Poway City Council
September 17, 2024

~.-_,~;~, _A_G __ E_N_ D_ A __ Po_w_a_y _ci-ty_c_o_un_c_il ___ _ ~ Council Chamb er I 13325 Civic Center Drive I Pow ay, CA I 92064 September 17, 2024 I 7 p.m.

Thank you for participating in your local government and the City of Poway Council meetings.

Meetings I Regular City Council meetings are held on the first and third Tuesday of the month at 7:00 p.m. in the Council Chambers located at 13325 Civic Center Drive, Poway, CA 92064. The Council Chamber will be open to the public.

Public Meeting Access I Members of the public may attend the City Council meeting in person, or watch the City Council meeting live online. Regular City Council meetings are broadcast live on Cox Communication Channel 24 and Spectrum Channel 19. Council meeting videos are archived and available for viewing on the City's website .

Speakers I Persons wishing to address the Council on matters not on the agenda may do so under Public Comment. Those wishing to speak on items on the agenda may do so when the item is being considered. Please submit a Speaker's Slip to the City Clerk prior to the meeting or the announcement of the item. All comments will be limited to three (3) minutes. Per the Poway Municipal Code, the speaking time may be reduced.

To Watch Live:
www.poway.org/councilmeetings
Agenda Materials I This agenda contains a brief summary of each item the Council will consider.

The Agenda and Agenda Packet is posted seven (7) days prior to regular City Council meetings and are available for viewing on the City's website at www.poway.org. Sign up at https://poway.org/list.aspx to receive email notifications when City Council agendas are published on line. Items listed on the agenda with a"#" symbol are in preparation.

PLEASE NOTE: Written comments received via email before 3:00 p.m. the day prior to the meeting will be distributed as formal additional material as well as be made available online prior to the City Council meeting. Written comments received after this deadline will be forwarded to the Council, but not available online until after the City Council meeting.

American Disabilities Act Title II I In compliance with the Americans with Disabilities Act of 1990, persons with a disability may request an agenda in appropriate alternative formats as required by Title II. Any person with a disability who requires a modification or accommodation in order to participate in a meeting should direct such request to the City Clerk's office 858-668-4530 at least 24 hours prior to the meeting.

Steve Vaus
Mayor
Caylin Frank
Deputy Mayor
Peter De Hoff
Councilmember
Anita Edmondson
Councilmember
Brian Pepin
Councilmember
Reminder I As a courtesy to all attendees, please silence all electronic devices and engage in conversations outside the Council Chambers.

The City Council also sits as the City of Poway Planning Commission, Poway Housing Authority, Public Financing Authority and Successor Agency to the Poway Redevelopment Agency CALL TO ORDER:

ROLL CALL:

PLEDGE OF ALLEGIANCE:

MOMENT OF SILENCE:

PRESENTATION: None
PUBLIC COMMENT: In accordance with State law, an item not scheduled on the agenda may be brought forward by the general public for comment; however, the City Council will not be able to discuss or take action on any issue not included on the agenda. You may speak up to three (3) minutes .

Per the Poway Municipal Code, the speaking time may be redu ced. Speakers have one opportunity to address the Council under Public Comment.

CONSENT CALENDAR: The Consent Calendar may be enacted in one motion by the Council with a Roll Call Vote without discussion unless a Councilmember, a member of the public, or City Manager requests that an item be removed for discussion.

1. Approval of Reading by Title Only and Waiver of Reading in Full of Ordinances on this Agenda

2. Second Reading and Adoption of Ordinance No. 871 entitled "An Ordinance of the City Council of the City of Poway, California, Approving a Specific Plan Amendment (SPA) 22-0002 to the South Poway Specific Plan Allowing a Change of the Land Use Designation from Mineral Resource Extraction to Light Industrial on Two Pad Sites Located Within an 83-Acre Parcel, Thereby Allowing Development of the Nighthawk Battery Energy Storage System on Pad 2; Assessor's Parcel Number 320-031-03-00"

3. Award of Agreement to Blue Pacific Engineering Construction, Inc. for Booster Pump Replacement; Bid No. 25-003

4. City's Investment Report as of June 30, 2024

5. Award of Agreement to Chambers Inc. dba Roof Construction for Public Facilities Renovation Roofing Replacement at the Crosthwaite Operations Building, and Appropriation of Funds

6. Award of Agreement to ID Construction for Public Facilities Renovation Tennis Court Fencing Replacement at Poway Community Park
2 of 4 Regular City Council Meeting September 17, 2024

7. Award of Agreement to Shade Structure Inc. dba USA Shade for the Public Facility Renovation Silverset Shade Area Utilizing Sourcewell Cooperative Purchasing Program Contract No. 010521- LTS-6

8. Authorization to Purchase One (1) Mobile Column Lift System Utilizing Sourcewell Cooperative Purchasing Program Contract #013020-ARP

9. Approval of Parcel Map for Tentative Tract Map (TTM) 22-001 (Del Norte Professional Terraces Condominium Conversion); Del Norte Professional Building LLC & 12036 Saticoy St. LLC, Applicant (APN 275-461-12-00)

10. Approval of Parcel Map for Tentative Parcel Map (TPM) 22-0001 (Poway Road Urban Lot Split); Walsh Engineering & Surveying, Inc., Applicant (APN 323-180-26)

11. Tentative Agreement Amending the Memorandum of Understanding between the City of Poway and the Poway Firefighters' Association
ORDINANCES FOR INTRODUCTION : None
PUBLIC HEARINGS: None
STAFF REPORTS: None
WORKSHOPS : None
COUNCIL -INITIATED ITEMS:

12. Letter in Support of Proposition 36: Homelessness, Drug Addiction and Theft Reduction Act Mayor's and Deputy Mayor's Recommendation: The Mayor and Deputy Mayor request Council concurrence to formally submit a letter on behalf of the City in support of Proposition 36.

COUNCIL COMMITTEE REPORTS and ANNOUNCEMENTS: Pursuant to AB1 234 - (G.C. 53232(d)) CITY MANAGER ITEMS:

CITY ATTORNEY ITEMS: (Including any pub lic report of any action taken in closed session) CLOSED SESSION:

13. Conference with Legal Counsel - Existing Litigation Government Code § 54956.9(d)(1) - Name of Case: Poway Alliance v. City of Poway, et. al., (San Diego Superior Court) Case No. 24CU009784C
ADIOURNMENT:
3 of 4 Regular City Council Meeting September 17, 2024
State of California
County of San Diego
)
) ss.
)

AFFIDAVIT OF POSTING
I, Carrie Gallagher, CMC, City Clerk of the City of Poway hereby declare under penalty of perjury that this notice of a Regular meeting as called by the City Council of the City of Poway was posted and provided on September 10, 2024. Said meeting to be held at 7:00 p.m., September 17, 2024, in the Poway City Council Chambers, 13325 Civic Center Drive, Poway, California. Said notice was posted on the Bulletin Board at the entrance to City Hall. 4 of 4 Regular City Council Meeting September 17, 2024
DATE:

TO:

FROM:

CONTACT:

SUBJECT:

Summary:

AGENDA RE PQ RT City of Poway
September 17, 2024
Honorable Mayor and Members of the City Council
Carrie Gallagher, City Clerk �
Carrie Gallagher, City Clerk
(858) 668-4435 or [email protected]

CITY COUNCIL
Second Reading and Adoption of Ordinance No. 871 entitled "An Ordinance of the City Council of the City of Poway, California, Approving a Specific Plan Amendment (SPA) 22-0002 to the South Poway Specific Plan Allowing a Change of the Land Use Designation from Mineral Resource Extraction to Light Industrial on Two Pad Sites Located Within an 83-Acre Parcel, Thereby Allowing Development of the Nighthawk Battery Energy Storage System on Pad 2; Assessor's Parcel Number 320-031-03-00" The introduction and first reading of the above-entitled Ordinance was approved at a Regular City Council Meeting on August 20, 2024. There were nine (9) speakers.

The Ordinance is now presented for second reading and adoption by title only.

Vote at first reading:

Recommended Action:

AYES:

NOES:

DE HOFF, EDMONDSON, PEPIN, FRANK, VAUS
NONE
ABSTAINED: NONE
ABSENT: NONE
DISQUALIFIED: NONE
It is recommended the City Council adopt Ordinance No. 871.

Environmental Review:

None.

Fiscal Impact:

None.
1 of 7
September 17, 2024, Item #2
Public Notification:

A public hearing notice was published in the Poway News Chieftain on Thursday, August 8, 2024. An ordinance summary notice was published in the Poway News Chieftain on Thursday, August 29, 2024.

A certified copy of this Ordinance will also be posted in the Office of the City Clerk in accordance with Government Code section 36933.

Attachments:

A. Ordinance No. 871
Reviewed/Approved By:

Assistant City Manager
2 of7
Reviewed By:

Alan Fenstermacher
City Attorney
Approved By:

Ch�
City Manager
September 17, 2024, Item #2
ORDINANCE NO. 871

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF

POWAY, CALIFORNIA, APPROVING A SPECIFIC PLAN
AMENDMENT (SPA) 22-0002 TO THE SOUTH POWAY

SPECIFIC PLAN ALLOWING A CHANGE OF THE LAND USE

DESIGNATION FROM MINERAL RESOURCE EXTRACTION TO

LIGHT INDUSTRIAL ON TWO PAD SITES LOCATED WITHIN AN
83-ACRE PARCEL, THEREBY ALLOWING DEVELOPMENT OF

THE NIGHTHAWK BATTERY ENERGY STORAGE SYSTEM ON
PAD 2; ASSESSOR'S PARCEL NUMBER 320-031-03-00
WHEREAS, on July 30, 1985, the City Council of the City of Poway approved the South Poway Specific Plan (SPSP) (PC 84-01) and certified the Environmental Impact Report (EIR) (State Clearinghouse (SCH) No. 84053008) via Resolution P-85-45; WHEREAS, on July 26, 1988, the City Co"uncil of the City of Poway certified a Subsequent Environmental Impact Report (SEIR) (SCH No. 880427161) via Resolution P-88-074, for amendments to the text of and acreage within the boundaries of the SPSP; WHEREAS, on August 7, 1990, the City Council adopted Resolution No. 90-164 approving Conditional Use Permit (CUP) 89-05 for continuation and expansion of the aggregate operation located at 10975 Beeler Canyon Road;
WHEREAS, on July 23, 1991, the City Council certified a second SEIR (SCH No. 89010025) for the Cal Mat-Poway CUP and Reclamation Plan (CUP 89-05) via Resolution 91- 078;
WHEREAS, the City Council approved further modifications to CUP 89-05 by its approval of CUP 19-009 in February 2020 and CUP 22-0005 in April 2023, each time determining that the changes in the CUP requests did not require further analysis and all impacts were analyzed by the previously certified 1990 SEIR;
WHEREAS, the previously approved CUP 22-0005, submitted by Granite Construction, modified Granite Construction's aggregate operation by allowing for the construction of industrial buildings on two future industrial pads, one of which is the Project site, prior to operations under the use being terminated, including mining and processing activities, and revised the industrial building pad locations (Pads) at the northerly portion of the site located at 10975 Beeler Canyon Road/13501 Kirkham Way, which includes the Project site; WHEREAS, on August 20, 2024, the City Council considered a request from Nighthawk Energy Storage, LLC (Applicant) for an amendment to the SPSP (SPA to change the Land Use Designation of both of the Pads, as that term is defined above (referred to as Pad 1 and Pad 2)) from Mineral Resource Extraction (MRE) to Light Industrial (LI), along with Development Review (DR) 22-0001 for Pad 2 only (approximately 10 acres of the northerly portion of Assessor Parcel Number [APN] 320-031-03-00, addressed as 13501 Kirkham Way), to allow the development and operation of a 300-Megawatt (MW) Battery Energy Storage System (BESS) facility on an as well as associated infrastructure thereon (the Project);
WHEREAS, on August 20, 2024, the City Council held a duly advertised public hearing to solicit comments from the public, both for and against, relative to the proposed Project; 3 of7 ATTACHMENT A
September 17, 2024, Item #2
Ordinance No. 871

WHEREAS, concurrent with the approval of this Ordinance approving SPA 22-0002, the City Council approved DR 22-0001 pursuant to Resolution No. 24-, which is also necessary to allow development and operation of the Project;
WHEREAS, concurrent with the approval of this Ordinance approving SPA 22-0002, the City Council also approved an Addendum to the SPSP EIR and SEIRs (Addendum) pursuant to Resolution No. 24-, which concludes that the Project would be not result in any new or increased significant impacts on the environment not already analyzed in, and fully covered by, the SPSP EIR and SEIRs, and otherwise determined that the Project would not result in any other circumstances set forth in California Environmental Quality Act (CEQA) Guidelines section 15162(a) that would allow or necessitate the preparation of a subsequent or supplemental EIR; WHEREAS, concurrent with the approval of this Ordinance approving SPA 22-0002, the City Council also approved a Community Benefit Agreement pursuant to Resolution No. 24-; which was a material inducement and material factor in its decision to approve the Project; WHEREAS, Chapter 17.47.090 of Title 17 (Zoning Development Code) of the Poway Municipal Code (PMC) and the SPSP itself provides the requirements for the amendment of Specific Plans, and the SPSP in particular;
WHEREAS, the proposed SPA 22-0002 would amend the land use map of the SPSP from MRE to LI, for only the 5-acre Pad 1 (retained by Granite) and 10-acre Pad 2 (the Nighthawk Project site) on the 85-acre parcel designated as APN 320-031-03-020, as shown on the revised Land Use Map attached hereto as Exhibit 1;
WHEREAS, all of the proposed amendments to the SPSP are shown in Exhibit 1 attached hereto, consisting solely of the revised land use map with no text changes to the SPSP; and WHEREAS, the City Council has read and considered the agenda report for the proposed project and has considered other evidence presented at the public hearing.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF POWAY DOES ORDAIN AS FOLLOWS:

SECTION 1: The above recitations are true and correct, and incorporated herein by referenced as if fully set forth herein.

SECTION 2: The Project would not result in any new or increased significant impacts on the environment not already analyzed in, and fully covered by, the SPSP EIR and SEIRs, nor would it result in any other circumstances set forth in CEQA Guidelines section 15162(a), for all the reasons set forth in the Addendum and the remainder of the administrative record.

SECTION 3: The City Council hereby approves this Ordinance, thereby approving and adopting the requested SPA 22-0002, resulting in the amendments to the SPSP as shown in Exhibit 1.

SECTION 4: The applicant shall defend, indemnify, and hold harmless the City, its agents, officers, and employees from any and all claims, actions, proceedings, damages, judgments, or costs, including reasonable attorney's fees, collectively the "Claims" against the City or its agents, officers, or employees, relating to the approval of any aspect of the Project 4 of7
September 17, 2024, Item #2
Ordinance No. 871

approval set forth in this Ordinance, including, but not limited to, any action to attack, set aside, void, challenge, or annul this Ordinance or any other associated development approval (including but not limited to SPA 22-0002 and DR 22-0001), or any environmental document or decision made pursuant to CEQA, specifically including the City Council's approval of the Addendum. The City may elect to conduct its own defense, participate in its own defense, or obtain independent legal counsel in defense of any claim related to this indemnification. In the event of such election, applicant shall pay all of the costs related thereto, including without limitation reasonable attorney's fees and costs. In the event of a disagreement between the City and applicant regarding litigation issues, the City shall have the authority to control the litigation and make litigation-related decisions, including, but not limited to, settlement or other disposition of the matter. However, the applicant shall not be required to pay or perform any settlement unless such settlement is approved by applicant. Notwithstanding the foregoing, no indemnity shall be required for claims resulting from the exclusive gross negligence or willful misconduct of the City.

SECTION 5: Severability. If any section, subsection, subdivision, paragraph, sentence,· clause or phrase of this ordinance or its application to any person or circumstance, is for any reason held to be invalid or unenforceable by a court of competent jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remaining sections, subsections, subdivisions, paragraphs, sentences, clauses or phrases of this ordinance, or its application to any other person or circumstance. The City Council declares that it would have adopted each section subsection, subdivision, paragraph, sentence, clause or phrase hereof, irrespective of the fact of any one or more sections, subsections, subdivisions, paragraphs, sentences, clauses or phrases hereof be declared invalid or unenforceable.

SECTION 6: This Ordinance shall be codified.

EFFECTIVE DATE: This Ordinance shall take effect and be in force thirty (30) days after its adoption.

CERTIFICATION/PUBLICATION: The City Clerk shall certify the adoption of this Ordinance and cause it or a summary of it, to be published with the names of the City Council members voting for and against the same in the Poway News Chieftain, a newspaper of general circulation in the City of Poway within fifteen (15) days after its adoption and shall post a certified copy of this Ordinance in the Office of the City Clerk in accordance with Government Code § 36933.
5 of7
II
II
II
II
II
II
II
September 17, 2024, Item #2
Ordinance No. 871

INTRODUCED AND FIRST READ at a regular meeting of the City Council of the City of Poway, California, held the 20th day of August, 2024, and thereafter.

