

The Federal Reserve’s June FOMC meeting ended with policymakers unanimously holding the target range at 3.50%–3.75%, a notable shift from the8–4 split at April’s meeting, which marked JeromePowell’s final session as Chair. Under new Chair Kevin Warsh, sworn in on May 22, the Committee released an unusually concise statement that referenced Middle East tensions and energy supply disruptions while removing prior forward guidance that had suggested a bias toward rate cuts. Updated projections leaned more hawkish, with 9 of 18 officials expecting at least one rate hike this year and 6 anticipating multiple increases. The shift signals that restoring price stability has reemerged as the central focus of monetary policy deliberations.

The Treasury yield curve flattened modestly in June as short-term yields responded to a more hawkish shift in Federal Reserve guidance.

The 2-year yield rose to 4.15% from 3.98% the prior month, while the 10-year yield edged down slightly to 4.44% from 4.45%. As a result, the 2s/10s spread narrowed to 29 basis points, down from roughly 47 basis points a month earlier and significantly below the 69 basis point spread at the start of the year. Meanwhile, the 3-month/10-year spread remained positive at 64 basis points. Front-end rates absorbed the bulk of the Fed’s updated rate outlook, while longer maturities were partly anchored by a late-month decline in oil prices.

ECONOMIC UPDATE
3

-400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
Nonfarm payrolls increased by just 57,000 in June, well below the 113,000 consensus and marking a sharp slowdown from May’s pace. The unemployment rate edged down to 4.2%, though the decline was driven by a drop in labor force participation to 61.5%, its lowest level since March 2021. Revisions further weakened the report’s signal. April payrolls were revised down by 31,000 to 148,000, while May was lowered by 43,000 to 129,000, resulting in a combined two-month downward revision of 74,000.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
4

0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
Job openings were essentially unchanged at 7.6 million in May, remaining elevated by historical standards even as hiring momentum moderates. Gains in wholesale trade and accommodation and food services were offsetby declines in health care and social assistance, as well as finance and insurance. April openings were revised down by 33,000 to 7.6 million, while hires were revised up by 99,000, highlighting ongoing churn but a broadly stable labor market backdrop.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
5

Source: Bloomberg Indices Source: Bloomberg Indices

ENERGY MARKETS
Crude oil prices declined sharply in June as supply disruptions tied to the Middle East conflict began to ease. Tanker traffic through the Strait of Hormuz normalized, and signs of progress in U.S.–Iran negotiations helped unwind the geopolitical risk premium that had driven prices higher earlier in the year. West Texas Intermediate settled near $69.37 per barrel on June 30, while Brent crude closed around $72.96, both well below their recent peaks. Brent’s 21% monthly decline marked its steepest drop since March 2020, while WTI fell more than 20%, its largest monthly loss since late 2021. Beyond crude, broader energy markets also softened. Refined product cracks narrowed as gasoline and diesel demand showed signs of seasonal moderation, while U.S. natural gas prices remained range-bound amid ample storage and steady production. Taken together, the retracement in oil and broader energy prices reflects a rapid compression in geopolitical risk premia and improved near-term supply visibility, even as underlying structural risks in the region remain unresolved.

2.00 2.50

3.00 3.50

4.00 4.50

5.00 5.50

6.00 6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
($) Per Gallon
40 60
80 100
120
140
160
Oil Prices
West Texas Intermediate (WTI Spot
Cushing)
Dated Brent (Global Spot)
Price Per Barrel (WTI Spot)
6

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY %
Change
PCE Core Deflator YOY %
Change
Fed Target
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY %
Change
YOY (%) Change
Inflation decelerated sharply in June, with the Consumer Price Index falling 0.4% on the month—its largest decline since the onset of the pandemic in 2020—and bringing the annual rate down to 3.5% from 4.2% in May. Core CPI (excluding food and energy) was flat on the month and rose 2.6% year over year, both coming in softer than expected after energy-driven pressures pushed inflation to a three-year high earlier in the quarter. The CPI report suggests at least a near-term reprieve in inflation. However, the latest available Personal Consumption Expenditures (PCE) price index tells a firmer story: headline PCE rose 0.4% in May and 4.1% year over year, up from 3.8% in April and marking the highest annual rate of the current cycle. Core PCE increased 0.3% on the month and 3.4% over the year. Energy prices remained the primary driver of recent headline acceleration, reflecting supply disruptions tied to the Iranian conflict, although price volatility remains elevated.

Source: US Department of Labor Source: US Department of Commerce

INFLATION
7

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%
Retail Sales YOY % Change
YOY (%) Change
Retail sales presented a firmer picture of consumer spending in June, rising 0.2% on the month and 6.7% year over year, while May’s gain was revised up to 1.0%. The control group, which feeds directly into GDP, increased a solid 0.5%, suggesting demand remains more resilient than sentiment alone would indicate. Consumer confidence improved modestly, with the Conference Board’s index edging up 0.6 points to 91.2 in June. However, the headline gain obscures continued weakness in labor market perceptions,as the share of respondents reporting jobs as “hard to get” climbed to a five-and-a-half-year high. Overall, spending has remained notably more resilient than sentiment in recent months.
0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)

CONSUMER
8

-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) edged up 0.1% in May to 99.3, following a revised 0.2% increase in April. Despite the monthly gains, the LEI’s six- and twelve-month growth rates remained negative at -0.6% and -1.5%, respectively. The advance was driven primarily by financial components, including equity prices and the interest rate spread, while consumer expectations continuedto weigh on the index. The Chicago Fed National Activity Index fell to -0.10 in May from an upwardly revised 0.19 in April. Production-related and employment-related indicators each subtracted from the index, while the sales, orders, and inventories category made a small positive contribution.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

LEADING INDICATORS OF ECONOMIC ACTIVITY
9

0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts rebounded in June, rising to a seasonally adjusted annual rate of 1.427 million—a 19% increase from an upwardly revised

1.199 million in May. The gain was driven primarily by multifamily construction, with starts surging more than 76% month over month to 532,000 units, while single-family starts edged down slightly to 895,000. Home price growth showed tentative signs of firming, as the S&P CoreLogic Case-Shiller 20-City Composite rose 1.1% year over year in April, marking its first acceleration since November 2025 and following an upwardly revised 0.9% increase in March. Meanwhile, borrowing costs remained elevated, with FreddieMac’s average 30-year fixed mortgage rate ticking up to 6.49% in June from 6.44% in May, continuing to weigh on affordability for prospective buyers.

Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change

HOUSING
10

40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
Manufacturing activity cooled slightly in June, with the Institute for Supply Management's Manufacturing Index easing to 53.3%, down 0.7 percentage point from May but still marking a sixth consecutive month of expansion. Services activity also moderated, as the ISM Services Index eased to 54.0% from 54.5%, a twenty-fourth consecutive monthin expansion territory. Business activity and new orders both slowed, though the employment component jumpedto 51.2% from 47.9%, its strongest reading since late 2021 and the first expansion in services hiring in four months.

Source: Institute for Supply Management

PURCHASING MANAGERS INDEX (PMI)
11

Components of GDP 6/25 9/25 12/25 3/26

1.7% 2.3% 1.3% 0.4%
-2.7% 0.0% 0.4% 1.4%

4.8% 1.6% -0.2% -0.4%
-0.4% 0.2% -1.2% 0.6%

0.3% 0.2% 0.2% 0.2%

3.8% 4.4% 0.5% 2.1%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce Real gross domestic product increased at an annualized rate of 2.1% in the first quarter of 2026, according to the Bureau of Economic Analysis’ third estimate, up from 1.6%in the prior estimate andan acceleration from 0.5% in the fourth quarterof 2025. The 0.5 percentage point upward revision was driven primarily by a downward revision to imports—which subtract from GDP—partly offset by a downward revision to consumer spending.

GROSS DOMESTIC PRODUCT (GDP)
12

Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Open Market Committee (FOMC) held the target range for the federal funds rate at 3.50% to 3.75% at its June 16–17 meeting, with a unanimous 12–0 vote. This marked a notable shift from the Aprilmeeting—Jerome Powell’slast as chair—which saw four dissents in an 8–4 decision. The return to consensus under Chair Kevin Warsh signals a clear change in tone. Minutes from the June meeting are scheduled for release in early July. The June Summaryof Economic Projections reflected a more hawkish outlook. The median projection for the federal funds rate at year-end 2026 rose to 3.8%, up from 3.4%in March, before easing to 3.6% in 2027 and 3.4% in 2028. Officials also revised their inflation forecasts, with headline PCE projected at 3.6% in 2026 (from 2.7%) and core PCE at 3.3%. By contrast, median projections for real GDP growth and the unemployment rate—2.2% and 4.3%, respectively—were little changed.

FEDERAL RESERVE

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
13

Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%
US Treasury Yield Curve
Jun-26
Mar-26
Jun-25
Yield (%)
Treasury yields ended June mixed, with a modest flattening across the curve as markets digested a more hawkish Federal Reserve signal.

The 2-year yield rose to 4.15% from 3.98% at the end of May, while the 10-year yield edged down to 4.44% from 4.45%. The 2s/10s spread narrowedto 29 basis points, down from 47 basis points a month earlier. The 3-month/10-year spread remained positive at roughly 64 basis points at month-end. Relativeto the 69 basis point spread at the start of 2026, the curve has flattened materially year to date, reflecting a repricing higher in front-end rates as expectations shift toward the possibility of further Fed tightening rather than easing.

BOND YIELDS
14

ACCOUNT PROFILE
15

OBJECTIVES
Investment Objectives
The investment objectives for the City of Pittsburg, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.

Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the City's investment policy and California Government Code. 16

PORTFOLIO CHARACTERISTICS
City of Pittsburg | Account #10607 | As of June 30, 2026 Benchmark* 6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs) 2.64 2.72 2.53
Average Modified Duration 2.46 2.36 2.20
Average Purchase Yield 4.20% 4.22%
Average Market Yield 4.16% 4.26% 3.98%
Average Quality** AA+ AA+ AA+
Total Market Value 95,319,809 93,628,593
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 17

SECTOR DISTRIBUTION
City of Pittsburg | Account #10607 | As of June 30, 2026 Sector as a Percentage of Market Value
Sector 06/30/2026 03/31/2026
US Treasury 39.97% 38.86%
Corporate 26.54% 25.71%
Agency 13.11% 16.12%
Agency CMBS 10.78% 9.23%
ABS 7.86% 7.14%
Supras 1.44% 2.28%
Money Mkt Fd 0.30% 0.65%
18

QUALITY DISTRIBUTION
City of Pittsburg | Account #10607 | As of June 30, 2026 S&P Rating Moody’s Rating Fitch Rating
Rating 06/30/2026 03/31/2026
AAA 9.68% 10.38%
AA 73.73% 71.12%
A 14.46% 16.52%
NA 2.13% 1.98%
Rating 06/30/2026 03/31/2026
Aaa 7.94% 8.74%
Aa 75.86% 71.87%
A 12.51% 15.96%
NA 3.69% 3.43%
Rating 06/30/2026 03/31/2026
AAA 13.65% 11.99%
AA 62.47% 65.86%
A 7.13% 8.88%
NA 16.76% 13.27%
19

DURATION DISTRIBUTION
City of Pittsburg | Account #10607 | As of June 30, 2026 Portfolio Compared to the Benchmark
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 4.9% 4.6% 13.6% 19.2% 19.7% 17.4% 20.6% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.5% 36.2% 28.4% 20.6% 12.3% 0.0% 0.0% 20

INVESTMENT PERFORMANCE
City of Pittsburg | Account #10607 | As of June 30, 2026 Total Rate of Return: Inception | 08/01/2018
TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception City of Pittsburg 0.43% 3.22% 4.60% 4.70% 2.33% 2.54%
Benchmark 0.24% 2.79% 4.22% 4.32% 1.92% 2.22%
*
Periods over 1 year are annualized.

Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 21

HISTORICAL AVERAGE PURCHASE YIELD
City of Pittsburg | Account #10607 | As of June 30, 2026 Purchase Yield as of 06/30/26 = 4.20%
22

PORTFOLIO CHARACTERISTICS
City of Pittsburg Liquidity | Account #10617 | As of June 30, 2026 Benchmark* 6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs) 0.16 0.00 0.01
Average Modified Duration 0.16 0.00 0.00
Average Purchase Yield 3.23% 3.64%
Average Market Yield 3.71% 3.23% 3.68%
Average Quality** AA+ AAA AAA
Total Market Value 6,737 16,285,219
*Benchmark: ICE BofA 3-Month US Treasury Bill Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 23

CONSOLIDATED INFORMATION
24

ACCOUNT STRUCTURE
City of Pittsburg | As of June 30, 2026
*Market value changes daily and is subject to a number of economic forces, including supply and demand, and can incur unrealized gains and losses.

Original Cost Market Value % of Portfolio
Funds Managed Internally
Cash Equivalents 24,102,984.17 24,102,984.17 9.62%
Investment Pools 50,215,342.92 50,215,342.92 20.03%
Additional Bonded Debt Funds 74,478,363.12 74,478,363.12 29.71% Total 148,796,690.21 148,796,690.21 59.36%
Funds Managed by City's Investment Advisor
Operating Funds 94,587,234.23 94,557,917.17 37.72%
Bond Managed Reserve 1,278,079.38 1,278,079.38 0.51%
Total 95,865,313.61 95,835,996.55 38.23%
City's Section 115 Trust
Section 115 Trust 6,018,915.64 6,018,915.64 2.40%
Total 6,018,915.64 6,018,915.64 2.40%
Total City Funds 250,680,919.46 250,651,602.40 100.00%
25

SECTOR ALLOCATION
City of Pittsburg | As of June 30, 2026
1,2Funds not managed by City's investment adviser; 3Bonded Debt Funds not managed, nor tracked by City's investment adviser *Market value changes daily and is subject to a number of economic forces, including supply and demand, and can incur unrealized gains and losses.

Security Type Original Cost Market Value % of Portfolio Average Maturity Average Yield Operating Funds
Cash Equivalents1 24,103,541.54 24,103,541.54 14.27% 1 N/A Money Market Funds 288,642.14 288,642.14 0.17% 1 3.23%
Investment Pools 2 50,215,342.92 50,215,342.92 29.73% 1 N/A Total Liquidity 74,607,526.60 74,607,526.60 44.18% 1 3.23% U.S. Treasury Notes 37,959,648.45 37,792,169.55 22.38% 996 3.83% Federal Agency Securities 12,394,714.90 12,400,292.86 7.34% 442 4.44% Medium-Term Corporate Notes 25,035,349.60 25,091,012.48 14.86% 920 4.54% Asset-Backed Securities 7,432,300.23 7,430,959.95 4.40% 996 4.65% Supranationals 1,366,220.20 1,364,735.99 0.81% 427 4.11% Collateralized Mortgage Obligations 10,109,801.34 10,189,546.83 6.03% 902 4.10% Total Securities 94,298,034.72 94,268,717.66 55.82% 885 4.20% Total Operating Funds 168,905,561.32 168,876,244.26 100.00% 494 2.35% Bonded Debt Funds
Pittsburg Pension Bond 1,499.75 1,499.75 0.00% 1 3.55%
Pittsburg AD Auto Mall 387,368.94 387,368.94 0.51% 1 3.55% Pittsburg AD Vista DM 889,210.69 889,210.69 1.17% 1 3.55% Additional Bonded Debt Funds 3 74,478,363.12 74,478,363.12 98.31% N/A N/A Total Bonded Debt Funds 75,756,442.50 75,756,442.50 100.00% 1 3.55% Section 115 Trust
Equity Mutual Fund2 6,018,915.64 6,018,915.64 100.00% N/A N/A Total Section 115 Trust Funds 6,018,915.64 6,018,915.64 100.00% N/A N/A Total City Funds 250,680,919.46 250,651,602.40
26

PORTFOLIO HOLDINGS
27

HOLDINGS REPORT
City of Pittsburg | Account #10607 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 62,333.32 05/14/2024

5.41%
62,331.59
62,332.81
100.11

3.96%
62,404.26
149.88

0.07%

71.44 NA/AAA
AAA

0.88 0.08
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 127,531.37 05/17/2024

5.73%
127,516.45
127,525.04
100.35

4.20%
127,980.40
301.54

0.14%
455.36
Aaa/NA
AAA

1.55 0.30
58769GAD5 MBALT 2024-B A3 4.23
02/15/2028 190,791.37 09/17/2024

4.24%
190,759.26
190,775.96
100.00

4.27%
190,791.56
358.69

0.20%

15.60 NA/AAA
AAA

1.63 0.44
89239NAD7 TLOT 2025-A A3 4.75 02/22/2028 390,000.00 02/20/2025

4.75%
389,994.89
389,997.18
100.20

4.34%
390,776.10
566.04

0.41%
778.92
Aaa/AAA
NA

1.65 0.43
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 23,090.30 07/11/2023

5.47%
23,086.21
23,088.83
100.33

4.10%
23,166.13

21.05 0.02%

77.30 NA/AAA
AAA

1.66 0.23
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 350,000.00 05/20/2025

4.84%
349,994.19
349,996.31
100.23

4.29%
350,794.85
489.81

0.37%
798.54
NA/AAA
AAA

1.90 0.68
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 96,853.20 11/01/2023

5.74%
96,836.14
96,845.91
100.62

4.34%
97,448.85
152.54

0.10%
602.94
Aaa/NA
AAA

1.98 0.42
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 101,269.22 11/07/2023

5.61%
101,258.30
101,264.34
100.63

4.41%
101,908.12
249.35

0.11%
643.79
NA/AAA
AAA

2.13 0.53
437918AC9 HAROT 2024-1 A3 5.21
08/15/2028 331,113.84 02/13/2024

5.27%
331,099.44
331,107.01
100.47

4.26%
332,672.06
766.71

0.35%
1,565.05
Aaa/AAA
NA

2.13 0.46
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 395,000.00 10/08/2025

4.32%
394,998.89
394,999.16

99.67 4.34%
393,715.46
261.36

0.42%
(1,283.70)
NA/AAA
AAA

2.24 0.97
89238DAD0 TAOT 2024-A A3 4.83 10/16/2028 198,543.58 01/23/2024

4.89%
198,503.85
198,524.23
100.30

4.30%
199,138.22
426.21

0.21%
613.98
Aaa/AAA
NA

2.30 0.51
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 119,279.18 03/11/2024

5.12%
119,272.50
119,275.77
100.37

4.44%
119,723.73
262.94

0.13%
447.96
Aaa/NA
AAA

2.38 0.65
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 179,104.09 --

4.90%
179,083.37
179,093.68
100.28

4.28%
179,599.32
361.94

0.19%
505.63
Aaa/NA
AAA

2.47 0.45
36273VAD7 GMALT 2026-1 A3 3.88
01/22/2029 425,000.00 02/03/2026

4.11%
424,944.37
424,951.56

99.29 4.44%
421,991.43
503.86

0.45%
(2,960.14)
NA/AAA
AAA

2.56 1.35
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 198,673.95 06/04/2024

5.18%
198,643.77
198,656.92
100.51

4.33%
199,679.63
171.52

0.21%
1,022.72
Aaa/AAA
NA

2.66 0.56
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 294,527.84 06/11/2024

5.81%
294,470.26
294,494.97
100.64

4.40%
296,410.17
680.69

0.31%
1,915.19
Aaa/NA
AAA

2.71 0.74
28

HOLDINGS REPORT
City of Pittsburg | Account #10607 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
36275AAD1 GMALT 2026-2 A3 4.3 03/20/2029 310,000.00 05/05/2026

4.40%
309,966.46
309,968.01

99.86 4.43%
309,552.36
333.25

0.33%
(415.65)
NA/AAA
AAA

2.72 1.57
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 570,000.00 04/16/2024

5.30%
569,883.15
569,934.48
100.82

4.20%
574,689.96
1,324.93

0.61%
4,755.48
NA/AAA
AAA

2.79 0.76
448972AD1 HALST 26B A3 4.21 04/16/2029 290,000.00 04/16/2026

4.22%
289,957.72
289,960.44

99.61 4.47%
288,872.19
542.62

0.31%
(1,088.25)
NA/AAA
AAA

2.79 1.74
58770XAD5 MBALT 2025-B A3 3.88
04/16/2029 800,000.00 10/16/2025

4.57%
799,868.72
799,894.73

99.38 4.35%
795,020.00
1,379.56

0.84%
(4,874.73)
NA/AAA
AAA

2.79 1.41
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 365,000.00 06/06/2024

