City Council and Concurrent Authorities
March 4, 2025

ATTACHMENT A
164
Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No. 11 of 14

DISCRIMINATION AND

HARASSMENT POLICY
Effective Date: Revised From:
7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment m the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 supervisors, about the harassment.

10. Ascertain what resolution would be acceptable to the complainant.

11. Interview the alleged harasser to get his or her side of the story, including any possible motivation for a false allegation.

12. Interview witnesses who were identified by the complainant regarding the alleged harasser or other persons identified during the investigation.

13. Interview witnesses who were identified by the alleged harasser or other persons identified during the investigation.

14. Advise all participants that the investigation is "confidential" and not to engage in any retaliatory conduct, as such conduct is subject to disciplinary action up to and including discharge. Confidentiality will be maintained to the extent possible. An individual who is interviewed during the course of an investigation is prohibited from discussing the substance of the interview, except as otherwise directed by a supervisor or the Director of Human Resources. Any individual who discusses the content of an investigatory interview will be subject to discipline or other appropriate sanction.

15. Conduct follow-up interviews, if warranted.

16. Prepare report of findings and discuss with management and designated legal staff.

VI. RESPONDING TO THE COMPLAINT
A. Following the completion of the fact-finding investigation, either the department head or the Director of Human Resources (or either of their designees), depending on who is responsible for the investigation, shall

EXHIBIT E

ATTACHMENT A
165
Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No.12 of 14
DISCRIMINATION AND Effective Date: Revised From: HARASSMENT POLICY 7/27/09 5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 make a report of findings, along with a recommendation regarding the appropriate remedial action to be taken, if warranted. The recommendation shall be made after reviewing the findings of the investigation, giving consideration to all factual information, the nature of the alleged conduct, and the totality of the circumstances. If the investigation was conducted by the Director of Human Resources, or designee, the Director, or designee, shall confer with the affected department head and both shall concur on the remedial action to be taken, if any. If the investigation was conducted by the department head, the department head shall confer with the Director of Human Resources prior to making the report of findings and both shall concur on the remedial action to be taken, if any.

B. If either the department head or the Director of Human Resources does not concur with the findings and recommendation of the other, the City Attorney (or designee) shall review and resolve the matter in dispute.

C. Report of findings and recommendation shall be treated as a confidential document and no other distribution shall be made without first consulting with the City Attorney's Office. A completed investigation report will not be disclosed, except as it is deemed necessary to support a disciplinary action, to take remedial action, to defend the City in adversarial proceedings, or to comply with the law or court order.

D. Either the department head or the Director of Human Resources (or either of their designees), depending on who is responsible for the investigation shall provide a written response to the complainant and the person alleged to have committed the misconduct, discrimination and/or harassment. The response shall include a copy of the City's discrimination and harassment policy and a memorandum indicating the City's determination as to whether the complaint is:

1. Unsustained: The investigation failed to disclose sufficient evidence to substantiate the allegation(s).

2. Unfounded: The investigation proved that the act(s) or omission(s)

EXHIBIT E

ATTACHMENT A
166

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Subject: Directive No. HR-15 Page No. 13 of 14
DISCRIMINATION AND Effective Date: Revised From:

HARASSMENT POLICY 7/27/09

3. 5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 complained of did not occur. The finding also applies when the individual employee(s) named in the complaint were not involved in the act(s) or omission(s) alleged.

Sustained: The investigation disclosed sufficient evidence to substantiate the allegation(s) made in the complaint; appropriate action will be taken.

E. Details regarding any specific fact-findings or disciplinary action to be taken will not be communicated to the complainant. The City Attorney shall review the response for legal sufficiency before dissemination.

F. The City shall close and retain the investigation file, in accordance with applicable laws, regulations, and City policy regarding retention of City records.

VII. DISCIPLINE
Disciplinary action imposed as a result of any investigation conducted pursuant to this policy shall be commensurate with the severity of the offense, up to and including discharge, even for a first offense.

VIII. ALTERNATIVE REMEDIES
If upon exhausting all internal remedies to file, investigate, and respond to a charges of discrimination/harassment, pursuant to title VII of the Federal Civil Rights Act of 1964 (42 U.S.C §§ 2000e et seq.), any person has a right to file a charge of discrimination/harassment with the Equal Employment Opportunity Commission ("EEOC"). In addition, pursuant to the California Fair Employment and Housing Act (Gov. Code §§ 12900 - 12996.) a person may also file a complaint of discrimination/harassment with the California Department of Fair Employment and Housing ("DFEH"). Employees or non-employees who believe that they have been subjected to discrimination/harassment may file a complaint with either of these

EXHIBIT E

ATTACHMENT A
167

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Subject: Directive No. HR-15 Page No. 14 of 14

DISCRIMINATION AND

HARASSMENT POLICY
Effective Date: Revised From:
7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 agencies. Both the EEOC and DFEH serve as neutral fact-finders and attempt to assist parties in resolving disputes voluntarily.

IX. COMMUNICATION OF POLICY
This policy shall be provided to all managers, supervisors, employees, volunteers, unpaid interns, agents or contractors of the City and shall be posted in the appropriate places. All employees shall participate in City approved harassment awareness training as directed by management or Human Resources; and all supervisors, as required by law, shall participate in City approved interactive harassment awareness training and education sessions at least once every two years, or as otherwise specified by law.

APPROVED:
c:r��SON

CITY MANAGER
::ODMA\GRPWISE\COS.PER.PER_Library:96180.1

EXHIBIT E

ATTACHMENT A
168
City of Stockton
Legislation Text
File #: 25-0149, Version: 1

ADOPT RESOLUTION TO PURCHASE TWO FIRE ENGINES AND TWO TILLER FIRE TRUCKS

RECOMMENDATION
It is recommended that the City Council adopt a resolution to:

1. Appropriate funds in the amount of $5,882,017 from the Fleet Internal Service Fund Balance to the Fleet Internal Service Fund, Equipment Acquisition Account.

2. Approve findings pursuant to Stockton Municipal Code section 3.68.070 in support of an exception to the competitive bidding process.

3. Approve the use of a Cooperative Purchasing Agreement through Sourcewell Contract No. 113021-OKC with Pierce Manufacturing, Inc. through an affiliated vendor, Golden State Fire Apparatus of Sacramento, CA, for the purchase of two fire engines and two tiller fire trucks.

4. Authorize the City Manager to execute a Cooperative Purchasing Agreement in the amount of $5,882,017 with Pierce Manufacturing, Inc. through an affiliated vendor, Golden State Fire Apparatus of Sacramento, CA, for the purchase of two fire engines and two tiller fire trucks.

It is also recommended that the City Manager be authorized to take appropriate and necessary actions to carry out the purpose and intent of this resolution.

Summary
Public Works is responsible for maintaining the City’s fleet of vehicles and equipment, including heavy apparatus, which consists of 19 fire engines and six ladder trucks. The City utilizes a 15-year frontline and a 5-year reserve heavy fire vehicle replacement plan to provide a sustainable, reliable, and cost-effective fleet of heavy fire equipment in alignment with industry standards. The department has identified two fire engines, units 5084 and 5366, and two tiller fire trucks, units 5191 and 5169, that will be due for replacement at the time of delivery (Attachment A) based on the City’s Fleet Replacement Plan.

Sourcewell is a public agency based in Minnesota that issues Cooperative Purchasing Agreements (COOP) to simplify the procurement process for public agencies and take advantage of volume purchasing. Use of a COOP streamlines administrative costs and procedures while maintaining the integrity of the competitive bidding process. The specifications for the apparatuses available through Sourcewell meet the City’s requirements for this type of equipment and are consistent with the recent purchases of fire engines and tiller fire trucks.

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File #: 25-0149, Version: 1
It is recommended that Council adopt a resolution appropriating funds in the amount of $5,882,017 from the Fleet Internal Service Fund (ISF) Balance to the Fleet ISF, Equipment Acquisition Account. It is also recommended that Council adopt a resolution authorizing the City Manager to execute a COOP through Sourcewell with Pierce Manufacturing, Inc. through an affiliated vendor, Golden State Fire Apparatus of Sacramento, CA, in the amount of $5,882,017, for the purchase of two fire engines and two tiller fire trucks.

DISCUSSION
Background
The City’s fleet of heavy fire equipment consists of 19 fire engines and six ladder trucks. The equipment is maintained by the Fleet Section of the Public Works Department. The Stockton Fire Department operates the equipment and responds daily with 13 of the 19 fire engines and four of the six ladder trucks. The remaining units are in reserve status, to be used when any of the frontline units are out of service.

The City utilizes a 15-year frontline and a 5-year reserve heavy fire vehicle replacement plan to provide a sustainable, reliable, and cost-effective fleet of heavy fire equipment in alignment with the industry standards. The National Fire Protection Association Standards for Fire Department Apparatus (NFPA 1901) suggests that replacement cycles for busy fire fleets be evaluated based on call load, maintenance costs, safety, and needed technology updates. The industry standard is between 12 to 20 years for frontline response units depending on local conditions, community demand, engine hours, miles driven, and maintenance costs.

Present Situation
Current lead times for Pierce Manufacturing, Inc. fire engines is 35 months and 48 months for a tiller fire truck. The department has identified two fire engines, units 5084 and 5366, and two tiller fire trucks, units 5191 and 5169, that require replacement due to age or ongoing mechanical failures (Attachment A).

The Public Works Department recommends the purchase of two fire engines and two tiller fire trucks from Pierce Manufacturing, Inc. through an affiliated vendor, Golden State Fire Apparatus of Sacramento, CA, for a total cost of $5,882,017. The specifications for the apparatuses available through Sourcewell meet the City’s requirements for this type of equipment and are consistent with the recent purchases of fire engines and tiller fire trucks.

Sourcewell is a public agency based in Minnesota that serves as a municipal contracting agency to streamline the procurement process for public agencies and takes advantage of volume purchasing.

All Sourcewell contracts have been competitively bid, solicited nationally, reviewed, evaluated by a committee, and recommended to the Sourcewell Board of Directors for consideration of award. The use of these contracts is optional and is available to California State and local government agencies.

It is recommended that Council adopt a resolution appropriating funds in the amount of $5,882,017 from the Fleet ISF Balance to the Fleet ISF, Equipment Acquisition Account. It is also recommended that Council adopt a resolution authorizing the City Manager to execute a COOP through Sourcewell City of Stockton Printed on 2/25/2025Page 2 of 3
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File #: 25-0149, Version: 1
with Pierce Manufacturing, Inc. through an affiliated vendor, Golden State Fire Apparatus of Sacramento, CA, in the amount of $5,882,017, for the purchase of two fire engines and two tiller fire trucks.

Findings
Pursuant to Stockton Municipal Code section 3.68.070, Council may approve findings which support an exception to the competitive bidding process. These findings include:

1. Sourcewell established a COOP with Pierce Manufacturing, Inc. through an affiliated vendor, Golden State Fire Apparatus, for the purchase fire equipment, including two fire engines and two tiller fire trucks.

2. The Pierce Manufacturing, Inc. COOP was established pursuant to formal competitive bidding processes conducted by Sourcewell on behalf of its governmental members, of which the City is one.

3. Taking advantage of the leveraged procurement agreement negotiated by Sourcewell will save the administrative expense of City staff conducting separate procurements.

4. The specifications for the equipment available through the Sourcewell contract meet the City’s requirements for their equipment type.

FINANCIAL SUMMARY
With the appropriation of funds, in the amount of $5,882,017, from the Fleet ISF Fund Balance to the Fleet ISF operating budget, Equipment Acquisition Account, there will be sufficient funding for the purchase of two fire engines and two tiller fire trucks from Pierce Manufacturing, Inc. through an affiliated vendor, Golden State Fire Apparatus, in the amount of $5,882,017.

There is no impact to the City’s General Fund or any other unrestricted fund as a result of taking the recommended actions.

Attachment A - Equipment Replacement List
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E
quipment Replacement List

UNIT YEAR MAKE MODEL DEPT DIVISION
5084 2005 PIERCE QUANTUM FIRE FIGHTING
5366 2013 PIERCE QUANTUM FIRE FIGHTING
5169 2005 PIERCE DASH FIRE FIGHTING
5191 2008 PIERCE DASH FIRE FIGHTING

ATTACHMENT A
172
Resolution No.

STOCKTON CITY COUNCIL

RESOLUTION APPROVING PURCHASING COOPERATIVE AGREEMENT

THROUGH SOURCEWELL AND APPROPRIATING FUNDS FOR THE PURCHASE OF

TWO FIRE ENGINES AND TWO TILLER FIRE TRUCKS

The replacement purchase of two fire engines and two tiller fire trucks; and

Sourcewell is a public agency based in Minnesota that serves as a municipal contracting agency. The use of these contracts is o ptional and is available to California State and local government agencies; and

Sourcewell has a contract with Pierce Manufacturing, Inc. for preferential pricing of firefighting apparatuses. The specifications for the equipment available through the Sourcewell contract meet the City’s requirements for their equipment type; and

The Cooperative Purchase Agreement (COOP) that includes Golden State Fire Apparatus of Sacramento, CA, and other vendors was established pursuant to formal competitive bidding processes conducted by Sourcewell on behalf of its governmental members, of which the City is one; and

For the purchase of two fire engines and two tiller fire tru cks, staff recommends utilizing a Sourcewell contract with Pierce Manufacturing, Inc. through an affiliated vendor, Golden State Fire Apparatus of Sacramento, CA, in the amount of $5,882,017 ; now, therefore,

BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS:

1. The City Council authorizes the appropriation of funds in the amount of $5,882,017 from the Fleet Internal Service Fund Balance to the operating Fleet Internal Service Fund, Equipment Acquisition Account.

2. The City Council approve s the following findings in support of granting an exception to the competitive bid process pursuant to Stockon Municipal Code section

3.68.070:

a. Sourcewell established a COOP with Pierce Manufacturing, Inc. through an affiliated vendor, Golden State Fire Apparatus, for the purchase fire equipment, including two fire engines and two tiller fire trucks.

173
b. The Pierce Manufacturing, Inc. COOP was established pursuant to formal competitive bidding processes conducted by Sourcewell on behalf o f its governmental members, of which the City is one.

c. Taking advantage of the leveraged procurement agreement negotiated by Sourcewell will save the administrative expense of City staff conducting separate procurements.

d. The specifications for the equipment available through the Sourcewell contract meet the City’s requirements for their equipment type.

3. The City Council approves the use of a COOP through Sourcewell Contract No. 113021-OKC with Pierce Manufacturing, Inc. th rough an affiliated vendor, Golden State Fire Apparatus of Sacramento, CA, for the purchase of two fire engines and two tiller fire trucks.

4. The City Council authorize s the City Manager to execute a COOP in the amount of $5,882,017 with Pierce Manufacturing, Inc. through an affiliated vendor , Golden State Fire Apparatus of Sacramento, CA, for the purchase of two fire engines and two tiller fire trucks, a copy of which is attached as Exhibit 1 and incorporated by this reference.

5. The City Manager is hereby authorized to take whatever actions are necessary and appropriate to carry out the purpose and intent of this Resolution.

PASSED, APPROVED, and ADOPTED March 4, 2025 .

CHRISTINA FUGAZI
Mayor of the City of Stockton
ATTEST:

KATHERINE ROLAND, CMC, CPMC
City Clerk of the City of Stockton

174

COOPERATIVE/PIGGYBACK PURCHASE AGREEMENT
AGREEMENT SUMMARY:

1. Cooperative/Piggyback
Name:

Sourcewell

2. Contractor: Golden State Fire Apparatus of Sacramento, CA

3. Cooperative Agency
Agreement Name and
Agreement Number:

Pierce Manufacturing, Firefighting Apparatus,
113021-OKC

4. Cooperative Agency Initial
Agreement Term:

Start Date: April 5, 2022
End Date: February 10, 2026

5. Cooperative Agency’s
Agreement-Options to
extend:

Agreement may be extended for an additional year.

6. Cooperative Agency
Amended Term:

Not Applicable

7. Cooperative Agency
Remaining Options to
Renew:
1 one-year renewal option remaining.

8. City of Stockton
Cooperative Purchase
Agreement Term:

Start Date: Upon Execution
End Date: February 10, 2026

9. City of Stockton
Cooperative/ Piggyback
Purchase Agreement
Amount:

Not to Exceed $5,882,017 for the term of the
Agreement.

AGREEMENT
The City of Stockton, a California municipal corporation on behalf of itself and its associated entities ("City"), and the above-named Contractor (“Contractor”), do hereby agree that City shall be granted the pricing, terms, and conditions under the above referenced Pierce Manufacturing, Firefighting Apparatus, 113021-OKC (“COOP”) as such may be amended from time to time. The COOP and associated documents referenced in the agreement are incorporated herein as Exhibit A to this City Cooperative/Piggyback Purchase Agreement (“Agreement”).

EXHIBIT 1
175
Contractor shall grant such pricing, terms, and conditions to City for all procurements of goods and services, whether taking place on a City purchase order, purchasing card (credit card), or other purchasing modality, whether via telephone, via the Contractor website, or via direct purchase at a Contractor retail location.

1. Agreement Term: The Term of this Agreement shall remain in effect from date of the signing of this Agreement through February 10, 2026, unless terminated earlier by the City. If the Cooperative/Piggyback Agency extends the COOP with Contractor by a written amendment, the City has the option to extend the term of this Agreement by written amendment not to go beyond the term stated in the COOP fully executed amendment.

2. Insurance and Hold Harmless: In addition to the pricing, terms and conditions stated in the COOP and the associated documents incorporated herein as Exhibit A, Contractor shall, at Contractor’s sole cost and expense and for the full term of the Agreement or any extension thereof, obtain and maintain at least all the insurance requirements listed in attached Exhibit B.

To the fullest extent permitted by law, Contractor shall hold harmless, defend and indemnify City of Stockton and its officers, officials, employees and volunteers from and against any and all liability, loss, damage, expense, costs (including without limitation costs and fees of litigation) of every nature arising out of or in connection with Contractor’s performance of work hereunder or its failure to comply with any of its obligations contained in the agreement, except such loss or damage which was caused by the sole negligence or willful misconduct of the City of Stockton. This obligation is independent of, and shall not in any way be limited by, the minimum Insurance obligations contained in this Agreement. These obligations shall survive the completion or termination of this Agreement.

3. Compensation: City and Contractor do hereby enter into this Agreement for fire apparatuses available in the above-named COOP and associated documents incorporated herein as Exhibit A and referenced in the attached quote Exhibit C. In no way, shall payment to the Contractor during the term of this Agreement exceed $5,882,017 for the purchase of two fire engines and two tiller fire trucks. Any person signing this Agreement on behalf of City or Contractor does warrants that he or she has full authority to do so.

4. Governing Law:California law shall govern any legal action pursuant to this Agreement with venue for all claims in the Superior Court of the County of San Joaquin, Stockton Branch or, where applicable, in the Federal District Court of California, Eastern District, Sacramento Division.

5. Applicable Law:Deliverables must conform with all applicable federal, state, and local laws. Such conformity includes compliance with federal sanctions, and Contractor certifies that it has not and will not engage in prohibited transactions with sanctioned persons or entities.

EXHIBIT 1
176
177

EXHIBIT A
EXHIBIT 1
178
P i e r c e M a n u f a c t u r i n g I n c .

AN OSHKOSH CORPORATION COMPANY ISO 9001:2000 CERTIFIED 2600 AMERICAN DRIVE
POST OFFICE BOX 2017
APPLETON, WISCONSIN 54912-2017
920-832-3000 FAX 920-832-3208
www.piercemfg.com
Pierce Manufacturing #113021-OKC Fire Apparatus -including rescue, command units and wildland.

Pricing for contract #113021-OKC is as follows:

Base model pricing is provided at 5.50% discount off MSRP.

Base model options are provided at a 5.50% discount off MSRP.

Additional discounts may be available for identical multi-unit purchases. Discount varies dependent on the number of identical units, the configuration of the units, and will be handled on a case-by-case basis.

Authorized Pierce dealers may offer service contracts for preventative maintenance and other services. Pricing would be quoted on a time and materials basis, by the dealer, at the time of request. Pierce offers our dealers the ability to offer/develop custom service/maintenance contracts to Sourcewell members utilizing this contract.

Persistent Inflationary Environment
If the Producer Price Index of Components for Manufacturing [www.bls.gov Series ID: WPUID6112] ("PPI") has increased at a compounded annual growth rate of 5.0% or more between the month Pierce accepts the order ("Order Month") and a month 14 months prior to the then predicted Ready For Pickup date ("Evaluation Month"), then pricing may be updated in an amount equal to the increase in PPI over 5.0% for each year or fractional year between the Order Month and the Evaluation Month.

The seller will document any such updated price for the customer's approval before proceeding and provide an option to cancel the order.

Lead-times
Due to global supply chain constraints, any delivery date on the customer contract is a good faith estimate as of the date of the order/contract, and merely an approximation based on current information. Delivery updates will be made available, and a final firm delivery date will be provided as soon as possible.

EXHIBIT 1
179

SOURCEWELL

STATE OF MINNESOTA

Member______________ moved the adoption of the following Resolution:

RESOLUTION TO APPROVE SOLICITATION AND/OR RE-SOLICITATION OF CATEGORIES

Resolution No. 2021-22

WHEREAS, Sourcewell desires to issue a solicitation, and is seeking permission from the Board to issue a solicitation, for the categories listed on Appendix A, which is attached and incorporated.

WHEREAS, through the Sourcewell Procurement Policy, the Board designated the Chief Procurement

WHEREAS, the Chief Procurement Officer recommends approval of categories detailed above.

NOW THEREFORE BE IT RESOLVED that the Board of Directors hereby approves the solicitation of categories.

The motion for the adoption of the foregoing resolution was duly seconded by Member ______________ and the following voted in favor: (list names here)

and the following voted against: NONE

whereupon said resolution was declared duly passed and adopted.

ATTEST:

_________________________________
Clerk to the Board of Directors

EXHIBIT 1
180

APPENDIX A

SOURCEWELL PROCUREMENT DEPARTMENT
BOARD ITEMSSeptember 2021

NEW CONTRACTS
Supplier Name Contract Numbe r Solicitation Title
Carrier Global Corporation 070121 CAR "HVAC Systems and Related Services" HMI Industries, Inc. 070121 HMI "HVAC Systems and Related Services" Honeywell International, Inc. 070121 HNY "HVAC Systems and Related Services" Johnson Controls, Inc. 070121 JHN "HVAC Systems and Related Services" Juice Technologies, Inc. 070121 JUC "HVAC Systems and Related Services" Siemens Industry, Inc. 070121 SIE "HVAC Systems and Related Services" 22nd Century Technologies, Inc. 071321 CEN "IT Managed Service and Staff Augmentation Solutions" CDW Government, LLC 071321 CDW "IT Managed Service and Staff Augmentation Solutions" Computer Aid, Inc. 071321 CAI "IT Managed Service and Staff Augmentation Solutions" Infojini, Inc. 071321 INF "IT Managed Service and Staff Augmentation Solutions" Judge Technical Services 071321 JDG "IT Managed Service and Staff Augmentation Solutions"

CONTRACT EXTENSIONS
Supplier Name Contract Numbe r Solicitation Title
Alamo Group, Inc. 052417 AGI
"Roadway Maintenance Equipment with Related
Accessories, Attachments, Materials and Supplies"
NEW ezIQC CONTRACTS
Company Name Contract Numbe r StateRegionType of Work
ezIQC RENEWALS
Company Name Contract Numbe r
PRIDE Industries One, Inc. CA04 NCCGB03080719PIO
PRIDE Industries One, Inc. CA03 NCVE01080719PIO
American Chiller Service, Inc. CA03 NCVM03080719ACH
Staples Construction Company CA03 NCVGB04080719STA
PUB Construction, Inc. CA08 SCIGB01080719PUB
PRIDE Industries One, Inc. CA03 NCVGB03080719PIO
PRIDE Industries One, Inc. CA03 NCVGEP01080719PIO
Vincor Construction, Inc. CA08 SCIGB02080719VCI
Mark Scott Construction CA04 NCCGB02080719MSC
ACCO Engineered Systems, Inc. CA03 NCVM02080719AES
PRIDE Industries One, Inc. CA03 NCVM01080719PIO
RiteWay Roof Corporation CA08 SCIR01080719RWR
Aztec Consultants CA04 NCCGB04080719AZC
PRIDE Industries One, Inc. CA04 NCCE02080719PIO
Vincor Construction, Inc. CA09 SDIGB02080719VCI
Sylvester Roofing Co., Inc. CA09 SDIR01080719SRC
All Source Tile, Inc. CA09 SDIF02080719AST
PUB Construction, Inc. CA09 SDIF01080719PUB
G Team Landscape Construction, Inc. CA08 SCIL01080719GTL Horizons Construction Co. Int'l, Inc. CA08 SCIDA01080719HCC Sol Construction CA08 SCIGEP02080719SOL
PRIDE Industries One, Inc. CA08 SCIGB10080719PIO
Private Exchange Technology and Services
Used Firefighting Apparatus and Fire Service Vehicle Solutions State of FloridaIndefinite Delivery Indefinite Quantity Construction Underground Infrastructure Inspection and Rehabilitation Equipment with Related Services Requesting Board permission to ReSolicit the following categories:

Requesting Board permission to Solicit the following categories:

Firefighting Apparatus and Fire Service Vehicles with Related Equipment, Options, and Services EXHIBIT 1
BOARDITEMSSeptember2021
FirefightingApparatusandFireServiceVehicleswithRelatedEquipment,Options,andServices 181
APPENDIX A Continued
PRIDE Industries One, Inc. CA04 NCCGEP01080719PIO
All Source Coatings, Inc. CA09 SDIP02080719ASC
Ausonio, Inc. CA04 NCCGB05080719AUS
Horizons Construction Co. Int'l, Inc. CA08 SCIGB03080719HCC Angeles Contractor, Inc. CA08 SCIF02080719ACI
All Source Coatings, Inc. CA09 SDIGB03080719ASC
US National Corp dba Jimenez Painting Company CA09SDIP03080719USN Harry H. Joh Construction, Inc. CA08 SCIE02080719HJC
Gkkworks Construction Services CA08 SCIGB06080719GKK
J & H Engineering General Contracts, Inc. CA08SCIGEP03080719JHE Facility Solutions Group CA08 SCIE01080719FSG
Angeles Contractor, Inc. CA08 SCIGB05080719ACI
Horizons Construction Co. Int'l, Inc. CA08 SCIGEP01080719HCC PUB Construction, Inc. CA08 SCIP01080719PUB
Angeles Contractor, Inc. CA09 SDIGB06080719ACI
PUB Construction, Inc. CA09 SDIGB01080719PUB
Harry H. Joh Construction, Inc. CA09 SDIGB05080719HJC
Angeles Contractor, Inc. CA09 SDIF03080719ACI
Harry H. Joh Construction, Inc. CA08 SCIGB04080719HJC
PUB Construction, Inc. CA08 SCIF01080719PUB
PUB Construction, Inc. CA09 SDIP01080719PUB
Harry H. Joh Construction, Inc. CA08 SCIP02080719HJC
LDCo., Inc. CA09 SDIGB04080719LDC
ezIQC CONTRACT EXTENSIONS
Company Name Contract Numbe r
EXHIBIT 1
182

SOURCEWELL

STATE OF MINNESOTA

Member ____________ moved the adoption of the following Resolution:

RESOLUTION TO RATIFY COOPERATIVE CONTRACTING AWARDS

2/15/2022

Resolution No. 2022-06

WHEREAS, the Sourcewell Board of Directors previously authorized the solicitations for the cooperative categories listed on Appendix A, which is attached and incorporated; and

WHEREAS, Sourcewell issued the cooperative contracting solicitations for the authorized categories; and

WHEREAS, through the Sourcewell Procurement Policy, the Board designated the Chief Procurement Officer to administer Sourcewell’s cooperative purchasing and contracting program and to award all competitively solicited contracts, without limitation; and

WHEREAS, the Chief Procurement Officer made the awards listed based on the results of the competitive solicitation process; and

WHEREAS, the Board acknowledges that the awards made by the Chief Procurement Officer are valid and binding; however, based upon some members’ legal requirements the Chief Procurement Official is required to seek subsequent Board ratification of all cooperative purchasing awards.

NOW THEREFORE BE IT RESOLVED by the Board of Directors ratifies the cooperative contracting awards made by the Chief Procurement Officer listed on Appendix A.

The motion for the adoption of the foregoing resolution was duly seconded by Member______________ and the following voted in favor: (list names here)

and the following voted against: (list names here or “NONE”)

whereupon said resolution was declared duly passed and adopted.

ATTEST:

_________________________________
Clerk to the Board of Directors
EXHIBIT 1
183

APPENDIX A

SOURCEWELL PROCUREMENT DEPARTMENT
BOARD ITEMSFebruary 2022

NEW CONTRACTS
Supplier Name Contract Numbe r Solicitation Title
Gold Star Foods, Inc. 111621 GSF
"Food Products and Distribution for School Food Authorities with Related Supplies, Technology and Services"
Sysco Corporation 111621 SYC
"Food Products and Distribution for School Food Authorities with Related Supplies, Technology and Services"
US Foods, Inc. 111621 USF
"Food Products and Distribution for School Food Authorities with Related Supplies, Technology and Services"
Custom Fire Apparatus, Inc. 113021 CSM "Firefighting Apparatus and Fire Service Vehicles" HME, Inc. 113021 HME "Firefighting Apparatus and Fire Service Vehicles" MaxiMetal Inc. 113021 MAX "Firefighting Apparatus and Fire Service Vehicles" Oshkosh Corporation 113021OKC "Firefighting Apparatus and Fire Service Vehicles" P.L. Custom Body and Equipment Co., Inc.113021PLC "Firefighting Apparatus and Fire Service Vehicles" Rev Group, Inc. 113021RCG "Firefighting Apparatus and Fire Service Vehicles" Rock River Industries, LLC 113021RCK "Firefighting Apparatus and Fire Service Vehicles" Rosenbauer America, LLC 113021RSD "Firefighting Apparatus and Fire Service Vehicles" The Sutphen Corporation 113021SUT "Firefighting Apparatus and Fire Service Vehicles" Redwood Toxicology Laboratory, Inc. 011222RTL "Lab Services and Testing with Related Products and Supplies" Sterling Healthcare Opco, dba Cordant Health
Solutions 011222CDT "Lab Services and Testing with Related Products and Supplies"

CONTRACT EXTENSIONS
Supplier Name Contract Numbe r Solicitation Title
HiVac Corporation 122017 HVC
"Sewer Vacuum, HydroExcavation, and Street Sweeper Equipment with Related Accessories and Supplies"
NiteHawk Sweepers, LLC 122017 NHK
"Sewer Vacuum, HydroExcavation, and Street Sweeper Equipment with Related Accessories and Supplies"
Schwarze Industries, Inc. 122017 SWZ
"Sewer Vacuum, HydroExcavation, and Street Sweeper Equipment with Related Accessories and Supplies"
AstroTurf Corporation 060518 AST
"Athletic Surfacing with Related Materials, Supplies, Installation and Services"
Shaw Sports Turf 060518 SII
"Athletic Surfacing with Related Materials, Supplies, Installation and Services"
NEW ezIQC CONTRACTS
Company Name Contract Numbe r StateRegionType of Work
Staples Construction CA R1GB01123021STA CaliforniaRegion 1General Building Mesa Energy Systems, Inc. dba EMCOR Services CAR1HVAC01123021ES CaliforniaRegion 1HVAC/Mechanical ACCO Engineered Systems, Inc. CA R2HVAC01123021AES CaliforniaRegion 2HVAC/Mechanical T&S Intermodal Maintenance, Inc. DBA T&S West CAR3E01123021TSW CaliforniaRegion 3Electrical ABM Industries. Inc. CA R3E02123021ABM California Region 3Electrical T&S Intermodal Maintenance, Inc. DBA T&S West CAR3GB01123021TSW CaliforniaRegion 3General Building North Star Construction and Engineering, Inc. CAR3GB02123021NSC CaliforniaRegion 3General Building North Star Construction and Engineering, Inc. CAR3GS01123021NSC CaliforniaRegion 3Geotechnical Stabilization ABM Industries. Inc. CA R3HVAC01123021ABM CaliforniaRegion 3HVAC/Mechanical ACCO Engineered Systems, Inc. CA R3HVAC02123021AES CaliforniaRegion 3HVAC/Mechanical T&S Intermodal Maintenance, Inc. DBA T&S West CAR3PAV01123021TSW CaliforniaRegion 3Paving North Star Construction and Engineering, Inc. CAR3PAV02123021NSC CaliforniaRegion 3Paving Mark Scott Construction, Inc. CA R4GB01123021MSC CaliforniaRegion 4General Building ABM Industries, Inc. CA R4HVAC01123021ABM CaliforniaRegion 4HVAC/Mechanical T&S Intermodal Maintenance, Inc. DBA T&S West CAR5E01123021TSW CaliforniaRegion 5Electrical Wellness Engagement Program Solutions and Related Services Swimming Pool Renovation and Repair with Related Equipment, Supplies, and Services Requesting Board permission to ReSolicit the following categories:

Requesting Board permission to Solicit the following categories:

Indefinite Delivery Indefinite Quantity ConstructionMissouri EXHIBIT 1
BOARDITEMSFebruary2022
CustomFireApparatus,Inc. 113021CSM "FirefightingApparatusandFireServiceVehicles" HME,Inc. 113021HME "FirefightingApparatusandFireServiceVehicles" MaxiMetalInc. 113021MAX "FirefightingApparatusandFireServiceVehicles" OshkoshCorporation 113021OKC "FirefightingApparatusandFireServiceVehicles" P.L.CustomBodyandEquipmentCo.,Inc. 113021PLC "FirefightingApparatusandFireServiceVehicles" RevGroup,Inc. 113021RCG "FirefightingApparatusandFireServiceVehicles" RockRiverIndustries,LLC 113021RCK "FirefightingApparatusandFireServiceVehicles" RosenbauerAmerica,LLC 113021RSD "FirefightingApparatusandFireServiceVehicles" 113021SUT "FirefightingApparatusandFireServiceVehicles"TheSutphenCorporation 184
APPENDIX A Continued
T&S Intermodal Maintenance, Inc. DBA T&S West CAR5GB01123021TSW California Region 5General Building Newton Construction & Management, Inc. CAR5GB02123021NCM California Region 5General Building Durham Construction Company, Inc. CA R5GB03123021DCC CaliforniaRegion 5General Building Mark Scott Construction, Inc. CA R5GB04123021MSC CaliforniaRegion 5General Building Mesa Energy Systems, Inc. dba EMCOR Services CAR5HVAC01123021ES CaliforniaRegion 5HVAC/Mechanical ABM Industries, Inc. CA R5HVAC02123021ABM CaliforniaRegion 5HVAC/Mechanical T&S Intermodal Maintenance, Inc. DBA T&S West CAR5PAV01123021TSW CaliforniaRegion 5Paving ABM Industries, Inc. CA R6E01123021ABM California Region 6Electrical Newton Construction & Management, Inc. CAR6GB01123021NCM California Region 6General Building Angeles Contractor, Inc. CA R6GB02123021ACI California Region 6General Building ABM Industries, Inc. CA R6HVAC01123021ABM CaliforniaRegion 6HVAC/Mechanical ACCO Engineered Systems, Inc. CA R6HVAC02123021AES CaliforniaRegion 6HVAC/Mechanical Angeles Contractor, Inc. CA R6PAV01123021ACI California Region 6Paving Newton Construction & Management, Inc. CAR7E01123021NCM California Region 7Electrical Newton Construction & Management, Inc. CAR7GB01123021NCM California Region 7General Building MDJ Management, LLC CA R7GB06123021MDJ California Region 7General Building ACCO Engineered Systems, Inc. CA R7HVAC01123021AES CaliforniaRegion 7HVAC/Mechanical Mesa Energy Systems, Inc. dba EMCOR Services CAR7HVAC02123021ES CaliforniaRegion 7HVAC/Mechanical Horizons Construction Company Int'l, Inc. CAR7PAV01123021HCC CaliforniaRegion 7Paving J & H Engineering General Contractors, Inc. CAR7PAV02123021JHE CaliforniaRegion 7Paving ABM Industries, Inc. CA R8E01123021ABM California Region 8Electrical Facility Solutions Group CA R8E02123021FSG California Region 8Electrical Pacific Lighting Mgt, Inc. CA R8E03123021PLM California Region 8Electrical Exbon Development, Inc. CA R8E04123021EXB CaliforniaRegion 8Electrical PUB Construction, Inc. CA R8F01123021PUB CaliforniaRegion 8Flooring California Coast Carpet & Flooring CA R8F02123021CCF CaliforniaRegion 8Flooring Angeles Contractor, Inc. CA R8F03123021ACI California Region 8Flooring Horizons Construction Company Int'l, Inc. CAR8GB01123021HCC CaliforniaRegion 8General Building Exbon Development, Inc. CA R8GB02123021EXB CaliforniaRegion 8General Building PUB Construction, Inc. CA R8GB03123021PUB CaliforniaRegion 8General Building Harry H. Joh Construction, Inc. CA R8GB04123021HJC CaliforniaRegion 8General Building Vincor Construction, Inc. CA R8GB05123021VCI California Region 8General Building Angeles Contractor, Inc. CA R8GB06123021ACI California Region 8General Building Mackone Development, Inc. CA R8GB07123021MDI California Region 8General Building GoodMen Roofing & Construction, Inc. CAR8GB08123021GMR CaliforniaRegion 8General Building MDJ Management, LLC CA R8GB13123021MDJ California Region 8General Building ABM Industries, Inc. CA R8HVAC01123021ABM CaliforniaRegion 8HVAC/Mechanical ACCO Engineered Systems, Inc. CA R8HVAC02123021AES CaliforniaRegion 8HVAC/Mechanical Exbon Development, Inc. CA R8HVAC03123021EXB CaliforniaRegion 8HVAC/Mechanical Harry H. Joh Construction, Inc. CA R8HVAC04123021HJC CaliforniaRegion 8HVAC/Mechanical PUB Construction, Inc. CA R8P01123021PUB CaliforniaRegion 8Painting Harry H. Joh Construction, Inc. CA R8P02123021HJC CaliforniaRegion 8Painting Angeles Contractor, Inc. CA R8P03123021ACI California Region 8Painting Mackone Development, Inc. CA R8P04123021MDI California Region 8Painting Horizons Construction Company Int'l, Inc. CAR8PAV01123021HCC CaliforniaRegion 8Paving Angeles Contractor, Inc. CA R8PAV02123021ACI California Region 8Paving Mackone Development, Inc. CA R8PAV03123021MDI California Region 8Paving Bitech Construction Co., Inc. CA R8PAV04123021BIT CaliforniaRegion 8Paving ACCO Engineered Systems, Inc. CA R8PLUM01123021AES CaliforniaRegion 8Plumbing Oscalibur Plumbing, Inc. CA R8PLUM02123021OPI California Region 8Plumbing Angeles Contractor, Inc. CA R8RW01123021ACI California Region 8Roofing/Waterproofing Exbon Development, Inc. CA R8RW02123021EXB CaliforniaRegion 8Roofing/Waterproofing GoodMen Roofing & Construction, Inc. CAR8RW03123021GMR CaliforniaRegion 8Roofing/Waterproofing ACCO Engineered Systems, Inc. CA R8SS01123021AES CaliforniaRegion 8Sanitation Systems ABM Industries, Inc. CA R9E01123021ABM California Region 9Electrical Pacific Lighting Mgt, Inc. CA R9E02123021PLM California Region 9Electrical Horizons Construction Company Int'l, Inc. CAR9GB01123021HCC CaliforniaRegion 9General Building PUB Construction, Inc. CA R9GB02123021PUB CaliforniaRegion 9General Building Harry H. Joh Construction, Inc. CA R9GB03123021HJC CaliforniaRegion 9General Building Pacific Building Group CA R9GB04123021PBG California Region 9General Building Vincor Construction, Inc. CA R9GB05123021VCI California Region 9General Building GoodMen Roofing & Construction, Inc. CAR9GB06123021GMR CaliforniaRegion 9General Building All Source Coatings, Inc. CA R9GB08123021ASC CaliforniaRegion 9General Building GeoStabilization International, LLC CA R9GS01123021GSI California Region 9Geotechnical Stabilization ABM Industries, Inc. CA R9HVAC01123021ABM CaliforniaRegion 9HVAC/Mechanical EXHIBIT 1
185
APPENDIX A Continued
ACCO Engineered Systems, Inc. CA R9HVAC02123021AES CaliforniaRegion 9HVAC/Mechanical Harry H. Joh Construction, Inc. CA R9HVAC03123021HJC CaliforniaRegion 9HVAC/Mechanical Mesa Energy Systems, Inc. dba EMCOR Services CAR9HVAC04123021ES CaliforniaRegion 9HVAC/Mechanical Horizons Construction Company Int'l, Inc. CAR9PAV01123021HCC CaliforniaRegion 9Paving ACCO Engineered Systems, Inc. CA R9PLUM01123021AES CaliforniaRegion 9Plumbing GoodMen Roofing & Construction, Inc. CAR9RW01123021GMR CaliforniaRegion 9Roofing/Waterproofing ezIQC RENEWALS
Company Name Contract Numbe r
Amstar, Inc. TX PBGC121819AMS
CORE Construction Services of Texas, Inc. TXWTGC121819CCT TMG Contracting, LLC TX CTGC121819TCL
Sullivan Contracting Services TX CTGC121819SUL
Amstar, Inc. TX WTGC121819AMS
CORE Construction Services of Texas, Inc. TXPBGC121819CCT Amstar, Inc. TX CTGC121819AMS
F.H. Paschen, S.N. Nielsen & Associates, LLC TXPBGC121819FHP Tommy Klein Construction, Inc. TX PBGC121819TKL
Doyle Electric, LLC TX CTGC121819DEL
Veliz Company, LLC TX PBGC121819VCL
RoofConnect Logistics, Inc. TX CTR121819RCL
Platinum Roofing, Inc. TX CTR121819PLR
F.H. Paschen, S.N. Nielsen & Associates, LLC TXWTGC121819FHP JAMCO Ventures, LLC TX CTGC121819JAM
CORE Construction Services of Texas, Inc. TXCTGC121819CCT JAMCO Ventures, LLC TX CTF 121819JAM
Veliz Company, LLC TX CTGC121819VCL
F.H. Paschen, S.N. Nielsen & Associates, LLC TXCTGC121819FHP Doyle Electric, LLC TX CTE121819DEL
Veliz Company, LLC TX WTGC121819VCL
Centennial Contractors Enterprises, Inc. TXCTGC121819CCE RoofConnect Logistics, Inc. TX WTR121819RCL
JAMCO Ventures, LLC TX CTW121819JAM
JAMCO Ventures, LLC TX CTRC121819JAM
JAMCO Ventures, LLC TX CTAPC121819JAM
JAMCO Ventures, LLC TX CTP121819JAM
EXHIBIT 1
186

COMMENT AND REVIEW
to the
REQUEST FOR PROPOSAL (RFP) #113021
Entitled
Firefighting Apparatus and Fire Service Vehicles
The following advertisement was placed October 12, 2021 in USA Today, in South Carolina’s The State, in The Oklahoman and on the Sourcewell website www.sourcewell-mn.gov, Sourcewell Procurement Portal https://proportal.sourcewell-mn.gov, Biddingo, Merx, The New York State Contract Reporter www.nyscr.ny.gov, PublicPurchase.com, and October 13, 2021 in Oregon’s Daily Journal of Commerce:

Sourcewell, a State of Minnesota local government unit and service cooperative, is requesting proposals for Firefighting Apparatus and Fire Service Vehicles to result in a contracting solution for use by its Participating Entities. Sourcewell Participating Entities include thousands of governmental, higher education, K-12 education, nonprofit, tribal government, and other public agencies located in the United States and Canada. A full copy of the Request for Proposals can be found on the Sourcewell Procurement Portal [https://proportal.sourcewell-mn.gov]. Only proposals submitted through the Sourcewell Procurement Portal will be considered. Proposals are due no later than November 30, 2021, at 4:30 p.m. Central Time, and late proposals will not be considered.

The solicitation process was conducted through the Sourcewell Procurement Portal. The following parties expressed interest in the solicitation by registering for this opportunity within the portal:
10-8 Emergency Vehicle Service Kovatch Mobile Equipment Corp. 11193422 Canada, INC. Kyrish Government Group
Acres Industries, Inc. Laszlo Corporation
Alexis Fire Equipment Company Marion Body Works, Inc.

Allied Restoration MAXIMETAL INC.

Blanchat Mfg., Inc. Metalfab, LTD
BME Fire Trucks, LLC MSA Safety Sales, LLC
Brindlee Mountain Fire Apparatus, LLC North America Fire Equipment Co., Inc.

CAMIONS CARL THIBAULT, INC. O'RIELLY CHEVROLET, INC.

Carrier Truck Centers Oshkosh Airport Products, LLC
CET Fire Pumps MFG P.L. Custom Body and Equipment Co., Inc.

Chemical Containers, Inc. PECS Electromechanical
Commercial Emergency Equipment Pierce Manufacturing (Oshkosh Corporation) Cooperative Services, LLC Rock River Industries, LLC
EXHIBIT 1
187
Sourcewell Page 2 of 5
Custom Fire Apparatus, Inc. Rosenbauer South Dakota, LLC D-Lux Screen Printing Sea Hawk
Danko Emergency Equipment Servco Pacific, Inc.

Dependable Truck & Tank, Limited Skeeter Brush Trucks, LLC Draeger Safety Canada, Ltd. Southern Fire Apparatus, LLC E-ONE, Inc. (REV Group, Inc.) Spartan Fire, LLC
Ed M. Feld Equipment Co., Inc. DBA Feld Fire Spencer Manufacturing, Inc.

EJ Metals, LLC SPI Health and Safety, Inc.

Ferrara Fire Apparatus, Inc. Stainless and Repair, Inc.

Fire & Safety Services, Ltd. Sub Aquatics, Inc.

FIRE AND MARINE, INC. Super Vacuum Manufacturing CO., Inc.

FireStopper USA MD System One Manufacturing, Inc.

First Priority Emergency Vehicles, Inc. The Sutphen Corporation Fisher Tech Services, LLC Tipton Ford
Fort Garry FIre Trucks, Ltd. Toyne, Inc.

Four Guys Stainless Tank & Equipment, Inc. Ty Parker & Son, Inc.

Fouts Brothers, Inc. Unifire, Inc.

Hi-Tech Emergency Vehicle Service, Inc. US Fire Equipment, LLC HME, Incorporated Ward Apparatus, LLC
Holland Pump Company Warren Anderson Ford dba Fritts Ford HUB Fire Engines & Equipment, Ltd. Watts Manufacturing, LLC HydeInfoTech WBM GP., INC.

Intercontinental Truck Body, Ltd. Westvac Industrial, Ltd.

All Proposals remained sealed within the Sourcewell Procurement Portal until the scheduled due date and time. Proposals were electronically opened, and the list of all Proposers was made publicly available on the Sourcewell Procurement Portal, on November 30, 2021, at 4:32:09 pm CT. Proposals were received from the following:

Acres Industries, Inc.

Alexis Fire Equipment Company
BME Fire Trucks, LLC
Brindlee Mountain Fire Apparatus, LLC
CAMIONS CARL THIBAULT, INC.

CET Fire Pumps MFG
Chemical Containers, Inc.

Custom Fire Apparatus, Inc.

Dependable Truck & Tank, Limited
EJ Metals, LLC
FireStopper USA MD
Fort Garry Fire Trucks, Ltd.

Fouts Brothers, Inc.

Hi-Tech Emergency Vehicle Service, Inc.

HME, Inc.

HUB Fire Engines & Equipment, Ltd.

Laszlo Corporation
Marion Body Works, Inc.

EXHIBIT 1
E-ONE, Inc. (REV Group, Inc.)
188
Sourcewell Page 3 of 5
MAXIMETAL INC.

Metalfab, LTD
Oshkosh Corporation (Pierce Manufacturing)
P.L. Custom Body and Equipment Co., Inc.

REV Group, Inc. (E-One, Inc.)
Rock River Industries, LLC
Rosenbauer America, LLC (Rosenbauer South Dakota, LLC)
Skeeter Brush Trucks, LLC
Spencer Manufacturing, Inc.

Super Vacuum Manufacturing Co., Inc.

The Sutphen Corporation
Toyne, Inc.

Ty Parker & Son, Inc.

US Fire Equipment, LLC
Ward Apparatus, LLC
Proposals were reviewed by the Proposal Evaluation Committee:

Kim Austin, MBA, CPPB, Procurement Lead Analyst
Stephanie Haataja, CPIM, Procurement Analyst
Craig West, Procurement Analyst
Tom Sharbonno, Procurement Analyst
The findings of the Proposal Evaluation Committee are summarized as follows:

The Proposal Evaluation Committee applied the SourcewellRFP evaluation criteria and determined that all proposal responses met the scope and mandatory submittal requirements and were evaluated.

Custom Fire Apparatus, Inc., provides a wide variety of fire service vehicles including initial attack/wildland, pumpers, rescue, and mobile water supply/pumper tender firefighting apparatus. They will provide sales and service in the United States and Canada. Their price list includes many common options when customizing base model vehicles. Custom Fire Apparatus, Inc. is offering Sourcewell participating entities a solid discount off list pricing.

HME, Inc., manufactures aerials, pumpers, tankers, and wildland firefighting apparatus. Their sales and dealer network are available to Sourcewell participating entities throughout the United States and Canada. Dealers are available for 24-hour emergency service and mobile repair. HME is offering a considerable discount off MSRP. Pre- pay and quantity discounts are also available.

MAXIMETAL Inc. offers a product line that includes pumpers, tankers, rescues, command vehicles, and wildland firefighting apparatus. Their sales representatives and dealer network can provide sales and service to all Sourcewell participating entities in the United States and Canada. They are able to offer 24–48-hour critical parts delivery to their customers. MAXIMETAL is offering a competitive discount off list pricing and an additional volume discount for two or more identical units on a single purchase order.

Oshkosh Corporation is offering a wide variety of products including custom and commercial pumper products, aerial products, and emergency response vehicles. They will serve Sourcewell participating entities in the United States and Canada through their regional sales and service model. Oshkosh Corporation is providing a combination EXHIBIT 1
REV Group, Inc. (E-One, Inc.)
189
Sourcewell Page 4 of 5
of line item, percentage, multi-unit, pre-pay and progress payment discounts (as applicable) on their fire apparatus offering.

P.L. Custom Body and Equipment Co., Inc., manufactures custom extreme duty rescue trucks, command centers, hazmat, and other specialty vehicles. Numerous chassis platforms are available to meet varying needs and specifications. They have a sizeable sales force and dealer network throughout the United States. P.L. Custom is a woman-owned entity (WMBE). They proposed a strong discount to Sourcewell participating entities.

REV Group, Inc., is a manufacturer and service provider of fire apparatus that includes pumpers, rescues, tankers, aerials, hazmat, command vehicles, ARFF units, Spartan Chassis, and wildland fire service vehicles. Their sale representatives and robust dealer network offers sales and service to all Sourcewell participating entities in the United States and Canada. They offer leasing, trade-ins, pre-pay discounts and multiple unit discounts. REV Group offers a sizeable discount off their list pricing.

Rock River Industries, LLC, is offering a full line of all-poly tankers, pumpers, tactical tenders, brush trucks, and quick attack vehicles under the Midwest Fire brand name. Midwest Fire has a sales staff able to serve participating entities in the United States and Canada through a direct sales strategy. They provide no cost training on new apparatus during the delivery process and equipment pricing reflects a considerable discount off list.

Rosenbauer America LLC is a manufacturer of aerials, pumpers, tankers, rescue vehicles, wildland, ARFF, and a fully electric fire truck. Rosenbauer also manufacturers their own custom chassis, the Commander, Warrior and Avenger. Their sales force, consisting of 32 dealers in the United States and Canada, is prepared to serve Sourcewell participating entities. Rosenbauer is providing competitive discounts from MSRP.

The Sutphen Corporation is a manufacturer of custom fire apparatus. Their product line includes a variety of specialty fire apparatus including industrial pumpers, heavy rescues, and hazmat units. Sutphen’s offering also includes aerial devices constructed solely of aluminum which reduces weight and improves handling. Their large dealer network spans the United States and Canada. Sutphen Corporation is offering participating entities a notable discount from MSRP.

For these reasons, the Sourcewell Proposal Evaluation Committee recommends award of Sourcewell Contract #113021 to:

Custom Fire Apparatus, Inc.

HME, Inc.

MAXIMETAL Inc.

Oshkosh Corporation
P.L. Custom Body and Equipment Co., Inc.

Rev Group (E-One, Inc.)
Rock River Industries
Rosenbauer America LLC
The Sutphen Corporation
#113021-CSM
#113021-HME
#113021-MAX
#113021-PMI
#113021-PLC
#113021-EOI
#113021-RCK
#113021-RSD
#113021-SUT
The preceding recommendations were approved on February 7, 2022.