PASSED AND ADOPTED at the next regular meeting of said City Council held the 17th day of September, 2024, by the following vote, to wit:

AYES:

NOES:

ABSTAINED:

ABSENT:

DISQUALIFIED:

Steve Vaus, Mayor
ATTEST:

Carrie Gallagher, CMC, City Clerk
6of7
September 17, 2024, Item #2
EXHIBIT 1
7 of7
Ordinance No. 871

September 17, 2024, Item #2
September 17, 2024, Item #3
DATE:

TO:

FROM:

CONTACT:

SUBJECT:

Summary:

AGENDA RE PQ RT City of Poway

CITY COUNCIL
September 17, 2024
Honorable Mayor and Members of the City Council
Eric Heidemann, Director of Public Works t,_'V<
Will Wiley, Assistant Director of Public Works for Maintenance Operations f (858) 668-4705 or [email protected]
Award of Agreement to Blue Pacific Engineering Construction, Inc. for Booster Pump Replacement; Bid No. 25-003
A request for bid (RFB) for Booster Pump Replacement, Bid No. 25-003, was duly advertised on June 27 and July 4, 2024. A Mandatory pre-bid meeting was held on July 10, 2024, and attended by four (4) potential bidders. Three (3) bids were received and publicly opened on August 1, 2024. Staff reviewed the bids and determined the lowest responsible bidder to be Blue Pacific Engineering Construction, Inc.

Recommended Action:

It is recommended the City Council award the Agreement for Booster Pump Replacement to Blue Pacific Engineering Construction, Inc. and authorize the City Manager to execute any necessary documents.

Discussion:

Booster Pump Replacement, Bid No. 25-003, consists of the replacement offive (5) damaged irrigation booster pump stations within Landscape Maintenance District 19-1 (LMD 19-1 ). All five (5) irrigation booster pumps have reached the end of their useful life and are non-functional. Insufficient irrigation water pressure led to a lack of sprinkler coverage in these areas, resulting in "brown spots" between sprinkler heads. Replacement of the irrigation booster pumps will increase both sprinkler coverage and efficiency of scheduled watering.

The City issued a request for bid for Booster Pump Replacement on June 27 and July 4, 2024. A mandatory pre-bid meeting was held on July 10, 2024, and attended by four (4) potential bidders.

Three (3) bids were received and publicly opened on August 1, 2024. After reviewing the bids, City staff determined Blue Pacific Engineering Construction, Inc. to be the lowest responsible bidder to provide booster pump replacement to the City. Under the Agreement, Blue Pacific Engineering Construction, Inc. will remove the existing enclosure, pump, motor and control equipment at each station. A new 1 of 12
September 17, 2024, Item #3
stainless-steel pump, motor and variable frequency drive with brass and copper fittings will be installed and plumbed to intake and discharge lines within the new stainless-steel enclosure. The five (5) locations for the replacement booster pumps are listed in Table 1.

Table 1: LMD 19-1 Booster Pump Replacement Site Locations Site Location Description
1 Kirkham Road, West Side, 50' South of Scripps Poway Parkway 2 Scripps Poway Parkway, West of Kirkham Road, North Side 3 Scripps Poway Parkway, East of Kirkham Road, North Side 4 Scripps Poway Parkway and Kirkham Road, South Side
5 Danielson Street, Southeast Corner of Community Road
The bid submitted by Blue Pacific Engineering Construction, Inc. was responsive and met the required bid specifications. Based on the bids received and the work required to complete the project, Blue Pacific Engineering Construction, Inc. is qualified, and the price is fair and reasonable. The estimated agreement time for this project is 20 working days. A bid was received by Industrial Power & Automation and was opened on August 1, 2024; however, the bid was deemed non-responsive. A summary of the responsive bids submitted is listed in Table 2 below. Copies of all quotes are on file with the Public Works Department.

Table 2: Bid Results
Company Total Bid Amount
(All 5 Sites)
Blue Pacific Engineering Construction, Inc. $190,000
HPS Mechanical Inc. $208,100
Staff recommends the Agreement be awarded to Blue Pacific Engineering Construction, Inc. for the removal, disposal, and replacement offive (5) irrigation booster pump stations within LMD 19-1 in the total amount of $190,000.

Environmental Review:

This action is not subject to review under the California Environmental Quality Act (CEQA).

Fiscal Impact:

Sufficient funds are available in the Fiscal Year 2024-25 LMD 19-1 Division budget (420140-41200) to award the Agreement as recommended.

Public Notification:

None.

Attachments:

A. Construction Contract
2 of 12
September 17, 2024, Item #3
Reviewed/Approved
By:

Wend
¾~
m~
Assistant
City
Manager
3 of12
Reviewed
By:

Alan
Fenstermacher
City
Attorney
Approved
By:
~
--
c~
Haze
City
Manager
September 17, 2024, Item #3

CONSTRUCTION

CONTRACT
CITY
OF
POWAY

BOOSTER
PUMP

REPLACEMENT
This
Contract
made
and
entered
into
this
18th
day
of
September
2024,
by
and
between
City
of
Poway,
a
municipal
corporation
of
the
State
of
California,
hereinafter
referred
to
as
"City"
and
Blue
Pacific
Engineering
Construction,
Inc.,
hereinafter
referred
to
as
"Contractor." The
City
and
the
Contractor,
for
the
consideration
hereinafter
named,
mutually
agree
as
follows: 1.

The
complete
Contract
includes
all
of
the
Contract
Documents,
which
are
incorporated
herein
by
this
reference,
and
include:
a.

This
Contract
b.

Contract
Addenda
c.

Contract
Change
Orders
d.

Instructions
to
Bidders,
Proposal
Requirements
and
Conditions
e.

Contract
Specifications
f.

Contract
Plans
g.

General
Condition
h.

Special
Conditions
i.

Standard
Specification
for
Public
Works,
most
current
edition,

2. The
Contract
Documents
are
complementary,
and
that
which
is
required
by
one
shall
be
as
binding
as
if required
by
all.

3. Contractor
shall
provide
and
furnish
all
labor,
materials,
necessary
tools,
expendable
equipment,
and
all
utility
and
transportation
services
required
for
the
following
work
of
improvement:

Booster
Pump
Replacement.

4. Contractor
agrees
to
perform
all
the
said
work
and
furnish
all
the
said
materials
at
his
own
cost
and
expense
that
are
necessary
to
construct
and
complete
in
strict
conformance
with
Contract
Documents
and
to
the
satisfaction
of
the
City
Engineer,
the
work
hereinafter
set
forth
in
accordance
with
the
Contract
adopted
by
the
City
Council.

5. City
agrees
to
pay,
and
Contractor
agrees
to
accept
in
full
payment
for
performance
of
this
work
of
improvement
as
described,
the
stipulated
not-to-exceed
sum
of
one
hundred
ninety
thousand
dollars
and
no
cents
($190,000)
the
"Contract
Price."
4 of
12 ATTACHMENT
A
September 17, 2024, Item #3

6. Contractor
shall
begin
work
within
15 (fifteen)
days
after
the
start
date
indicated
in
the
Maintenance
Notice
to
Proceed.

The
Contractor
shall
begin
any
Extra
Work
performed
under
Section
12 of
the
Contract
Specifications
within
five
(5)
days
after
the
start
date
indicated
in
the
applicable
Extra
Work
Notice
to
Proceed.

Should
the
City
fail
to
issue
a
Notice
to
Proceed,
said
Notice
shall
be
deemed
given
upon
the
date
of
mailing
to
the
Contractor
of
the
full
executed
Contract
(in
the
case
of
maintenance
work)
or
Change
Order
(in
the
case
of
Extra
Work).

The
Contractor
shall
diligently
prosecute
the
maintenance work
to
completion
from
the
date
of
said
Maintenance
Work
Notice
to
Proceed.

The
Contractor
shall
diligently
prosecute
the
Extra
Work
under
Section
12 to
completion
within
the
numbers
of
days
set
forth
in
the
Extra
Work
Notice
to
Proceed.

Regardless
of
whether
the
Contractor
begins
work
on
the
date
specified
above
or
not,
the
Contract
time
shall
begin
on
that
date
unless
a
written
extension
of
time
has
been
granted
by
the
Project
Manager
pursuant
to
Section
6-6
of
the
Standard
Specification.

7. In
the
case
of
Extra
Work
performed,
time
is
of
the
essence
of
this Contract,
and
it is
agreed
that
it would
be
impracticable
or
extremely
difficult
to
ascertain
the
extent
of
actual
loss
or
damage
which
the
City
will
sustain
by
reason
of
any
delay
in
the
performance
of
this
Contract.

It
is,
therefore,
agreed
that
Contractor
will
pay
as
liquidated damages
to
the
City
the
following
sum:

Five
Hundred
Dollars
($500)
per
Calendar
Day,
for
each
and
every
Calendar
Days
delay
in
finishing
the
Work
in
excess
of
the
number
of
Working
Days
prescribed
above
. If liquidated
damages
are
not
paid,
as
assessed
by
the
City,
the
City
may
deduct
the
amount
thereof
from
any
money
due
or
that
may
become
due
the
Contractor
under
this
Contract
in
addition
to
any
other
remedy
available
to
City.

By
executing
this
Contract,
Contractor
agrees
that
the
amount
of
liquidated
damages
is
reasonable
and
shall
not
constitute
a
penalty.

8. In
accordance
with
State
of
California
Senate
Bill
No.
854,
Contractor
will
maintain
and
will
require
all
subcontractors
to
maintain
valid
and
current
Department
of
Industrial
Relations
(DIR)
Public
Works
Contractor
registration
during
the
term
of
this
project.

Contractor
shall
notify
the
City
in
writing
immediately,
and
in
no
case
more
than
twenty-four
(24)
hours,
after
receiving
any
information
that
Contractor's
or
any
of
its
Subcontractor's
DIR
registration
status
has
been
suspended,
revoked,
expired,
or
otherwise
changed.

9. Contractor
will
pay,
and
will
require
all
subcontractors
to
pay,
all
employees
on
said
Contract
a salary
or
wage
at
least
equal
to
the prevailing
salary
or
wage
established
for
such
work
as
set
forth
in
the
wage
determinations
and
wage
standards
applicable
to
this
work,
a copy
of
which
is
on
file
in
the
office
of
the
City
Clerk
of
the
City
of
Poway.

Federal
prevailing
wage
rates
apply
for
federally
funded
projects.

Travel and
subsistence
pay
shall
be
paid
in
accordance
with
Labor
Code
§
1773.1.

10. Contractor
shall
be
subject
to
the
penalties
in
accordance
with
Labor
Code
of
§
1775
for
each
worker
paid
(either
by
him
or
by
any
subcontractors
under
him)
less
than
the
prevailing
rate
described
above
on
the
work
provided
for
in
this
Contract.
5 of12
September 17, 2024, Item #3

11. Contractor
and
subcontractors
shall
comply
with
Labor
Code
§
1810
and
§
1811
which
stipulates
that
eight
hours
labor
constitutes
a
legal
day's
work,
and
§
1812
which
stipulates
that
the
Contractor
and
subcontractors
shall
keep
an
accurate
record
showing
the
name
of
and
actual
hours
worked
each
calendar
day
and
each
calendar
week
by
each
worker
employed
by
him
in
connection
with
the
work
performed
under
the
terms
of
the
Contract.

Failure
to
comply
with
these
sections
of
the
Labor
Code
will
subject
the
Contractor
to
penalty
and
forfeiture
provisions
of
the
Labor
Code§
1813
.

12. Contractor
will
comply
with
the
provisions
of
Labor
Code§
1777
.5
pertaining
to
the
employment
of
apprentices
to
the
extent
applicable
to
this
Contract.

13. Contractor,
by
executing
this
Contract,
hereby
certifies:
"I
am
aware
of
and
will
comply
with
the
Labor
Code
§
3700
by
securing
payment
for
and
maintaining
in
full
force
and
effect
for
the
duration
of
the
contract,
complete
Workers'
Compensation
Insurance,
and
shall
furnish
a
Certificate
of
Insurance
to
the
City
before
execution
of
the
Contract.

The
City,
its
officers,
or
employees,
will
not
be
responsible
for
any
claims
in
law
or
equity
occasioned
by
failure
of
the
Contractor
to
comply
with
this
paragraph."
Contractor
further
agrees
to
require
all
subcontractors
to
carry
Workers'
Compensation
Insurance
as
required
by
the
Labor
Code
of
the
State
of
California.

14. Contractor
shall,
concurrent
with
the
execution
of
this
Contract
, furnish
two
bonds
approved
by
the
City,
one
in
the
amount
of
One
Hundred
Percent
(100%)
of
the
Contract
Price,
to
guarantee
the
faithful
performance
of
the
work
("Performance
Bond"),
and
one
in
the
amount
of
One
Hundred
Percent
(100%)
of
the
Contract
Price
to
guarantee
payment
of
all
claims
for
labor
and
materials
furnished
("Payment
Bond").

This
Contract
shall
not
become
effective
until
such
bonds
are
supplied
to
and
approved
by
the
City
.

15. a.

Contractor
shall
procure
and
maintain
at
its
own
expense,
until
completion
of
performance,
commercial
general
liability
insurance
of
not
less
than
One
Million
Dollars
($1
,000,000)
combined single
limit
per
occurrence,
and
Two
Million
Dollars
($2,000,000)
in
the
aggregate,
for
bodily
injury,
personal
injury,
death,
loss
or
damage
resulting
from
the
wrongful
or
negligent
acts
by
the
Contractor
or
its
officers,
employees,
servants,
volunteers
and
agents
and
independent
contractors.

Contractor
shall
provide
insurance
on
an
occurrence,
not
claims-made
basis.

Contractor
acknowledges
and
agrees
that,
for
purposes
of
clarification
with
the
intention
of
avoiding
gaps
in
coverage
with
any
umbrella
or
excess
insurance,
personal
and
advertising
injury
coverage
shall
be
triggered
by
an
"offense"
while
bodily
injury
and
property
damage
coverage
shall
be
triggered
by
an
"occurrence"
6 of12
September 17, 2024, Item #3
7 of
12 during
the
policy
period.
b.

Contractor
shall
further
procure
and
maintain
at
its
own
expense,
until
completion
of
performance,
commercial
vehicle
liability
insurance
covering
personal
injury
and
property
damage,
of
not
less
than
One
Million
Dollars
($1,000,000)
combined
single
limit
per
occurrence,
and
Two
Million
Dollars
($2,000,000)
in
the
aggregate,
covering
any
vehicle
utilized
by
Contractor
or
its
officers,
employees,
servants,
volunteers
and
agents
and
independent
contractors
in
performing
the
services
required
by
this
Agreement.
c.

Contractor
shall
further
procure
and
maintain
at
its expense,
until completion
of
performance,
workers'
compensation
insurance
providing
coverage
as
required
by
the
California
State
Workers'
Compensation
Law.

If
any
class
of
employees
employed
by
the
Contractor
pursuant
to
this
Agreement
is
not
protected
by
the
California
State
Workers'
Compensation
Law,
Contractor
shall
provide
adequate
insurance
for
the
protection
of
such
employees
to
the
satisfaction
of
the
City.

This
provision
shall
not
apply
if Contractor
has
no
employees
performing
work
under
this
Agreement.

Contractor
agrees
to
waive
its
statutory
immunity
under
any
worker's
compensation
or
similar
statute,
as
respecting
the
City,
and
to
require
any
and
all
subcontractors
and
any
other
person
or
entity
involved
with
the
Project
to
do
the
same. Worker's
Compensation
Insurance:
o
Contractor
has
no
employees
and
is
exempt
from
workers'
compensation
requirements.
o
Contractor
carries
workers'
compensation
insurance
for
all
employees.
d.

All
policies
required
by
this
section
shall
be
secured
from
insurers
authorized
to
do
business
in
the
State
of
California
with
an
"A"
policyholder's
rating
or better
and
a
financial
rating
of
at
least
Class
VII,
in
accordance
with
the
current
Best's
Ratings. e.

Contractor
agrees
to
require
that
all
parties,
including
but
not
limited
to
subcontractors,
architects,
engineers
or
others
with
whom
Contractor
enters
into
contracts
or
whom
Contractor
hires
or
retains
pursuant
to
or
in
any
way
related
to
the performance
of
this
Agreement,
provide
the
insurance coverage
required
herein,
at
minimum,
and,
except
for
worker's
compensation
coverage,
name
as
additional
insureds
the
parties
to
this
Agreement.

Contractor
agrees
to
monitor
and
review
all
such
coverage
and
assumes
all
responsibility
for
ensuring
that
such
coverage
is
provided
in
conformity
with
the
requirements
of
this
Section.
f.

In
the
event
this
Agreement
is
terminated
for
any
reason
prior
to
the
completion
of
all
obligations
and
requirements
of
this
Agreement,
Contractor
agrees
to
maintain
all
coverages
required
herein
until
the
City
provides
written
authorization
to
terminate
the
coverages
following
the
City's
review
and
determination
that
all
liability
posed
under
this
Agreement
as
to
the
party
providing
insurance
has
been
eliminated.

September 17, 2024, Item #3
g.

Contractor
agrees
and
acknowledges
that
if
it
fails
to
obtain
all
of
the
insurance
required
in
this
Agreement
in
accordance
with
the
requirements
herein,
or
to
obtain
and
ensure
that
the
coverage
required
herein
is
maintained
by
any
subcontractors
or
others
involved
in
any
way
with
the
Project,
Contractor
shall
be
responsible
for
any
losses,
claims,
suits,
damages,
defense
obligations,
or
liability
of
any
kind
or
nature
attributable
to
the
City,
and/or
its
officers,
employees,
servants,
volunteers,
agents
and
independent
contractors,
that
result
from
such
failure
by
Contractor.

16. a.

Contractor
shall
provide
certificates
of
insurance
with
original
endorsements
to
the
City
as
evidence
of
the
insurance
coverage
required
herein.

Certificates
of
such
insurance
shall
be
filed
with
the
City
on
or
before
commencement
of
performance
of
this
Agreement.

