HYBRID MEETING
www.Cityofvallejo.net
CALL AND NOTICE OF REGULAR
MEETING AT 7:00 PM OF THE
VALLEJO CITY COUNCIL
SEPTEMBER 9, 2025
Council Chambers
555 Santa Clara Street
Vallejo, CA 94590
COUNCIL MEMBERS
Andrea Sorce (Mayor)
Peter Bregenzer (Vice-Mayor)
Helen-Marie Gordon
Tonia Lediju, PhD
Alexander Matias
Diosdado "JR" Matulac
Charles Palmares
NOTICE: Members of the Public will be able to participate in-person or remotely via Zoom
City Hall and the Council Chambers will be open to
members of the public 30 minutes prior to the start of
the meeting.
PUBLIC COMMENT: Members of the Public may provide
public comments during the City Council Meeting in
person or via ZOOM
(https://ZoomRegular.Cityofvallejo.net), or via
phone, by dialing (669) 900-6833.
For additional instructions on how to speak remotely
during public comment, please
visit, www.cityofvallejo.net/publiccomment
VIEW THE MEETING:
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website: www.cityofvallejo.net/Streaming
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Scan QR code for live captions and translation in Spanish and Tagalog.
Hybrid Options are available for members of the public to participate. To participate remotely
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Meeting ID: 914 0075 0676#
Meeting Password: 131313
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Any supplemental writing related to an agenda item for an open session of a regular meeting that is distributed to all or a majority of all members of the City Council less than 72 hours before the meeting will be posted concurrently on the City’s website at www.cityofvallejo.net/agendas Written material distributed during the meeting, will be available at the meeting if prepared by the City or after the meeting if prepared by someone else. Such materials may be obtained from the City Clerk
Vallejo City Council Chambers ADA compliant. Devices for the hearing impaired are available from the City Clerk. Requests for disability related modifications or accommodations, aids or services may be made by a person with a disability to the City Clerk's office no less than 72 hours prior to the meeting as required by Section 202 of the Americans with Disabilities Act of 1990 and the federal rules and regulations adopted in implementation thereof
AGENDA
1. CALL TO ORDER
2. ROLL CALL
3. PLEDGE OF ALLEGIANCE
4. REPORT OUT OF CLOSED SESSION
5. PRESENTATIONS AND COMMENDATIONS
6. FIRST COMMUNITY FORUM
The Community Forum is an opportunity to address the Council on any matter for which another opportunity to speak is not provided on the agenda, and which is within the jurisdiction of the Council to resolve. Any interested members of the public desiring to communicate with the City Council as part of the First Community Forum may do so in person by signing in to the Public Speaker's kiosk located in the back of the Council Chambers or via ZOOM:(https://ZoomRegular.Cityofvallejo.net), Option to join by phone: Dial (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press * 9 to digitally raise your hand from the phone. Press *6 to unmute/mute. For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment. In person speakers will be recognized first. When called upon, each speaker should step to the podium, state his/her name for the record. The conduct of the community forum shall be limited to a maximum of fifteen (15) minutes, with each speaker limited to a maximum of three minutes pursuant to Vallejo Municipal Code Section 2.02.300.
7. PUBLIC COMMENT REGARDING CONSENT CALENDAR ITEMS
Members of the public wishing to address the Council on Consent Calendar items may do so in person by signing in to the Public Speaker's kiosk located in the back of the Council Chambers or via ZOOM:(https://ZoomRegular.Cityofvallejo.net), Option to join by phone: Dial (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press * 9 to digitally raise your hand from the phone. Press *6 to unmute/mute. For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment. In person speakers will be recognized first. Each speaker is limited to three minutes pursuant to Vallejo Municipal Code Section 2.02.310. Requests for removal of Consent Items received from the public are subject to approval by a majority vote of the Council. Items removed from the Consent Calendar will be heard immediately after approval of the Consent Calendar and Agenda.
8. CONSENT CALENDAR AND APPROVAL OF AGENDA
A. APPROVAL OF MINUTES
Recommendation: Approve minutes for the regular meeting of July 22 and the special meetings of July 29, August 5, and August 12, 2025 Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
B. WAIVE FULL READING AND AUTHORIZING INTRODUCTIONS AND/OR
ADOPTION OF ORDINANCES BY TITLE ONLY
Recommendation: Waive reading and authorize introductions and/or adoption of any and all ordinances on this agenda, if any, by title only. This is a standard procedural action so the City Council does not have to read an ordinance in its entirety.
Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
C. CITY TREASURER’S QUARTERLY INVESTMENT REPORT
Recommendation:
Accept the City Treasurer’s Investment Report for the quarter ended June 30, 2025
Contact: Rekha Nayar, Finance Director, (707) 648-4592
[email protected]
D. ADOPT A RESOLUTION APPROVING A FIRST AMENDMENT TO THE
MEMORANDUM OF UNDERSTANDING BETWEEN THE SOLANO
ECONOMIC DEVELOPMENT CORPORATION AND THE CITY OF VALLEJO TO EXTEND THE TERM TO EXPIRE JUNE 30, 2028 AND INCREASE THE MAXIMUM NOT TO EXCEED AMOUNT TO $183,975, AND AUTHORIZING
THE CITY MANAGER TO EXECUTE THE SAME
Recommendation: Adopt a resolution approving a First Amendment to the Memorandum of Understanding between the Solano Economic Development Corporation and the City of Vallejo to extend the term to June 30, 2028 and increase the maximum not-to-exceed amount to $183,975, and authorizing the City Manager to execute same.
Contact: Gillian Haen, Assistant City Manager
(707) 648-4163
[email protected]
E. ADOPT A RESOLUTION APPROVING A FIRST AMENDMENT TO THE
ALARM MONITORING SERVICE AGREEMENT WITH BAY ALARM
COMPANY TO INCREASE THE NOT TO EXCEED AMOUNT TO $240,000
AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAME
Recommendation: Adopt a Resolution approving a First Amendment to the Alarm Monitoring Service Agreement with Bay Alarm Company to increase the not to exceed amount to $240,000 and authorizing the City Manager to execute same.
Contact: Oscar Alcantar, Interim Public Works Director, 707-648-4433 [email protected]
F. ADOPT A RESOLUTION APPROVING AN AMENDMENT TO THE
AGREEMENT WITH LEAVEN KIDS REALLOCATING EXISTING BUDGET
AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAME
Recommendation: Adopt a Resolution approving a First Amendment to the Agreement with Leaven Kids reallocating remaining budget and authorize the City Manager to execute same.
Contact: Jason Ta, Chief of Police
[email protected]
G. ADOPT A RESOLUTION APPROVING A FIRST AMENDMENT TO THE
AGREEMENT PROVIDING FOR IMPLEMENTATION OF THE SOLANO
STORMWATER ALLIANCE AND AUTHORIZING THE CITY MANAGER TO
EXECUTE SAME
Recommendation:
Adopt a resolution approving a First Amendment to the Agreement Providing for Implementation of the Solano Stormwater Alliance and authorizing the City Manager to execute same.
Contact: Oscar Alcantar, Interim Public Works Director (707) 648-4433 [email protected]
H. PROVIDE NOTICE OF INTENT TO AMEND THE HOME INVESTMENT PARTNERSHIPS ("HOME") PROGRAM BUDGET FOR FISCAL YEAR 2025- 26 BY APPROPRIATING $741,000 FOR THE TENANT-BASED RENTAL ASSISTANCE PROGRAM (STEP 1 OF 2)
Recommendation: Provide a notice of intent to amend the HOME Program Budget for Fiscal Year (FY) 2025-26 by appropriating $741,000 for the TenantBased Rental Assistance (TBRA) Program.
Contact: Alicia M. Jones, Housing Director (707) 648-4408 [email protected]
Gilian Haen, Assistant City Manager (707) 648-4163
[email protected]
I. ADOPT A RESOLUTION APPROVING A SIDE LETTER AGREEMENT
BETWEEN THE CITY OF VALLEJO AND THE INTERNATIONAL
BROTHERHOOD OF ELECTRICAL WORKERS (IBEW), LOCAL 1245, AND
AUTHORIZING THE CITY MANAGER TO EXECUTE THE SAME
Recommendation: Adopt a resolution approving a Side Letter Agreement between the City of Vallejo and the International Brotherhood of Electrical Workers, Local 1245, and authorize the City Manager to execute the same.
Contact: Stephanie Sifuentes, Human Resources Director (707) 649-4852 [email protected]
J. ADOPT A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VALLEJO APPROVING NINE PURCHASE AGREEMENTS WITH NINE
SEPARATE VENDORS TO SUPPLY WATER TREATMENT CHEMICALS,
EACH WITH A NOT-TO-EXCEED AMOUNT OF LESS THAN $530,000, FOR
A CUMULATIVE TOTAL AMONG ALL VENDORS OF A NOT-TO-EXCEED AMOUNT OF $2,224,881 AND AUTHORIZING THE CITY MANAGER TO
EXECUTE THE SAME
Recommendation: Adopt a resolution of the City Council of the City of Vallejo approving nine purchase agreements with nine separate vendors to supply water treatment chemicals, each with a not-to-exceed amount of less than $530,000, for a cumulative total among all vendors of a not-to-exceed amount of $2,224,881 and authorizing the City Manager to execute the same.