EXHIBIT 1
Rev Group (E-One, Inc.) #113021-EOI
190
Sourcewell Page 5 of 5
________________________________
Kim Austin, MBA, CPPB, Procurement Lead Analyst
________________________________
Stephanie Haataja, CPIM, Procurement Analyst
________________________________
Craig West, Procurement Analyst
_________________________________
Tom Sharbonno, Procurement Analyst

STATEMENT OF COMPLIANCE
As Chief Procurement Officer for Sourcewell, I have reviewed the recommendation of the Evaluation Committee and the accompanying support materials documenting the process followed for RFP #113021 for Firefighting Apparatus and Fire Service Vehicles.

The committee accepted, deemed responsive, evaluated, and recommended proposals for award. Under authority granted to the Chief Procurement Officer in Sourcewell’s bylaws, the recommendations set forth above are approved.

I hereby certify:

1. Sourcewell is a government agency, created and authorized by Minnesota law to provide cooperative procurement contracts.

2. The procurement process and resulting contracts have been awarded in compliance with the laws of the State of Minnesota (Minnesota Statutes Chapter 471 and Minnesota Statutes Section 123A.21), and in conformity to Sourcewell’s Procurement Policy.

Jeremy Schwartz, CSSBB, CPPO
Chief Procurement Officer
EXHIBIT 1
191
113021-OKC

Rev. 3/2021 1

Solicitation Number: RFP #113021

CONTRACT

This Contract is between Sourcewell, 202 12th Street Northeast, P.O. Box 219, Staples, MN 56479 (Sourcewell) and Oshkosh Corporation, 1917 Four Wheel Dr., Oshkosh, WI 54902 (Supplier), and Supplier’s consolidated subsidiaries as defined in the Proposal.

Sourcewell is a State of Minnesota local government unit and service cooperative created under the laws of the State of Minnesota (Minnesota Statutes Section 123A.21) that offers cooperative procurement solutions to government entities. Participation is open to eligible federal, state/province, and municipal governmental entities, higher education, K-12 education, nonprofit, tribal government, and other public entities located in the United States and Canada.

Sourcewell issued a public solicitation for Firefighting Apparatus and Fire Service Vehicles from which Supplier was awarded a contract.

Supplier desires to contract with Sourcewell to provide equipment, products, or services to Sourcewell and the entities that access Sourcewell’s cooperative purchasing contracts (Participating Entities).

1. TERM OF CONTRACT

A. EFFECTIVE DATE. This Contract is effective upon the date of the final signature below.

B. EXPIRATION DATE AND EXTENSION. This Contract expires February 10, 2026, unless it is cancelled sooner pursuant to Article 22. This Contract may be extended one additional year upon the request of Sourcewell and written agreement by Supplier.

C. SURVIVAL OF TERMS. Notwithstanding any expiration or termination of this Contract, all payment obligations incurred prior to expiration or termination will survive, as will the following: Articles 11 through 14 survive the expiration or cancellation of this Contract. All other rights will cease upon expiration or termination of this Contract.

2. EQUIPMENT, PRODUCTS, OR SERVICES

A. EQUIPMENT, PRODUCTS, OR SERVICES. Supplier will provide the Equipment, Products, or Services as stated in its Proposal submitted under the Solicitation Number listed above.

EXHIBIT 1
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113021-OKC

Rev. 3/2021 2

Supplier’s Equipment, Products, or Services Proposal (Proposal) is attached and incorporated into this Contract.

All Equipment and Products provided under this Contract must be new and the current model.

Supplier may offer close-out, refurbished, or remounted Equipment or Products if they are clearly indicated in Supplier’s product and pricing list. Unless agreed to by the Participating Entities in advance, Equipment or Products must be delivered as operational to the Participating Entity’s site.

This Contract offers an indefinite quantity of sales, and while substantial volume is anticipated, sales and sales volume are not guaranteed.

B. WARRANTY. Supplier warrants that all Equipment, Products, and Services furnished are free from liens and encumbrances, and are free from defects in design, materials, and workmanship.

In addition, Supplier warrants the Equipment, Products, and Services are suitable for and will perform in accordance with the ordinary use for which they are intended. Supplier’s dealers and distributors must agree to assist the Participating Entity in reaching a resolution in any dispute over warranty terms with the manufacturer. Any manufacturer’s warranty that extends beyond the expiration of the Supplier’s warranty will be passed on to the Participating Entity.

C. DEALERS, DISTRIBUTORS, AND/OR RESELLERS. Upon Contract execution and throughout the Contract term, Supplier must provide to Sourcewell a current means to validate or authenticate Supplier’s authorized dealers, distributors, or resellers relative to the Equipment, Products, and Services offered under this Contract, which will be incorporated into this Contract by reference. It is the Supplier’s responsibility to ensure Sourcewell receives the most current information.

3. PRICING

All Equipment, Products, or Services under this Contract will be priced at or below the price stated in Supplier’s Proposal.

When providing pricing quotes to Participating Entities, all pricing quoted must reflect a Participating Entity’s total cost of acquisition. This means that the quoted cost is for delivered Equipment, Products, and Services that are operational for their intended purpose, and includes all costs to the Participating Entity’s requested delivery location.

Regardless of the payment method chosen by the Participating Entity, the total cost associated with any purchase option of the Equipment, Products, or Services must always be disclosed in the pricing quote to the applicable Participating Entity at the time of purchase.

A. SHIPPING AND SHIPPING COSTS. All delivered Equipment and Products must be properly packaged. Damaged Equipment and Products may be rejected. If the damage is not readily EXHIBIT 1
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113021-OKC

Rev. 3/2021 3

apparent at the time of delivery, Supplier must permit the Equipment and Products to be returned within a reasonable time at no cost to Sourcewell or its Participating Entities.

Participating Entities reserve the right to inspect the Equipment and Products at a reasonable time after delivery where circumstances or conditions prevent effective inspection of the Equipment and Products at the time of delivery. In the event of the delivery of nonconforming Equipment and Products, the Participating Entity will notify the Supplier as soon as possible and the Supplier will replace nonconforming Equipment and Products with conforming Equipment and Products that are acceptable to the Participating Entity.

Supplier must arrange for and pay for the return shipment on Equipment and Products that arrive in a defective or inoperable condition.

Sourcewell may declare the Supplier in breach of this Contract if the Supplier intentionally delivers substandard or inferior Equipment or Products.

B. SALES TAX. Each Participating Entity is responsible for supplying the Supplier with valid tax- exemption certification(s). When ordering, a Participating Entity must indicate if it is a tax- exempt entity.

C. HOT LIST PRICING. At any time during this Contract, Supplier may offer a specific selection of Equipment, Products, or Services at discounts greater than those listed in the Contract.

When Supplier determines it will offer Hot List Pricing, it must be submitted electronically to Sourcewell in a line-item format. Equipment, Products, or Services may be added or removed from the Hot List at any time through a Sourcewell Price and Product Change Form as defined in Article 4 below.

Hot List program and pricing may also be used to discount and liquidate close-out and discontinued Equipment and Products as long as those close-out and discontinued items are clearly identified as such. Current ordering process and administrative fees apply. Hot List Pricing must be published and made available to all Participating Entities.

4. PRODUCT AND PRICING CHANGE REQUESTS

Supplier may request Equipment, Product, or Service changes, additions, or deletions at any time. All requests must be made in writing by submitting a signed Sourcewell Price and Product Change Request Form to the assigned Sourcewell Supplier Development Administrator. This approved form is available from the assigned Sourcewell Supplier Development Administrator.

At a minimum, the request must:

Identify the applicable Sourcewell contract number;
Clearly specify the requested change;
Provide sufficient detail to justify the requested change; EXHIBIT 1
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113021-OKC

Rev. 3/2021 4

Individually list all Equipment, Products, or Services affected by the requested change, along with the requested change (e.g., addition, deletion, price change); and Include a complete restatement of pricing documentation in Microsoft Excel with the effective date of the modified pricing, or product addition or deletion. The new pricing restatement must include all Equipment, Products, and Services offered, even for those items where pricing remains unchanged.

A fully executed Sourcewell Price and Product Change Request Form will become an amendment to this Contract and will be incorporated by reference.

5. PARTICIPATION, CONTRACT ACCESS, AND PARTICIPATING ENTITY REQUIREMENTS

A. PARTICIPATION. Sourcewell’s cooperative contracts are available and open to public and nonprofit entities across the United States and Canada; such as federal, state/province, municipal, K-12 and higher education, tribal government, and other public entities.

The benefits of this Contract should be available to all Participating Entities that can legally access the Equipment, Products, or Services under this Contract. A Participating Entity’s authority to access this Contract is determined through its cooperative purchasing, interlocal, or joint powers laws. Any entity accessing benefits of this Contract will be considered a Service Member of Sourcewell during such time of access. Supplier understands that a Participating Entity’s use of this Contract is at the Participating Entity’s sole convenience and Participating Entities reserve the right to obtain like Equipment, Products, or Services from any other source.

Supplier is responsible for familiarizing its sales and service forces with Sourcewell contract use eligibility requirements and documentation and will encourage potential participating entities to join Sourcewell. Sourcewell reserves the right to add and remove Participating Entities to its roster during the term of this Contract.

B. PUBLIC FACILITIES. Supplier’s employees may be required to perform work at government- owned facilities, including schools. Supplier’s employees and agents must conduct themselves in a professional manner while on the premises, and in accordance with Participating Entity policies and procedures, and all applicable laws.

6. PARTICIPATING ENTITY USE AND PURCHASING

A. ORDERS AND PAYMENT. To access the contracted Equipment, Products, or Services under this Contract, a Participating Entity must clearly indicate to Supplier that it intends to access this Contract; however, order flow and procedure will be developed jointly between Sourcewell and Supplier. Typically, a Participating Entity will issue an order directly to Supplier or its authorized subsidiary, distributor, dealer, or reseller. If a Participating Entity issues a purchase order, it may use its own forms, but the purchase order should clearly note the applicable Sourcewell EXHIBIT 1
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contract number. All Participating Entity orders under this Contract must be issued prior to expiration or cancellation of this Contract; however, Supplier performance, Participating Entity payment obligations, and any applicable warranty periods or other Supplier or Participating Entity obligations may extend beyond the term of this Contract.

Supplier’s acceptable forms of payment are included in its attached Proposal. Participating Entities will be solely responsible for payment and Sourcewell will have no liability for any unpaid invoice of any Participating Entity.

B. ADDITIONAL TERMS AND CONDITIONS/PARTICIPATING ADDENDUM. Additional terms and conditions to a purchase order, or other required transaction documentation, may be negotiated between a Participating Entity and Supplier, such as job or industry-specific requirements, legal requirements (e.g., affirmative action or immigration status requirements), or specific local policy requirements. Some Participating Entities may require the use of a Participating Addendum; the terms of which will be negotiated directly between the Participating Entity and the Supplier. Any negotiated additional terms and conditions must never be less favorable to the Participating Entity than what is contained in this Contract.

C. SPECIALIZED SERVICE REQUIREMENTS. In the event that the Participating Entity requires service or specialized performance requirements not addressed in this Contract (such as e- commerce specifications, specialized delivery requirements, or other specifications and requirements), the Participating Entity and the Supplier may enter into a separate, standalone agreement, apart from this Contract. Sourcewell, including its agents and employees, will not be made a party to a claim for breach of such agreement.

D. TERMINATION OF ORDERS. Participating Entities may terminate an order, in whole or in part, immediately upon notice to Supplier in the event of any of the following events:

1. The Participating Entity fails to receive funding or appropriation from its governing body at levels sufficient to pay for the equipment, products, or services to be purchased; or

2. Federal, state, or provincial laws or regulations prohibit the purchase or change the Participating Entity’s requirements.

E. GOVERNING LAW AND VENUE. The governing law and venue for any action related to a Participating Entity’s order will be determined by the Participating Entity making the purchase.

7. CUSTOMER SERVICE

A. PRIMARY ACCOUNT REPRESENTATIVE. Supplier will assign an Account Representative to Sourcewell for this Contract and must provide prompt notice to Sourcewell if that person is changed. The Account Representative will be responsible for:

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Maintenance and management of this Contract;
Timely response to all Sourcewell and Participating Entity inquiries; and Business reviews to Sourcewell and Participating Entities, if applicable.

B. BUSINESS REVIEWS. Supplier must perform a minimum of one business review with Sourcewell per contract year. The business review will cover sales to Participating Entities, pricing and contract terms, administrative fees, sales data reports, supply issues, customer issues, and any other necessary information.

8. REPORT ON CONTRACT SALES ACTIVITY AND ADMINISTRATIVE FEE PAYMENT

A. CONTRACT SALES ACTIVITY REPORT. Each calendar quarter, Supplier must provide a contract sales activity report (Report) to the Sourcewell Supplier Development Administrator assigned to this Contract. Reports are due no later than 45 days after the end of each calendar quarter. A Report must be provided regardless of the number or amount of sales during that quarter (i.e., if there are no sales, Supplier must submit a report indicating no sales were made).

The Report must contain the following fields:

Participating Entity Name (e.g., City of Staples Highway Department); Participating Entity Physical Street Address;
Participating Entity City;
Participating Entity State/Province;
Participating Entity Zip/Postal Code;
Participating Entity Contact Name;
Participating Entity Contact Email Address;
Participating Entity Contact Telephone Number;
Sourcewell Assigned Entity/Participating Entity Number; Item Purchased Description;
Item Purchased Price;
Sourcewell Administrative Fee Applied; and
Date Purchase was invoiced/sale was recognized as revenue by Supplier.

B. ADMINISTRATIVE FEE. In consideration for the support and services provided by Sourcewell, the Supplier will pay an administrative fee to Sourcewell on all Equipment, Products, and Services provided to Participating Entities. The Administrative Fee must be included in, and not added to, the pricing. Supplier may not charge Participating Entities more than the contracted price to offset the Administrative Fee.

The Supplier will submit payment to Sourcewell for the percentage of administrative fee stated in the Proposal multiplied by the total sales of all Equipment, Products, and Services purchased EXHIBIT 1
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by Participating Entities under this Contract during each calendar quarter. Payments should note the Supplier’s name and Sourcewell-assigned contract number in the memo; and must be mailed to the address above “Attn: Accounts Receivable” or remitted electronically to Sourcewell’s banking institution per Sourcewell’s Finance department instructions. Payments must be received no later than 45 calendar days after the end of each calendar quarter.

Supplier agrees to cooperate with Sourcewell in auditing transactions under this Contract to ensure that the administrative fee is paid on all items purchased under this Contract.

In the event the Supplier is delinquent in any undisputed administrative fees, Sourcewell reserves the right to cancel this Contract and reject any proposal submitted by the Supplier in any subsequent solicitation. In the event this Contract is cancelled by either party prior to the Contract’s expiration date, the administrative fee payment will be due no more than 30 days from the cancellation date.

9. AUTHORIZED REPRESENTATIVE

Sourcewell's Authorized Representative is its Chief Procurement Officer.

Supplier’s Authorized Representative is the person named in the Supplier’s Proposal. If Supplier’s Authorized Representative changes at any time during this Contract, Supplier must promptly notify Sourcewell in writing.

10. AUDIT, ASSIGNMENT, AMENDMENTS, WAIVER, AND CONTRACT COMPLETE

A. AUDIT. Pursuant to Minnesota Statutes Section 16C.05, subdivision 5, the books, records, documents, and accounting procedures and practices relevant to this Agreement are subject to examination by Sourcewell or the Minnesota State Auditor for a minimum of six years from the end of this Contract. This clause extends to Participating Entities as it relates to business conducted by that Participating Entity under this Contract.

B. ASSIGNMENT. Neither party may assign or otherwise transfer its rights or obligations under this Contract without the prior written consent of the other party and a fully executed assignment agreement. Such consent will not be unreasonably withheld. Any prohibited assignment will be invalid.

C. AMENDMENTS. Any amendment to this Contract must be in writing and will not be effective until it has been duly executed by the parties.

D. WAIVER. Failure by either party to take action or assert any right under this Contract will not be deemed a waiver of such right in the event of the continuation or repetition of the circumstances giving rise to such right. Any such waiver must be in writing and signed by the parties.

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E. CONTRACT COMPLETE. This Contract represents the complete agreement between the parties. No other understanding regarding this Contract, whether written or oral, may be used to bind either party.For any conflict between the attached Proposal and the terms set out in Articles 1-22 of this Contract, the terms of Articles 1-22 will govern.

F. RELATIONSHIP OF THE PARTIES. The relationship of the parties is one of independent contractors, each free to exercise judgment and discretion with regard to the conduct of their respective businesses. This Contract does not create a partnership, joint venture, or any other relationship such as master-servant, or principal-agent.

11. INDEMNITY AND HOLD HARMLESS

Supplier must indemnify, defend, save, and hold Sourcewell and its Participating Entities, including their agents and employees, harmless from any claims or causes of action, including attorneys’ fees incurred by Sourcewell or its Participating Entities, arising out of any act or omission in the performance of this Contract by the Supplier or its agents or employees; this indemnification includes injury or death to person(s) or property alleged to have been caused by some defect in the Equipment, Products, or Services under this Contract to the extent the Equipment, Product, or Service has been used according to its specifications. Sourcewell’s responsibility will be governed by the State of Minnesota’s Tort Liability Act (Minnesota Statutes Chapter 466) and other applicable law.

12. GOVERNMENT DATA PRACTICES

Supplier and Sourcewell must comply with the Minnesota Government Data Practices Act, Minnesota Statutes Chapter 13, as it applies to all data provided by or provided to Sourcewell under this Contract and as it applies to all data created, collected, received, stored, used, maintained, or disseminated by the Supplier under this Contract.

13. INTELLECTUAL PROPERTY, PUBLICITY, MARKETING, AND ENDORSEMENT

A. INTELLECTUAL PROPERTY

1. Grant of License. During the term of this Contract:
a. Sourcewell grants to Supplier a royalty-free, worldwide, non-exclusive right and license to use thetrademark(s) provided to Supplier by Sourcewell in advertising and promotional materials for the purpose of marketing Sourcewell’s relationship with Supplier.
b. Supplier grants to Sourcewell a royalty-free, worldwide, non-exclusive right and license to use Supplier’s trademarks in advertising and promotional materials for the purpose of marketing Supplier’s relationship with Sourcewell.

2. Limited Right of Sublicense. The right and license granted herein includes a limited right of each party to grant sublicenses to their respective subsidiaries, distributors, dealers, EXHIBIT 1
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resellers, marketing representatives, and agents (collectively “Permitted Sublicensees”) in advertising and promotional materials for the purpose of marketing the Parties’ relationship to Participating Entities. Any sublicense granted will be subject to the terms and conditions of this Article. Each party will be responsible for any breach of this Article by any of their respective sublicensees.

3. Use; Quality Control.
a. Neither party may alter the other party’s trademarks from the form provided and must comply with removal requests as to specific uses of its trademarks or logos.
b. Each party agrees to use, and to cause its Permitted Sublicensees to use, the other party’s trademarks only in good faith and in a dignified manner consistent with such party’s use of the trademarks. Upon written notice to the breaching party, the breaching party has 30 days of the date of the written notice to cure the breach or the license will be terminated.

4. As applicable, Supplier agrees to indemnify and hold harmless Sourcewell and its Participating Entities against any and all suits, claims, judgments, and costs instituted or recovered against Sourcewell or Participating Entities by any person on account of the use of any Equipment or Products by Sourcewell or its Participating Entities supplied by Supplier in violation of applicable patent or copyright laws.

5. Termination. Upon the termination of this Contract for any reason, each party, including Permitted Sublicensees, will have 30 days to remove all Trademarks from signage, websites, and the like bearing the other party’s name or logo (excepting Sourcewell’s pre-printed catalog of suppliers which may be used until the next printing). Supplier must return all marketing and promotional materials, including signage, provided by Sourcewell, or dispose of it according to Sourcewell’s written directions.

B. PUBLICITY. Any publicity regarding the subject matter of this Contract must not be released without prior written approval from the Authorized Representatives. Publicity includes notices, informational pamphlets, press releases, research, reports, signs, and similar public notices prepared by or for the Supplier individually or jointly with others, or any subcontractors, with respect to the program, publications, or services provided resulting from this Contract.

C. MARKETING. Any direct advertising, marketing, or offers with Participating Entities must be approved by Sourcewell. Send all approval requests to the Sourcewell Supplier Development Administrator assigned to this Contract.

D. ENDORSEMENT. The Supplier must not claim that Sourcewell endorses its Equipment, Products, or Services.

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14. GOVERNING LAW, JURISDICTION, AND VENUE

The substantive and procedural laws of the State of Minnesota will govern this Contract. Venue for all legal proceedings arising out of this Contract, or its breach, must be in the appropriate state court in Todd County, Minnesota or federal court in Fergus Falls, Minnesota.

15. FORCE MAJEURE

Neither party to this Contract will be held responsible for delay or default caused by acts of God or other conditions that are beyond that party’s reasonable control. A party defaulting under this provision must provide the other party prompt written notice of the default.

16. SEVERABILITY

If any provision of this Contract is found by a court of competent jurisdiction to be illegal, unenforceable, or void then both parties will be relieved from all obligations arising from that provision. If the remainder of this Contract is capable of being performed, it will not be affected by such determination or finding and must be fully performed.

17. PERFORMANCE, DEFAULT, AND REMEDIES

A. PERFORMANCE. During the term of this Contract, the parties will monitor performance and address unresolved contract issues as follows:

1. Notification. The parties must promptly notify each other of any known dispute and work in good faith to resolve such dispute within a reasonable period of time. If necessary, Sourcewell and the Supplier will jointly develop a short briefing document that describes the issue(s), relevant impact, and positions of both parties.

2. Escalation. If parties are unable to resolve the issue in a timely manner, as specified above, either Sourcewell or Supplier may escalate the resolution of the issue to a higher level of management. The Supplier will have 30 calendar days to cure an outstanding issue.

3. Performance while Dispute is Pending. Notwithstanding the existence of a dispute, the Supplier must continue without delay to carry out all of its responsibilities under the Contract that are not affected by the dispute. If the Supplier fails to continue without delay to perform its responsibilities under the Contract, in the accomplishment of all undisputed work, the Supplier will bear any additional costs incurred by Sourcewell and/or its Participating Entities as a result of such failure to proceed.

B. DEFAULT AND REMEDIES. Either of the following constitutes cause to declare this Contract, or any Participating Entity order under this Contract, in default:

1. Nonperformance of contractual requirements, or

2. A material breach of any term or condition of this Contract.

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The party claiming default must provide written notice of the default, with 30 calendar days to cure the default. Time allowed for cure will not diminish or eliminate any liability for liquidated or other damages. If the default remains after the opportunity for cure, the non-defaulting party may:

Exercise any remedy provided by law or equity, or
Terminate the Contract or any portion thereof, including any orders issued against the Contract.

18. INSURANCE

A. REQUIREMENTS. At its own expense, Supplier must maintain insurance policy(ies) in effect at all times during the performance of this Contract with insurance company(ies) licensed or authorized to do business in the State of Minnesota having an “AM BEST” rating of A- or better, with coverage and limits of insurance not less than the following:

1. Workers’ Compensation and Employer’s Liability.

Workers’ Compensation: As required by any applicable law or regulation.

Employer's Liability Insurance: must be provided in amounts not less than listed below:

Minimum limits:
$500,000 each accident for bodily injury by accident
$500,000 policy limit for bodily injury by disease
$500,000 each employee for bodily injury by disease

2. Commercial General Liability Insurance. Supplier will maintain insurance covering its operations, with coverage on an occurrence basis, and must be subject to terms no less broad than the Insurance Services Office (“ISO”) Commercial General Liability Form CG0001 (2001 or newer edition), or equivalent. At a minimum, coverage must include liability arising from premises, operations, bodily injury and property damage, independent contractors, products-completed operations including construction defect, contractual liability, blanket contractual liability, and personal injury and advertising injury. All required limits, terms and conditions of coverage must be maintained during the term of this Contract.

Minimum Limits:
$1,000,000 each occurrence Bodily Injury and Property Damage $1,000,000 Personal and Advertising Injury
$2,000,000 aggregate for Products-Completed operations
$2,000,000 general aggregate

3. Commercial Automobile Liability Insurance. During the term of this Contract, Supplier will maintain insurance covering all owned, hired, and non-owned automobiles in limits of liability not less than indicated below. The coverage must be subject to terms EXHIBIT 1
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no less broad than ISO Business Auto Coverage Form CA 0001 (2010 edition or newer), or equivalent.

Minimum Limits:
$1,000,000 each accident, combined single limit

4. Umbrella Insurance. During the term of this Contract, Supplier will maintain umbrella coverage over Employer’s Liability, Commercial General Liability, and Commercial Automobile.

Minimum Limits:
$2,000,000

Failure of Supplier to maintain the required insurance will constitute a material breach entitling Sourcewell to immediately terminate this Contract for default.

B. CERTIFICATES OF INSURANCE. Prior to commencing under this Contract, Supplier must furnish to Sourcewell a certificate of insurance, as evidence of the insurance required under this Contract. Prior to expiration of the policy(ies), renewal certificates must be mailed to Sourcewell, 202 12th Street Northeast, P.O. Box 219, Staples, MN 56479 or sent to the Sourcewell Supplier Development Administrator assigned to this Contract. The certificates must be signed by a person authorized by the insurer(s) to bind coverage on their behalf.

Failure to request certificates of insurance by Sourcewell, or failure of Supplier to provide certificates of insurance, in no way limits or relieves Supplier of its duties and responsibilities in this Contract.

C. ADDITIONAL INSURED ENDORSEMENT. Supplier agrees to list Sourcewell and its Participating Entities, including their officers, agents, and employees, as an additional insured under the Supplier’s commercial general liability insurance policy with respect to liability arising out of activities, “operations,” or “work” performed by or on behalf of Supplier, and products and completed operations of Supplier.

D. WAIVER OF SUBROGATION. Omitted.

E. UMBRELLA/EXCESS LIABILITY/SELF-INSURED RETENTION. The limits required by this Contract can be met by either providing a primary policy or in combination with umbrella/excess liability policy(ies), or self-insured retention.

19. COMPLIANCE

A. LAWS AND REGULATIONS. All Equipment, Products, or Services provided under this Contract must comply fully with applicable federal laws and regulations, and with the laws in the states and provinces in which the Equipment, Products, or Services are sold.

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B. LICENSES. Supplier must maintain a valid and current status on all required federal, state/provincial, and local licenses, bonds, and permits required for the operation of the business that the Supplier conducts with Sourcewell and Participating Entities.

20. BANKRUPTCY, DEBARMENT, OR SUSPENSION CERTIFICATION

Supplier certifies and warrants that it is not in bankruptcy or that it has previously disclosed in writing certain information to Sourcewell related to bankruptcy actions. If at any time during this Contract Supplier declares bankruptcy, Supplier must immediately notify Sourcewell in writing.

Supplier certifies and warrants that neither it nor its principals are presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from programs operated by the State of Minnesota; the United States federal government or the Canadian government, as applicable; or any Participating Entity. Supplier certifies and warrants that neither it nor its principals have been convicted of a criminal offense related to the subject matter of this Contract. Supplier further warrants that it will provide immediate written notice to Sourcewell if this certification changes at any time.

21. PROVISIONS FOR NON-UNITED STATES FEDERAL ENTITY PROCUREMENTS UNDER

UNITED STATES FEDERAL AWARDS OR OTHER AWARDS

Participating Entities that use United States federal grant or FEMA funds to purchase goods or services from this Contract may be subject to additional requirements including the procurement standards of the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, 2 C.F.R. § 200. Participating Entities may have additional requirements based on specific funding source terms or conditions. Within this Article, all references to “federal” should be interpreted to mean the United States federal government.

The following list only applies when a Participating Entity accesses Supplier’s Equipment, Products, or Services with United States federal funds.

A. EQUAL EMPLOYMENT OPPORTUNITY. Except as otherwise provided under 41 C.F.R. § 60, all contracts that meet the definition of “federally assisted construction contract” in 41 C.F.R. § 60-

1.3 must include the equal opportunity clause provided under 41 C.F.R. §60-1.4(b), in accordance with Executive Order 11246, “Equal Employment Opportunity” (30 FR 12319, 12935, 3 C.F.R. §, 1964-1965 Comp., p. 339), as amended by Executive Order 11375, “Amending Executive Order 11246 Relating to Equal Employment Opportunity,” and implementing regulations at 41 C.F.R. § 60, “Office of Federal Contract Compliance Programs, Equal Employment Opportunity, Department of Labor.” The equal opportunity clause is incorporated herein by reference.

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B. DAVIS-BACON ACT, AS AMENDED (40 U.S.C. § 3141-3148). When required by federal program legislation, all prime construction contracts in excess of $2,000 awarded by non- federal entities must include a provision for compliance with the Davis-Bacon Act (40 U.S.C. § 3141-3144, and 3146-3148) as supplemented by Department of Labor regulations (29 C.F.R. § 5, “Labor Standards Provisions Applicable to Contracts Covering Federally Financed and Assisted Construction”). In accordance with the statute, contractors must be required to pay wages to laborers and mechanics at a rate not less than the prevailing wages specified in a wage determination made by the Secretary of Labor. In addition, contractors must be required to pay wages not less than once a week. The non-federal entity must place a copy of the current prevailing wage determination issued by the Department of Labor in each solicitation. The decision to award a contract or subcontract must be conditioned upon the acceptance of the wage determination. The non-federal entity must report all suspected or reported violations to the federal awarding agency. The contracts must also include a provision for compliance with the Copeland “Anti-Kickback” Act (40 U.S.C. § 3145), as supplemented by Department of Labor regulations (29 C.F.R. § 3, “Contractors and Subcontractors on Public Building or Public Work Financed in Whole or in Part by Loans or Grants from the United States”). The Act provides that each contractor or subrecipient must be prohibited from inducing, by any means, any person employed in the construction, completion, or repair of public work, to give up any part of the compensation to which he or she is otherwise entitled. The non-federal entity must report all suspected or reported violations to the federal awarding agency. Supplier must be in compliance with all applicable Davis-Bacon Act provisions.

C. CONTRACT WORK HOURS AND SAFETY STANDARDS ACT (40 U.S.C. § 3701-3708). Where applicable, all contracts awarded by the non-federal entity in excess of $100,000 that involve the employment of mechanics or laborers must include a provision for compliance with 40 U.S.C. §§ 3702 and 3704, as supplemented by Department of Labor regulations (29 C.F.R. § 5).

Under 40 U.S.C. § 3702 of the Act, each contractor must be required to compute the wages of every mechanic and laborer on the basis of a standard work week of 40 hours. Work in excess of the standard work week is permissible provided that the worker is compensated at a rate of not less than one and a half times the basic rate of pay for all hours worked in excess of 40 hours in the work week. The requirements of 40 U.S.C. § 3704 are applicable to construction work and provide that no laborer or mechanic must be required to work in surroundings or under working conditions which are unsanitary, hazardous or dangerous. These requirements do not apply to the purchases of supplies or materials or articles ordinarily available on the open market, or contracts for transportation or transmission of intelligence. This provision is hereby incorporated by reference into this Contract. Supplier certifies that during the term of an award for all contracts by Sourcewell resulting from this procurement process, Supplier must comply with applicable requirements as referenced above.

D. RIGHTS TO INVENTIONS MADE UNDER A CONTRACT OR AGREEMENT. If the federal award meets the definition of “funding agreement” under 37 C.F.R. § 401.2(a) and the recipient or subrecipient wishes to enter into a contract with a small business firm or nonprofit organization regarding the substitution of parties, assignment or performance of experimental, EXHIBIT 1
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developmental, or research work under that “funding agreement,” the recipient or subrecipient must comply with the requirements of 37 C.F.R. § 401, “Rights to Inventions Made by Nonprofit Organizations and Small Business Firms Under Government Grants, Contracts and Cooperative Agreements,” and any implementing regulations issued by the awarding agency. Supplier certifies that during the term of an award for all contracts by Sourcewell resulting from this procurement process, Supplier must comply with applicable requirements as referenced above.

E. CLEAN AIR ACT (42 U.S.C. § 7401-7671Q.) AND THE FEDERAL WATER POLLUTION CONTROL ACT (33 U.S.C. § 1251-1387). Contracts and subgrants of amounts in excess of $150,000 require the non-federal award to agree to comply with all applicable standards, orders or regulations issued pursuant to the Clean Air Act (42 U.S.C. § 7401- 7671q) and the Federal Water Pollution Control Act as amended (33 U.S.C. § 1251- 1387). Violations must be reported to the Federal awarding agency and the Regional Office of the Environmental Protection Agency (EPA).

Supplier certifies that during the term of this Contract will comply with applicable requirements as referenced above.

F. DEBARMENT AND SUSPENSION (EXECUTIVE ORDERS 12549 AND 12689). A contract award (see 2 C.F.R. § 180.220) must not be made to parties listed on the government wide exclusions in the System for Award Management (SAM), in accordance with the OMB guidelines at 2 C.F.R. §180 that implement Executive Orders 12549 (3 C.F.R. § 1986 Comp., p. 189) and 12689 (3 C.F.R. § 1989 Comp., p. 235), “Debarment and Suspension.” SAM Exclusions contains the names of parties debarred, suspended, or otherwise excluded by agencies, as well as parties declared ineligible under statutory or regulatory authority other than Executive Order 12549. Supplier certifies that neither it nor its principals are presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation by any federal department or agency.

G. BYRD ANTI-LOBBYING AMENDMENT, AS AMENDED (31 U.S.C. § 1352). Suppliers must file any required certifications. Suppliers must not have used federal appropriated funds to pay any person or organization for influencing or attempting to influence an officer or employee of any agency, a member of Congress, officer or employee of Congress, or an employee of a member of Congress in connection with obtaining any federal contract, grant, or any other award covered by 31 U.S.C. § 1352. Suppliers must disclose any lobbying with non-federal funds that takes place in connection with obtaining any federal award. Such disclosures are forwarded from tier to tier up to the non-federal award. Suppliers must file all certifications and disclosures required by, and otherwise comply with, the Byrd Anti-Lobbying Amendment (31 U.S.C. § 1352).

H. RECORD RETENTION REQUIREMENTS. To the extent applicable, Supplier must comply with the record retention requirements detailed in 2 C.F.R. § 200.333. The Supplier further certifies that it will retain all records as required by 2 C.F.R. § 200.333 for a period of 3 years after grantees or subgrantees submit final expenditure reports or quarterly or annual financial reports, as applicable, and all other pending matters are closed.

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I. ENERGY POLICY AND CONSERVATION ACT COMPLIANCE. To the extent applicable, Supplier must comply with the mandatory standards and policies relating to energy efficiency which are contained in the state energy conservation plan issued in compliance with the Energy Policy and Conservation Act.

J. BUY AMERICAN PROVISIONS COMPLIANCE. To the extent applicable, Supplier must comply with all applicable provisions of the Buy American Act. Purchases made in accordance with the Buy American Act must follow the applicable procurement rules calling for free and open competition.

K. ACCESS TO RECORDS (2 C.F.R. § 200.336). Supplier agrees that duly authorized representatives of a federal agency must have access to any books, documents, papers and records of Supplier that are directly pertinent to Supplier’s discharge of its obligations under this Contract for the purpose of making audits, examinations, excerpts, and transcriptions. The right also includes timely and reasonable access to Supplier’s personnel for the purpose of interview and discussion relating to such documents.

L. PROCUREMENT OF RECOVERED MATERIALS (2 C.F.R. § 200.322). A non-federal entity that is a state agency or agency of a political subdivision of a state and its contractors must comply with Section 6002 of the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act. The requirements of Section 6002 include procuring only items designated in guidelines of the Environmental Protection Agency (EPA) at 40 C.F.R. § 247 that contain the highest percentage of recovered materials practicable, consistent with maintaining a satisfactory level of competition, where the purchase price of the item exceeds $10,000 or the value of the quantity acquired during the preceding fiscal year exceeded $10,000; procuring solid waste management services in a manner that maximizes energy and resource recovery; and establishing an affirmative procurement program for procurement of recovered materials identified in the EPA guidelines.

M. FEDERAL SEAL(S), LOGOS, AND FLAGS. The Supplier not use the seal(s), logos, crests, or reproductions of flags or likenesses of Federal agency officials without specific pre-approval.

N. NO OBLIGATION BY FEDERAL GOVERNMENT. The U.S. federal government is not a party to this Contract or any purchase by an Participating Entity and is not subject to any obligations or liabilities to the Participating Entity, Supplier, or any other party pertaining to any matter resulting from the Contract or any purchase by an authorized user.

O. PROGRAM FRAUD AND FALSE OR FRAUDULENT STATEMENTS OR RELATED ACTS. The Contractor acknowledges that 31 U.S.C. 38 (Administrative Remedies for False Claims and Statements) applies to the Supplier’s actions pertaining to this Contract or any purchase by a Participating Entity.

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P. FEDERAL DEBT. The Supplier certifies that it is non-delinquent in its repayment of any federal debt. Examples of relevant debt include delinquent payroll and other taxes, audit disallowance, and benefit overpayments.

Q. CONFLICTS OF INTEREST. The Supplier must notify the U.S. Office of General Services, Sourcewell, and Participating Entity as soon as possible if this Contract or any aspect related to the anticipated work under this Contract raises an actual or potential conflict of interest (as described in 2 C.F.R. Part 200). The Supplier must explain the actual or potential conflict in writing in sufficient detail so that the U.S. Office of General Services, Sourcewell, and Participating Entity are able to assess the actual or potential conflict; and provide any additional information as necessary or requested.

R. U.S. EXECUTIVE ORDER 13224. The Supplier, and its subcontractors, must comply with U.S.

Executive Order 13224 and U.S. Laws that prohibit transactions with and provision of resources and support to individuals and organizations associated with terrorism.

S. PROHIBITION ON CERTAIN TELECOMMUNICATIONS AND VIDEO SURVEILLANCE SERVICES OR EQUIPMENT. To the extent applicable, Supplier certifies that during the term of this Contract it will comply with applicable requirements of 2 C.F.R. § 200.216.

T. DOMESTIC PREFERENCES FOR PROCUREMENTS. To the extent applicable, Supplier certifies that during the term of this Contract will comply with applicable requirements of 2 C.F.R. § 200.322.

22. CANCELLATION

Sourcewell or Supplier may cancel this Contract at any time, with or without cause, upon 60 days’ written notice to the other party. However, Sourcewell may cancel this Contract immediately upon discovery of a material defect in any certification made in Supplier’s Proposal. Cancellation of this Contract does not relieve either party of financial, product, or service obligations incurred or accrued prior to cancellation.

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Bid Number: RFP 113021 Vendor Name: Pierce Manufacturing Exceptions to Terms, Conditions, or Specifications Form

Only those Proposer Exceptions to Terms, Conditions, or Specifications that have been accepted by Sourcewell have been incorporated into the contract text.

Documents

Ensure your submission document(s) conforms to the following:

1. Documents in PDF format are preferred. Documents in Word, Excel, or compatible formats may also be provided.

2. Documents should NOT have a security password, as Sourcewell may not be able to open the file. It is your sole responsibility to ensure that the uploaded document(s) are not either defective, corrupted or blank and that the documents can be opened and viewed by Sourcewell.

3. Sourcewell may reject any response where any document(s) cannot be opened and viewed by Sourcewell.

4. If you need to upload more than one (1) document for a single item, you should combine the documents into one zipped file. If the zipped file contains more than one (1) document, ensure each document is named, in relation to the submission format item responding to. For example, if responding to the Marketing Plan category save the document as "Marketing Plan."

Pricing - Table 12. Pricing.zip - Tuesday November 30, 2021 15:16:30 Financial Strength and Stability - Table 2. Financial Strength and Stability.zip - Tuesday November 30, 2021 14:31:23 Marketing Plan/Samples - Table 7. Marketing Plan.Samples.zip - Tuesday November 30, 2021 13:40:24 WMBE/MBE/SBE or Related Certificates (optional) Warranty Information - Table 9. Warranty Information.zip - Tuesday November 30, 2021 13:41:02 Standard Transaction Document Samples - SALES_TEMPLATE_Sales Proposal Order Form .pdf - Tuesday November 30, 2021 13:43:12
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Adportal Self Service Advertising Confirmation https://placelegal.mcclatchy.com/legals/columbia/home/confirmation.htm... 1 of 1 10/7/2021, 9:26 AM
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Proposal Opening Record
Date of opening: November 30, 2021
Sourcewell posted Request for Proposal #113021, for the procurement of Firefighting Apparatus and Fire Service Vehicles, on the Sourcewell Procurement Portal [proportal.sourcewellmn.gov] on Tuesday, October 12, 2021, and the solicitation remained in an open status within the portal until November 30, 2021, at 4:30 pm CT. The RFP required that all proposals be submitted through the Sourcewell Procurement Portal no later than 4:30 pm CT on November 30, 2021, the date and time specified in the Solicitation Schedule.

The undersigned certify that all responses received on Request for Proposal #113021 were submitted through the Sourcewell Procurement Portal, and that eachProposer’sresponse material was digitally sealed upon submission and remained inaccessible until the due date and time specified in the Solicitation Schedule.

Responses were received from the following:

Acres Industries, Inc.Submitted 11/30/21 at 12:48:29 PM Alexis Fire Equipment CompanySubmitted 11/30/21 at 4:27:23 PM BME Fire Trucks, LLCSubmitted 11/30/21 at 9:37:36 AM
Brindlee Mountain Fire Apparatus, LLCSubmitted 11/30/21 at 12:59:24 PM CAMIONS CARL THIBAULT, INC.Submitted 11/21/21 at 3:03:05 PM CET Fire Pumps MFGSubmitted 11/30/21 at 3:18:40 PM
Chemical Containers, Inc.Submitted 11/22/21 at 8:59:01 AM Custom Fire Apparatus, Inc.Submitted 11/29/21 at 4:20:32 PM Dependable Truck & Tank, LimitedSubmitted 11/30/21 at 1:30:44 PM EJ Metals, LLCSubmitted 11/30/21 at 12:29:54 PM
EONE, Inc.Submitted 11/30/21 at 4:23:32 PM
FireStopper USA MDSubmitted 11/22/21 at 11:37:18 AM
Fort Garry Fire Trucks, Ltd.Submitted 11/29/21 at 11:48:34 AM Fouts Brothers, Inc.Submitted 11/30/21 at 10:27:18 AM
HiTech Emergency Vehicle Service, Inc.Submitted 11/30/21 at 3:51:27 PM HME, IncorporatedSubmitted 11/29/21 at 2:42:09 PM
HUB Fire Engines & Equipment, Ltd.Submitted 11/30/21 at 10:50:26 AM Laszlo CorporationSubmitted 11/30/21/at 12:55:22 PM
Marion Body Works, Inc.Submitted 11/23/21 at 9:03:20 AM MAXIMETAL, INC.Submitted 11/27/21 at 8:17:02 AM
Metalfab, LTDSubmitted 11/29/21 at 11:44:08 AM
P.L. Custom Body and Equipment Co., Inc.Submitted 11/29/21 at 3:15:41 PM Pierce ManufacturingSubmitted 11/30/21 at 4:18:31 PM
Rock River Industries, LLCSubmitted 11/29/21 at 11:40:39 AM Rosenbauer South Dakota, LLCSubmitted 11/30/21 at 8:35:18 AM EXHIBIT 1
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Skeeter Brush Trucks, LLCSubmitted 11/30/21 at 12:29:14 PM Spencer Manufacturing, Inc.Submitted 11/30/21 at 2:53:05 PM Super Vacuum Manufacturing CO., Inc.Submitted 11/30/21 at 2:46:11 PM The Sutphen CorporationSubmitted 11/30/21 at 12:43:06 PM Toyne, Inc.Submitted 11/29/21 at 1:19:30 PM
Ty Parker & Son, Inc.Submitted 11/30/21 at 2:14:55 PM
US Fire Equipment, LLCSubmitted 11/30/21 at 9:12:36 AM
Ward Apparatus, LLCSubmitted 11/29/21 at 4:19:07 PM
The Proposals were opened electronically, and a list of all Proposers was made publicly available in the Sourcewell Procurement Portal, on November 30, 2021, at 4:32:09 PM CT. All responsive proposals were then submitted for review by the Sourcewell Evaluation Committee. ______________________________________________ _____________________________ James Voelker, CPCM, CFCM, Procurement Lead Analyst Carol Jackson, Procurement Analyst EXHIBIT 1
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RFP #113021

REQUEST FOR PROPOSALS
for
Firefighting Apparatus and Fire Service Vehicles

Proposal Due Date: November 30, 2021, 4:30 p.m., Central Time Sourcewell, a State of Minnesota local government unit and service cooperative, is requesting proposals for Firefighting Apparatus and Fire Service Vehicles to result in a contracting solution for use by its Participating Entities. Sourcewell Participating Entities include thousands of governmental, higher education, K-12 education, nonprofit, tribal government, and other public agencies located in the United States and Canada. A full copy of the Request for Proposals can be found on the Sourcewell Procurement Portal [https://proportal.sourcewell-mn.gov]. Only proposals submitted through the Sourcewell Procurement Portal will be considered. Proposals are due no later than November 30, 2021, at 4:30 p.m. Central Time, and late proposals will not be considered.

Solicitation Schedule
Public Notice of RFP Published: October 12, 2021
Pre-proposal Conference: November 2, 2021, 10:00 a.m., Central Time Question Submission Deadline: November 19, 2021, 4:30 p.m., Central Time Proposal Due Date: November 30, 2021 , 4:30 p.m., Central Time Late responses will not be considered.

Opening: November 30, 2021, 6:30 p.m., Central Time
See RFP Section V.G. “Opening”
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I. ABOUT SOURCEWELL
A. SOURCEWELL
Sourcewell is a State of Minnesota local government unit and service cooperative created under the laws of the State of Minnesota (Minnesota Statutes Section 123A.21) that facilitates a competitive public solicitation and contract award process for the benefit of its 50,000+ participating entities across the United States and Canada. Sourcewell’s solicitation process complies with State of Minnesota law and policies, conforms to Canadian trade agreements, and results in cooperative purchasing solutions from which Sourcewell’s Participating Entities procure equipment, products, and services.

Cooperative purchasing provides participating entities and suppliers increased administrative efficiencies and the power of combined purchasing volume that result in overall cost savings. At times, Sourcewell also partners with other purchasing cooperatives to combine the purchasing volume of their membership into a single solicitation and contract expanding the reach of contracted suppliers’ potential pool of end users.

Sourcewell uses a website-based platform, the Sourcewell Procurement Portal, through which all proposals to this RFP must be submitted.

B. USE OF RESULTING CONTRACTS
In the United States, Sourcewell’s contracts are available for use by:

Federal and state government entities1;
Cities, towns, and counties/parishes;
Education service cooperatives;
K-12 and higher education entities;
Tribal government entities;
Some nonprofit entities; and
Other public entities.

In Canada, Sourcewell’s contracts are available for use by:

Provincial and territorial government departments, ministries, agencies, boards, councils, committees, commissions, and similar agencies; Regional, local, district, and other forms of municipal government, municipal organizations, school boards, and publicly-funded academic, health, and social service entities referred to as MASH sector (this should be construed to include but not be 1 Pursuant to HAR §3-128-2, the State of Hawaii, Department of Accounting and General Services, State Procurement Office, on behalf of the State of Hawaii and participating jurisdictions, has provided notice of its Intent to Participate in the solicitation as a participating entity.

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limited to the Cities of Calgary, Edmonton, Toronto, Ottawa, and Winnipeg), as well as any corporation or entity owned or controlled by one or more of the preceding entities; Crown corporations, government enterprises, and other entities that are owned or controlled by these entities through ownership interest; Members of the Rural Municipalities of Alberta (RMA) and their represented Associations: MASH (municipalities, academic institutions, schools and hospitals) and MUSH (municipalities, universities, schools and hospitals) sectors, and other governmental agencies eligible to use the Sourcewell contracts. MASH and MUSH sector refers to regional, local, district or other forms of municipal government, school boards, publicly-funded academic, health and social service entities, as well as any corporation or entity owned or controlled by one or more of the preceding entities, including but not limited to represented associations, Saskatchewan Association of Rural Municipalities ("SARM"), Association of Manitoba Municipalities ("AMM"), Local Authorities Services/Association of Municipalities Ontario ("LAS/AMO", excluding the cities of Toronto and Ottawa), Nova Scotia Federation of Municipalities (“NSFM”), Federation of Prince Edward Island Municipalities (“FPEIM”), Municipalities Newfoundland Labrador (“MNL”), Union of New Brunswick Municipalities (“UNBM”), North West Territories Association of Communities ("NWTAC") and their members.

RMA Participants may include all not-for-profit agencies for Canadian provinces and territories.

For a listing of current United States and Canadian Participating Entities visit Sourcewell’s website (note: there is a tab for each country): https://www.sourcewell-mn.gov/sourcewell-for- vendors/agency-locator.

Participating Entities typically access contracted equipment, products, or services through a purchase order issued directly to the contracted supplier. A Participating Entity may request additional terms or conditions related to a purchase. Use of Sourcewell contracts is voluntary and Participating Entities retain the right to obtain similar equipment, products, or services from other sources.

To meet Participating Entities’ needs, Sourcewell broadly publishes public notice of all solicitation opportunities, including this RFP. In the United States each state-level procurement department receives notice for possible re-posting.

Proof of publication will be available at the conclusion of the solicitation process.

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II. SOLICITATION DETAILS
A. SOLUTIONS-BASED SOLICITATION
This RFP and contract award process is a solutions-based solicitation; meaning that Sourcewell is seeking equipment, products, or services that meet the general requirements of the scope of this RFP and that are commonly desired or are required by law or industry standards.

B. REQUESTED EQUIPMENT, PRODUCTS, OR SERVICES
It is expected that proposers will offer a wide array of equipment, products, or services at lower prices and with better value than what they would ordinarily offer to a single government entity, a school district, or a regional cooperative.

1. Sourcewell is seeking proposals for Firefighting Apparatus and Fire Service Vehicles, including:

a. New, remount, or refurbished:
i. Firefighting apparatus and service vehicles, of all types, such as: pumper/engine, initial attack, mobile water supply, aerial, quint, special service, mobile foam, command and communications, and purpose-built firefighting or rescue trailers; ii. Wildland fire apparatus, of all types, such as: fire suppression equipment, mobile water supply, and crew carriers; and,
iii. Aircraft rescue and firefighting vehicles.
b. Purpose-built chassis and vehicle components for firefighting apparatus and fire service vehicles;
c. Equipment, options, accessories, and supplies complementary or incidental to the purchase of a turnkey or complete unit of the types described in Sections 1. a. i. – iii. above.
d. Services related to the offering of the solutions described in Sections 1. a. - c. above, including installation, customization, remount, refurbishment, inspection, repair, maintenance, training, and support.

2. This solicitation does not include those equipment, products, or services covered under categories included in contracts currently maintained by Sourcewell:

a. Health & Safety, Medical, Surgical, and First Aid Related Equipment, Supplies, Accessories, and Services (RFP #061417);
b. Trailers with Related Equipment, Accessories, and Services (RFP #121918), with the limited exception of the purpose-built firefighting or rescue trailers identified in Section

1. a. i. above;
c. Firefighting Personal Protective Equipment, Apparel, and Accessories, with Related Cleaning and Maintenance Equipment (RFP #032620);
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d. Firefighting Equipment and Rescue Tools with Related Supplies and Accessories (RFP #040220), with the limited exception of the equipment, options, accessories, and supplies identified in Section 1. c. above;
e. Class 4-8 Chassis with Related Equipment, Accessories, and Services (RFP #060920), with the limited exception of the purpose-built chassis identified in Section 1. b. above; f. Public Safety Communications Technology and Hardware Solutions (RFP #042021); g. Automobiles, SUVs, Vans, and Light Trucks with Related Equipment and Accessories (RFP #091521); and,
h. Ambulance and Emergency Medical Service Vehicles (RFP #110921).

Generally, the solutions for Participating Entities are turn-key solutions, providing a combination of equipment, products and services, delivery, and installation to a properly operating status. However, equipment or products only solutions may be appropriate for situations where Participating Entities possess the ability, either in-house or through local third- party contractors, to properly install and bring to operation the equipment or products being proposed.

Sourcewell prefers suppliers that provide a sole source of responsibility for the equipment, products, and services provided under a resulting contract. If proposer is including the equipment, products, and services of its subsidiary entities, the proposer must also identify all included subsidiaries in its proposal. If proposer requires the use of distributors, dealers, resellers, or subcontractors to provide the equipment, products, or services, the proposal must address how the equipment, products or services will be provided to Participating Entities, and describe the network of distributors, dealers, resellers, and/or subcontractors that will be available to serve Participating Entities under a resulting contract.

Sourcewell desires the broadest possible selection of equipment, products, and services being proposed over the largest possible geographic area and to the largest possible cross-section of Sourcewell current and future Participating Entities.

C. REQUIREMENTS
It is expected that proposers have knowledge of all applicable industry standards, laws, and regulations and possess an ability to market and distribute the equipment, products, or services to Participating Entities.

1. Safety Requirements. All items proposed must comply with current applicable safety or regulatory standards or codes.

2. Deviation from Industry Standard. Deviations from industry standards must be identified with an explanation of how the equipment, products, and services will provide equivalent function, coverage, performance, and/or related services.