4.93%
364,979.52
364,988.09
100.65

4.21%
367,356.08
799.76

0.39%
2,367.99
Aaa/AAA
NA

2.87 0.84
05594YAD8 BMWLT 2026-1 A3 4.15
05/25/2029 420,000.00 04/14/2026

4.85%
419,953.59
419,956.47

99.56 4.46%
418,141.50
290.50

0.44%
(1,814.97)
Aaa/NA
AAA

2.90 1.65
362549AD9 GMCAR 2025-2 A3 4.28
04/16/2030 185,000.00 05/06/2025

4.71%
184,972.77
184,979.02
100.01

4.31%
185,023.13
329.92

0.20%

44.10 Aaa/AAA
NA

3.79 0.92
47787DAD3 JDOT 2026 A3 3.87 08/15/2030 310,000.00 03/10/2026

4.49%
309,945.07
309,948.65

98.68 4.46%
305,894.36
533.20

0.32%
(4,054.29)
Aaa/NA
AAA

4.13 2.38
43814YAD3 HAROT 2026-2 A3 4.3 11/15/2030 700,000.00 05/05/2026

3.02%
699,979.77
699,980.37

99.74 4.46%
698,210.10
1,337.78

0.74%
(1,770.27)
Aaa/AAA
NA

4.38 2.14
Total ABS 7,433,111.25 4.65%
7,432,300.23
7,432,539.95

99.97 4.35%
7,430,959.95
12,595.64

7.86%
(1,580.00)

2.73 1.11
AGENCY
3133EPVP7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 07/08/2026 1,000,000.00 12/06/2023

4.48%
1,006,424.00
1,000,047.64
100.02

3.82%
1,000,163.00
22,826.39

1.06%
115.36
Aa1/AA+
AA+

0.02 0.02
3133EPZY4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 5.0 07/30/2026 1,000,000.00 11/09/2023

4.85%
1,003,740.00
1,000,109.22
100.09

3.82%
1,000,882.00
20,972.22

1.06%
772.78
Aa1/AA+
AA+

0.08 0.08
3133EP6K6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/26/2027 1,000,000.00 03/25/2024

4.45%
1,001,450.00
1,000,354.89
100.26

4.13%
1,002,587.00
11,875.00

1.06%
2,232.11
Aa1/AA+
AA+

0.74 0.71
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 865,000.00 04/10/2024

4.85%
862,716.40
864,410.82
100.52

4.06%
869,466.86
9,358.82

0.92%
5,056.04
Aa1/AA+
AA+

0.77 0.75
3133ERDS7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 05/06/2027 1,000,000.00 05/22/2024

4.70%
1,001,317.00
1,000,377.51
100.52

4.11%
1,005,237.00
7,256.94

1.06%
4,859.49
Aa1/AA+
AA+

0.85 0.82
29

HOLDINGS REPORT
City of Pittsburg | Account #10607 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3130B1EF0 FEDERAL HOME LOAN BANKS

4.625 06/11/2027 1,000,000.00 06/26/2024

4.57%
1,001,530.00
1,000,489.20
100.44

4.14%
1,004,379.00
2,569.44

1.06%
3,889.80
Aa1/AA+
AA+

0.95 0.91
3133ERMB4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 07/23/2027 1,000,000.00 07/18/2024

4.26%
999,690.00
999,890.44
100.14

4.11%
1,001,374.00
18,652.78

1.06%
1,483.56
Aa1/AA+
AA+

1.06 1.01
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 1,000,000.00 05/15/2023

3.66%
1,024,620.00
1,007,773.96
100.08

4.19%
1,000,750.00
2,479.17

1.06%
(7,023.96)
Aa1/AA+
AA+

1.45 1.38
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 1,000,000.00 04/24/2023

3.76%
1,032,720.00
1,011,353.71
100.53

4.17%
1,005,309.00
13,875.00

1.06%
(6,044.71)
Aa1/AA+
AA+

1.70 1.59
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 1,000,000.00 07/06/2023

4.49%
978,470.00
991,500.68

99.69 4.17%
996,910.00
2,444.44

1.05%
5,409.32
Aa1/AA+
AA+

1.94 1.84
3130AWTR1 FEDERAL HOME LOAN BANKS

4.375 09/08/2028 1,250,000.00 09/07/2023

4.49%
1,243,625.00
1,247,208.54
100.40

4.18%
1,254,948.75
17,165.80

1.33%
7,740.21
Aa1/AA+
AA+

2.19 2.04
3133EPWK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 09/22/2028 1,250,000.00 10/12/2023

4.71%
1,238,412.50
1,244,768.59
100.66

4.18%
1,258,286.25
15,468.75

1.33%
13,517.66
Aa1/AA+
AA+

2.23 2.07
Total Agency 12,365,000.00 4.44%
12,394,714.90
12,368,285.20
100.29

4.10%
12,400,292.86
144,944.76

13.11%
32,007.66

1.21 1.15

AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 587,443.97 11/29/2022

4.51%
550,132.11
586,579.50

99.68 3.63%
585,570.62
1,298.74

0.62%
(1,008.88)
Aa1/AA+
AAA

0.15 0.15
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 491,862.15 12/05/2022

4.27%
476,203.25
489,920.12

99.47 4.18%
489,276.43
1,405.91

0.52%
(643.70)
Aa1/AA+
AAA

0.57 0.41
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 984,780.09 05/10/2023

3.93%
954,467.33
977,909.47

98.95 4.19%
974,402.48
2,557.97

1.03%
(3,506.99)
Aa1/AA+
AAA

0.99 0.81
3137FAWS3 FHMS K-067 A2 3.194 07/25/2027 1,000,000.00 05/10/2023

3.92%
971,562.50
993,116.92

98.79 4.24%
987,920.00
2,661.67

1.04%
(5,196.92)
Aaa/AA+
AA+

1.07 0.98
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 720,444.63 06/09/2023

4.41%
686,730.07
711,096.50

98.59 4.25%
710,297.89
1,913.38

0.75%
(798.61)
Aa1/AAA
AA+

1.24 1.16
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 965,000.00 05/24/2023

4.34%
927,455.47
952,709.04

98.48 4.31%
950,325.25
2,693.96

1.01%
(2,383.79)
Aa1/AA+
AAA

1.57 1.39
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 964,699.57 09/19/2025

3.79%
962,664.66
963,154.16

98.38 4.42%
949,051.18
3,031.57

1.00%
(14,102.98)
Aa1/AAA
AA+

2.49 2.22
30

HOLDINGS REPORT
City of Pittsburg | Account #10607 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 1,000,000.00 04/30/2025

4.02%
987,617.19
991,525.60

98.12 4.43%
981,214.00
3,075.00

1.04%
(10,311.60)
Aaa/AA+
AA+

2.57 2.33
3137FUZC1 FHMS K-111 A2 1.35 05/28/2030 1,000,000.00 03/09/2026

3.94%
902,656.25
909,681.71

89.26 4.45%
892,560.00
1,125.00

0.94%
(17,121.71)
Aa1/AA+
AAA

3.91 3.61
3137F9CT6 FHMS K-124 A2 1.658 12/25/2030 1,000,000.00 04/06/2026

4.26%
890,703.13
896,048.82

88.76 4.46%
887,555.00
1,381.67

0.94%
(8,493.82)
Aa1/AA+
AAA

4.49 4.19
3137F8ZV8 FHMS K-123 A2 1.621 12/25/2030 1,000,000.00 04/01/2026

4.18%
893,085.94
898,434.79

88.77 4.46%
887,673.00
1,350.83

0.94%
(10,761.79)
Aa1/AA+
AAA

4.49 4.13
3137F9Z79 FHMS K-125 A2 1.846 01/25/2031 1,000,000.00 03/17/2026

4.00%
906,523.44
912,031.50

89.37 4.46%
893,701.00
1,538.33

0.95%
(18,330.50)
Aa1/AA+
AAA

4.57 4.22
10,109,801.34 95.34 10,189,546.83 10.78% 2.47
Total Agency CMBS 10,714,230.41 4.10% 10,282,208.13 4.32% 24,034.02 (92,661.30) 2.25 CASH
CCYUSD Receivable 539.63 -- 539.63
539.63

1.00 539.63

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
539.63 1.00 539.63 0.00% 0.00
Total Cash 539.63 539.63 0.00 0.00 0.00

CORPORATE
857477CD3 STATE STREET CORP 5.272
08/03/2026 350,000.00 07/31/2023

5.27%
350,000.00
350,000.00
100.01

5.05%
350,036.40
7,585.82

0.37%

36.40 Aa3/A
AA-

0.09 0.01
06428CAA2 BANK OF AMERICA NA 5.526
08/18/2026 500,000.00 08/24/2023

5.48%
500,680.00
500,010.96
100.08

4.82%
500,395.50
10,207.75

0.53%
384.54
Aa2/A+
AA

0.13 0.04
437076CV2 HOME DEPOT INC 4.95
09/30/2026 500,000.00 11/30/2023

4.86%
501,140.00
500,068.40
100.13

4.38%
500,625.00
6,256.25

0.53%
556.60
A2/A
A

0.25 0.16
61690U7W4 MORGAN STANLEY BANK NA

5.882 10/30/2026 335,000.00 10/30/2023

5.88%
335,000.00
335,000.00
100.44

4.50%
336,463.95
3,338.85

0.36%
1,463.95
Aa3/A+
AA

0.33 0.24
438516BL9 HONEYWELL INTERNATIONAL INC

2.5 11/01/2026 750,000.00 05/10/2023

3.96%
714,847.50
746,592.78

99.42 4.25%
745,638.00
3,125.00

0.79%
(954.78)
A2/A
A

0.34 0.33
713448FW3 PEPSICO INC 5.125 11/10/2026 275,000.00 11/08/2023

5.13%
274,925.75
274,991.06
100.30

4.25%
275,818.40
1,996.61

0.29%
827.34
A1/A+
NA

0.36 0.27
31

HOLDINGS REPORT
City of Pittsburg | Account #10607 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
24422EXF1 JOHN DEERE CAPITAL CORP 4.5
01/08/2027 500,000.00 01/18/2024

4.52%
499,705.00
499,947.88
100.16

4.18%
500,805.00
10,812.50

0.53%
857.12
A1/A
A+

0.53 0.50
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,000,000.00 --

4.81%
999,831.60
999,956.01
100.36

4.23%
1,003,558.00
16,666.67

1.06%
3,601.99
A1/AA-
NA

0.66 0.55
857477CL5 STATE STREET CORP 4.993
03/18/2027 325,000.00 03/13/2024

4.99%
325,000.00
325,000.00
100.50

4.27%
326,624.03
4,642.80

0.35%
1,624.03
Aa3/A
AA-

0.71 0.61
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/15/2024

4.89%
1,002,930.00
1,000,850.56
100.70

4.17%
1,006,967.00
6,527.78

1.06%
6,116.44
A1/A
A+

0.87 0.84
09290DAH4 BLACKROCK INC 4.6 07/26/2027 530,000.00 07/17/2024

4.60%
529,984.10
529,994.34
100.32

4.28%
531,720.91
10,496.94

0.56%
1,726.57
Aa3/AA-
NA

1.07 0.94
69371RT30 PACCAR FINANCIAL CORP 4.45
08/06/2027 560,000.00 08/01/2024

4.50%
559,255.20
559,727.25
100.36

4.11%
562,007.60
10,037.22

0.59%
2,280.35
A1/A+
NA

1.10 1.04
532457CP1 ELI LILLY AND CO 4.15 08/14/2027 470,000.00 08/12/2024

4.18%
469,619.30
469,857.80

99.88 4.25%
469,457.62
7,422.74

0.50%
(400.18)
Aa3/AA-
NA

1.12 1.07
023135BC9 AMAZON.COM INC 3.15
08/22/2027 750,000.00 06/26/2024

4.90%
712,095.00
736,267.26

98.80 4.23%
741,023.25
8,465.63

0.78%
4,755.99
A1/AA
AA-

1.15 1.10
66815L2T5

NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.11
09/12/2027
545,000.00 09/05/2024