Contact: Beth Schoenberger, Water Director
[email protected]
9. ACTION CALENDAR
NOTICE: Members of the public wishing to address the Council on Action Calendar Items may do so in person by signing in to the Public Speaker's kiosk located in the back of the Council Chambers or via ZOOM (https://ZoomRegular.Cityofvallejo.net), or via phone, by dialing (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press *9 to digitally raise your hand from the phone. Press *6 to unmute/mute. For additional instructions on how to speak remotely during public comment, please visit,
www.cityofvallejo.net/publiccomment. Each speaker is limited to five minutes pursuant to Vallejo Municipal Code Section 2.02.420 or as approved and announced by the Mayor. In person speakers will be recognized first
A. ADOPT A RESOLUTION MAKING AN APPOINTMENT TO FILL AN
EXISTING VACANCY ON THE MCCUNE COLLECTION COMMISSION
Recommendation: Adopt a resolution appointing a member to fill a vacancy on the McCune Collection Commission for a term expiring June 30, 2028 Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
B. DESIGNATE A VOTING DELEGATE AND ALTERNATE FOR THE
BUSINESS PORTION OF THE ANNUAL LEAGUE OF CALIFORNIA CITIES
CONFERENCE
Recommendation: Designate a City of Vallejo voting delegate and voting alternate for the business portion of the Annual League of California Cities Conference.
Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
C. ADOPT A RESOLUTION APPROVING A QUIT CLAIM DEED
TRANSFERRING THE CITY'S INTEREST IN AN ABANDONED PORTION OF
A WATER EASEMENT IN AMERICAN CANYON TO CANYON ESTATES
HOMES LLC IN EXCHANGE FOR A NEW EASEMENT AND AUTHORIZING
THE CITY MANAGER TO EXECUTE THE SAME
Recommendation: Adopt a resolution approving a Quit Claim Deed tranferring the City's interest in an abandoned portion of a water easement in American Canyon. The transfer is to the developer, Canyon Estates Homes, LLC, and is in exchange for a new easement and new pipeline.
Contact: Randy J. Risner, Chief Assistant City Attorney [email protected]
D. HOLD A PUBLIC HEARING AND ADOPT A RESOLUTION APPROVING AN AMENDMENT TO THE MASTER FEE SCHEDULE FOR FISCAL YEAR 2025- 26 ESTABLISHING AND REVISING FEES FOR THE FIRE DEPARTMENT,
PLANNING AND DEVELOPMENT SERVICES DEPARTMENT (BUILDING
AND PLANNING DIVISIONS), AND THE WATER DEPARTMENT
Recommendation: Hold a public hearing and adopt a resolution approving an amendment to the Master Fee Schedule for fiscal year 2025-26 establishing and revising fees for the Fire Department, Planning and Development Services Department (Building and Planning Divisions), and the Water Department.
Contact: Kristin Pollot, AICP, Director of Planning & Development Services (707) 648-4283
[email protected]
Arthur Gonzales, Interim Fire Chief (707) 648-4092
[email protected]
Beth Schoenberger, Water Director (707) 648-5439
[email protected]
E. RECEIVE PRESENTATION OF SCOPES FOR FOUR PRIORITY CITY
COUNCIL REFERRALS RELATED TO PUBLIC SAFETY AND PROVIDE
DIRECTION TO STAFF
Recommendation: Receive the scopes of work that City staff developed for four City Council referrals related to public safety and provide direction to staff on next steps.
Contact: Veronica A.F. Nebb, City Attorney
[email protected]
F. CONSIDER MAKING A FINDING TO CONTINUE THE STATE OF LOCAL
EMERGENCY RELATING TO PUBLIC SAFETY STAFFING
Recommendation: Consider making a finding reaffirming that the conditions exist to continue the proclamation of a local emergency.
Contact: Jason Ta, Chief of Police
(707) 648-4540
[email protected]
G. ADOPT A RESOLUTION PROVIDING DIRECTION ON THE BLUE ROCK
SPRINGS, LLC PRELIMINARY GOLF COURSE CONCEPT PLAN
Recommendation: Adopt a resolution accepting City Council direction on the preliminary Blue Rock Springs Golf Course Concept Plan
Contact: Gillian Haen, Assistant City Manager (707) 648-4163 [email protected]
10. INFORMATION CALENDAR
11. CITY MANAGER’S REPORT
12. CITY ATTORNEY’S REPORT
13. COMMUNITY FORUM
Any interested members of the public desiring to communicate with the City Council as part of the last Community Forum may do so in person by signing in to the Public Speaker's kiosk located in the back of the Council Chambers or via ZOOM:(https://ZoomRegular.Cityofvallejo.net), Option to join by phone: Dial (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press * 9 to digitally raise your hand from the phone. Press *6 to unmute/mute. For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment. In person speakers will be recognized first.