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3. New Equipment and Products. Proposed equipment and products must be for new, current model; however, proposer may offer certain close-out equipment or products if it is specifically noted in the Pricing proposal.

4. Delivered and operational. Unless clearly noted in the proposal, equipment and products must be delivered to the Participating Entity as operational.

5. Warranty. All equipment, products, supplies, and services must be covered by a warranty that is the industry standard or better.

D. ANTICIPATED CONTRACT TERM
Sourcewell anticipates that the term of any resulting contract(s) will be four years, with an optional one-year extension that may be offered based on the best interests of Sourcewell and its Participating Entities.

E. ESTIMATED CONTRACT VALUE AND USAGE
Based on past volume of similar contracts, the estimated annual value of all transactions from contracts resulting from this RFP are anticipated to be USD $200 Million; therefore, proposers are expected to propose volume pricing. Sourcewell anticipates considerable activity under the contract(s) awarded from this RFP; however, sales and sales volume from any resulting contract are not guaranteed.

F. MARKETING PLAN
Proposer’s sales force will be the primary source of communication with Participating Entities.

The proposer’s Marketing Plan should demonstrate proposer’s ability to deploy a sales force or dealer network to Participating Entities, as well as proposer’s sales and service capabilities. It is expected that proposer will promote and market any contract award.

G. ADDITIONAL CONSIDERATIONS

1. Contracts will be awarded to proposers able to best meet the need of Participating Entities. Proposers should submit their complete line of equipment, products, or services that are applicable to the scope of this RFP.

2. Proposers should include all relevant information in its proposal, since Sourcewell cannot consider information that is not included in the proposal. Sourcewell reserves the right to verify proposer’s information and may request clarification from a proposer, including samples of the proposed equipment or products.

3. Depending upon the responses received in a given category, Sourcewell may need to organize responses into subcategories in order to provide the broadest coverage of the requested equipment, products, or services to Participating Entities. Awards may be based on a subcategory.

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4. A proposer’s documented negative past performance with Sourcewell or its Participating Entities occurring under a previously awarded Sourcewell contract may be considered in the evaluation of a proposal.

III. PRICING
A. REQUIREMENTS
All proposed pricing must be:

1. Either Line-Item Pricing or Percentage Discount from Catalog Pricing, or a combination of these:
a. Line-item Pricing is pricing based on each individual product or services. Each line must indicate the proposer’s published “List Price,” as well as the “Contract Price.” b. Percentage Discount from Catalog or Category is based on a percentage discount from a catalog or list price, defined as a published Manufacturer’s Suggested Retail Price (MSRP) for the products or services. Individualized percentage discounts can be applied to any number of defined product groupings. Proposers will be responsible for providing and maintaining current published MSRP with Sourcewell, and this pricing must be included in its proposal and provided throughout the term of any Contract resulting from this RFP.

2. The proposer’s not to exceed price. A not to exceed price is the highest price for which equipment, products, or services may be billed to a Participating Entity. However, it is permissible for suppliers to sell at a price that is lower than the contracted price.

3. Stated in U.S. and Canadian dollars (as applicable).

4. Clearly understandable, complete, and fully describe the total cost of acquisition (e.g., the cost of the proposed equipment, products, and services delivered and operational for its intended purpose in the Participating Entity’s location).

Proposers should clearly identify any costs that are NOT included in the proposed product or service pricing. This may include items such as installation, set up, mandatory training, or initial inspection. Include identification of any parties that impose such costs and their relationship to the proposer. Additionally, proposers should clearly describe any unique distribution and/or delivery methods or options offered in the proposal.

B. ADMINISTRATIVE FEES
Proposers are expected to pay to Sourcewell an administrative fee in exchange for Sourcewell facilitating the resulting contracts. The administrative fee is normally calculated as a percentage of the total sales to Participating Entities for all contracted equipment, products, or services made during a calendar quarter, and is typically one percent (1%) to two percent (2%). In some categories, a flat fee may be an acceptable alternative.

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IV. CONTRACT
Proposers awarded a contract will be required to execute a contract with Sourcewell (see attached template). Only those modifications the proposer indicates in its proposal will be available for discussion. Much of the language in the Contract reflects Minnesota legal requirements and cannot be altered. Numerous and/or onerous exceptions that contradict Minnesota law may result in the proposal being disqualified from further review and evaluation.

To request a modification to the template Contract, a proposer must submit the Exceptions to Terms, Conditions, or Specifications table with its proposal. Only those exceptions noted at the time of the proposal submission will be considered.

Exceptions must:

1. Clearly identify the affected article and section.

2. Clearly note the requested modification; and as applicable, provide requested alternative language.

Unclear requests will be automatically denied.

Only those exceptions that have been accepted by Sourcewell will be included in the contract document provided to the awarded supplier for signature.

If a proposer receives a contract award resulting from this solicitation it will have up to 30 days to sign and return the contract. After that time, at Sourcewell’s sole discretion, the contract award may be revoked.

V. RFP PROCESS

A. PRE-PROPOSAL CONFERENCE
Sourcewell will hold an optional, non-mandatory pre-proposal conference via webcast on the date and time noted in the Solicitation Schedule for this RFP and on the Sourcewell Procurement Portal. The purpose of this conference is to allow potential proposers to ask questions regarding this RFP and Sourcewell’s competitive contracting process. Information about the webcast will be sent to all entities that have registered for this solicitation opportunity through their Sourcewell Procurement Portal Supplier Account. Pre-proposal conference attendance is optional.

B. QUESTIONS REGARDING THIS RFP AND ORAL COMMUNICATION
All questions regarding this RFP must be submitted through the Sourcewell Procurement Portal.

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this RFP. Repetitive questions will be summarized into a single answer and identifying information will be removed from the submitted questions.

All questions, whether specific to a proposer or generally related to the RFP, must be submitted using this process. Do not contact individual Sourcewell staff to ask questions or request information as this may disqualify the proposer from responding to this RFP. Sourcewell will not respond to questions submitted after the deadline.

C. ADDENDA
Sourcewell may modify this RFP at any time prior to the proposal due date by issuing an addendum. Addenda issued by Sourcewell become a part of the RFP and will be delivered to potential proposers through the Sourcewell Procurement Portal. Sourcewell accepts no liability in connection with the delivery of any addenda.

Before a proposal will be accepted through the Sourcewell Procurement Portal, all addenda, if any, must be acknowledged by the proposer by checking the box for each addendum. It is the responsibility of the proposer to check for any addenda that may have been issued up to the solicitation due date and time.

If an addendum is issued after a proposer submitted its proposal, the Sourcewell Procurement Portal will WITHDRAW the submission and change the proposer’s proposal status to INCOMPLETE. The proposer can view this status change in the “MY BIDS” section of the Sourcewell Procurement Portal Supplier Account. The proposer is solely responsible to check the “MY BIDS” section of the Sourcewell Procurement Portal Supplier Account periodically after submitting its proposal (and up to the Proposal Due Date). If the proposer’s proposal status has changed to INCOMPLETE, the proposer is solely responsible to:
i) make any required adjustments to its proposal;
ii) acknowledge the addenda; and
iii) ensure the re-submitted proposal is received through the Sourcewell Procurement Portal no later than the Proposal Due Date and time shown in the Solicitation Schedule above.

D. PROPOSAL SUBMISSION
Proposer’s complete proposal must be submitted through the Sourcewell Procurement Portal no later than the date and time specified in the Solicitation Schedule. Any other form of proposal submission, whether electronic, paper, or otherwise, will not be considered by Sourcewell. Late proposals will not be considered. It is the proposer’s sole responsibility to ensure that the proposal is received on time.

It is recommended that proposers allow sufficient time to upload the proposal and to resolve any issues that may arise. The time and date that a proposal is received by Sourcewell is solely determined by the Sourcewell Procurement Portal web clock.

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In the event of problems with the Sourcewell Procurement Portal, follow the instructions for technical support posted in the portal. It may take up to 24 hours to respond to certain issues.

Upon successful submission of a proposal, the Sourcewell Procurement Portal will automatically generate a confirmation email to the proposer. If the proposer does not receive a confirmation email, contact Sourcewell’s support provider at [email protected].

To ensure receipt of the latest information and updates via email regarding this solicitation, or if the proposer has obtained this solicitation document from a third party, the onus is on the proposer to create a Sourcewell Procurement Portal Supplier Account and register for this solicitation opportunity.

Within the Sourcewell Procurement Portal, all proposals must be digitally acknowledged by an authorized representative of the proposer attesting that the information contained in in the proposal is true and accurate. By submitting a proposal, proposer warrants that the information provided is true, correct, and reliable for purposes of evaluation for potential contract award.

The submission of inaccurate, misleading, or false information is grounds for disqualification from a contract award and may subject the proposer to remedies available by law.

E. GENERAL PROPOSAL REQUIREMENTS
Proposals must be:

In substantial compliance with the requirements of this RFP or it will be considered nonresponsive and be rejected.

Complete. A proposal will be rejected if it is conditional or incomplete.

Submitted in English.

Valid and irrevocable for 90 days following the Proposal Due Date.

Any and all costs incurred in responding to this RFP will be borne by the proposer.

F. PROPOSAL WITHDRAWAL
Prior to the proposal deadline, a proposer may withdraw its proposal.

G. OPENING
The Opening of proposals will be conducted electronically through the Sourcewell Procurement Portal. A list of all proposers will be made publicly available in the Sourcewell Procurement Portal after the Proposal Due Date, but no later than the Opening time listed in the Solicitation Schedule.

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To view the list of proposers, verify that the Sourcewell Procurement Portal opportunities list search is set to “All” or “Closed.” The solicitation status will automatically change to “Closed” after the Proposal Due Date and Time.

VI. EVALUATION AND AWARD
A. EVALUATION
It is the intent of Sourcewell to award one or more contracts to responsive and responsible proposers offering the best overall quality, selection of equipment, products, and services, and price that meet the commonly requested specifications of Sourcewell and its Participating Entities. The award(s) will be limited to the number of proposers that Sourcewell determines is necessary to meet the needs of its Participating Entities. Factors to be considered in determining the number of contracts to be awarded in any category may include the following:

The number of and geographic location of:
o Proposers necessary to offer a comprehensive selection of equipment, products, or services for Participating Entities’ use.
o A proposer’s sales and service network to assure availability of product supply and coverage to meet Participating Entities’ anticipated needs.

Total evaluation scores.

The attributes of proposers, and their equipment, products, or services, to assist Participating Entities achieve environmental and social requirements, preferences, and goals.

Information submitted as part of a proposal should be as specific as possible when responding to the RFP. Do not assume Sourcewell has any knowledge about a specific supplier or product.

B. AWARD(S)
Award(s) will be made to the proposer(s) whose proposal conforms to all conditions and requirements of the RFP, and consistent with the award criteria defined in this RFP.

Sourcewell may request written clarification of a proposal at any time during the evaluation process.

Proposal evaluation will be based on the following scoring criteria and the Sourcewell Evaluator Scoring Guide (a copy is available in the Sourcewell Procurement Portal):

Conformance to RFP Requirements 50
Financial Viability and Marketplace Success 75
Ability to Sell and Deliver Service 100
Marketing Plan 50
Value Added Attributes 75
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Warranty 50
Depth and Breadth of Offered Equipment, Products, or Services 200 Pricing 400
TOTAL POINTS 1000
C. PROTESTS OF AWARDS
Any protest made under this RFP by a proposer must be in writing, addressed to Sourcewell’s Executive Director, and delivered to the Sourcewell office located at 202 12th Street NE, P.O.

Box 219, Staples, MN 56479. All documents that comprise the complete protest package must be received no later than 10 calendar days’ following Sourcewell’s notice of contract award(s) or non-award and must be time stamped by Sourcewell no later than 4:30 p.m., Central Time. A protest must allege a procedural, technical, or legal defect, with supporting documentation. A protest that merely requests a re-evaluation of a proposal’s content will not be entertained A protest must include the following items:

The name, address, and telephone number of the protester; Identification of the solicitation by RFP number;
A precise statement of the relevant facts;
Identification of the alleged procedural, technical, or legal defect; Analysis of the basis for the protest;
Any additional supporting documentation;
The original signature of the protester or its representative; and Protest bond in the amount of $20,000 (except where prohibited by law or treaty).

Protests that do not address these elements will not be reviewed.

D. RIGHTS RESERVED
This RFP does not commit Sourcewell to award any contract, and a proposal may be rejected if it is nonresponsive, conditional, incomplete, conflicting, or misleading. Proposals that contain false statements or do not support an attribute or condition stated by the proposer may be rejected.

Sourcewell reserves the right to:

Modify or cancel this RFP at any time;
Reject any and all proposals received;
Reject proposals that do not comply with the provisions of this RFP; Select, for contracts or for discussion, a proposal other than that with the lowest cost; Independently verify any information provided in a proposal; Disqualify any proposer that does not meet the requirements of this RFP, is debarred or suspended by the United States or Canada, State of Minnesota, Participating Entity’s EXHIBIT 1
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state or province; has an officer, or other key personnel, who have been charged with a serious crime; or is bankrupt, insolvent, or where bankruptcy or insolvency are a reasonable prospect;
Waive or modify any informalities, irregularities, or inconsistencies in the proposals received;
Clarify any part of a proposal and discuss any aspect of the proposal with any proposer; and negotiate with more than one proposer;
Award a contract if only one responsive proposal is received if it is in the best interest of Participating Entities; and
Award a contract to one or more proposers if it is in the best interest of Participating Entities.

E. DISPOSITION OF PROPOSALS
All materials submitted in response to this RFP will become property of Sourcewell and will become public record in accordance with Minnesota Statutes Section 13.591, after negotiations are complete. Sourcewell considers that negotiations are complete upon execution of a resulting contract. It is the proposer’s responsibility to clearly identify any data submitted that it considers to be protected. Proposer must also include a justification for the classification citing the applicable Minnesota law. Sourcewell may reject proposals that are marked confidential or nonpublic, either substantially or in their entirety.

Sourcewell will not consider the prices submitted by the proposer to be confidential, proprietary, or trade secret materials. Financial information, including financial statements, provided by a proposer is not considered trade secret under the statutory definition.

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10/20/2021
Addendum No. 1
Solicitation Number: RFP 113021
Solicitation Name: Firefighting Apparatus and Fire Service Vehicles Consider the following Question and Answer to be part of the above-titled solicitation documents. The remainder of the documents remain unchanged.

Question 1:

Is the PDF in the zipped file on the bid details page supposed to be editable? Answer 1:

No, the file is not designed for edits by a proposer. Refer to RFP Section IV. – Contract, for additional detail related to the Sourcewell template contract posted to the bid details page for this solicitation.

End of Addendum
Acknowledgement of this Addendum to RFP 113021 posted to the Sourcewell Procurement Portal on 10/20/2021 is required at the time of proposal submittal.

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10/29/2021
Addendum No. 2
Solicitation Number: RFP 113021
Solicitation Name: Firefighting Apparatus and Fire Service Vehicles Consider the following Question and Answer to be part of the above-titled solicitation documents. The remainder of the documents remain unchanged.

Question 1:

Are we required to have a vehicle dealer license in the state of Minnesota in order to be an awarded supplier?
Answer 1:

It is left to the discretion of each proposer to determine the licensures and supporting documentation necessary to best demonstrate their ability to serve Sourcewell and Sourcewell participating entities and to satisfy all requirements included in the RFP, contract template, and the Sourcewell Procurement Portal questionnaire tables.

End of Addendum
Acknowledgement of this Addendum to RFP 113021 posted to the Sourcewell Procurement Portal on 10/29/2021, is required at the time of proposal submittal.

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11/11/2021
Addendum No. 3
Solicitation Number: RFP 113021
Solicitation Name: Firefighting Apparatus and Fire Service Vehicles Consider the following Question and Answer to be part of the above-titled solicitation documents. The remainder of the documents remain unchanged.

Question 1:

In regard to the administrative fee, what percentage amount is assessed on each opportunity to be paid to Sourcewell? Or is it a one-time fee per acquisition? Answer 1:

Refer to RFP Section III. B. – Administrative Fees, for directions on proposing an administrative fee. It is left to the discretion of each proposer to determine and propose an administrative fee that is consistent with its business and its industry.

End of Addendum
Acknowledgement of this Addendum to RFP 113021 posted to the Sourcewell Procurement Portal on 11/11/2021, is required at the time of proposal submittal.

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11/20/2021
Addendum No. 4
Solicitation Number: RFP 113021
Solicitation Name: Firefighting Apparatus and Fire Service Vehicles Consider the following Questions and Answers to be part of the above-titled solicitation documents. The remainder of the documents remain unchanged.

Question 1:

The RFP states Sourcewell is seeking proposals for new, remount or refurbished. Is Sourcewell looking for us to acknowledge we offer remount or refurb or are we expected to provide pricing?
Answer 1:

In the competitive process, Sourcewell will not advise a proposer on the content of the proposal. It is left to the discretion of each proposer to determine how to best articulate its offering of equipment, products, and services, propose the pricing approach that aligns with its business methods, and satisfy all requirements of the RFP.

Question 2:

Line items #1 - 3 of the Portal questionnaire tables address legal entity and subsidiary or assumed names. Clarify whether the subsidiary names will be the brand visible to the participating entity for an awarded supplier.

Answer 2:

Determinations related to the identification of an awarded supplier’s contract on the Sourcewell website, and in related communications to participating entities, will be made after the competitive process is complete in consultation with an awarded supplier.

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Question 3:

Section 18 Insurance - Network Security and Privacy Liability Insurance – The entity under this response has had to provide cyber liability what is the significance to this requirement?
Answer 3:

Refer to RFP Section IV. – Contract for additional detail related to the Sourcewell template contract. An awarded vendor will be expected to carry the insurance coverages as stated in the contract upon execution. A request for modification to the Sourcewell contract template may only be submitted with a proposal. To request a modification to the template Contract terms, conditions, or specifications, a proposer must complete and submit the Exceptions to Terms, Conditions, or Specifications table, which is found as the final Table of Step 1 in the proposal submission process within the Sourcewell Procurement Portal.

Question 4:

Section D Waiver of Subrogation- How does this apply to this RFP? Answer 4:

Refer to Answer 3 above.

Question 5:

Is delivery required to be included in pricing or are we able to provide pricing and state that delivery is not included.

Answer 5:

Refer to Answer 1 above.

Question 6:

Section 2B of the template contract states that Supplier warrants all Equipment, Products and Services. Is it required or is it an option to include service? If service is not included in pricing is additional information necessary? Answer 6:

Refer to Answer 1 above.

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Question 7:

Template contract section 3. A. - Shipping and Shipping Cost – states that a Supplier must arrange for and pay for the return shipment on equipment and products that arrive in a defective or inoperable condition. Would this incorporate supplier or subcontractor?
Answer 7:

In the competitive process, Sourcewell will not advise a proposer on the content of the proposal. It is left to the discretion of each proposer to determine how to best articulate its ability to serve Sourcewell participating entities.

Question 8:

Line Item 24 in questionnaire table 5 includes a request for size of transaction? What is this referring to is this a unit quantity?
Answer 8:

It is left to the discretion of each proposer to determine the information necessary to best demonstrate their marketplace success and satisfy all the requirements included in the questionnaire tables.

Question 9:

Is an Entity/Subsidiary allowed to list a product on Sourcewell product list that is sold and distributed by the Entity/Subsidiary, but is produced by a contract manufacturer? Answer 9:

The Sourcewell RFP is an open and competitive solicitation process. A proposer is allowed to propose the entire line of equipment, products, and services falling within the requested equipment, products, or services of the subject solicitation. Proposals are evaluated based on the criteria stated in the RFP.

Question 10:

In Table 11, because of some supplier’s difficulties to confirm pricing, can we list a product and confirm the price only after the awarding?
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Answer 10:

It is left to the discretion of each proposer to determine and propose the pricing approach that aligns with its business methods and satisfies all the requirements of RFP Article III - Pricing. Proposals are evaluated based on the criteria stated in the RFP.

Question 11:

If a supplier is successful with this RFP, the contract would be between the supplier and Sourcewell. If the supplier as an independent dealer network, do the Participating Entities have the obligations to contract with the supplier or can they contract directly with the dealer which in turn the dealer contract with the supplier? Answer 11:

Refer to RFP Section II. B. – Requested Equipment, Products, or Services – “… If proposer requires the use of distributors, dealers, resellers, or subcontractors to provide the equipment, products, or services, the proposal must address how the equipment, products or services will be provided to Participating Entities, and describe the network of distributors, dealers, resellers, and/or subcontractors that will be available to serve Participating Entities under a resulting contract.”
Question 12:

Does the contract allow a line-item surcharge vs as part of the quote vs having it included in publish base pricing? Surcharges can fluctuate so looking to understand if there will be flexibility with the new contract.

Answer 12:

Refer to Answer 10 above.

Question 13:

Can a vendor be awarded contracts from different Sourcewell RFPs? Answer 13:

Each Sourcewell opportunity represents a separate and distinct open and competitive solicitation. The outcome of an earlier solicitation, including a contract award, has no bearing on the evaluation of a proposer’s subsequent proposal.

Question 14:

In regards to table 2, item 11: If financial statements are provided to Sourcewell for the proposal do those statements in turn become public knowledge? EXHIBIT 1
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Answer 14:

Refer to RFP Section VI. E. – Disposition of Proposals related to the treatment of materials submitted in response to the RFP.

Question 15:

Pricing is very volatile currently with component shortages. Pricing for each model and options offered within our current quoting system could significantly fluctuate by the time this proposal is reviewed. Would offering a percentage off our current quoting MSRP be acceptable with a few examples at the time of this bid? Answer 15:

Refer to Answer 10 above.

End of Addendum
Acknowledgement of this Addendum to RFP 113021 posted to the Sourcewell Procurement Portal on 11/20/2021, is required at the time of proposal submittal.

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EXHIBIT BINSURANCE REQUIREMENTS
NOT APPLICABLE – PURCHASE OF GOODS

EXHIBIT 1
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EXHIBIT C
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PRODUCT PROPOSAL FOR:

City of Stockton Fire Department
400 E. Main Street
Stockton, CA 95202
Sales Consultant
Ryan Wright
[email protected]
Mobile: (209) 613-3809
Golden State Fire Apparatus, Inc. (“GSFA”) is pleased to provide this proposal for the fire apparatus(es) and equipment identified below (the "Product”) to CITY OF STOCKTON (“Customer”) for consideration. This proposal (this “Product Proposal”) includes the following exhibits attached hereto: the Standard Terms and Conditions attached as Exhibit A (the “Terms and Conditions”); the Product Specifications attached as Exhibit B (the “Specifications”); the Product Warranties attached as Exhibit C; and the Dealer Supplied Products and/or Services attached as Exhibit D (the “Dealer Supplied Products/Services List”) (all of the foregoing, collectively, the “Agreement”). Through its signature below or other Acceptance (as defined on page 2), Customer acknowledges having received and read, and agrees to be bound by, the Agreement. The Agreement shall be effective as of the latest date appearing in the signature blocks below (the “Executed Date”).

PAYMENT TERMS – Customer shall pay the total purchase price set forth directly above (the “Grand Total Purchase Price”) to GSFA within thirty (30) calendar days of the Executed Date. If payment of the Grand Total Purchase Price is late, a late fee as specified in section 6 of the Terms and Conditions may be applied, and the Prepayment Discount may be adjusted, and the Grand Total Purchase Price increased in accordance with section 2.c of the Terms and Conditions. Customer shall pay any balance due as a result of Change Orders as described in the Terms and Conditions.

MANUFACTURER – Customer acknowledges that GSFA is not an agent of the Product manufacturer identified above (“Manufacturer”) and is not capable of binding Manufacturer. Within five (5) business days of the Executed Date, GSFA shall submit an order form to the Manufacturer for the Product. GSFA’s further performance under the Agreement is contingent upon Manufacturer’s acceptance of such order form at the price and on the terms GSFA believed to be available when submitting this Product Proposal to Customer. If Manufacturer rejects such order as submitted or fails to respond to GSFA within a reasonable SUBMITTED DATE EXPIRATION DATE GSFA PROPOSAL #MANUFACTURER BID #MANUFACTURER CONSORTIUM 01/16/2025 03/14/2025 90116-25A2 921 Pierce
Manufacturing,
Inc.

Sourcewell #113021-
OKC, ID #259,
Member #26357

ITEM PRODUCT DESCRIPTION EXTENDEDPRICE
A Two (2) Pierce Manufacturing, Inc. Enforcer 1500 GPM Type 1 Fire Engines 2,014,800.00 B Discount for 100% Payment at Time of Order (the “Prepayment Discount”) (225,200.00) C SUBTOTAL 1,789,600.00
D 9.00% State Sales Tax 161,064.00
E California Tire Fee 21.00
F 100% Performance Bond 2,390.00
G GRAND TOTAL PURCHASE PRICE 1,953,075.00
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amount of time, GSFA shall notify Customer in writing, and unless GSFA and Customer otherwise agree in writing, the Agreement shall then terminate and have no further force or effect.

PRODUCT COMPLETION – The Product shall be ready for final inspection by Customer at the manufacturing facility within approximately 32.5 to 35.5 MONTHSafter the Executed Date. The foregoing estimate is provided as a good faith approximation as of the date of submission of this Product Proposal and is subject to the Terms and Conditions.

PREDELIVERY SERVICE – If applicable, after transportation from the manufacturing facility and prior to final delivery or pick up, the Product shall receive those additional Products and/or services identified on the Dealer Supplied Products/Services List. It is estimated that such a service will add approximately 1 to 2 MONTH(S) to the above Product completion estimate. The foregoing estimate is provided as a good faith approximation as of the date of submission of this Product Proposal and is subject to the Terms and Conditions.

PROPOSAL EXPIRATION – This Product Proposal supersedes any previous proposal(s) presented to Customer by GSFA and its employees and may be accepted by Customer on or before the Expiration Date identified above. Unless accepted by the Expiration Date, GSFA reserves the right to withdraw this Product Proposal or to alter its terms (including by providing updated Product pricing) prior to an order being accepted.

PURCHASE ORDER – Any PO shall be made out to: Golden State Fire Apparatus, Inc. – 7400 Reese Road – Sacramento, CA 95828.

ACCEPTANCE – ACCEPTANCE OF THIS PROPOSAL CREATES AN ENFORCEABLE BINDING AGREEMENT BETWEEN GSFA AND CUSTOMER. “ACCEPTANCE” MEANS THAT THE CUSTOMER DELIVERS TO GSFA: (A) A SIGNED COPY OF THIS PRODUCT PROPOSAL, OR (B) A SIGNED COPY OF A PURCHASE ORDER INCORPORATING THE AGREEMENT IN ITS ENTIRETY. ANY ADDITIONAL OR DIFFERENT TERMS, WHETHER CONTAINED IN CUSTOMER’S FORMS OR OTHERWISE PRESENTED BY CUSTOMER AT ANY TIME, ARE HEREBY REJECTED AND OF NO EFFECT UNLESS APPROVED IN WRITING SIGNED BY GSFA.

COUNTERPARTS - This Product Proposal may be executed in multiple counterparts, each of which shall be deemed an original (including copies sent to a party by electronic transmission) as against the party signing such counterpart, but which together shall constitute one and the same instrument. A signed copy of this Product Proposal delivered by facsimile, email or other means of electronic transmission will be deemed to have the same legal effect as delivery of an original signed copy of this Product Proposal.

If this Product Proposal is returned to GSFA with the signature of Customer’s authorized representative but without an attestation or co-signers signature, then absent Customer’s written notice to the contrary, GSFA shall be entitled to rely on such single signature as sufficient evidence of the signatory’s authority to execute the Agreement and bind Customer thereby.

INTENDING TO CREATE A BINDING AGREEMENT, Customer and GSFA have each caused this Product Proposal dated 01/16/2025, GSFA Proposal Number 90116-25A2 to be executed by their duly authorized representatives effective as of the Executed Date.

ACCEPTED AND AGREED TO BY CUSTOMER ACCEPTED AND AGREED TO BY GSFA __________________________________________________ _________________________________________________ Signature of Authorized Customer Representative Signature of Authorized GSFA Representative

__________________________________________________ _________________________________________________ Print Name Print Name
__________________________________________________ _________________________________________________ Title Title

__________________________________________________ _________________________________________________ Date Date
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PRODUCT PROPOSAL FOR:

City of Stockton Fire Department
400 E. Main Street
Stockton, CA 95202
Sales Consultant
Ryan Wright
[email protected]
Mobile: (209) 613-3809
Golden State Fire Apparatus, Inc. (“GSFA”) is pleased to provide this proposal for the fire apparatus(es) and equipment identified below (the "Product”) to CITY OF STOCKTON (“Customer”) for consideration. This proposal (this “Product Proposal”) includes the following exhibits attached hereto: the Standard Terms and Conditions attached as Exhibit A (the “Terms and Conditions”); the Product Specifications attached as Exhibit B (the “Specifications”); the Product Warranties attached as Exhibit C; and the Dealer Supplied Products and/or Services attached as Exhibit D (the “Dealer Supplied Products/Services List”) (all of the foregoing, collectively, the “Agreement”). Through its signature below or other Acceptance (as defined on page 2), Customer acknowledges having received and read, and agrees to be bound by, the Agreement. The Agreement shall be effective as of the latest date appearing in the signature blocks below (the “Executed Date”).

PAYMENT TERMS – Customer shall pay the total purchase price set forth directly above (the “Grand Total Purchase Price”) to GSFA within thirty (30) calendar days of the Executed Date. If payment of the Grand Total Purchase Price is late, a late fee as specified in section 6 of the Terms and Conditions may be applied, and the Prepayment Discount may be adjusted, and the Grand Total Purchase Price increased in accordance with section 2.c of the Terms and Conditions. Customer shall pay any balance due as a result of Change Orders as described in the Terms and Conditions.

MANUFACTURER – Customer acknowledges that GSFA is not an agent of the Product manufacturer identified above (“Manufacturer”) and is not capable of binding Manufacturer. Within five (5) business days of the Executed Date, GSFA shall submit an order form to the Manufacturer for the Product. GSFA’s further performance under the Agreement is contingent upon Manufacturer’s acceptance of such order form at the price and on the terms GSFA believed to be available when submitting this Product Proposal to Customer. If Manufacturer rejects such order as submitted or fails to respond to GSFA within a reasonable SUBMITTED DATE EXPIRATION DATE GSFA PROPOSAL #MANUFACTURER BID #MANUFACTURER CONSORTIUM 01/16/2025 03/14/2025 90116-25AT2 924 Pierce
Manufacturing,
Inc.

Sourcewell #113021-
OKC, ID #234,
Member #26357

ITEM PRODUCT DESCRIPTION EXTENDEDPRICE
A Two (2) Pierce Manufacturing, Inc. 107’ Enforcer Tractor Drawn Aerial 4,247,000.00 B Discount for 100% Payment at Time of Order (the “Prepayment Discount”) (647,000.00) C SUBTOTAL 3,600,000.00
D 9.00% State Sales Tax 324,000.00
E California Tire Fee 28.00
F 100% Performance Bond 4,914.00
G GRAND TOTAL PURCHASE PRICE 3,928,942.00
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amount of time, GSFA shall notify Customer in writing, and unless GSFA and Customer otherwise agree in writing, the Agreement shall then terminate and have no further force or effect.

PRODUCT COMPLETION – The Product shall be ready for final inspection by Customer at the manufacturing facility within approximately 45.5 to 48.5 MONTHSafter the Executed Date. The foregoing estimate is provided as a good faith approximation as of the date of submission of this Product Proposal and is subject to the Terms and Conditions.

PREDELIVERY SERVICE – If applicable, after transportation from the manufacturing facility and prior to final delivery or pick up, the Product shall receive those additional Products and/or services identified on the Dealer Supplied Products/Services List. It is estimated that such a service will add approximately 1 to 2 MONTH(S) to the above Product completion estimate. The foregoing estimate is provided as a good faith approximation as of the date of submission of this Product Proposal and is subject to the Terms and Conditions.

PROPOSAL EXPIRATION – This Product Proposal supersedes any previous proposal(s) presented to Customer by GSFA and its employees and may be accepted by Customer on or before the Expiration Date identified above. Unless accepted by the Expiration Date, GSFA reserves the right to withdraw this Product Proposal or to alter its terms (including by providing updated Product pricing) prior to an order being accepted.

PURCHASE ORDER – Any PO shall be made out to: Golden State Fire Apparatus, Inc. – 7400 Reese Road – Sacramento, CA 95828.

ACCEPTANCE – ACCEPTANCE OF THIS PROPOSAL CREATES AN ENFORCEABLE BINDING AGREEMENT BETWEEN GSFA AND CUSTOMER. “ACCEPTANCE” MEANS THAT THE CUSTOMER DELIVERS TO GSFA: (A) A SIGNED COPY OF THIS PRODUCT PROPOSAL, OR (B) A SIGNED COPY OF A PURCHASE ORDER INCORPORATING THE AGREEMENT IN ITS ENTIRETY. ANY ADDITIONAL OR DIFFERENT TERMS, WHETHER CONTAINED IN CUSTOMER’S FORMS OR OTHERWISE PRESENTED BY CUSTOMER AT ANY TIME, ARE HEREBY REJECTED AND OF NO EFFECT UNLESS APPROVED IN WRITING SIGNED BY GSFA.

COUNTERPARTS - This Product Proposal may be executed in multiple counterparts, each of which shall be deemed an original (including copies sent to a party by electronic transmission) as against the party signing such counterpart, but which together shall constitute one and the same instrument. A signed copy of this Product Proposal delivered by facsimile, email or other means of electronic transmission will be deemed to have the same legal effect as delivery of an original signed copy of this Product Proposal.

If this Product Proposal is returned to GSFA with the signature of Customer’s authorized representative but without an attestation or co-signers signature, then absent Customer’s written notice to the contrary, GSFA shall be entitled to rely on such single signature as sufficient evidence of the signatory’s authority to execute the Agreement and bind Customer thereby.

INTENDING TO CREATE A BINDING AGREEMENT, Customer and GSFA have each caused this Product Proposal dated 01/16/2025, GSFA Proposal Number 90116-25AT2 to be executed by their duly authorized representatives effective as of the Executed Date.

ACCEPTED AND AGREED TO BY CUSTOMER ACCEPTED AND AGREED TO BY GSFA __________________________________________________ _________________________________________________ Signature of Authorized Customer Representative Signature of Authorized GSFA Representative

__________________________________________________ _________________________________________________ Print Name Print Name
__________________________________________________ _________________________________________________ Title Title

__________________________________________________ _________________________________________________ Date Date
EXHIBIT 1
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City of Stockton
Legislation Text
File #: 25-0230, Version: 1

ADOPT RESOLUTION TO AUTHORIZE THE COLUMBUS PARK RENOVATIONS PROJECT

RECOMMENDATION
It is recommended that the City Council adopt a resolution to:

1. Approve the plans and specifications for the Columbus Park Renovations, Project No.

WP22041.

2. Approve an Agreement between the City of Stockton and the San Joaquin County Office of Education dba Greater Valley Conservation Corps in the amount of $106,606 for the Columbus Park Renovations, Project No. WP22041.

3. Award a Construction Contract in the amount of $2,345,000 to Stockbridge General Contracting, Inc. of Clovis, CA, for the Columbus Park Renovations, Project No. WP22041.

It is also recommended that the City Manager be authorized to take appropriate and necessary actions to carry out the purpose and intent of this resolution.

Summary
On March 11, 2021, a grant application for the Columbus Park Renovations project was submitted for Proposition 68 (2018 Parks Bond Act) funding. On December 8, 2021, the City was notified that our grant application was successful, and we were awarded $3,351,340 in Proposition 68 grant funding.

The Columbus Park Renovations project will provide a community garden, a playground and swing area, an Exeloo restroom, a picnic shelter, bioswales, public art, an adult fitness area, a full-size basketball court, Americans with Disabilities Act (ADA) pathway and lighting, and landscaping throughout the park.

Proposition 68 State grant funding guidelines require the City to partner with the Greater Valley Conservation Corps (GVCC) on the project. GVCC will provide labor to install site furnishings, landscaping, and other park amenities related to the project. It is recommended that Council adopt a resolution authorizing the City Manager to execute an Agreement with the San Joaquin County Office of Education dba GVCC in the amount of $106,606 to reimburse the GVCC for their work on the project.

On December 12, 2024, the City received six bids for this project. It is recommended that Council award a Construction Contract to the lowest responsible bidder, Stockbridge General Contracting, Inc., in the amount of $2,345,000. It is also recommended that Council adopt a resolution approving the plans and specifications for the project. Construction will begin in 2025 and is anticipated to be completed in spring 2026.

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DISCUSSION
Background
Columbus Park is a two-acre park located at 401 West Worth Street. Current amenities include a half basketball court and a few benches and tables (Attachment A). There are minimal activities and amenities to keep visitors of all ages active and engaged. A complete renovation of the park is needed to meet the needs of the neighborhood.

The Columbus Park Renovations project will provide a community garden, a playground and swing area, an Exeloo restroom, a picnic shelter, bioswales, public art, an adult fitness area, a full-size basketball court, ADA pathway and lighting, and landscaping throughout the park.

Proposition 68 (2018 Parks Bond Act), formally known as the “California Drought, Water, Parks, Climate, Coastal Protection, and Outdoor Access for All Act of 2018”, was passed by voters on June 6, 2018. On November 17, 2020, by Resolution No. 2020-11-17-1404-02, Council authorized the City Manager to submit a grant application for the Columbus Park Renovations project for the request of Proposition 68 grant funds. The City was successful in competing for Proposition 68 grant funds and was awarded $3,351,340 for design and construction of the proposed park improvements.

On February 7, 2023, by Resolution No. 2023-02-07-1217, Council awarded a Professional Services Contract in the amount of $352,064 to Callander Associates for the design of the Columbus Park Renovations project. Callander Associates completed the design of park improvements in October 2024, including the filing of the project’s environmental document. The project is categorically exempt per the California Environmental Quality Act Guidelines and California Code of Regulations section 15301. Construction will begin in spring 2025 and is anticipated to be completed in spring 2026.

On July 26, 2016, Council adopted a Community Workforce and Training Agreement (CWTA). The CWTA became effective August 25, 2016, and applies to all Public Works projects over $1 million that are bid after that date. On July 16, 2019, by Motion No. 2019-07-16-1403, Council extended the CWTA term to August 25, 2024. On August 20, 2024, by Motion No. 2024-08-20-1203, Council extended the CWTA term to August 25, 2029. The CWTA was applied to this project as the estimated construction cost is over $1 million, and staff verified there are no funding restrictions.

Present Situation
On October 16, 2024, the Columbus Park Renovations, Project No. WP22041, was advertised for bids. On December 12, 2024, six bids were received with the following results:

COMPANY NAME BID AMOUNT
Stockbridge General Contracting, Inc. (Clovis, CA) $2,345,000 JPB Designs, Inc. (Orangevale, CA) $2,377,000
Suarez and Munoz Construction, Inc. (Hayward, CA) $2,434,400 City of Stockton Printed on 2/25/2025Page 2 of 3
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S & H Construction, Inc. (Fremont, CA) $2,598,000
CWS Construction Group (Novato, CA) $2,785,000
McGuire and Hester (Oakland, CA) $2,812,886
Engineer's Estimate $2,459,420
The requirements of Stockton Municipal Code (SMC) section 3.68.090, Local Business Preference, apply to this project. Application of the Local Business Preference has no effect on the bid order.

The requirements of SMC section 3.68.095, Local Employment Ordinance, also applies to this project.

The project is partially funded with Proposition 68 State grant funds. Proposition 68 funding guidelines require the City to partner with the California Conservation Corps or GVCC on the project.

The California Conservation Corps responded that they were not able to participate due to workload and resources. However, GVCC agreed to provide the necessary labor to meet the grant requirement. It is recommended that Council adopt a resolution authorizing the City Manager to execute an Agreement with the San Joaquin County Office of Education dba GVCC in the amount of $106,606 to reimburse GVCC for their work on the project.

The bid from Stockbridge General Contracting, Inc., the lowest responsible bidder, is regular in all respects and has the proper license to perform the work. It is recommended that Council adopt a resolution approving the plans and specifications for the project and award a Construction Contract to Stockbridge General Contracting, Inc. of Clovis, CA, in the amount of $2,345,000. The park will remain closed and fenced off during construction.

FINANCIAL SUMMARY
There is sufficient funding available in the Columbus Park Renovations, Project No. WP22041, to award an Agreement in the amount of $106,606 to GVCC and a Construction Contract in the amount of $2,345,000 to Stockbridge General Contracting, Inc. Remaining funding will be used for construction contingencies and project administrative costs.

There is no impact to the City’s General Fund or any other unrestricted fund as a result of taking the recommended actions.

Attachment A - Vicinity Map
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VICINITY MAP

NOT TO SCALE

D CITYLIMIT

CJ COUNTY LIMIT
LEGEND

COLUMBUS PARK RENOVATIONS,
PROJECT NO. WP22041

CITY OF STOCKTON

DEPARTMENT OF PUBLIC WORKS
® PROJECT LOCATION

ATTACHMENT A
285
Resolution No.

STOCKTON CITY COUNCIL

RESOLUTION APPROVING THE PLANS AND SPECIFICATIONS, APPROVING AN

AGREEMENT, AND AWARDING A CONSTRUCTION CONTRACT FOR THE COLUMBUS PARK RENOVATIONS, PROJECT NO. WP22041

On December 12, 2024, the City Clerk of the City of Stockton opened, examined, and publicly declared the sealed proposals or bids offered for the Columbus Park Renovations, Project No. WP22041; and

Columbus Park is located at 401 West Worth Street and is approximately two acres. The project will provide a community garden, a playground and swing area, an Exeloo restroom, a picnic shelter, bioswale s, public art, an adult fitness area, a full-size basketball court, Americans with Disabilities Act pathway and lighting, and landscapin g throughout the park; and

Stockbridge General Contracting , Inc. is the lowest responsible bidder in the amount of $ 2,345,000.00, and its bid is responsive and regular in all respects ; now, therefore,

BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS:

1. The City Council approves the plans and specifications for the Co lumbus Park Renovations, Project No. WP22041.

2. The City Council authorizes the City Manager to execute an Agreement between the City of Stockton and the San Joaquin County Office of Education dba Greater Valley Conservation Corps , in the amount of $106,606.00 , for the Columbus Park Renovations, Project No. W P22041, a copy of which is attached as Exhibit 1 as incorporated by this reference.

3. The City Council awards a Construction Contract between the City of Stockton and Stockbridge General Contracting , Inc. of Clovis, CA , in the amount of $2,345,000.00, for the Columbus Park Renovations, Project No. WP22041, and the City Manager is authorized and directed to execute same, a copy of which is attached as Exhibit 2 as incorporated by this reference.

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286

4. The City Manager is hereby authorized to take whatever ac tions are necessary and appropriate to carry out the purpose and intent of this Resolution.

PASSED, APPROVED, and ADOPTED March 4, 2025 .

CHRISTINA FUGAZI
Mayor of the City of Stockton
ATTEST:

KATHERINE ROLAND, CMC, CPMC
City Clerk of the City of Stockton
287
Local Const
ruction Contract - GREATER VALLEY CONSERVATION CORPS – COLUMBUS PARK RENOVATIONS, PROJECT NO. WP22041 (Updated 10/18/23)

AGREEMENT BETWEEN THE CITY OF STOCKTON AND

THE SAN JOAQUIN COUNTY OFFICE OF EDUCATION

DBA GREATER VALLEY CONSERVATION CORPS
This c ont
ract is made and entered into on _____________, by and between

SAN JOAQUIN COUNTY OFFICE OF EDUCATION DBA GREATER VALLEY CONSERVATION CORPS, with a business address at 2040 EAST FREMONT STREET, STOCKTON, CA 95205, hereinafter called "CONTRACTOR," and CITY OF STOCKTON, a municipal corporation, hereinafter called "CITY."

W I T N
E S S E T H:

WHERE
AS, plans and specifications for the construction of COLUMBUS PARK RENOVATIONS, PROJECT NO. WP22041 , hereinafter called “PROJECT,” were regularly adopt ed b y Council Resolution No. _________________, on _________________; and
WHERE
AS, the contract for said work was regularly awarded to CONTRACTOR, by Council Resolution No. _________________, on ________________.

NOW, THE
REFORE, in consideration of the promises and of the mutual covenants herein contained, the parties hereto expressly agree as follows:

CONTRACTOR agrees:

1. SCOPE OF SERVICES. To do the work and furnish all the labor, materials, tools, equipment, and insurance required for the construction of PROJECT in accordance with the plans and specifications adopted on _____________, by Council Resolution No. _________________. The "contract documents," which include the bid documents, project plans, specifications, all letters of clarification, and the City of Stockton Standard Specifications and Plans, are incorporated into and made a part of this contract by this reference to the same extent as if fully set forth.

2. COMPENSATION. To do and perform the work contemplated hereby in a good and workmanlike manner and to furnish all labor, materials, tools , and equipment necessary therefor e at the prices specified in EXHIBIT A, attached hereto and by reference made a part hereof, under the direction of and to the complete satisfaction of the Director of Public Works of the City of Stockton. Total compensation for services and reimbursement for costs shall not exceed $106,606.00, or as otherwise mutually agreed to in a Contract Change Order.

3. INSURANCE. CONTRACTOR shall not commence any work before obtaining, and shall maintain in force at all times during the duration and performance of this contract, the policies of insurance specified in EXHIBIT B, which is attached to this contract and incorporated by this reference, and as provided in the “contract documents” including Section 7- 1.06 of the City of Stockton Standard Specifications and Plans as adopted on September 27, 2016, by Council Resolution No. 2016-09-27-1213, effective September 27, 2016.

EXHIBIT 1
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Local Construction Contract - GREATER VALLEY CONSERVATION CORPS – COLUMBUS PARK RENOVATIONS, PROJECT NO. WP22041 (Updated 10/18/23) adopted on September 27, 2016, by Council Resolution No. 2016-09-27-1213, effective September 27, 2016.

It shall be a requirement under this agreement that any available insurance proceeds broader than or in excess of the specified minimum insurance coverage requirements and/or limits shall be available to the Additional Insured.

Furthermore, the requirements for coverage and limits shall be (1) the minimum coverage and limits specified in this Agreement; or (2) the broader coverage and maximum limits of coverage of any insurance policy or proceeds available to the named Insured; whichever is greater.

The Additional Insured coverage under the CONTRACTOR’s policy shall be “primary and non-contributory” and will not seek contribution from the City of Stockton’s insurance or self-insurance and shall be at least as broad as ISO CG 20 01 04 13.

The limits of insurance required in this agreement may be satisfied by a combination of primary and umbrella or excess insurance. Any umbrella or excess insurance shall contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non-contributory basis for the benefit of the City of Stockton (if agreed to in a written contract or agreement) before the City of Stockton’s own insurance or self- insurance shall be called upon to protect it as a named insured.

All self-insured retentions (SIR) must be disclosed to the CITY’s Risk Management for approval and shall not reduce the limits of liability. Payment Bond in the amount of the self-insured retention (SIR) may be required.

Policies containing any self-insured retention (SIR) provision shall provide or be endorsed to provide that the SIR may be satisfied by either the named insured or the CITY.

The CITY reserves the right to obtain a full certified copy of any insurance policy and endorsements.

Failure to exercise this right shall not constitute a waiver of right to exercise later.

CONTRACTOR shall maintain insurance as required by this contract to the fullest amount allowed by law and shall maintain insurance for a minimum of five years following the completion of this project. In the event contractor fails to obtain or maintain completed operations coverage as required by this agreement, the City at its sole discretion may purchase the coverage required and the cost will be paid by contractor.

CONTRACTOR agrees to include with all Subcontractors in their subcontract the same requirements and provisions of this agreement including the indemnity and insurance requirements to the extent they apply to the scope of the Subcontractor’s work.

Subcontractors hired by CONTRACTOR agree to be bound to CONTRACTOR and the CITY in the same manner and to the same extent as CONTRACTOR is bound to the CITY under the Contract Documents. Subcontractor further agrees to include these same provisions with any Sub-subcontractor. A copy of the CITY Contract Document Indemnity EXHIBIT 1
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Local
Construction Contract - GREATER VALLEY CONSERVATION CORPS – COLUMBUS PARK RENOVATIONS, PROJECT NO. WP22041 (Updated 10/18/23) insurance, and the required endorsements included in the agreement prior to commencement of any work and contractor will provide proof of compliance to the City.

4. INDEMNITY AND HOLD HARMLESS. To the fullest extent permitted by law, Contractor shall hold harmless, defend, and indemnify City of Stockton and its officers, officials, employees, and volunteers from and against all claims, damages, losses, and expenses including attorney fees arising out of the performance of the work described herein, caused in whole or in part by any negligent act or omission of the Contractor, any subcontractor, anyone directly or indirectly employed by any of them, or anyone for whose acts any of them may be liable, except where caused by the active negligence, sole negligence, or willful misconduct of the City of Stockton. This obligation is independent of, and shall not in any way be limited by, the minimum Insurance obligations contained in this agreement. These obligations shall survive the completion or termination of this agreement.

5. STANDARD PLANS AND SPECIFICATIONS. The performance of said work and the furnishing of said materials shall be executed in accordance with Section 8-

1.04B of the City of Stockton Standard Specifications and Plans as adopted on September 27, 2016, b y Council Resolution No. 2016- 09-27-1213, effective September 27, 2016, and the provisions of the issued project specifications.

The D
irector of Public Works will furnish CONTRACTOR a weekly statement showing the number of days charged to the contract for the preceding week, the number of days specified for completion of the contract, and the number of days remaining to complete the contract. CONTRACTOR will be allowed one (1) week in which to file a written protest setting forth in what respects said weekly statement is incorrect, otherwise the statement shall be deemed to have been accepted by CONTRACTOR as correct.

6. WORKING DAYS. This work shall be diligently prosecuted to completion before the expiration of 180 WORKING DAYS beginning on the tenth calendar day after the date shown on the Notice to Proceed. It is agreed by the parties to the contract that in case all the work called for under the contract in all parts and requirements, is not finished or completed within the number of days as set forth, damage will be sustained by the CITY, and that it is and will be impracticable and extremely difficult to ascertain the actual damage which CITY will sustain in the event of and by reason of such delay; and it is therefore agreed that CONTRACTOR will pay to CITY the sum of TWO THOUSAND EIGHT HUNDRED AND NO/100 DOLLARS ($ 2,800.00) per day for each and every calendar day's delay in finishing the work in excess of the number of days prescribed; and CONTRACTOR agrees to pay said liquidated damages as herein provided, and in case the same are not paid, agrees that CITY, may deduct the amount thereof from any monies due or that may become due CONTRACTOR under the contract.

It
is further agreed that in case the work called for under the contract is not finished and completed in all parts and requirements within the number of days as specified, the CITY shall have the right to increase the number of days or not, as may seem best to serve the interest of CITY, and if the CITY decides to increase the said number of days, the CITY shall further have the right to charge to CONTRACTOR, CONTRACTOR's heirs, assigns or sureties, and to deduct from the final payment for the work, all or any part, as EXHIBIT 1
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Local Construction Contract - GREATER VALLEY CONSERVATION CORPS – COLUMBUS PARK RENOVATIONS, PROJECT NO. WP22041 (Updated 10/18/23) CITY shall further have the right to charge to CONTRACTOR, CONTRACTOR's heirs, assigns or sureties, and to deduct from the final payment for the work, all or any part, as may be deemed proper, the liquidated damages as specified or the actual cost of engineering, inspection, superintendence, and other overhead expenses which are directly chargeable to the contract, and which accrue during the period of such extension, whichever is greater, except the cost of final surveys and preparation of final estimate shall not be included in such charges.

A working day shall not include, nor shall CONTRACTOR be assessed with liquidated damages nor the additional cost of engineering and inspection during any delay beyond the time named for the completion of the work caused by acts of God or of the public enemy, acts of CITY, fire, floods, epidemics, quarantine restrictions, strikes, and freight embargoes and subject to approval by the Director of Public Works, inability to get materials ordered by CONTRACTOR or subcontractor due to such causes provided that CONTRACTOR shall notify the Director of Public Works in writing of the causes of delay within five (5) working days from the beginning of any such delay, and the Director shall ascertain the facts and the extent of the delay, and Director's findings of the facts thereon shall be final and conclusive.

If CONTRACTOR is delayed by reason of alterations made in these specifications, or by any act of the Director of Public Works or of the CITY, not contemplated by the contract, the time of completion shall be extended proportionately, and CONTRACTOR shall be relieved during the period of such extension of any claim for liquidated damages, engineering or inspection charges or other penalties. CONTRACTOR shall have no claim for any other compensation for any such delay.