Current
certification
of
insurance
shall
be
kept
on
file
with
the
City
at
all
times
until
completion
of
performance
and
acceptance
by
the
City. b.

Notwithstanding
any
inconsistent
statement
in
any
required
insurance
policies
or
any
subsequent
endorsements
attached
thereto,
the
commercial
general
liability
and
commercial
vehicle
liability
policies
shall
bear
endorsements
whereby
it
is
provided
that
the
City,
and
its
officers,
employees,
servants,
volunteers,
agents
and
independent
contractors
are
named
as
additional
insureds.

Additional
insureds
shall
be
entitled
to
the
full
benefit
of
all
insurance
policies
in
the
same
manner
and
to
the
same
extent
as
any
other
insureds
and
there
shall
be
no
limitation
to
the
benefits
conferred
upon
them
other
than
policy
limits
to
coverages.
c.

Contractor
shall
require
the
carriers
of
all
required
insurance
policies
to
waive
all
rights
of
subrogation
against
the
City,
and
its
officers,
employees,
servants,
volunteers,
agents
and
independent
contractors.
d.

Each
policy
required
herein
must
be
endorsed
to
provide
that
the
policy
shall
not
be
cancelled
in
coverage
or
limits
(except
by
paid
claims)
unless
the
insurer
has
provided
the
City
with
30 days
prior
written
notice
of
cancellation.

Contractor
agrees
to
provide
the
City
with
30 days
written
notice prior
to
any
non-renewal
or
reduction
in
coverage
or limits.
e.

All
insurance
policies
required
to
be
provided
by
Contractor
or
any
other
party
must
be
endorsed
to
provide
that
the
policies
shall
apply
on
a
primary
and
noncontributing
basis
in
relation
to
any
insurance
or
self-insurance,
primary
or
excess,
maintained
or
available
to
the
City,
and
its
officers,
employees,
servants,
volunteers,
agents
and
independent
contractors.

17. a.

Contractor
shall
defend,
indemnify
and
hold
harmless
the
City,
its
officers,
officials,
agents,
employees
and
volunteers
from
and
against
any
and
all
claims,
demands,
actions,
losses,
damage,
injuries,
and
liability,
direct
or
indirect
(including
any
and
all
costs
and
expenses
in
connection
therewith)
to
the
extent
actually
caused
by
the
negligence
of
Contractor,
Contractor's
employees,
subcontractors
or
8 of12
September 17, 2024, Item #3
independent
contractors
except
for
any
such
claim
arising
out
of
the
negligence
or
willful
misconduct
of
the
City,
or
its
officers,
agents,
employees
or
volunteers.
b.

The
City
does
not,
and
shall
not,
waive
any
rights
that
it may
have
against
Contractor
under
this
Section
because
of
the
acceptance
by
the
City,
or
the
deposit
with
the
City,
of
any
insurance
policy
or
certificate
required
pursuant
to
this
Agreement.

The
hold
harmless,
indemnification
and
duty
to
defend
provisions
of
this
Section
shall
apply
regardless
of
whether
or
not
said
insurance
policies
are
determined
to
be
applicable
to
the
claim,
demand,
action,
damage,
liability,
loss,
cost
or
expense
described
herein.

18. Any
amendments
to
any
of
the
Contract
Documents,
including
but
not
limited
to
Contract
Change
Orders,
must
be
in
writing
executed
by
the
Contractor
and
the
City.

Any
time
an
approval,
time
extension,
or
consent of
the
City
is
required
under
the
Contract
Documents
, such
approval,
extension,
or
consent
must
be
in
writing
in
order
to
be
effective.

19. The
Contract
Documents
contain
all
of
the
agreements
and
understandings
of
the
parties
and
all
previous
understandings,
negotiations,
and
contracts
are
integrated
into
and
superseded
by
this
Contract.

20. In
the
event
that
any
one
or
more
of
the
phrases,
sentences,
clauses,
paragraphs,
or
sections
contained
in
this
Contract
shall
be
declared
invalid
or
unenforceable
by
a
valid
judgment
or
decree
of
a
court
of
competent
jurisdiction,
such
invalidity
or
unenforceability
shall
not
affect
any
of
the
remaining
phrases,
sentences,
clauses,
paragraphs,
or
sections
of
this
Contract
which
are
hereby
declared
as
severable
and
shall
be
interpreted
to
carry
out
the
intent
of
the
parties
hereunder.

21. The
persons
executing
this
Contract
on
behalf
of
the
parties
hereto
warrant
that
they
are
duly
authorized
to
execute
this
Contract
on
behalf
of
said
parties
and
that,
by
so
executing
this
Contract,
the
parties
hereto
are
formally
bound
to
the
provisions
of
this
Contract.
22 .

This
Contract
shall
be
binding
upon
and
shall
inure
to
the
benefit
of
the
parties
hereto
and
their
respective
heirs,
personal
representatives,
successors,
and
assigns.

23. In
performing
its
obligations
and
duties
under
this
Contract,
each
party
shall
comply
with
all
applicable
local,
state,
and
federal
laws,
regulations,
rules,
standards
and
ordinances
.

24. This
Contract
may
be
executed
by
the
parties
in
counterparts,
which
counterparts
shall
be
construed
together
and
have
the
same
effect
as
if
all
of
the
parties
had
executed
the
same
instrument.

25. After
completion
of
the
work
contemplated
by
this
Contract,
Contractor
shall
file
with
the
City
Manager
an
affidavit
stating
that
all
workers
and
persons
employed,
all
firms
supplying
materials,
and
all
subcontractors
upon
the
project
have
been
paid
in
full,
and
that
there
are
no
claims
outstanding
against
the
project
for
either
labor
or
9 of12
September 17, 2024, Item #3
materials,
except
certain
items,
if
any,
to
be
set
forth
in
an
affidavit
covering
disputed
claims
or
items
in
connection
with
a
Stop
Notice
that
has
been
filed
under
the
provision
of
the
laws
of
the
State
of
California.

26. All
work
shall
be
subject
to
inspection
and
testing
by
City
and
its
authorized
representatives
during
manufacture
and
construction
and
all
other
times
and
places,
including,
without
limitation,
the
plans
of
Contractor
and
any
of
its
suppliers.

Contractor
shall
provide
all
reasonable
facilities
and
assistance
for
the
safety
and
convenience
of
inspectors.

All
inspections
and
tests
shall
be
performed
in
such
manner
as
to
not
unduly
delay
the
work.

The
Work
shall
be
subject
to
final
inspection
and
acceptance
notwithstanding
any
payments
or
other
prior
inspections.

Such
final
inspection
shall
be
made
with
a
reasonable
time
after
completion
of
the
work.

27. Whenever
Contractor
has
knowledge
that
any
actual
or
potential
labor
dispute
is
delaying
or
threatens
to
delay
the
timely
performance
of
the
Contract,
Contractor
shall
immediately
give
notice
thereof
, including
all
relevant
information
with
respect
thereto,
to
City.

28. Contractor
agrees
to
contact
the
appropriate
regional
notification
center
in
accordance
with
Government
Code
Section
4216.2.

29. Contractor
shall
submit
its
detailed
plan
for
worker
protection
during
the
excavation
of
trenches
required
by
the
scope
of
the
work
in
accordance
with
Labor
Code
Section
6705
.

30. a.

Contractor
shall,
without
disturbing
the
condition,
notify
City,
in
writing,
as
soon
as
Contractor,
or
any
of
Contractor's
subcontractors,
agents,
or
employees
have
knowledge
and
reporting
is
possible,
of
the
discovery
of
any
of
the
following
conditions:
i.

The
presence
of
any
material
that
Contractor
believes
is
hazardous
waste,
as
defined
in
Section
25117
of
the
Health
and
Safety
Code;
ii.

Subsurface
or
latent
physical
conditions
at
the
site
differing
from
those
indicated
in
the
specifications;
or
iii.

Unknown
physical
conditions
at
the
site
of
any
unusual
nature,
different
materially
for
those
ordinarily
encountered
and
generally
recognized
as
inherent
in
work
of
the
character
provided
for
in
this
Contract.
b.

Pending
a
determination
by
City
of
appropriate
action
to
be
take,
Contractor
shall
provide
security
measures
(e
.g.,
fences)
adequate
to
prevent
the
hazardous
waste
or
physical
conditions
from
causing
bodily
injury
to
any
person.
c.

City
shall
promptly
investigate
the
reported
conditions
. If City,
through
and
in
the
exercise
of
its
sole
discretion,
determines
that
the
conditions
do
materially
differ
or
do
involve
hazardous
waste,
and
will
cause
a
decrease
or
increase
in
10 of
12 September 17, 2024, Item #3
Contractor's
cost
of,
or
time
required
for,
performance
of
any
part
of
the
work,
then
City
shall
issue
a
change
order.
d.

In
the
event
of
a
dispute
between
City
and
Contractor
as
to
whether
the
conditions
materially
differ,
or
involve
hazardous
waste,
or
cause
a
decrease
or
increase
in
Contractor's
cost
of,
or
time
required
for,
performance
of
any
part
of
the
work,
Contractor
shall
not
be
excused
from
any
scheduled
completion
date
, and
shall
proceed
with
all
work
to
be
performed
under
the
contract.

Contractor
shall
retain
any
and
all
rights
that
pertain
to
the
resolution
of
disputes
and
protests
between
the
parties.

31. This
Contract
is
to
be
governed
by
the
laws
of
the
State
of
California
.
32 .

All
work
shall
be
guaranteed
for
a period
of
one
(1)
year
from
the
date
of
acceptance
by
the
City
. Contractor
shall
promptly
make
all
needed
repairs
arising
out
of
defective
materials
, workmanship,
and
equipment.

City
is
hereby
authorized
to
make
such
repairs
if within
ten
(10)
days
after
giving
written
notice
to
Contractor,
or
its
agent,
Contractor
should
fail
to
make
or
undertake
with
due
diligence
the
aforesaid
repairs;
provided,
however,
that
in
case
of
an
emergency,
where,
in
the
opinion
of
City,
delay
would
cause
serious
loss
or
damage,
repairs
may
be
made
without
notice
being
sent
to
Contractor,
and
Contractor
shall
pay
the
costs
thereof
.
(Remainder
of
page
intentionally
left
blank)
11 of
12 September 17, 2024, Item #3
IN WITNESS WHEREOF, the said Contractor and the City Manager, City Clerk and City Attorney have caused the names of said parties to be affixed hereto, the day and year first above written.

Contractor's Name:

Blue Pacific Engineering Construction, Inc.

By: ------------­
Signature
Print Name
Contractor information:

Address for Notices and Payments
Telephone Number: ______ _
Email:

ATTEST:

Carrie Gallagher, CMC, City Clerk
APPROVED AS TO FORM:

RUTAN & TUCKER, LLP
Alan Fenstermacher, City Attorney
12 of 12

CITY OF POWAY
a Municipal Corporation
Chris Hazeltine, City Manager
September 17, 2024, Item #4
AGENDA REPORT CityofPoway
DATE:

TO:

FROM:

CONTACT:

SUBJECT:

Summary:

September 17, 2024
Honorable Mayor and Members of the ~ncil
Craig Schmollinger, Director of Finance
Mehrnoush Jamshidi, Finance Manager '6
(858) 668-4426 or [email protected]
City's Investment Report as of June 30, 2024

CITY COUNCIL
Quarterly reports of investments are required to be presented to the City Council per California Government Code and the City's Investment Policy. Attached is the Investment Portfolio Report as of June 30, 2024.

Recommended Action:

It is recommended the City Council accept and file the attached report.

Discussion:

Pursuant to Government Code Sec. 53646(b)(1) and the City's Investment Policy, the Director of Finance (i.e., City Treasurer) renders a quarterly investment report to the City Council concerning the investment portfolio's earnings and performance results. In accordance with the Investment Policy, the quarterly report includes information such as the investment type, issuer, date of maturity, par value, amount invested, current market value, and the source of the market value information.

The City is in compliance with its adopted Investment Policy, and the City's investment program provides sufficient liquidity to meet its cash flow requirements for the next six months. The fair value of the City's investment portfolio as of June 30, 2024, was $153,420,929. It consisted of the following:

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
1 of32
September 17, 2024, Item #4
Investment Portfolio Total
Cash $548,599
Deposits at CalTRUST $24,393,727
Deposits at the Local Agency Investment Fund (LAIF) $49,322,370 U. S. Treasury Notes $32,531,265
U.S. Instrumentalities $23,656,692
Corporate Notes $22,968,276
Fair Value of Investment Portfolio as of June 30, 2024 $153,420,929 It is the City's practice to keep funds (including those identified to pay for Capital Improvement Projects) invested and earning interest until they are needed. In addition to changing market conditions, reductions in the fair value of the investment portfolio can also be reflective of payments for large capital projects as well as operational expenses.

The attached Investment Portfolio Report (Attachment B) and Investment Report (Attachment C) were prepared by the City's investment manager, Insight Investment, with input from the City's Finance Department. The Portfolio Report includes all investments while the Investment Report includes only those investments managed by Insight Investment.

All City funds, including the General Fund, Water Fund, Wastewater Fund and others -except those identified in Attachment D, are pooled and invested, with earned interest allocated quarterly based on the average daily cash balance in each fund. The funds on deposit at LAIF and CalTRUST earn interest at variable rates. The interest rate for the month ending June 30, 2024, is estimated at 4.48% for LAIF, 4.92% for the CalTRUST short-term fund, and 4.26% for the CalTRUST medium-term fund.

For fixed income securities, the difference between amortized cost and fair value is considered an unrealized gain or loss. A realized loss is when the principal of the security is redeemed before its maturity date at a fair value lower than its amortized cost value. The amortized cost value of the externally managed investment portfolio is $80,420,012; the fair value is $79,704,833 for an unrealized loss of $715,179 or 0.89% of the total amortized cost value. The source of the fair value information for the U.S. Treasury Notes, the U.S. Instrumentalities, Corporate Notes, and Municipal Bonds is Interactive Data Corporation.

Also included with this report are recaps of the City's cash and investments held by fiscal agents, non­ managed investments, and cash on hand. The total book value of the cash and investments held by our fiscal agent, U.S. Bank, at June 30, 2024, was $595,163. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $79,797 at June 30, 2024. The City's cash on hand at June 30, 2024 totaled $1,650,731.

The June 30, 2024 balance of the City's Library Trust Fund is $262,500. Through the Fiscal Year 2023- 24 period endingJune 30, 2024, $4,689 of interest earnings has been transferred to the General Fund.

The City Transfers 90% of the Library Trust Fund's interest revenue to the General Fund on an annual basis to help offset library operating costs.

Environmental Review:

This action is not subject to review under the California Environmental Quality Act (CEQA). 2 of 32
September 17, 2024, Item #4
Fiscal Impact:

The externally managed investment portfolio earned $176,854 of interest during June 2024, as well as $185,376 of interest during May 2024, and $175,489 during April 2024. Fees for investment services during this period totaled $9,887.

Public Notification:

None.

Attachments:

A. Investment Statistics
B. Investment Portfolio Report prepared by Insight Investment C. Investment Report prepared by Insight Investment
D. City of Poway Investments and Cash with Fiscal Agent; General, Payroll, and Petty Cash Report at June 30, 2024
Reviewed/Approved By:
w~ttt~
Assistant City Manager
3 of 32
Reviewed By:

Alan Fenstermacher
City Attorney
Approved B~,:::
c~
City Manager
September 17, 2024, Item #4
City of Poway
Investment Statistics
Separately Managed Investment Pools
Fair Value:

CalTRUST Short-Term Deposits
CalTRUST Medium-Term Deposits
June
2023
$ 11,753,031
11,488,838
46,903,235
March
2024
$ 12,236,228
11,914,575
42,366,056
June
2024
12,378,961
12,014,766
49,322,370 Deposits at the Local Agency Investment Fund (LAIF) Total Fair Value $ 70,145,104 $ 66,516,859 $ 73,716,096 Weighted Average Yield
Effective Average Duration in days
Weighted Average Maturity in days
Externally Managed Investment Pools
Fair Value:

3.43%
1 1

4.36%
1 1

4.52%
1 1
Cash $ 130,418 $ 69,598 $ 548,599
U.S. Treasury Notes
U.S. Instrumentalities
Corporate Bonds
Total Fair Value
Amortized Cost Value:

Cash
U.S. Treasury Notes
U.S. Instrumentalities
Corporate Bonds
Total Amortized Cost Value
Unrealized Gain {Loss)
Unrealized Gain (Loss) Percentage
Accrued Interest Earned
Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
28,980,315
25,612,868
21,609,722
76,333,323
130,418
29,733,715
26,098,763
22,048,935
78,011,831
(1,678,508)
-2.15%
131,465

2.52%

1.76 1.93
32,331,747
23,643,740
23,074,754
79,119,839
69,598
32,670,764
23,780,522
23,196,280
79,717,165
(597,326)
-0.75%
175,385

3.80%

2.22 2.47
32,531,265
23,656,692
22,968,276
79,704,833
548,599
32,869,178
23,853,451
23,148,785
80,420,012
(715,179)
-0.89%
176,854

4.02%

2.23 2.45
Total Fair Value of Portfolio Assets $ 146,478,427 $ 145,636,698 $ 153,420,929 Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Glossary of Yield Terminology

2.96%

0.92 1.01

4.05%

1.21 1.34
Coupon: A bond's coupon is the periodic interest payment made to the holder of the fixed income security during the life of the bond. Coupon payments can be made monthly, quarterly, or annually.

Book Yield: The Book Yield is that rate of return that will make the present value of the future cash flows of a fixed income security equal to the price paid for the security. This assumes that the security will be held to its maturity.