4.11%
544,983.65
544,993.46

99.74 4.33%
543,589.00
6,782.07

0.57%
(1,404.47)
Aa1/AA+
AAA

1.20 1.14
58989V2J2 MET TOWER GLOBAL FUNDING

4.0 10/01/2027 750,000.00 10/11/2024

4.23%
745,132.50
747,942.23

99.45 4.45%
745,882.50
7,500.00

0.79%
(2,059.73)
Aa3/AA-
AA-

1.25 1.19
91324PDE9 UNITEDHEALTH GROUP INC 2.95
10/15/2027 750,000.00 08/22/2024

4.19%
722,842.50
738,857.86

98.29 4.33%
737,175.00
4,670.83

0.78%
(1,682.86)
A2/A+
A

1.29 1.24
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 375,000.00 01/06/2025

4.66%
374,887.50
374,942.88
100.55

4.27%
377,078.25
8,428.13

0.40%
2,135.37
A1/A
A+

1.52 1.42
00287YDY2 ABBVIE INC 4.65 03/15/2028 470,000.00 02/18/2025

4.70%
469,374.90
469,650.10
100.43

4.38%
472,021.47
6,435.08

0.50%
2,371.37
A2/A-
NA

1.71 1.53
57629TBW6 MASSMUTUAL GLOBAL FUNDING
II 4.45 03/27/2028 720,000.00 03/20/2025

4.49%
719,143.20
719,503.59
100.05

4.42%
720,360.00
8,366.00

0.76%
856.41
Aa3/AA+
AA+

1.74 1.64
64953BBW7 NEW YORK LIFE GLOBAL FUNDING

4.4 04/25/2028 530,000.00 04/22/2025

4.43%
529,629.00
529,775.23

99.84 4.49%
529,174.26
4,275.33

0.56%
(600.97)
Aa1/AA+
AAA

1.82 1.71
90331HPS6 US BANK NA 4.73 05/15/2028 660,000.00 05/12/2025

4.88%
660,000.00
660,000.00
100.23

4.51%
661,502.16
3,988.97

0.70%
1,502.16
A2/A+
A+

1.88 0.84
32

HOLDINGS REPORT
City of Pittsburg | Account #10607 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
87612EBU9 TARGET CORP 4.35 06/15/2028 280,000.00 06/05/2025

4.35%
279,997.20
279,998.18
100.04

4.33%
280,112.00
541.33

0.30%
113.82
A2/A
NA

1.96 1.85
63743HFZ0

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.15
08/25/2028
480,000.00 08/19/2025

4.19%
479,462.40
479,614.46

99.18 4.55%
476,072.64
6,972.00

0.50%
(3,541.82)
A2/NA
A

2.15 2.00
437076DH2 HOME DEPOT INC 3.75
09/15/2028 285,000.00 09/08/2025

3.77%
284,814.75
284,863.60

98.88 4.29%
281,809.43
3,146.88

0.30%
(3,054.17)
A2/A
A

2.21 2.07
46647PEU6 JPMORGAN CHASE & CO 4.915
01/24/2029 430,000.00 01/16/2025

4.92%
430,000.00
430,000.00
100.49

4.53%
432,086.36
9,216.99

0.46%
2,086.36
A1/A
AA-

2.57 1.46
92826CAY8 VISA INC 3.8 02/12/2029 605,000.00 02/03/2026

3.84%
604,304.25
604,392.49

98.77 4.30%
597,586.33
8,876.69

0.63%
(6,806.16)
Aa3/AA-
NA

2.62 2.42
02079KBJ5 ALPHABET INC 3.7 02/15/2029 285,000.00 02/09/2026

3.83%
283,965.45
284,095.48

98.38 4.36%
280,373.60
4,042.25

0.30%
(3,721.88)
Aa2/AA+
NA

2.63 2.43
38151LAJ9 GOLDMAN SACHS BANK USA

4.656 06/03/2029 305,000.00 05/27/2026

4.57%
305,000.00
305,000.00
100.06

4.54%
305,188.80
1,104.51

0.32%
188.80
A1/A+
AA-

2.93 1.81
89236TMK8 TOYOTA MOTOR CREDIT CORP

4.55 08/09/2029 750,000.00 02/27/2025

4.58%
748,965.00
749,276.20

99.96 4.56%
749,709.75
13,460.42

0.79%
433.55
A1/A+
A+

3.11 2.82
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 290,000.00 10/17/2025

4.36%
290,000.00
290,000.00

98.64 4.70%
286,041.50
2,430.43

0.30%
(3,958.50)
A1/A-
A+

3.30 2.15
06406RCG0 BANK OF NEW YORK MELLON
CORP 4.026 01/22/2030 265,000.00 01/14/2026

4.09%
265,000.00
265,000.00

98.61 4.50%
261,309.08
4,712.10

0.28%
(3,690.92)
Aa3/A
AA-

3.56 2.36
713448GH5 PEPSICO INC 4.3 07/23/2030 500,000.00 07/29/2025

4.32%
499,530.00
499,616.61

99.87 4.34%
499,328.00
9,436.11

0.53%
(288.61)
A1/A+
NA

4.06 3.62
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,000,000.00 05/15/2026

4.69%
980,360.00
980,886.29

98.43 4.60%
984,313.00
5,366.67

1.04%
3,426.72
Aa3/AA-
NA

4.38 3.93
09247XAR2 BLACKROCK FINANCE INC 1.9
01/28/2031 1,000,000.00 03/18/2026

4.34%
894,130.00
900,329.59

89.20 4.54%
892,029.00
8,075.00

0.94%
(8,300.59)
Aa3/AA-
NA

4.58 4.26
02079KBK2 ALPHABET INC 4.1 02/15/2031 1,000,000.00 03/18/2026

4.22%
994,910.00
995,205.07

98.26 4.52%
982,580.00
15,716.67

1.04%
(12,625.07)
Aa2/AA+
NA

4.63 4.10
023135DD5 AMAZON.COM INC 4.25
03/13/2031 500,000.00 03/11/2026

4.31%
498,665.00
498,745.42

98.47 4.62%
492,327.50
6,375.00

0.52%
(6,417.92)
A1/AA
AA-

4.70 4.16
002824BS8 ABBOTT LABORATORIES 4.0
03/15/2031 1,000,000.00 03/13/2026

4.38%
983,010.00
984,006.13

97.46 4.61%
974,552.00
12,444.44

1.03%
(9,454.13)
Aa3/A+
NA

4.71 4.18
33

HOLDINGS REPORT
City of Pittsburg | Account #10607 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
89236TQB4 TOYOTA MOTOR CREDIT CORP

4.55 05/14/2031 400,000.00 05/15/2026

4.74%
396,672.00
396,752.37

99.17 4.74%
396,686.40
2,376.11

0.42%
(65.97)
A1/A+
A+

4.87 4.29
532457DL9 ELI LILLY AND CO 4.375
05/20/2031 1,000,000.00 05/15/2026

4.62%
989,040.00
989,292.09

99.23 4.55%
992,303.00
4,982.64

1.05%
3,010.91
Aa3/AA-
NA

4.89 4.33
58933YCK9 MERCK & CO INC 4.65 05/22/2031 1,000,000.00 --

4.69%
998,082.35
998,124.36
100.16

4.61%
1,001,635.00
5,037.50

1.06%
3,510.64
Aa3/A+
NA

4.89 4.31
57636QBL7 MASTERCARD INC 4.6 06/08/2031 805,000.00 06/04/2026

4.62%
804,356.00
804,364.11

99.85 4.63%
803,762.72
2,365.81

0.85%
(601.40)
Aa3/A+
NA

4.94 4.36
67066GAR5 NVIDIA CORP 4.5 06/15/2031 485,000.00 06/15/2026

4.54%
484,078.50
484,085.07

99.65 4.58%
483,283.10
788.13

0.51%
(801.97)
Aa1/AA
NA

4.96 4.39
Total Corporate 25,310,000.00 4.54%
25,035,349.60
25,117,577.14

99.18 4.44%
25,091,012.48
285,496.64

26.54%
(26,564.66)

2.52 2.21

MONEY MARKET
FUND
94975H254 ALLSPRING:GOVT MM S 281,922.97 --

3.23%
281,922.97
281,922.97

1.00 3.23%
281,922.97

0.00 0.30%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 281,922.97 3.23%
281,922.97
281,922.97

1.00 3.23%
281,922.97

0.00 0.30%

0.00 0.00

0.00 SUPRANATIONAL
45950KDF4 INTERNATIONAL FINANCE CORP

4.375 01/15/2027 710,000.00 11/29/2023

4.49%
707,685.40
709,596.58
100.15

4.09%
711,079.91
14,323.26

0.75%
1,483.34
Aaa/AAA
NA

0.54 0.52
459058LT8

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.625 05/05/2028
660,000.00 04/29/2025

3.70%
658,534.80
659,098.13

99.04 4.17%
653,656.08
3,721.67

0.69%
(5,442.05)
Aaa/AAA
NA

1.85 1.75
Total Supranational 1,370,000.00 4.11%
1,366,220.20
1,368,694.71

99.62 4.13%
1,364,735.99
18,044.93

1.44%
(3,958.72)

1.17 1.11

US TREASURY
912828U24 UNITED STATES TREASURY 2.0
11/15/2026 1,000,000.00 05/09/2023

3.65%
945,976.56
994,240.30

99.28 3.96%
992,781.00
2,554.35

1.05%
(1,459.30)
Aa1/AA+
AA+

0.38 0.37
34

HOLDINGS REPORT
City of Pittsburg | Account #10607 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
9128283F5 UNITED STATES TREASURY 2.25
11/15/2027 1,500,000.00 05/16/2023