7. CONFORMANCE TO APPLICABLE LAWS. Contractor shall comply with all applicable Federal, State, and Municipal laws, rules, and ordinances. Contractor shall not discriminate in the employment of persons or in the provision of services under this Contract on the basis of any legally protected classification, including race, color, national origin, ancestry, sex or religion of such person.

a. TITLE VI

Title VI of the Civil Rights Act of 1964 requires that “no person in the United States shall, on the grounds of race, color, or national origin, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving federal financial assistance.” (42 USC Section 2000d)
https://www.dol.gov/agencies/oasam/regulatory/statutes/title-vi-civil-rights- act-of-1964.

The City of Stockton requires compliance with the requirements of Title VI in all of its programs and activities regardless of funding source.

EXHIBIT 1
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Local Construction Contract - GREATER VALLEY CONSERVATION CORPS – COLUMBUS PARK RENOVATIONS, PROJECT NO. WP22041 (Updated 10/18/23) b. DISCRIMINATION AND HARASSMENT POLICY

The City of Stockton has a Discrimination and Harassment Policy (EXHIBIT C ). The purpose of this policy is to reaffirm the CITY’s commitment to demonstrating respect for all individuals by strictly prohibiting discrimination and harassment, including sexual harassment in the workplace, to define the types of behavior and conduct prohibited by this policy, and to set forth a procedure for reporting, investigating, and resolving complaints of discrimination and harassment in the workplace.

c. LABOR STANDARDS PROVISIONS/CALIFORNIA LABOR CODE

The bidder shall understand that conditions set forth in Chapter 1, Part 7, Division 2 of the California Labor Code shall be considered part of the contract agreement.
https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode= LAB&division=2.&title=&part=7.&chapter=1.&article=2.

d. PREVAILING WAGE

CONTRACTOR and any subcontractor shall pay each employee engaged in the trade or occupation not less than the prevailing hourly wage rate. In accordance with the provisions of Section 1770 of the Labor Code, the Director of Department of Industrial Relations of the State of California has determined the general prevailing wage and employer payments for health and welfare, pension, vacation, travel time, and subsistence pay as provided for in Section 1773.1, apprenticeship or other training programs authorized by Section 3093 and similar purposes applicable to the work to be done. CONTRACTOR performing the work under this contract shall obtain a copy of the wage rate determination and shall distribute copies to each subcontractor. As the wage determination for each craft reflects an expiration date, it shall be the prime CONTRACTOR and each subcontractor's responsibility to ensure that the prevailing wage rates of concern is current and paid to the employee.

i. The CONTRACTOR performing the work shall be responsible for obtaining a copy of the State wage rate determination. State wage rates may be obtained at https://www.dir.ca.gov/Public- Works/Prevailing-Wage.html. The CONTRACTOR shall be
responsible for posting said wage rates at a prominent location at the work site and shall maintain same in a good readable condition for the duration of the work.

ii. Should the CONTRACTOR choose to work on a Saturday, Sunday or on a holiday recognized by the Labor Unions, the CONTRACTOR shall reimburse the CITY the actual cost of engineering, inspection, superintendence, and or other overhead expenses which are directly chargeable to the contract. Should such work be undertaken at the EXHIBIT 1
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Local Construction Contract - GREATER VALLEY CONSERVATION CORPS – COLUMBUS PARK RENOVATIONS, PROJECT NO. WP22041 (Updated 10/18/23) request of the CITY, reimbursement will not be required. To conform strictly with the provisions of Division 2, Part 7, Chapter 1, Article 2, of the Labor Code of the State of California. To forfeit as a penalty to CITY the sum of TWENTY-FIVE AND NO/100 DOLLARS ($25.00) for each laborer, worker, or mechanic employed by CONTRACTOR, or by any subcontractor under CONTRACTOR, in the execution of this contract, for each calendar day during which any laborer, worker, or mechanic is required or permitted to work more than eight (8) hours and who is not paid the general prevailing rate of per diem wages for holiday and overtime work in violation of the provisions of Sections 1770 to 1781 of the Labor Code of the State of California. That all sums forfeited under the provisions of the foregoing sections shall be deducted from the payments to be made under the terms of this contract.

iii. The CONTRACTOR to whom the contract is awarded shall ensure that the prime and each subcontractor will in accordance with Section 1776 of the Labor Code, maintain certified payroll records. A copy of said records shall be provided with each invoice to the Public Works Department, Attention Contract Compliance Officer. It shall be the CONTRACTOR’S responsibility to obtain copies of the current prevailing wage rate determination for all subcontractors. Additionally, certified payroll records must be uploaded to the DIR website as required by labor code.

iv. The CONTRACTOR shall comply with the provisions established in Section 1777.5 of the Labor Code concerning the 1) certified approval by local joint apprenticeship committees for the employment and training of apprentices, and 2) contribution of funds to administer and conduct apprenticeship programs, if applicable to the job.

e. LOCAL EMPLOYMENT ORDINANCE

Pursuant to Stockton Municipal Code Section 3.68.095 the CONTRACTOR and all subcontractors shall make a good faith effort to employ at least 50 percent of the workforce on this project from local residents, as measured by total labor work hours. Failure of any CONTRACTOR or subcontractor to comply with these requirements shall be deemed a material breach of the contract or subcontract. CONTRACTORS and subcontractors shall maintain records necessary for monitoring their compliance with section

3.68.095.

f. SANCTIONS

Deliverables must conform with all applicable federal, state, and local laws. Such conformity includes compliance with federal sanctions, and Contractor certifies that it has not and will not engage in prohibited transactions with sanctioned persons or entities.

EXHIBIT 1
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Local Construction Contract - GREATER VALLEY CONSERVATION CORPS – COLUMBUS PARK RENOVATIONS, PROJECT NO. WP22041 (Updated 10/18/23)

CITY agrees:

8. COMPENSATION. To pay CONTRACTOR for the work herein
contemplated in the following manner: Progress payments will be made on or about the first day of each calendar month, in such sum as shall make the aggregate of payment up to such day equal to ninety-five percent (95%) of the proportional contract price, upon the basis of the progress certificate of the Director of Public Works as to the amount of work done and the proportional amount of the contract price represented therefore; and all of the remaining part of the contract price not as aforesaid paid, shall be paid at the expiration of thirty-five (35) days from the completion of said work of construction and the certification by the Director of Public Works of such completion.

9. SECURITIES. Pursuant to Section 22300 of the Public Contract Code, CONTRACTOR will be permitted, at its request and sole expense, to substitute securities for any monies withheld by the CITY to ensure performance under the contract. Said securities will be deposited either with the CITY or with a State or federally chartered bank as escrow agent. Securities eligible for this substitution are those listed in Section 16430 of the California Government Code or bank or savings and loan certificates of deposit.

CONTRACTOR shall be the beneficial owner of any securities substituted for monies withheld and shall receive any interest thereon.

10. CHANGE ORDERS. CITY reserves the right to make such alterations, deviations, additions to or omissions from the plans and specifications, including the right to increase or decrease the quantity of any item or portion of the work, as may be deemed by the Engineer to be necessary or advisable and to require such extra work as may be determined by the Engineer to be required for the proper completion or construction of the whole work contemplated.

Any such changes will be set forth in a contract change order which will specify, in addition to the work done in connection with the change made, adjustment of contract time, if any, and the basis of compensation for such work. A contract change order will not become effective until approved by the City Manager and/or the City Council.

Processing of change orders shall be in accordance with Section 4-1.05A of the City of Stockton Standard Specifications and Plans as adopted by Council on September 27, 2016, by Resolution No. 2016-09-27-1213, effective September 27, 2016, or as otherwise amended by Council. When the compensation for an item of work is subject to adjustment under the provisions of Standard Specifications and Plans, Section 4-1.05A, CONTRACTOR shall, upon request, promptly furnish the Engineer with adequate detailed cost data for such item of work.

11. AUDITS. CITY reserves the right to periodically audit all charges made by CONTRACTOR to CITY for services under the contract. Upon request, CONTRACTOR agrees to furnish CITY, or a designated representative, with necessary information and assistance.

EXHIBIT 1
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CONTRACTO.R agrees that CITY or its delegate will have the right to review, obtain and copy all records pertaining to performance of the contract. CONTRACTOR agrees to provide CITY or its delegate with any relevant information requested and shall permit CITY or its delegate access to its premises, upon reasonable notice, during normal business hours for the purpose of interviewing employees and inspecting and copying such books, records, accounts, and other material that may be relevant to a matter under investigation for the purpose of determining compliance with this requirement.

CONTRACTOR further agrees to maintain such records for a period of three (3) years after final payment under the contract.

12. WAIVER. It is expressly understood and agreed by and between the parties hereto that a waiver of any of the conditions of this contract shall not be considered a waiver of any of the other conditions thereof.

It is further understood and agreed by and between the parties hereto that time is of the essence of this contract in all respects.

IN WITNESS WHEREOF, the parties hereto have hereunto affixed their hands and seals the day and year first above written.

ATTEST: CITY:

KATHERINE ROLAND, CMC, CPMC

CITY CLERK
By: ____________ _
APPROVED AS TO FORM & CONTENT:

LORI M. ASUNCION

OFFICE OF THE CITY ATTORNEY
By:-------------

DEPUTY CITY ATTORNEY
By: -------------

WILL CREW

ACTING CITY MANAGER
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By�J�

SAN JOAQUIN COUNTY

OFFICE OF EDUCATION

OBA GREATER VALLEY

CONSERVATION CORPS
Tax Identification No.

Local Construction Contract - GREATER VALLEY CONSERVATION CORPS - COLUMBUS PARK RENOVATIONS, PROJECT NO. WP22041 (Updated 10/18/23)
PAGE 8 OF 28
EXHIBIT 1
295

COLUMBUS PARK IMPROVEMENTS PROJECT
(GREATER VALLEY CONSERVATION CORPS SCOPE)
Line item cos
ts should include all Contractor’s overhead and profit and indirect costs.

1. Unit Prices for Removal of Trees and Tree Stumps, shall include full compensation for complete removal and proper disposal of trees and stumps with a diameter greater than 6- inches as indicated as “(E) TREE TO BE REMOVED…” or “(E) STUMP TO BE GROUND DOWN...” on the drawings, specified in the Special Provisions and as directed by the City

2. Unit Prices for Install Adult Fitness Equipment, Install Raised Planter Box, Install Raised ADA Planter box, shall include full compensation for furnishing all labor, tools, equipment and incidentals for installing the items, provided by the Contractor, complete in place, including concrete footings, fittings, and assembly appurtenant to its construction, as indicated on the drawings, specified in these Special Provisions and as directed by the City.

3. Unit Prices for Plant Tree – 24” Box, Plant Tree – 15 Gallon, shall include full compensation for furnishing all labor, tools, equipment and incidentals for planting the tree, provided by the Contractor, complete in place, and including planting pit preparation , fertilizing and amending backfill, backfilling and staking, as indicated on the drawings, specified in these Special Provisions and as directed by the City.

BASE BID
Item
# Item Description Unit Qty Unit
Price
Item
Cost
1 Remove tree stump - up to 36”
diameter
EA 1
2 Remove tree - up to 36” DBH EA 11
3 Remove tree - >36” diameter EA 1
4 Install Finess Equipment LS 1
5 Install Raised Planter Box EA 4
6 Install Raised ADA Planter Box EA 2
7 Plant Tree – 24” box EA 19
8 Plant Tree - 15 gallon EA 46

CONTRACT ITEMS

SUBTOTAL
$1,210 $1,210
$4,888 $53,768
$4,500 $4,500
$1,280 $1,280
$2,250 $9,000
$1,500 $3,000
$600 $11,400
$488 $22,448
$106,606

EXHIBIT A
EXHIBIT 1
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Insurance Requirements
(Columbus Park Renovations Project – WP22041)
Contractor shall procure and maintain for the duration of the contract, and for five (5) years thereafter, insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the work hereunder by the Contractor, his agents, representatives, employees, or subcontractors.

MINIMUM SCOPE AND LIMIT OF INSURANCE
Coverage shall be at least as broad as:

1. Commer
cial General Liability (CGL): Insurance Services Office (ISO) Form CG 00 01 covering CGL on an “occurrence” basis, including products and completed operations, property damage, bodily injury and personal & advertising injury with limits no less than $3,000,000 per occurrence. If a general aggregate limit applies, either the general aggregate limit shall apply separately to this project/location (ISO CG 25 03 or 25 04) or the general aggregate limit shall be twice the required occurrence limit.

2. Automo
bile Liability: Insurance Services Office Form CA 0001 covering Code 1 (any auto), with limits no less than $3,000,000 per accident for bodily injury and property damage.

3. Workers’ C
ompensation insurance as required by the State of California, with Statutory Limits, and Employers’ Liability insurance with a limit of no less than $1,000,000 per accident for bodily injury or disease.

4. Profes
sional Liability (if Design/Build), with limits no less than $2,000,000 per occurrence or claim, and $2,000,000 policy aggregate.

5. Contr
actors’ Pollution Legal Liability and/or Asbestos Legal Liability and/or Errors and Omissions (if project involves environmental hazards) with limits no less than $2,000,000 per occurrence or claim, and $2,000,000 policy aggregate.

6. Surety B
onds as described below.

If the c
ontractor maintains broader coverage and/or higher limits than the minimums shown above, the City of Stockton requires and shall be entitled to the broader coverage and/or the higher limits maintained by the contractor. Any available insurance proceeds in excess of the specified minimum limits of insurance and coverage shall be available to the City of Stockton.

EXHIBIT B
EXHIBIT 1
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REV 2024-03-25
Self -Insured Retentions

Self-insured retentions must be declared to and approved by the City of Stockton. The City of Stockton may require the Contractor to purchase coverage with a lower retention or provide proof of ability to pay losses and related investigations, claim administration, and defense expenses within the retention. The policy language shall provide, or be endorsed to provide, that the self-insured retention may be satisfied by either the named insured or City of Stockton. The CGL and any policies, including Excess liability policies, may not be subject to a self-insured retention (SIR) or deductible that exceeds $25,000 unless approved in writing by City of Stockton. Any and all deductibles and SIRs shall be the sole responsibility of Contractor or subcontractor who procured such insurance and shall not apply to the Indemnified Additional Insured Parties. City of Stockton may deduct from any amounts otherwise due Contractor to fund the SIR/deductible. Policies shall NOT contain any self-insured retention (SIR) provision that limits the satisfaction of the SIR to the Named Insured.

The policy must also provide that Defense costs, including the Allocated Loss Adjustment Expenses, will satisfy the SIR or deductible. City of Stockton reserves the right to obtain a copy of any policies and endorsements for verification.

Other Insurance Provisions

The insurance policies are to contain, or be endorsed to contain, the following provisions:

1. The Cit
y of Stockton, its officers, officials, employees, and volunteers are to be covered as additional insureds on the CGL policy with respect to liability arising out of work or operations performed by or on behalf of the Contractor including materials, parts, or equipment furnished in connection with such work or operations and automobiles owned, leased, hired, or borrowed by or on behalf of the Contractor.

General liability coverage can be provided in the form of an endorsement to the Contractor’s insurance (at least as broad as ISO Form CG 20 10, CG 11 85 or both CG 20 10, CG 20 26, CG 20 33, or CG 20 38; and CG 20 37 forms if later revisions used).

Additional insured Name of Organization shall read “City of Stockton, its officers, officials, employees, and volunteers.” Policy shall cover City of Stockton, its officers, officials, employees, and volunteers for all locations work is done under this contract.

2. For
any claims related to this project, the Contractor’s insurance coverage shall be primary and non-contributory insurance coverage at least as broad as ISO CG 20 01 04 13 as respects the City of Stockton, its officers, officials, employees, and volunteers. Any insurance or self-insurance maintained by the City of Stockton, its officers, officials, employees, or volunteers shall be excess of the Contractor’s insurance and shall not contribute with it. This requirement shall also apply to any Excess or Umbrella liability policies. The City of Stockton does not accept endorsements limiting the Contractor’s insurance coverage to the sole negligence of the Named Insured.

EXHIBIT B
EXHIBIT 1
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REV 2024-03-25

3. Each insurance policy required by this clause shall provide that coverage shall not be canceled, except with notice to the City of Stockton.

Claims Made Policies (Professional & Pollution only)
If any coverage required is written on a claims-made coverage form:

1. The retroactive date must be shown, and this date must be before the execution date of the contract or the beginning of contract work.

2. Insurance must be maintained and evidence of insurance must be provided for at least five (5) years after completion of contract work.

3. If coverage is cancelled or non-renewed, and not replaced with another claims- made policy form with a retroactive date prior to the contract effective, or start of work date, the Contractor must purchase extended reporting period coverage for a minimum of five (5) years after completion of contract work.

4. A copy of the claims reporting requirements must be submitted to the City of Stockton for review.

5. If the services involve lead-based paint or asbestos identification/remediation, the Contractors Pollution Liability policy shall not contain lead-based paint or asbestos exclusions. If the services involve mold identification/remediation, the Contractors Pollution Liability policy shall not contain a mold exclusion, and the definition of Pollution shall include microbial matter, including mold.

Umbrella or Excess Policies
The Contractor may use Umbrella or Excess Policies to provide the liability limits as required in this agreement. This form of insurance will be acceptable provided that all of the Primary and Umbrella or Excess Policies shall provide all of the insurance coverages herein required, including, but not limited to, primary and non-contributory, additional insured, Self-Insured Retentions (SIRs), indemnity, and defense requirements. The Umbrella or Excess policies shall be provided on a true “following form” or broader coverage basis, with coverage at least as broad as provided on the underlying Commercial General Liability insurance. No insurance policies maintained by the Additional Insureds, whether primary or excess, and which also apply to a loss covered hereunder, shall be called upon to contribute to a loss until the Contractor’s primary and excess liability policies are exhausted.

Acceptability of Insurers
Insurance is to be placed with insurers authorized to conduct business in the state with a current A.M. Best rating of no less than A: VII, unless otherwise acceptable to the City of Stockton.

EXHIBIT B
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Waiver of Subrogation
Contractor hereby agrees to waive rights of subrogation which any insurer of Contractor may acquire from Contractor by virtue of the payment of any loss.

Contractor agrees to obtain any endorsement that may be necessary to affect this waiver of subrogation. The Workers’ Compensation policy shall be endorsed with a waiver of subrogation in favor of the City of Stockton for all work performed by the Contractor, its employees, agents and subcontractors.

Verification of Coverage
Cont
ractor shall furnish the City of Stockton with original certificates and amendatory endorsements or copies of the applicable policy language affecting coverage required by this clause and a copy of the Declarations and Endorsements Pages of the CGL and any Excess policies listing all policy endorsements. All certificates and endorsements and copies of the Declarations & Endorsements pages are to be received and approved by the City of Stockton before work commences. However, failure to obtain the required documents prior to the work beginning shall not waive the Contractor’s obligation to provide them. The City of Stockton reserves the right to require complete, certified copies of all required insurance policies, including endorsements required by these specifications, at any time. City of Stockton reserves the right to modify these requirements, including limits, based on the nature of the risk, prior experience, insurer, coverage, or other special circumstances.

Subcontractors
Contractor shall require and verify that all subcontractors maintain insurance meeting all requirements stated herein, and Contractor shall ensure that City of Stockton is an additional insured on insurance required from subcontractors. For CGL coverage, subcontractors shall provide coverage with a form at least as broad as CG 20 38 04 13.

Duration of Coverage
CGL & Excess liability policies for any construction related work, including, but not limited to, maintenance, service, or repair work, shall continue coverage for a minimum of 5 years for Completed Operations liability coverage. Such Insurance must be maintained, and evidence of insurance must be provided for at least five (5) years after completion of the contract of work.

Surety Bonds
Contractor shall provide the following Surety Bonds:

1. Bid
Bond

2. Performance Bond

3. Payment Bond

4. Maintenance Bond

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REV 2024-03-25
The Payment Bond and the Performance Bond shall be in a sum equal to the contract price. If the Performance Bond provides for a one-year warranty a separate Maintenance Bond is not necessary. If the warranty period specified in the contract is for longer than one year a Maintenance Bond equal to 10% of the contract price is required. Bonds shall be duly executed by a responsible corporate surety, authorized to issue such bonds in the State of California and secured through an authorized agent with an office in California.

Special Risks or Circumstances
City of Stockton reserves the right to modify these requirements, including limits, based on the nature of the risk, prior experience, insurer, coverage, or other circumstances.

Cert
ificate Holder Address
The
address for mailing certificates, endorsements and notices shall be:

City
of Stockton
Its Officers, Officials, Employees and Volunteers
400 E Main Street, 3rd Floor – HR
Stockton, CA 95202

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Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No. 1 of 14
DISCRIMINATION AND Effective Date: Revised From:

HARASSMENT POLICY 7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 I. PURPOSE
The purpose of this policy is to reaffirm the City's commitment to demonstrating respect for all individuals by strictly prohibiting discrimination and harassment, including sexual harassment in the workplace. This policy defines prohibited behavior and conduct, and sets forth a procedure for reporting, investigating and resolving complaints of discrimination, harassment, in the workplace, including retaliation and hostile work environment.

II. POLICY
A. The City of Stockton prohibits any form of discrimination and/or harassment of any person based on race, religious creed, color, national origin, ancestry, military and veterans status, physical or mental disability, medical condition, genetic characteristics or information, denial of family and medical care leave, marital status, sexual orientation, sex (including gender, gender identity, gender expression, transgender, pregnancy, childbirth and breastfeeding), political affiliation, age (40 and older), concerted labor activity, or any other category or attribute consistent with state or federal law.

All such discrimination and harassment is unlawful and shall not be tolerated. In addition, under the federal Affordable Care Act (ACA), the City of Stockton prohibits discrimination and/or harassment, or retaliation against an employee who obtains coverage, receives a tax credit or subsidy through the Health Care "Market Place" or "Exchange."
B. It is an unlawful employment practice to discriminate against or to harass an unpaid intern or volunteer on the basis of any legally protected classification unless an exception applies, such as a bona fide occupational qualification.

C. The City will neither tolerate nor condone discrimination and/or harassment of employees by managers, supervisors, co-workers, or non-employees with whom City employees have a business service, or professional relationship.

D. All City employees and non-employees share a responsibility to assist in

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1 BO

ND FOR FAITHFUL PERFORMANCE
K
NOW ALL MEN BY THESE PRESENTS:

That we, SAN JOAQUIN COUNTY OFFICE OF EDUCATION DBA GREATER VALLEY CONSERVATION CORPS, as Principal and
, a corporation, organized and existing under the
laws of the State of and duly authorized to transact business under the laws of the State of California, as Surety, are held and firmly bound unto the City of Stockton, a municipal corporation, duly created and existing under and by virtue of the laws of the State of California, as obligee, in the just and full sum of ONE HUNDRED SIX THOUSAND SIX HUNDRED SIX DOLLARS AND 00/100 DOLLARS ($106,606.00) , in lawful money of the United States of America (being 100% of the contract price) for the payment whereof well and truly to be made to the said CITY, the said Principal and Surety bind themselves, their successors and assigns, jointly and severally, firmly by these presents.

The condition of the foregoing obligation is such that the above-bounded Principal has simultaneously entered into a contract with the CITY, to do and perform the following work, to wit:

COLUMBUS PARK RENOVATIONS
PROJECT NO. WP22041
NOW, THEREFORE, if the above bounded Principal, CONTRACTOR, Company or
Corporation or its subcontractor shall well and truly perform the work contracted to be done under said contract, then this obligation to be null and void; otherwise, to remain in full force and effect.

No prepayment or delay in payment and no change, extension, addition or alteration of any provision of said contract, or in said plans or specifications agreed to between the said CONTRACTOR and the said CITY, and no forbearance on the part of the said CITY shall operate to relieve any Surety or Sureties from liability on this bond, EXHIBIT 1
316

2 and consent by said Surety is hereby given, and the said Surety hereby waives the provisions of Sections 2819 and 2845 of the Civil Code of the State of California.

SIGNED AND SEALED on

APPROVED AS TO SURETY: By:

PRINCIPAL

SURETY
APPROVED AS TO FORM & CONTENT:

LORI M. ASUNCION

OFFICE OF THE CITY ATTORNEY

By:

ATTORNEY-IN-FACT
By:

DEPUTY CITY ATTORNEY

EXHIBIT 1
317
1 BOND FOR LABOR AND MATERIAL
KNOW ALL MEN BY THESE PRESENTS:

That we, SAN JOAQUIN COUNTY OFFICE OF EDUCATION DBA GREATER VALLEY CONSERVATION CORPS, as Principal and ____,
corporation, organized and existing under the laws of the State of and duly authorized to transact business under the laws of the State of California, as Surety, are held and firmly bound unto the City of Stockton, a municipal corporation, duly created and existing under and by virtue of the laws of the State of California, and unto any and all material suppliers, persons, companies, or corporations furnishing materials, provisions, provender or other supplies used in, upon, for or about the performance of the work contemplated to be executed or performed under the contract hereinafter mentioned, and all persons, companies, or corporations renting or hiring teams, or implements of machinery, for or contributing to said work and all persons who perform work or labor upon the same, and all persons who supply both work and materials, and whose claims have not been paid by the contractor, company or corporation in the just and full sum of ONE HUNDRED SIX THOUSAND SIX HUNDRED SIX DOLLARS AND 00/100 DOLLARS ($106,606.00), in lawful money of the United States of America (being 100% of the contract price) for the payment whereof well and truly to be made to said CITY and to said persons jointly and severally, the said principal and Surety bind themselves, their successors and assigns, jointly and severally, firmly by these presents.

The condition of the foregoing obligations is such that the above bounden Principal has simultaneously entered into a contract of even date herewith, with the CITY, to do and perform the following work, to-wit:

COLUMBUS PARK RENOVATIONS
PROJECT NO. WP22041
NOW, THEREFORE, if the above bounden Principal, CONTRACTOR, Company or Corporation or its subcontractor, fail to pay for all materials, provisions, provender, or other supplies, or teams, used in, upon, for or about the performance of the work contracted to be done, or for any work or labor done thereon of any kind, the Surety on EXHIBIT 1
318

2 this bond will pay the same, in an amount not exceeding the sum specified in this bond, provided that any and all claims hereunder shall be filed and proceedings had in connection therewith as required by the provisions of Division 3, Part 4, Title 15, Chapter 5, Article 1 of the Civil Code of California, provided that in case suit is brought upon this bond, a reasonable attorney's fee shall be awarded by the Court to the prevailing party in said suit; said attorney's fee to be fixed as costs in said suit, and to be included in the judgment therein rendered.

No prepayment or delay in payment and no change, extension, addition or alteration of any provision of said contract or in said plans or specifications agreed to between the said CONTRACTOR and the said CITY and no forbearance on the part of the said CITY shall operate to relieve any surety or sureties from liability on this bond, and consent to make such alterations without further notice to or consent by any such surety is hereby given, and the said sureties hereby waive the provisions of Sections 2819 and 2845 of the Civil Code of the State of California.

SIGNED AND SEALED on .

APPROVED AS TO SURETY: By:

PRINCIPAL

SURETY
APPROVED AS TO FORM & CONTENT:

LORI M. ASUNCION

OFFICE OF THE CITY ATTORNEY

By:

ATTORNEY-IN-FACT
By:

DEPUTY CITY ATTORNEY

EXHIBIT 1
319
Local Construction Contract - Stockbridge General Contracting, Inc. - Columbus Park Renovation, Project No. WP22041 (Updated 10/18/23)

CONSTRUCTION CONTRACT
This c ont
ract is made and entered into on _____________, by and between STOCKBRIDGE GENERAL CONTRACTING, INC. a STATE OF CALIFORNIA CORPORATION, with a business address at 2972 LARKIN AVENUE, CLOVIS, CALIFORNIA 93612, hereinafter called "CONTRACTOR," and CITY OF STOCKTON, a municipal corporation, hereinafter called "CITY."

W I T N
E S S E T H:

WHERE
AS, plans and specifications for the construction of COLUMBUS PARK RENOVATIONS, PROJECT NO. WP22041 , hereinafter called “PROJECT,” were regularly adopted b y Council Resolution No. __________________, on _________________; and
WHERE
AS, the contract for said work was regularly awarded to CONTRACTOR, by Council Resolution No. __________________, on ________________.

NOW, T
HEREFORE, in consideration of the promises and of the mutual covenants herein contained, the parties hereto expressly agree as follows:

CONTRACTOR agrees:

1. SCOPE OF SERVICES. To do the work and furnish all the labor, materials, tools, equipment, and insurance required for the construction of PROJECT in accordance with the plans and specifications adopted on _____________, by Council Resolution No. __________________ . The "contract documents ," which include the bid documents, project plans, specifications, all letters of clarification, and the City of Stockton Standard Specifications and Plans, are incorporated into and made a part of this contract by this reference to the same extent as if fully set forth.

2. COMPENSATION. To do and perform the work contemplated hereby in a good and workmanlike manner and to furnish all labor, materials, tools , and equipment necessary therefor e at the prices specified in EXHIBIT A , attached hereto and by reference made a part hereof, under the direction of and to the complete satisfaction of the Director of Public Works of the City of Stockton. Total compensation for services and reimbursement for costs shall not exceed $2,345,000.00, or as otherwise mutually agreed to in a Contract Change Order.

3. INSURANCE. CONTRACTOR shall not commence any work before obtaining, and shall maintain in force at all times during the duration and performance of this contract, the policies of insurance specified in EXHIBIT B, which is attached to this contract and incorporated by this reference, and as provided in the “contract documents” including Section 7- 1.06 of the City of Stockton Standard Specifications and Plans as adopted on September 27, 2016, by Council Resolution No. 2016-09-27-1213, effective September 27, 2016.

EXHIBIT 2
320

Local Construction Contract - Stockbridge General Contracting, Inc. - Columbus Park Renovation, Project No. WP22041 (Updated 10/18/23)
It shall be a requirement under this agreement that any available insurance proceeds broader than or in excess of the specified minimum i nsurance coverage requirements and/or limits shall be available to the Additional Insured.

Furtherm
ore, the requirements for coverage and limits shall be (1) the minimum coverage and limits specified in this Agreement; or (2) the broader coverage and maximum limits of coverage of any i nsurance policy or proceeds available to the named Insured; whichever is greater.

The Addit
ional Insured coverage under the CONTRACTOR’s policy shall be “primary and non-contributory” and will not seek contribution from the City of Stockton’s insurance or self-insurance and shall be at least as broad as ISO CG 20 01 04 13.

The limi
ts of insurance required in this agreement may be satisfied by a combination of primary and umbrella or excess insurance. Any umbrella or excess i nsurance shall contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non-contributory basis for the benefit of the City of Stockton (if agreed to in a written contract or agreement) before the City of Stockton’s own insurance or self - insurance shall be called upon to protect it as a named insured.

All self-ins
ured retentions (SIR) must be disclosed to the CITY’s Risk Management for approval and shall not reduce the limits of liability. Payment Bond in the amount of the self-insured retention (SIR) may be required.

Polici
es containing any self-insured retention (SIR) provision shall provide or be endorsed to provide that the SIR may be satisfied by either the named insured or the CITY.

The CITY res
erves the right to obtain a full certified copy of any i nsurance policy and endorsements.

Failure t
o exercise this right shall not constitute a waiver of right to exercise later.

CONTRACTO
R shall maintain insurance as required by this contract to the fullest amount allowed by law and shall maintain insurance for a minimum of five years following the completion of this project. In the event contractor fails to obtain or maintain completed operations coverage as required by this agreement, the City at its sole discretion may purchase the coverage required and the cost will be paid by contractor.

CONTRACTO
R agrees to include with all Subcontractors in their subcontract the same requirements and provisions of this agreement including the indemnity and insurance requirements to the extent they apply to the scope of the Subcontractor’s work.

Subcontractors hired by CONTRACTOR agree to be bound to CONTRACTOR and the CITY in the same manner and to the same extent as CONTRACTOR is bound to the CITY under the Contract Documents. Subcontractor further agrees to include these same provisions with any Sub-subcontractor. A copy of the CITY Contract Document Indemnity and Insurance provisions will be furnished to the Subcontractor upon request. The General CONTRACTOR shall require all sub-contractors to provide a valid certificate of

EXHIBIT 2
321

Local Construction Contract - Stockbridge General Contracting, Inc. - Columbus Park Renovation, Project No. WP22041 (Updated 10/18/23)
insurance and the required endorsements included in the agreement prior to commencement of any work and contractor will provide proof of compliance to the City.

4. INDEM
NITY AND HOLD HARMLESS. To the full est extent permitted by law, Contractor shall hold harmless, defend, and indemnify City of Stockton and its officers, officials, employees, and volunteers from and against all claims, damages, losses, and expenses including attorney fees arising out of the performance of the work described herein, caused in whole or in part by any negligent act or omission of the Contractor, any subcontractor, anyone directly or indirectly employed by any of them, or anyone for whose acts any of them may be liable, except where caused by the active negligence, sole negligence, or willful misconduct of the City of Stockton. This obligation is independent of, and shall not in any way be limited by, the minimum Insurance obligations contained in this agreement. These obligations shall survive the completion or termination of this agreement.

5. STANDARD PL
ANS AND SPECIFICATIONS. The perform ance of said
work and the furnishing of said materials shall be executed in accordance with Section 8-1.04B of the City of Stockton Standard Specifications and Plans as adopted on September 27, 2016, b y Council Resolution No. 2016- 09-27-1213, effective September 27, 2016, and the provisions of the issued project specifications.

The Direct
or of Public Works will furnish CONTRACTOR a weekly statement showing the number of days charged to the contract for the preceding week, the number of days specified for completion of the contract, and the number of days remaining to complete the contract. CONTRACTOR will be allowed one (1) week in which to file a written protest setting forth in what respects said weekly statement is incorrect, otherwise the statement shall be deemed to have been accepted by CONTRACTOR as correct.

6. WORKING
DAYS. This wor k shall be diligently prosecuted to completion before the expiration of 180 WORKING DAYS beginning on the tenth calendar day after the date shown on the Notice to Proceed. It is agreed by the parties to the contract that in case all the work called for under the contract in all parts and requirements, is not finished or completed within the number of days as set forth, damage will be sustained by the CITY, and that it is and will be impracticable and extremely difficult to ascertain the actual damage which CITY will sustain in the event of and by reason of such delay; and it is therefore agreed that CONTRACTOR will pay to CITY the sum of FIVE THOUSAND TWO HUNDRED AND NO/100 DOLLARS ($5,200) per day for each and every calendar day's delay in finishing the work in excess of the number of days prescribed; and CONTRACTOR agrees to pay said liquidated damages as herein provided, and in case the same are not paid, agrees that CITY, may deduct the amount thereof from any monies due or that may become due CONTRACTOR under the contract.

It is fur
ther agreed that in case the work called for under the contract is not finished and completed in all parts and requirements within the number of days as specified, the CITY shall have the right to increase the number of days or not, as may seem best to serve the interest of CITY, and if the CITY decides to increase the said number of days, the CITY shall further have the right to charge to CONTRACTOR, CONTRACTOR's heirs,

EXHIBIT 2
322

Local Construction Contract - Stockbridge General Contracting, Inc. - Columbus Park Renovation, Project No. WP22041 (Updated 10/18/23)
assigns or sureties, and to deduct from the final payment for the work, all or any part, as may be deemed proper, the liquidated damages as specified or the actual cost of engineering, inspection, superintendence, and other overhead expenses which are directly chargeable to the contract, and which accrue during the period of such extension, whichever is greater, except the cost of final surveys and preparation of final estimate shall not be included in such charges.

A worki
ng day shall not include, nor shall CONTRACTOR be assessed with liquidated damages nor the additional cost of engineering and inspection during any delay beyond the time named for the completion of the work caused by acts of God or of the public enemy, acts of CITY, fire, floods, epidemics, quarantine restrictions, strikes, and freight embargoes and subject to approval by the Director of Public Works , inability to get materials ordered by CONTRACTOR or subcontractor due to such causes provided that CONTRACTOR shall notify the Director of Public Works in writing of the causes of delay within five (5) working days from the beginning of any such delay, and the Director shall ascertain the facts and the extent of the delay, and Director's findings of the facts thereon shall be final and conclusive.

If CON
TRACTOR is delayed by reason of alterations made in these specifications, or by any act of the Director of Public Works or of the CITY, not contemplated by the contract, the time of completion shall be extended proportionately and CONTRACTOR shall be relieved during the period of such extension of any claim for liquidated damages, engineering or inspection charges or other penalties. CONTRACTOR shall have no claim for any other compensation for any such delay.

7. CONFORM
ANCE TO APPLICABLE LAWS . Contract or shall comply with all applicable Federal, State, and Municipal laws, rules and ordinances. Contractor shall not discriminate in the employment of persons or in the provision of services under this Contract on the basis of any legally protected classification, including race, color, national origin, ancestry, sex or religion of such person.
a. TITLE VI
Title V
I of the Civil Rights Act of 1964 requires that “no person in the United States shall, on the grounds of race, color, or national origin, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving federal financial assistance.” (42 USC Section 2000d)
http://www.dol.gov/oasam/regs/statutes/titlevi.htm.

The City
of Stockton requires compliance with the requirements of Title VI in all of its programs and activities regardless of funding source. b. DISCRIMINATION AND HARASSMENT POLICY
The City
of Stockton has a Discrimination and Harassment Policy
(EXHIBIT C ). The purpose of this policy is to reaffirm the CITY’s

EXHIBIT 2
323
Local Construction Contract - Stockbridge General Contracting, Inc. - Columbus Park Renovation, Project No. WP22041 (Updated 10/18/23)
commitment to demonstrating respect for all individuals by strictly prohibiting discrimination and harassment, including sexual harassment in the workplace, to define the types of behavior and conduct prohibited by this policy, and to set forth a procedure for reporting, investigating, and resolving complaints of discrimination and harassment in the workplace. c. LABOR ST

AND ARDS PROVISIONS/CALIFORNIA LABOR CODE
The bidder
shall understand that conditions set forth in Chapter 1, Part 7, Division 2 of the California Labor Code shall be considered part of the contract agreement.
https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode= LAB&division=2.&title=&part=7.&chapter=1.&article=2.
d. PREVAILI

NG WAGE
CONT
RACTOR and any subcontractor shall pay each employee engaged in the trade or occupation not less than the prevailing hourly wage rate. In accordance with the provisions of Section 1770 of the Labor Code, the Director of Department of Industrial Relations of the State of California has determined the general prevailing rates of wages and employer payments for health and welfare, pension, vacation, travel time, and subsistence pay as provided for in Section 1773.1, apprenticeship or other training programs authorized by Section 3093 and similar purposes applicable to the work to be done. CONTRACTOR performing the work under this contract shall obtain a copy of the wage rate determination and shall distribute copies to each subcontractor. As the wage determination for each craft reflects an expiration date, it shall be the prime CONTRACTOR and each subcontractor's responsibility to ensure that the prevailing wage rates of concern is current and paid to the employee.
i. The CO
NTRACTOR performing the work shall be responsible for
obtaining a copy of the State wage rate determination. State wage rates may be obtained at
http://www.dir.ca.gov/OPRL/pwd/Determinations/Northern/Northern.pdf.

The CONTRACTOR shall be responsible for posting said wage rates at a prominent location at the work site and shall maintain same in a good readable condition for the duration of the work.
ii. Should t
he CONTRACTOR choose to work on a Saturday, Sunday or
on a holiday recognized by the Labor Unions, the CONTRACTOR shall reimburse the CITY the actual cost of engineering, inspection, superintendence, and or other overhead expenses which are directly chargeable to the contract. Should such work be undertaken at the request of the CITY, reimbursement will not be required. To conform strictly with the provisions of Division 2, Part 7, Chapter 1, Article 2, of the Labor Code of the State of California. To forfeit as a penalty to

EXHIBIT 2
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Local Construction Contract - Stockbridge General Contracting, Inc. - Columbus Park Renovation, Project No. WP22041 (Updated 10/18/23)
CITY the sum of TWENTY-FIVE AND NO/100 DOLLARS ($25.00) for each laborer, worker, or mechanic employed by CONTRACTOR, or by any subcontractor under CONTRACTOR, in the execution of this contract, for each calendar day during which any laborer, worker, or mechanic is required or permitted to work more than eight (8) hours and who is not paid the general prevailing rate of per diem wages for holiday and overtime work in violation of the provisions of Sections 1770 to 1781 of the Labor Code of the State of California. That all sums forfeited under the provisions of the foregoing sections shall be deducted from the payments to be made under the terms of this contract.
iii. The CO
NTRACTOR to whom the contract is awarded shall ensure that the prime and each subcontractor will in accordance with Section 1776 of the Labor Code, maintain certified payroll records. A copy of said records shall be provided with each invoice to the Public Works Department, Attention Contract Compliance Officer. It shall be the CONTRACTOR’S responsibility to obtain copies of the current prevailing wage rate determination for all subcontractors. Additionally, certified payroll records must be uploaded to the DIR website as required by labor code.
iv. The CON
TRACTOR shall comply with the provisions established in Section 1777.5 of the Labor Code concerning the 1) certified approval by local joint apprenticeship committees for the employment and training of apprentices, and 2) contribution of funds to administer and conduct apprenticeship programs, if applicable to the job. e. LOCAL

EM PLOYMENT ORDINANCE
Pursua
nt to Stockton Municipal Code Section 3.68.095 the CONTRACTOR and all subcontractors shall make a good faith effort to employ at least 50 percent of the workforce on this project from local residents, as measured by total labor work hours. Failure of any CONTRACTOR or subcontractor to comply with these requirements shall be deemed a material breach of the contract or subcontract. CONTRACTORS and subcontractors shall maintain records necessary for monitoring their compliance with section

3.68.095.
f. COMMUNI

TY WORKFORCE TRAINING AGREEMENT
Pursua
nt to the implementation of the Community Workforce Training Agreement (CWTA) adopted by the City Council on July 26, 2016, the successful bidder shall be required to comply with the provisions of CWTA. For any project subject to this Agreement, the Local Hire, Priority Apprentice and Workforce Development Program requirements shall apply in lieu of the requirements of Stockton Municipal Code Section 3.68.095 and

EXHIBIT 2
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Local Construction Contract - Stockbridge General Contracting, Inc. - Columbus Park Renovation, Project No. WP22041 (Updated 10/18/23)
no separate compliance with Section 3.68.095 will be required of the Contractors/Employers working on the project (EXHIBIT D). g. SANCTIONS
Deli
verables must conform with all applicable federal, state, and local laws. Such conformity includes compliance with federal sanctions, and Contractor certifies that it has not and will not engage in prohibited transactions with sanctioned persons or entities.

CIT
Y agrees:

8. COM
PENSATION. To pay C ONTRACTOR for the work herein
contemplated in the following manner: Progress payments will be made on or about the first day of each calendar month, in such sum as shall make the aggregate of payment up to such day equal to ninety-five percent (95%) of the proportional contract price, upon the basis of the progress certificate of the Director of Public Works as to the amount of work done and the proportional amount of the contract price represented therefor e; and all of the remaining part of the contract price not as aforesaid paid, shall be paid at the expiration of thirty-five (35) days from the completion of said work of construction and the certification by the Director of Public Works of such completion.

9. SECURI
TI ES. Pursuant to Section 22300 of the Public Contract Code, CONTRACTOR will be permitted, at its request and sole expense, to substitute securities for any monies withheld by the CITY to ensure performance under the contract. Said securities will be deposited either with the CITY or with a State or federally chartered bank as escrow agent. Securities eligible for this substitution are those listed in Section 16430 of the California Government Code or bank or savings and loan certificates of depos it.

CONTRACTOR shall be the beneficial owner of any securities substituted for monies withheld and shall receive any interest thereon.

10. CHANGE
ORDE RS. CITY reserves the right to make such alterations, deviations, additions to or omissions from the plans and specifications, including the right to increase or decrease the quantity of any item or portion of the work, as may be deemed by the Engineer to be necessary or advisable and to require such extra work as may be determined by the Engineer to be required for the proper completion or construction of the whole work contemplated.

Any suc
h changes will be set forth in a contract change order which will specify, in addition to the work done in connection with the change made, adjustment of contract time, if any, and the basis of compensation for such work. A contract change order wi ll not become effective until approved by the City Manager and/or the City Council.

Proc
essing of change orders shall be in accordance with Section 4- 1.05A of the City of Stockton Standard Specifications and Plans as adopted by Council on September 27, 2016, by Resolution No. 2016-09-27-1213, effective September 27, 2016, or as otherwise

EXHIBIT 2
326
amended by Council. When the compensation for an item of work is subject to adjustment under the provisions of Standard Specifications and Plans, Section 4-1.05A, CONTRACTOR shall, upon request, promptly furnish the Engineer with adequate detailed cost data for such item of work.

11. AUDITS. CITY reserves the right to periodically audit all charges made by CONTRACTOR to CITY for services under the contract. Upon request, CONTRACTOR agrees to furnish CITY, or a designated representative, with necessary information and assistance.

CONTRACTOR agrees that CITY or its delegate will have the right to review, obtain and copy all records pertaining to performance of the contract. CONTRACTOR agrees to provide CITY or its delegate with any relevant information requested and shall permit CITY or its delegate access to its premises, upon reasonable notice, during normal business hours for the purpose of interviewing employees and inspecting and copying such books, records, accounts, and other material that may be relevant to a matter under investigation for the purpose of determining compliance with this requirement.

CONTRACTOR further agrees to maintain such records for a period of three (3) years after final payment under the contract.

12. WAIVER. It is expressly understood and agreed by and between the parties hereto that a waiver of any of the conditions of this contract shall not be considered a waiver of any of the other conditions thereof.

It is further understood and agreed by and between the parties hereto that time is of the essence of this contract in all respects.

IN WITNESS WHEREOF, the parties hereto have hereunto affixed their hands and seals the day and year first above written.

CITY:

By: ____________ _

WILL CREW

ACTING CITY MANAGER
__By: � ' •••• -
ATTEST:

KATHERINE ROLAND, CMC, CPMC

CITY CLERK
By: __________
APPROVED AS TO FORM & CONTENT:

LORI M. ASUNCION

OFFICE OF THE CITY ATTORNEY
By:-------------

DEPUTY CITY ATTORNEY

STOCKBRIDGE GENERAL
CONTRACTING, INC.
45-3138551
Tax Identification No.

Local Construction Contract - Stockbridge General Contracting, Inc. - Columbus Park Renovation, Project No. WP22041 (Updated 10/18/23)

EXHIBIT 2
By: ____________ _
327

COLUMBUS PARK RENOVATIONS
PROJECT NO. WP22041

BID DING SCHEDULE
Each bidder shall bid each item, including all alternate bid(s). Failure to bid an item shall be just cause for considering the bid as non-responsive. Line item costs should include all Contractor's overhead and profit and indirect costs. Bids not presented on City forms shall be cause for considering the bid
as non-responsive.

The basis of contract award will be the lowest responsive bidder for the Base Bid.

BASE BID
Item Description Unit Quantity Total Price
BASE BID: All base bid items and work
1 shown on the plans and indicated in the
specifications for the Columbus Park LS 1 $ 21 '5· 4S1 ooo Renovations Project.

TOTAL BASE BID 0o fof,1/,'@"' ·Thr<.., l4Dvioll"e..<>< U)urly Bid Forms
cF,•ve. ·[email protected]
BIDDER'S NAME Stockbridge General Contracting, Inc.

EXHIBIT A

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328
REV 2024-0
3-25
Insurance Requirements
(Construction Contracts)
Contractor shall procure and maintain for the duration of the contract, and for five (5) years thereafter, insurance against claims for injuries to persons or damages to pro
perty which may ari se from or in conne ction with the performance of the work hereunder by the Contractor, his agents, representatives, employees, or subcontractors.

MINIMUM SCOPE AND LIMIT OF INSURANCE
Coverage shall be at least as broad as:

1. Commerc
ial General Liability (CGL): Insurance Services Office (ISO) Form CG 00 01 covering CGL on an “occurrence” basis, including products and completed operations, property damage, bodily injury and personal & advertising injury with limits no less than $3,000,000 per occurrence. If a general aggregate limit applies, either the general aggregate limit shall apply separately to this project/location (ISO CG 25 03 or 25 04) or the general aggregate limit shall be twice the required occurrence limit.

2. Automobile
Liability: Insurance Services Office Form CA 0001 covering Code 1 (any auto), with limits no less than $2,000,000 per accident for bodily injury and property damage.

3. Workers’ Co
mpensation insurance as required by the State of California, with Statutory Limits, and Employers’ Liability insurance with a limit of no less than $1,000,000 per accident for bodily injury or disease.

4. Contrac
tors Pollution Liability applicable to the work being performed, with a limit no less than $1,000,000 per claim or occurrence and $1,000,000 aggregate per policy period of one year.

5. Surety Bo
nds as described below.

If the co
ntractor maintains broader coverage and/or higher limits than the minimums shown above, the City of Stockton requires and shall be entitled to the broader coverage and/or the higher limits maintained by the contractor. Any available insurance proceeds in excess of the specified minimum limits of insurance and coverage shall be available to the City of Stockton.

Self -Insured Retentions

EXHIBIT B

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Self-insured retentions must be declared to and approved by the City of Stockton. The City of Stockton may require the Contractor to purchase coverage with a lower retention or provide proof of ability to pay losses and related investigations, claim administration, and defense expenses within the retention. The policy language shall provide, or be endorsed to provide, that the self-insured retention may be satisfied by either the named insured or City of Stockton. The CGL and any policies, including Excess liability policies, may not be subject to a self-insured retention (SIR) or deductible that exceeds $25,000 unless approved in writing by City of Stockton. Any and all deductibles and SIRs shall be the sole responsibility of Contractor or subcontractor who procured such insurance and shall not apply to the Indemnified Additional Insured Parties. City of Stockton may deduct from any amounts otherwise due Contractor to fund the SIR/deductible. Policies shall NOT contain any self-insured retention (SIR) provision that limits the satisfaction of the SIR to the Named Insured.

The policy must also provide that Defense costs, including the Allocated Loss Adjustment Expenses, will satisfy the SIR or deductible. City of Stockton reserves the right to obtain a copy of any policies and endorsements for verification.

Other In
surance Provisions
The ins
urance policies are to contain, or be endorsed to contain, the following provisions:

1. The City of Stockton, its officers, officials, employees, and volunteers are to be covered as additional insureds on the CGL policy with respect to liability arising out of work or operations performed by or on behalf of the Contractor including materials, parts, or equipment furnished in connection with such work or operations and automobiles owned, leased, hired, or borrowed by or on behalf of the Contractor.

General liability coverage can be provided in the form of an endorsement to the Contractor’s insurance (at least as broad as ISO Form CG 20 10, CG 11 85 or both CG 20 10, CG 20 26, CG 20 33, or CG 20 38; and CG 20 37 forms if later revisions used).

Additional insured Name of Organization shall read “City of Stockton, its officers, officials, employees, and volunteers.” Policy shall cover City of Stockton, its officers, officials, employees, and volunteers for all locations work is done under this contract.

2. For any
claims related to this project, the Contractor’s insurance coverage shall be primary and non-contributory insurance coverage at least as broad as ISO CG 20 01 04 13 as respects the City of Stockton, its officers, officials, employees, and volunteers. Any insurance or self-insurance maintained by the City of Stockton, its officers, officials, employees, or volunteers shall be excess of the Contractor’s insurance and shall not contribute with it. This requirement shall also apply to any Excess or Umbrella liability policies. The City of Stockton does not accept endorsements limiting the Contractor’s insurance coverage to the sole negligence of the Named Insured.

EXHIBIT B

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3. Each insurance policy required by this clause shall provide that coverage shall not be canceled, except with notice to the City of Stockton.

Claims Ma
de Policies (Professional & Pollution only)
If any coverage required is written on a claims-made coverage form:

1. The retr
oactive date must be shown, and this date must be before the execution date of the contract or the beginning of contract work.

2. Insurance
must be maintained and evidence of insurance must be provided for at least five (5) years after completion of contract work.

3. If cover
age is cancelled or non-renewed, and not replaced with another claims- made policy form with a retroactive date prior to the contract effective, or start of work date, the Contractor must purchase extended reporting period coverage for a minimum of five (5) years after completion of contract work.

4. A copy
of the claims reporting requirements must be submitted to the City of Stockton for review.

5. If the s
ervices involve lead-based paint or asbestos identification/remediation, the Contractors Pollution Liability policy shall not contain lead-based paint or asbestos exclusions. If the services involve mold identification/remediation, the Contractors Pollution Liability policy shall not contain a mold exclusion, and the definition of Pollution shall include microbial matter, including mold.

Umbrella or Excess Policies
The Contractor may use Umbrella or Excess Policies to provide the liability limits as required in this agreement. This form of insurance will be acceptable provided that all of the Primary and Umbrella or Excess Policies shall provide all of the insurance coverages herein required, including, but not limited to, primary and non-contributory, additional insured, Self-Insured Retentions (SIRs), indemnity, and defense requirements. The Umbrella or Excess policies shall be provided on a true “following form” or broader coverage basis, with coverage at least as broad as provided on the underlying Commercial General Liability insurance. No insurance policies maintained by the Additional Insureds, whether primary or excess, and which also apply to a loss covered hereunder, shall be called upon to contribute to a loss until the Contractor’s primary and excess liability policies are exhausted.

Acceptability of Insurers
Insurance is to be placed with insurers authorized to conduct business in the state with a current A.M. Best rating of no less than A: VII, unless otherwise acceptable to the City of Stockton.