14. REQUEST & ACTION FOR FUTURE AGENDA ITEMS OR SPECIAL PROJECTS
15. REPORT OF THE PRESIDING OFFICER AND MEMBERS OF THE CITY COUNCIL
16. ADJOURNMENT
ADDITIONAL CITY INFORMATION
Members of the public can:
• Like us on Facebook and Instagram (@cityofvallejo)
• Sign up to receive City Communications via e-mail (www.cityofvallejo.net/subscribe) • Sign up for emergency alerts at: alertsolano.com
Dated: Wednesday, September 3, 2025
Andrea Sorce, Mayor
I, Dawn Abrahamson, City Clerk do hereby certify that I have caused a true copy of the above notice and agenda to be delivered to Andrea Sorce (Mayor)
Peter Bregenzer (Vice-Mayor)
Helen-Marie Gordon
Tonia Lediju, PhD
Alexander Matias
Diosdado "JR" Matulac
Charles Palmares,
at the time and in the manner prescribed by law and that this agenda was posted at City Hall, 555 Santa Clara Street, CA at 2:30 p.m., Wednesday, September 3, 2025.
Dated: Wednesday, September 3, 2025
Regular City Council Meeting Minutes
July 22, 2025
Page | 1
VALLEJO CITY COUNCIL
REGULAR MEETING MINUTES
JULY 22, 2025
COUNCIL CHAMBERS
555 Santa Clara Street, Vallejo, California
1. CALL TO ORDER
The meeting was called to order at 7:01 p.m.
2. ROLL CALL
Present: Vice Mayor Bregenzer, Councilmembers Gordon, Lediju, Matias, Matulac (participating virtually from Grand Sierra Resort & Casino, Crystal 3, 2500 E 2nd Street, Reno, NV 89595), and Palmares
Absent: Mayor Sorce
Staff present: Acting City Manager/Police Chief Ta, City Attorney Nebb and City Clerk Abrahamson
3. PLEDGE OF ALLEGIANCE
4. REPORT OUT OF CLOSED SESSION – None. Closed Session scheduled at 5 pm was cancelled.
5. PRESENTATIONS AND COMMENDATIONS – None.
6. FIRST COMMUNITY FORUM
Speakers: Julia Glenn, Jean Drolet, Pastor Anthony Summers, Melvin Cowan, Anne Carr, Karol Heppe, and Sunil Khatri
7. PUBLIC COMMENT REGARDING CONSENT CALENDAR ITEMS
Speakers: Daniel Boone and Karol Heppe (Consent I)
8. CONSENT CALENDAR AND APPROVAL OF AGENDA
Action: Moved by Vice Mayor Bregenzer and carried unanimously by members present, unless otherwise noted, to approve the Agenda and Consent Calendar with the following modifications:
• Removal of Item 8I from the Consent Calendar and placement as Item 8.1. • Recusal of Councilmember Lediju from Item 8G due to a conflict of interest related to retroactive payments for Developing Organizing Visions for Everyone, Inc. for the period of September 23, 2023 – May 24, 2024, as she was a boardmember until December 2024.
• Recusal of Councilmember Palmares from Item 8G due to a conflict of interest related to retroactive payments for Fighting Back Partnership, as he is a current boardmember.
(Absent: Sorce)
A. APPROVAL OF MINUTES
Regular City Council Meeting Minutes
July 22, 2025
Page | 2
Recommendation: Approve the minutes from the special joint meeting of the City Council and Planning Commission of July 7, the special meetings of June 17 and July 1 and the special and regular meetings of June 24 and July 8, 2025 Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
Action: approved minutes.
B. WAIVE FULL READING AND AUTHORIZING INTRODUCTIONS AND/OR
ADOPTION OF ORDINANCES BY TITLE ONLY
Recommendation: Waive reading and authorize introductions and/or adoption of any and all ordinances on this agenda, if any, by title only. This is a standard procedural action so the City Council does not have to read an ordinance in its entirity.
Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
Action: waived reading and authorized introductions and/or adoption of any and all ordinances on this agenda, if any, by title only. This is a standard procedural action so the City Council does not have to read an ordinance in its entirity.
C. PAYMENT OF CLAIMS: MAY 2025
Recommendation: Ratify the payment of claims for the period of May 1, 2025, through May 31, 2025.
Contact: Rekha Nayar, Finance Director (707) 648-4592
[email protected]
Action: ratified payment of claims for period of May 1-31, 2025.
D. ACCEPT THE LAKE DALWIGK PARK IMPROVEMENTS PROJECT
(PW9443) PERFORMED BY GRADETECH, INC., AS COMPLETE, AND
AUTHORIZE THE CITY CLERK TO FILE A NOTICE OF COMPLETION WITH
THE SOLANO COUNTY RECORDER'S OFFICE
Recommendation: Accept the Lake Dalwigk Park Improvements Project (PW9443) performed by GradeTech, Inc., of Livermore, California, as complete, and authorize the City Clerk to file a Notice of Completion with the Solano County Recorder's Office.