3.59%
1,417,031.25
1,474,649.84

97.46 4.17%
1,461,972.00
4,310.46

1.55%
(12,677.84)
Aa1/AA+
AA+

1.38 1.33
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 1,250,000.00 09/27/2024

3.51%
1,220,019.53
1,235,556.85

97.79 4.17%
1,222,363.75
12,914.36

1.29%
(13,193.10)
Aa1/AA+
AA+

1.63 1.55
91282CPC9 UNITED STATES TREASURY 3.5
10/15/2028 1,300,000.00 11/10/2025

3.58%
1,297,105.47
1,297,720.86

98.54 4.17%
1,281,059.00
9,572.40

1.35%
(16,661.86)
Aa1/AA+
AA+

2.29 2.16
91282CDF5 UNITED STATES TREASURY 1.375
10/31/2028 1,500,000.00 08/27/2025

3.62%
1,399,687.50
1,426,235.72

93.83 4.18%
1,407,480.00
3,474.86

1.49%
(18,755.72)
Aa1/AA+
AA+

2.34 2.25
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 1,500,000.00 04/18/2024

4.72%
1,402,792.96
1,449,505.86

97.66 4.17%
1,464,961.50
5,986.75

1.55%
15,455.64
Aa1/AA+
AA+

2.38 2.25
91282CEM9 UNITED STATES TREASURY 2.875
04/30/2029 1,500,000.00 09/18/2025

3.60%
1,463,378.91
1,471,291.73

96.58 4.17%
1,448,730.00
7,265.63

1.53%
(22,561.73)
Aa1/AA+
AA+

2.83 2.67
9128286T2 UNITED STATES TREASURY 2.375
05/15/2029 1,000,000.00 03/17/2025

4.08%
935,390.63
955,381.68

95.21 4.16%
952,148.00
3,033.29

1.01%
(3,233.68)
Aa1/AA+
AA+

2.87 2.73
91282CES6 UNITED STATES TREASURY 2.75
05/31/2029 1,000,000.00 10/30/2025

3.64%
970,312.50
975,827.84

96.16 4.16%
961,602.00
2,329.24

1.02%
(14,225.84)
Aa1/AA+
AA+

2.92 2.76
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,000,000.00 11/05/2024

4.20%
991,445.31
994,425.59

99.52 4.17%
995,234.00
16,685.08

1.05%
808.41
Aa1/AA+
AA+

3.08 2.82
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 1,750,000.00 12/13/2024

4.27%
1,665,712.89
1,693,269.23

96.91 4.17%
1,695,996.75
18,278.70

1.79%
2,727.52
Aa1/AA+
AA+

3.17 2.94
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 1,000,000.00 11/26/2025

3.53%
999,062.50
999,206.27

97.97 4.17%
979,688.00
8,797.81

1.04%
(19,518.27)
Aa1/AA+
AA+

3.25 3.01
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 1,000,000.00 06/16/2025

4.01%
999,687.50
999,761.66

99.45 4.18%
994,492.00
6,739.13

1.05%
(5,269.66)
Aa1/AA+
AA+

3.34 3.07
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 1,000,000.00 06/06/2025

4.02%
993,984.38
995,408.26

99.04 4.18%
990,352.00
3,282.10

1.05%
(5,056.26)
Aa1/AA+
AA+

3.42 3.15
91282CGB1 UNITED STATES TREASURY 3.875
12/31/2029 1,200,000.00 07/30/2025

3.91%
1,198,125.00
1,198,514.17

99.02 4.18%
1,188,187.20
126.36

1.26%
(10,326.97)
Aa1/AA+
AA+

3.50 3.24
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 1,750,000.00 12/30/2025

3.60%
1,743,232.42
1,744,057.96

97.75 4.18%
1,710,693.25
25,549.03

1.81%
(33,364.71)
Aa1/AA+
AA+

3.59 3.28
91282CGZ8 UNITED STATES TREASURY 3.5
04/30/2030 1,500,000.00 12/09/2025

3.75%
1,484,648.44
1,486,593.74

97.58 4.19%
1,463,671.50
8,845.11

1.55%
(22,922.24)
Aa1/AA+
AA+

3.83 3.52
91282CHF1 UNITED STATES TREASURY 3.75
05/31/2030 2,000,000.00 03/12/2026

3.80%
1,995,937.50
1,996,227.68

98.42 4.19%
1,968,360.00
6,352.46

2.08%
(27,867.68)
Aa1/AA+
AA+

3.92 3.59
35

HOLDINGS REPORT
City of Pittsburg | Account #10607 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 1,500,000.00 05/04/2026

4.06%
1,496,718.75
1,496,839.57

99.27 4.19%
1,489,101.00
25,027.62

1.57%
(7,738.57)
Aa1/AA+
AA+

4.08 3.67
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 1,400,000.00 02/25/2026

3.60%
1,401,585.94
1,401,467.73

97.80 4.20%
1,369,156.60
12,756.83

1.45%
(32,311.13)
Aa1/AA+
AA+

4.25 3.86
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 2,000,000.00 03/05/2026

3.72%
1,991,953.13
1,992,506.94

97.74 4.20%
1,954,844.00
12,214.67

2.07%
(37,662.94)
Aa1/AA+
AA+

4.34 3.94
91282CPR6 UNITED STATES TREASURY 3.625
12/31/2030 2,000,000.00 03/05/2026

3.73%
1,990,625.00
1,991,247.87

97.64 4.21%
1,952,890.00
197.01

2.07%
(38,357.87)
Aa1/AA+
AA+

4.50 4.10
91282CPW5 UNITED STATES TREASURY 3.75
01/31/2031 2,000,000.00 03/09/2026

3.75%
2,000,000.00
2,000,000.00

98.11 4.21%
1,962,266.00
31,284.53

2.08%
(37,734.00)
Aa1/AA+
AA+

4.59 4.10
91282CQD6 UNITED STATES TREASURY 3.5
02/28/2031 2,000,000.00 03/05/2026

3.73%
1,979,531.25
1,980,847.10

97.07 4.20%
1,941,328.00
23,396.74

2.05%
(39,519.10)
Aa1/AA+
AA+

4.67 4.20
91282CQG9 UNITED STATES TREASURY 3.875
03/31/2031 2,000,000.00 03/26/2026

4.02%
1,987,031.25
1,987,684.66

98.58 4.21%
1,971,562.00
19,480.87

2.09%
(16,122.66)
Aa1/AA+
AA+

4.75 4.25
91282CQK0 UNITED STATES TREASURY 3.875
04/30/2031 2,000,000.00 04/29/2026

4.00%
1,988,671.88
1,989,056.52

98.56 4.21%
1,971,250.00
13,057.07

2.08%
(17,806.52)
Aa1/AA+
AA+

4.83 4.33
Total US Treasury 38,650,000.00 3.83%
37,959,648.45
38,227,525.63

97.80 4.18%
37,792,169.55
283,512.49

39.97%
(435,356.08)

3.49 3.19
Total Portfolio 96,124,804.25 4.20%
94,580,497.32
95,079,293.36

98.13 4.26%
94,551,180.26
768,628.47
100.00%
(528,113.10)

2.72 2.36
Total Market Value +
Accrued 95,319,808.73
36

HOLDINGS REPORT
City of Pittsburg Liquidity | Account #10617 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 17.74 -- 17.74

17.74 1.00 17.74

0.00 0.26%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 17.74

17.74 17.74

1.00 17.74

0.00 0.26%

0.00 0.00

0.00 MONEY MARKET
FUND
94975H254 ALLSPRING:GOVT MM S 6,719.17 --

3.23%
6,719.17
6,719.17

1.00 3.23%
6,719.17

0.00 99.74%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 6,719.17 3.23%
6,719.17
6,719.17

1.00 3.23%
6,719.17

0.00 99.74%

0.00 0.00

0.00 Total Portfolio 6,736.91 3.23%
6,736.91
6,736.91

1.00 3.23%
6,736.91

0.00 100.00%

0.00 0.00

0.00 Total Market Value +
Accrued 6,736.91
37

HOLDINGS REPORT
City of Pittsburg Managed/Reporting Cons | Account #10639 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 62,333.32 05/14/2024

5.41%
62,331.59
62,332.81
100.11

3.96%
62,404.26
149.88

0.03%

71.44 NA/AAA
AAA

0.88 0.08
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 127,531.37 05/17/2024

5.73%
127,516.45
127,525.04
100.35

4.20%
127,980.40
301.54

0.05%
455.36
Aaa/NA
AAA

1.55 0.30
58769GAD5 MBALT 2024-B A3 4.23
02/15/2028 190,791.37 09/17/2024

4.24%
190,759.26
190,775.96
100.00

4.27%
190,791.56
358.69

0.08%

15.60 NA/AAA
AAA

1.63 0.44
89239NAD7 TLOT 2025-A A3 4.75 02/22/2028 390,000.00 02/20/2025

4.75%
389,994.89
389,997.18
100.20

4.34%
390,776.10
566.04

0.16%
778.92
Aaa/AAA
NA

1.65 0.43
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 23,090.30 07/11/2023

5.47%
23,086.21
23,088.83
100.33

4.10%
23,166.13

21.05 0.01%

77.30 NA/AAA
AAA

1.66 0.23
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 350,000.00 05/20/2025

4.84%
349,994.19
349,996.31
100.23

4.29%
350,794.85
489.81

0.14%
798.54
NA/AAA
AAA

1.90 0.68
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 96,853.20 11/01/2023

5.74%
96,836.14
96,845.91
100.62

4.34%
97,448.85
152.54

0.04%
602.94
Aaa/NA
AAA

1.98 0.42
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 101,269.22 11/07/2023

5.61%
101,258.30
101,264.34
100.63

4.41%
101,908.12
249.35

0.04%
643.79
NA/AAA
AAA

2.13 0.53
437918AC9 HAROT 2024-1 A3 5.21
08/15/2028 331,113.84 02/13/2024

5.27%
331,099.44
331,107.01
100.47

4.26%
332,672.06
766.71

0.13%
1,565.05
Aaa/AAA
NA

2.13 0.46
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 395,000.00 10/08/2025

4.32%
394,998.89
394,999.16

99.67 4.34%
393,715.46
261.36

0.16%
(1,283.70)
NA/AAA
AAA

2.24 0.97
89238DAD0 TAOT 2024-A A3 4.83 10/16/2028 198,543.58 01/23/2024

4.89%
198,503.85
198,524.23
100.30

4.30%
199,138.22
426.21

0.08%
613.98
Aaa/AAA
NA

2.30 0.51
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 119,279.18 03/11/2024