EXHIBIT B

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Waiver of Subrogation
Contractor hereby agrees to waive rights of subrogation which any insurer of Contractor may acquire from Contractor by virtue of the payment of any loss.

Contractor agrees to obtain any endorsement that may be necessary to affect this waiver of subrogation. The Workers’ Compensation policy shall be endorsed with a waiver of subrogation in favor of the City of Stockton for all work performed by the Contractor, its employees, agents and subcontractors.

Verification of Coverage
Contrac
tor shall furnish the City of Stockton with original certificates and amendatory endorsements or copies of the applicable policy language effecting coverage required by this clause and a copy of the Declarations and Endorsements Pages of the CGL and any Excess policies listing all policy endorsements. All certificates and endorsements and copies of the Declarations & Endorsements pages are to be received and approved by the City of Stockton before work commences. However, failure to obtain the required documents prior to the work beginning shall not waive the Contractor’s obligation to provide them. The City of Stockton reserves the right to require complete, certified copies of all required insurance policies, including endorsements required by these specifications, at any time. City of Stockton reserves the right to modify these requirements, including limits, based on the nature of the risk, prior experience, insurer, coverage, or other special circumstances.

Subcontractors
Contractor shall require and verify that all subcontractors maintain insurance meeting all requirements stated herein, and Contractor shall ensure that City of Stockton is an additional insured on insurance required from subcontractors. For CGL coverage, subcontractors shall provide coverage with a form at least as broad as CG 20 38 04 13.

Duration of Coverage
CGL & Excess liability policies for any construction related work, including, but not limited to, maintenance, service, or repair work, shall continue coverage for a minimum of 5 years for Completed Operations liability coverage. Such Insurance must be maintained and evidence of insurance must be provided for at least five (5) years after completion of the contract of work.

Surety Bonds
Contractor shall provide the following Surety Bonds:

1. Bid Bond

2. P
erformance Bond

3. Payment Bond

4. Maintenance Bond

EXHIBIT B

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The Payment Bond and the Performance Bond shall be in a sum equal to the contract price. If the Performance Bond provides for a one-year warranty a separate Maintenance Bond is not necessary. If the warranty period specified in the contract is for longer than one year a Maintenance Bond equal to 10% of the contract price is required. Bonds shall be duly executed by a responsible corporate surety, authorized to issue such bonds in the State of California and secured through an authorized agent with an office in California.

Special Risks or Circumstances
City of Stockton reserves the right to modify these requirements, including limits, based on the nature of the risk, prior experience, insurer, coverage, or other circumstances.

Certifi
cate Holder Address
The add
ress for mailing certificates, endorsements and notices shall be:

City of
Stockton
Its Officers, Officials, Employees and Volunteers
400 E Main Street, 3rd Floor – HR
Stockton, CA 95202

EXHIBIT B

EXHIBIT 2
333
Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No. 1 of 14
DISCRIMINATION AND Effective Date: Revised From:

HARASSMENT POLICY 7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 I. PURPOSE
The purpose of this policy is to reaffirm the City's commitment to demonstrating respect for all individuals by strictly prohibiting discrimination and harassment, including sexual harassment in the workplace. This policy defines prohibited behavior and conduct, and sets forth a procedure for reporting, investigating and resolving complaints of discrimination, harassment, in the workplace, including retaliation and hostile work environment.

II. POLICY
A. The City of Stockton prohibits any form of discrimination and/or harassment of any person based on race, religious creed, color, national origin, ancestry,
military and veterans status, physical or mental disability, medical condition, genetic characteristics or information, denial of family and medical care leave, marital status, sexual orientation, sex (including gender, gender identity, gender expression, transgender, pregnancy, childbirth and breastfeeding), political affiliation, age (40 and older), concerted labor activity, or any other category or attribute consistent with state or federal law.

All such discrimination and harassment is unlawful and shall not be tolerated. In addition, under the federal Affordable Care Act (ACA), the City of Stockton prohibits discrimination and/or harassment, or retaliation against an employee who obtains coverage, receives a tax credit or subsidy through the Health Care "Market Place" or "Exchange."
B. It is an unlawful employment practice to discriminate against or to harass an unpaid intern or volunteer on the basis of any legally protected classification unless an exception applies, such as a bona fide occupational qualification.

C. The City will neither tolerate nor condone discrimination and/or harassment of employees by managers, supervisors, co-workers, or non-employees with whom City employees have a business service, or professional relationship.

D. All City employees and non-employees share a responsibility to assist in

EXHIBIT C

EXHIBIT 2
334
Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No. 2 of 14
DISCRIMINATION AND Effective Date: Revised From: HARASSMENT POLICY 7/27/09 5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 maintaining an employment environment free of discrimination and harassment. This policy applies to all aspects of City employment, including, but not limited to, hiring, reassignment, placement, promotion, employment action, disciplinary action, layoff, reemployment, transfer, leave of absence, compensation and benefits, training; or other terms of treatment of that person in an unpaid internship, or another limited duration program to provide unpaid work experience for that person, or the harassment of an unpaid intern or volunteer.

E. All allegations of discrimination and/or harassment shall be investigated immediately by the City, in accordance with this policy. If it is determined that any prohibited activity has occurred, remedial action shall be taken. Such action may include discipline up to and including discharge. In addition, under applicable law, individual supervisors and employees may be subject to personal liability and/or punitive damages in any litigation arising as a result of such conduct.

F. All new hires shall attend harassment awareness training, and supervisors and managers shall attend harassment awareness and prevention training for supervisors every two years.

G. The City of Stockton prohibits retaliation against any employee or non­ employee by another employee, non-employee, supervisor, or manager for reporting, filing, testifying, assisting or participating in any manner in any investigation, proceeding, or hearing conducted by the employer or a federal or state enforcement agency.

H. This policy applies to all officials, employees,
volunteers, unpaid interns,
agents, or contractors of the City.

I. This policy shall be administered by the Director of Human Resources.

EXHIBIT C

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335
Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No. 3 of 14
DISCRIMINATION AND Effective Date: Revised From:

HARASSMENT POLICY 7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment m the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 Ill. DEFINITION AND EXAMPLES OF DISCRIMINATION AND HARASSMENT A. "Discrimination," as used in this policy, is any action, behavior, practice, or process that is intended to deny, or results in the denial of, employment rights, privileges, or benefits because of a person's race, religious creed, color, national origin, ancestry, military and veterans status, physical or mental disability, medical condition, genetic characteristics or information, denial of family and medical care leave, marital status, sexual orientation,
sex (including gender, gender identity, gender expression, transgender, pregnancy, childbirth and breastfeeding), political affiliation, age (40 and older), concerted labor activity, or any other prohibition identified under state and federal law. The following are examples of conduct that may constitute discrimination:

1. Soliciting applications from a source where all or most of potential workers are of the same race or color.

2. Considering a person's gender as the basis for differences in pay, work assignments, performance evaluations, training, discipline, or any other area of employment; and

3. Questioning a job applicant about the existence, nature and severity of a disability.

B. "Harassment," as used in this policy, consists of any conduct affecting another person because of his or her race, religious creed, color, national origin, ancestry, military and veterans status, physical or mental disability, medical condition, genetic characteristics or information, denial of family and medical care leave, marital status, sexual orientation, sex (including gender, gender identity, gender expression, transgender, pregnancy, childbirth and breastfeeding), political affiliation, age (40 and older), concerted labor activity, or any other category or attribute identified under state and federal law when such conduct has the purpose or the effect of: (1) creating an intimidating, hostile or offensive work environment; (2) unreasonably interfering with the employee's or non-employee's work performance; or (3)

EXHIBIT C

EXHIBIT 2
336
Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No. 4 of 14

DISCRIMINATION AND

HARASSMENT POLICY
Effective Date: Revised From:
7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 otherwise adversely affecting an employee's or non-employee's employment opportunities.

Harassment may take many forms, including, but not limited to, the following examples:

1. Verbal Harassment: Epithets, derogatory and offensive comments or slurs based on race, religion, color, national origin, ancestry, physical or mental disability, marital status, pregnancy, medical condition, gender, sexual orientation, political affiliation, age, or any other category or attribute identified under state and federal law.

2. Physical Harassment: Assault, impeding or blocking movement that results in the physical interference with normal work or movement on the basis of race, religion, color, national origin, ancestry, physical or mental disability, marital status, pregnancy, medical condition, gender, sexual orientation, political affiliation, age, or any other category or attribute identified under state and federal law.

3. Visual Harassment: The displaying of posters, photography, notices, bulletins, e-mails, cartoons or drawings with derogatory and offensive content based on race, religion, color, national origin, ancestry,
physical or mental disability, marital status, pregnancy, medical condition, gender, sexual orientation, political affiliation, age, or any other category or attribute identified under state and federal law.

C. "Sexual harassment," as used in this policy, is a subcategory of harassment, and is specifically defined by law as unwanted sexual advances, requests for sexual favors or visual, verbal or physical conduct of a sexual nature when:

1. Submission to such conduct is made a term or condition of employment; or

2. Submission to or rejection of such conduct is used as a basis for employment decisions affecting the individual; or

EXHIBIT C

EXHIBIT 2
337
Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No. 5 of 14

DISCRIMINATION AND

HARASSMENT POLICY
Effective Date: Revised From:
7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual
Harassment Investigative Procedures) revised from 2/15/93

3. Such conduct has the purpose or effect of unreasonably interfering with an employee's or non-employee's work performance or creating an intimidating, hostile or offensive working environment because of the persistent, severe or pervasive nature of the conduct.

Examples of Sexual Harassment include, but are not limited to the following:
a. Unwelcome sexual overtures or propositions.
b. Offering employment benefits or status in exchange for sexual favors.
c. Making or threatening retaliation after a negative response to sexual advances.
d. Visual conduct such as leering, making sexual gestures, displaying sexually suggestive objects or pictures, cartoons, calendars or posters.
e. Verbal conduct such as using epithets or slurs, telling sexually explicit jokes, or making derogatory or suggestive comments about a person's body or dress.
f. Written communications of a sexual nature distributed in hard copy, soft copy or via a computer network.
g. Verbal abuse of a sexual nature, graphic verbal commentary about an individual's body, sexually degrading words to describe an individual, suggestive or obscene letters, notes or invitations.
h. Physical conduct such as touching, assaulting, impeding or blocking movements.

EXHIBIT C

EXHIBIT 2
338
Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No. 6 of 14
DISCRIMINATION AND Effective Date:

HARASSMENT POLICY
Revised From:
7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95. 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 i. Retaliation for making harassment reports or threatening to report harassment.

D. Affordable Care Act (ACA) Anti-Retaliation
Pursuant to section §1558 of the Affordable Care Act, the City prohibits discrimination or retaliation towards any employee who:

1. Receives a health insurance tax credit or subsidy through the Health Care "Marketplace" or "Exchange", by which can trigger a penalty payable by the employer;

2. Reports potential violations of protections
afforded under Title I of the
Act, which provides guaranteed availability protections among other things;

3. Testifies in a proceeding concerning such violation;

4. Assists or participates in a proceeding concerning a violation; or

5. Objects to, or refuses to participate in, any activity, policy, practice, or assigned task that the employee reasonably believes to be in violation of any provision of the Title I of the Act.

An employee who believes that he or she has been discharged or otherwise discriminated against in violation of section §1558 of the Affordable Care Act may seek relief in accordance with the procedures, notifications, burdens of proof, remedies, and statutes of limitation set forth in section 2087(b) of title 15, United States Code.

IV. REPORTING AND COMPLAINT PROCEDURES
A. Immediate Action Required
The City's reporting and complaint procedures provide for an immediate, thorough and objective investigation of discrimination or harassment claims, appropriate disciplinary action taken against any person found to have engaged in prohibited behavior, and appropriate alternative remedies to any

EXHIBIT C

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339
Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No. 7 of 14
DISCRIMINATION AND Effective Date: Revised From:

HARASSMENT POLICY 7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 employee or non-employee subject to discrimination or harassment. To accomplish this, such incidents must be reported immediately to a supervisor or manager.

1. Employee's and Non-Employee's Responsibilities when Subjected to Discrimination and/or Harassment
a. Employees or non-employees who believe they have been subjected to discrimination or harassment, or are aware of discrimination or harassment against others, shall report the situation immediately to his/her
supervisor or manager, except
as specified in subsection (b), below. Employees and non­ employees shall report any such incidents occurring in the workplace, whether committed by coworkers, supervisors or managers, or third persons doing business with the City, such as customers or vendors, or other non-employees. If
comfortable doing so, an employee or non-employee who has a complaint of discrimination or harassment is encouraged to directly inform the person(s) engaging in the behavior that such conduct is offensive and insist the behavior to stop.
b. Employees and non-employees must immediately contact a supervisor or manager to register a complaint of discrimination or harassment, unless that supervisor or manager is the individual engaging in the unwanted behavior. In that case, the employee or non-employee may contact someone at the next supervisory level. If the employee or non-employee feels uncomfortable dealing directly with his or her immediate supervisor or manager, he or she may contact the department head, or the Director of Human Resources (or either of their designees) to register a complaint of discrimination or harassment.
c. Employees and non-employees may file a formal complaint of harassment or discrimination with their department head or

EXHIBIT C

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340
Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No. 8 of 14

DISCRIMINATION AND

HARASSMENT POLICY
Effective Date: Revised From:
7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment In the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 with Human Resources. To assist the City in conducting a thorough investigation, complaints shall be submitted in writing and shall include specific details of the incident(s), the names of the
individuals involved, the names of any witnesses, and
any documentary evidence (notes, pictures, cartoons, etc.) that will corroborate the allegations.
d. Employees and non-employees shall immediately report any retaliation to a supervisor, manager, department head or Director of Human Resources (or designee). All retaliation complaints shall be immediately, objectively and thoroughly investigated in accordance with the investigation procedures.

If a report of retaliation is substantiated, appropriate disciplinary action, up to and including discharge shall be taken.

2. Supervisor's or Manager's Responsibilities to Eliminate Discrimination and/or Harassment
a. A supervisor or manager is responsible for enforcing the City's discrimination and harassment policy. Supervisors or
managers must ensure that all employees and non-employees are aware of the City's policy through open discussion of the policy at staff meetings and by posting the policy in a conspicuous location accessible to all staff members.
b. A supervisor or manager shall be cognizant of employees' and non-employees' behavior and shall not permit any employee or non-employee under their supervision to be subjected to or engage in any conduct prohibited by this policy.
c. A supervisor or manager who observes conduct prohibited by this policy shall immediately direct the employee or non­ employee to cease the conduct.

EXHIBIT C

EXHIBIT 2
341
Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No. 9 of 14
DISCRIMINATION AND Revised From:

HARASSMENT POLICY
Effective Date:
7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment
Investigative Procedures) revised from 2/15/93
d. A supervisor or manager who receives a complaint of
prohibited conduct is required to take the complaint seriously, and report the matter immediately to the department head; be supportive of the complainant; ensure there is no retaliation against the complainant; conduct an internal fact-finding review into the allegations; obtain as much detailed information as possible; thoroughly document the findings; communicate in written form to the parties the resolution of the complaint; and report to and consult with the Human Resources Department promptly, without delay.

B. Confidentiality. The City will make every effort to protect the privacy and confidentiality of all parties involved, as well as any information and/or documentation obtained, to the extent possible consistent with a thorough investigation.

C. Penalty for Non-Compliance. The City shall take disciplinary action, up to and including discharge, against any supervisor or manager who fails in his/her responsibility to take immediate action in response to an employee's or non-employee's complaint of discrimination or harassment. Further, such disciplinary action shall be taken against a supervisor or manager who fails to stop discriminatory or harassing conduct committed in his/her presence or to stop such conduct about which the supervisor or manager has knowledge.

V. INVESTIGATION PROCEDURES
A. Determination of Responsibility for Investigation
If a formal complaint is filed with the department head or the Director of Human Resources (or either of their designees), the department head and the Director of Human Resources shall consult with one another to determine whether the department or Human Resources shall conduct the fact-finding investigation into the allegations. Either the department head or the Director of Human Resources (or either of their designees), depending on who is

EXHIBIT C

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342
Subject:

B.

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No.10 of 14
DISCRIMINATION AND Effective Date: Revised From:

HARASSMENT POLICY 7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment In the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 responsible for the investigation, shall issue written notification to the complainant and alleged harasser(s). The notification shall specify the nature of the complaint, and inform the parties that an investigation into the allegations of discrimination and/or harassment shall be conducted.

Investigative Guidelines
The investigation shall include the following steps taken in the order best suited to the circumstances:

1. Identify and preserve the evidence.

2. Confirm the name and position of the complainant. Interview the complainant.

3. Allow the complainant the opportunity to place the complaint in writing.

4. Obtain the identity of the alleged harasser(s).

5. Obtain as many details as possible regarding the incident(s) that prompted the complaint, including the number of occurrences, dates, times, locations, and
witnesses (if applicable).

6. Ascertain how the complainant felt about the alleged incident when it occurred; complainant's response(s) to the alleged behavior; and witness statements (if applicable).

7. Ascertain if any threats or promises were made in connection with the alleged harassment.

8. Ascertain if the complainant knows of or suspects that there are other victims of harassment by the same person(s).

9. Ascertain whether the complainant has spoken to anyone, especially

EXHIBIT C

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343
Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No. 11 of 14

DISCRIMINATION AND

HARASSMENT POLICY
Effective Date: Revised From:
7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment m the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 supervisors, about the harassment.

10. Ascertain what resolution would be acceptable to the complainant.

11. Interview the alleged harasser to get his or her side of the story, including any possible motivation for a false allegation.

12. Interview witnesses who were identified by the complainant regarding the alleged harasser or other persons identified during the investigation.

13. Interview witnesses who were identified by the alleged harasser or other persons identified during the investigation.

14. Advise all participants that the investigation is "confidential" and not to engage in any retaliatory conduct, as such conduct is subject to disciplinary action up to and including discharge. Confidentiality will be maintained to the extent possible. An individual who is interviewed during the course of an investigation is prohibited from discussing the substance of the interview, except as otherwise directed by a supervisor or the Director of Human Resources. Any individual who discusses the content of an investigatory interview will be subject to discipline or other appropriate sanction.

15. Conduct follow-up interviews, if warranted.

16. Prepare report of findings and discuss with management and designated legal staff.

VI. RESPONDING TO THE COMPLAINT
A. Following the completion of the fact-finding investigation, either the department head or the Director of Human Resources (or either of their designees), depending on who is responsible for the investigation, shall

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Subject:

CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Directive No. HR-15 Page No.12 of 14
DISCRIMINATION AND Effective Date: Revised From: HARASSMENT POLICY 7/27/09 5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 make a report of findings, along with a recommendation regarding the appropriate remedial action to be taken, if warranted. The recommendation shall be made after reviewing the findings of the investigation, giving consideration to all factual information, the nature of the alleged conduct, and the totality of the circumstances. If the investigation was conducted by the Director of Human Resources, or designee, the Director, or designee, shall confer with the affected department head and both shall concur on the remedial action to be taken, if any. If the investigation was conducted by the department head,
the department head shall confer with the Director of
Human Resources prior to making the report of findings and both shall concur on the remedial action to be taken, if any.

B. If either the department head or the Director of Human Resources does not concur with the findings and recommendation of the other, the City Attorney (or designee) shall review and resolve the matter in dispute.

C. Report of findings and recommendation shall be treated as a confidential document and no other distribution shall be made without first consulting with the City Attorney's Office. A completed investigation report will not be disclosed, except as it is deemed necessary to support a disciplinary action, to take remedial action, to defend the City in adversarial proceedings, or to comply with the law or court order.

D. Either the department head or the Director of Human Resources (or either of their designees), depending on who is responsible for the investigation shall provide a written response to the complainant and the person alleged to have committed the misconduct, discrimination and/or harassment. The response shall include a copy of the City's discrimination and harassment policy and a memorandum indicating the City's determination as to whether the complaint is:

1. Unsustained: The investigation failed to disclose sufficient evidence to substantiate the allegation(s).

2. Unfounded: The investigation proved that the act(s) or omission(s)

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CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Subject: Directive No. HR-15 Page No. 13 of 14
DISCRIMINATION AND Effective Date: Revised From:

HARASSMENT POLICY 7/27/09

3. 5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 complained of did not occur. The finding
also applies when the
individual employee(s) named in the complaint were not involved in the act(s) or omission(s) alleged.

Sustained: The investigation disclosed sufficient evidence to substantiate the allegation(s) made in the complaint; appropriate action will be taken.

E. Details regarding any specific fact-findings or disciplinary action to be taken will not be communicated to the complainant. The City Attorney shall review the response for legal sufficiency before dissemination.

F. The City shall close and retain the investigation file, in accordance with applicable laws, regulations, and City policy regarding retention of City records.

VII. DISCIPLINE
Disciplinary action imposed as a result of any investigation conducted pursuant to this policy shall be commensurate with the severity of the offense, up to and including discharge, even for a first offense.

VIII. ALTERNATIVE REMEDIES
If upon exhausting all internal remedies to file, investigate, and respond to a charges of discrimination/harassment, pursuant to title VII of the Federal Civil Rights Act of 1964 (42 U.S.C §§ 2000e et seq.), any person has a right to file a charge of discrimination/harassment with the Equal Employment Opportunity Commission ("EEOC"). In addition, pursuant to the California Fair Employment and Housing Act (Gov. Code §§ 12900 - 12996.) a person may also file a complaint of discrimination/harassment with the California Department of Fair Employment and Housing ("DFEH"). Employees or non-employees who believe that they have been subjected to discrimination/harassment may file a complaint with either of these

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CITY OF STOCKTON, CALIFORNIA

CITY MANAGER ADMINISTRATIVE DIRECTIVE
Subject: Directive No. HR-15 Page No. 14 of 14

DISCRIMINATION AND

HARASSMENT POLICY
Effective Date: Revised From:
7/27/09
5/1/2015 4/6/09
3/1/2010
(see below)
PER-015 (Sexual Harassment in the Workplace) revised from 10/21/94, 5/1/95, 1/1/98 PER-037 (Sexual Harassment Investigative Procedures) revised from 2/15/93 agencies. Both the EEOC and DFEH serve as neutral fact-finders and attempt to assist parties in resolving disputes voluntarily.

IX. COMMUNICATION OF POLICY
This policy shall be provided
to all managers, supervisors, employees, volunteers,
unpaid interns, agents or contractors of the City and shall be posted in the appropriate places. All employees shall participate in City approved harassment awareness training as directed by management or Human Resources; and all supervisors, as required by law, shall participate in City approved interactive harassment awareness training and education sessions at least once every two years, or as otherwise specified by law.

APPROVED:
c:r��SON

CITY MANAGER
::ODMA\GRPWISE\COS.PER.PER_Library:96180.1

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Attachment A
Addggdum,A

CITY OF STOCKTON COMMUNITY WORKFORCE AND TRAINING AGREEMENT

AGREEMENT TO BE BOUND
The undersigned, as a Contractor or Subcontractor, including construction material trucking company/entity, (CONTRACTOR) on the City of Stockton Project, (hereinafter PROJECT), for and in consideration of the award to it ofa contract to perform work on said PROJECT, and in further consideration of the mutual promises made in this Community Workforce and Training Agreement (hereinafter AGREEMENT), a copy of which was received and is acknowledged, hereby:
(1) Accepts and agrees to be bound by the terms and conditions of the AGREEMENT for this Project, together with any and all amendments and supplements now existing or which are later made thereto:
(2) The CONTRACTOR agrees to be bound by the legally established local trust agreements designated in the applicable Schedule A as set forth in Article IV of this AGREEMENT.
(3) The CONTRACTOR authorizes the parties to such local trust agreements to appoint trustees and successor trustees to administer the trust funds and hereby ratifies and accepts the trustees so appointed as if made by the CONTRACTOR; (4) Certifies that it has no commitments or agreements which would preclude its full and complete compliance with the terms and conditions of said AGREEMENT. (5) Agrees to secure from any CONTRACTOR(S) (as defined in said AGREEMENT) which is or becomes a subcontractor ( of any tier) to it, a duly executed Agreement to be Bound in form identical to this document.
(6) This Agreement to be Bound constitutes a subscription agreement to the extent of its terms. However, the undersigned agrees to execute a separate Subscription Agreement(s) or contributing employer agreement for Trust Funds when such Trust Fund(s) requires such document(s).

Date: 1/31/2025 Stockbridge General Contracting, Inc.

Name of Contractor
(Authoriz'
Guy Stockb,"'1,1:llliJ..�""""'
967612
CSLB # or Motor Carrier Pennit
3238-017.Jj
20

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BOND FOR FAITHFUL PERFORMANCE

KNOW ALL M
EN BY THESE PRESENTS:

That we, STOCKBRIDGE GENERAL CONTRACTING, INC. , a STATE OF CALIFORNIA CORPORATION, as Principal and ___, a
corporation, organized and existing under the laws of the State of California and duly authorized to transact business under the laws of the State of California, as Surety, are held and firmly bound unto the City of Stockton, a municipal corporation, duly created and existing under and by virtue of the laws of the State of California, as obligee, in the just and full sum of TWO MILLION THREE HUNDRED FORTY -FIVE THOUSAND AND NO/100 DOLLARS ($2,345,000.00), in lawful money of the United States of America (being 100% of the contract price) for the payment whereof well and truly to be made to the said CITY, the said Principal and Surety bind themselves, their successors and assigns, jointly and severally, firmly by these presents.

The condition of the foregoing obligation is such that the above bounded Principal has simultaneously entered into a contract with the CITY, to do and perform the following work, to wit:

COLUMBUS PARK RE

NOVATIONS
PROJECT NO. WP22041

NOW, THE
REFORE, if the above bounded Principal, CONTRACTOR, Company or
Corporation
or its subcontractor, shall well and truly perform the work co ntracted to be done under said contract, then this obligation to be null and void; otherwise to remain in full force and effect.

No prepayment or delay in payment and no change, extension, addition or alteration of any provision of said contrac t, or in said plans or specifications agreed to between the said CONTRACTOR and the
said CITY, and no forbearance
on the part of the said CITY shall operate to relieve any Surety or Sureties from liability on this bond,
1 EXHIBIT 2
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2 and consent by said Surety is hereby given, and the said Surety hereby waives the provisions of Sections 2819 and 2845 of the Civil Code of the State of California.

SIGNED AND SEA
LED on

APPROVED AS TO SU
RETY: By:

PRINCIPAL
SURETY

APPROVED AS T
O FORM & CONTENT:

LORI M. ASUNCION

OFFICE OF THE CITY ATTORNEY
By:

ATTORNEY-IN-FACT
By:

DEPUTY CITY ATTORNEY
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1 BOND FOR LABOR AND MATERIAL
KNOW ALL MEN BY THESE PRESENTS:

That we, STOCKBRIDGE GENERAL CONTRACTING, INC. , a STATE OF CALIFORNIA CORPORATION, as Principal and ,
corporation, organized and existing under the laws of the State of California and duly authorized to transact business under the laws of the State of California, as Surety, are held and firmly bound unto the City of Stockton, a municipal corporation, duly created and existing under and by virtue of the laws of the State of California, and unto any and all material suppliers, persons, companies, or corporations furnishing materials, provisions, provender or other supplies used in, upon, for or about the performance of the work contemplated to be executed or performed under the contract hereinafter mentioned, and all persons, companies, or corporations renting or hiring teams, or implements of machinery, for or contributing to said work and all persons who perform work or labor upon the same, and all persons who supply both work and materials, and whose claims have not been paid by the contractor, company or corporation in the just and full sum of TWO MILLION THREE HUNDRED FORTY-FIVE THOUSAND AND NO/100 DOLLARS ($2,345,000.00), in lawful money of the United States of America (being 100% of the contract price) for the payment whereof well and truly to be made to said C ITY and to said persons jointly and severally, the said principal and Surety bind themselves, their successors and assigns, jointly and severally, firmly by these presents.

The condition of the foregoing obligations is such that the above bounden Principal has simultaneously entered into a contract of even date herewith, with the CITY, to do and perform the following work, to-wit:

COLUMBUS PARK RENOVATIONS
PROJECT NO. WP22041
NOW, THEREFORE, if the above bounden Principal, CONTRACTOR, Company or Corporation or its subcontractor, fail to pay for all materials, provisions, provender, or other supplies, or teams, used in, upon, for or about the performance of the work contracted to be done, or for any work or labor done thereon of any kind, the Surety on 371
2 this bond will pay the same, in an amount not exceeding the sum specified in this bond, provided that any and all claims hereunder shall be filed and proceedings had in connection therewith as required by the provisions of Division 3, Part 4, Title 15, Chapter 5, Article 1 of the Civil Code of California, provided that in case suit is brought upon this bond, a reasonable attorney's fee shall be awarded by the Court to the prevailing party in said suit; said attorney's fee to be fixed as costs in said suit, and to be included in the judgment therein rendered.

No prepayment or delay in payment and no change, extension, addition or alteration of any provision of said contract or in said plans or specifications agreed to between the said CONTRACTOR and the said CITY and no forbearance on the part of the said CITY shall operate to relieve any surety or sureties from liability on this bond, and consent to make such alterations without further notice to or consent by any such surety is hereby given, and the said sureties hereby waive the provisions of Sections 2819 and 2845 of the Civil Code of the State of California.

SIGNED AND SE
ALED on .

APPROVED AS TO S
URETY: By:

PRINCIPAL
SURETY

APPROVED AS
TO FORM & CONTENT:

LORI M. ASUNCION

OFFICE OF THE CITY ATTORNEY
By:

ATTORNEY-IN-FACT
By:

DEPUTY CITY ATTORNE Y
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COLUMBUS PARK RENOVATION PROJECTPublic Works Department City Council MeetingMarch 4, 2025Agenda Item 14.1

CITY OF STOCKTON
373

PROJECT LOCATIONCOLUMBUS PARK RENOVATION PROJECT
374
EXISTING SITEColumbus Park Renovation Project
•Minimal features to engage the community•Poor conditions•Prone to homeless encampments 375
Five Public Meetings in 2019 given by Visionary Home Builders and City staff Purpose – Talk to neighboring community about what is desired for Columbus Park and maximize Grant OpportunitiesFebruary 25, 2019 – Columbus Park (30 attendees)February 28, 2019 – Knife River Construction (14 attendees)March 22, 2019 – Santa Fe Townhomes (20 attendees)April 26, 2019 – Columbus Park (60 attendees)May 31, 2019 – Santa Fe Townhomes (24 attendees)

PUBLIC OUTREACHCOLUMBUS PARK RENOVATION PROJECT
376
OUTREACH METHODSCOLUMBUS PARK RENOVATION PROJECTMethods Used to Notify for MeetingsEmail noticesFlyers at nearby businesses and schoolsNeighborhood canvassingSocial media event posts 377

EVENT PICTURESCOLUMBUS PARK RENOVATION PROJECT
378

EVENT PICTURESCOLUMBUS PARK RENOVATION PROJECT
379

EVENT PICTURESCOLUMBUS PARK RENOVATION PROJECT
380

EVENT PICTURESCOLUMBUS PARK RENOVATION PROJECT
381
Proposed ImprovementsAdult Fitness AreaChildren’s PlaygroundPicnic Shade StructureExeloo Restroom BuildingFull Size Basketball CourtCommunity GardenLandscapingNew TreesNew Walkways PROJECT IMPROVEMENTSColumbus Park Renovation Project
382

CONCEPT PLANCOLUMBUS PARK RENOVATION PROJECT
383
PROJECT BACKGROUNDCOLUMBUS PARK RENOVATION PROJECTMarch 2021 - Applied for Prop 68 State Parks and Recreation GrantDecember 8, 2021 - City notified of award of $3,351,430 of Prop 68 grant fundingFebruary 7, 2023 - Design contract awarded to Callander and AssociatesOctober 16, 2024 - Advertised for construction bidsDecember 12, 2024 - Six bids received; lowest Stockbridge General Contracting, Inc. $2,345,000 384
PROJECT COSTCOLUMBUS PARK RENOVATION PROJECTCOSTDESCRIPTION$387,863Design$2,963,567Construction$3,351,430TOTALFunded by Proposition 68 Park Grant funds – 100% 385
RECOMMENDATIONS•Approve the Plans and Specifications for the Columbus Park Renovations, Project No. WP22041•Approve an Agreement between the City of Stockton and the San Joaquin County Office of Education dba Greater Valley Conservation Corps in the amount of $106,606•Award a Construction Contract in the amount of $2,345,000 to Stockbridge General Contracting, Inc. of Clovis, CA, for the Columbus Park Renovations, Project No. WP22041 386
City of Stockton
Legislation Text
File #: 25-0066, Version: 1
ACCEPT FISCAL YEAR 2024-25 FIRST QUARTER BUDGET STATUS UPDATE AND AUTHORIZE

BUDGET AMENDMENTS

RECOMMENDATION
It is recommended that the City Council adopt a resolution to:

1. Accept this budget status report on the unaudited results of the first quarter of Fiscal Year (FY) 2024-25.

2. Approve two budget amendments and associated transfers in the General Fund Citywide Revenue and the Fire Department Truck 7 Restoration Project.

It is recommended that the City Manager be authorized to take appropriate and necessary actions to carry out the purpose and intent of the resolution.

Summary
City staff reviewed the financial results for the first quarter of Fiscal Year (FY) 2024-25. That review indicates General Fund revenues are within budgeted levels and expenditures are slightly under budget. General Fund revenues totaled $31.8 million in the first quarter, and expenses totaled $70.5 million. Staffing levels in the first quarter were lower than the level anticipated in the budget resulting in expenditure savings. Overall, first quarter expenditures of $70.5 million were at 18% of the budget and are projected to end the year within the total adjusted annual expenditure budget of $390.2 million.

Staff reviewed all other City funds to determine significant budget variances. Budget adjustments are needed in the General Fund Property Rentals revenue and the Fire Department.

DISCUSSION
Background
Regular analysis and reporting of the City’s financial status supports the City Council’s strategic goal of Fiscal Sustainability and is a key component to maintaining a fiscally healthy organization.

Council adopted the FY 2024-25 annual city-wide budget of $955.7 million on June 18, 2024. The adopted General Fund expenditure budget was $328.3 million of the total City budget.

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Present Situation
General Fund Budget Status Update
Attachment A presents the revised annual General Fund budget with actual revenues and expenditures for the first three months of the current fiscal year. The first three months of revenue and expenditure transactions do not typically provide enough information to draw precise conclusions and judgments regarding year-end outcomes. Consequently, this report does not include a revised Long-Range Financial Plan (L-RFP) projection or a year-end projection. Subsequent quarterly reports will include updated year-end projections.

The City does not receive General Fund tax revenues in a regular monthly pattern, evidenced by first quarter revenues being less than 25% of annual budgeted revenues. The timing of monthly expenses is more evenly distributed. Still, the General Fund includes some budgeted items paid in large lump sums that cause variances when reviewed quarterly. The information below is based on an analysis of the trends in the first few months of available data. Staff continues to monitor revenue collections and expenditure trends in all categories against the annual budget, the L-RFP, and department projections.

Budget Adjustments
Throughout the fiscal year, the City Council can authorize adjustments to the budget. Attachment A summarizes the Adopted Budget, adjustments made in the first quarter, and the resulting Approved Budget of the General Fund.

Below are the details of those approved changes.

Adopted General Fund Expenditure Budget . . . . . . . . . . . . $328.28 million Encumbrance/Contract Rollover . . . . . . . . . . . . . . . . . . . . . . . +8.65 million Capital Rollover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . +24.99 million Approved Carryover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . +3.09 million Approved Funding for Projects . . . . . . . . . . . . . . . . . . . . . . . +25.22 million Total Revised Expenditure Budget . . . . . . . . . . . . . . . . . . . . $390.2 million The first adjustment is the encumbrance and contract rollover from the prior fiscal year. The City uses encumbrance accounting to avoid exceeding the budget by earmarking appropriations for expenses before paying for products or services. On a budgetary basis, encumbrances are reported as a reduction to available appropriations in the fiscal year they are committed, even if not paid for by year-end. At the end of FY 2023-24, the General Fund had $8.65 million encumbered for approved purchases not yet received or paid for during the fiscal year. The appropriations related to those encumbrances are re-appropriated in the FY 2024-25 budget.

Capital budgets continue on until the associated project is complete. The General Fund is the funding source for $24.99 million in ongoing capital projects, including special projects designated by Council last year. The unspent funds from FY 2023-24 have been added back to the General Fund budget for FY 2024-25.

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The Approved Carryover of $3.09 million is related to projects and priorities from the prior fiscal year that were not yet encumbered. These continuations were approved by Council in October and December 2024.

The approved FY 2023-24 Funding for Projects of $25.22 million in year-end funds is related to projects approved with the year end budget report on Resolution 2024-12-03-1504 and on Resolution 2024-11-19-1503 to address the impact of health care premiums.

The adopted budget plus subsequent Council-approved budget amendments increased the total budget to $390.2 million. In the adopted budget, expenditures exceeded revenues by $7.8 million.

With the budget revisions, expenditures now exceed the revenues by $69.8 million, of which $62.0 million is covered by prior year fund balance restrictions. The projected ending balance with the revised expenditure budget is $50.8 million. The City’s target ending available balance at 16.7% of the adopted budget is $54.8 million.

Revenues
First quarter revenue collections for significant General Fund categories (sales tax, property tax, utility users tax, franchise fees, business license tax, hotel/motel tax, and program revenues) were in line with the amounts received in the same period in prior years. General Fund revenues of $31.8 million were 10% of budget.

Most revenue categories are below a 25% pro-rated monthly collection rate because the receipt of funds is seasonal. For example, San Joaquin County remits the majority of property tax revenue to the City in December and May, in line with the December 10 and April 10 due dates for property owners to pay annual taxes. Thus, the City received $1.08 million in the first three months of the year of an expected $77.9 million for Property Tax.

Each major category has different collection schedules, and the City receives almost all the larger revenue sources in the later months of the fiscal year.

Sales tax revenue received from the State in the first quarter is primarily revenues related to the prior fiscal year and are appropriately accrued to the prior year. Thus, only July 2024 sales tax revenues were posted as of September 30, 2024. The City does not accrue its sales tax revenue quarterly.

Statewide, the City’s sales tax consultant is projecting low growth for the first two quarters of FY 2024 -25 and low or stagnant growth for the last two quarters. The FY 2024-25 budget for sales tax revenues is $726,366 less than actual receipts in FY 2023-24. It is expected that FY 2024-25 sales tax revenues will end the year close to or slightly below the prior year receipts.

Receipts from Program Revenues were $3.5 million or 18% of the budget as of September 30, 2024.

This category includes Fire District Contracts, Code Enforcement fees, License & Permits, Fines, Sale of Fixed Assets, and other charges for services.

Interfund reimbursements consist of billings to outside agencies, indirect cost recovery, and a lump sum payment from the Municipal Utilities Department for property rentals. As of September 30, 2024, interfund reimbursements were $2.0 million, approximately 23% of the budgeted revenues.

Revenues in this category earned in the first quarter of the fiscal year are billed for reimbursement but are generally received in the following quarter or later.

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Staff will continue to monitor revenues and report performance in future quarterly reports.

Expenditures
Staff reviewed the first three months of General Fund expenditure data reported in Attachment A.

Actual expenditures of $70.5 million were 18% of the Approved Budget. As is the case with revenues, it is too early in the fiscal year to draw firm conclusions or judgments about observed trends, especially in salaries and benefits, as vacancies often take months to fill. However, expenditure trends in many departments are running close to or just below expectations. The chart below summarizes total departmental and program spending as a percent of the total budget.

As shown above, most departments are below the 25% expenditure level.

Salary Savings have resulted in mild-to-moderate savings in most program expenditures. Several departments continue to experience staff vacancies. At September 30, 2024, 1,538 out of 1,773 authorized positions had been filled Citywide, with 59 sworn and 55 civilian public safety positions vacant. The city has made comprehensive efforts to recruit and retain positions in a highly competitive environment, including expanding benefits and wellness efforts for employees. The City’s Office of Performance and Data Analytics is also collecting data and advising on data-driven solutions to hiring and retention.

Crime Reduction is one of the City Council’s highest priorities, and the StocktonPolice Department (SPD) continues to hire sworn officers to meet its hiring goals. Although the department hired 15 new officers during the first quarter, 7 officers separated from the City (2 for other agencies, 1 retired, 2 resigned, and 2 were released from probation), resulting in a net gain of 8 officers. At the end of the first quarter, 87% of sworn positions were filled, with 368 sworn staff positions out of 425 authorized positions. Hiring for sworn and non-sworn personnel will continue throughout the fiscal year. Despite nationwide challenges in law enforcement retention and recruiting, SPD has significantly ramped up City of Stockton Printed on 2/25/2025Page 4 of 8
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their efforts. The Recruiting team accomplished the following during the reporting period:
· Attended 96 recruiting events
· Received 372 interest cards
· Received 104 applications for Police Officer
SPD Recruiting has expanded efforts through digital platforms and partnered with outside marketing resources. During this time, SPD has reorganized to redeploy officers back to field operations, adjust the deployment model, educate the public and civic leaders on service levels, and launched several community campaigns. Overall, the Police Department is within budget at 22% as of September 30, 2024.

The Fire Department's overall actual expenditures amounted to $14.5 million or 22% of the budget at the end of the first quarter. The first of the two firefighter training academies conducted by the department each year started on August 1, 2024. Nineteen Firefighter trainees out of 21 vacant sworn positions at the beginning of the fiscal year were successfully recruited for the academy. Fire Academy expenses, which included personal protective equipment, training supplies, and payroll of instructors and the trainees contributed to the expenses for the period. Wildland fire deployments have increased from the past two years, which also added to the higher backfill overtime costs. The costs of these deployments will be reimbursed by the State later in the fiscal year. The department continued to experience attrition with 9 vacant sworn positions out of a total of 15 vacant positions in the department at the end of the first quarter. Payroll savings were sufficient to offset the higher Fire Suppression backfill overtime required to maintain daily staffing levels.

Actuals for the Economic Development Department are trending lower than budgeted primarily due to the one-time discretionary funds from both FY 2023-24 and FY 2024-25. This obligation makes up approximately 56% of the Economic Development budget. The department’s overall actual expenditures amounted to 9% of the annual budget at the end of the first quarter. And an additional $3.32 million or 34% is encumbered for approved contracts and purchases pending payment.

Salaries and operations are on track with approved budget and staff is working on getting one-time discretionary funds encumbered/obligated before the end of the year.

In the Program Support for Other Funds category, most transfers are completed on a monthly basis. The Capital Improvement line is under budget because the Council Priority projects will be transferred in a later quarter as expended. The Grant Match transfer is only recorded, if needed, when grants with required matching funds are expended.

Tax Collection expenses are, for the most part, incurred later in the year. The City typically pays property tax administration fees to San Joaquin County in December and May. Sales tax administration fees will be paid quarterly starting in December. Payment for taxes and assessments on City-owned properties will begin in November.

Election expenses budgeted in FY 2024-25 are for the November 2024 election in the second quarter.

The Other Administration category holds various city-wide costs that are not attributable to an individual or specific group of programs or departments. By far, the largest amounts are offsets to expenditures in other areas of the budget, such as indirect costs allocated to the Fire Department for City of Stockton Printed on 2/25/2025Page 5 of 8
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reimbursement by fire districts.

General Legal expenses of $22,137 reflect two months of legal fees for various lawsuits and bankruptcy-related legal advice. Labor negotiations with the City’s safety units started in February 2025 and continue through the end of FY 2024-25, adding more in monthly expenses for the last half of the year.

Debt Service payments associated with the Assured Guaranty settlement are generally due in the last half of the year, so no funds had been transferred to the Debt Service Fund as of September 30, 2024.

The City did not need to access Contingency funds in the first quarter. Funds will be utilized in Quarter 2 and the latter half of the fiscal year.

Staff will continue to monitor General Fund expenditures and return later in the year with quarterly reports that include year-end projections, additional Council appropriations, and any necessary budget adjustments.

Measure A Expenditure Plan First Quarter Budget Update
Measure A is a three-quarter percent general (sales) tax. The measure was originally approved by voters on November 5, 2013, and became effective April 1, 2014. On the same ballot, voters also approved Measure B, a non-binding advisory measure. Measure B recommends that 65% of Measure A proceeds be used for law enforcement and crime prevention services and that 35% of Measure A proceeds be used for general city services, including recovery from bankruptcy.

On December 5, 2023, the Stockton City Council adopted an ordinance to extend Measure A. The tax was set to expire March 31, 2024. By approving the extension by ordinance, the tax will continue for an additional ten years.

A Performance Audit was performed by Moss Adams early FY 2023-24 at the Advisory Committee’s request. The Measure A Performance Audit released in October 2023 found no compliance issues, however, the Performance Audit recommended that the City could benefit from Measure A Expenditure Guidelines & Planning to increase visibility and transparency, and to demonstrate the City’s alignment with Measure B.

Attachment B presents the Measure A Expenditure Plan for FY 2024-25 First Quarter Budget Update.

Measure A transaction and use tax revenues received as of September 30, 2024 totaled $3.6 million, reflecting payments for sales transactions in July 2024. The variance is because remittances take some time to process on the state’s side and will not post to the City’s books until subsequent quarters. Pending payments that will post in the second quarter for August and September 2024 sales transactions total approximately $7.9 million.

Expenditures through the first quarter totaled approximately $9.3 million, or 24% of the Approved Budget. The Police Department expended approximately $8.8 million, and OVP spent approximately $425,000 through the first quarter of the fiscal year. At the end of the first quarter, 25% is the target budget utilization. Combined salary and benefit costs for Police sworn and non-sworn positions were at 22% of the budget. Most Police Department expenditure categories were under 25% of the budget at the end of the first quarter. Recruitment, Retention, and Wellness Efforts are currently at 32% of City of Stockton Printed on 2/25/2025Page 6 of 8
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budget utilization, slightly higher than the target.

The Marshall Plan expenses through the end of the first quarter have utilized 80.5% of the posted and pending FY 2024-2025 Measure A tax revenues earned during the same period, which is over the Measure B advisement of 65% but consistent with the Measure A Expenditure Plan approved by Council in July 2024.

Other Funds - Technical Corrections
The adopted budget resolution authorizes technical corrections to be processed administratively with a follow-up report to the City Council on any correction over $100,000. The following technical corrections were processed for the first quarter of the fiscal year:

1. During completion of the FY 2024-25 budget, a technical error reduced the Downtown Marina Fund (640) Transfer In from $277,000 to $247,000. The General Fund Transfer Out of $277,000 was entered correctly. An adjustment was completed under the technical correction authority of the adopted budget resolution.

2. On August 21, 2018, Council adopted a resolution implementing the Public Facilities Fee Program lntrafund Loan Repayment Plan. The Public Facilities Fee Program lntrafund Loan Repayment Plan includes transfer of all revenues collected by the owing funds: Community Recreation Center Public Facility Fee Fund, Fire Station Public Facility Fee Fund, and the Police Station Public Facility Fee Fund, until such time that the balance is paid in full or Fiscal Year (FY) 2037-38. During budget completion, technical errors to two transfer entries were made and then found during reconciliation. The first one was a Transfer In entry to the Library Citywide Fund (310-316) for $143,760 that did not match the corresponding Transfer Out entry from the Fire Station Citywide Fund (310-315) of $149,455. The second was a Transfer In entry to the Street Improvements Citywide Fund (310-312) for $67,643 that did not match the corresponding Transfer Out entry from the Community Recreations Centers-Citywide Fund (310-313) of $73,338. Adjustments were completed under the technical correction authority of the adopted budget resolution.

Budget Adjustments
Staff have identified two budget amendments needed.

1. In previous years, the Rent expense budget for 400 E. Main was offset in General Fund Property Rentals revenue due to a multi-year prepayment by the City. This year the process was simplified; the payments are allocated monthly to Rent expenses without passing through General Fund Property Rentals revenue. The General Fund Property Rentals revenue budget needs to be reduced by $960,975 to account for this change.

2. The Fire Department received Council authorization through Resolution 2024-01-23-1501 for the Fire Truck No. 7 Restoration project. An on-going appropriation is needed to staff and supply the truck. The department needs to appropriate $108,360 for the backfill overtime for the annual leave and sick time coverage of one Firefighter Engineer and six Firefighters to staff Truck 7 for the current year.

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FINANCIAL SUMMARY
This report provides an analysis of FY 2024-25 General Fund's first quarter results. Staff review indicates revenues are consistent with budget projections, and the City expenditures are estimated to be slightly below the approved budget. Two budget amendments have been identified.

1. Reduce General Fund Property Rentals revenue (Account 0000-000-461000-100-000-00-00- 000-000-) FY 2024-25 budget by $960,975.

2. Appropriate $108,360 to the Fire Department Fire Suppression Operations - Truck 7 Restoration for annual leave and sick leave coverage related to Reso 2024-01-23-1501 (Account 4020-000-610003-100-000-20-40-000-000-) from the General Fund available fund balance.

Staff will continue to monitor trends and potential budget variances and will return to the Council with future recommendations for changes where appropriate.

Attachment A - FY 2024-25 First Quarter Budget Update - General Fund Attachment B - FY 2024-25 Measure A Expenditure Plan First Quarter Budget Update City of Stockton Printed on 2/25/2025Page 8 of 8
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City of Stockton
FY 2024-25 Budget Update - First Quarter
General Fund - 100 by Program (Budgetary Basis)
Year to Date
Adopted Approved Activity % o f
Budget Budget Thru 9/30/2024 Budget
Beginning Available Balance 58,566,151$ 58,566,151$ 58,566,151$ Release of Funds 61,963,668 61,963,668
58,566,151 120,529,819 120,529,819
-
Re
venues
General Tax Revenues 244,462,796 244,462,796 22,662,255 9% Measure A/B Sales Tax 47,058,000 47,058,000 3,591,762 8% Program Revenues 19,919,356 19,919,356 3,496,510 18% Interfund Reimbursements 9,043,319 9,043,319 2,049,426 23% 320,483,471 320,483,471 31,799,954 10% Expenditures
Programs
Police 140,438,225 144,311,468 31,421,471 22% Fire 65,831,704 66,819,886 14,479,067 22% Public Works 23,981,461 26,102,585 4,941,696 19% Economic Development 5,842,479 9,638,628 855,925 9% Of
fice of Violence Prevention 839,675 839,675 201,482 24% Meas
ure A - Police Dept 36,159,578 37,100,036 8,849,372 24% Measure A - OVP 1,684,495 1,685,994 425,051 25% 274,777,617 286,498,272 61,174,065 21% Pr
ogram Support for Other Funds
Library 3,950,000 3,950,000 987,500 25% R
ecreation 3,660,000 3,660,000 915,000 25% Enter
tainment Venues 4,490,535 4,490,535 1,122,634 25% Downtown Marina 277,000 277,000 69,250 25%
C
apital Improvement 5,739,000 45,937,195 1,434,750 3% Golf Course 110,000 110,000 27,500 25%
Gr
ant Match 100,000 100,000 6,355 6%
D
evelopment Services 800,000 800,000 200,000 25% R
edevelopment - 2,000,000 500,000 25%
H
ealth Insurance ISF - 2,000,000 -
0%
19,126,535 63,324,730 5,262,989 8% Administration
City Council 1,127,343 4,234,433 300,939 7% C
ity Manager 3,615,313 3,766,965 830,245 22% C
ity Attorney 1,606,307 1,624,456 252,190 16% C
ity Clerk 1,352,374 1,410,905 263,102 19% C
ity Auditor 531,154 956,290 90,929 10%
Adm
inistrative Services 8,021,620 8,215,072 1,542,691 19% Human Resources 3,131,461 4,547,214 558,538 12% T
ax Collection 2,645,190 2,717,176 220,188 8% El
ections 1,000,000 1,197,740 -
0%
Other Administration (42,144) 363,186 12,154 3% Gener
al Legal 500,000 500,000 22,137 4%
23,488,618 29,533,437 4,093,113 14% D
ebt Service 8,887,050 8,887,050 - 0%
Contingency 2,000,000 2,000,000 - T
otal Expenditures 328,279,821 390,243,488 70,530,166 18% Net Annual Activity (7,796,350) (69,760,017) (38,730,212) Proj. Ending Available Balance 50,769,801$ 50,769,801$ Fund Balance as % of Expenses 15% 13%
*Actuals are unaudited and may not include all closing activities *Includes Measure A Revenues and Expenses

ATTACHMENT A
395
FY 24-25 Approved
Budget (a)
Q1 FY 24-25
Actual
% of
Budget
Measure A Revenues
Measure A Transaction & Use Tax 47,058,000$ 3,591,762$ 8% Total Measure A Revenues 47,058,000$ 3,591,762$ 8%
Measure B Expenditures (65%)
Law Enforcement
Salary & Benefits - 60 Sworn Positions 14,245,247$ 3,170,510$ 22% Salary & Benefits - 33 Civilian Positions 4,825,845 931,933 19% Vacancy Savings (1,531,305) - 0%
Recruitment, Retention, and Wellness Efforts (Side Letter) 12,295,709 3,960,398 32% Administration and Contracted Service Delivery Costs 4,724,474 390,537 8% Fuel 378,960 - 0%
Materials & Supplies 1,550,297 245,883 16%
Training & Staff Development Services 610,809 150,110 25% Office of Violence Prevention
Salary & Benefits - 8 Civilian Positions 1,220,264 280,277 23% Administration and Contracted Service Delivery Costs 330,245 98,294 30% Fuel 33,418 - 0%
Materials & Supplies 45,188 45,022 100%
Office Equipment 3,379 - 0%
Training & Staff Development Services 53,500 1,459 3% Total Measure B Expenditures 38,786,030$ 9,274,423$ 24% % of Revenues (65% advised) 82% 258%(b)
Measure A Expenditures (35%)
Bankruptcy Recovery: Assured Guaranty Contingent Payment 5,927,000$ -$ 0% Restoration of Service: Victory Park Pool 2,058,043 - 0% Restoration of Service: Fire Station No. 7 286,927 - 0% Total Measure A Expenditures 8,271,970$ -$ 0%
% Of Revenues (35% advised) 18% 0%
(b)The Marshall Plan expenses through the end of the first quarter have utilized 80.5% of the posted and pending FY 2024-2025 Measure A tax revenues earned during the same period, which is over the Measure B advisement of 65% but consistent with the Measure A Expenditure Plan approved by Council in July 2024.