Contact: Oscar Alcantar, Interim Public Works Director, (707) 648-4433 [email protected]
Action: accepted the Lake Dalwigk Park Improvements Project (PW9443) performed by GradeTech, Inc., of Livermore, California, as complete, and authorized the City Clerk to file a Notice of Completion with the Solano County Recorder's Office.
E. ADOPT A RESOLUTION APPROVING A SERVICES AGREEMENT WITH HEALTHY VALLEJO COMMUNITY SUPPORT SERVICES, INC., FOR ONCALL ILLEGAL DUMPING AND LITTER/DEBRIS REMOVAL SERVICES IN AN AMOUNT NOT TO EXCEED $250,000 AND AUTHORIZING THE CITY
MANAGER TO EXECUTE SAME
Recommendation: Adopt a resolution approving a Services Agreement with Healthy Vallejo Community Support Services, Inc., for on-call illegal dumping
Regular City Council Meeting Minutes
July 22, 2025
Page | 3
and litter/debris removal services in an amount not to exceed $250,000 and authorizing the City Manager to execute same.
Contact: Oscar Alcantar, Interim Public Works Director (707) 648- 4433
[email protected]
Action: adopted Resolution No. 25-123 N.C.
F. ADOPT TWO RESOLUTIONS TO PROVIDE FOR ANIMAL SERVICES WITHIN CITY LIMITS: (1) APPROVING THE PROFESSIONAL SERVICES
AGREEMENT BETWEEN THE CITY OF VALLEJO AND THE HUMANE
SOCIETY OF THE NORTH BAY (5-YEAR NOT TO EXCEED OF $2,022,031); AND (2) APPROVING THE MEMORANDUM OF AGREEMENT BETWEEN
THE CITY OF VALLEJO AND SOLANO COUNTY (ANNUAL COST
$844,697)
Recommendation: Adopt (1) A Resolution of the City Council of the City of Vallejo Approving the Professional Services Agreement between the City and Humane Society of the North Bay; and (2) A Resolution of the City Council of the City of Vallejo Approving the Memorandum of Agreement between the City of Vallejo and the County of Solano For Animal Control Services and Authorizing the City Manager to Execute Same.
Contact: Jason Ackley, Assistant to the City Manager
[email protected]
Action: 1) adopted Resolution No. 25-124 N.C. and 2) Resolution No. 25-125 N.C.
G. ADOPT A RESOLUTION RETROACTIVELY APPROVING FOUR SEPARATE BSCC PROP 47 GRANT PROGRAM MEMORANDUMS OF AGREEMENT
RELATING TO PROJECT H.O.M.E. AS FOLLOWS: 1) BROKEN BY
VIOLENCE, 2) DEVELOPING ORGANIZING VISIONS FOR EVERYONE, INC., 3) ON THE MOVE , 4) FIGHTING BACK PARTNERSHIP AND
APPROVAL OF A FIRST AMENDMENT TO THE MEMORANDUM OF
AGREEMENT WITH FIGHTING BACK PARTNERSHIP AND AUTHORIZING
THE CITY MANAGER TO EXECUTE THE SAME
Recommendation: Adopt a resolution to:
1. Retroactively approve four separate BSCC Prop 47 Grant Program Memorandums of Agreement relating to Project H.O.M.E.;
2. Retroactively approving the then-City Manager's execution of said Memorandums of Understanding;
3. Approve a First Amendment to the Memorandum of Agreement with Fighting Back Partnership (City contract 23-PD-197) increasing the notto-exceed agreement by $8,323 to a total of $191,649; and
4. Authorize the City Manager to execute said First Amendment Contact: Jason Ta, Chief of Police
[email protected]
Action: adopted Resolution No. 25-126 N.C. (Abstained Due to Conflicts of Interest: Lediju and Palmares; Absent: Sorce)
Regular City Council Meeting Minutes
July 22, 2025
Page | 4
H. AUTHORIZE THE COUNCIL BY MOTION TO APPROVE A PROCLAMATION RECOGNIZING THE 10TH ANNIVERSARY OF VALLEJO’S POET
LAUREATE PROGRAM AND DECLARING JULY 26, 2025 AS A DECADE OF POETIC UNITY DAY.
Recommendation: Authorize the Vallejo City Council to approve a proclamation by motion recognizing the 10th anniversary of the Vallejo Poet Laureate Program and declaring July 26, 2025 as A DECADE OF POETIC UNITY DAY.
Contact: Erik Rzomp, Executive Assistant to Mayor Sorce (707) 648-4733 [email protected]
Action: authorized the Vallejo City Council to approve a proclamation recognizing the 10th anniversary of the Vallejo Poet Laureate Program and declaring July 26, 2025 as a Decade of Poetic Unity Day.