Current Yield: Annual rate of return on an investment expressed as a percentage. Current Yield of a fixed income security is the annualized earnings (coupon) divided by the bond's market value as of the valuation date.

One Year Total Yield: The One Year Total Yield or One Year Return represents the portfolio's percentage change over a year's time, factoring in interest payments, changes in market value and reinvestment of distributions.

4.26%

1.16 1.27
Weighted Average Yield: The total yield on a bond portfolio divided by the number of bonds contained in it, weighted for
the size of each bond so that the yield of large holdings does not drown out the calculation of yields on small holdings.

Yield to Maturity: The Yield to Maturity (YTM) or Market Yield to Maturity of a fixed income security is that rate of interest that will make the present value of the future cash flows equal to the market value as of the valuation date, assuming the bond is held to maturity. 4 of 32 ATTACHMENT A
September 17, 2024, Item #4
City
of
Poway
Monthly
Investment
Portfolio
Report
June
30,
2024
Separately
Managed
Investment
Pools
%
Return
LAIF
$
49,322,370
67%

4.48%
CalTrust
-Short
$
12,378
,961
17%

4.92%
CalTrust
-Medium
$
12,014,766
16%

4.2 6%
Total
Internally
Managed
$
73,716,096
48%
Weighted
Average
Yield

4.52% Days
Effective
Average
Duration
-Internal
1 Weighted
Average
Maturity
-Internal
1 Externally
Managed
Assets
%
Return
Cash
$
548,599
1%

4.00%
Treasury
Securities
$
32 ,531,265
41%

3.71%
Instrumentality
Securities
$
23,656,692
30%

3.98%
Corporate
Notes
$
22,968,276
29%

4.60%
Total
Externally
Managed
$
79,704,833
52%
Weighted
Average
Yield

4.02% Years
Effective
Average
Duration
-External

2.23 Weighted
Average
Final
Maturity-
External

2.45 Total
Portfolio
Assets
%
Return
LAIF
$
CalTrust
-Short
$
CalTrust
-Medium
$
Cash
$
Treasury
Securities
$
Instrumentality
Securities
$
Corporate
Notes
$
Total
Portfolio
Assets
$
Weighted
Average
Yield
Effective
Average
Duration
-Total
Weighted
Average
Maturity
-Total
Portfolio
Change
Beginning
Balance
Ending
Balance
Assets
values
shown
at
Market
5 of
32 49,322,370
32%

4.48%
12,378,961
8%

4.92%
12,014,766
8%

4.26%
548,599
0%

4.00%
32,531,265
21%

3.71%
23,656,692
15%

3.98%
22,968,276
15%

4.60%
153,420,929

4.26% Years 1.16

1.27 $ $
CalTrust-
Medium
, 16%
Ca
IT rust
-Short
,
17%
Securities
23% 138,848,032 153,420,929

ATTACHMENT
B
Treasury
Securities,
41%
Instrumentality Securities,
30%
Ca
IT rust
-Short
CalTrust
-
12%
Medium
12% Cash 0%
Securities
31%
September 17, 2024, Item #4

ATTACHMENT
C
September 17, 2024, Item #4
Contents
Fixed income market review
Activity and performance summary
Recap of securities held
Maturity distribution of securities held
Securities held
GASB 40 -Deposit and investment risk disclosure
Securities purchased
Securities sold and matured
Detail of return and interest received
Transaction report
Additional information
3 4
6 7
8 13
18 19
20 24
25 N
M
....
0 .....

September 17, 2024, Item #4

FIXED INCOME MARKET REVIEW
As of June 30, 2024
Chart 1: The Fed modestly dialed back its rate cut expectations. 6 5
4 ~ 3
2 1
0 Jan-22 Jan-23
...
---Fed Funds rate
- -FOMC Dots (Mar-2024)
• • • • • • Market expectations (Jun-
2024)
__.,_ FOMC Dots (Jun-2024)
Jan-24 Jan-25
Source: Bureau of Labor Statistics, Macrobond, June 30, 2024 Jan-26
Chart 2: CPI resumed its descent as core goods prices fell. 10 8
6 ~ 4
2 0
-2
0 0
r)l C')l
C: C.
::I Q)
--. V'l
0 rl rl
<"';' ~ <"';' u C: Q)
"' ::I Cl 2 --.
rl rl N N N N r<1 N C')l r)l r)l N N C')l

6. u <ii C: 6. u ...

Q) Q) ::I Q) Q)
"' V'l Cl 2 --. V'l Cl 2
Jan-27
r<1 r<1 r<1 ,:j-
C')l N N r)l
C: 6. u ...
::I Q) Q)
"' -, V'l Cl 2
-Energy -Food -Core Services -Core Goods --All Items
Source: Bureau of Labor Statistics, Macrobond, June 30, 2024

CITY OF POWAY
Economic Indicators and Monetary Policy
As expected, the FOMC held the Fed Funds Rate at 5.25% to 5.5% at the June meeting. Further, the Fed left its quarterly economic projections largely unchanged, save for very slight increases in its unemployment, PCE and core PCE forecasts for 2025. It adjusted its "dot plot" to reflect a median expectation of one rate cut in 2024, down from its last projection of three. Notably a larger number of committee members voted for two cuts rather than one. The committee also projected a steeper course of four rate cuts in 2025, up from three. This moves the dots" in line with the latest market expectations for the next two years (Chart 1).

CPI was flat in May, down from 0.3% in April. Year-on-year, this took the rate from 3.4% to 3.3%.

The slowdown in the headline index was driven by 2% drop in energy prices, while food prices were up modestly by 0.1 %. Core CPI rose 0.2% in June, taking the year-on-year measure down from 3.6% to 3.4%. The PCE report also softened with the headline figure flat in May and down from 2.7% to 2.6% year-on-year with core PCE at 0.1 % in May, down from 2.8% to 2.6% year-on- Jan-28 year.

Labor market data offered mixed signals. The establishment payrolls survey was stronger than expected with 272,000 jobs added in May, above consensus expectations for 175,000.

However, the household survey was weaker, and the unemployment rate increased 0.1 pp from 3.9% to 4%. Wage growth was 0.4% in May, up from 4% to 4.1% year-on-year, slightly above expectations.

The third estimate of Q1 GDP growth was revised up from 1.3% to 1.4%. The revisions were broad-based across categories, with upgrades to business fixed investment, inventories and net exports. However, consumer spending was revised down. Final sales to domestic private purchasers (used by the Fed as a gauge of domestic consumption) was also revised slightly lower, from 2.8% to 2.6%.

Interest Rate Summary
Yields generally fell during the month. At the end of June, the 3-month US Treasury bill yielded

5.36%, the 6-month US Treasury bill yielded 5.33%, the 2-year US Treasury note yielded 4.75%, the 5-year US Treasury note yielded 4.38% and the 10-year US Treasury note yielded 4.40%.

N M
....
0 00
3 September 17, 2024, Item #4

ACTIVITY AND PERFORMANCE SUMMARY
For the period June 1, 2024 -June 30, 2024
Amortized Cost Basis Activity Summary
Opening balance
Income received
Total receipts
Total disbursements
lnterportfolio transfers
Total lnterportfolio transfers
Realized gain (loss)
Change in accruals from security movement
Total amortization expense
Total 01D/MKT accretion Income
Return of capital
Closing balance
Ending fair value
Unrealized gain (loss)
158,288.18

0.00 CQmparative Bates Qf Beturn 1%l
*Twelve * Six
month trailing month trailing
Fed Funds
Overnight Repo
Merrill Lynch 3m US Treas Bill
Merrill Lynch 6m US Treas Bill
ML 1 Year US Treasury Note
ML 2 Year US Treasury Note
ML 5 Year US Treasury Note
* rates reflected are cumulative

5.30 5.36

5.31 5.24

5.16 4.75

4.32 2.60

2.64 2.59

2.54 2.45

2.27 2.10
80,175,935.82
158,288.18

0.00 0.00

0.00 0.00
(5,654.69)
91,442.58

0.00 80,420,011.89
79,704,832.55
(715,179.34)
* One month

0.41 0.43

0.42 0.42

0.39 0.36

0.33 Detail Qf 8mQrtiz:ed CQst Basis Beturn
Interest Accretion Realized
earned (amortization) gain (loss)
Cash and Cash Equivalents 959.68 0.00 0.00
Corporate Bonds 68,820.13 14,621.87 0.00
Government Agencies 53,022.07 24,493.24 0.00
Government Bonds 54,052.40 46,672.78 0.00
Total 176,854.28 85,787.89 0.00
summary Qf 8mQrtized CQst Basis Beturn for the PeriQd
Interest earned
Accretion (amortization)
Realized gain (loss) on sales
Total income on portfolio
Average daily amortized cost
Period return (%)
YTD return (%)
Weighted average final maturity in days

CITY OF POWAY
Total
income
959.68
83,442.00
77,515.31
100,725.18
262,642.17
Total portfolio
176,854.28
85,787.89

0.00 262,642.17
80,342,117.29

0.33 1.88
895
4 September 17, 2024, Item #4

ACTIVITY AND PERFORMANCE SUMMARY
For the period June 1, 2024 -June 30, 2024
Fair Value Basis Activity Summary
Opening balance
Income received
Total receipts
Total disbursements
lnterportfolio transfers
Total lnterportfollo transfers
Unrealized gain (loss) on security movements
Change in accruals from security movement
Return of capital
Change in fair value for the period
Ending fair value
158,288.18

0.00 CQmparative 811tes Qf Beturn 1%1
*Twelve * Six
month trailing month trailing
Fed Funds
Overnight Repo
ICE Bofa 3 Months UST-BILL
ICE Bofa 6m US Treas Bill
ICE Bofa 1 Yr US Treasury Note
ICE BofA US Treasury 1-3
ICE BofA US Treasury 1-5
* rates reflected are cumulative

5.30 2.60

5.36 2.64

5.40 2.63

5.46 2.55

5.02 1.95

4.53 1.24

4.16 0.80
79,266,719.49
158,288.18

0.00 0.00

0.00 0.00

0.00 279,824.88
79,704,832.55
* One
month

0.41 0.43

0.41 0.42

0.43 0.58

0.70 Detail Qf E11ir V11lue Basis Betucn
Interest Change in
earned fair value
Cash and Cash Equivalents 959.68 0.00
Corporate Bonds 68,820.13 48,287.94
Government Agencies 53,022.07 76,475.35
Government Bonds 54,052.40 155,061.59
Total 176,854.28 279,824.88
Summary Qf Eaic Value Basis Beturn for the PeriQd
Interest earned
Change in fair value
Total income on portfolio
Average daily total value*
Period return (%)
YTD return (%)
Weighted average final maturity in days
* Total value equals market value and accrued interest

CITY OF POWAY
Total
income
959.68
117,108.07
129,497.42
209,113.99
456,679.16
Total portfolio
176,854.28
279,824.88
456,679.16
80,163,529.02

0.57 1.14
895
5 September 17, 2024, Item #4

RECAP OF SECURITIES HELD
As of June 30, 2024
Cash and Cash Equivalents
Corporate Bonds
Government Agencies
Government Bonds
•l~ll
Historical
cost
548,599.17
22,944,931.00
23,546,502.09
32,182,701.92
:r~w11.-JCr;1111-:t
Amortized
cost
548,599.17
23,148,784.50
23,853,450.51
32,869,177.71
t!{I~
Fair value
548,599.17
22,968,276.33
23,656,692.12
32,531,264.93
~
Unrealized
gain (loss)

0.00 (180,508.17)
(196,758.39)
(337,912.78)
~a::f',
Weighted Percent
average of
final portfolio
maturity (days)
1 0.69
1,038 28.96
864 29.72
831 40.62
Portfolio diversification {%)
■ Cash and Cash Equivalents
■ Corporate Bonds
■ Government Agencies
■ Government Bonds
Total

0.69 28.96

29.72 40.62
100.00
Weighted
average
effective
duration (years)

0.00 2.45

2.19 2.13

CITY OF POWAY
N
M
....
0 ... ...
6 September 17, 2024, Item #4

MATURITY DISTRIBUTION OF SECURITIES HELD
As of June 30, 2024
Maturity
---
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
E
.s .... "' 0 u
"' u
§ .... "' :i:

25.00 20.00

15.00 10.00

5.00 0,00
00-f
of>
or/J-v~ O)r:::,'-0
'ti~
'\OJ
"
,'tP
Maturity distribution
~
"4.q,~
.SJ
o1ri"'
,/?

4.q,
'l,
,,o
~c,
.,.,q,
"J
'l-'o
~c,

4.'iJ
~
"J'o
Historic cost Percent
2,556,519.17 3.23
2,164,320.09 2.73
6,469,643.11 8.17
18,966,110.22 23.94
18,134,625.38 22.89
21,272,691.69 26.85
9,658,824.52 12.19

0.00 0.00
79,222,734.18 100.00.
~c,
<,}q,
~--0
~c,
<r}q,
,:,..r/J-
0 CITY OF POWAY
N
M
....
0 N ,....
7 September 17, 2024, Item #4

SECURITIES HELD

CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 548,599.17 548,599.17 548,599.17 548,599.17 0.00 0.00 0.69 y-----
Total Cash and Cash Equivalents 548,599.17 548,599.17 548,599.17 548,599.17 0.00 0.00 0.69 Corporate Bonds
166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 1.554 05/1112025 1,800,000.00 1,715,436.00 1,775,693.71 1,742,538.91 (33, 154.80) 3,807.30 2.17 11APR25) 04/11/2025
24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 115EP2025 3.400 09/11/2025 1,000,000.00 989,920.00 996,025.18 978,473.80 (17,551.38) 10,294.44 1.25 02665WEY3 AMERICAN HONDA FINANCE 4.95% 09JAN2026 4.950 01/09/2026 1,000,000.00 995,500.00 995,556.65 994,634.72 (921.93) 23,375.00 1.26 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 0.700 02/08/2026 1,200,000.00 1,096,152.00 1,140,095.66 1,120,639.55 (19,456.11) 3,313.33 1.38 01/08/2026
06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 1,800,000.00 1,736,028.00 1,759,886.16 1,744,583.00 (15,303.16) 12,425.00 2.19 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 2.375 07/22/2026 1,000,000.00 944,140.00 953,533.50 943,677_54 (9,855.96) 10,423.61 1.19 06/22/2026
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 2.300 09/09/2026 1,100,000.00 1,034,869.00 1,058,389.99 1,034,669.50 (23,720.49) 7,800.83 1.31 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) 5.488 12/04/2026 1,400,000.00 1,420,132.00 1,416,890.07 1,407,559.17 (9,330.90) 5,548.98 1.79 11/04/2026
17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 4.800 02/26/2027 1,250,000.00 1,253,775.00 1,253,420.40 1,246,619.75 (6,800.65) 20,666.67 1.58 26JAN27) 01/26/2027 N M
....
037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 2.900 09/12/2027 1,300,000.00 1,234,987.00 1,255,525.55 1,227,774.70 (27,750.85) 11,310.00~ 1.56 06/12/2027 ...
8 September 17, 2024, Item #4

SECURITIES HELD

CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Corporate Bonds
24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 4.150 09/15/2027 1,000,000.00 992,020.00 994,536.51 978,086.49 (16,450.02) 12,104.17 1.25 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 4.625 01/12/2028 1,100,000.00 1,091,585.00 1,093,858.93 1,089,629.04 (4,229.89) 23,741.67 1.38 46625HRY8 JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 3.782 02/01/2028 2,000,000.00 1,909,600.00 1,922,351.03 1,926,712.48 4,361.45 31,306.56 2.41 01 FEB27) 02/01/2027
194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 4.600 03/01/2028 2,400,000.00 2,391,240.00 2,393,574.70 2,395,962.50 2,387.80 36,493.33 3.02 01 FEB28) 02/01/2028
91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 4.548 07/22/2028 900,000.00 890,253.00 891,159.98 879,785.91 (11,374.07) 17,964.60 1.12 07/22/2027
17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 5.803 09/29/2028 1,000,000.00 1,027,800.00 1,024,455.52 1,027,357.40 2,901.88 14,668.69 1.30 08/29/2028
17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 4.850 02/26/2029 1,000,000.00 999,390.00 999,408.36 999,823.58 415.22 16,705.56 1.26 26JAN29) 01/26/2029
717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 3.450 03/15/2029 1,300,000.00 1,222,104.00 1,224,422.60 1,229,748.29 5,325.69 13,081.25 1.54 12/15/2028
-------------
Total Corporate Bonds 23,550,000.00 22,944,931.00 23,148,784.50 22,968,276.33 (180,508.17) 275,030.99 28.96 ------. ----·---------------------~-
Government Agencies
3135GOV75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 2,000,000.00 2,007,920.00 2,000,009.18 1,999,779.14 (230.04) 17,305.56 2.53 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 0.500 02/10/2025 1,000,000.00 1,002,860.00 1,000,000.00 971,069.46 (28,930.54) 1,944.44 1.27 (CALLABLE 1 OAUG24) 08/10/2024 N M
....
3136G4K85 FANNIE MAE 0.5% 18AUG2025 CALLABLE #0000 0.500 08/18/2025 1,350,000.00 1,266,394.50 1,286,001.79 1,281,564.81 (4,436.98) 2,475.00:;:. 1 .60 ...
9 September 17, 2024, Item #4

SECURITIES HELD

CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Government Agencies
3134A2HG6 FREDDIE MAC 0% 11 DEC2025 0.000 1211112025 1,000,000.00 895,930.00 937,781.35 933,293.84 (4,487.51) 0.00 1.13 3130ALHHO FEDERAL HOME LOAN BANK 0. 96% 05MAR2026 0.960 03/05/2026 2,300,000.00 2,092,540.00 2,173,982.63 2,153,661.56 (20,321.07) 7,053.33 2.64 (CALLABLE 05AUG24) 07/05/2024
3130AWLZ1 FEDERAL HOME LOAN BANK 4. 75% 12JUN2026 4.750 0611212026 1,100,000.00 1,096,612.00 1,097,614.47 1,098,160.59 546.12 2,612.50 1.38 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026 4.750 09/01/2026 2,000,000.00 1,987,080.00 1,990,260.12 2,000,586.22 10,326.10 31,402.78 2.51 3130APJH9 FEDERAL HOME LOAN BANK 1.25% 280CT2026 1.250 10128/2026 2,050,000.00 1,860,110.55 1,933,166.40 1,915,101.37 (18,065.03) 4,413.19 2.35 {CALLABLE 28JUL24) #0006 0712812024
3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 1210712026 1,200,000.00 1, 196,508.00 1,197,174.83 1,191,098.26 (6,076.57) 3,354.17 1.51 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 1.250 1212112026 2,300,000.00 2,055,763.00 2,151,254.16 2,117,790.18 (33,463.98) 718.75 2.59 3130ATHWO • FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 4.125 09/10/2027 2,000,000.00 1,993,260.00 1,995,620.90 1,970,501.02 (25,119.88) 25,208.33 2.52 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 4.125 12101/2027 1,000,000.00 989,640.00 992,520.14 984,549.02 {7,971.12) 3,322.92 1.25 3130ATU54 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 4.250 12110/2027 2,000,000.00 2,010,731.16 2,007,665.11 1,982,232.30 (25,432.81) 4,722.22 2.54 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 4.000 0110612028 1,100,000.00 1,105,292.88 1,103,783.62 1,080,239.13 {23,544.49) 21,266.67 1.40 N
M ....
0 in
.....
10 September 17, 2024, Item #4

SECURITIES HELD

CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Government Agencies
3133EP5U5 FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 4.125 03/20/2029 2,000,000.00 1,985,860.00 1,986,615.81 1,977,065.22 (9,550.59) 22,916.67 2.51 --------· ----· ------.--------------..-------.