Measure A Guidelines
Expenditure Plan - FY 2024-25
(a) Approved budget is adopteed budget plus encumbrances rolled over from prior year

ATTACHMENT B
396
Resolution No.

STOCKTON CITY COUNCIL

RESOLUTION ACCEPTING THE FISCAL YEAR 2024-25 FIRST QUARTER BUDGET

STATUS UPDATE REPORT AND AUTHORIZE BUDGET AMENDMENTS

Fiscal Sustainability is one of the City Council’s goals; and

City Council adopted the Fiscal Year (FY) 20 24-25 Annual Budget on June 18, 2024, following a duly noticed budget study session and a public hearing; and

By the staff report accompanying this Resolution, incorporated into this Resolution by this reference (Staff Report), the Council has been provided with additional information upon which the actions set forth in this Resolution are based; now, therefore,

BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS:

1) Accept this budget status report on the unaudited results of the first quarter of FY 2024-25.

2) Reduce General Fund Property Rentals revenue budget by $960,975.

3) Appropriate $108,360 to the Fire Department Fire Suppression Operations - Truck 7 Restoration for annual leave and sick leave coverage related to Reso 2024-01-23-1501 (Account 4020-000-610003-100-000-20-40-000-000-) from the General Fund available fund balance.

4) Authorize the City Manager to take whatever actions are necessary and appropriate to carry out the purpose and intent of this Resolution.

PASSED, APPROVED, and ADOPTED __March 4, 2025__.

CHRISTINA FUGAZI
Mayor of the City of Stockton
ATTEST:

KATHERINE ROLAND, CMC, CPMC
City Clerk of the City of Stockton
397
FY 2024-25
First Quarter
Budget
Update
March 4, 2025
Item 15.1
398
1stQuarter FY 2024-25 General Fund BudgetAs of September 30, 2024:•Adopted Budget increased from $328.3 million to $390.2 million•Revenues = $31.8 million •10% of the $320.5 million budget•Expenditures = $70.5 million •18% of the $390.2 million budget 399

9.27%7.63%17.55%22.66%GeneralTaxesMeasure ASales TaxProgramRevenuesInterfundReimbursements FY 2024-251st Quarter % Received
Actual Revenues – % Received
1stQuarter FY 2024-25General Fund Revenues
400
1stQuarter FY 2024-25General Fund Expenditures22%22%19%9%25%8%14%FY 2024-251st Quarter % Spent Actual Expenditures – % Spent
401
21%25%32%10%18%23% PD SwornPositions PD & OVPCivilianPositions RecruitmentRetentionWellness Other Services Materials &Supplies TrainingFY 2024-251st Quarter % SpentActual Expenditures – % Spent Measure A
Budget Spent
402
1stQuarter Budget Adjustments1. 400 E. Main rent payments now allocated directly to Rent expenses without passing through General Fund Property Rentals revenue. BA needed to reduce the General Fund Property Rentals revenue budget by $960,975 to account for this change.2. For the approved Fire Truck No. 7 Restoration project, the Fire Department needs to appropriate $108,360 for the backfill overtime for the annual leave and sick time coverage of one Firefighter Engineer and six Firefighters to staff Truck 7 for the current year. 403
1stQuarter FY 2024-25Recommendation•Accept 1stQuarter Budget Status Update•Approve 2 budget amendments 1. Reduce General Fund Property Rentals revenue FY 2024-25 budget by $960,9752. Appropriate $108,360 to the Fire Department Fire Suppression Operations - Truck 7 Restoration for annual leave and sick leave coverage from the General Fund available fund balance 404
City of Stockton
Legislation Text
File #: 25-0198, Version: 1
ACCEPT THE QUARTERLY INVESTMENT REPORT FOR QUARTER ENDED DECEMBER 31, 2024

RECOMMENDATION
It is recommended that the City Council accept by motion the Quarterly Investment Report for the quarter ended December 31, 2024.

Summary
Pursuant to California Government Code section 53646 and the City’s Investment Policy (Policy No.

17.01.030), the City Treasurer (Chief Financial Officer) is required to provide a quarterly report and certification to the City Council, City Manager, and City Auditor.

Starting July 1, 2022, the City moved to having two portfolio managers managing separate portions of the City’s Reserve portfolio. Both Quarterly Investment Reports and Certification for the quarter ending December 31, 2024, are provided as required (Attachments A and B). This report is presented as required and will bring the City current on its reporting requirements.

The City’s consolidated investment portfolio was approximately $998 million as of December 31, 2024, which represents an increase of $23 million from the prior market value reported on September 30, 2024. This consolidated investment portfolio includes the City’s liquidity position, short-term investments, and the reserve portfolios (as shown on page 15 of Attachment A). The total market value-based earnings for the most recent quarter are shown on page 21 for PFM Asset Management (PFMAM) & page 81 for Chandler Asset Management (Chandler) of Attachment A. Additionally, the City’s liquidity holding in both California Asset Management Program (CAMP) and Local Agency Investment Fund (LAIF), with combined holdings of $94.4 million, with an interest earning of $1.1 million for the quarter ended December 31, 2024.

DISCUSSION
Background
To comply with state law and City policy, the City is required to present a quarterly certification and investment reports detailing the City’s investment portfolio to the City Council, City Manager, and City Auditor. The City also posts monthly transaction reports to the City’s website. The Quarterly Investment Report shall include a complete description of the portfolio, the types of investments, the issuers, maturity dates, par value, and dollar amounts invested in all securities, investments, or programs that are under the management of contracted parties, including lending programs. The certification must provide assurances that investments were made consistent with the City’s Investment Policy and that the City will meet its expenditure obligations for the next six months.

The authority of the Council to invest, reinvest funds, sell, or exchange securities is delegated to the City of Stockton Printed on 2/25/2025Page 1 of 3
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City’s Chief Financial Officer, who also serves as City Treasurer (Resolution #2022-06-21-1601).

Pursuant to the Investment Policy, the City Treasurer may and does delegate some fiduciary responsibility to outside investment management firms. An investment manager’s fiduciary responsibility is a legal requirement related to registration with the Securities and Exchange Commission under the Investment Advisor Act of 1940.

Due to the specialized services and expertise required to assist the City in the varied investment options available, the City contracts with two experienced investment managers, PFMAM and Chandler.

Present Situation
The attached report (Attachment A) details the activities of the quarter ended December 31, 2024, and includes detailed information on the holdings of the City’s portfolio on that date, as aggregated in the first page of Attachment A, followed by portfolio reports from both investment managers.

Incorporated by reference is a certification (Attachment B) that the assets comply with the requirements of State law and City policy and that there is sufficient liquidity to cover the subsequent six months of budgeted activities.

The attached quarterly investment report has been published on the City of Stockton website along with monthly reports.

Portfolio Balances and Performance
The fourth calendar quarter of 2024 was characterized by an increase in yields and volatility as investors digested the potential impact of the new administration’s policy proposals. Areas of focus include taxes, tariffs, immigration, and deregulation, which the market generally expects could result in more growth, larger budget deficits and higher inflation. U.S. inflation readings remained ‘sticky’ during the quarter and did not show progress in moving towards the Fed’s 2% target. The U.S. labor market continued to show strength with 511,000 jobs added in the quarter compared to 477,000 in the prior quarter. Additionally, the unemployment rate ended the quarter at 4.1%, which is 0.4% higher than the calendar year low of 3.7%, but still near historic lows. The Fed cut the overnight rate by 25 basis points (bps) (0.25%) at both its November and December meetings to bring the new target range to 4.25% - 4.50%. Both fiscal and monetary expectations steepened the Treasury curve, with the yield on the 2-, 5-, and 10-year Treasuries ending the quarter at 4.24%, 4.38%, and 4.57%.

This represents increases of 60, 82, and 79 basis points (bps), respectively. The 3-month Treasury, heavily influenced by the Fed, moved 30 bps lower, ending the quarter at 4.31%. As a result of higher yields, U.S. Treasury indexes generated negative total returns for the quarter. The ICE BofA 2-, 5-, and 10-year U.S. Treasury indices returned -0.20%, -2.72%, and -5.22% for the quarter, while the shorter-duration ICE BofA 3-month U.S. Treasury index returned 1.16%.

The City divides its investment portfolio into Reserve and Liquid portions with a consolidated market value of approximately $998 million as of December 31, 2024. The Reserve portion represents the long-term assets managed by PFMAM and Chandler, and the Liquid portion represents funds invested in several short-term investment vehicles including State of California Local Agency Investment Fund, California Asset Management Program, and Dreyfus Treasury Money Market, to maintain adequate liquidity and optimize returns.

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The performance of the reserve portion of the portfolio is managed against a benchmark. The PFMAM portfolio benchmark is made up of 80% of the ICE Bank of America (BofA) 1-5 Year AAA-A U.S. Corporate and Government Index and 20% the ICE BofA 5-10 Year U.S. Treasury Index. The Chandler portfolio benchmark is the ICE BofA U.S. Issuers 1-5 Year AAA-A U.S.

Corporate/Government Index. The benchmarks generally reflect each portfolio’s strategy and composition. City staff works closely with both PFMAM and Chandler to monitor the status of the City’s investment portfolios and their returns. For the quarter, the total return performance of the portfolios was negative, as unrealized losses as a result of higher interest rates were greater than realized earnings. These returns are detailed on page 23 for PFMAM and page 95 for Chandler in Attachment A. The quarterly return valuation includes funds from all activities, restricted and unrestricted, and includes changes in fair market value (unrealized gains/losses).

The City’s investment portfolio complies with California Government Code section 53601. It is invested solely in fixed-income securities (no stock holdings) that, while earning certain rates of interest, gain in market value when interest rates fall and lose market value when interest rates rise.

Looking ahead, the Fed’s updated “dot plot” implied only 50 bps (0.50%) of rate cuts in 2025, down from previous projections indicating a full percentage point of rate cuts in 2025. This revision, plus some pointed commentary from Fed officials, has resulted in the market generally expecting the Fed to pause rate cuts for some time.

FINANCIAL SUMMARY
There is no financial impact related to the presentation of these reports.

Attachment A - Quarterly Investment Report for Quarter Ended December 31, 2024 Attachment B - Certification of Quarterly Investment Report City of Stockton Printed on 2/25/2025Page 3 of 3
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Investment Performance Review
For the Quarter Ended December 31, 2024
Client Management Team
PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc
Monique Spyke, Managing Director
Justin Resuello, Relationship Manager
Allison Kaune, Relationship Manager
Joseph Creason, Portfolio Manager
213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public

CITY OF STOCKTON

ATTACHMENT A
1 408
PFM Asset Management | pfmam.com
Market Update

ATTACHMENT A
2 409
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Current Market Themes
▸ U.S. economic soft landing remains on track
▹ Inflation and labor markets are in line with Fed expectations despite slower recent prog
ress
▹ Strong economic growth prospects remain intact, aided by a resilient consumer ▹ Changes to fiscal policy may impact growth and inflation trajectory ▸ Fed easing cycle moves forward as expected, but looks to slow in 2025 ▹ The Fed cut the federal funds target rate by an additional 50 basis points (bps) during the four
th quarter to 4.25% - 4.50%
▹ The Fed’s December “dot plot” implies another 50 bps of cuts in 2025, less than the 100 bps of cuts previously projected in September
▹ Fed Chair Powell noted the slower pace of cuts reflect “stickier” inflation heading into 2025 ▸ Treasury yields responded to expected monetary and fiscal policy ▹ Yields on maturities between 2 years and 10 years rose 60-83 bps during the 4 th quarter
▹ The yield curve disinversion continued and was flatter at the front end and positively sloped beyond 1-year
▹ Yield spreads remained near historically tight levels across most sectors aided by robust demand and strength in the economy
Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of December 31, 2024.

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
3 410
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Source: FOMC Chair Jerome Powell Press Conference, December 18, 2024. Bureau of Labor Statistics, Bureau of Economic Analysis, and Bloomberg Finance L.P., as of November 2024. Data is seasonally adjust
ed. Historical average unemployment rate calculated from January 1990-November 2024.

Fed Chair Powell: “Downside risks to the labor market do appear to have diminished … Inflation, we see that story as still broadly on track.”
The Fed’s Dual Mandate
Nov-24

2.7%
Nov-24

2.8%
0%
2%
4%
6 %
8%
10%
2 021 2022 2023 2024
Inflation
Year-over-Year Changes
CPI Core PCE Fed Target
Nov-24

4.2%
3%
4%
5%
6%
2021 2022 2023 2024
Unemployment Rate
Unemployment rate of 4.2% remains well
below t
he 25-year average of 5.7%

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
4 411
Source: Federal Reserve Chair Jerome Powell Press Conference as of December 18, 2024; Bureau of Labor Statistics and Bloomberg Finance L.P. as of December 2024 (left). Bureau of Economic Analysis and Bloomberg Finance L.P., as of December 2024 (right).

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Fed Chair Powell: “I think it’s pretty clear we’ve avoided a recession. I think growth this year has been solid, it really has…Again the U.S. economy has just been remarkable.”
Inflation and Growth Forecasted To Remain Stable

2.4%

2.6%2.7%
0%
1%
2%
3%
4%
5%
Jun-24 Dec-24 Jun-25 Dec-25
CPI Inflation (YoY)
Average Forecast Actual

3.0% 3.1%

2.3%

1.9%

2.0% 2.0% 2.0%
0%
1%
2%
3%
4%
Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4' 25
U.S. GDP Forecasts
Annual
ized Rate
Actual Range Median of Forecasts

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
5 412
Sources: U.S. Bank: Stock Market Under The Trump Administration | U.S. Bank (us bank.com); Bloomberg Finance L.P. and Bureau of Economic Analysis a s of November 2024 (top right). Bloomberg Finance L.P. as of December 2024 (bottom right).

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Election & Potential Policy Implications on the Fed
Tariffs
Regulation
Taxes
Immigration
Lower taxes viewed as positive for growth
but negative for the deficit
Uncertainty surrounding the scope and scale of
tariff policy and viewed as inflationary
Tighter border policy may have adverse
impacts on the labor market
Easing regulation is generally viewed as
positive for growth
-0.5%0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0%
Other Durable Goods
Telephones & Eq
IT Eq
Photographic Eq
Autos & Parts
Sports Eq
Video and Audio Eq
Durable Goods
Goods
MoM % Change In Real Consumption
Average August to October Nov-24
An increase in
durable goods
spending may
be partially
attributed to a
pull forward of
spending prior
to tariffs
0 50
100
150
200
250
Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24
Word Count of S&P500 Companies
Mentioning Tariffs

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
Areas of Policy Uncertainty

ATTACHMENT A
6 413
Fed’s Updated Summary of Economic Projections
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: Federal Reserve Chair Jerome Powell Press Conference as of December 18, 2024; Federal Reserve. As of December 2024.

For the Quarter Ended December 31, 2024
Market Up
date

4.4%

3.9%

3.4% 3.1% 3.0%
0%
1%
2%
3%
4%
5%
6%
2024 2025 2026 2027 Longer
Run
Federal Funds Rate
Sept Projections Dec Projections

2.4% 2.5%

2.1% 2.0% 2.0%
0%
1%
2%
3%
2024 2025 2026 2027 Longer
Run
PCE Inflation
Sept Projections Dec Projections

4.2% 4.3% 4.3% 4.3% 4.2%
0%
1%
2%
3%
4%
5%
6%
2024 2025 2026 2027 Longer
Run
Unemployment Rate
Sept Projections Dec Projections

2.5%

2.1% 2.0% 1.9% 1.8%
0%
1%
2%
3%
4%
2024 2025 2026 2027 Longer
Run
Change in Real GDP
Sept Projections Dec Projections
Fed Chair Powell: “These median projections are somewhat higher than in September, consistent with the firmer inflation projection.”

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
7 414
The Fed’s Latest “Dot Plot
Source: Federal Reserve Chair Jerome Powell Press Confere n ce as of December 18, 2024; Federal Reserve; Bloomberg Finance L.P.. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. As of December 2024.

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
0%
1%
2%
3%
4%
5%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Dec-24 FOMC Projections
Dec-24 Median
Sep-24 Median
202720262024 2025 Longer Term
2 cuts 2 cuts 1 cuts 3.0%
Fed Chair Powell: “You see a slower path … meaningful progress to get inflation down to [2.5%] … we have the labor
market forecast as being in good shape, we are also mindful that it is … very gradually cooling” The longer-term
neutral rate has
drifted up from

2.5% in Dec ’23
to 3% currently

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
8 415
U.S. Treasury Yield Curve Steepens
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: Bloomberg Finance L.P., as of December 31, 2024.

For the Quarter Ended December 31, 2024
Market Up
date

4.31%

4.24%

4.38%

4.48% 4.57%

4.78%

3.00%

3.50%

4. 00%

4.50%

5.00%

5.50% Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
December 31, 2024
September 30, 2024
3mo 2yr 5yr 7yr 10yr 20yr 3 0yr

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
9 416
Sector Yield Spreads
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: ICE BofA 1-5 year Indices via Bloomberg, MarketAxess and PFMAM as of December 31, 2024. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index.

For the Quarter Ended December 31, 2024
Market Update
-0.1%

0.0%

0.1%

0.2%
Sep-24 Oct-24 Nov-24 Dec-24
Federal Agency Yield Spreads
Bullet Callable 1 Year Average

0.3%

0.5%

0.7%

0.9%
Sep-24 Oct-24 Nov-24 Dec-24
Corporate Notes A-AAA Yield Spreads
1-5 Yr. AAA-A Corp 1 Year Average

0.3%

0.5%

0.7%
Sep-24 Oct-24 Nov-24 Dec-24
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index 1 Year Average

0.4%

0.6%

0.8%
Sep-24 Oct-24 Nov-24 Dec-24
Asset-Backed Securities AAA Yield Spreads
AAA ABS 1 Year Average
1 bps 55 bps
45 bps 58 bps

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
10 417
Source: ICE BofA Indices. ABS indices are 0-10 year, based on weighted average life. As of December 31, 2024. -1.65%
-0.79%

0.42%
-1.42%
-1.21%
-2%
-1%
0%
1%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Fourth Quarter 2024 Returns

2.56%

3.53%

5.92%

4.16%

4.99%
0%
2%
4%
6%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return
1-10 Year Indices
Fixed-Income Index Total Returns in 4Q 2024
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update

ATTACHMENT A
11 418
Fixed-Income Index Total Returns in 4Q 2024

CLIENT NAME
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of December 31, 2024.

For the Quarter Ended December 31, 2024
Market Upd
ate
1-5 Year Indices
-0.77%
-0.13%

0.61%
-0.47%
-0.25%
-1.0%
-0.5%

0.0%

0.5%

1.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Fourth Quarter 2024 Returns

3.41%

3.98%

5.49%

4.81%

5.52%

0.0%

2.0%

4.0%

6.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
12 419
Fixed-Income Index Excess Returns in 2024
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. Agency CMBS represented by ICE BofA CMBY Index. As of December 31, 2024.

For the Quarter Ended December 31, 2024
Market Up
date
-0.25%

0.25%

0.75%

1.25%
Q1 Q2 Q3 Q4 2024
2024 Excess Returns
1-5 Y
ear Indices
Federal Agency Agency CMBS ABS Corp A-AAA

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
13 420
PFM Asset Management | pfmam.com
Account Summary

ATTACHMENT A
14 421
PFM Asset Management | pfmam.com

CITY OF STOCKTON
Sector Allocation
U.S. Treasury | 41%
Federal Agency | 9%
Agency MBS | 10%
Municipal | 1%
Negotiable CD | 1%
Corporate | 15%
Asset-Backed | 5%
MMF | <1%
LAIF | <1%
CAMP | 9%
Cash | <1%
BMO Main Account | 9%
Consolidated Summary
Account Summary
Reserve Portfolio1 $786,920,302
Short Term Portfolio1 $30,849,102
BMO Main Account $85,768,099
CAMP Pool $93,595,928
Local Agency Investment Fund $849,042
Total Program $997,982,473

1. Reserve Portfolio includes both the PFMAM Reserve portfolio assets and Chandler Asset Management assets. Short-Term Portfolio comprises assets managed by Chandler Asset Management.

Portfolio figures include cash in portfolios’ sweep accounts and excludes accrued interest.

21.5%

1.3% 0.6%

3.2%

7.8%

11.9%

8.9%

15.9% 15.2%

7.2% 6.5%

0.0%
$0
$100
$200
$300
30 Days
and Under
31 to 60
days
61 to 90
days
91 to 180
days
181 to 1
year
1 to 2
years
2 to 3
years
3 to 4
years
4 to 5
years
5 to 7
years
7 to 10
years
Over 10
years
Millions
Maturity Distribution
Weighted Average Maturity: 963 days
For the Quarter Ended December 31, 2024
Account Summary

ATTACHMENT A
15 422
PFM Asset Management | pfmam.com
Portfolio Review:

CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT A
16 423
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Compliance
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Financial LP Asset and Investment Management ("AIM").

Certificate of Compliance
During the reporting period for the quarter ended December 31, 2024, the account(s) managed by PFM Asset Management ("PF
MAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged :PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc.

ATTACHMENT A
17 424
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Snapshot
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.

The portfolio’s benchmark is currently 80% ICE BofA 1-5 Year AAA-A US Corporate & Government Index and 20% ICE BofA 5-10 Year US Treasury Index. Prior to 3/31/23 it was the ICE BofA 1-5 Year AAA-A US Corporate & Government Index . Source: Bloomberg Financial LP.

An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.

1. Portfolio Snapshot - CITY OF STOCKTON RESERVE PORTFOLIO¹ Credit Quality - S&P
10%
21%
19%
25%
9 % 6% 5
% 4%4%
28%
21% 20%
11% 7
% 5% 5%
0%
5%
10%
15%
20%
25%
30%
0-1 Yr 1-2
Yrs
2-3
Yrs
3-4
Yrs
4-5
Yrs
5-6
Yrs
6-7
Yrs
> 7
Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 53%
Agency CMBS | 20%
Corporate | 16%
ABS | 7%
Federal Agency | 3%
Negotiable CD | 1%
Municipal | 1%
Sector Allocation
AAA | 6%
AA+ | 77%
AA | 1%
AA- | 2%
A+ | 8%
A | 4%
A- | 1%
BBB+ | <1%
Not Rated | 2%
Portfolio Statistics
Portfolio Effective Duration 3.07 years
Benchmark Effective Duration 3.19 years
Portfolio Credit Quality AA
Yield At Market 4.51%
Yield At Cost 3.78%
Total Market Value $459,505,110.44
$455,810,945.02Securities Sub-Total
$886,366.40Cash
$2,807,799.02Accrued Interest

2. 3.

ATTACHMENT A
18425
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Characteristics
$0.0
$94.0
$188.0
$282.0
$376.0
$470.0
Millions
December 2024
$0.0
$94.0
$188.0
$282.0
$376.0
$470.0
Millions
September 2024
$0.0
$94.0
$188.0
$282.0
$376.0
$470.0
Millions
June 2024
$0.0
$94.0
$188.0
$282.0
$376.0
$470.0
Millions
March 2024
Sector Allocation Review - CITY OF STOCKTON RESERVE PORTFOLIO U.S. Treasury Federal Agency Agency CMBS Municipal Negotiable CD Corporate ABS Market values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.

Mar-24 % of TotalSecurity Type Jun-24 % of Total Sep-24 % of Total % of TotalDec-24 U.S. Treasury $215.3 49.8% $224.0 50.4% $244.8 53.2% $240.8 52.8% Federal Agency $32.7 7.6% $26.3 5.9% $14.3 3.1% $14.4 3.2% Agency CMBS $76.5 17.8% $82.8 18.6% $88.8 19.3% $90.8 19.9% Municipal $6.0 1.4% $3.8 0.8% $3.8 0.8% $3.1 0.7%
Negotiable CD $4.2 1.0% $4.2 0.9% $4.3 0.9% $4.3 0.9%
Corporate $62.8 14.6% $71.2 16.0% $72.0 15.7% $70.7 15.5% ABS $33.6 7.8% $32.9 7.4% $32.3 7.0% $31.8 7.0%
Total $431.1 100.0% $445.2 100.0% $460.3 100.0% $455.8 100.0%

ATTACHMENT A
19 426
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($ m
illions)
Municipal
ABS
U.S. Treasury
Agency CMBS
Municipal
ABS
U.

S. Treasury
Agency CMBS
($8.0) ($6.0) ($4.0) ($2.0) $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
Agency CMBS $4,045,134
U.S. Treasury $1,707,635
ABS ($289,286)
Municipal ($702,500)
$4,760,983Total Net Activity
Sales/Maturities Purchases

ATTACHMENT A
20 427
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Performance
The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is June 30, 2017.1.

2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.

3. Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.

4. The portfolio’s benchmark is currently 80% ICE BofA 1-5 Year AAA-A US Corporate & Government Index and 20% ICE BofA 5-10 Year US Treasury Index. Prior to 3/31/23 it was the ICE BofA 1-5 Year AAA-A US Corporate & Government Index . Source: Bloomberg Financial LP. -2.0%
-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%
Return
Portfolio Benchmark
Portfolio Performance - CITY OF STOCKTON RESERVE PORTFOLIO Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $3,745,8 26 $13,630,989 $27,604,677 $45,681,243 $66,664,085 Change in Market Value ($9,115,430) $1,225,422 ($20,505,891) ($21,787,881) ($15,134,609) ($5,369,604)Total Dollar Return $14,856,411 $7,098,786 $23,893,362 $51,529,476 Total Return³
Portfolio -1.15% 3.33% 0.96% 1.28% 1.69%
Benchmark⁴ -1.34% 3.04% 0.55% 1.00% 1.48%
3 Months 1 Year 3 Years 5 Years Since Inception

ATTACHMENT A
21 428
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Performance
The lesser of 10 years or since inception is shown. Performance inception date is June 30, 2017.1.

Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.

Realized gains / (losses) are shown on an amortized cost basis.3.

Accrual Basis Earnings - CITY OF STOCKTON RESERVE PORTFOLIO Accrual Basis Earnings
Interest Earned²
Realiz
ed Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$3,745,826
($170,
991)
$602,477
$4,177,311
1 Year
$13,630,989
($1,87
7,126)
$2,348,718
$14,102,581
3 Years
$27,604,677
($18,8
66,660)
$17,645,258
$26,383,275
5 Year
$45,681,243
($11,2
92,301)
$16,114,718
$50,503,660
Since Inception¹
$66,664,085
($13,3
19,523)
$18,260,775
$71,605,338

ATTACHMENT A
22 429
Factors to Consider for 6-12 Months
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Current outlook Outlook one quarter ago
Negative Slightly
Negative
Neutral Slightly
Positive
Positive
Statements and opinions expressed about the next 6-12 mon ths were developed based on our independent research with information obtained from Bloomberg and FactSet. The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (12/31/2024) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.

Monetary Policy (Global):
• The Fed continued its easing cycle with a total of
100 basis points (bps) of rate cuts in 2024. The
FOMC’s December median “dot plot” projection
suggests another 50 bps in cuts by the end of 2025,
which is significantly less than previously implied, in large part due to uncertainty surrounding
implications of potential fiscal policy changes.
• While the Fed and other major central banks
(excluding the Bank of Japan) continue to ease,
expectations are for policy rates to settle higher in
the longer term given the higher inflation outlook.

Economic Growth (Global):
• U.S. economic growth remains strong on consumer
spending which remains quite resilient.
• Fiscal policies discussed on the campaign trial are
expected to boost growth, however actual policy
implementation and timing are uncertain and
subject to change.
• Economic growth outside the U.S. remains modest.

Tariffs pose some risks with trading partners.
• Declines in foreign direct investment and weak
domestic demand continue to impact China.

Inflation (U.S.):
• While inflation has fallen since its peak in 2022,
progress has stalled in the past few months.
• The Fed has acknowledged higher inflation
expectations going into 2025. Further rate cuts will
depend on inflation moving closer to its 2% target.
• Proposed fiscal policies may put pressure on wages
and goods costs. Some policymakers have already
incorporated these impacts into their outlooks.

Financial Conditions (U.S.):
• Market metrics such as narrow corporate yield
spreads and strong equity returns continue to point
to the stability of financial conditions. The potential for decreased regulation under the incoming
administration has buoyed economic confidence.
• We remain attentive to further cooling in the labor
markets and fiscal policy considerations as these
will play a large role in the evolution of future
conditions. While our base case is not for a
dramatic shift in conditions, the potential impact of
future policies warrants attention.

Consumer Spending (U.S.):
• Broad consumer metrics show spending fueled by
the stability of the labor market continuing to
support economic strength. A growing divergence
among consumers exists as lower-income cohorts
continue to feel more strain due to the higher overall
level of prices.
• An unexpected material deterioration of labor
market conditions is the biggest risk factor to
consumer spending. Other headwinds may include
slower real wage growth, which could reduce
purchasing power, and higher interest rates
persisting.

Labor Markets:
• The labor market remains well-positioned and in
balance despite intra-quarter data volatility caused
by weather events and strikes which have now been
resolved.
• Layoffs remain near historically low levels; however, the pace of hiring has slowed considerably. The Fed
has acknowledged labor market conditions have
loosened, and a further cooling of labor conditions is
not necessary to achieve its dual mandate of
maximum employment and stable prices.

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
23 430
PFM Asset Management | pfmam.com
Reserve Portfolio Holdings and Transactions

ATTACHMENT A
24 431
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description
Date
d Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury

US TREASURY N/B
DTD 03/02/2020 1.125% 02/28/2025
912828ZC7 12,500.00 AA+ Aaa 10/4/2021 10/6/2021 12,719.24 0.60 47.78 12,436.4312,510.25

US TREASURY N/B
DTD 04/30/2020 0.375% 04/30/2025
912828ZL7 112,500.00 AA+ Aaa 4/5/2021 4/7/2021 111,032.23 0.70 72.25 111,071.81112,382.30

US TREASURY N/B
DTD 06/30/2020 0.250% 06/30/2025
912828ZW3 22,500.00 AA+ Aaa 10/4/2021 10/6/2021 22,128.22 0.70 0.16 22,069.5522,450.90

US TREASURY N/B
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 3,120,000.00 AA+ Aaa 8/19/2021 8/20/2021 3,073,687.50 0.62 2,650.28 3,038,649.123,112,386.12

US TREASURY N/B
DTD 11/02/2020 0.250% 10/31/2025
91282CAT8 3,500,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,425,898.44 0.78 1,498.62 3,387,181.003,484,890.46

US TREASURY N/B
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 6,772,500.00 AA+ Aaa 11/1/2021 11/2/2021 6,589,430.86 1.05 2,232.69 6,539,851.086,731,558.41

US TREASURY N/B
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 5,700,000.00 AA+ Aaa 5/6/2021 5/10/2021 5,606,707.03 0.73 59.05 5,488,609.805,679,977.22

US TREASURY N/B
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 700,000.00 AA+ Aaa 1/11/2021 1/13/2021 695,980.47 0.49 7.25 674,039.80699,192.99

US TREASURY N/B
DTD 02/01/2021 0.375% 01/31/2026
91282CBH3 8,475,000.00 AA+ Aaa 1/4/2022 1/6/2022 8,174,402.34 1.27 13,299.76 8,131,694.708,395,096.85

US TREASURY N/B
DTD 01/31/2019 2.625% 01/31/2026
9128286A3 1,707,500.00 AA+ Aaa 2/4/2021 2/4/2021 1,890,055.76 0.46 18,756.98 1,678,552.751,747,077.13

US TREASURY N/B
DTD 02/01/2021 0.375% 01/31/2026
91282CBH3 7,635,000.00 AA+ Aaa 2/18/2022 2/22/2022 7,215,969.73 1.83 11,981.56 7,325,721.427,519,977.79

US TREASURY N/B
DTD 02/01/2021 0.375% 01/31/2026
91282CBH3 1,195,000.00 AA+ Aaa 7/2/2021 7/7/2021 1,172,033.59 0.80 1,875.31 1,146,592.941,189,564.57

US TREASURY N/B
DTD 03/01/2021 0.500% 02/28/2026
91282CBQ3 1,980,000.00 AA+ Aaa 12/3/2021 12/7/2021 1,926,632.81 1.15 3,363.81 1,896,933.061,965,379.33

US TREASURY N/B
DTD 03/01/2021 0.500% 02/28/2026
91282CBQ3 10,690,000.00 AA+ Aaa 2/2/2022 2/3/2022 10,249,872.66 1.55 18,161.19 10,241,522.4310,564,714.76

US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 4,360,000.00 AA+ Aaa 6/6/2022 6/8/2022 3,995,871.88 2.99 2,874.73 4,152,389.884,230,938.76

ATTACHMENT A
25 432
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury

US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 805,000.00 AA+ Aaa 6/7/2021 6/7/2021 803,176.17 0.80 530.77 766,668.32804,483.63

US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 3,155,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,133,186.13 0.90 2,080.22 3,004,768.373,148,383.90

US TREASURY N/B
DTD 09/30/2021 0.875% 09/30/2026
91282CCZ2 3,700,000.00 AA+ Aaa 4/5/2022 4/7/2022 3,406,746.09 2.77 8,271.63 3,491,442.103,585,887.15

US TREASURY N/B
DTD 11/15/2016 2.000% 11/15/2026
912828U24 2,540,000.00 AA+ Aaa 8/8/2022 8/9/2022 2,437,606.25 3.01 6,595.58 2,437,607.522,495,141.16

US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
912828V98 855,000.00 AA+ Aaa 8/8/2022 8/9/2022 828,515.04 2.99 7,266.34 820,432.35842,567.63

US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
912828V98 1,390,000.00 AA+ Aaa 5/12/2023 5/12/2023 1,328,047.27 3.52 11,813.11 1,333,802.301,355,081.19

US TREASURY N/B
DTD 03/31/2022 2.500% 03/31/2027
91282CEF4 5,350,000.00 AA+ Aaa 5/9/2023 5/10/2023 5,138,925.78 3.60 34,172.39 5,151,049.555,228,346.39

US TREASURY N/B
DTD 04/30/2020 0.500% 04/30/2027
912828ZN3 4,840,000.00 AA+ Aaa 8/2/2022 8/3/2022 4,331,989.06 2.88 4,144.75 4,439,189.924,590,836.92

US TREASURY N/B
DTD 06/30/2020 0.500% 06/30/2027
912828ZV5 4,215,000.00 AA+ Aaa 8/25/2022 8/26/2022 3,705,577.73 3.21 58.22 3,842,566.823,952,945.58

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2027
91282CEW7 4,300,000.00 AA+ Aaa 3/30/2023 3/31/2023 4,214,000.00 3.76 386.05 4,198,713.504,249,574.74

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 5,000,000.00 AA+ Aaa 5/12/2023 5/12/2023 4,857,226.56 3.48 57,540.76 4,814,845.004,912,816.48

US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,730,000.00 AA+ Aaa 9/1/2022 9/6/2022 2,588,274.61 3.40 23,201.29 2,594,673.902,654,894.97

US TREASURY N/B
DTD 08/31/2022 3.125% 08/31/2027
91282CFH9 5,030,000.00 AA+ Aaa 3/24/2023 3/24/2023 4,971,644.14 3.41 53,409.01 4,884,602.824,995,008.08

US TREASURY N/B
DTD 09/30/2020 0.375% 09/30/2027
91282CAL5 2,400,000.00 AA+ Aaa 10/28/2022 10/31/2022 1,998,843.75 4.17 2,299.45 2,159,438.402,176,067.65

US TREASURY N/B
DTD 11/02/2020 0.500% 10/31/2027
91282CAU5 5,340,000.00 AA+ Aaa 1/4/2023 1/6/2023 4,547,552.34 3.91 4,572.93 4,806,000.004,874,622.83

US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 4,250,000.00 AA+ Aaa 3/30/2023 3/31/2023 4,320,224.61 3.73 30,025.90 4,232,736.504,293,308.67

US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 1,790,000.00 AA+ Aaa 12/1/2022 12/2/2022 1,820,346.09 3.74 12,646.20 1,782,729.021,807,473.53

ATTACHMENT A
26 433
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury

US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2027
91282CGC9 2,945,000.00 AA+ Aaa 2/1/2023 2/2/2023 2,981,582.42 3.60 315.25 2,910,832.112,967,320.78

US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 4,500,000.00 AA+ Aaa 5/12/2023 5/12/2023 3,976,347.66 3.44 14,123.64 4,042,791.004,158,487.60

US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 540,000.00 AA+ Aaa 3/14/2022 3/15/2022 498,382.03 2.15 1,694.84 485,134.92518,202.88

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 4,825,000.00 AA+ Aaa 3/24/2023 3/24/2023 4,967,299.80 3.35 65,577.35 4,780,518.334,916,078.19

US TREASURY N/B
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 1,985,000.00 AA+ Aaa 5/8/2023 5/10/2023 1,786,655.08 3.49 6,339.46 1,802,550.711,853,473.01

US TREASURY N/B
DTD 03/31/2023 3.625% 03/31/2028
91282CGT2 4,260,000.00 AA+ Aaa 3/30/2023 3/31/2023 4,253,510.16 3.66 39,454.74 4,171,805.224,255,790.66

US TREASURY N/B
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 5,735,000.00 AA+ Aaa 5/9/2023 5/10/2023 5,152,315.04 3.53 18,315.76 5,207,873.215,348,608.46

US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 2,050,000.00 AA+ Aaa 5/1/2023 5/1/2023 2,040,230.47 3.61 12,288.67 1,998,028.402,043,499.46

US TREASURY N/B
DTD 05/15/2018 2.875% 05/15/2028
9128284N7 705,000.00 AA+ Aaa 11/30/2022 11/30/2022 666,280.08 4.00 2,631.58 673,329.99681,103.61

US TREASURY N/B
DTD 09/30/2021 1.250% 09/30/2028
91282CCY5 525,000.00 AA+ Aaa 3/14/2022 3/15/2022 495,591.79 2.17 1,676.68 469,136.85508,174.22

US TREASURY N/B
DTD 11/16/1998 5.250% 11/15/2028
912810FF0 1,000,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,064,765.63 4.02 6,816.30 1,031,367.001,042,066.42

US TREASURY N/B
DTD 02/15/2019 2.625% 02/15/2029
9128286B1 500,000.00 AA+ Aaa 3/21/2022 3/22/2022 509,433.59 2.33 4,957.54 467,402.50505,633.22

US TREASURY N/B
DTD 02/15/2019 2.625% 02/15/2029
9128286B1 2,165,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,630.86 4.15 21,466.15 2,023,852.832,045,177.18

US TREASURY N/B
DTD 02/16/1999 5.250% 02/15/2029
912810FG8 1,875,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,027,856.45 3.74 37,181.56 1,943,261.251,978,368.57

US TREASURY N/B
DTD 05/31/2022 2.750% 05/31/2029
91282CES6 490,000.00 AA+ Aaa 1/11/2023 1/12/2023 464,523.83 3.67 1,184.62 458,073.56472,392.92

US TREASURY N/B
DTD 05/31/2024 4.500% 05/31/2029
91282CKT7 960,000.00 AA+ Aaa 6/6/2024 6/7/2024 968,700.00 4.30 3,797.80 964,462.08967,797.95

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 490,000.00 AA+ Aaa 7/7/2023 7/10/2023 464,026.17 4.26 43.99 467,509.98470,466.06

ATTACHMENT A
27 434
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury

US TREASURY N/B
DTD 07/31/2024 4.000% 07/31/2029
91282CLC3 6,075,000.00 AA+ Aaa 8/1/2024 8/2/2024 6,117,240.23 3.85 101,690.22 5,977,939.736,114,053.55

US TREASURY N/B
DTD 08/16/1999 6.125% 08/15/2029
912810FJ2 1,775,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,023,083.98 3.72 41,064.96 1,903,618.281,948,803.02

US TREASURY N/B
DTD 08/15/2019 1.625% 08/15/2029
912828YB0 520,000.00 AA+ Aaa 3/21/2022 3/22/2022 496,518.75 2.29 3,191.71 461,459.44505,344.85

US TREASURY N/B
DTD 08/31/2022 3.125% 08/31/2029
91282CFJ5 2,120,000.00 AA+ Aaa 2/27/2023 2/28/2023 2,000,998.44 4.12 22,510.36 2,007,788.402,034,705.53

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 1,700,000.00 AA+ Aaa 11/1/2024 11/4/2024 1,695,816.41 4.18 12,010.36 1,680,210.301,695,943.21

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 950,000.00 AA+ Aaa 11/14/2024 11/15/2024 942,949.22 4.29 6,711.67 938,941.05943,119.83

US TREASURY N/B
DTD 11/30/2022 3.875% 11/30/2029
91282CFY2 1,070,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,069,289.45 3.89 3,645.05 1,045,841.541,069,501.48

US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2029
91282CGB1 2,030,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,059,339.84 3.64 217.30 1,982,977.082,051,031.11

US TREASURY N/B
DTD 02/18/2020 1.500% 02/15/2030
912828Z94 542,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,040.43 2.66 3,073.68 471,000.13513,485.75

US TREASURY N/B
DTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 2,010,000.00 AA+ Aaa 2/27/2023 2/28/2023 2,000,892.19 4.08 27,318.23 1,972,547.672,003,289.36

US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2030
91282CGZ8 3,880,000.00 AA+ Aaa 4/25/2024 4/26/2024 3,632,498.44 4.73 23,258.56 3,712,523.683,657,265.45

US TREASURY N/B
DTD 02/15/2000 6.250% 05/15/2030
912810FM5 2,160,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,519,859.38 3.64 17,527.62 2,347,228.802,423,180.74

US TREASURY N/B
DTD 02/15/2000 6.250% 05/15/2030
912810FM5 925,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,065,123.05 3.89 7,506.04 1,005,179.001,025,859.78

US TREASURY N/B
DTD 05/15/2020 0.625% 05/15/2030
912828ZQ6 2,535,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,057,608.01 3.56 2,057.06 2,079,790.052,185,992.80

US TREASURY N/B
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 2,830,000.00 AA+ Aaa 7/12/2023 7/12/2023 2,783,459.77 4.03 9,329.67 2,738,797.592,793,434.00

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 587,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,755.37 2.65 1,386.93 477,045.30527,754.60

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 2,540,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,995,586.72 3.97 5,996.26 2,062,459.682,130,041.82

ATTACHMENT A
28 435
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 2,545,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,052,204.49 3.56 6,008.07 2,066,519.642,180,334.88

US TREASURY N/B
DTD 11/16/2020 0.875% 11/15/2030
91282CAV3 1,330,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,071,065.63 3.72 1,510.95 1,088,054.381,139,028.11

US TREASURY N/B
DTD 11/16/2020 0.875% 11/15/2030
91282CAV3 3,000,000.00 AA+ Aaa 7/11/2023 7/12/2023 2,405,390.63 4.02 3,408.15 2,454,258.002,524,844.39

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 2,955,000.00 AA+ Aaa 7/7/2023 7/10/2023 3,201,326.95 4.09 59,993.33 3,098,480.033,153,338.88

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,820,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,620.31 3.98 36,950.20 1,908,370.101,951,915.78

US TREASURY N/B
DTD 02/16/2021 1.125% 02/15/2031
91282CBL4 565,000.00 AA+ Aaa 4/6/2022 4/11/2022 498,104.88 2.63 2,400.87 466,213.14518,719.84

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,800,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,021,273.44 3.61 36,544.16 1,887,399.001,967,320.73

US TREASURY N/B
DTD 04/01/2024 4.125% 03/31/2031
91282CKF7 3,820,000.00 AA+ Aaa 4/25/2024 4/26/2024 3,686,150.78 4.72 40,259.55 3,749,417.863,697,545.12

US TREASURY N/B
DTD 05/17/2021 1.625% 05/15/2031
91282CCB5 2,930,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,530,673.05 3.53 6,181.73 2,471,616.152,625,095.19

US TREASURY N/B
DTD 05/17/2021 1.625% 05/15/2031
91282CCB5 1,265,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,070,802.73 3.76 2,668.91 1,067,097.081,118,786.06

US TREASURY N/B
DTD 07/31/2024 4.125% 07/31/2031
91282CLD1 730,000.00 AA+ Aaa 8/14/2024 8/15/2024 748,164.45 3.72 12,601.43 715,400.00747,293.46

US TREASURY N/B
DTD 08/16/2021 1.250% 08/15/2031
91282CCS8 562,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,515.62 2.63 2,655.83 459,009.00517,187.89

US TREASURY N/B
DTD 08/16/2021 1.250% 08/15/2031
91282CCS8 2,465,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,994,627.93 3.92 11,638.42 2,011,479.442,097,074.66

US TREASURY N/B
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 2,080,000.00 AA+ Aaa 1/10/2023 1/11/2023 1,739,075.00 3.55 3,713.26 1,699,586.721,815,176.22

US TREASURY N/B
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 1,305,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,068,927.54 3.77 2,329.71 1,066,327.251,123,977.44

US TREASURY N/B
DTD 02/15/2022 1.875% 02/15/2032
91282CDY4 2,365,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,999,625.98 3.94 16,749.41 1,989,095.082,074,731.88

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,150,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,067,164.06 3.79 4,292.65 1,032,798.901,085,462.79

ATTACHMENT A
29 436
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 660,000.00 AA+ Aaa 8/5/2022 8/9/2022 662,629.69 2.83 2,463.60 592,736.76661,983.88

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,175,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,056,224.61 3.57 8,118.70 1,953,337.052,081,323.40

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,670,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,525,548.83 3.56 9,966.40 2,397,889.622,556,039.84

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,100,000.00 AA+ Aaa 7/2/2024 7/3/2024 988,410.16 4.41 4,106.01 987,894.60994,383.68

US TREASURY N/B
DTD 08/15/2022 2.750% 08/15/2032
91282CFF3 2,195,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,190.82 3.93 22,799.97 1,946,605.022,030,879.36

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 3,225,000.00 AA+ Aaa 7/7/2023 7/10/2023 3,242,006.84 4.06 17,272.01 3,145,510.203,239,313.43

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,965,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,054,269.34 3.57 10,523.88 1,916,566.682,036,370.79

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,055,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,084,877.93 3.78 5,650.22 1,028,996.361,078,611.61

US TREASURY N/B
DTD 02/15/2023 3.500% 02/15/2033
91282CGM7 2,065,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,993,450.98 3.92 27,299.52 1,921,176.882,006,679.69

US TREASURY N/B
DTD 05/15/2023 3.375% 05/15/2033
91282CHC8 1,075,000.00 AA+ Aaa 7/2/2024 7/3/2024 992,191.41 4.43 4,710.55 987,992.73996,030.77

US TREASURY N/B
DTD 08/15/2023 3.875% 08/15/2033
91282CHT1 2,385,000.00 AA+ Aaa 10/2/2023 10/2/2023 2,236,496.48 4.67 34,908.17 2,270,128.862,255,322.03

US TREASURY N/B
DTD 11/15/2023 4.500% 11/15/2033
91282CJJ1 4,340,000.00 AA+ Aaa 10/16/2024 10/17/2024 4,504,784.38 4.00 25,356.63 4,321,012.504,501,643.27

US TREASURY N/B
DTD 02/15/2024 4.000% 02/15/2034
91282CJZ5 3,880,000.00 AA+ Aaa 4/25/2024 4/26/2024 3,667,357.81 4.70 58,621.74 3,715,251.323,679,239.85

US TREASURY N/B
DTD 05/15/2024 4.375% 05/15/2034
91282CKQ3 1,000,000.00 AA+ Aaa 7/2/2024 7/3/2024 995,156.25 4.44 5,680.25 984,844.00995,357.46

US TREASURY N/B
DTD 08/15/2024 3.875% 08/15/2034
91282CLF6 8,450,000.00 AA+ Aaa 9/4/2024 9/5/2024 8,514,365.23 3.78 123,678.84 7,991,849.458,512,685.35 254,400,000.00 243,514,169.35 1,473,320.75 240,764,773.62Security Type Sub-Total 3.15 247,754,684.14

ATTACHMENT A
30 437
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Negotiable CD

COOPERAT RABOBANK UA/NY
DTD 07/20/2023 5.080% 07/17/2026
21684LGS5 4,200,000.00 A+ Aa2 7/17/2023 7/20/2023 4,200,000.00 5.08 97,197.33 4,281,564.004,200,000.00 4,200,000.00 4,200,000.00 97,197.33 4,281,564.00Security Type Sub-Total 5.08 4,200,000.00 Municipal

UNIV OF CALIFORNIA-BG
(CALLABLE)
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 300,000.00 AA Aa2 7/10/2020 7/16/2020 300,000.00 0.88 338.48 296,115.00300,000.00

UNIV OF CALIFORNIA-BG
(CALLABLE)
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 460,000.00 AA Aa2 7/14/2020 7/16/2020 461,665.20 0.81 519.01 454,043.00460,128.31

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 1,050,000.00 AA Aa2 9/3/2020 9/16/2020 1,057,423.50 1.11 6,604.50 1,032,486.001,050,774.63

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 825,000.00 AA Aa2 9/3/2020 9/16/2020 825,000.00 1.26 5,189.25 811,239.00825,000.00

NJ TPK AUTH -B-TXBL
DTD 02/04/2021 1.047% 01/01/2026
646140DP5 557,500.00 AA- A1 1/22/2021 2/4/2021 557,500.00 1.05 2,918.51 539,817.77557,500.00 3,192,500.00 3,201,588.70 15,569.75 3,133,700.77Security Type Sub-Total 1.07 3,193,402.94 Federal Agency

FANNIE MAE
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 12,500.00 AA+ Aaa 10/2/2020 10/5/2020 12,553.38 0.41 2.43 12,289.9612,505.24

FREDDIE MAC
DTD 09/25/2020 0.375% 09/23/2025
3137EAEX3 3,545,000.00 AA+ Aaa 9/23/2020 9/25/2020 3,534,329.55 0.44 3,618.85 3,447,540.863,543,445.13

FEDERAL FARM CREDIT BANK
(CALLABLE)
DTD 09/29/2020 0.530% 09/29/2025
3133EMBH4 2,265,000.00 AA+ Aaa 10/7/2020 10/9/2020 2,261,036.25 0.57 3,067.82 2,202,216.472,264,406.54

FANNIE MAE
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 1,955,000.00 AA+ Aaa 11/19/2020 11/24/2020 1,954,257.10 0.51 1,466.25 1,893,923.851,954,872.50

FANNIE MAE
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 6,190,000.00 AA+ Aaa 12/3/2020 12/4/2020 6,188,885.80 0.50 4,642.50 5,996,618.216,189,807.70

ATTACHMENT A
31 438
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Federal Agency

FEDERAL HOME LOAN BANK
DTD 08/25/2022 3.375% 09/10/2032
3130AT4C8 875,000.00 AA+ Aaa 11/1/2022 11/3/2022 779,616.25 4.77 9,105.47 801,342.50800,537.75 14,842,500.00 14,730,678.33 21,903.32 14,353,931.85Security Type Sub-Total 0.74 14,765,574.86 Corporate

JOHN DEERE CAPITAL CORP
DTD 01/10/2022 1.250% 01/10/2025
24422EVY2 212,500.00 A A1 3/8/2022 3/10/2022 207,142.87 2.17 1,261.72 212,344.45212,452.73

TOYOTA MOTOR CREDIT CORP
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 7,500.00 A+ A1 5/21/2020 5/26/2020 7,602.00 1.50 51.75 7,474.347,502.52 AMAZON.COM INC
DTD 04/13/2022 3.000% 04/13/2025
023135CE4 7,500.00 AA A1 4/11/2022 4/13/2022 7,488.07 3.06 48.75 7,469.847,498.87

GOLDMAN SACHS GROUP INC
(CALLABLE)
DTD 05/22/2015 3.750% 05/22/2025
38148LAE6 837,500.00 BBB+ A2 2/12/2021 2/17/2021 935,638.25 0.94 3,402.34 834,436.43840,963.70