5.12%
119,272.50
119,275.77
100.37

4.44%
119,723.73
262.94

0.05%
447.96
Aaa/NA
AAA

2.38 0.65
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 179,104.09 --

4.90%
179,083.37
179,093.68
100.28

4.28%
179,599.32
361.94

0.07%
505.63
Aaa/NA
AAA

2.47 0.45
36273VAD7 GMALT 2026-1 A3 3.88
01/22/2029 425,000.00 02/03/2026

4.11%
424,944.37
424,951.56

99.29 4.44%
421,991.43
503.86

0.17%
(2,960.14)
NA/AAA
AAA

2.56 1.35
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 198,673.95 06/04/2024

5.18%
198,643.77
198,656.92
100.51

4.33%
199,679.63
171.52

0.08%
1,022.72
Aaa/AAA
NA

2.66 0.56
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 294,527.84 06/11/2024

5.81%
294,470.26
294,494.97
100.64

4.40%
296,410.17
680.69

0.12%
1,915.19
Aaa/NA
AAA

2.71 0.74
38

HOLDINGS REPORT
City of Pittsburg Managed/Reporting Cons | Account #10639 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
36275AAD1 GMALT 2026-2 A3 4.3 03/20/2029 310,000.00 05/05/2026

4.40%
309,966.46
309,968.01

99.86 4.43%
309,552.36
333.25

0.12%
(415.65)
NA/AAA
AAA

2.72 1.57
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 570,000.00 04/16/2024

5.30%
569,883.15
569,934.48
100.82

4.20%
574,689.96
1,324.93

0.23%
4,755.48
NA/AAA
AAA

2.79 0.76
448972AD1 HALST 26B A3 4.21 04/16/2029 290,000.00 04/16/2026

4.22%
289,957.72
289,960.44

99.61 4.47%
288,872.19
542.62

0.12%
(1,088.25)
NA/AAA
AAA

2.79 1.74
58770XAD5 MBALT 2025-B A3 3.88
04/16/2029 800,000.00 10/16/2025

4.57%
799,868.72
799,894.73

99.38 4.35%
795,020.00
1,379.56

0.32%
(4,874.73)
NA/AAA
AAA

2.79 1.41
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 365,000.00 06/06/2024

4.93%
364,979.52
364,988.09
100.65

4.21%
367,356.08
799.76

0.15%
2,367.99
Aaa/AAA
NA

2.87 0.84
05594YAD8 BMWLT 2026-1 A3 4.15
05/25/2029 420,000.00 04/14/2026

4.85%
419,953.59
419,956.47

99.56 4.46%
418,141.50
290.50

0.17%
(1,814.97)
Aaa/NA
AAA

2.90 1.65
362549AD9 GMCAR 2025-2 A3 4.28
04/16/2030 185,000.00 05/06/2025

4.71%
184,972.77
184,979.02
100.01

4.31%
185,023.13
329.92

0.07%

44.10 Aaa/AAA
NA

3.79 0.92
47787DAD3 JDOT 2026 A3 3.87 08/15/2030 310,000.00 03/10/2026

4.49%
309,945.07
309,948.65

98.68 4.46%
305,894.36
533.20

0.12%
(4,054.29)
Aaa/NA
AAA

4.13 2.38
43814YAD3 HAROT 2026-2 A3 4.3 11/15/2030 700,000.00 05/05/2026

3.02%
699,979.77
699,980.37

99.74 4.46%
698,210.10
1,337.78

0.28%
(1,770.27)
Aaa/AAA
NA

4.38 2.14
Total ABS 7,433,111.25 4.65%
7,432,300.23
7,432,539.95

99.97 4.35%
7,430,959.95
12,595.64

2.98%
(1,580.00)

2.73 1.11
AGENCY
3133EPVP7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 07/08/2026 1,000,000.00 12/06/2023

4.48%
1,006,424.00
1,000,047.64
100.02

3.82%
1,000,163.00
22,826.39

0.40%
115.36
Aa1/AA+
AA+

0.02 0.02
3133EPZY4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 5.0 07/30/2026 1,000,000.00 11/09/2023

4.85%
1,003,740.00
1,000,109.22
100.09

3.82%
1,000,882.00
20,972.22

0.40%
772.78
Aa1/AA+
AA+

0.08 0.08
3133EP6K6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/26/2027 1,000,000.00 03/25/2024

4.45%
1,001,450.00
1,000,354.89
100.26

4.13%
1,002,587.00
11,875.00

0.40%
2,232.11
Aa1/AA+
AA+

0.74 0.71
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 865,000.00 04/10/2024

4.85%
862,716.40
864,410.82
100.52

4.06%
869,466.86
9,358.82

0.35%
5,056.04
Aa1/AA+
AA+

0.77 0.75
3133ERDS7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 05/06/2027 1,000,000.00 05/22/2024

4.70%
1,001,317.00
1,000,377.51
100.52

4.11%
1,005,237.00
7,256.94

0.40%
4,859.49
Aa1/AA+
AA+

0.85 0.82
39

HOLDINGS REPORT
City of Pittsburg Managed/Reporting Cons | Account #10639 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3130B1EF0 FEDERAL HOME LOAN BANKS

4.625 06/11/2027 1,000,000.00 06/26/2024

4.57%
1,001,530.00
1,000,489.20
100.44

4.14%
1,004,379.00
2,569.44

0.40%
3,889.80
Aa1/AA+
AA+

0.95 0.91
3133ERMB4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 07/23/2027 1,000,000.00 07/18/2024

4.26%
999,690.00
999,890.44
100.14

4.11%
1,001,374.00
18,652.78

0.40%
1,483.56
Aa1/AA+
AA+

1.06 1.01
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 1,000,000.00 05/15/2023

3.66%
1,024,620.00
1,007,773.96
100.08

4.19%
1,000,750.00
2,479.17

0.40%
(7,023.96)
Aa1/AA+
AA+

1.45 1.38
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 1,000,000.00 04/24/2023

3.76%
1,032,720.00
1,011,353.71
100.53

4.17%
1,005,309.00
13,875.00

0.40%
(6,044.71)
Aa1/AA+
AA+

1.70 1.59
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 1,000,000.00 07/06/2023

4.49%
978,470.00
991,500.68

99.69 4.17%
996,910.00
2,444.44

0.40%
5,409.32
Aa1/AA+
AA+

1.94 1.84
3130AWTR1 FEDERAL HOME LOAN BANKS

4.375 09/08/2028 1,250,000.00 09/07/2023

4.49%
1,243,625.00
1,247,208.54
100.40

4.18%
1,254,948.75
17,165.80

0.50%
7,740.21
Aa1/AA+
AA+

2.19 2.04
3133EPWK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 09/22/2028 1,250,000.00 10/12/2023

4.71%
1,238,412.50
1,244,768.59
100.66

4.18%
1,258,286.25
15,468.75

0.50%
13,517.66
Aa1/AA+
AA+

2.23 2.07
Total Agency 12,365,000.00 4.44%
12,394,714.90
12,368,285.20
100.29

4.10%
12,400,292.86
144,944.76

4.97%
32,007.66

1.21 1.15

AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 587,443.97 11/29/2022

4.51%
550,132.11
586,579.50

99.68 3.63%
585,570.62
1,298.74

0.23%
(1,008.88)
Aa1/AA+
AAA

0.15 0.15
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 491,862.15 12/05/2022

4.27%
476,203.25
489,920.12

99.47 4.18%
489,276.43
1,405.91

0.20%
(643.70)
Aa1/AA+
AAA

0.57 0.41
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 984,780.09 05/10/2023

3.93%
954,467.33
977,909.47

98.95 4.19%
974,402.48
2,557.97

0.39%
(3,506.99)
Aa1/AA+
AAA

0.99 0.81
3137FAWS3 FHMS K-067 A2 3.194 07/25/2027 1,000,000.00 05/10/2023

3.92%
971,562.50
993,116.92

98.79 4.24%
987,920.00
2,661.67

0.40%
(5,196.92)
Aaa/AA+
AA+

1.07 0.98
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 720,444.63 06/09/2023

4.41%
686,730.07
711,096.50

98.59 4.25%
710,297.89
1,913.38

0.28%
(798.61)
Aa1/AAA
AA+

1.24 1.16
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 965,000.00 05/24/2023

4.34%
927,455.47
952,709.04

98.48 4.31%
950,325.25
2,693.96

0.38%
(2,383.79)
Aa1/AA+
AAA

1.57 1.39
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 964,699.57 09/19/2025

3.79%
962,664.66
963,154.16

98.38 4.42%
949,051.18
3,031.57

0.38%
(14,102.98)
Aa1/AAA
AA+

2.49 2.22
40

HOLDINGS REPORT
City of Pittsburg Managed/Reporting Cons | Account #10639 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 1,000,000.00 04/30/2025

4.02%
987,617.19
991,525.60

98.12 4.43%
981,214.00
3,075.00

0.39%
(10,311.60)
Aaa/AA+
AA+

2.57 2.33
3137FUZC1 FHMS K-111 A2 1.35 05/28/2030 1,000,000.00 03/09/2026

3.94%
902,656.25
909,681.71

89.26 4.45%
892,560.00
1,125.00

0.36%
(17,121.71)
Aa1/AA+
AAA

3.91 3.61
3137F9CT6 FHMS K-124 A2 1.658 12/25/2030 1,000,000.00 04/06/2026

4.26%
890,703.13
896,048.82

88.76 4.46%
887,555.00
1,381.67

0.36%
(8,493.82)
Aa1/AA+
AAA

4.49 4.19
3137F8ZV8 FHMS K-123 A2 1.621 12/25/2030 1,000,000.00 04/01/2026

4.18%
893,085.94
898,434.79

88.77 4.46%
887,673.00
1,350.83

0.36%
(10,761.79)
Aa1/AA+
AAA

4.49 4.13
3137F9Z79 FHMS K-125 A2 1.846 01/25/2031 1,000,000.00 03/17/2026

4.00%
906,523.44
912,031.50

89.37 4.46%
893,701.00
1,538.33

0.36%
(18,330.50)
Aa1/AA+
AAA

4.57 4.22
10,109,801.34 95.34 10,189,546.83 4.09% 2.47
Total Agency CMBS 10,714,230.41 4.10% 10,282,208.13 4.32% 24,034.02 (92,661.30) 2.25 CASH
90PITT$00 City of Pittsburg 23,830,029.18 --