Total Government Agencies 24,400,000.00 23,546,502.09 23,853,450.51 23,656,692.12 (196,758.39) 148,716.53 29.72 Government Bonds
912828YH7 USA TREASURY 1.5% 30SEP2024 1.500 09/30/2024 1,000,000.00 1,032,304.69 1,002,593.40 990,234.38 (12,359.02) 3,729.51 1.30 912828YM6 USA TREASURY 1.5% 31 OCT2024 1.500 10/31/2024 1,100,000.00 1,132,015.40 1,103,491.04 1,085,877.61 (17,613.43) 2,735.05 1.43 912828YYO USA TREASURY 1. 75% 31 DEC2024 1.750 12/31/2024 1,000,000.00 1,046,643.98 1,006,596.84 982,421.88 (24,174.96) 8,750.00 1.32 912828ZL7 USA TREASURY 0.375% 30APR2025 0.375 04/30/2025 2,900,000.00 2,704,703.13 2,846,943.48 2,787,426.76 (59,516.72) 1,802.65 3.41 912828XZ8 USA TREASURY 2.75% 30JUN2025 2.750 06/30/2025 1,500,000.00 1,445,449.22 1,473,309.60 1,465,683.60 (7,626.00) 20,625.00 1.82 91282CAJO USA TREASURY 0.25% 31 AUG2025 0.250 08131/2025 1,400,000.00 1,279,250.00 1,355,742.27 1,324,585.93 (31,156.34) 1,160.33 1.61 91282CAT8 USA TREASURY 0.25% 31 OCT2025 0.250 10/31/2025 1,200,000.00 1,086,046.88 1,152,019.74 1,127,765.63 (24,254.11) 497.28 1.37 9128285N6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 1,700,000.00 1,636,454.91 1,655,154.83 1,652,718.75 (2,436.08) 4,006.15 2.07 91282CBC4 USA TREASURY 0.375% 31 DEC2025 0.375 12131/2025 2,300,000.00 2,106,124.89 2,214,645.20 2,150,949.21 (63,695.99) 4,312.50 2.66 N M
....
91282CBT7 USA TREASURY 0.75% 31 MAR2026 0.750 03/31/2026 1,400,000.00 1,243,707.82 1,321,976.01 1,305,609.37 (16,366.64) 2,610.66~ 1.57 ....
11 September 17, 2024, Item #4

SECURITIES HELD

CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Government Bonds
912828YU8 USA TREASURY 1.625% 30NOV2026 1.625 11/30/2026 1,600,000.00 1,468,130.36 1,494,048.32 1,491,000.00 (3,048.32) 2,131.15 1.85 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 1.250 12/3112026 2,350,000.00 2,088,287.11 2,193,246.67 2,166,314.46 (26,932.21) 14,687.50 2.64 91282CEF4 USA TREASURY 2.5% 31 MAR2027 2.500 03/31/2027 1,000,000.00 924,573.66 940,605.45 947,851.56 7,246.11 6,215.85 1.17 91282CET4 USA TREASURY 2.625% 31 MAY2027 2.625 05/31/2027 2,000,000.00 1,901,256.70 1,913,161.34 1,896,718.76 (16,442.58) 4,303.28 2.40 91282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 740,000.00 699,620.45 707,631.33 714,013.28 6,381.95 12,025.00 0.88 91282CFB2 USA TREASURY 2. 75% 31 JUL2027 2.750 07/31/2027 1,800,000.00 1,671,756.03 1,694,826.87 1,709,156.25 14,329.38 20,534.34 2.11 91282CFU0 USA TREASURY 4.125% 31 OCT2027 4.125 10/31/2027 2,100,000.00 2,077,858.60 2,082,304.31 2,076,457.03 (5,847.28) 14,359.04 2.62 9128283F5 USA TREASURY 2.25% 15NOV2027 2.250 11/15/2027 1,100,000.00 1,030,523.22 1,052,355.47 1,023,257.82 (29,097.65) 3,093.75 1.30 91282CHE4 USA TREASURY 3.625% 31 MAY2028 3.625 05/31/2028 2,100,000.00 2,074,577.35 2,077,219.90 2,040,199.22 (37,020.68) 6,239.75 2.62 91282CCH2 USA TREASURY 1.25% 30JUN2028 1.250 06/30/2028 1,700,000.00 1,473,488.28 1,516,147.99 1,503,968.75 (12,179.24) 10,625.00 1.86 9128285M8 USA TREASURY 3.125% 15NOV2028 3.125 11/15/2028 2,200,000.00 2,059,929.24 2,065,157.65 2,089,054.68 23,897.03 8,593.75 2.60 N M
Total Government Bonds 34,190,000.00 32,182,701.92 32,869,177.71 32,531,264.93 (337,912.78) 153,037.54~40.62 W!lE.I ~~Iii ~IU'J --=!~t.1-1 ----~ ---~
12 September 17, 2024, Item #4
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mktvalue dur (yrs) United States Treasury Note/Bond
912828YH7 USA TREASURY 1.5% 1.500 09/30/2024 AA+ Aaa 1,000,000.00 1,032,304.69 1.30 990,234.38 1.24 0.25 912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,100,000.00 1,132,015.40 1.43 1,085,877.61 1.36 0.34 912828YYO USA TREASURY 1.75% 1.750 12/31/2024 AA+ Aaa 1,000,000.00 1,046,643.98 1.32 982,421.88 1.23 0.49 912828ZL7 USA TREASURY 0.375% 0.375 04/30/2025 AA+ Aaa 2,900,000.00 2,704,703.13 3.41 2,787,426.76 3.50 0.82 912828XZ8 USA TREASURY 2.75% 2.750 06/30/2025 AA+ Aaa 1,500,000.00 1,445,449.22 1.82 1,465,683.60 1.84 0.96 91282CAJO USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,400,000.00 1,279,250.00 1.61 1,324,585.93 1.66 1.14 91282CAT8 USA TREASURY 0.25% 0.250 10/31/2025 AA+ Aaa 1,200,000.00 1,086,046.88 1.37 1,127,765.63 1.41 1.30 9128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 1,700,000.00 1,636,454.91 2.07 1,652,718.75 2.07 1.36 91282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aaa 2,300,000.00 2,106,124.89 2.66 2,150,949.21 2.70 1.46 91282CBT7 USA TREASURY 0.75% 0.750 03/31/2026 AA+ Aaa 1,400,000.00 1,243,707.82 1.57 1,305,609.37 1.64 1.69 912828YU8 USA TREASURY 1.625% 1.625 11/30/2026 AA+ Aaa 1,600,000.00 1,468,130.36 1.85 1,491,000.00 1.87 2.31 91282CDQ1 USA TREASURY 1.25% 1.250 12/31/2026 AA+ Aaa 2,350,000.00 2,088,287.11 2.64 2, 166,314.46 2.72 2.41 91282CEF4 USA TREASURY 2.5% 2.500 03/31/2027 AA+ Aaa 1,000,000.00 924,573.66 1.17 947,851.56 1.19 2.59 91282CET4 USA TREASURY 2.625% 2.625 05/31/2027 AA+ Aaa 2,000,000.00 1,901,256.70 2.40 1,896,718.76 2.38 2.74 91282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aaa 740,000.00 699,620.45 0.88 714,013.28 0.90 2.80 91282CFB2 USA TREASURY 2.75% 2.750 07/31/2027 AA+ Aaa 1,800,000.00 1,671,756.03 2.11 1,709,156.25 2.14 2.86 91282CFUO USA TREASURY 4.125% 4.125 10/31/2027 AA+ Aaa 2,100,000.00 2,077,858.60 2.62 2,076,457.03 2.61 3.05 9128283F5 USA TREASURY 2.25% 2.250 11/15/2027 AA+ Aaa 1,100,000.00 1,030,523.22 1.30 1,023,257.82 1.28 3.17 91282CHE4 USA TREASURY 3.625% 3.625 05/31/2028 AA+ Aaa 2,100,000.00 2,074,577.35 2.62 2,040,199.22 2.56 3.58 91282CCH2 USA TREASURY 1.25% 1.250 06/30/2028 AA+ Aaa 1,700,000.00 1,473,488.28 1.86 1,503,968.75 1.89 3.80 9128285MB USA TREASURY 3.125% 3.125 11/15/2028 AA+ Aaa 2,200,000.00 2,059,929.24 2.60 2,089,054.68 2.62 3.99 Issuer total 34,190,000.00 32,182,701.92 40.62 32,531,264.93 40.81 2.13 N
Federal Home Loan Banks M ....
0 3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 08/10/2024 AA+ Aaa 1,000,000.00 1,002,860.00 1.27 971,069.46 1.22 0.60 ~ 13 September 17, 2024, Item #4
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mktvalue dur (yrs) --
Federal Home Loan Banks
3130ALHHO FEDERAL HOME LOAN 0.960 03/05/2026 07/05/2024 AA+ Aaa 2,300,000.00 2,092,540.00 2.64 2,153,661.56 2.70 1.61 3130AWLZ1 FEDERAL HOME LOAN 4.750 06/12/2026 AA+ Aaa 1,100,000.00 1,096,612.00 1.38 1,098,160.59 1.38 1.83 3130APJH9 FEDERAL HOME LOAN 1.250 10/28/2026 07/28/2024 AA+ Aaa 2,050,000.00 1,860,110.55 2.35 1,915,101.37 2.40 2.24 3130AQF65 FEDERAL HOME LOAN 1.250 12/21/2026 AA+ Aaa 2,300,000.00 2,055,763.00 2.59 2,117,790.18 2.66 2.38 3130ATHWO FEDERAL HOME LOAN 4.125 09/10/2027 AA+ Aaa 2,000,000.00 1,993,260.00 2.52 1,970,501.02 2.47 2.92 3130ATUS4 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aaa 2,000,000.00 2,010,731.16 2.54 1,982,232.30 2.49 3.15 Issuer total 12,750,000.00 12,111,876.71 15.29 12,208,516.48 15.32 2.24 Federal Farm Credit Banks Funding Corp
3133EPUW3 FEDERAL FARM CREDIT 4.750 09/01/2026 AA+ Aaa 2,000,000.00 1,987,080.00 2.51 2,000,586.22 2.51 2.00 3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aaa 1,200,000.00 1,196,508.00 1.51 1, 191,098.26 1.49 2.28 3133EPCG8 FEDERAL FARM CREDIT 4.125 12/01/2027 AA+ Aaa 1,000,000.00 989,640.00 1.25 984,549.02 1.24 3.14 3133ENSN6 FEDERAL FARM CREDIT 4.000 01/06/2028 AA+ Aaa 1,100,000.00 1,105,292.88 1.40 1,080,239.13 1.36 3.16 3133EPSUS FEDERAL FARM CREDIT 4.125 03/20/2029 AA+ Aaa 2,000,000.00 1,985,860.00 2.51 1,977,065.22 2.48 4.17 Issuer total 7,300,000.00 7,264,380.88 9.17 7,233,537.85 9.08 2.97 Federal National Mortgage Association
3135GOV75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 2,000,000.00 2,007,920.00 2.53 1,999,779.14 2.51 0.01 3136G4K85 FANNIE MAE 0.5% 0.500 08/18/2025 AA+ Aaa 1,350,000.00 1,266,394.50 1.60 1,281,564.81 1.61 1.11 Issuer total 3,350,000.00 3,274,314.50 4.13 3,281,343.95 4.12 0.44 Citibank NA
17325FBC1 CITIBANK NA 5.488% 5.488 12/04/2026 11/04/2026 A+ Aa3 1,400,000.00 1,420,132.00 1.79 1,407,559.17 1.77 2.19 17325FBB3 CITIBANK NA 5.803% 5.803 09/29/2028 08/29/2028 A+ Aa3 1,000,000.00 1,027,800.00 1.30 1,027,357.40 1.29 3.63 Issuer total 2,400,000.00 2,447,932.00 3.09 2,434,916.57 3.05 2.79 M
....
0 °' ...
14 September 17, 2024, Item #4
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mktvalue dur (yrs) Colgate-Palmolive Co
194162AR4 COLGATE-PALMOLIVE CO 4.600 03/01/2028 02/01/2028 A+ Aa3 2,400,000.00 2,391,240.00 3.02 2,395,962.50 3.01 3.24 Issuer total 2,400,000.00 2,391,240.00 3.02 2,395,962.50 3.01 3.24 Apple Inc
037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 1,200,000.00 1,096,152.00 1.38 1,120,639.55 1.41 1.55 037833D63 APPLE INC 2.9% 2.900 09/12/2027 06/12/2027 AA+ Aaa 1,300,000.00 1,234,987.00 1.56 1,227,774.70 1.54 2.91 Issuer total 2,500,000.00 2,331,139.00 2.94 2,348,414.25 2.95 2.27 Cisco Systems Inc
17275RBQ4 CISCO SYSTEMS INC 4.8% 4.800 02/26/2027 01/26/2027 AA-A1 1,250,000.00 1,253,775.00 1.58 1,246,619.75 1.56 2.38 17275RBR2 CISCO SYSTEMS INC 4.850 02/26/2029 01/26/2029 AA-A1 1,000,000.00 999,390.00 1.26 999,823.58 1.25 4.01 Issuer total 2,250,000.00 2,253,165.00 2.84 2,246,443.33 2.82 3.10 American Honda Finance Corp
02665WEY3 AMERICAN HONDA 4.950 01/09/2026 A-A3 1,000,000.00 995,500.00 1.26 994,634.72 1.25 1.41 02665WBH3 AMERICAN HONDA 2.300 09/09/2026 A-A3 1,100,000.00 1,034,869.00 1.31 1,034,669.50 1.30 2.07 Issuer total 2,100,000.00 2,030,369.00 2.56 2,029,304.22 2.55 1.75 John Deere Capital Corp
24422ETC3 JOHN DEERE CAPITAL 3.400 09/11/2025 A A1 1,000,000.00 989,920.00 1.25 978,473.80 1.23 1.14 24422EWK1 JOHN DEERE CAPITAL 4.150 09/15/2027 A A1 1,000,000.00 992,020.00 1.25 978,086.49 1.23 2.92 Issuer total 2,000,000.00 1,981,940.00 2.50 1,956,560.29 2.45 2.03 JPMorgan Chase & Co
46625HRY8 JPMORGAN CHASE & CO 3.782 02/01/2028 02/01/2027 A-A1 2,000,000.00 1,909,600.00 2.41 1,926,712.48 2.42 2.38 Issuer total 2,000,000.00 1,909,600.00 2.41 1,926,712.48 2.42 2.38 M
...
0 0
N
15 September 17, 2024, Item #4
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of June 30, 2024
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mkt value dur (yrs) US Bancorp
91159HHN3 US BANCORP 2.375% 2.375 07/22/2026 06/22/2026 A A3 1,000,000.00 944,140.00 1.19 943,677.54 1.18 1.93 91159HJF8 US BANCORP 4.548% 4.548 07/22/2028 07/22/2027 A A3 900,000.00 890,253.00 1.12 879,785.91 1.10 2.75 Issuer total 1,900,000.00 1,834,393.00 2.32 1 ,823,463.45 2.29 2.33 Bank of America Corp
06051 GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A-Al 1,800,000.00 1,736,028.00 2.19 1,744,583.00 2.19 1.70 Issuer total 1,800,000.00 1,736,028.00 2.19 1,744,583.00 2.19 1.70 Chevron Corp
166764BW9 CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA-Aa2 1,800,000.00 1,715,436.00 2.17 1,742,538.91 2.19 0.85 Issuer total 1,800,000.00 1,715,436.00 2.17 1,742,538.91 2.19 0.85 Pfizer Inc
717081 ET6 PFIZER INC 3.45% 3.450 03/15/2029 12/15/2028 A A2 1,300,000.00 1,222,104.00 1.54 1,229,748.29 1.54 4.14 Issuer total 1,300,000.00 1,222,104.00 1.54 1,229,748.29 1.54 4.14 Toyota Motor Credit Corp
89236TKQ7 TOYOTA MOTOR CREDIT 4.625 01/12/2028 A+ Al 1,100,000.00 1,091,585.00 1.38 1,089,629.04 1.37 3.14 Issuer total 1,100,000.00 1 ,091,585.00 1.38 1,089,629.04 1.37 3.14 Federal Home Loan Mortgage Corp
3134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aaa 1,000,000.00 895,930.00 1.13 933,293.84 1.17 1.41 Issuer total 1,000,000.00 895,930.00 1.13 933,293.84 1.17 1.41 N
M
....
0 ....