I. ADOPT A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VALLEJO TO AMEND FISCAL YEAR 2025-2026 BUDGET TO
APPROPRIATE EXPENDITURE OF $2,000,000 FOR RECRUITMENT AND RETENTION (STEP 2 OF 2)
Recommendation: Adopt a resolution amending the FY 2025/2026 Budget in the amount of $2,000,000 for Recruitment and Retention.
Contact: Stephanie Sifuentes, Human Resources Director (707) 649-4852 [email protected]
Action: item was removed from the Consent Calendar at the request of Councilmember Matias.
Staff responded to questions from Councilmembers. Councilmembers provided comment.
Action: Moved by Vice Mayor Bregenzer and carried unanimously by members present to adopt Resolution No. 25-127 N.C. (Absent: Sorce)
9. ACTION CALENDAR
A. HOLD A CONTINUED PUBLIC HEARING AND ADOPT A RESOLUTION
ACCEPTING THE FIVE-YEAR CAPITAL IMPROVEMENT PROGRAM FOR FISCAL YEARS 2025-26 THROUGH 2029-30
Recommendation: Hold a continued public hearing and adopt a Resolution approving the five-year Capital Improvement Program for fiscal years 2025-26 through 2029-30.
Contact: Oscar Alcantar, Interim Public Works Director (707) 648-4433 [email protected]
Beth Schoenberger, Water Director (707) 648-5439
[email protected]
Interim Public Works Director Alcantar provided an overview of the purpose of the CIP, prioritization criteria, FY 25/26 new appropriations for streets/pavement maintenance and rehabilitation, public building repairs including PD headquarters and dispatch, and Marina dredging and provided an update on current state of city streets.
Regular City Council Meeting Minutes
July 22, 2025
Page | 5
Water Director Schoenberger provided a summary of FY 25/26 CIP water projects and discussed funding and strategic delivery.
Staff responded to questions from Councilmembers. Councilmembers provided comment,
Action: Moved by Vice Mayor Bregenzer, with an amendment to the motion offered by Councilmember Matias and accepted, to adopt Resolution No. 25- 128 N.C. and directing staff to brief Council on the Police Headquarters project and interim housing of the dispatchers, including solutions and a timeline within 30 days, and to incorporate this information into the presentation. Motion carried unanimously by members present. Absent: Sorce.
B. ADOPT A RESOLUTION: 1) FINDING THE CAPE SEAL 2025 PROJECT (MP2025) (RESURFACING RESIDENTIAL STREETS WITH CAPE SEAL)
CATEGORICALLY EXEMPT FROM THE PROVISIONS OF THE
CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA) PURSUANT TO CEQA GUIDELINES SECTION 15301(C); 2) APPROVING THE PROJECT PLANS AND SPECIFICATIONS FOR THE PROJECT; AND 3) AWARDING A CONSTRUCTION CONTRACT TO GHILOTTI BROS., INC., OF SAN
RAFAEL, CALIFORNIA IN THE AMOUNT OF $3,689,824.98 AND
REJECTING ALL OTHER BIDS, AND AUTHORIZING THE CITY MANAGER
TO EXECUTE SAME
Recommendation: Adopt a Resolution: 1) Finding the Cape Seal 2025 Project (MP2025) (resurfacing residential streets with Cape Seal) categorically exempt from the provisions of the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15301(c); 2) Approving the plans and specifications for the Project; and 3) Awarding a construction contract to Ghilotti Bros., Inc., of San Rafael of California in the amount of $3, 689,824.98, rejecting all other bids, and authorizing the City Manager to execute the contract.
Contact: Oscar Alcantar, Interim Public Works Director, (707) 648-4433 [email protected]
Interim Public Works Director Alcantar provided an overview of the staff report and outlined the recommendation.
Staff responded to questions from Councilmembers. Councilmembers provided comment.
Action: moved by Vice Mayor Bregenzer and carried unanimously by members present to adopt Resolution No. 25-129 N.C. (Absent: Sorce) C. ADOPT A RESOLUTION APPROVING THE ECONOMIC DEVELOPMENT COMMISSION (EDC) 2025 WORK PLAN AND PROVIDING A NOTICE OF INTENT TO AMEND THE FY 2025/2026 BUDGET IN THE AMOUNT OF $7,967.00 FOR THE COMPLETION OF WORK PLAN ITEMS CONTAINED IN THE PREVIOUS EDC WORKPLAN (Step 1 of 2)
Regular City Council Meeting Minutes
July 22, 2025
Page | 6
Recommendation: Adopt a Resolution of the City Council of the City of Vallejo approving the EDC 2025 Work Plan and Providing Notice of Intent to Amend the FY 2025/2026 Budget to Increase the EDC Budget by $7,967.00.