0.00%
23,830,029.18
23,830,029.18

1.00 0.00%
23,830,029.18

0.00 9.56%

0.00 NA/NA
NA

0.00 0.00
90PITT$02 City of Pittsburg 74,478,363.12 --

0.00%
74,478,363.12
74,478,363.12

1.00 0.00%
74,478,363.12

0.00 29.87%

0.00 NA/NA
NA

0.00 0.00
CCYUSD Receivable 272,954.99 -- 272,954.99
272,954.99

1.00 272,954.99

0.00 0.11%

0.00 Aaa/AAA
AAA

0.00 0.00
CCYUSD Receivable 17.74 -- 17.74

17.74 1.00 17.74

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
CCYUSD Receivable 539.63 -- 539.63
539.63

1.00 539.63

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
98,581,904.66 1.00 98,581,904.66 39.53% 0.00
Total Cash 98,581,904.66 0.00% 98,581,904.66 0.00% 0.00 0.00 0.00

CORPORATE
857477CD3 STATE STREET CORP 5.272
08/03/2026 350,000.00 07/31/2023

5.27%
350,000.00
350,000.00
100.01

5.05%
350,036.40
7,585.82

0.14%

36.40 Aa3/A
AA-

0.09 0.01
06428CAA2 BANK OF AMERICA NA 5.526
08/18/2026 500,000.00 08/24/2023

5.48%
500,680.00
500,010.96
100.08

4.82%
500,395.50
10,207.75

0.20%
384.54
Aa2/A+
AA

0.13 0.04
41

HOLDINGS REPORT
City of Pittsburg Managed/Reporting Cons | Account #10639 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
437076CV2 HOME DEPOT INC 4.95
09/30/2026 500,000.00 11/30/2023

4.86%
501,140.00
500,068.40
100.13

4.38%
500,625.00
6,256.25

0.20%
556.60
A2/A
A

0.25 0.16
61690U7W4 MORGAN STANLEY BANK NA

5.882 10/30/2026 335,000.00 10/30/2023

5.88%
335,000.00
335,000.00
100.44

4.50%
336,463.95
3,338.85

0.13%
1,463.95
Aa3/A+
AA

0.33 0.24
438516BL9 HONEYWELL INTERNATIONAL INC

2.5 11/01/2026 750,000.00 05/10/2023

3.96%
714,847.50
746,592.78

99.42 4.25%
745,638.00
3,125.00

0.30%
(954.78)
A2/A
A

0.34 0.33
713448FW3 PEPSICO INC 5.125 11/10/2026 275,000.00 11/08/2023

5.13%
274,925.75
274,991.06
100.30

4.25%
275,818.40
1,996.61

0.11%
827.34
A1/A+
NA

0.36 0.27
24422EXF1 JOHN DEERE CAPITAL CORP 4.5
01/08/2027 500,000.00 01/18/2024

4.52%
499,705.00
499,947.88
100.16

4.18%
500,805.00
10,812.50

0.20%
857.12
A1/A
A+

0.53 0.50
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,000,000.00 --

4.81%
999,831.60
999,956.01
100.36

4.23%
1,003,558.00
16,666.67

0.40%
3,601.99
A1/AA-
NA

0.66 0.55
857477CL5 STATE STREET CORP 4.993
03/18/2027 325,000.00 03/13/2024

4.99%
325,000.00
325,000.00
100.50

4.27%
326,624.03
4,642.80

0.13%
1,624.03
Aa3/A
AA-

0.71 0.61
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/15/2024

4.89%
1,002,930.00
1,000,850.56
100.70

4.17%
1,006,967.00
6,527.78

0.40%
6,116.44
A1/A
A+

0.87 0.84
09290DAH4 BLACKROCK INC 4.6 07/26/2027 530,000.00 07/17/2024

4.60%
529,984.10
529,994.34
100.32

4.28%
531,720.91
10,496.94

0.21%
1,726.57
Aa3/AA-
NA

1.07 0.94
69371RT30 PACCAR FINANCIAL CORP 4.45
08/06/2027 560,000.00 08/01/2024

4.50%
559,255.20
559,727.25
100.36

4.11%
562,007.60
10,037.22

0.23%
2,280.35
A1/A+
NA

1.10 1.04
532457CP1 ELI LILLY AND CO 4.15 08/14/2027 470,000.00 08/12/2024

4.18%
469,619.30
469,857.80

99.88 4.25%
469,457.62
7,422.74

0.19%
(400.18)
Aa3/AA-
NA

1.12 1.07
023135BC9 AMAZON.COM INC 3.15
08/22/2027 750,000.00 06/26/2024

4.90%
712,095.00
736,267.26

98.80 4.23%
741,023.25
8,465.63

0.30%
4,755.99
A1/AA
AA-

1.15 1.10
66815L2T5

NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.11
09/12/2027
545,000.00 09/05/2024

4.11%
544,983.65
544,993.46

99.74 4.33%
543,589.00
6,782.07

0.22%
(1,404.47)
Aa1/AA+
AAA

1.20 1.14
58989V2J2 MET TOWER GLOBAL FUNDING

4.0 10/01/2027 750,000.00 10/11/2024

4.23%
745,132.50
747,942.23

99.45 4.45%
745,882.50
7,500.00

0.30%
(2,059.73)
Aa3/AA-
AA-

1.25 1.19
91324PDE9 UNITEDHEALTH GROUP INC 2.95
10/15/2027 750,000.00 08/22/2024

4.19%
722,842.50
738,857.86

98.29 4.33%
737,175.00
4,670.83

0.30%
(1,682.86)
A2/A+
A

1.29 1.24
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 375,000.00 01/06/2025

4.66%
374,887.50
374,942.88
100.55

4.27%
377,078.25
8,428.13

0.15%
2,135.37
A1/A
A+

1.52 1.42
42

HOLDINGS REPORT
City of Pittsburg Managed/Reporting Cons | Account #10639 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
00287YDY2 ABBVIE INC 4.65 03/15/2028 470,000.00 02/18/2025

4.70%
469,374.90
469,650.10
100.43

4.38%
472,021.47
6,435.08

0.19%
2,371.37
A2/A-
NA

1.71 1.53
57629TBW6 MASSMUTUAL GLOBAL FUNDING
II 4.45 03/27/2028 720,000.00 03/20/2025

4.49%
719,143.20
719,503.59
100.05

4.42%
720,360.00
8,366.00

0.29%
856.41
Aa3/AA+
AA+

1.74 1.64
64953BBW7 NEW YORK LIFE GLOBAL FUNDING

4.4 04/25/2028 530,000.00 04/22/2025

4.43%
529,629.00
529,775.23

99.84 4.49%
529,174.26
4,275.33

0.21%
(600.97)
Aa1/AA+
AAA

1.82 1.71
90331HPS6 US BANK NA 4.73 05/15/2028 660,000.00 05/12/2025

4.88%
660,000.00
660,000.00
100.23

4.51%
661,502.16
3,988.97

0.27%
1,502.16
A2/A+
A+

1.88 0.84
87612EBU9 TARGET CORP 4.35 06/15/2028 280,000.00 06/05/2025

4.35%
279,997.20
279,998.18
100.04

4.33%
280,112.00
541.33

0.11%
113.82
A2/A
NA

1.96 1.85
63743HFZ0

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.15
08/25/2028
480,000.00 08/19/2025

4.19%
479,462.40
479,614.46

99.18 4.55%
476,072.64
6,972.00

0.19%
(3,541.82)
A2/NA
A

2.15 2.00
437076DH2 HOME DEPOT INC 3.75
09/15/2028 285,000.00 09/08/2025

3.77%
284,814.75
284,863.60

98.88 4.29%
281,809.43
3,146.88

0.11%
(3,054.17)
A2/A
A

2.21 2.07
46647PEU6 JPMORGAN CHASE & CO 4.915
01/24/2029 430,000.00 01/16/2025

4.92%
430,000.00
430,000.00
100.49

4.53%
432,086.36
9,216.99

0.17%
2,086.36
A1/A
AA-

2.57 1.46
92826CAY8 VISA INC 3.8 02/12/2029 605,000.00 02/03/2026

3.84%
604,304.25
604,392.49

98.77 4.30%
597,586.33
8,876.69

0.24%
(6,806.16)
Aa3/AA-
NA

2.62 2.42
02079KBJ5 ALPHABET INC 3.7 02/15/2029 285,000.00 02/09/2026

3.83%
283,965.45
284,095.48

98.38 4.36%
280,373.60
4,042.25

0.11%
(3,721.88)
Aa2/AA+
NA

2.63 2.43
38151LAJ9 GOLDMAN SACHS BANK USA

4.656 06/03/2029 305,000.00 05/27/2026

4.57%
305,000.00
305,000.00
100.06

4.54%
305,188.80
1,104.51

0.12%
188.80
A1/A+
AA-

2.93 1.81
89236TMK8 TOYOTA MOTOR CREDIT CORP

4.55 08/09/2029 750,000.00 02/27/2025

4.58%
748,965.00
749,276.20

99.96 4.56%
749,709.75
13,460.42

0.30%
433.55
A1/A+
A+

3.11 2.82
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 290,000.00 10/17/2025

4.36%
290,000.00
290,000.00

98.64 4.70%
286,041.50
2,430.43

0.11%
(3,958.50)
A1/A-
A+

3.30 2.15
06406RCG0 BANK OF NEW YORK MELLON
CORP 4.026 01/22/2030 265,000.00 01/14/2026

4.09%
265,000.00
265,000.00

98.61 4.50%
261,309.08
4,712.10

0.10%
(3,690.92)
Aa3/A
AA-

3.56 2.36
713448GH5 PEPSICO INC 4.3 07/23/2030 500,000.00 07/29/2025

4.32%
499,530.00
499,616.61

99.87 4.34%
499,328.00
9,436.11

0.20%
(288.61)
A1/A+
NA

4.06 3.62
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,000,000.00 05/15/2026

4.69%
980,360.00
980,886.29

98.43 4.60%
984,313.00
5,366.67

0.39%
3,426.72
Aa3/AA-
NA

4.38 3.93
43

HOLDINGS REPORT
City of Pittsburg Managed/Reporting Cons | Account #10639 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
09247XAR2 BLACKROCK FINANCE INC 1.9
01/28/2031 1,000,000.00 03/18/2026