N
16 September 17, 2024, Item #4
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE
As of June 301 2024
Cusip Description
Cash and Cash Equivalents
CASH
Issuer total
•llll:.{t..11[...:

Coupon

0.000
Maturity
date
Call date S&P Moody
rating rating
Par value or
shares
548,599.17
548,599.17
Historical % Portfolio
cost hist cost
548,599.17 0.00
548,599.17 0.00
Market % Portfolio
value mkt value
548,599.17 0.69
548,599.17 0.69
~

CITY OF POWAY
Effective
dur (yrs)

0.00 0.00
N
M
....
0 N
N
17 September 17, 2024, Item #4

SECURITIES PURCHASED
For the period June 1, 2024 -June 30, 2024
Cusip Description / Broker Trade date Coupon Maturity/
Settle date Call date
Corporate Bonds
02665WEY3 AMERICAN HONDA FINANCE 4. 95% 06/24/2024 4.950 01/09/2026 DEUTSCHE BANK AG, LONDON 06/27/2024
---· ---
Total Corporate Bonds
Par value or Unit cost Principal
shares cost
1,000,000.00 99.55 (995,500.00)
1,000,000.00 (995,500.00)

CITY OF POWAY
Accrued
interest
(22,962.50)
(22,962.50)
(fflfltl-1'1[7
N M
...
0 M N
18 September 17, 2024, Item #4

SECURITIES SOLD AND MATURED
For the period June 1, 2024 -June 30, 2024
Cusip Description I Broker Trade date Coupon
Settle date
Corporate Bonds
02665WCZ2 AMERICAN HONDA FINANCE 2.4% 06/27/2024 2.400
27JUN2024 06/27/2024
Total (Corporate Bonds}
Maturity/ Par value or Historical cost Amortized cost
Call date shares at sale or
maturity
(1,000,000.00) 1,012,410.00 1,000,000.00
(1,000,000.00) 1 ,012,410.00 1,000,000.00
Price Fair value at
sale or
maturity

0.00 1,000,000.00
1,000,000.00
-

CITY OF POWAY
Realized
gain
(loss)

0.00 0.00
-mt,m
Accrued
interest
N M
....
0 s:t" N
sold

0.00 0.00
(IJ.11,:
19 September 17, 2024, Item #4

DETAIL OF RETURN AND INTEREST RECEIVED

CITY OF POWAY
For the period June 1, 2024 -June 30, 2024
Cusip Description Accretion Realized gain Change in fair Interest earned Interest received {amortization) {loss) value
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 959.68 959.68
Total Cash 0.00 0.00 0.00 959.68 959.68
------------
Corporate Bonds
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 1,582.13 0.00 3,374.03 2,038.05 0.00 0266SWCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 (204.69) 0.00 2,037.68 1,733.33 12,000.00 02665WEY3 AMERICAN HONDA FINANCE 4.95% 09JAN2026 56.65 0.00 (865.28) 412.50 0.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 3,109.22 0.00 3,900.36 676.66 0.00 037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 1,158.19 0.00 2,757.20 3,036.94 0.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 1,854.26 0.00 359.37 5,075.00 0.00 166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 11 APR25) 2,344.66 0.00 4,784.62 2,253.30 0.00 17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 26JAN27) (110.81) 0.00 415.64 4,833.34 0.00 17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 26JAN29) 10.59 0.00 2,903.97 3,906.95 0.00 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) (600.36) 0.00 (228.54) 6,189.25 38,416.00 17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) (489.43) 0.00 1,497.62 4,674.63 0.00 194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 01 FEB28) 145.92 0.00 3,586.32 8,893.33 0.00 24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025 276.67 0.00 2,311.21 2,738.88 0.00 24422EWK1 JOHN DEERE CAPITAL CORP 4.1 S% 15SEP2027 141.90 0.00 1,923.14 3,343.06 0.00 46625HRY8 JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 01 FEB27) 1,804.39 0.00 5,755.66 6,093.23 0.00 717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 1,337.65 0.00 6,876.39 3,612.92 N 0.00 M
89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 .... 144.83 0.00 2,286.48 4,098.27 0 0.00 in
N
20 September 17, 2024, Item #4

DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2024 -June 30, 2024
Cusip Description
Corporate Bonds
91159HHN3
91159HJF8
US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26)
US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27)
Total Corporate Bonds
Government Agencies
3136G4K85
3135GOV75
3133EN5N6
3133EPCG8
3133EP5U5
3133EPK79
3133EPUW3
3130AL2A1
3130ALHHO
3130AQF65
3130APJH9
3130ATHWO
3130ATUS4
3130AWLZ1
3134A2HG6
FANNIE MAE 0.5% 18AUG2025 CALLABLE #0000
FANNIE MAE 1.75% 02JUL2024
FEDERAL FARM CREDIT BANK 4% 06JAN2028
FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027
FEDERAL FARM CREDIT BANK 4.125% 20MAR2029
FEDERAL FARM CREDIT BANK 4.375% 07DEC2026
FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026
FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 (CALLABLE 1 OAUG24) FEDERAL HOME LOAN BANK 0.96% 05MAR2026 (CALLABLE 05AUG24) FEDERAL HOME LOAN BANK 1 .25% 21 DEC2026
FEDERAL HOME LOAN BANK 1.25% 280CT2026 (CALLABLE 28JUL24) #0006 FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027
FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027
FEDERAL HOME LOAN BANK 4.75% 12JUN2026
FREDDIE MAC 0% 11 DEC2025
Total Government Agencies
Accretion
(amortization)
1,878.70
181.40
14,621.87
4,705.75
(137.74)
(89.66)
182.29
236.19

96.64 374.14

0.00 6,457.09
5,008.28
4,182.58
114.23
(185.45)
101.95
3,446.95
24,493.24
Realized gain
(loss)

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 Change in fair
value
~
738.53
3,873.54
48,287.94
3,286.79
5,539.44
2,087.32
2,187.20
12,128.28
2,757.53
3,574.26
3,034.02
5,803.18
8,264.36
9,608.43
2,125.84
10,409.32
174.83
5,494.55
76,475.35

CITY OF POWAY
Interest earned Interest received
1,913.19
3,297.30
68,820.13
543.75
2,819.45
3,544.45
3,322.92
6,645.84
4,229.17
7,652.78
402.77
1,778.66
2,315.97
2,064.23
6,645.83
6,847.22
4,209.03

0.00 53,022.07

0.00 0.00
50,416.00

0.00 0.00

0.00 20,625.00

0.00 26,250.00

0.00 0.00

0.00 14,375.00

0.00 0.00
42,500.00
26,125.00

0.00 129,875.00
N
M
....
0 \0
N
21 September 17, 2024, Item #4

DETAIL OF RETURN AND INTEREST RECEIVED

CITY OF POWAY
For the period June 1, 2024 -June 30, 2024
Cusip Description Accretion Realized gain Change in fair Interest earned Interest received (amortization) (loss) value
Government Bonds
91282CAJO USA TREASURY 0.25% 31 AUG2025 3,109.44 0.00 5,632.80 285.33 0.00 91282CAT8 USA TREASURY 0.25% 31 OCT2025 2,949.61 0.00 5,343.76 244.56 0.00 912828ZL7 USA TREASURY 0.375% 30APR2025 5,235.84 0.00 10,620.12 886.55 0.00 91282CBC4 USA TREASURY 0.375% 31 DEC2025 4,664.20 0.00 10,781.25 710.85 0.00 91282CBT7 USA TREASURY 0.75% 31 MAR2026 3,663.09 0.00 6,398.44 860.66 0.00 91282CCH2 USA TREASURY 1.25% 30JUN2028 3,775.20 0.00 11,820.30 1,751.37 0.00 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 5,145.08 0.00 12,300.79 2,421.02 0.00 912828YH7 USA TREASURY 1.5% 30SEP2024 (845.67) 0.00 2,636.72 1,229.51 0.00 912828YM6 USA TREASURY 1.5% 31 OCT2024 (851.47) 0.00 2,753.59 1,345.10 0.00 912828YU8 USA TREASURY 1.625% 30NOV2026 3,599.71 0.00 7,312.50 2,131.15 0.00 912828YYO USA TREASURY 1.75% 31DEC2024 (1,075.57) 0.00 2,529.30 1,442.31 0.00 9128283FS USA TREASURY 2.25% 15NOV2027 1,159.24 0.00 5,628.91 2,017.66 0.00 91282CEF4 USA TREASURY 2.5% 31 MAR2027 1,774.73 0.00 5,156.25 2,049.18 0.00 91282CET4 USA TREASURY 2.625% 31 MAY2027 2,446.16 0.00 10,078.14 4,303.28 0.00 912828XZ8 USA TREASURY 2.75% 30JUN2025 2,193.73 0.00 3,046.87 3,399.72 0.00 91282CFB2 USA TREASURY 2. 75% 31 JUL2027 2,802.13 0.00 9,000.00 4,079.67 0.00 9128285N6 USA TREASURY 2.875% 30NOV2025 2,597.21 0.00 5,179.70 4,006.15 0.00 9128285M8 USA TREASURY 3.125% 15NOV2028 2,529.88 0.00 13,664.04 5,604.62 0.00 91282CEW7 USA TREASURY 3.25% 30JUN2027 886.82 0.00 3,439.84 1,982.14 N 0.00 M
.... 91282CHE4 USA TREASURY 3.625% 31 MAY2028 477.57 0.00 11,894.52 6,239.75 0 0.00 r-,.

N
22 September 17, 2024, Item #4

DETAIL OF RETURN AND INTEREST RECEIVED
For the period June 1, 2024 -June 30, 2024
cusip Description
Government Bonds
91282CFUO USA TREASURY 4.125% 31 OCT2027
Total Government Bonds
Accretion
(amortization)
435.85
46,672.78
Realized gain
(loss)

0.00 0.00
"1J[1I1:

Change in fair
value
9,843.75
155,061.59

CITY OF POWAY
Interest earned Interest received
7,061.82
54,052.40

0.00 0.00
rid4-1-i3:j
N
rt')
....
0 00
N
23 September 17, 2024, Item #4

TRANSACTION REPORT
For the period June 1, 2024 -June 30, 2024
Trade date Cusip Transaction Sec type Description Maturity Settle date
06/01/2024 3133EPCG8 Income Government Agencies FEDERAL FARM CREDIT BANK 12/01/2027 06/01/2024
06/04/2024 17325FBC1 Income Corporate Bonds CITIBANK NA 5.488% 12/04/2026 06/04/2024
06/07/2024 3133EPK79 Income Government Agencies FEDERAL FARM CREDIT BANK 12/07/2026 06/07/2024
06/10/2024 3130A TUS4 Income Government Agencies FEDERAL HOME LOAN BANK 12/10/2027 06/10/2024
06/12/2024 3130AWLZ1 Income Government Agencies FEDERAL HOME LOAN BANK 06/12/2026 06/12/2024
06/21/2024 3130AQF65 Income Government Agencies FEDERAL HOME LOAN BANK 12/21/2026 06/21/2024
06/24/2024 02665WEY3 Bought Corporate Bonds AMERICAN HONDA FINANCE 01/09/2026 06/27/2024
06/27/2024 02665WCZ2 Income Corporate Bonds AMERICAN HONDA FINANCE 06/27/2024 06/27/2024
06/27/2024 02665WCZ2 Capital Change Corporate Bonds AMERICAN HONDA FINANCE 06/27/2024 06/27/2024
06/30/2024 Income Cash and Cash Equivalents Cash
Par value or Realized Principal
shares gain(loss)
1,000,000.00 0.00 0.00
1,400,000.00 0.00 0.00
1,200,000.00 0.00 0.00
2,000,000.00 0.00 0.00
1,100,000.00 0.00 0.00
2,300,000.00 0.00 0.00
1,000,000.00 0.00 (995,500.00)
1,000,000.00 0.00 0.00
(1,000,000.00) 0.00 1,000,000.00

0.00 0.00 0.00

CITY OF POWAY
Interest Transaction total
20,625.00
38,416.00
26,250.00
42,500.00
26,125.00
14,375.00
(22,962.50)
12,000.00

0.00 959.68
20,625.00
38,416.00
26,250.00
42,500.00
26,125.00
14,375.00
(1,018,462.50)
12,000.00
1,000,000.00
959.68
N M
~
0 C'I
N
24 September 17, 2024, Item #4

ADDITIONAL INFORMATION

CITY OF POWAY
As of June 30, 2024
Past performance is not indicative of future results. Investment in any strategy involves a risk of loss which may partly be due to exchange rate fluctuations.

The performance results shown, whether net or gross of investment management fees, reflect the reinvestment of dividends and/or income and other earnings. Any gross of fees performance does not include fees and charges and these can have a material detrimental effect on the performance of an investment. The performance shown is for the stated time period(s) only.

Any target performance aims are not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for the returns to be significantly different than expected. Investments are subject to risks, including loss of principal. There can be no guarantee that any investment strategy will meet the liability funding needs of a particular client.

Performance information for certain accounts may reflect performance achieved while the account was managed at a prior firm. In addition, the performance and customized benchmark information for these periods are based on Information from 3rd parties that Insight believes to be accurate, but Insight has not independently verified such information and no representation is made regarding its accuracy or completeness.

The quoted benchmarks do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmark performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in volatility, and regulatory and legal restrictions between the indices shown and the strategy.

Any currency conversions performed for this presentation, use FX rates as per WM Reuters 4pm spot rates, unless noted otherwise.

Funds and portfolios with an ESG objective follow a sustainable or ESG related investment approach, which may cause them to perform differently than funds that are not required to integrate sustainable investment criteria when selecting securities. Funds and portfolios with no ESG objective are not required to integrate sustainable investment criteria when selecting securities so any ESG approach shown is only indicative and there is no guarantee that the specific approach will be applied across the whole portfolio.

This is a client report intended for professional clients only. This material is for professional clients only and is not intended for distribution to retail clients. This document must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document is intended only for the parties to whom it was delivered or its authorised agents and should not be copied or passed to any other person. Please contact the Client Services Team if there has been any change in your financial circumstances or risk tolerance since the previous valuation that could affect the investment objective of your portfolio. Insight obtains market data and prices from an independent pricing source for all of our currency positions on a daily basis. For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.

Some information contained in this client report comes from external sources which Insight believes to be reliable. A list of sources is available on request. All statistics represent month end figures unless otherwise noted. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Insight does not provide tax or legal advice to its clients and all investors are strongly urged to seek professional advice regarding any potential strategy or investment. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security.

Insight Investment is the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG). Insight Investment International Limited (IIIL) and Insight North America LLC (INA), each of which provides asset management services. This group of companies may be referred to as 'Insight' or 'Insight Investment'.

Please compare the information provided in this statement to the information provided in the statement received from your Custodian. This report is not intended to replace your custodial statement which is your official record for all pertinent account information. Please notify us promptly if you do not receive from your custodian on at least a quarterly basis account statements that contain the amount of funds and each security in the account at the end of the period and all transactions in the account during that period.

For clients based in North America:

This material is for professional clients only and is not intended for distribution to retail clients.

Investment advisory services in North America are provided through two different investment advisers registered with the Securities and Exchange Commission (SEC), using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with other global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as 'Insight' or 'Insight Investment'. INA is registered with the CFTC as a Commodity Trading Advisor and a Commodity Pool Operator and are members of the NFA.

Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of the N indices may be materially different from that of the strategy. In addition, the strategy's holdings may differ substantially from the securities that comprise the indices shown. ~ The ICE BofA 3 Month UST-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

The ICE BofA 6 Month UST-Bill index measures the performance ofTreasury bills with time to maturity of less than 6 months. 0 0
M
25 September 17, 2024, Item #4

ADDITIONAL INFORMATION
As of June 30, 2024

CITY OF POWAY
The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctioned on or before the third business day before the last business day of the month.

The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctioned on or before the third business day before the last business day of the month.

The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctioned on or before the third business day before the last business day of the month.

The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.

The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. © 2024 Insight Investment. All rights reserved.

N M
....
0 ....