Contact: Gillian Haen, Assistant City Manager (707) 648-4163 [email protected]
Assistant City Manager Haen provided introductory comments.
Economic Development Program Manager Iraheta reviewed the purpose and duties of the Commission, provided background information, outlined the 2022 Work Plan accomplishments, the development of the 2025 Work Plan and the key focus of the Plan, shared how the Plan is strategic aligned with multiple strategic documents and concluded the presentation discussing the details of the proposed budget for 25/26.
Speakers: Anne Carr
Staff and EDC Chair Loufas and Vice Chair Garcia responded to questions from Councilmembers. Councilmembers provided comment.
Action: moved by Vice Mayor Bregenzer and carried unanimously by members present to adopt Resolution No. 25-130 N.C. with the following additions to the Work Plan (Absent: Sorce):
• Provide quarterly updates to commission and advisement • Commission to provide quarterly reports to the City Council on the Work Plan
• Neighborhoods of Focus include Sonoma Boulevard, Kings Market, Springs Road, Broadway Street, Downtown, Waterfront and Discovery Kingdom
• Hold joint meetings with the Commission on Culture & the Arts to collaborate on World Class Art Event
• Explore ways and recommendations for the City of Vallejo to best leverage AI and emerging technology and improve city processes to better serve Vallejo businesses and recommend policy and programs to the City Council
D. CONSIDER MAKING A FINDING TO CONTINUE THE STATE OF LOCAL
EMERGENCY RELATING TO PUBLIC SAFETY STAFFING
Recommendation: Consider making a finding reaffirming that the conditions exist to continue the proclamation of a local emergency.
Contact: Jason Ta, Chief of Police (707) 648-4540
[email protected]
Action: moved by Vice Mayor Bregenzer to make a finding reaffirming that the conditions exist to continue the proclamation of a local emergency.
An alternate motion by Councilmember Matias and carried unanimously by members present, to reaffirm that conditions exist to continue the proclamation of a local emergency and to direct the Chief of Police to present an Adult &
Regular City Council Meeting Minutes
July 22, 2025
Page | 7
Senior Volunteer & Community On Patrol Program to the Council at the time the extension of a state of local emergency is due, 60 days from tonight’s action. (Absent: Sorce)
The meeting recessed at 10:05 p.m. and reconvened at 10:17 p.m.
E. ADOPT (1) A RESOLUTION TO AMEND FISCAL YEAR 2025-2026 BUDGET TO APPROPRIATE $1,150,000 FOR PUBLIC SAFETY MEASURES TO REDUCE VIOLENCE (STEP 2 OF 2); AND (2) A RESOLUTION APPROVING AN AGREEMENT WITH LIVE VIEW TECHNOLOGIES, INC. TO LEASE OR
PURCHASE MOBILE SECURITY CAMERA SYSTEMS IN AN AMOUNT NOT TO EXCEED $500,000.00, FINDING THAT SUCH PURCHASE OR LEASE IS (A) IN THE BEST INTEREST OF THE CITY PURSUANT TO VALLEJO MUNICIPAL CODE SECTION 3.20.090 A. 12; AND (B) CONSTITUTES AN
EMERGENCY EXEMPTION PURSUANT VALLEJO MUNICIPAL CODE
SECTION 2.27.030 E.
Recommendation:
Adopt (1) A Resolution to Amend Fiscal Year 2025-2026 Budget To Appropriate $1,150,000 For Public Safety Measures to Reduce Violence (Step 2 of 2); and (2) A Resolution Approving An Agreement With Live View Technologies, Inc. to Lease or Purchase Mobile Security Camera Systems in an amount Not To Exceed $500,000.00, Finding That Such Purchase or Lease is (A) in the Best Interest of the City Pursuant to Vallejo Municipal Code Section
3.20.090 A. 12; and (B) Constitutes an Emergency Exemption Pursuant Vallejo Municipal Code Section 2.27.030 E.
Contact: Jason Ta, Chief of Police
[email protected]
Action: Moved by Vice Mayor Bregenzer and carried unanimously by members present to:
1. Adopt Resolution No. 25-131 N.C. amending the Fiscal Year 2025– 2026 Budget to appropriate $1,150,000 for Public Safety Measures to reduce violence (Step 2 of 2); and
2. Adopt Resolution No. 25-132 N.C. approving an agreement with Live View Technologies, Inc. to lease or purchase Mobile Security Camera Systems in an amount not to exceed $500,000, finding that such purchase or lease is:
o (A) in the best interest of the City pursuant to Vallejo Municipal Code Section 3.20.090(A)(12); and
o (B) constitutes an emergency exemption pursuant to Vallejo Municipal Code Section 2.27.030(E);
and authorizing the City Manager to act on this unless findings are raised by the Surveillance Advisory Board following its meeting on July 24, 2025. (Absent: Councilmember Sorce)
F. DISCUSSION AND DIRECTION ON CITY COUNCIL REFERRALS AND
CURRENT TWO-STEP PROCESS FOR AGENDIZING
Recommendation: Discuss and provide direction to staff on the following:
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July 22, 2025
Page | 8
1. Current List of City Council referrals from January 1 to June 30, 2025
2. Current Two-Step Process for agendizing
Contact: Andrew Murray, City Manager (707) 648-4576
[email protected]
Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527
[email protected]
City Clerk Abrahamson provided background on the current referral process, reviewed the requests and status from January 1 to July 8, discussed the 12 referrals awaiting Council direction on whether to scope, and presented options for Council to consider for changing the 2-step process.