4.34%
894,130.00
900,329.59

89.20 4.54%
892,029.00
8,075.00

0.36%
(8,300.59)
Aa3/AA-
NA

4.58 4.26
02079KBK2 ALPHABET INC 4.1 02/15/2031 1,000,000.00 03/18/2026

4.22%
994,910.00
995,205.07

98.26 4.52%
982,580.00
15,716.67

0.39%
(12,625.07)
Aa2/AA+
NA

4.63 4.10
023135DD5 AMAZON.COM INC 4.25
03/13/2031 500,000.00 03/11/2026

4.31%
498,665.00
498,745.42

98.47 4.62%
492,327.50
6,375.00

0.20%
(6,417.92)
A1/AA
AA-

4.70 4.16
002824BS8 ABBOTT LABORATORIES 4.0
03/15/2031 1,000,000.00 03/13/2026

4.38%
983,010.00
984,006.13

97.46 4.61%
974,552.00
12,444.44

0.39%
(9,454.13)
Aa3/A+
NA

4.71 4.18
89236TQB4 TOYOTA MOTOR CREDIT CORP

4.55 05/14/2031 400,000.00 05/15/2026

4.74%
396,672.00
396,752.37

99.17 4.74%
396,686.40
2,376.11

0.16%
(65.97)
A1/A+
A+

4.87 4.29
532457DL9 ELI LILLY AND CO 4.375
05/20/2031 1,000,000.00 05/15/2026

4.62%
989,040.00
989,292.09

99.23 4.55%
992,303.00
4,982.64

0.40%
3,010.91
Aa3/AA-
NA

4.89 4.33
58933YCK9 MERCK & CO INC 4.65 05/22/2031 1,000,000.00 --

4.69%
998,082.35
998,124.36
100.16

4.61%
1,001,635.00
5,037.50

0.40%
3,510.64
Aa3/A+
NA

4.89 4.31
57636QBL7 MASTERCARD INC 4.6 06/08/2031 805,000.00 06/04/2026

4.62%
804,356.00
804,364.11

99.85 4.63%
803,762.72
2,365.81

0.32%
(601.40)
Aa3/A+
NA

4.94 4.36
67066GAR5 NVIDIA CORP 4.5 06/15/2031 485,000.00 06/15/2026

4.54%
484,078.50
484,085.07

99.65 4.58%
483,283.10
788.13

0.19%
(801.97)
Aa1/AA
NA

4.96 4.39
Total Corporate 25,310,000.00 4.54%
25,035,349.60
25,117,577.14

99.18 4.44%
25,091,012.48
285,496.64

10.06%
(26,564.66)

2.52 2.21

EQUITY MUTUAL
FUND
90PARS$00 City of Pittsburg 6,018,915.64 --

0.00%
6,018,915.64
6,018,915.64

1.00 0.00%
6,018,915.64

0.00 2.41%

0.00 NA/NA
NA

0.00 0.00
Total Equity Mutual
Fund 6,018,915.64 0.00%
6,018,915.64
6,018,915.64

1.00 0.00%
6,018,915.64

0.00 2.41%

0.00 0.00

0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 50,215,342.92 --

3.82%
50,215,342.92
50,215,342.92

1.00 3.82%
50,215,342.92

0.00 20.14%

0.00 NA/NA
NA

0.00 0.00
Total LAIF 50,215,342.92 3.82%
50,215,342.92
50,215,342.92

1.00 3.82%
50,215,342.92

0.00 20.14%

0.00 0.00

0.00 44

HOLDINGS REPORT
City of Pittsburg Managed/Reporting Cons | Account #10639 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration

MONEY MARKET
FUND
94975H254 ALLSPRING:GOVT MM S 6,719.17 --

3.23%
6,719.17
6,719.17

1.00 3.23%
6,719.17

0.00 0.00%

0.00 Aaa/AAAm
AAA

0.00 0.00
94975H254 ALLSPRING:GOVT MM S 281,922.97 --

3.23%
281,922.97
281,922.97

1.00 3.23%
281,922.97

0.00 0.11%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 288,642.14 3.23%
288,642.14
288,642.14

1.00 3.23%
288,642.14

0.00 0.12%

0.00 0.00

0.00 SUPRANATIONAL
45950KDF4 INTERNATIONAL FINANCE CORP

4.375 01/15/2027 710,000.00 11/29/2023

4.49%
707,685.40
709,596.58
100.15

4.09%
711,079.91
14,323.26

0.29%
1,483.34
Aaa/AAA
NA

0.54 0.52
459058LT8

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.625 05/05/2028
660,000.00 04/29/2025

3.70%
658,534.80
659,098.13

99.04 4.17%
653,656.08
3,721.67

0.26%
(5,442.05)
Aaa/AAA
NA

1.85 1.75
Total Supranational 1,370,000.00 4.11%
1,366,220.20
1,368,694.71

99.62 4.13%
1,364,735.99
18,044.93

0.55%
(3,958.72)

1.17 1.11

US TREASURY
912828U24 UNITED STATES TREASURY 2.0
11/15/2026 1,000,000.00 05/09/2023

3.65%
945,976.56
994,240.30

99.28 3.96%
992,781.00
2,554.35

0.40%
(1,459.30)
Aa1/AA+
AA+

0.38 0.37
9128283F5 UNITED STATES TREASURY 2.25
11/15/2027 1,500,000.00 05/16/2023

3.59%
1,417,031.25
1,474,649.84

97.46 4.17%
1,461,972.00
4,310.46

0.59%
(12,677.84)
Aa1/AA+
AA+

1.38 1.33
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 1,250,000.00 09/27/2024

3.51%
1,220,019.53
1,235,556.85

97.79 4.17%
1,222,363.75
12,914.36

0.49%
(13,193.10)
Aa1/AA+
AA+

1.63 1.55
91282CPC9 UNITED STATES TREASURY 3.5
10/15/2028 1,300,000.00 11/10/2025

3.58%
1,297,105.47
1,297,720.86

98.54 4.17%
1,281,059.00
9,572.40

0.51%
(16,661.86)
Aa1/AA+
AA+

2.29 2.16
91282CDF5 UNITED STATES TREASURY 1.375
10/31/2028 1,500,000.00 08/27/2025

3.62%
1,399,687.50
1,426,235.72

93.83 4.18%
1,407,480.00
3,474.86

0.56%
(18,755.72)
Aa1/AA+
AA+

2.34 2.25
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 1,500,000.00 04/18/2024

4.72%
1,402,792.96
1,449,505.86

97.66 4.17%
1,464,961.50
5,986.75

0.59%
15,455.64
Aa1/AA+
AA+

2.38 2.25
45

HOLDINGS REPORT
City of Pittsburg Managed/Reporting Cons | Account #10639 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CEM9 UNITED STATES TREASURY 2.875
04/30/2029 1,500,000.00 09/18/2025

3.60%
1,463,378.91
1,471,291.73

96.58 4.17%
1,448,730.00
7,265.63

0.58%
(22,561.73)
Aa1/AA+
AA+

2.83 2.67
9128286T2 UNITED STATES TREASURY 2.375
05/15/2029 1,000,000.00 03/17/2025

4.08%
935,390.63
955,381.68

95.21 4.16%
952,148.00
3,033.29

0.38%
(3,233.68)
Aa1/AA+
AA+

2.87 2.73
91282CES6 UNITED STATES TREASURY 2.75
05/31/2029 1,000,000.00 10/30/2025

3.64%
970,312.50
975,827.84

96.16 4.16%
961,602.00
2,329.24

0.39%
(14,225.84)
Aa1/AA+
AA+

2.92 2.76
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,000,000.00 11/05/2024

4.20%
991,445.31
994,425.59

99.52 4.17%
995,234.00
16,685.08

0.40%
808.41
Aa1/AA+
AA+

3.08 2.82
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 1,750,000.00 12/13/2024

4.27%
1,665,712.89
1,693,269.23

96.91 4.17%
1,695,996.75
18,278.70

0.68%
2,727.52
Aa1/AA+
AA+

3.17 2.94
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 1,000,000.00 11/26/2025

3.53%
999,062.50
999,206.27

97.97 4.17%
979,688.00
8,797.81

0.39%
(19,518.27)
Aa1/AA+
AA+

3.25 3.01
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 1,000,000.00 06/16/2025

4.01%
999,687.50
999,761.66

99.45 4.18%
994,492.00
6,739.13

0.40%
(5,269.66)
Aa1/AA+
AA+

3.34 3.07
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 1,000,000.00 06/06/2025

4.02%
993,984.38
995,408.26

99.04 4.18%
990,352.00
3,282.10

0.40%
(5,056.26)
Aa1/AA+
AA+

3.42 3.15
91282CGB1 UNITED STATES TREASURY 3.875
12/31/2029 1,200,000.00 07/30/2025

3.91%
1,198,125.00
1,198,514.17

99.02 4.18%
1,188,187.20
126.36

0.48%
(10,326.97)
Aa1/AA+
AA+

3.50 3.24
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 1,750,000.00 12/30/2025

3.60%
1,743,232.42
1,744,057.96

97.75 4.18%
1,710,693.25
25,549.03

0.69%
(33,364.71)
Aa1/AA+
AA+

3.59 3.28
91282CGZ8 UNITED STATES TREASURY 3.5
04/30/2030 1,500,000.00 12/09/2025

3.75%
1,484,648.44
1,486,593.74

97.58 4.19%
1,463,671.50
8,845.11

0.59%
(22,922.24)
Aa1/AA+
AA+

3.83 3.52
91282CHF1 UNITED STATES TREASURY 3.75
05/31/2030 2,000,000.00 03/12/2026

3.80%
1,995,937.50
1,996,227.68

98.42 4.19%
1,968,360.00
6,352.46

0.79%
(27,867.68)
Aa1/AA+
AA+

3.92 3.59
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 1,500,000.00 05/04/2026

4.06%
1,496,718.75
1,496,839.57

99.27 4.19%
1,489,101.00
25,027.62

0.60%
(7,738.57)
Aa1/AA+
AA+

4.08 3.67
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 1,400,000.00 02/25/2026

3.60%
1,401,585.94
1,401,467.73

97.80 4.20%
1,369,156.60
12,756.83

0.55%
(32,311.13)
Aa1/AA+
AA+

4.25 3.86
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 2,000,000.00 03/05/2026

3.72%
1,991,953.13
1,992,506.94

97.74 4.20%
1,954,844.00
12,214.67

0.78%
(37,662.94)
Aa1/AA+
AA+

4.34 3.94
91282CPR6 UNITED STATES TREASURY 3.625
12/31/2030 2,000,000.00 03/05/2026

3.73%
1,990,625.00
1,991,247.87

97.64 4.21%
1,952,890.00
197.01

0.78%
(38,357.87)
Aa1/AA+
AA+

4.50 4.10
91282CPW5 UNITED STATES TREASURY 3.75
01/31/2031 2,000,000.00 03/09/2026

3.75%
2,000,000.00
2,000,000.00

98.11 4.21%
1,962,266.00
31,284.53

0.79%
(37,734.00)
Aa1/AA+
AA+

4.59 4.10
46