STATE STREET CORP (CALLABLE)
DTD 02/07/2022 1.746% 02/06/2026
857477BR3 437,500.00 A Aa3 2/2/2022 2/7/2022 437,500.00 1.75 3,076.72 436,071.13437,500.00

STATE STREET CORP (CALLABLE)
DTD 10/29/2020 2.901% 03/30/2026
857477BM4 3,750,000.00 A Aa3 8/8/2022 8/10/2022 3,639,037.50 3.78 27,499.06 3,731,250.003,711,967.80

BANK OF AMERICA CORP
(CALLABLE)
DTD 03/22/2022 3.384% 04/02/2026
06051GKM0 1,875,000.00 A- A1 3/17/2022 3/22/2022 1,875,000.00 3.38 15,686.25 1,867,978.131,875,000.00

PACCAR FINANCIAL CORP
DTD 08/10/2023 5.050% 08/10/2026
69371RS56 3,800,000.00 A+ A1 8/10/2023 8/14/2023 3,815,846.00 4.90 75,160.83 3,834,899.203,808,526.80

BANK OF AMERICA NA (CALLABLE)
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2 1,885,000.00 A+ Aa1 8/14/2023 8/18/2023 1,885,000.00 5.53 38,483.22 1,909,806.601,885,000.00

JP MORGAN CHASE BANK NA
(CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8 3,150,000.00 AA- Aa2 12/5/2023 12/8/2023 3,150,000.00 5.11 10,283.88 3,183,301.803,150,000.00

TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 2,140,000.00 A A2 1/27/2022 1/31/2022 2,138,694.60 1.96 19,242.17 2,035,717.802,139,462.91

MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 2,325,000.00 AAA Aaa 1/27/2023 1/31/2023 2,259,644.25 4.07 30,903.13 2,276,265.672,290,852.19

ATTACHMENT A
32 439
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate

TRUIST FINANCIAL CORP
(CALLABLE)
DTD 08/03/2020 1.125% 08/03/2027
89788MAC6 2,520,000.00 A- Baa1 8/5/2022 8/9/2022 2,213,719.20 3.83 11,655.00 2,295,493.202,360,884.22

HOME DEPOT INC (CALLABLE)
DTD 09/14/2017 2.800% 09/14/2027
437076BT8 3,450,000.00 A A2 1/25/2023 1/27/2023 3,255,385.50 4.15 28,711.67 3,305,286.303,336,406.77

JPMORGAN CHASE & CO
(CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
46647PCW4 1,605,000.00 A A1 9/14/2023 9/18/2023 1,467,563.85 5.13 16,686.16 1,544,162.481,507,434.11

JPMORGAN CHASE & CO
(CALLABLE)
DTD 04/25/2017 3.540% 05/01/2028
46647PAF3 1,725,000.00 A A1 8/8/2024 8/9/2024 1,672,059.75 4.44 10,177.50 1,675,989.301,677,257.25

HERSHEY COMPANY (CALLABLE)
DTD 05/04/2023 4.250% 05/04/2028
427866BH0 2,785,000.00 A A1 5/9/2023 5/11/2023 2,801,821.40 4.11 18,740.73 2,758,408.822,796,192.00

APPLE INC (CALLABLE)
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 1,370,000.00 AA+ Aaa 5/12/2023 5/16/2023 1,380,946.30 3.82 7,763.33 1,348,948.581,377,316.15

APPLE INC (CALLABLE)
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 4,675,000.00 AA+ Aaa 5/9/2023 5/11/2023 4,673,083.25 4.01 26,491.67 4,603,163.954,673,711.86

MORGAN STANLEY BANK NA
(CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 1,430,000.00 A+ Aa3 5/28/2024 5/30/2024 1,430,000.00 5.50 7,652.09 1,449,937.061,430,000.00

MORGAN STANLEY BANK NA
(CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 2,770,000.00 A+ Aa3 5/30/2024 5/31/2024 2,775,844.70 5.45 14,822.58 2,808,619.342,774,440.73

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 600,000.00 A A1 7/13/2023 7/14/2023 608,160.00 4.64 13,777.50 605,796.00605,770.93

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,420,000.00 A A1 7/11/2023 7/14/2023 1,417,884.20 4.98 32,606.75 1,433,717.201,418,503.66

TOYOTA MOTOR CREDIT CORP
DTD 09/11/2023 5.250% 09/11/2028
89236TLB9 1,400,000.00 A+ A1 9/6/2023 9/11/2023 1,397,564.00 5.29 22,458.33 1,419,859.001,398,143.57

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 4,935,000.00 A+ Aa3 9/26/2023 9/29/2023 4,935,000.00 5.80 73,185.50 5,088,601.884,935,000.00

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 1,300,000.00 A+ Aa3 5/1/2024 5/3/2024 1,325,142.00 5.30 19,278.86 1,340,462.501,321,655.04

BLACKROCK FUNDING INC
(CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 4,200,000.00 AA- Aa3 4/9/2024 4/11/2024 4,181,646.00 4.80 58,671.67 4,203,725.404,184,079.91

ATTACHMENT A
33 440
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate

BLACKROCK FUNDING INC
(CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 405,000.00 AA- Aa3 3/5/2024 3/14/2024 404,266.95 4.74 5,657.63 405,359.24404,374.13

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,775,000.00 A+ A1 4/1/2024 4/4/2024 1,772,355.25 4.83 20,590.00 1,784,430.581,772,709.73

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,450,000.00 A+ A1 4/2/2024 4/4/2024 1,447,578.50 4.84 16,820.00 1,457,703.851,447,903.00

MASTERCARD INC (CALLABLE)
DTD 05/31/2019 2.950% 06/01/2029
57636QAM6 3,600,000.00 A+ Aa3 6/26/2024 6/27/2024 3,307,140.00 4.82 8,850.00 3,359,217.603,334,435.33

PEPSICO INC (CALLABLE)
DTD 07/17/2024 4.500% 07/17/2029
713448FX1 2,160,000.00 A+ A1 7/15/2024 7/17/2024 2,156,652.00 4.53 44,280.00 2,155,658.402,156,935.61

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 370,000.00 A+ A1 8/6/2024 8/9/2024 369,248.90 4.60 6,640.47 365,621.05369,302.37

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 925,000.00 A+ A1 8/8/2024 8/9/2024 921,198.25 4.64 16,601.18 914,052.63921,470.29

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 805,000.00 A+ A1 8/7/2024 8/9/2024 804,074.25 4.58 14,447.51 795,472.83804,143.13

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 2,600,000.00 A+ A1 8/13/2024 8/14/2024 2,604,420.00 4.16 41,556.67 2,549,328.602,604,109.68

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 750,000.00 A+ A1 8/12/2024 8/14/2024 748,357.50 4.25 11,987.50 735,383.25748,473.49 71,452,500.00 70,429,705.29 775,210.12 70,741,414.43Security Type Sub-Total 4.50 70,727,380.48 Agency CMBS
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,793,456.68 AA+ Aaa 5/19/2023 5/24/2023 2,707,470.58 4.29 7,791.42 2,726,452.832,746,815.53 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 4,477,651.00 AA+ Aaa 8/16/2023 8/18/2023 4,223,684.23 4.94 12,029.96 4,354,932.024,320,219.01 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 2,540,000.00 AA+ Aaa 8/16/2023 8/18/2023 2,394,842.97 4.93 6,864.35 2,465,832.002,448,770.94 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
3137F2LJ3 3,941,658.00 AA+ Aaa 8/17/2023 8/22/2023 3,686,066.11 4.97 10,238.46 3,811,618.763,776,438.08

ATTACHMENT A
34 441
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,891,239.92 AA+ Aaa 9/20/2023 9/28/2023 3,830,174.70 5.19 15,564.96 3,897,454.233,844,749.57 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,073,773.91 AA+ Aaa 9/7/2023 9/14/2023 2,042,760.62 5.01 8,035.87 2,072,564.902,050,581.68 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,384,742.13 AA+ Aaa 7/19/2023 7/27/2023 3,384,657.49 4.78 13,474.09 3,374,966.993,384,682.10 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 4,200,000.00 AA+ Aaa 7/13/2023 7/20/2023 4,241,949.60 4.59 16,866.50 4,209,563.404,229,636.50 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 4,061,044.61 AA+ Aaa 7/18/2023 7/31/2023 3,992,197.21 4.58 14,149.36 3,980,688.724,011,769.22 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 4,300,000.00 AA+ Aaa 10/11/2023 10/19/2023 4,205,675.20 5.25 16,985.00 4,298,748.704,226,759.48 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 4,200,000.00 AA+ Aaa 9/7/2023 9/14/2023 4,137,869.40 4.99 16,275.00 4,190,894.404,152,660.07 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 2,238,646.94 AA+ Aaa 9/19/2023 9/28/2023 2,238,635.74 5.27 9,835.12 2,258,964.902,238,639.49 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 4,200,000.00 AA+ Aaa 9/20/2023 9/28/2023 4,149,797.40 5.07 16,800.00 4,208,164.804,160,663.48 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 3,305,000.00 AA+ Aaa 10/25/2023 10/31/2023 3,199,626.69 5.60 13,357.71 3,317,889.503,220,838.45 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 1,675,000.00 AA+ Aaa 11/14/2023 11/21/2023 1,670,157.58 5.14 7,075.48 1,693,177.101,671,143.26 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 2,440,000.00 AA+ Aaa 11/28/2023 12/7/2023 2,432,989.88 4.93 9,882.00 2,447,873.882,434,376.59 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 2,215,000.00 AA+ Aaa 12/11/2023 12/21/2023 2,235,683.67 4.79 9,229.17 2,234,119.882,231,779.60 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 2,495,000.00 AA+ Aaa 2/1/2024 2/8/2024 2,519,947.51 4.34 9,505.95 2,477,492.592,515,769.97 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
3137HBFY5 2,505,000.00 AA+ Aaa 1/10/2024 1/18/2024 2,530,022.45 4.50 9,861.35 2,502,021.562,525,634.37 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
3137HBPM0 4,200,000.00 AA+ Aaa 2/29/2024 3/7/2024 4,325,987.40 4.79 19,169.50 4,309,792.204,306,994.53 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
3137HC2L5 3,040,000.00 AA+ Aaa 3/19/2024 3/28/2024 3,113,400.80 4.83 13,680.00 3,111,835.203,103,985.17

ATTACHMENT A
35 442
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
3137HC2C5 3,760,000.00 AA+ Aaa 3/5/2024 3/14/2024 3,872,747.36 4.67 16,779.00 3,841,622.083,856,049.04 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
3137HBPD0 4,200,000.00 AA+ Aaa 2/14/2024 2/22/2024 4,313,148.00 4.79 18,900.00 4,288,439.404,295,367.89 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
3137HCKV3 2,380,000.00 AA+ Aaa 4/23/2024 4/30/2024 2,389,660.42 5.09 10,273.67 2,415,545.302,388,616.38 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 4,400,000.00 AA+ Aaa 6/5/2024 6/13/2024 4,399,986.80 4.80 17,611.00 4,402,301.204,400,000.00 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 3,730,000.00 AA+ Aaa 7/16/2024 7/25/2024 3,752,905.93 4.58 14,671.33 3,722,349.773,751,397.51 FHMS K529 A2
DTD 10/01/2024 4.791% 09/01/2029
3137HH6C0 2,355,000.00 AA+ Aaa 10/8/2024 10/16/2024 2,402,069.39 4.34 9,402.34 2,354,656.172,400,291.09 FHMS K531 A2
DTD 12/01/2024 4.630% 10/01/2029
3137HHUN9 1,805,000.00 AA+ Aaa 12/3/2024 12/12/2024 1,813,198.31 4.53 6,964.29 1,793,050.901,813,119.90 90,807,213.18 90,207,313.44 351,272.88 90,763,013.38Security Type Sub-Total 4.85 90,507,748.90 ABS
TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
89239BAC5 69,732.03 AAA Aaa 9/21/2021 9/27/2021 69,726.48 0.43 13.33 69,505.1369,730.69 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 51,724.52 AAA NR 11/9/2021 11/17/2021 51,712.97 0.75 17.01 51,517.1051,720.99 HAROT 2022-2 A3
DTD 08/24/2022 3.730% 07/20/2026
43815PAC3 160,926.94 AAA NR 8/15/2022 8/24/2022 160,917.34 3.73 216.76 160,382.04160,923.12 CCCIT 2023-A1 A1
DTD 12/11/2023 5.230% 12/08/2027
17305EGW9 930,000.00 AAA Aaa 12/4/2023 12/11/2023 929,883.38 5.23 3,107.49 936,031.05929,912.48 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
500945AC4 1,085,000.00 NR Aaa 7/18/2023 7/26/2023 1,084,725.93 5.29 2,546.13 1,096,262.301,084,813.49 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 1,775,000.00 NR Aaa 7/25/2023 7/31/2023 1,774,932.73 5.53 4,362.56 1,792,641.731,774,953.72 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 2,640,000.00 AAA NR 8/15/2023 8/22/2023 2,639,455.63 5.42 5,157.53 2,666,304.962,639,620.35 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 825,000.00 AAA NR 8/8/2023 8/15/2023 824,813.39 5.17 1,892.00 831,439.95824,868.42

ATTACHMENT A
36 443
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 3,375,000.00 AAA Aaa 9/7/2023 9/15/2023 3,374,409.38 5.58 8,370.00 3,407,116.503,374,565.22 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 3,075,000.00 NR Aaa 11/15/2023 11/21/2023 3,074,944.34 5.74 7,844.67 3,120,522.303,074,961.53 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 805,000.00 AAA NR 11/7/2023 11/14/2023 804,913.22 5.54 1,982.09 816,800.50804,934.09 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 2,880,000.00 AAA Aaa 8/15/2023 8/23/2023 2,879,821.44 5.53 7,078.40 2,911,587.842,879,870.06 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 3,380,000.00 AAA NR 9/7/2023 9/15/2023 3,379,063.06 5.17 7,751.47 3,419,583.183,379,283.27 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 3,460,000.00 AAA NR 9/12/2023 9/19/2023 3,459,845.34 5.23 8,042.58 3,504,031.963,459,883.68 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 1,190,000.00 AAA NR 11/3/2023 11/13/2023 1,189,843.52 5.54 2,930.04 1,207,497.761,189,878.17 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 1,520,000.00 NR Aaa 12/7/2023 12/14/2023 1,519,795.86 4.98 3,364.27 1,534,639.121,519,839.72 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 410,000.00 NR Aaa 1/9/2024 1/17/2024 409,917.55 4.85 828.54 412,094.28409,932.12 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/16/2029
161571HV9 3,825,000.00 AAA NR 1/24/2024 1/31/2024 3,824,417.45 4.60 7,820.00 3,834,589.273,824,521.22 31,457,383.49 31,453,139.01 73,324.87 31,772,546.97Security Type Sub-Total 5.27 31,454,212.34 470,352,096.68 457,736,594.12 2,807,799.02 455,810,945.02Managed Account Sub Total Securities Sub Total
Accrued Interest
$470,352,096.68 $457,736,594.12 $2,807,799.02 $455,810,945.02 $2,807,799.02
462,603,003.66
$462,603,003.66

3.78 3.78%
Total Investments $458,618,744.04

ATTACHMENT A
37 444
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
10/8/2024 10/16/2024 2,355,000.00 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 2,406,770.56 4.34% 10/16/2024 10/17/2024 4,340,000.00 91282CJJ1 US TREASURY N/B 4.50% 11/15/2033 4,587,043.89 4.00% 11/1/2024 11/4/2024 1,700,000.00 91282CLR0 US TREASURY N/B 4.12% 10/31/2029 1,696,591.27 4.18% 11/14/2024 11/15/2024 950,000.00 91282CLR0 US TREASURY N/B 4.12% 10/31/2029 944,573.01 4.29% 12/3/2024 12/12/2024 1,805,000.00 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 1,815,751.88 4.53% 12/4/2024 12/4/2024 920,000.00 912797LP0 TREASURY BILL 0.00% 12/12/2024 919,091.86 4.44% Total BUY 12,070,000.00 12,369,822.47 0.00

INTEREST
10/1/2024 10/1/2024 MONEY0002 MONEY MARKET FUND 0.00% 3,726.36 10/1/2024 10/25/2024 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 10/1/2024 10/25/2024 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 10/1/2024 10/25/2024 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,747.84 10/1/2024 10/25/2024 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 10/1/2024 10/25/2024 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 10/1/2024 10/25/2024 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 10/1/2024 10/25/2024 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 10/1/2024 10/25/2024 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00

ATTACHMENT A
38 445
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
10/1/2024 10/25/2024 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 10/1/2024 10/25/2024 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,057.14 10/1/2024 10/25/2024 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 10/1/2024 10/25/2024 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,150.23 10/1/2024 10/25/2024 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 15,048.90 10/1/2024 10/25/2024 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,504.56 10/1/2024 10/25/2024 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 10/1/2024 10/25/2024 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 10/1/2024 10/25/2024 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,839.28 10/1/2024 10/25/2024 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 10/1/2024 10/25/2024 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 10/1/2024 10/25/2024 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 10/1/2024 10/25/2024 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 10/1/2024 10/25/2024 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 10/1/2024 10/25/2024 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 10/1/2024 10/25/2024 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 10/1/2024 10/25/2024 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96

ATTACHMENT A
39 446
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
10/1/2024 10/25/2024 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 10/2/2024 10/2/2024 06051GKM0 BANK OF AMERICA CORP (CALLABLE) 3.38% 4/2/2026 31,725.00 10/4/2024 10/4/2024 00724PAF6 ADOBE INC (CALLABLE) 4.80% 4/4/2029 77,400.00 10/13/2024 10/13/2024 023135CE4 AMAZON.COM INC 3.00% 4/13/2025 112.50 10/15/2024 10/15/2024 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 10/15/2024 10/15/2024 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 10/15/2024 10/15/2024 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 71.78 10/15/2024 10/15/2024 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 10/15/2024 10/15/2024 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 10/15/2024 10/15/2024 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 10/15/2024 10/15/2024 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 23.82 10/15/2024 10/15/2024 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 14,662.50 10/15/2024 10/15/2024 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 10/15/2024 10/15/2024 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 10/15/2024 10/15/2024 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 65.88 10/15/2024 10/15/2024 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 10/15/2024 10/15/2024 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00

ATTACHMENT A
40 447
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
10/15/2024 10/15/2024 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 10/15/2024 10/15/2024 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 10/16/2024 10/16/2024 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 10/18/2024 10/18/2024 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 10/18/2024 10/18/2024 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 672.82 10/31/2024 10/31/2024 91282CAT8 US TREASURY N/B 0.25% 10/31/2025 4,375.00 10/31/2024 10/31/2024 912828ZN3 US TREASURY N/B 0.50% 4/30/2027 12,100.00 10/31/2024 10/31/2024 912828ZL7 US TREASURY N/B 0.37% 4/30/2025 210.94 10/31/2024 10/31/2024 91282CFU0 US TREASURY N/B 4.12% 10/31/2027 124,575.00 10/31/2024 10/31/2024 91282CHA2 US TREASURY N/B 3.50% 4/30/2028 35,875.00 10/31/2024 10/31/2024 91282CAU5 US TREASURY N/B 0.50% 10/31/2027 13,350.00 10/31/2024 10/31/2024 91282CGZ8 US TREASURY N/B 3.50% 4/30/2030 67,900.00 11/1/2024 11/1/2024 46647PAF3 JPMORGAN CHASE & CO (CALLABLE) 3.54% 5/1/2028 30,532.50 11/1/2024 11/1/2024 13077DNC2 CA ST UNIV-E 0.68% 11/1/2024 2,140.63 11/1/2024 11/1/2024 MONEY0002 MONEY MARKET FUND 0.00% 6,115.61 11/1/2024 11/25/2024 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 11/1/2024 11/25/2024 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00

ATTACHMENT A
41 448
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
11/1/2024 11/25/2024 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 11/1/2024 11/25/2024 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,684.32 11/1/2024 11/25/2024 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 11/1/2024 11/25/2024 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 11/1/2024 11/25/2024 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 11/1/2024 11/25/2024 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,494.04 11/1/2024 11/25/2024 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 11/1/2024 11/25/2024 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 11/1/2024 11/25/2024 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 11/1/2024 11/25/2024 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,823.06 11/1/2024 11/25/2024 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 11/1/2024 11/25/2024 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 11/1/2024 11/25/2024 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 11/1/2024 11/25/2024 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,179.99 11/1/2024 11/25/2024 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 11/1/2024 11/25/2024 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 11/1/2024 11/25/2024 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96

ATTACHMENT A
42 449
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
11/1/2024 11/25/2024 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 11/1/2024 11/25/2024 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 11/1/2024 11/25/2024 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 9,882.66 11/1/2024 11/25/2024 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,049.77 11/1/2024 11/25/2024 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 11/1/2024 11/25/2024 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 11/1/2024 11/25/2024 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 11/1/2024 11/25/2024 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 11/4/2024 11/4/2024 427866BH0 HERSHEY COMPANY (CALLABLE) 4.25% 5/4/2028 59,181.25 11/7/2024 11/7/2024 3135G06G3 FANNIE MAE 0.50% 11/7/2025 20,362.50 11/10/2024 11/10/2024 037833ET3 APPLE INC (CALLABLE) 4.00% 5/10/2028 120,900.00 11/15/2024 11/15/2024 912810FF0 US TREASURY N/B 5.25% 11/15/2028 26,250.00 11/15/2024 11/15/2024 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 12.04 11/15/2024 11/15/2024 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 11/15/2024 11/15/2024 91282CDJ7 US TREASURY N/B 1.37% 11/15/2031 23,271.88 11/15/2024 11/15/2024 91282CEP2 US TREASURY N/B 2.87% 5/15/2032 111,478.13 11/15/2024 11/15/2024 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 51.89

ATTACHMENT A
43 450
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
11/15/2024 11/15/2024 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 11/15/2024 11/15/2024 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 11/15/2024 11/15/2024 91282CAV3 US TREASURY N/B 0.87% 11/15/2030 18,943.75 11/15/2024 11/15/2024 91412HGE7 UNIV OF CALIFORNIA-BG (CALLABLE) 0.88% 5/15/2025 3,355.40 11/15/2024 11/15/2024 912828U24 US TREASURY N/B 2.00% 11/15/2026 25,400.00 11/15/2024 11/15/2024 91282CFV8 US TREASURY N/B 4.12% 11/15/2032 128,803.13 11/15/2024 11/15/2024 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 11/15/2024 11/15/2024 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 11/15/2024 11/15/2024 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 11/15/2024 11/15/2024 91282CHC8 US TREASURY N/B 3.37% 5/15/2033 18,140.63 11/15/2024 11/15/2024 9128284N7 US TREASURY N/B 2.87% 5/15/2028 10,134.38 11/15/2024 11/15/2024 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 11/15/2024 11/15/2024 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 58.46 11/15/2024 11/15/2024 912810FM5 US TREASURY N/B 6.25% 5/15/2030 96,406.25 11/15/2024 11/15/2024 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 11/15/2024 11/15/2024 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 11/15/2024 11/15/2024 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83

ATTACHMENT A
44 451
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
11/15/2024 11/15/2024 912828ZQ6 US TREASURY N/B 0.62% 5/15/2030 7,921.88 11/15/2024 11/15/2024 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 11/15/2024 11/15/2024 91282CJJ1 US TREASURY N/B 4.50% 11/15/2033 97,650.00 11/15/2024 11/15/2024 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 14,662.50 11/15/2024 11/15/2024 91282CKQ3 US TREASURY N/B 4.37% 5/15/2034 21,875.00 11/15/2024 11/15/2024 91282CCB5 US TREASURY N/B 1.62% 5/15/2031 34,084.38 11/16/2024 11/16/2024 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 11/18/2024 11/18/2024 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 11/18/2024 11/18/2024 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 613.76 11/22/2024 11/22/2024 38148LAE6 GOLDMAN SACHS GROUP INC (CALLABLE) 3.75% 5/22/2025 15,703.13 11/26/2024 11/26/2024 61690U8B9 MORGAN STANLEY BANK NA (CALLABLE) 5.50% 5/26/2028 113,015.47 11/30/2024 11/30/2024 91282CCF6 US TREASURY N/B 0.75% 5/31/2026 31,200.00 11/30/2024 11/30/2024 91282CHF1 US TREASURY N/B 3.75% 5/31/2030 53,062.50 11/30/2024 11/30/2024 9128283J7 US TREASURY N/B 2.12% 11/30/2024 79.69 11/30/2024 11/30/2024 91282CFY2 US TREASURY N/B 3.87% 11/30/2029 20,731.25 11/30/2024 11/30/2024 91282CES6 US TREASURY N/B 2.75% 5/31/2029 6,737.50 11/30/2024 11/30/2024 91282CAZ4 US TREASURY N/B 0.37% 11/30/2025 12,698.44

ATTACHMENT A
45 452
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
11/30/2024 11/30/2024 91282CKT7 US TREASURY N/B 4.50% 5/31/2029 21,600.00 12/1/2024 12/25/2024 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 12/1/2024 12/25/2024 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 12/1/2024 12/25/2024 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 12/1/2024 12/25/2024 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 9,861.86 12/1/2024 12/25/2024 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 12/1/2024 12/25/2024 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 12/1/2024 12/25/2024 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 12/1/2024 12/25/2024 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,807.73 12/1/2024 12/25/2024 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 12/1/2024 12/25/2024 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,150.02 12/1/2024 12/25/2024 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 12/1/2024 12/25/2024 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 12/1/2024 12/25/2024 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 12/1/2024 12/25/2024 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 12/1/2024 12/25/2024 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 12/1/2024 12/25/2024 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17

ATTACHMENT A
46 453
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
12/1/2024 12/25/2024 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 12/1/2024 12/25/2024 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 12/1/2024 12/25/2024 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 12/1/2024 12/25/2024 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 12/1/2024 12/25/2024 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 12/1/2024 12/25/2024 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,485.27 12/1/2024 12/25/2024 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,043.31 12/1/2024 12/25/2024 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 12/1/2024 12/25/2024 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 12/1/2024 12/25/2024 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,629.02 12/1/2024 12/25/2024 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 12/1/2024 12/1/2024 57636QAM6 MASTERCARD INC (CALLABLE) 2.95% 6/1/2029 53,100.00 12/1/2024 12/1/2024 13067WRB0 CALIFORNIA ST DEPT OF 0.56% 12/1/2024 217.00 12/2/2024 12/2/2024 MONEY0002 MONEY MARKET FUND 0.00% 1,518.21 12/8/2024 12/8/2024 17305EGW9 CCCIT 2023-A1 A1 5.23% 12/8/2027 24,319.50 12/8/2024 12/8/2024 48125LRU8 JP MORGAN CHASE BANK NA (CALLABLE) 5.11% 12/8/2026 80,482.50 12/15/2024 12/15/2024 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83

ATTACHMENT A
47 454
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
12/15/2024 12/15/2024 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 12/15/2024 12/15/2024 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 12/15/2024 12/15/2024 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 12/15/2024 12/15/2024 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 12/15/2024 12/15/2024 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 12/15/2024 12/15/2024 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 12/15/2024 12/15/2024 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 12/15/2024 12/15/2024 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 12/15/2024 12/15/2024 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 44.85 12/15/2024 12/15/2024 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 38.00 12/15/2024 12/15/2024 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 12/15/2024 12/15/2024 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 12/15/2024 12/15/2024 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 14,662.50 12/16/2024 12/16/2024 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 12/17/2024 12/17/2024 3135G04Z3 FANNIE MAE 0.50% 6/17/2025 31.25 12/18/2024 12/18/2024 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 555.12 12/18/2024 12/18/2024 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00

ATTACHMENT A
48 455
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

INTEREST
12/31/2024 12/31/2024 91282CGB1 US TREASURY N/B 3.87% 12/31/2029 39,331.25 12/31/2024 12/31/2024 91282CGC9 US TREASURY N/B 3.87% 12/31/2027 57,059.38 12/31/2024 12/31/2024 91282CBC4 US TREASURY N/B 0.37% 12/31/2025 12,000.00 12/31/2024 12/31/2024 912828ZV5 US TREASURY N/B 0.50% 6/30/2027 10,537.50 12/31/2024 12/31/2024 91282CEW7 US TREASURY N/B 3.25% 6/30/2027 69,875.00 12/31/2024 12/31/2024 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 7,962.50 12/31/2024 12/31/2024 912828ZW3 US TREASURY N/B 0.25% 6/30/2025 28.13 Total INTEREST 0.00 3,297,794.04 0.00

MATURITY
11/1/2024 11/1/2024 625,000.00 13077DNC2 CA ST UNIV-E 0.68% 11/1/2024 625,000.00 11/30/2024 11/30/2024 7,500.00 9128283J7 US TREASURY N/B 2.12% 11/30/2024 7,500.00 12/1/2024 12/1/2024 77,500.00 13067WRB0 CALIFORNIA ST DEPT OF 0.56% 12/1/2024 77,500.00 12/12/2024 12/12/2024 920,000.00 912797LP0 TREASURY BILL 0.00% 12/12/2024 920,000.00 Total MATURITY 1,630,000.00 1,630,000.00 0.00

PAYDOWNS
10/1/2024 10/25/2024 5,813.10 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,813.10 109.83 10/1/2024 10/25/2024 1,901.57 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,901.57 22.68

ATTACHMENT A
49 456
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

PAYDOWNS
10/1/2024 10/25/2024 25.70 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 25.70 0.34 10/1/2024 10/25/2024 90,474.08 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 90,474.08 0.32 10/1/2024 10/25/2024 15,879.39 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,879.39 202.67 10/1/2024 10/25/2024 2,644.12 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,644.12 0.05 10/15/2024 10/15/2024 21,608.82 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 21,608.82 1.69 10/15/2024 10/15/2024 27,167.38 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 27,167.38 1.63 10/15/2024 10/15/2024 39,025.20 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 39,025.20 0.91 10/18/2024 10/18/2024 18,998.40 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 18,998.40 0.51 11/1/2024 11/25/2024 4,735.30 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 4,735.30 0.02 11/1/2024 11/25/2024 2,202.23 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,202.23 0.04 11/1/2024 11/25/2024 1,667.53 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,667.53 19.48 11/1/2024 11/25/2024 13,823.89 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 13,823.89 172.70 11/1/2024 11/25/2024 5,496.19 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,496.19 99.82 11/1/2024 11/25/2024 23.00 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 23.00 0.29 11/15/2024 11/15/2024 38,775.79 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 38,775.79 0.84 11/15/2024 11/15/2024 22,070.93 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 22,070.93 1.64 11/15/2024 11/15/2024 27,794.68 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 27,794.68 1.56

ATTACHMENT A
50 457
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description

PAYDOWNS
11/18/2024 11/18/2024 18,865.32 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 18,865.32 0.48 12/1/2024 12/25/2024 16,015.91 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 16,015.91 195.72 12/1/2024 12/25/2024 6,085.37 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 6,085.37 0.02 12/1/2024 12/25/2024 1,917.81 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,917.81 21.93 12/1/2024 12/25/2024 2,807.43 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,807.43 0.05 12/1/2024 12/25/2024 5,849.84 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,849.84 101.96 12/1/2024 12/25/2024 25.95 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 25.95 0.32 12/15/2024 12/15/2024 21,002.53 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 21,002.53 1.48 12/15/2024 12/15/2024 36,311.82 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 36,311.82 0.73 12/18/2024 12/18/2024 17,665.20 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 17,665.20 0.42 Total PAYDOWNS 466,674.48 466,674.48 960.13
SELL
10/16/2024 10/17/2024 2,025,000.00 91282CAJ0 US TREASURY N/B 0.25% 8/31/2025 1,956,759.83 -62,403.82 10/16/2024 10/17/2024 2,725,000.00 91282CAJ0 US TREASURY N/B 0.25% 8/31/2025 2,633,170.62 -83,745.56 12/3/2024 12/4/2024 950,000.00 91282CAJ0 US TREASURY N/B 0.25% 8/31/2025 922,234.60 -25,802.11 Total SELL 5,700,000.00 5,512 ,165.05 -171,951.49

ATTACHMENT A
51 458
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Appendix
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.

PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sources external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements.

While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of the strategy rated by a NRSRO.

It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.

Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown.

The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion as of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and data presented are not necessarily indicative of future events or expected performance.

PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S.

Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.

For more information regarding PFMAM's services or entities, please visit www.pfmam.com.

Further distribution is not permitted without prior written consent.

ATTACHMENT A
52 459
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Appendix
Important Disclosures
Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by ICE Data Services. There may be differences in the values shown for investments due to accrued but uncollected income and the use of differing valuation sources and methods. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government investment program is contained in the appropriate fund offering documentation or information statement.

In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and forward settling sales are excluded.

Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of future returns.

ICE Bank of America Indices provided by Bloomberg Financial Markets.

Money market fund/cash balances are included in performance and duration computations.

Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.

Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.

MBS maturities are represented by expected average life.

ATTACHMENT A
53 460
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Appendix
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.

Agencies: Federal agency securities and/or Government-sponsored enterprises.

Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.

Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans, leases, credit card balances, and receivables.

Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.

Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.

Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector added or subtracted from the overall portfolio performance.

Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.

Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on investment returns, while nominal yield does not.

FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.

Interest Rate: Interest per year divided by principal amount and expressed as a percentage.

Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.

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

Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.

Par Value: The nominal dollar face amount of a security.

Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage-backed security.

ATTACHMENT A
54 461
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Appendix
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.

Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments and maturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.

Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whose decisions are binding on its members.

Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.

Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.

U.S. Treasury: The department of the U.S. government that issues Treasury securities.

Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis.

YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time period from purchase date to maturity, stated as a percentage on an annualized basis.

YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis.

ATTACHMENT A
55 462

INVESTMENT REPORT
City of Stockton | As of December 31, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

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

ATTACHMENT A
56 463

TABLE OF CONTENTS
City of Stockton | As of December 31, 2024

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS

ATTACHMENT A
57 464

ECONOMIC UPDATE

ATTACHMENT A
58 465



Recent economic data suggests continued growth fueled by a resilient consumer. Inflationary trends have subsided, but some components remain sticky, and core levels remain above the Fed’s target. The labor market reflects improved balance between supply and demand for workers. While job creation has been robust, continuing jobless claims remain elevated. Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.

As broadly anticipated, the Federal Open Market Committee (FOMC) left the Fed Funds Rate unchanged at the range of 4.25-4.50% at the January meeting. Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetary policy is well positioned, adding that the committee is in no hurry to make any changes to monetary policy. The Chandler team believes monetary policy easing will continue at a slower cadence, and lower short-term yields will likely contribute to a steepening yield curve.

US Treasury yields shifted slightly lower in January. The 2-year Treasury yield declined 4 basis points to 4.20%, the 5-year Treasury fell 5 basis points to 4.33%, and the 10-year Treasury yield dropped3 basis points to 4.54%. The spread between the 2-year and 10-year Treasury yield points on the curve increased slightly to +34 basis points at January month-endversus +33 basis points at December month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -30 basis points. The spread between the 3-month and 10- year Treasury yield points on the curve was +25 basis points in January, unchanged from December.

ECONOMIC UPDATE

ATTACHMENT A
59 466
-400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 143,000 jobs in January, below consensus expectations, and the last two months were revised up by 100,000.

Gains were led by retail and health care. The three-month moving average and six-month moving average payrolls totaled 237,000 and 178,000 respectively. The unemployment rate declined to 4.0% in January, and the labor participation rate edged up to 62.6%, remaining below the pre-pandemic level of 63.3%. The U-6 underemploymentrate, which includes those who are marginally attached to the labor force and employed part time for economic reasons remained unchanged at 7.5%. Average hourly earnings ticked up to an increase of

4.1% year-over-year in January.

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

EMPLOYMENT

ATTACHMENT A
60 467
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openi ngs and Labor Turnover Survey (JOLTS) fell to 7.600 million new job openings in December from an upwardly revised 8.156 million job openings in November. Job openings indicate a ratio of 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY

ATTACHMENT A
61 468

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Cor e Deflator Y OY % Change
Fed Target
YOY (%) Change
In December, the Consumer Pric e Index (CPI) rose 0.4% month-over-monthand 2.9% year-over-year. The Core CPI, which excludes volatile food and energy components, rose 0.2% month-over-monthand 3.2% year-over-year, slowing from last month and coming in lower than consensus expectations. The Personal Consumption Expenditures(PCE) Index rose 0.3% from the previous monthand 2.6% year-over-year in December versus a 2.4% increase in November. The Core PCE deflator (the Fed’s preferred gauge) increased 0.2% month-over-month and 2.8% over the past year. Although inflation has moderated, price increases remain above the Fed’s 2% target.

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

INFLATION

ATTACHMENT A
62 469
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
December Retail Sales advanc ed broadly, providing evidence of a solid pace of consumer spending in the holiday season. Retail Sales rose 0.4% in December, after an increase of 0.8% in November and below the consensus expectation of 0.6%. Spending was solid for motor vehicles and non-store retailers, as well as for most other categories associated with the winter holidays. On a year-over-year basis, Retail Sales grew 3.9% in December versus 4.1% in November. The Retail Sales Control Group, which are used to calculate gross domestic product, increased 0.7% in December, the most in three months, exceeding expectations of 0.4%. The Conference Board’s Consumer Confidence Index declined to 104.1 in January from an upwardly revised 109.5 in December. Consumers' assessment of current business and labor market conditions fell sharply, and consumers were also less optimistic about future business conditions. While the consumer has been resilient, low savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential risks to future spending.
0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)

CONSUMER

ATTACHMENT A
63 470
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

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

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board ’s Leading Economic Index (LEI) dipped 0.1% in December, losing some momentumfollowing November's upwardly revised 0.4% increase. The LEI decreased year-over-year by -3.0%. While low consumer confidence and weak manufacturing activity led to the decline, the Conference Board still expects moderately strong growth for 2025. The Chicago Fed National Activity Index (CFNAI) improved to 0.15 in December from an upwardly revised -0.01 in November, posting its first positive reading since May 2024. The three- month moving average rose to -0.13 in December from -0.26 in November, indicating below-trend growth expectations for the economy.

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

LEADING INDICATORS OF ECONOMIC ACTIVITY

ATTACHMENT A
64 471
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts surged by 15.8% in December to 1.5 million units after declining in the prior three months. Total starts are down 4.4% compared to December 2023. The supply of existing homes is gradually becoming more abundant after the period of scarcity as homeowners held onto their low mortgage rates. The Freddie Mac 30-year fixed rate mortgage averaged approximately 7% in January.

According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.3% year-over-year in Novemberversus 4.2% year-over-year in October. With more inventory entering the market the trend is gradually improving; however higher mortgage rates continue to impact affordability.

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

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

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

HOUSING

ATTACHMENT A
65 472
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index rose more than forecast to 50.9 in January from 49.2 in December. The index moved into expansion territory in January as new orders, production, and employmentall exhibited growth. The ISM Services Index fell more than expected to 52.8 in January from 54.0 in December, while remaining in expansion territory. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.

Source: Institute for Supply Management

SURVEY BASED MEASURES

ATTACHMENT A
66 473
Components of GDP 3/24 6/24 9/24 12/ 24

1.3% 1.9% 2.5% 2.8%

0.6% 1.5% 0.2% -1.0%
-0.6% -0.9% -0.4% 0.0%

0.0% 0.3% 0.6% 0.2%

0.3% 0.3% 0.3% 0.2%

1.6% 3.0% 3.1% 2.3%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce According to the advance esti mate, fourth quarter GDP increased at an annualized rate of 2.3%, moderating from 3.1% growth in the third quarter. Growth continues to be powered by personal consumption expenditures, while private inventories and weaker net exports were the primary contributors to the slowdown. The consensus projection calls for 2.8% growth for the full year 2024, and 2.1% for the current quarter.

GROSS DOMESTIC PRODUCT (GDP)

ATTACHMENT A
67 474
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Fed Funds Rate unchanged at the range of 4.25-4.50% at the January meeting. Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetarypolicy is well positioned, adding that the committee is in no hurry to make any changes to monetary policy. Powell indicated that the risks to achieving the dual mandate are balanced, and monetary policy remains restrictive. The Fed continues to reduce its holdings of U.S.

Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $2.2 trillion to approximately $6.8 trillion.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)

FEDERAL RESERVE

ATTACHMENT A
68 475
Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

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

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Jan-25
Oct-24
Jan-24
Yield (%)
At the end of January, the 2-year Treasury yield was 1 basis point lower, and the 10-Year Treasury yield was 63 basis points higher, year- over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased slightly to +34 basis points at January month-endversus +33 basis points at December month-end. The yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +25 basis points in January, unchanged from December.

BOND YIELDS

ATTACHMENT A
69 476

ACCOUNT PROFILE

ATTACHMENT A
70 477

OBJECTIVES
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Investment Objectives
Safety of principal is the foremost objective of the investment program. The investment portfolio shall remain sufficiently liquid to meet all requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and econmic cycles, taking into account the investment risk constraints and liquidity needs.

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

Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds.

ATTACHMENT A
71 478

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of December 31, 2024 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 2.1 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 20.0 8.0 Compliant Max Maturity (Years) 10.0 3.4 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 5.6 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 0.0 0.0 Compliant

COLLATERALIZED TIME DEPOSITS (NON-

NEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COMMERCIAL PAPER
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rat
ing (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 23.0 Compliant
Max % Issuer (MV) 5.0 1.2 Compliant

ATTACHMENT A
72 479

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of December 31, 2024 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 100.0 20.3 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 100.0 8.0 Compliant Max Callables (MV) 20.0 0.6 Compliant
Max Maturity (Years) 10 9 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.1 Compliant
Max % Issuer (MV) 20.0 0.1 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MORTGAGE -BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.5 Compliant
Max % Issuer (MV) 5.0 0.3 Compliant
Max Maturity (Years) 10 0.0 Comp liant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.7 Compliant
Max % Issuer (MV) 5.0 0.5 Compliant

ATTACHMENT A
73 480

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of December 31, 2024 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 10 1 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 1.7 Compliant
Max % Issuer (MV) 5.0 1.7 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max Maturity (Years) 1.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 46.2 Compliant
Max Maturity (Years) 10 8 Compliant

ATTACHMENT A
74 481

PORTFOLIO CHARACTERISTICS
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Benchmark* 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 2.66 2.98 3.14
Average Modified Duration 2.48 2.51 2.68
Average Purchase Yield 3.01% 2.99%
Average Market Yield 4.35% 4.49% 4.01%
Average Quality** AA+ AA+ AA+
Total Market Value 332,405,551 334,796,278
*Benchmark: ICE BofA 1-5 Year Gov/Corp A or better
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.

ATTACHMENT A
75 482

SECTOR DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 41.19% 41.01%
Corporate 25.14% 25.26%
Agency 22.16% 22.32%
ABS 6.14% 5.70%
Agency CMBS 2.25% 2.27%
Neg CD 1.82% 1.81%
Muni Bonds 1.24% 1.43%
Money Mkt Fd 0.07% 0.20%

ATTACHMENT A
76 483

ISSUERS
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Issuer Investment Type % Portfolio
Government of The United States US Treasury 41.19%
FNMA Agency 8.81%
Farm Credit System Agency 5.76%
Federal Home Loan Banks Agency 5.07%
FHLMC Agency CMBS 2.25%
Westpac Banking Corporation Neg CD 1.82%
Federal Home Loan Mortgage Corp Agency 1.73%
Chase Issuance Trust ABS 1.50%
Toyota Motor Corporation Corporate 1.33%
Bank of America Corporation Corporate 1.33%
Deere & Company Corporate 1.32%
John Deere Owner Trust ABS 1.28%
Caterpillar Inc. Corporate 1.22%
The Home Depot, Inc. Corporate 1.21%
Morgan Stanley Corporate 1.20%
Visa Inc. Corporate 1.16%
UnitedHealth Group Incorporated Corporate 1.16%
Novartis AG Corporate 1.11%
PACCAR Inc Corporate 1.09%
The Charles Schwab Corporation Corporate 1.01%
Honda Auto Receivables Owner Trust ABS 0.94%
Mastercard Incorporated Corporate 0.92%
National Rural Utilities Cooperative Corporate 0.92%
Cisco Systems, Inc. Corporate 0.91%
Massachusetts Mutual Life Insurance Corporate 0.91%
Prologis, Inc. Corporate 0.88%
JPMorgan Chase & Co. Corporate 0.87%
Microsoft Corporation Corporate 0.81%
Tennessee Valley Authority Agency 0.79%
Amazon.com, Inc. Corporate 0.77%

ATTACHMENT A
77 484

ISSUERS
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Issuer Investment Type % Portfolio
State Street Corporation Corporate 0.73%
Eli Lilly and Company Corporate 0.68%
Northern Trust Corporation Corporate 0.66%
BMW Vehicle Owner Trust ABS 0.63%
Target Corporation Corporate 0.62%
Honeywell International Inc. Corporate 0.60%
Merck & Co., Inc. Corporate 0.60%
PepsiCo, Inc. Corporate 0.59%
Florida Hurricane Catastrophe Fund F Muni Bonds 0.56%
The Goldman Sachs Group, Inc. Corporate 0.55%
WF Card Issuance Trust 2024-1 ABS 0.55%
Bank of America Credit Card Trust ABS 0.50%
American Express Credit Master Trust ABS 0.39%
Hyundai Auto Receivables Trust ABS 0.29%
Los Angeles Community College Distri Muni Bonds 0.29%
University of California Muni Bonds 0.23%
State of New Jersey Muni Bonds 0.16%
Federated Hermes, Inc. Money Mkt Fd 0.07%
BMW Vehicle Lease Trust ABS 0.03%
Toyota Auto Receivables Owner Trust ABS 0.02%
Cash Cash 0.00%
TOTAL 100.00%

ATTACHMENT A
78 485

QUALITY DISTRIBUTION
Rating 12/31/2024 09/30/2024
AAA 6.7% 6.3%
AA 71.6% 71.8%
A 19.0% 19.1%
BBB 0.5% 0.5%
NA 2.2% 2.2%
Rating 12/31/2024 09/30/2024
AAA 70.4% 70.1%
AA 5.6% 5.1%
A 21.6% 22.4%
NA 2.4% 2.4%
Rating 12/31/2024 09/30/2024
AAA 6.9% 7.1%
AA 69.8% 69.8%
A 12.0% 12.0%
NA 11.4% 11.1%
City of Stockton Reserve | Account #10020 | As of December 31, 2024 S&P Rating Moody’s Rating Fitch Rating

ATTACHMENT A
79 486
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 7.3% 10.7% 12.3% 18.9% 12.8% 16.6% 9.6% 7.7% 4.2% ICE BofA 1-5 Year Gov/Corp A or better 0.0% 0.0% 2.4% 36.0% 26.7% 24.3% 10.7% 0.0% 0.0%

DURATION DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Portfolio Compared to the Benchmark

ATTACHMENT A
80 487
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Stockton Reserve (0.70%) 3.79% 4.19% 2.80%
ICE BofA 1-5 Year Gov/Corp A or better (0.72%) 3.58% 4.03% 2.46% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index (0.76%) 3.42% 3.86% 2.33% Net of Fees (0.71%) 3.76% 4.17% 2.77%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*

MARKET VALUE BASIS EARNINGS
Income Earned 8,965,960 8,965,960 14,738,437 16,568,875 16,568,875 26,731,540 29,341,692 Change in Market Value 11,453,835 50,271,393 45,843,336 45,843,336 205,396,108 271,905,208 TOTAL DOLLAR RETURN (319,471) 20,410,518 345,647,167 345,647,167 345,647,167 345,647,167 345,647,167

INVESTMENT PERFORMANCE
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Total and Realized Rate of Return : Inception | 08/01/2022 *Periods over 1 year are annualized.

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

ATTACHMENT A
81 488

HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Purchase Yield as of
12/31/24 = 3.01%

ATTACHMENT A
82 489

PORTFOLIO CHARACTERISTICS
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 Benchmark* 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 0.16 0.04 0.09
Average Modified Duration 0.15 0.04 0.08
Average Purchase Yield 4.27% 5.22%
Average Market Yield 4.26% 4.29% 4.84%
Average Quality** AA+ AAA AAA
Total Market Value 30,976,381 30,615,901
*Benchmark: ICE BofA 3-Month US Treasury Bill Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.

ATTACHMENT A
83 490

SECTOR DISTRIBUTION
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 99.59% 69.46%
Cash 0.36% 0.01%
Comm Paper -- 22.90%
Neg CD -- 7.60%

ATTACHMENT A
84 491

ISSUERS
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 Issuer Investment Type % Portfolio
Government of The United States US Treasury 99.59%
Cash Cash 0.36%
Federated Hermes, Inc. Money Mkt Fd 0.05%
TOTAL 100.00%

ATTACHMENT A
85 492

QUALITY DISTRIBUTION
Rating 12/31/2024 09/30/2024
AAA 100.0% 69.2%
A -- 30.8%
Rating 12/31/2024 09/30/2024
AAA 0.4% 0.0%
A 99.6% 100.0%
Rating 12/31/2024 09/30/2024
AAA 100.0% 77.2%
NA -- 22.8%
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 S&P Rating Moody’s Rating Fitch Rating

ATTACHMENT A
86 493
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ICE BofA 3-Month US Treasury Bill Index 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

DURATION DISTRIBUTION
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 Portfolio Compared to the Benchmark

ATTACHMENT A
87 494
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Stockton Enhanced Cash 1.18% 3.26%
Net of Fees 1.17% 3.23%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*

MARKET VALUE BASIS EARNINGS
Income Earned 256,232 861,802 861,802 861,802 861,802 861,802 861,802 Change in Market Value 494,750 30,976,381 30,976,381 30,976,381 30,976,381 30,976,381 30,976,381 TOTAL DOLLAR RETURN 750,982 31,838,183 31,838,183 31,838,183 31,838,183 31,838,183 31,838,183

INVESTMENT PERFORMANCE
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 Total and Realized Rate of Return : Inception | 05/17/2024 *Periods over 1 year are annualized.

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

0.00%

2.50%

5.00%
12 months 2 years 3 years 5 years 10 years Since Inception City of Stockton Enhanced Cash Net of Fees

ATTACHMENT A
88 495

HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 Purchase Yield as of
12/31/24 = 4.27%

ATTACHMENT A
89 496

CONSOLIDATED INFORMATION

ATTACHMENT A
90 497

PORTFOLIO CHARACTERISTICS
City of Stockton ConsAgg | Account #10021 | As of December 31, 2024 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 2.72 2.88
Average Modified Duration 2.30 2.46
Average Purchase Yield 3.12% 3.18%
Average Market Yield 4.47% 4.08%
Average Quality** AA+ AA+
Total Market Value 363,381,933 365,412,180
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.