M
26 September 17, 2024, Item #4
City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash June 2024
Part I
Investments 8: Cash with Fiscal Agents
Settlement Yield to Days to % of Total Face
I
Book
I
Market
I
Unrealized
INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) 1st Am Gov't Obligations Money Mkt Fd 06130124 I Various I 1 I 100.00%1 $595,162.531 $595,162.531 $595,162.531 so.oo 1 I 1-I I I
I
I I I
Average/Total I Various I 1 I 100.00%1 $595,162.531 $595,162.531 $595,162.531 Paying Agent or Uninvested Cash & DITs so.oo 1
- --
~
I $595,162.53) Total Investments and Cash with Fiscal Agent Part II
Non-Managed Investments
Settlement Yield to
I I I
Days to % of Total Face Book Market Unrealized
INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) 06/30/241 3.17%1 1 I 100.00%1 $79,796.551 $79,796.551 s1a,240_00 1 ($1,556.55)1 County Pool

I I I I I I I
Average/Total I 3.17%1 N/A I 100.00%1 s19, 796. 55 1 $79,796.55 1 s1a,24o.oo 1 ($1,556.55)1 Part Ill
General, Payroll & Petty Cash
Book
Value
General Cash (Union Bank) $1,582,130.54
Payroll Cash (Union Bank) $20,000.00
Emergency Cash (Union Bank) $10,000.00
-- Grant Cash (Union Bank) $0.00
Flexible Benefits Cash (Union Bank)
-~
$30,000.00 1
~ -~
sa,600.001 Petty Cash
Total Cash
---_ __..

I $1,650,730.54 I I
I
C
I-
z w
:ii! :c: u
<C I-I-
<C
I i
September 17, 2024, Item #5
DATE:

TO:

FROM:

CONTACT:

SUBJECT:

Summary:

AG EN DA REPORT City of Poway

CITY COUNCIL
September 17, 2024
Honorable Mayor and Members of the City Courcil
Eric Heidemann, Director of Public Works t[\X
Will Wiley, Assistant Director of Public Works for Maintenance Operations £­ (858) 668-4705 or [email protected] .,,, .JI'
Award of Agreement to Chambers Inc. dba Roof Construction for Public Facilities Renovation Roofing Replacement at the Crosthwaite Operations Building, and Appropriation of Funds
A request for proposals for Public Facilities Renovation Roofing Replacement at the Crosthwaite Operations Building was requested on June 12, 2024, by the City of Poway (City). The City participates in California Uniform Public Construction Cost Accounting Act (CUPCCM) which allows informal bidding procedures for public works contracts under $200,000. City staff (staff) contacted CUPCCM registered companies to provide proposals for roofing replacement at the Crosthwaite Operations Building. Three (3) proposals were received and reviewed by staff. Staff determined Chambers Inc. dba Roof Construction (Roof Construction) to be the best value to the City.

Recommended Action:

It is recommended City Council award the Agreement for Public Facilities Renovation Roofing Replacement at the Crosthwaite Operations Building to Chambers Inc. dba Roof Construction in the amount of $65,960, authorize an appropriation from the General Fund Unassigned Balance in the amount of $43,923.09 to Capital Improvement Public Facilities Renovation Roofing Replacement (MN042) and authorize the City Manager to execute the necessary documents.

Discussion:

As part of the annual budget process, funds are allocated for capital projects through the Capital Improvement Program (CIP) for investment in City infrastructure, including City facilities. During the Fiscal Year (FY) 2023-24 budget process, funds were allocated to Public Facilities Renovation Roofing Replacement Project (MN042). It was determined a portion of the funds would be utilized for the Roofing Replacement at the Crosthwaite Operations Building. In recent years, the Crosthwaite Operations Building has experienced various issues including leaks, insulation problems, and general wear and tear, resulting in increased maintenance costs. The roof has exceeded its useful life, and replacement is necessary to maintain a weatherproof building envelope. 1 of 20
September 17, 2024, Item #5
The proposed project includes the removal of the existing roof and the installation of a new roof.

Materials will be purchased under a purchase order with Weatherproofing Technologies, Inc. The table below details the proposals received.

Vendor Proposal BAFO
Chambers Inc. dba Roof Construction $73,275 $65,960
A Good Roofer, Inc. $76,425 N/A
Paramount Waterproofing & Restoration $78,850 NIA
Staff reviewed the proposals received and requested a best and final offer (BAFO) from Roof Construction. A BAFO was received, and staff determined Roof Construction, with the lowest proposal, to be the best value to the City. Roof Construction is qualified by the roofing material manufacturer to perform this work, attended a job walk, and is registered with CUPCCM which meets the criteria for this project.

Copies of all quotes are on file with the Public Works Department.

Environmental Review:

This action is not subject to review under the California Environmental Quality Act (CEQA).

Fiscal Impact:

The Public Facilities Renovation Roof Replacement project (MN042) includes $22,036.91 for the roof replacement at the Crosthwaite Operations Building. Funds totaling $88,000 were allocated for CIP MN042. The total cost of the renovation as a result of this action is $65,960. Due to increased costs including two other roof repair/replacement projects already awarded under project MN042, an appropriation in the amount of $43,923.09 is requested from the General Fund Unassigned Balance to cover the difference between the available funds and the recommended contract price.

Public Notification:

None.

Attachments:

A. Standard Agreement
Reviewed/Approved By:

Wendy a erman
AssistB~ity Manager
2 of20
Reviewed By:

Alan Fenstermacher
City Attorney
Approved By:

Chwli:2
City Manager
September 17, 2024, Item #5
City
of
Poway

STANDARD

AGREEMENT
FOR

SERVICES
This
Agreement,
entered
into
this
18th
day
of
September
2024,
by
and
between
the
CITY
OF
POWAY
(hereinafter
referred
to
as
"City")
and

CHAMBERS
INC.

OBA
ROOF

CONSTRUCTION
(hereinafter
referred
to
as
"Contractor").

RECITALS

WHEREAS,
City
desires
to
obtain
the
services
for
Public
Facilities
Renovation
Roofing
Replacement
at
the
Crosthwaite
Operations
Building;

WHEREAS,
Contractor
has
represented
that
Contractor
po
9sesses
the
necessary
qualifications
to
provide
such
services;
and

WHEREAS,
City
has
authorized
the
preparation
of
an
agreement
to
retain
the
services
of
Contractor
as
hereinafter
set
forth.

NOW,

THEREFORE,
IT
IS

MUTUALLY
AGREED
THAT
CITY
DOES
HEREBY
RETAIN

CONTRACTOR
ON
THE

FOLLOWING
TERMS
AND
CONDITIONS:

1. Scope
of
Services.

Contractor
shall
provide
services
as
described
in
Exhibit
"A"
entitled
"Special
Provisions"
attached
hereto
and
made
a
part
hereof.

2. Compensation
and
Reimbursement.

City
shall
compensate
and
reimburse
Contractor
as
provided
in
Exhibit
"A"
entitled
"Special
Provisions"
attached
hereto
and
made
a
part
hereof.

3. Term
of
Agreement.

The
term
of
this
Agreement
shall
be
as
described
in
Exhibit
"A"
entitled
"Special
Provisions"
attached
hereto
and
made
a
part
hereof
.

4. Termination. This
Agreement
may
be
terminated
with
or
without
cause
by
City.

Termination
without
cause
shall
be
effective
only
upon
60-day
written
notice
to
Contractor.

During
said
60-day
period
Contractor
shall
perform
all
consulting
services
in
accordance
with
this
Agreement.

This
Agreement
may
be
terminated
by
City for
cause
in
the
event
of
a
material
breach
of
this
Agreement,
misrepresentation
by
Contractor
in
connection
with
the
formation
of
this
Agreement
or
the
performance
of
services,
or
the
failure
to
perform
services
as
directed
by
City.

Termination
for
cause
shall
be
effected
by
3 of20

ATTACHMENT
A
September 17, 2024, Item #5
delivery
of
written
notice
of
termination
to
Contractor
. Such
termination
shall
be
effective
upon
delivery
of
said
notice.

5. Confidential
Relationship.

City
may
from
time
to
time
communicate
to
Contractor
certain
information
to
enable
Contractor
to
effectively
perform
the
services
. Contractor
shall
treat
all
such
information
as
confidential,
whether
or
not
so
identified,
and
shall
not
disclose
any
part
thereof
without
the
prior
written
consent
of
the
City.

Contractor
shall
limit
the
use
and
circulation
of
such
information,
even
within
its
own
organization,
to
the
extent
necessary
to
perform
the
services.

The
foregoing
obligation
of
this
Paragraph
5,
however,
shall
not
apply
to
any
part
of
the
information
that
(i)
has
been
disclosed
in
publicly
available
sources
of
information;
(ii)
is,
through
no
fault
of
Contractor,
hereafter
disclosed
in
publicly
available
sources
of
information;
(iii)
is
now
in
the
possession
of
Contractor
without
any
obligation
of
confidentiality;
or
(iv)
has
been
or
is
hereafter
rightfully
disclosed
to
Contractor
by
a
third
party,
but
only
to
the
extent
that
the
use
or
disclosure
thereof
has
been
or
is
rightfully
authorized
by
that
third
party
.

Contractor
shall
not
disclose
any
reports,
recommendations,
conclusions
or
other
results
of
the
services
or
the
existence
of
the
subject
matter
of
this
agreement
without
the
prior
written
consent
of
the
City
. In
its
performance
hereunder,
Contractor
shall
comply
with
all
legal
obligations
it
may
now
or
hereafter
have
respecting
the
information
or
other
property
of
any
other
person,
firm
or
corporation.

6. Office
Space
and
Clerical
Support.

Contractor
shall
provide
its
own
office
space
and
clerical
support
at
its
sole
cost
and
expense.

7. Covenant
Against
Contingent
Fees.

Contractor
declares
that
it
has
not
employed
or
retained
any
company
or
person,
other
than
a
bona
fide
employee
working
for
Contractor,
to
solicit
or secure
this
Agreement,
that
it
has
not
paid
or
agreed
to
pay
any
company
or
person,
other
than
a
bona
fide
employee,
any
fee,
commission,
percentage,
brokerage
fee,
gift
or
any
other
consideration,
contingent
upon
or
resulting
from
the
award
or
making
of
the
Agreement.

For
breach
of
violation
of
this
warranty,
City
shall
have
the
right
to
annul
this
Agreement
without
liability,
or,
at
its
sole
discretion,
to
deduct
from
the
Agreement
price
or
consideration,
or
otherwise
recover
the
full
amount
of
such
fee,
commission,
percentage,
brokerage
fee,
gift
or
contingent fee.

8. Ownership
of
Documents.

All
memoranda,
reports,
plans,
specifications,
maps,
and
other documents
prepared
or
obtained
under
the
terms
of
this
Agreement
shall
be
the
property
of
City
and
shall
be
delivered
to
City
by
Contractor
upon
demand.
4 of20
September 17, 2024, Item #5

9. Conflict of Interest and Political Reform Act Obligations.

During the term of this Agreement Contractor shall not act as Contractor or perform services of any kind for any person or entity whose interest's conflict in any way with those of the City of Poway. Contractor shall at all times comply with the terms of the Political Reform Act and the local conflict of interest code. Contractor shall immediately disqualify itself and shall not use its official position to influence in any way any matter coming before the City in which the Contractor has a financial interest as defined in Government Code Section 87103. Contractor represents that it has no knowledge of any financial interests which would require it to disqualify itself from any matter on which it might perform services for the City.
"Contractor" means an individual who, pursuant to a contract with a state or local agency:
5 of20
(A) Makes a governmental decision whether to:

1. Approve a rate, rule or regulation;

2. Adopt or enforce a law;

3. Issue, deny, suspend, or revoke any permit, license, application, certificate, approval, order, or similar
authorization or entitlement;

4. Authorize the City to enter into, modify, or renew a contract provided it is the type of contract that requires City approval;

5. Grant City approval to a contract that requires City approval and to which the City is a party, or to the specifications for such a contract.

6. Grant City approval to a plan, design, report, study, or similar item;

7. Adopt, or grant City approval of, policies, standards, or guidelines for the City, or for any subdivision thereof; or (B) Serves in a staff capacity with the City and in that capacity participates in making a governmental decision as defined in the Political Reform Act and/or implementing regulations promulgated by the Fair Political Practices Commission or performs the same or substantially all the same duties for the City that would otherwise be performed by an individual holding a position specified in the City's Conflict of Interest Code.

September 17, 2024, Item #5

DISCLOSURE
DETERMINATION:
[g)

1. Contractor
will
not
be
"making
a
government decision"
or
"serving
in
a
staff
capacity"
as
defined
in
Sections
A
and
B
above.

No
disclosure
required.

D

2. Contractor
will
be
"making
a
government
decision"
or
"serving
in
a
staff
capacity"
as
defined
in
Sections
A
and
B
above.

As
a
result,
Contractor
shall
be
required
to
file
a
Statement
of
Economic
Interest
with
the
City
Clerk
of
the
City
of
Poway
in
a timely
manner
as
required
by
law.

Department
Director

10. No
Assignments.

Neither
any
part
nor
all
of
this
Agreement
may
be
assigned
or
subcontracted,
except
as
otherwise
specifically
provided
herein,
or
to
which
City,
in
its
sole
discretion,
consents
to
in
advance
thereof
in
writing.

Any
assignment
or
subcontracting
in
violation
of
this
provision
shall
be
void.

11. Maintenance
of Records.

Contractor
shall
maintain
all
books,
documents,
papers,
employee
time
sheets,
accounting
records,
and
other
evidence
pertaining
to
costs
incurred
and
shall
make
such
materials
available
at
its
office
at
all
reasonable
times
during
the
agreement
period
and
for
three
(3)
years
from
the
date
of
final
payment
under
this
Agreement,
for
inspection
by
City
and
copies
thereof
shall
be
furnished,
if requested.

12. Independent
Contractor.

At
all
times
during
the
term
of
this
Agreement,
Contractor
shall
be
an
independent
contractor
and
shall
not
be
an
employee
of
the
City
of
Poway.

City
shall
have
the
right
to
control
Contractor
only
insofar
as
the
results
of
Contractor's
services
rendered
pursuant
to
this
Agreement;
however,
City
shall
not
have
the
right
to
control
the
means
by
which
Contractor
accomplishes
such
services.

13. Licenses,
Permits,
Etc.

Contractor
represents
and
declares
to
City
that
it
has
all
licenses,
permits,
qualifications,
and
approvals
of
whatever
nature
that
are
legally
required
to
practice
its
profession.

Contractor
represents
and
warrants
to
City
that
Contractor
shall,
at
its
sole
cost
and
expense,
keep
in
effect
at
all
times
during
the
term
of
this
Agreement,
any
license,
permit,
or
approval
which
is
legally
required
for
Contractor
to
practice
its
profession. 6
of20
September 17, 2024, Item #5

14. Contractor's Insurance. Contractor
shall
provide
insurance
as
set
forth
in
Exhibit
"A"
entitled
"Special
Provisions"
attached
hereto
and
made
a
part
hereof.

15. Indemnification.
(a)
For
Claims
(as
defined
herein)
other
than
those
alleged
to
arise
from
Contractor's
negligent
performance
of
professional
services,
City
and
its
respective
elected
and
appointed
boards,
officials,
officers,
agents,
employees
and
volunteers
(individually
and
collectively,
"lndemnitees")
shall
have
no
liability
to
Contractor
or
any
other
person
for,
and
Contractor
shall
indemnify,
protect
and
hold
harmless
lndemnitees
from
and
against,
any
and
all
liabilities,
claims,
actions,
causes
of
action,
proceedings,
suits,
damages,
judgments,
liens,
levies,
costs
and
expenses,
including
reasonable
attorneys'
fees
and
disbursements
(collectively
"Claims"),
which
lndemnitees
may
suffer
or
incur
or
to
which
lndemnitees
may
become
subject
by
reason
of
or
arising
out
of
any
injury
to
or
death
of
any
person(s),
damage
to
property,
loss
of
use
of
property,
economic
loss
or
otherwise
occurring
as
a
result
of
Contractor's
negligent
performance
under
this
Agreement,
or
by
the
negligent
or
willful
acts
or
omissions
of
Contractor,
its
agents,
officers,
directors,
sub-Contractors
or
employees.
(b)
For
Claims
alleged
to
arise
from
Contractor's
negligent
performance
of
professional
services,
lndemnitees
shall
have
no
liability
to
Contractor
or
any
other
person
for,
and
Contractor
shall
indemnify
and
hold
harmless
lndemnitees
from
and
against,
any
and
all
Claims
that
lndemnitees
may
suffer
or
incur
or
to
which
lndemnitees
may
become
subject
by
reason
of
or
arising
out
of
any
injury
to
or
death
of
any
person(s),
damage
to
property,
loss
of
use
of
property,
economic
loss
or
otherwise
to
the
extent
occurring
as
a
result
of
Contractor's
negligent
performance
of
any
professional
services
under
this
Agreement,
or
by
the
negligent
or
willful
acts
or
omissions
of
Contractor,
its
agents,
officers,
directors,
sub-Contractors
or
employees,
committed
in
performing
any
of
professional
services
under
this
Agreement.