ATTACHMENT A
91 498

SECTOR DISTRIBUTION
City of Stockton ConsAgg | Account #10021 | As of December 31, 2024 Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 46.20% 43.39%
Corporate 22.99% 23.14%
Agency 20.26% 20.45%
ABS 5.61% 5.22%
Agency CMBS 2.06% 2.08%
Neg CD 1.66% 2.29%
Muni Bonds 1.13% 1.31%
Money Mkt Fd 0.07% 0.19%
Comm Paper -- 1.92%

ATTACHMENT A
92 499

PORTFOLIO HOLDINGS

ATTACHMENT A
93 500

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
05593AAC3 BMWLT 2023-1 A3 5.16
11/25/2025 106,603.31 02/07/2023

5.43%
106,600.77
106,602.49
100.07

4.67%
106,678.10

91.68 0.03%

75.61 AAA/AAA
NA

0.90 0.13
89239BAC5 TAOT 2021-C A3 0.43 01/15/2026 69,732.04 09/27/2021

0.43%
69,726.48
69,730.93

99.67 4.75%
69,504.96

13.33 0.02%
(225.96)

AAA/AAA
NA

1.04 0.07
44935FAD6 HART 2021-C A3 0.74 05/15/2026 51,724.52 11/17/2021

0.75%
51,712.97
51,721.55

99.60 4.64%
51,516.99

17.01 0.02%
(204.56)
NA/AAA
AAA

1.37 0.10
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 610,000.00 07/11/2023

5.47%
609,891.91
609,926.14
100.87

4.55%
615,283.82
556.12

0.19%
5,357.68
NA/AAA
AAA

3.15 0.88
477920AC6 JDOT 2023-B A3 5.18 03/15/2028 1,085,000.00 06/21/2023

5.51%
1,084,819.02
1,084,877.14
100.83

4.47%
1,093,958.52
2,497.91

0.33%
9,081.38
AAA/NA
AAA

3.21 1.07
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 1,270,000.00 06/07/2023

4.87%
1,269,887.35
1,269
,931.90
100.53

4.51%
1,276,736.33
2,748.84

0.39%
6,804.44
NA/AAA
AAA

1.37 1.30
47787CAC7 JDOT 2023-C A3 5.48 05/15/2028 3,105,000.00 09/12/2023

5.40%
3,104,786.69
3,104,845.66
101.14

4.66%
3,140,397.00
7,562.40

0.95%
35,551.34
AAA/NA
AAA

3.37 1.28
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028
1,050
,000.00 11/01/2023

5.74%
1,049,815.10
1,049,861.13
101.59

4.55%
1,066,696.68
1,653.75

0.32%
16,835.55
AAA/NA
AAA

3.47 1.31
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 4,915,000.00 --

5.13%
4,920,147.11
4,918,029.58
101.06

4.56%
4,967,094.09
11,271.73

1.50%
49,064.51
NA/AAA
AAA

3.71 1.59
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 1,445,000.00 06/04/2024

5.24%
1,444,780.51
1,444,806.53
101.18

4.48%
1,462,048.69
1,247.52

0.44%
17,242.16

AAA/AAA
NA

4.16 1.55
44934QAD3 HART 2024-B A3 4.84 03/15/2029 910,000.00 07/16/2024

4.90%
909,862.68
909,875.72
100.51

4.64%
914,685.23
1,957.51

0.28%
4,809.50
NA/AAA
AAA

4.20 2.04
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 2,040,000.00 08/09/2024

4.62%
2,039,679.52
2,039,705.00

99.94 4.65%
2,038,753.56
2,589.67

0.62%
(951.44)
AAA/NA
AAA

4.22 1.85
05522RDJ4 BACCT 2024-
1 A 4.93 05/15/2029 1,635,000.00 06/06/2024

4.93%
1,634,908.28
1,634,918.89
100.97

4.54%
1,650,801.62
3,582.47

0.50%
15,882.73

AAA/AAA
NA

4.37 2.19
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,815,000.00 10/17/2024

4.33%
1,814,730.29
1,814,740.53

99.32 4.59%
1,802,689.22
3,460.60

0.55%
(12,051.31)

AAA/AAA
NA

4.79 2.57
Total ABS 20,108,059.87 5.05%
20,111,348.69
20,109,573.19
100.74

4.57%
20,256,844.81
39,250.53

6.14%
147,271.62

3.68 1.62
AGENCY

ATTACHMENT A
94 501

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3130AJHU6 FEDERAL HOME LOAN BANKS 0.5
04/14/2025 2,460,000.00 04/15/2020

0.60%
2,447,798.40
2,459,310.98

98.92 4.36%
2,433,397.63
2,630.83

0.74%
(25,913.35)
AAA/AA
AA

0.28 0.28
3135G03U5 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.625 04/22/2025 10,880,000.00 --

0.63%
10,879,060.80
10,879,952.49

98.91 4.24%
10,761,043.74
13,033.33

3.26%
(118,908.75)
AAA/AA
AA

0.31 0.30
3135G04Z3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 06/17/2025 6,642,500.00 06/17/2020

0.54%
6,628,750.02
6,641,242.47

98.32 4.24%
6,530,858.31
1,291.60

1.98%
(110,384.17)
AAA/AA
AA

0.46 0.45
3137EAEU9 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 07/21/2025 2,310,000.00 07/21/2020

0.48%
2,298,496.20
2,308,732.31

97.84 4.37%
2,260,113.10
3,850.00

0.68%
(48,619.21)
AAA/AA
AA

0.55 0.54
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 3,995,000.00 08/25/2020

0.47%
3,976,303.40
3,992,583.57

97.50 4.34%
3,894,963.68
5,243.44

1.18%
(97,619.89)
AAA/AA
AA

0.65 0.63
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 3,545,000.00 09/23/2020

0.44%
3 ,534,329.55
3,543,449.74

97.25 4.27%
3,447,546.67
3,618.85

1.04%
(95,903.07)
AAA/AA
AA

0.73 0.71
3133EMBH4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 0.53 09/29/2025 2,265,000.00 10/07/2020

0.57%
2,261,036.25
2,264,408.49

97.23 4.37%
2,202,221.54
3,067.82

0.67%
(62,186.96)
AAA/AA
AA

0.74 0.72
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025
8,145
,000.00 --

0.54%
8,127,104.90
8,141,957.37

96.88 4.29%
7,890,597.52
6,108.75

2.39%
(251,359.84)
AAA/AA
AA

0.85 0.83
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 4,100,000.00 03/28/2023

3.89%
4,211,028.00
4,171,480.42
100.38

4.37%
4,115,521.17
56,887.50

1.25%
(55,959.25)
AAA/AA
AA

3.19 2.90
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 2,500,000.00 04/29/2024

4.70%
2,505,075.00
2,504,391.29
101.19

4.44%
2,529,785.00
20,121.53

0.77%
25,393.71
AAA/AA
AA

4.33 3.85
3130B1BC0 FEDERAL HOME LOAN BANKS

4.625 06/08/2029 1,900,000.00 07/30/2024

4.10%
1,943,358.00
1,939,591.99
100.90

4.40%
1,917,130.63
5,614.24

0.58%
(22,461.36)
AAA/AA
AA

4.44 3.96
3133EN7B0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.75 01/25/2030 3,000,000.00 01/20/2023

3.83%
2,985,090.00
2,989,212.56

96.88 4.45%
2,906,255.19
48,750.00

0.88%
(82,957.37)
AAA/AA
AA

5.07 4.48
313
3EN4V9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 09/23/2030 2,100,000.00 12/22/2022

4.22%
2,087,505.00
2,090,758.03

97.92 4.54%
2,056,266.66
23,581.25

0.62%
(34,491.37)
AAA/AA
AA

5.73 4.98
3133ENQ45 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 09/30/2030 875,000.00 11/30/2022

4.40%
866,250.00
868,583.54

98.54 4.54%
862,187.19
9,400.17

0.26%
(6,396.35)
AAA/AA
AA

5.75 4.98
880591EX6 TENNESSEE VALLEY AUTHORITY

1.5 09/15/2031 1,003,000.00 01/23/2023

4.03%
818,959.53
860,246.18

81.80 4.70%
820,476.01
4,429.92

0.25%
(39,770.17)
AAA/AA
AA

6.71 6.18
3133E
NFQ8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.81 12/01/2031 2,303,000.00 01/25/2023

3.94%
1,939,056.91
2,018,581.46

82.85 4.75%
1,908,037.80
3,473.69

0.58%
(110,543.66)
AAA/AA
AA

6.92 6.32
3133ENGS3 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.625 12/09/2031 4,500,000.00 02/24/2023

4.35%
3,613,410.00
3,799,740.42

82.01 4.69%
3,690,640.35
4,468.75

1.12%
(109,100.07)
AAA/AA
AA

6.94 6.38

ATTACHMENT A
95 502

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3133EN6M7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 01/19/2033 3,000,000.00 01/18/2023

3.93%
3,017,490.00
3,014,076.27

94.97 4.76%
2,849,213.61
54,000.00

0.86%
(164,862.66)
AAA/AA
AA

8.05 6.64
3130AV4X7 FEDERAL HOME LOAN BANKS

4.375 03/11/2033 2,500,000.00 05/12/2023

4.04%
2,568,175.00
2,556,831.50

97.50 4.75%
2,437,542.83
33,420.14

0.74%
(119,288.68)
AAA/AA
AA

8.19 6.70
3130AVWG3 FEDERAL HOME LOAN BANKS 4.0
06/10/2033 6,195,000.00 --

4.40%
5,998,322.75
6,027,314.49

94.39 4.82%
5,847,368.88
14,455.00

1.77%
(179,945.62)
AAA/AA
AA

8.44 7.02
880591FB3 TENNESSEE VALLEY AUTHORITY

4.375 08/01/2034 1,845,000.00 08/08/2024

4.49%
1,828,561.05
1,829,197.83

96.62 4.82%
1,782,709.50
30,942.19

0.54%
(46,488.34)
AAA/AA
AA

9.58 7.58
74,535,160.76 96.42 73,143,877.00 22.16% 3.27
Total Agency 76,063,500.00 2.22% 74,901,643.42 4.44% 348,388.99 (1,757,766.42) 2.85

AGENCY CMBS
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 2,400,000.00 10/20/2022

4.80%
2,234,343.75
2,313,129.08

96.71 4.56%
2,321,045.04
6,234
.00

0.70%
7,915.96
AAA/AA
AAA

2.48 2.19
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 5,245,000.00 05/24/2023

4.24%
5,148,705.08
5,179,875.07

97.28 4.70%
5,102,404.19
16,827.71

1.55%
(77,470.89)
AAA/AA
AAA

3.40 3.04
7,383,048.83 97.10 7,423,449.23

2.25% 3.11
T
otal Agency CMBS 7,645,000.00 4.42% 7,493,004.15 4.66% 23,061.71 (69,554.92) 2.78 CASH
CCYUSD Receivable 9,000.31 --

0.00%
9,000.31
9,000.31

1.00 0.00%
9,000.31

0.00 0.00%

0.00 AAA/AAA
AAA

0.00 0.00
9,000.31 1.00 9,000.31 0.00% 0.00
Total Cash 9,000.31 0.00% 9,000.31 0.00% 0.00 0.00 0.00

CORPORATE
24422EVY2 JOHN DEERE CAPITAL CORP 1.25
01/10/2025 2,357,500.00 03/08/2022

2.16%
2,298,067.42
2,356,984.19

99.93 4.52%
2,355,773.06
13,997.66

0.71%
(1,211.13)
A/A
A

0.03 0.02
594918BB9 MICROSOFT CORP 2.7 02/12/2025 2,675,000.00 03/04/2021

0.77%
2,863,881.75
2,675,000.00

99.79 4.54%
2,669,422.92
27,886.88

0.81%
(5,577.08)

AAA/AAA
NA

0.12 0.11
89236TGT6 TOYOTA MOTOR CREDIT CORP 1.8
02/13/2025 1,887,500.00 05/20/2020

1.59%
1,905,940.87
1,887,958.36

99.66 4.79%
1,881,036.60
13,023.75

0.57%
(6,921.76)
A/A
A

0.12 0.11

ATTACHMENT A
96 503

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
66989HAP3 NOVARTIS CAPITAL CORP 1.75
02/14/2025 3,680,000.00 05/08/2020

0.99%
3,809,756.80
3,680,987.61

99.65 4.73%
3,667,148.48
24,507.78

1.11%
(13,839.13)
AA/AA
AA

0.12 0.12
023135CE4 AMAZON.COM INC 3.0
04/13/2025 2,567,500.00 04/11/2022

3.05%
2,563,417.67
2,567,120.08

99.59 4.44%
2,557,068.63
16,688.75

0.77%
(10,051.44)
A/AA
AA

0.28 0.28
38148LAE6 GOLDMAN SACHS GROUP INC

3.75 05/22/2025 1,817,500.00 02/12/2021

0.80%
2,030,474.65
1,825,054.35

99.63 4.69%
1,810,827.63
7,383.59

0.55%
(14,226.72)
A/BBB
A

0.39 0.38
438516CB0 HONEYWELL INTERNATIONAL INC

1.35 06/01/2025 2,000,000.00 09/03/2021

0.81%
2,039,160.00
2,003,530.58

98.70 4.55%
1,973,949.90
2,250.00

0.60%
(29,580.68)
A/A
A

0.42 0.41
63743HFF4

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 5.45
10/30/2025
3,000,000.00 10/31/2022

5.26%
3,015,750.00
3,004,351.78
100.72

4.54%
3,021,663.00
27,704.17

0.92%
17,311.22
A/A
A

0.83 0.80
857477BR3 STATE STREET CORP 1.746
02/06/2026 437,500.00 02/02/2022

1.75%
437,500.00
437,500.00

99.61 5
.82%
435,810.81
3,076.72

0.13%
(1,689.19)
AA/A
AA

1.10 0.09
06051GKM0 BANK OF AMERICA CORP 3.384
04/02/2026 1,875,000.00 03/17/2022

3.38%
1,875,000.00
1,875,000.00

99.61 5.58%
1,867,738.61
15,686.25

0.57%
(7,261.39)
A/A
AA

1.25 0.25
6174
468Q5 MORGAN STANLEY 2.188
04/28/2026 2,200,000.00 08/24/2022

4.62%
2,072,268.00
2,183,876.76

99.11 6.06%
2,180,378.62
8,423.80

0.66%
(3,498.15)
A/A
A

1.32 0.32
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 4,000,000.00 09/19/2022

4.16%
3,592,560.00
3,847,362.94

95.56 4.53%
3,822,572.20
5,877.78

1.16%
(24,790.74)
A/A
A

1.37 1.33
87612EBM7 TARGET CORP 1.95 01/15/2027 2,140,000.00 --

1.97%
2,137,844.40
2,139,118.28

95.14 4.47%
2,036,011.15
19,242.17

0.62%
(103,107.13)
A/A
A

2.04 1.94
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 3,500,000.00 01/23/2023

4.35%
3,251,955.00
3,369,022.97

95.49 4.66%
3,342,199.39
28,106.94

1.01%
(26,823.58)
A/A
A

2.17 2.06
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 2,200,000.00 08/24/2022

3.93%
2,206,402.00
2,203,144.11

98.68 4.59%
2,171,053.08
12,466.67

0.66%
(32,091.03)
A/A
A

2.36 2.21
92826CAH5 VISA INC 2.75 09/15/2027 4,000,000.00 03/27/2024

4.57%
3,769
,760.00
3,820,500.09

95.70 4.45%
3,828,068.64
32,388.89

1.16%
7,568.55
AA/AA
NA

2.71 2.54
74340XBV2 PROLOGIS LP 3.375 12/15/2027 3,000,000.00 01/25/2023

4.28%
2,881,530.00
2,928,373.16

96.75 4.56%
2,902,585.38
4,500.00

0.88%
(25,787.78)
A/A
NA

2.96 2.77
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/20/2023

4.35%
2,035,920.00
2,021,962.06
100.51

4.57%
2,010,248.12
42,486.11

0.61%
(11,713.94)
A/A
A

3.05 2.75
71344
8FL7 PEPSICO INC 3.6 02/18/2028 2,000,000.00 04/27/2023

4.00%
1,964,920.00
1,977,179.03

97.26 4.55%
1,945,235.90
26,600.00

0.59%
(31,943.13)
A/A
NA

3.13 2.88

ATTACHMENT A
97 504

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
57636QAW4 MASTERCARD INC 4.875
03/09/2028 3,000,000.00 06/13/2024

4.50%
3,037,110.00
3,031,593.65
101.14

4.49%
3,034,107.39
45,500.00

0.92%
2,513.74
AA/A
NA

3.19 2.81
61747YER2 MORGAN STANLEY 4.21
04/20/2028 1,800,000.00 07/31/2023

5.39%
1,729,026.00
1,756,183.09

98.57 5.20%
1,774,229.42
14,945.50

0.54%
18,046.33
A/A
A

3.30 2.15
58933YBH7 MERCK & CO INC 4.05 05/17/2028 2,000,000.00 --

4.03%
2,001,621.20
2,001,080.42

98.53 4.52%
1,970,619.34
9,900.00

0.60%
(30,461.08)
A/A
NA

3.38 3.10
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 3,000,000.00 02/27/2024

5.19%
2,823,480.00
2,861,535.93

95.94 5.09%
2,878,141.59
46,201.83

0.87%
16,605.66
A/A
AA

4.06 2.81
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 3,600,000.00 01/29/2024

4.52%
3,612,132.00
3,609,900.83

99.58 4.71%
3,584,710.80
69,460.00

1.09%
(25,190.03)
A/A
NA

4.08 3.61
857477CN1 STATE STREET CORP 4.53
02/20/2029 2,000,000.00 08/14/2024

4.53%
2,000,000.00
2,000,000.00

98.85 5.04%
1,977
,060.60
32,968.33

0.60%
(22,939.40)
AA/A
AA

4.14 2.84
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 3,000,000.00 02/27/2024

4.84%
3,001,560.00
3,001,292.89
100.50

4.71%
3,015,123.00
50,520.83

0.91%
13,830.11
A/AA
NA

4.16 3.59
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 4,000,000.00 04/29/2024

5.08%
3,960,640.00
3,966
,128.98
100.53

4.71%
4,021,240.04
66,822.22

1.22%
55,111.06
A/A
A

4.16 3.66
06051GLG2 BANK OF AMERICA CORP 5.202
04/25/2029 2,500,000.00 05/28/2024

5.38%
2,484,025.00
2,486,454.27
100.47

5.26%
2,511,671.38
23,842.50

0.76%
25,217.10
A/A
AA

4.31 2.98
89236TMF9 TOYOTA MOTOR CREDIT CORP

5.05 05/16/2029 2,500,000.00 05/28/2024

5.09%
2,495,600.00
2,496,126.64
100.72

4.86%
2,518,036.00
15,781.25

0.76%
21,909.36
A/A
A

4.37 3.86
57629W4T4 MASSMUTUAL GLOBAL FUNDING
II 5.15 05/30/2029 2,950,000.00 05/22/2024

5.17%
2,947,551.50
2,947,841.14
101.31

4.82%
2,988,691.61
13,082.43

0.91%
40,850.47
AA/AA
AA

4.41 3.89
437076DC3 HOME DEPOT INC 4.75
06/25/2029 4,000,000.00 07/30/2024

4.58%
4,028,360.00
4,025,877.09
100.01

4.75%
4,000,276.00
3,166.67

1.21%
(25,601.09)
A/A
A

4.48 3.99
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 2,290,000.00 08/12/2 024

4.25%
2,284,984.90
2,285,369.41

97.91 4.71%
2,242,049.07
36,601.83

0.68%
(43,320.34)
A/A
NA

4.62 4.08
Total Corporate 83,977,500.00 3.89%
83,158,199.16
83,273,410.70

98.87 4.75%
82,994,748.36
761,091.30

25.14%
(278,662.34)

2.58 2.18

MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 226,205.95 --

5.17%
226,205.95
226,205.95

1.00 5.17%
226,205.95

0.00 0.07%

0.00 AAA/AAA
AAA

0.00 0.00

ATTACHMENT A
98 505

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Money Market 226,205.95 1.00 226,205.95 0.07% 0.00 Fund 226,205.95 5.17% 226,205.95 5.17% 0.00 0.00 0.00

MUNICIPAL BONDS
91412HGE7 UNIVERSITY CALIF REVS 0.883
05/15/2025 760,000.00 07/10/2020

0.88%
760,000.00
760,000.00

98.71 4.44%
750,158.00
857.49

0.23%
(9,842.00)
AA/AA
AA

0.37 0.36
341271AD6 FLORIDA ST BRD ADMIN FIN CORP
REV 1.258 07/01/2025 1,875,000.00 09/03/2020

1.17%
1,882,423.50
1,875,762.57

98.33 4.69%
1,843,725.00
11,793.75

0.56%
(32,037.57)
AA/AA
AA

0.50 0.49
54438CYK2 LOS ANGELES CALIF CMNTY
COLLEGE DIST 0.773 08/01/2025 965,000.00 10/30/2020

0.77%
965,000.00
965,000.00

98.03 4.24%
945,999.15
3,108.10

0.29%
(19,000.85)
AAA/AA
NA

0.58 0.57
646140DP5 NEW JERSEY ST TPK AUTH TPK
REV 1.047 01/01/2026 557,500.00 01/22/2021

1.05%
557,500.00
557,500.00

96.83 4.33%
539,816.10
2,918.51

0.16%
(17,683.90)
A/AA
A

1.00 0.97
Total Municipal 4,164,923.50 98.13 4,079,698.25 1.24% 0.56 Bonds 4,157,500.00 1.01% 4
,158,262.57 4.49% 18,677.86 (78,564.32) 0.55

NEGOTIABLE CD
96130AWR5 Westpac Banking Corporation -
New York Branch 5.32 03/14/2025 6,000,000.00 03/22/2024

5.30%
6,000,953.46
6,000,192.29
100.13

4.47%
6,007,710.00
256,246.67

1.82%
7,517.71
A/AAA
NA

0.20 0.20
6,000,953.46 100.13 6,007,710.00 1.82% 0.20
Total Negotiable CD 6,000,000.00

5.30% 6
,000,192.29 4.47% 256,246.67 7,517.71 0.20

US TREASURY
912828ZC7 UNITED STATES TREASURY 1.125
02/28/2025 4,472,500.00 08/19/2021

0.53%
4,565,793.56
4,476,697.85

99.49 4.36%
4,449,747.95
17,096.19

1.35%
(26,949.90)
AAA/AA
AA

0.16 0.16
912828ZL7 UNITED STATES TREASURY 0.375
04/30/2025 2,997,500.00 04/05/2021

0.70%
2,958,391.99
2,994,363.98

98.73 4.32%
2,959,448.87
1,925.19

0.90%
(34,915.12)
AAA/AA
AA

0.33 0.32
912828ZW3 UNITED STATES TREASURY 0.25
06/30/2025 1,597,500.00 10/04/2021

0.70%
1,571,103.81
1,594,014.08

98.09 4.20%
1,566,938.66

11.03 0.47%
(27,075.42)
AAA/AA
AA

0.50 0.48
91282CAJ0 UNITED STATES TREASURY 0.25
08/31/2025 7,600,000.00 --

0.56%
7,505,432.49
7,584,578.87

97.39 4.31%
7,401,836.46
6,455.80

2.24%
(182,742.41)
AAA/AA
AA

0.67 0.64
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 6,772,500.00 --

0.93%
6,619,508.79
6,738,540.04

96.57 4
.26%
6,539,921.18
2,232.69

1.98%
(198,618.86)
AAA/AA
AA

0.91 0.89

ATTACHMENT A
99 506

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CBC4 UNITED STATES TREASURY 0.375
12/31/2025 2,100,000.00 01/11/2021

0.49%
2,087,941.41
2,097,581.64

96.29 4.22%
2,022,143.03

21.75 0.61%
(75,438.61)
AAA/AA
AA

1.00 0.97
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 17,305,000.00 --

0.79%
16,971,456.65
17,228,655.03

95.95 4.25%
16,604,335.61
27,156.62

5.03%
(624,319.42)
AAA/AA
AA

1.08 1.05
9128286A3 UNITED STATES TREASURY 2.625
01/31/2026 1,707,500.00 02/04/2021

0.46%
1,890,055.76
1,747,077.13

98.31 4.25%
1,678,585.02
18,756.98

0.51%
(68,492.10)
AAA/AA
AA

1.08 1.04
91282CBQ3 UNITED STATES TREASURY 0.5
02/28/2026 12,670,000.00 --

0.94%
12,437,181.06
12,607,326.27

95.81 4.25%
12,138,736.00
21,525.00

3.68%
(468,590.26)
AAA/AA
AA

1.16 1.13
91282CCF6 UNITED STATES TREASURY 0.75
05/31/2026 8,320,000.00 --

0.80%
8,301,545.71
8,314,783.77

95.24 4.26%
7,924,123.67
5,485.71

2.40%
(390,660.10)
AAA/AA
AA

1.41 1.37
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 3,700,000.00 04/05/2022

2.75%
3,406,746.09
3,585,887.15

94.37 4.26%
3 ,491,657.70
8,271.63

1.06%
(94,229.45)
AAA/AA
AA

1.75 1.69
912828V98 UNITED STATES TREASURY 2.25
02/15/2027 2,650,000.00 09/30/2022

4.06%
2,458,185.55
2,557,031.77

95.97 4.26%
2,543,087.05
22,521.40

0.77%
(13,944.72)
AAA/AA
AA

2.13 2.02
91282CBJ9 UNITED STATES TREASURY 0.75
01/31/2028 540,000.00 03/14/2022

2.14%
4 98,382.03
518,202.88

89.85 4.30%
485,198.80
1,694.84

0.15%
(33,004.08)
AAA/AA
AA

3.08 2.97
91282CCY5 UNITED STATES TREASURY 1.25
09/30/2028 3,325,000.00 --

3.32%
3,058,576.17
3,086,245.84

89.37 4.36%
2,971,607.23
10,618.99

0.90%
(114,638.61)
AAA/AA
AA

3.75 3.57
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 7,000,000.00 03/27/2024

4.20%
6,940,117.19
6,949,556.34

98.63 4.37%
6,904,113.51
117,173.91

2.09%
(45,442.83)
AAA/AA
AA

4.08 3.66
9128286B1 UNITED STATES TREASURY 2.625
02/15/2029 7,000,000.00 --

4.06%
6,525,214.84
6,633,763.95

93.49 4.37%
6,544,514.62
69,405.57

1.98%
(89,249.33)
AAA/AA
AA

4.13 3.80
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 6,500,000.00 06/13/2024

4.25%
6,572,617.19
6,564,669.04
100.48

4.38%
6,531,059.47
25,714.29

1.98%
(33,609.57)
AAA/AA
AA

4.41 3.95
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 3,450,000.00 12/23/2024

4.30%
3 ,390,164.06
3,390,448.99

98.42 4.39%
3,395,318.95
57,750.00

1.03%
4,869.96
AAA/AA
AA

4.58 4.07
912828YB0 UNITED STATES TREASURY 1.625
08/15/2029 7,600,000.00 --

3.42%
6,985,504.69
7,025,209.62

88.75 4.34%
6,745,314.11
46,648.10

2.04%
(279,895.51)
AAA/AA
AA

4.62 4.33
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 6,500,000.00 11/26/2024

4.38%
6,475,371.10
6,475,850.26

98.85 4.39%
6,425,143.66
45,921.96

1.95%
(50,706.60)
AAA/AA
AA

4.83 4.30
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 6,700,000.00 --

4.02%
6,511,839.85
6,548
,439.09

95.94 4.40%
6,427,824.29
98,133.15

1.95%
(120,614.80)
AAA/AA
AA

5.08 4.52
912828Z94 UNITED STATES TREASURY 1.5
02/15/2030 542,500.00 04/06/2022

2.65%
498,040.43
513,485.75

86.83 4.40%
471,060.99
3,073.68

0.14%
(42,424.76)
AAA/AA
AA

5.13 4.79

ATTACHMENT A
100
507

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CAE1 UNITED STATES TREASURY 0.625
08/15/2030 587,500.00 04/06/2022

2.63%
498,755.37
527,754.60

81.21 4.44%
477,105.45
1,386.93

0.14%
(50,649.15)
AAA/AA
AA

5.62 5.38
91282CBL4 UNITED STATES TREASURY 1.125
02/15/2031 565,000.00 04/06/2022

2.62%
498,104.88
518,719.83

82.52 4.41%
466,264.89
2,400.87

0.14%
(52,454.94)
AAA/AA
AA

6.13 5.75
912810FP8 UNITED STATES TREASURY 5.375
02/15/2031 6,000,000.00 --

4.27%
6,403,066.41
6,347,491.79
104.87

4.46%
6,291,955.32
121,813.86

1.91%
(55,536.47)
AAA/AA
AA

6.13 5.10
91282CCS8 UNITED STATES TREASURY 1.25
08/15/2031 562,500.00 04/06/2022

2.62%
498,515.62
517,187.89

81.61 4.49%
459,046.29
2,655.83

0.14%
(58,141.59)
AAA/AA
AA

6.62 6.17
91282CFV8 UNITED STATES TREASURY 4.125
11/15/2032 6,000,000.00 --

3.72%
6,197,734.38
6,158,655.28

97.53 4.50%
5,851,912.74
32,133.98

1.77%
(306,742.54)
AAA/AA
AA

7.88 6.60
91282CHT1 UNITED STATES TREASURY 3.875
08/15/2033 6,500,000.00 --

4.73%
6,069,570.31
6,121,151.13

95.17 4.56%
6 ,186,175.39
95,137.57

1.87%
65,024.26
AAA/AA
AA

8.62 7.10
Total US Treasury 141,265,000.00 2.48%
138,394,917.38
139,423,369.85

96.38 4.34%
135,954,176.89
863,123.53

41.19%
(3,469,192.96)

3.15 2.81
Total Portfolio 339,451,766.13 3.01%
333,983,758.04
335,594,662.43

97.32 4.49%
330,095,710.79
2,309
,840.58
100.00%
(5,498,951.65)

2.98 2.51
Total Market Value +
Accrued 332,405,551.37

ATTACHMENT A
101
508

HOLDINGS REPORT
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 112,036.49 --

0.00%
112,036.49
112,036.49

1.00 0.00%
112,036.49

0.00 0.36%

0.00 AAA/AAA
AAA

0.00 0.00
Total Cash 112,036.49 0.00%
112,036.49
112,036.49

1.00 0.00%
112,036.49

0.00 0.36%

0.00 0.00

0.00 MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 15,242.99 --

5.17%
15,242.99
15,242.99

1.00 5.17%
15,242.99

0.00 0.05%

0.00 AAA/AAA
AAA

0.00 0.00
Total Money Market
Fund 15,242.99 5.17%
15,242.99
15,242.99

1.00 5.17%
15,242.99

0.00 0.05%

0.00 0.00

0.00 US TREASURY
912797LY1 UNITED STATES TREASURY
01/16/2025 30,900,000.00 12/30/2024

4.29%
30,842,017.87
30,845,641.75

99.84 4.30%
30,849,101.83

0.00 99.59%
3,460.08
A/AAA
AAA

0.04 0.04
Total US Treasury 30,900,000.00 4.29%
30,842,017.87
30,845,641.75

99.84 4.30%
30,849,101.83

0.00 99.59%
3,460.08

0.04 0.04
Total Portfolio 31,027,279.48 4.27%
30,969,297.35
30,972,921.23

99.43 4.29%
30,97
6,381.31

0.00 100.00%
3,460.08

0.04 0.04
Total Market Value +
Accrued 30,976,381.31

ATTACHMENT A
102
509

TRANSACTIONS

ATTACHMENT A
103
510

TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 10/24/2024 92970QAE5 1,815,000.00 WFCIT 2024-2 A 4.29 10/15/2029 99.985 4.29% (1,814,730.29) 0.00 (1,814,730.29) 0.00 Purchase 11/27/2024 91282CLR0 6,500,000.00 UNITED STATES TREASURY

4.125 10/31/2029 99.621 4.21% (6,475,371.10) (19,998.27) (6,495,369.37) 0.00 Purchase 12/24/2024 91282CLC3 3,450,000.00 UNITED STATES TREASURY

4.0 07/31/2029 98.266 4.42% (3,390,164.06) (54,750.00) (3,444,914.06) 0.00 Total Purchase 11,765,000.00 (11,680,265.45) (74,748.27) (11,755,013.72) 0.00 TOTAL
ACQUISITIONS 11,765,000.00 (11,680,265.45) (74,748.27) (11,755,013.72) 0.00

DISPOSITIONS
Maturity 11/01/2024 13077DNC2 (625,000.00) CALIFORNIA ST UNIV REV

0.685 11/01/2024 100.000 0.69% 625,000.00 0.00 625,000.00 0.00 Maturity 11/30/2024 9128283J7 (2,457,500.00) UNITED STATES TREASURY

2.125 11/30/2024 100.000 2.13% 2,457,500.00 0.00 2,457,500.00 0.00 Maturity 12/01/2024 13067WRB0 (77,500.00)

CALIFORNIA ST DEPT WTR
RES CENT VY PROJ REV 0.56
12/01/2024
100.000 0.56% 77,500.00 0.00 77,500.00 0.00
Total Maturity (3,160,000.00) 3,160,000.00 0.00 3,160,000.00 0.00 Sale 10/23/2024 91282CBC4 (1,000,000.00) UNITED STATES TREASURY

0.375 12/31/2025 95.621 0.49% 956,2 10.94 1,171.88 957,382.82 (42,416.00) Sale 11/27/2024 91282CGA3 (5,000,000.00) UNITED STATES TREASURY

4.0 12/15/2025 99.563 4.42% 4,978,125.00 90,163.93 5,068,288.93 (873.40) Total Sale (6,000,000.00) 5,934,335.94 91,335.81 6,025,671.75 (43,289.39) TOTAL
DISPOSITIONS (9,16
0,000.00) 9,094,335.94 91,335.81 9,185,671.75 (43,289.39)

ATTACHMENT A
104
511

TRANSACTION LEDGER
City of Stockton Enhanced Cash | Account #11194|10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 10/30/2024 912797LD7 14,480,000.00 UNITED STATES TREASURY 11/14/2024 99.806 4.73% (14,451,883.46) 0.00 (14,451,883.46) 0.00 Purchase 12/31/2024 912797LY1 30,900,000.00 UNITED STATES TREASURY 01/16/2025 99.812 4.29% (30,842,017.87) 0.00 (30,842,017.87) 0.00 Total Purchase 45,380,000.00 (45,293,901.33) 0.00 (45,293,901.33) 0.00 TOTAL
ACQUISITIONS 45,380,000.00 (45,293,901.33) 0.00 (45,293,901.33) 0.00

DISPOSITIONS
Maturity 10/18/2024 06417M5J0 (2,315,000.00)
Bank of Nova Scotia,
Houston Branch 6.0
10/18/2024
100.000 6.00% 2,315,000.00 0.00 2,315,000.00 0.00
Maturity 10/21/2024 62479LKM6 (7,000,000.00) MUFG Bank, Ltd. - New York Branch 10/21/2024 100.000 0.00% 7,000,000.00 0.00 7,000,000.00 0.00 Maturity 10/24/2024 912797KV8 (5,000,000.00) UNITED STATES TREASURY 10/24/2024 100.000 0.00% 5,000,000.00 0.00 5,000,000.00 0.00 Maturity 11/05/2024 912797MA2 (4,730,000.00) UNITED STATES TREASURY 11/05/2024 100.000 0.00% 4,730,000.00 0.00 4,730,000.00 0.00 Maturity 11/07/2024 912797LC9 (6,200,000.00) UNITED STATES TREASURY 11/07/2024 100.000 0.00% 6,200,000.00 0.00 6,200,000.00 0.00 Maturity 11/14/2024 912797LD7 (19,820,000.00) UNITED STATES TREASURY 11/14/2024 100.0 00 0.00% 19,820,000.00 0.00 19,820,000.00 0.00 Total Maturity (45,065,000.00) 45,065,000.00 0.00 45,065,000.00 0.00 TOTAL
DISPOSITIONS (45,065,000.00) 45,065,000.00 0.00 45,065,000.00 0.00

ATTACHMENT A
105
512

IMPORTANT DISCLOSURES
City of Stockton | As of December 31, 2024
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ICE Data In dices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income inves tments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.

ATTACHMENT A
106
513

BENCHMARK DISCLOSURES
City of Stockton | As of December 31, 2024
Benchmark Disclosure
ICE BofA 3-Month US Treasury Bill Index
The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month- end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

ICE BofA 1-5 Year Gov/Corp A or better
The ICE BofA US Issuers 1-5 Year AAA-A US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities. Qualifying securities must be issued from US issuers and be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities.

ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.

ATTACHMENT A
107
514

CITY OF STOCKTON

ADMINISTRATIVE SERVICES
City Hall a 425 N. EI Dorado Street a Stockton, CA 95202-1997 a 209/937-8460 Fax 209/937-8844 www.stocktongov.com
February 18, 2024

SUBJECT CERTIFICATION OF QUARTERLY INVESTMENT REPORT FOR QUARTER ENDED DECEMBER 31, 2024
I hereby certify:
1 ) All investment actions executed since the last quarterly report have been made in full compliance with California Government Code (CGC) 53601 ; and 2) That the City of Stockton will meet its expenditure obligations for the next six months, as described in CGC 53646(b)(2) and (3) respectively

S VE COLANGELO

INTERIM CITY MANAGER
SC:CC:CB

ATTACHMENT B
515

QUARTERLY INVESTMENT
REPORT
City Council Meeting
March 4, 2005
Agenda Item 15.2
516
PFM Asset Management LLC
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
March 4, 2025
415.393.7225
pfmam.com
City of Stockton
Portfolio Update Presentation to City Council
For Institutional Investor or Investment Professional
Use Only – This material is not for inspection by,
distribution to, or quotation to the general public
Monique Spyke, Managing Director
Justin Resuello, Institutional Sales and
Relationship Manager
A division of U.S. Bancorp Asset Management, Inc.

NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
517
Economic
Update
Results
The Pivot
Resetting
Expectations
A Look Back
Inflation progress slows
U.S. real gross domestic product continues its
upward trajectory
Steepened Treasury curve
Core CPI remained at 3.3% annualized
year-over-year
Exceptionally strong personal consumption
Inflation and labor markets end the year in
line with Fed expectations
Fed cut overnight rate by a total of 100
basis throughout 2024
Further rate cuts will depend on inflation
moving closer to its 2% target.

Expectation that the Fed will pause rate cuts
for some time
Potential policy implications as a result of
political uncertainty

3.41%

3.98%

4.81%
1-5 Year Fixed-Income Index
1-Year Return

5.49% 5.52%

0.0%

2.0%

4.0%

6.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB

2.56%
Source: Bloomberg, as of December 31, 2024. 1

3.53%
1-10 Year Fixed-Income Index
1-Year Return

5.92%

4.16%

4.99%
0%
2%
4%
6%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
518

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Jan-22
Jan-23
Jan-24
Jan-25
10-Year Treasury Yield
January 1, 2022 – January 31, 2025
-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Jan-22
Jan-23
Jan-24
Jan-25
3-Month Treasury Yield
January 1, 2022-January 31, 2025
Recent Interest Rate Trends
Source: Bloomberg, as of 2/7/2025. 2
• Fed “dot plot” implies another 50 basis points of cuts in 2025, less than the 100 basis points previously projected in September
519
Investment Program Snapshot
Program Summary
Reserve Portfolio $459,505,110
Yield at Cost 3.78%
Average Duration 3.07
Average Credit Quality AA
Total1 $459,505,110
Maturity Distribution
Sector Allocation
U.S. Treasury | 53%
Agency CMBS | 20%
Corporate | 16%
ABS | 7%
Federal Agency | 3%
Negotiable CD | 1%
Municipal | 1%
$150
$100
$50
$0
Millions

1. Values of total portfolio holdings including accrued interest and cash. 3520 Portfolio Benchmark

4.0%

3.0%

2.0%

1.0%

0.0%
-1.0%
-2.0%
Portfolio Performance

1. The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is June 30, 2017.

2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.

3. Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.

4. The portfolio’s benchmark is currently 80% ICE BofA 1-5 Year AAA-A US Corporate & Government Index and 20% ICE BofA 5-10 Year US Treasury Index. Prior to 3/31/23 it was the ICE BofA 1-5 Year AAA-A US Corporate & Government Index . Source: Bloomberg Financial LP.

Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $3,745,826 $13,630,989 $27,604,677 $45,681,243 $66,664,085 Change in Market Value ($9,115,430) $1,225,422 ($20,505,891) ($21,787,881) ($15,134,609) Total Dollar Return ($5,369,604) $14,856,411 $7,098,786 $23,893,362 $51,529,476 Total Return³
Portfolio -1.15% 3.33% 0.96% 1.28% 1.69%
Benchmark⁴ -1.34% 3.04% 0.55% 1.00% 1.48%
4 3 Months 1 Year 3 Years 5 Years Since Inception
Return
521
Looking Forward
5 Market Conditions
• Inflation has fallen since its peak in 2022, progress has stalled in the past few months • Fed began its easing cycle with 100 basis points of rate cuts in 2024 • Fed has acknowledged higher inflation expectations going into 2025 and potential rate cuts depending on inflation moving closer to its 2% target
Portfolio Strategy
• Continue to capture opportunities for enhanced return in the City’s portfolios • Target portfolio duration to a neutral position relative to the benchmark • Regularly evaluate allocation between overnight funds and invested funds to maintain optimal allocation
• Maintain a strong sense of safety and risk management 522
Disclaimer
▸ The views expressed within this material constitute the perspective and judgment of U.S. Bancorp Asset Management, Inc. at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon current opinion as of the date of issue and are also subject to change.

Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or completeness. ▸ PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. ▸ NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE ▸For Institutional Investor or Investment Professional Use Only – This material is not for inspection by, distribution to, or quotation to the general public. 6523

INVESTMENT REPORT
City of Stockton | As of December 31, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement. 524
-400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
1 Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 143,000 jobs in January, below consensus expectations, and the last two months were revised up by 100,000.

Gains were led by retail and health care. The three-month moving average and six-month moving average payrolls totaled 237,000 and 178,000 respectively. The unemployment rate declined to 4.0% in January, and the labor participation rate edged up to 62.6%, remaining below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons remained unchanged at 7.5%. Average hourly earnings ticked up to an increase of

4.1% year-over-year in January.

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

EMPLOYMENT
525

10.0%

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

10.0%

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
2 YOY (%) Change
In December, the Consumer Price Index (CPI) rose 0.4% month-over-month and 2.9% year-over-year. The Core CPI, which excludes volatile food and energy components, rose 0.2% month-over-month and 3.2% year-over-year, slowing from last month and coming in lower than consensus expectations. The Personal Consumption Expenditures (PCE) Index rose 0.3% from the previous month and 2.6% year-over-year in December versus a 2.4% increase in November. The Core PCE deflator (the Fed’s preferred gauge) increased 0.2% month-over-month and 2.8% over the past year. Although inflation has moderated, price increases remain above the Fed’s 2% target.

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

INFLATION
526
Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

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

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Jan-25
Oct-24
Jan-24
3 Yield (%)
At the end of January, the 2-year Treasury yield was 1 basis point lower, and the 10-Year Treasury yield was 63 basis points higher, year- over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased slightly to +34 basis points at January month-end versus +33 basis points at December month-end. The yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +25 basis points in January, unchanged from December.

BOND YIELDS
527

PORTFOLIO CHARACTERISTICS
City of Stockton Reserve | Account #10020 | As of December 31, 2024 4 Benchmark* 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 2.66 2.98 3.14
Average Modified Duration 2.48 2.51 2.68
Average Purchase Yield 3.01% 2.99%
Average Market Yield 4.35% 4.49% 4.01%
Average Quality** AA+ AA+ AA+
Total Market Value 332,405,551 334,796,278
*Benchmark: ICE BofA 1-5 Year Gov/Corp A or better
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 528

SECTOR DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Sector as a Percentage of Market Value
5 Sector 12/31/2024 09/30/2024
US Treasury 41.19% 41.01%
Corporate 25.14% 25.26%
Agency 22.16% 22.32%
ABS 6.14% 5.70%
Agency CMBS 2.25% 2.27%
Neg CD 1.82% 1.81%
Muni Bonds 1.24% 1.43%
Money Mkt Fd 0.07% 0.20%
529
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 7.3% 10.7% 12.3% 18.9% 12.8% 16.6% 9.6% 7.7% 4.2% ICE BofA 1-5 Year Gov/Corp A or better 0.0% 0.0% 2.4% 36.0% 26.7% 24.3% 10.7% 0.0% 0.0%

DURATION DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Portfolio Compared to the Benchmark
6 530
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Stockton Reserve (0.70%) 3.79% 4.19% 2.80%
ICE BofA 1-5 Year Gov/Corp A or better (0.72%) 3.58% 4.03% 2.46% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index (0.76%) 3.42% 3.86% 2.33% Net of Fees (0.71%) 3.76% 4.17% 2.77%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*

MARKET VALUE BASIS EARNINGS
Income Earned 8,965,960 8,965,960 14,738,437 16,568,875 16,568,875 26,731,540 29,341,692 Change in Market Value 11,453,835 50,271,393 45,843,336 45,843,336 205,396,108 271,905,208 TOTAL DOLLAR RETURN (319,471) 20,410,518 345,647,167 345,647,167 345,647,167 345,647,167 345,647,167

INVESTMENT PERFORMANCE
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Total and Realized Rate of Return : Inception | 08/01/2022 7 *Periods over 1 year are annualized.

Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio. 531

PORTFOLIO CHARACTERISTICS
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 8 Benchmark* 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 0.16 0.04 0.09
Average Modified Duration 0.15 0.04 0.08
Average Purchase Yield 4.27% 5.22%
Average Market Yield 4.26% 4.29% 4.84%
Average Quality** AA+ AAA AAA
Total Market Value 30,976,381 30,615,901
*Benchmark: ICE BofA 3-Month US Treasury Bill Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 532

IMPORTANT DISCLOSURES
City of Stockton | As of December 31, 2024
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively. 9 533

BENCHMARK DISCLOSURES
City of Stockton | As of December 31, 2024
10 Benchmark Disclosure
ICE BofA 3-Month US Treasury Bill Index
The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month- end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

ICE BofA 1-5 Year Gov/Corp A or better
The ICE BofA US Issuers 1-5 Year AAA-A US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities. Qualifying securities must be issued from US issuers and be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities.

ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 534
City of Stockton
Legislation Text
File #: 25-0228, Version: 1
PROGRAM UPDATE: AVA COMMUNITY ENERGY

RECOMMENDATION
This is an informational presentation only. No action to be taken.

Summary
This is an informational presentation from Ava Community Energy (Ava), the City’s selected community choice power supplier, to discuss the process by which customers within the jurisdiction of the City of Stockton will begin service with Ava this year.

No action to be taken.

City of Stockton Printed on 2/25/2025Page 1 of 1
powered by Legistar™
535
Ava Community Energy
Program Update
17 March 4, 2025
City Council Meeting
Agenda Item 15.3
536
Ava Community Energy
Alex DiGiorgio | March 4, 2025
537
What is Ava Community Energy?
Ava Community Energy (Ava) is a local government agency committed to providing Alameda County and the cities of Tracy, Stockton, and Lathrop with cleaner electricity at lower rates.

As a not-for-profit public agency (i.e., Joint Powers Authority), Ava reinvests revenue back into our communities through electrification programs, renewable power projects, and support for local, community-based organizations.
2 538
Service Territory
We serve Alameda County and
the City of Tracy. Stockton and
Lathrop will begin service with
Ava in April 2025.

Unincorporated San Joaquin
County will begin service in
2026.

Ava is the default provider of
electricity generation service
for all customers in our
service territory. Customers
are automatically enrolled in
our service and are billed by
PG&E.
3 539
Service
Timeline
East Bay Community Energy formed as a Joint Powers Authority (JPA) 4 Cities of Tracy, Pleasanton, and Newark joined JPA
Began service to Tracy, Pleasanton, and Newark
City of Stockton joined JPA
Lathrop joined JPA;
East Bay Community Energy rebranded to Ava Community Energy Unincorporated San Joaquin County joined JPA
Service begins to unincorporated San Joaquin County
2016
2018
2019
2021
2022
2022
2024
2025
2026
Service begins to Stockton and Lathrop
Launched service in 11 cities and in unincorporated Alameda County 540
What Are the Benefits?
5 Lower rates Local control and
investment
Sustainability Customer choice
and programs
541
How It Works
Ava buys from, and is
building, clean power plants.

Ava sells the power to
customers at low rates.
6 1. Ava buys and generates
clean power

2. PG&E delivers the power
to homes and businesses
Ava’s power is delivered to
customers by PG&E.

Customers pay PG&E for
delivery as they always have.

3. Customers get the
power and local benefits
Customers benefit from
clean energy, low rates, local
governance, and innovative
programs.
542
How It Works: Customer Billing
• By law, PG&E manages billing.

Customers get a single bill each month
from PG&E that includes both Ava
charges for generation and PG&E
charges for delivery.
• It’s not an additional charge. Ava
charges replace what PG&E used to
charge for generation.
• Customers receive a monthly credit.

PG&E issues a Generation Credit to Ava
customers each month. That credit is
the amount PG&E would have charged
for generation services. Ava’s rates are
5% lower than that, and the customer
pockets the difference.
7 PG&E bill
before
joining Ava.

PG&E bill
after
joining Ava.

AvaEnergy.org/understand-your-bill
543
Rate Choice Options
55% renewable energy at
rates 5% below PG&E
8 Bright Choice Renewable 100
100% solar and wind energy
priced at 1/4 cent per kWh
above PG&E rates
vs.

PG&E
■ Wind
■ Solar
■ Hydro
■ Biomass & Biowaste, Geothermal,
Eligible Hydroelectric
■ Nuclear
■ Other or Unspecified
Default for Stockton
544
Power Purchasing Agreements (PPAs)
Ava Community Energy is looking to add more
California wind, solar, and storage to the grid.

These PPAs are enabling new construction of
clean energy solutions.
9 23 projects contracted
1,225+ MW
of wind, solar, and geothermal energy
632+ MW
of battery storage
545
Enrollment Process
10 California state law (AB 117)
requires Community Choice
Energy providers to become
the default provider of service.

Customers are automatically
enrolled unless they choose to
opt out.

Service begins April 1, 2025.

Customers are enrolled
throughout April based on their
meter read date.

Additional courtesy notices are being sent to customers on special programs such as NEM and Solar Billing Plan (SBP).

Ava is required to send 4 enrollment notices to all
customers, beginning 60 days before enrollment.
● Enrollment notice 1 was sent out beginning Feb. 3
● Notices 2, 3, 4 will be sent monthly through May 2025 All print notices are co-branded with the City and in
English and Spanish (email notices contain multiple
language options).
546
Enrollment Process for Solar Customers
11 Solar customers will be enrolled
throughout the year, based on their
true-up date.
● If their true-up with PG&E is
January–April, they will be
enrolled in April
● If their true-up is May–December,
they will be enrolled in the month
of their true-up or the month
following it
More information is available at AvaEnergy.org/welcome-solar 547
12 January 2025 PG&E provides full customer data to Ava February 2025 Customer Enrollment Notice #1 (Mail and email) March 2025 Customer Enrollment Notice #2 (Mail and email) April 2025 Customer enrollment begins based on bill cycle (each weekday) Customer Enrollment Notice #3 (Email first, mail if no email address available) May 2025 Customer Enrollment Notice #4 (Email first, mail if no email address available) First customer bill
Key Dates
548
13 Enrollment Notice
Examples
549
14 Opting Out
Customers can request to opt out of Ava service at any
time. There is no opt-out fee for customers in Stockton and Lathrop through April 2026.
• If customers opt out before March 21, they will not
be placed on Ava service at all
• Customers who opt out within the first 60 days of
service can return to Ava at any time. After 60 days,
customers must wait 12 months to return to Ava
(per PG&E’s terms & conditions).

Note: Ava’s website had a temporary glitch that
displayed a notice about a $5 opt-out fee. No customers were actually charged. We apologize for the
miscommunication and have sent an email to every
customer who saw the errant message.

How to Opt Out:

Call Ava’s customer support
center at 833-699-3223
(weekdays from 9am-5pm)
or
Complete the online form at
AvaEnergy.org/change-your-plan
550
Will I lose my CARE/FERA/Medical Baseline benefits?
No. Customers on programs such as CARE, FERA, medical baseline, time of use rates, etc, will remain on those programs and receive exactly the same benefits (plus the Bright Choice discount)
Why is our elected official on your Board?
Our Board is made up of elected officials from each of the jurisdictions we serve. As a not-for-profit public agency, we do not have shareholders and there are no profit motives.

The only compensation Board Members receive is $128 to attend Board meetings, which are entirely open to the public. This is typical when representatives are appointed to serve on governing boards. 15 FAQs & Common Misconceptions
551
16 FAQs & Common Misconceptions
How can Ava provide lower rates than PG&E?
As a public agency, Ava has three sustained competitive advantages compared to a for-profit, investor-owned utility.
1) No shareholder dividends: As a public agency, Ava does not turn rate-payer dollars into shareholder profits.
2) Lower tax burden: As a local government entity, Ava does not have the same tax burden as a for-profit corporation.
3) Municipal bonds: As a Joint Powers Authority (JPA), Ava can access cheaper capital by issuing municipal bonds
Plus, Ava is a relatively small, nimble organization; it has much less overhead than PG&E.

Ava has saved
customers over
$145 million
since 2018—
and has always
offered a discounted
rate on the Bright
Choice service.
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FAQs & Common Misconceptions
17 Does Ava send salespeople door-to-door to enroll in their service? No, Ava does not go door-to-door, but this tactic is commonly used by for-profit third-party gas service providers.

Who do I call about a power outage?
Please call PG&E at 1-800-743-5000.
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Sponsorships & Events
• Sponsoring the Stockton Ports and Stockton Cargo for their upcoming seasons
• Boothing and sponsoring major events like Asparagus Fest, Earth Day, July 1 in Lathrop, and more
• Ava provides Community Sponsorships 3x per year to a
dozen local orgs at $2,500 each
Advertising
• Local advertising channels include billboards, bus ads, streaming audio and video, Google, and print (Latino Times & SJ Mag)
• Partnered with Port City Marketing, a Stockton-based
marketing agency
18 Customer Outreach
Education: Webinars and in-person presentations for general customers, and targeted presentations for solar customers, seniors, and business owners.
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19 Our marketing team monitors discussion about Ava and responds when helpful (to answer questions or clear up
misinformation)
• Primary channels: Facebook, Instagram, and NextDoor
• Paid posts are targeted to the zip codes we serve
Ava provides a social media toolkit each month for:
• Cities of Stockton and Lathrop
• Local CBOs
• Local Chambers of Commerce
Social Media
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These landing pages include all of the information
customers in Stockton and Lathrop need to know:
• AvaEnergy.org/stockton
• AvaEnergy.org/lathrop
• AvaEnergy.org/welcome
• AvaEnergy.org/welcome-solar
Opt-Out Form:
• AvaEnergy.org/change-your-plan
Press Kit:
• AvaEnergy.org/press-kit
20 Key Resources
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Online
Phone
Email
Social
Online
Phone
Email
Social
AvaEnergy.org
833-699-3223
[email protected]
PoweredWithAva
Online
Phone
Email
Social
21 Thank you!
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Community Investment
$4.2 million
given to local programs in athletics, STEM
education, music and art, and more over 3 years
$26 million
budgeted annually for local programs
$145 million
saved since 2018 by our customers compared to
what they would have paid PG&E.