For
Claims
alleged
to
arise
from
Contractor's
professional
services,
Contractor's
defense
obligation
to
lndemnitees
shall
include
only
the
reimbursement
of
reasonable
defense
costs
and
attorneys'
fees
to
the
extent
caused
by
Contractor's
negligence.
(c)
The
foregoing
obligations
of
Contractor
shall
not
apply
to
the
extent
that
the
Claims
arise
from
the
sole
negligence
or
willful
misconduct
of
City
or
its
elected
and
appointed
boards,
officials,
officers,
agents,
employees
and
volunteers.
(d)
In
any
and
all
Claims
against
City
by
any
employees
of
the
Contractor,
anyone
directly
or indirectly
employed
by
it or
anyone
for
whose
acts
it may
be
liable,
the
indemnification
obligation
under
this
Section
15 shall
not
be
limited
in
any
way
by
any
limitation
on
the
amount
or
type
of
damages,
compensation
or
benefits
payable
by
or
for
the
Contractor
under
worker's
compensation
acts,
disability
benefit
acts
or
other
employee
benefit
acts.
7 of20
September 17, 2024, Item #5
(e)
Contractor
shall,
upon
receipt
of
written
notice
of
any
Claim,
promptly
take
all
action
necessary
to
make
a
claim
under
any
applicable
insurance
policy
or
policies
Contractor
is
carrying
and
maintaining;
however,
if Contractor
fails
to
take
such
action
as
is
necessary
to
make
a claim
under
any
such
insurance
policy,
Contractor
shall
reimburse
City
for
any
and
all
costs,
charges,
expenses,
damages
and
liabilities
incurred
by
City
in
making
any
claim
on
behalf
of
Contractor
under
any
insurance
policy
or
policies
required
pursuant
to
this
Agreement.
(f)
The
obligations
described
in
Section
15(a)
through
(e)
above
shall
not
be
construed
to
negate,
abridge
or
otherwise
reduce
any
other
right
or
obligation
of
indemnity
which
would
otherwise
exist
as
to
any
party
or
person
indemnified
pursuant
to
this
Section
15 .
(g)
The
rights
and
obligations
of
the
parties
described
in
this
Section
15 shall
survive
the
termination
of
this
Agreement.

16. Assumption
of
Risk.

Except
for
injuries
to
persons
caused
by
the
willful
misconduct
of
any
lndemnitee
and
not
covered
by
insurance
maintained,
or
required
by
this
Agreement
to
be
maintained,
by
Contractor:
(a)
Contractor
hereby
assumes
the
risk
of
any
and
all
injury
and
damage
to
the
personnel
(including
death)
and
property
of
Contractor
that
occurs
in
the
course
of,
or
in
connection
with,
the
performance
of
Contractor's
obligations
under
this
Agreement,
including
but
not
limited
to
Contractor's
Scope
of
Services;
and
(b)
it
is
hereby
agreed
that
the
lndemnitees
are
not
to
be
liable
for
injury
or
damage
which
may
be
sustained
by
the
person,
goods
or
property
of
Contractor
or
its
employees
in
connection
with
Contractor's
performance
its
obligations
under
this
Agreement,
including
but
not
limited
to
Contractor's
Scope
of
Services.

17. Contractor
Not
an
Agent.

Except
as
City
may
specify
in
writing,
Contractor
shall
have
no
authority,
expressed
or
implied,
to
act
on
behalf
of
City
in
any
capacity
whatsoever
as
an
agent.

Contractor
shall
have
no
authority,
expressed
or
implied,
pursuant
to
this
Agreement
to
bind
City
to
any
obligation
whatsoever.

18. Personnel. Contractor
shall
assign
qualified
and
certified
personnel
to
perform
requested
services.

The
City
shall
have
the
right
to
review
and
disapprove
personnel
for
assignment
to
Poway
projects.

City
shall
have
the
unrestricted
right
to
order
the
removal
of
any
person(s)
assigned
by
Contractor
by
giving
oral
or
written
notice
to
Contractor
to
such
effect.

Contractor's
personnel
shall
at all
times
comply
with
City's
drug
and
alcohol
policies
then
in
effect.
8 of20
September 17, 2024, Item #5

19. Notices. Notices
shall
be
given
as
described
on
Exhibit
"A"
entitled
"Special
Provisions"
attached
hereto
and
made
a
part
hereof.

20. Governing
Law,
Forum
Selection
and
Attorneys'
Fees.

This
Agreement
shall
be
governed
by,
and
construed
in
accordance
with,
the
laws
of
the
State
of
California.

Each
party
to
this
Agreement
consents
to
personal
jurisdiction
in
San
Diego
County,
California,
and
hereby
authorizes
and
accepts
service
of
process
sufficient
for
personal
jurisdiction
by
first
class
mail,
registered
or
certified,
postage
prepaid,
to
its
address
for
giving
notice
as
set
forth
in
Exhibit
"A"
hereto.

Any
action
to
enforce
or
interpret
the
terms
or
conditions
of
this
Agreement
shall
be
brought
in
the
Superior
Court
in
San
Diego
County,
Central
Division,
unless
the
parties
mutually
agree
to
submit
their
dispute
to
arbitration.

Contractor
hereby
waives
any
right
to
remove
any
such
action
from
San
Diego
County
as
is
otherwise
permitted
by
California
Code
of
Civil
Procedure
section
394.

The
prevailing
party
in
any
such
action
or
proceeding
shall
be
entitled
to
recover
all
of
its
reasonable
litigation
expenses,
including
its
expert
fees,
attorneys'
fees,
courts
costs,
arbitration
costs,
and
any
other
fees.

Notwithstanding
the
foregoing,
in
the
event
that
the
subject
of
such
an
action
is
compensation
claimed
by
Contractor
in
the
event
of
termination,
Contractor's
damages
shall
be
limited
to
compensation
for
the
60-day
period
for
which
Contractor
would
have
been
entitled
to
receive
compensation
if
terminated
without
cause,
and
neither
party
shall
be
entitled
to
recover
their
litigation
expenses.

21. Gender. Whether
referred
to
in
the
masculine,
feminine,
or
as
"it
," "Contractor"
shall
mean
the
individual
or
corporate
Contractor
and
any
and
all
employees
of
Contractor
providing
services
hereunder.

22. Counterparts. This
Agreement
(and
any
amendments)
may
be
executed
in
multiple
counterparts,
each
of
which
shall
be
deemed
an
original,
but
all
of
which,
together,
shall
constitute
one
and
the
same
instrument.

Documents
delivered
by
telephonic
facsimile
transmission
shall
be
valid
and
binding
.

23. Entire
Agreement.

This
Agreement
shall
constitute
the
entire
understanding
between
Contractor
and
City
relating
to
the
terms
and
conditions
of
the
services
to
be
performed
by
Contractor.

No
agreements,
representations
or
promises
made
by
either
party,
whether
oral
or
in
writing,
shall
be
of
any
force
or
effect
unless
it is
in
writing
and
executed
by
the
party
to
be
bound
thereby.
9 of20
September 17, 2024, Item #5

24. Certification
and
Indemnification
Regarding
Public
Employees'
Retirement
Law/Pension
Reform
Act
of
2013.

Contractor
hereby
certifies
that
all
persons
providing
services
to
City
by
Contractor
are
not
current
members
of
the
California
Public
Employees'
Retirement
System
(CalPERS)
and
shall
not
become
members
of
CalPERS
while
providing
services
to
City.

Contractor
further
provides
that
in
the
event
Contractor
assigns
a
retired
annuitant
receiving
a
pension
benefit
from
CalPERS
to
perform
services
for
City,
the
retired
annuitant
is
in
full
compliance
with
Government
Code
section
7522.56.

A
copy
of
Government
Code
section
7522.56
is
attached
hereto
as
Exhibit
"B."
Further,
Contractor
hereby
fully
and
unconditionally
indemnifies
City
from
all
penalties,
fees,
employer
and
employee
contributions,
or
any
other
assessments
imposed
by
CalPERS
in
the
event
CalPERS
determines
the
person
assigned
by
Contractor
to
provide
services
to
City
has
been
misclassified
.

25. Severability. If
any
provision
of
this
Agreement
is
determined
by
any
court
of
competent
jurisdiction
or
arbitrator
to
be
invalid,
illegal,
or
unenforceable
to
any
extent,
that
provision
shall,
if possible,
be
construed
as
though
more
narrowly
drawn,
if a
narrower
construction
would
avoid
such
invalidity,
illegality,
or
unenforceability
or,
if
that
is
not
possible,
such
provision
shall,
to
the
extent
of
such
invalidity,
illegality,
or
unenforceability,
be
severed,
and
the
remaining
provisions
of
this
Agreement
shall
remain
in
effect.
(Remainder
of
page
intentionally
left
blank)
10 of
20 September 17, 2024, Item #5
IN

WITNESS

WHEREOF
, the
parties
hereto
have
duly
executed
this
Agreement
on
the
date
first
above
written.

CITY
OF
POWAY
By:
_________
_
Chris
Hazeltine,
City
Manager
Date:
-----------
ATTEST: Carrie
Gallagher
, City
Clerk

APPROVED
AS
TO
FORM:

CHAMBERS
INC.

DBA
ROOF

CONSTRUCTION
By:
___________
_
Sunny
Harrington,
Project
Executive
Date
: ------------
By:-------------­
Alan
Fenstermacher,
City
Attorney
11 of
20 September 17, 2024, Item #5
A.
"SPECIAL PROVISIONS"
EXHIBIT "A"
Scope of Services.

Contractor agrees to provide Renovation Roofing Replacement at the Crosthwaite Operations Building which shall consist with the documents described in the Scope of Services submitted on June 12, 2024, which is included in this document as Attachment 1, and incorporated by reference, as if its contents were fully set forth herein.

Contractor shall provide the necessary qualified personnel to perform the services.

B. Compensation and Reimbursement.

City shall pay Contractor a fee in accordance with the total fees submitted with the quote dated June 12, 2024, which is included in Attachment 1. Total fee is not to exceed $65,960. Contractor's fee shall include and Contractor shall be responsible for the payment of all federal, state, and local taxes of any kind which are attributable to the compensation received.

In addition to said consulting fee, Contractor shall be reimbursed for all reasonable expenses, including lodging, telephone, and travel (air, auto, rail) necessarily incurred in performance of the services. Contractor shall bill City for such expenses as incurred, referencing this Agreement. All expenses shall be itemized and supported by receipts for amounts in excess of Twenty-Five Dollars ($25.00). Statements for reimbursement of expenses shall be paid within ten (10) days of approval by City. All air travel shall be billed at coach or special fare rates. Reimbursement for lodging is limited to travel from outside of San Diego County. Contractor shall receive prior authorization for air travel and lodging expenses. All other expenses shall be reimbursed in accordance with City's cash disbursement policies in effect at the time incurred.

C. Term of Agreement.

This Agreement shall be effective from the period commencing September 18, 2024, and ending June 30, 2025, unless sooner terminated by City as provided in the section of this Agreement entitled "Termination. Upon expiration or termination of this Agreement, Contractor shall return to City any and all equipment, documents or materials and all copies made thereof which Contractor received from City or produced for City for the purposes of this Agreement.

D. Contractor's Insurance.

1. Coverages:

Contractor shall obtain and maintain during the life of this Agreement all of the following insurance coverages:
12 of20
September 17, 2024, Item #5
(a)
Comprehensive
General
Liability,
including
premises-
operations,
products/completed,
broad
form
property
damage,
and
blanket
contractual
liability
with
the
following
coverages:

General
Liability
$1,000,000
Bodily
Injury
and
Property
Damage
combined
each
occurrence
and
$2,000,000
aggregate.
(b)
Automobile
Liability.
including
owned,
hired,
and
non-owned
vehicles
: $1,000,000
combined
single
limit.
(c)
Workers'
Compensation
insurance
in
statutory
amount.

All
of
the
endorsements
which
are
required
above
shall
be
obtained
for
the
policy
of
Workers'
Compensation
insurance. 2.

Endorsements: Endorsements
shall
be
obtained
so
that
each
policy
contains
the
following
three
provisions:
(a)
Additional
Insured.
(Not
required
for
Professional
Errors
and
Omissions
Liability
Insurance
or
Workers'
Compensation.)
"City
of
Poway
and
its
elected
and
appointed
boards,
officers,
agents,
and
employees
are
additional
insureds
with
respect
to
this
subject
project
and
contract
with
City."
(b)
Notice.
"Said
policy
shall
not
terminate,
nor
shall
it
be
canceled,
until
thirty
(30)
days
after
written
notice
is
given
to
City."
(c)
Primary
Coverage.
"The
policy
provides
primary
coverage
to
City
and
its
elected
and
appointed
boards,
officers,
agents,
and
employees.

It
is
not
secondary
or
in
any
way
subordinate
to
any
other
insurance
or
coverage
maintained
by
City."

3. Insurance
Certificates
:

Contractor
shall
provide
City
certificates
of
insurance
showing
the
insurance
coverages described
in
the
paragraphs
above,
in
a form
and
content
approved
by
City,
prior
to
beginning
work
under
this
Agreement.
(Remainder
of
page
intentionally
left
blank)
13 of
20 September 17, 2024, Item #5
E. Notices.

All notices, billings and payments hereunder shall be in writing and sent to the following addresses:
14 of 20
To City:

To Contractor:

City of Poway
P.O. Box 789
Poway, CA 9207 4
Chambers Inc. dba Roof
Construction
1563 Sterling Court
Escondido, CA 92029
(Remainder of page intentionally left blank)
September 17, 2024, Item #5
ATTACHMENT 1
Roof Construction
City of Poway
Attn: Lucinda Hoe
QUOTE REF: 2024 -1096 Poway Material Handling, Croswaithe Circle -Best & Final SCOPE: Tremco KEE 45 Mil-Roof Replacement
Approx-1,600 sq
• Demo and dispose of existing roof to substrate
• 20osqft replacement of plywood allowance included
• Install ¼" DenDeck Prime over plywood deck and at walls o To be mechanically fastened
• Install 45 mil KEE membrane over cover board
o To be mechanically fastened
• Install 45 mil KEE membrane at all walls and base flashings o To be adhered in low voe adhesive
• Provide and install new coping where existing
• Install KEE Clad Metal and strip in
• Install KEE Walkpad around roof hatch
• Install new drains (2)
• Install T-Top vents on each roof (4 vents assumed)
• Install all accessories, term bar, t-joints, corners, pipe boots, etc. • Provide manufacturer 20-year warranty and installer 5-year warranty June 12, 2024
o City to purchase Tremco Material as CMAS per list provided, Contractor to provide additional materials
Price ................................................................................................... $65,960.00 Prevailing wages applied, bond included in price above
Unit Price -Plywood Replacement .............................................................. $6.50/sqft License#647203,C-39/B, exp 7/31/2024, DIR# 1000001961, exp 6/30/2025, SBE Certified #1018829, Union Local 45 Signatory
Exclusions: Roof hatches, Framing, Nailers, Parapet wall board, Curbs, Mechanical This proposal shall be subject to acceptance for a period of 90 days following the date above. Due to market volatility, pricing is only held for 90 days and changes monthly, material is priced upon shipment. Current lead times range from 1-2 months depending on material type. Roof Construction may, at its discretion, extend that period, but reserves the right to declare the proposal expired, or modify it or any of its contents as an express condition of extension. TERMS OF PAYMENT: Progress Payments
Respectfully Submitted by: Christian Cronk
1563 Sterling Court, Escondido, CA 92029
15 of 20
760-738-1050 fax 760-738-1054
September 17, 2024, Item #5

EXHIBIT
"B"
Cal
Gov
Code§
7522.56
Deering's
California
Codes
are
current
through
all
1016
chapters
of
the
2018
Regular
Session
and
the
November
6,
2018
Ballot
Measures.

Deering's
California
Codes
Annotated>

GOVERNMENT
CODE>
Title
1 General>
Division
7 Miscellaneous>
Chapter
21 Public
Pension
and
Retirement
Plans
> Article
4 California
Public
Employees'
Pension
Reform
Act
of
2013
§
7522.56.

Provisions
applicable
to
person
receiving
pension
benefit
from
public
retirement
system;
Section
supersedes
conflicting
provisions
(a)This section
shall
apply
to
any
person
who
is
receiving
a
pension
benefit
from
a
public
retirement
system
and
shall
supersede
any
other
provision
in
conflict
with
this
section.
(b)
A
retired
person
shall
not
serve,
be
employed
by,
or
be
employed
through
a
contract
directly
by,
a
public
employer
in
the
same
public
retirement
system
from
which
the
retiree
receives
the
benefit
without
reinstatement
from
retirement,
except
as
permitted
by
this
section.
(c)
A
person
who
retires
from
a
public
employer
may
serve
without
reinstatement
from
retirement
or
loss
or
interruption
of
benefits
provided
by
the
retirement
system
upon
appointment
by
the
appointing
power
of
a
public
employer
either
during
an
emergency
to
prevent
stoppage
of
public
business
or
because
the
retired
person
has
skills
needed
to
perform
work
of
limited
duration.
(d)
Appointments
of
the
person
authorized
under
this
section
shall
not
exceed
a
total
for
all
employers
in
that
public
retirement
system
of
960
hours
or
other
equivalent
limit,
in
a
calendar
or
fiscal
year,
depending
on
the
administrator
of
the
system.

The
rate
of
pay
for
the
employment
shall
not
be
less
than
the
minimum,
nor
exceed
the
maximum,
paid
by
the
employer
to
other
employees
performing
comparable
duties,
divided
by
173.333
to
equal
an
hourly
rate.

A
retired
person
whose
employment
without
reinstatement
is
authorized
by
this
section
shall
acquire
no
service
credit
or
retirement
rights
under
this
section
with
respect to
the
employment
unless
he
or
she
reinstates
from
retirement.
(e)
16 of20
(1
)Notwithstanding
subdivision
(c),
any
retired
person
shall
not
be
eligible
to
serve
or
be
employed
by
a
public
employer
if,
during
the
12-month
period
prior
to
an
appointment
described
in
this
section,
the
retired
person
received
September 17, 2024, Item #5
any
unemployment
insurance
compensation
arising
out
of
prior
employment
subject
to
this
section
with
a
public employer.