Staff responded to questions from Councilmembers. Councilmembers provided comment.
Speakers: Daniel Boone and Anne Carr.
Another question and answer period followed. Councilmembers provided additional comments.
Council provided the following direction to staff on the Referral Process:
To improve transparency, tracking, and Council decision-making on referral requests, the following multi-step process is being implemented:
1. Referral Tracking Tool
• The City Manager will develop a real-time tracking tool listing all referral requests. This tool will be publicly accessible via the City’s website or My Vallejo and updated regularly.
2. Referral Submission Form
• A standardized form will be developed for Councilmembers to complete at the time a referral is made or shortly thereafter.
• Completed forms will be submitted to the City Clerk for tracking and inclusion in the centralized referral log.
3. New Referral Process on Council Agenda
• A new subheading titled "Requests & Actions for Future Agenda Items or Special Projects" will be added to the Council agenda before "Report of the Presiding Officer."
• This provides a clear and consistent space for Councilmembers to make referral requests.
4. Two-Step Approval Process
STEP 1: Council Initiation & Prioritization – under Requests & Actions for Future Agenda Items or Special Projects
• When a referral is made and the form submitted, the Council will vote on:
o Whether the referral should move forward,
o Its priority, and
o A timeline for staff to return with a project scope.
• This step requires a majority vote of the Council.
STEP 2: Review of Scope & Final Approval
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July 22, 2025
Page | 9
• At the Council-directed timeline, staff will return with a detailed scope of work, including estimated timeframes, staffing requirements, and fiscal impacts.
• The Council will then vote to either approve or reject moving forward with implementation.
• Final direction to staff again requires a majority vote.
5. Public Engagement
• Where feasible, the tracking tool will include public comment data or a tally of public interest related to each referral request to inform Council of community priorities.
Action: Moved by Vice Mayor Bregenzer and carried unanimously by members present (Absent: Councilmember Sorce), Council directed staff to return with a scope for the following five public safety priority referral items at the September 9 regular Council meeting. Each scope will include:
• Time estimate to complete the work,
• Staffing lift and dependencies, and
• Fiscal impact.
Priority Items:
1. Creation of a Prostitution Ordinance
2. Creation of a Red Light Abatement Act Ordinance
3. Reduction of school zone speed limits from 25 mph to 15 mph, combined with implementation of AB 43 to reduce speeds in designated business districts
4. Development of an Individual Gun Violence Restraining Order (IGVRO) policy
At the September 9 meeting, Council may also choose to determine and add additional outstanding referral requests to the list of priorities.
10. INFORMATION CALENDAR
A. BROADWAY PROJECT MONTHLY UPDATE
Recommendation: Receive an update on the Broadway Project.
Contact: Gillian Haen, Assistant City Manager (707) 648-4576 [email protected]
Assistant City Manager Haen and Assistant to the City Manager Peterson provided background information, reviewed the project timeline, provided an update on the lease and other items related to the project.
Staff responded to questions from Councilmembers. Councilmembers provided comment.
11. CITY MANAGER’S REPORT
Acting City Manager/Police Chief Ta reported on several events held on July 19 – Unity in the Community 2025 at the Vallejo Waterfront Park and the Crest Side Neighborhood Clean-Up, and concluded with information on a conceptual golf plan for Blue Rock Springs by the Lewis Group.
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July 22, 2025
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12. CITY ATTORNEY’S REPORT – none.
13. COMMUNITY FORUM
Speakers: Daniel Boone
.
14. REPORT OF THE PRESIDING OFFICER AND MEMBERS OF THE CITY COUNCIL Councilmembers provided reports on community events and meetings attended and shared future agenda item requests.
15. ADJOURNMENT
The meeting adjourned at 12:30 a.m.
________________________________
ANDREA SORCE, MAYOR
ATTEST:
_________________________________
DAWN G. ABRAHAMSON, CITY CLERK
Special City Council Meeting Minutes
July 29, 2025
Page | 1
VALLEJO CITY COUNCIL
SPECIAL MEETING MINUTES
JULY 29, 2025
COUNCIL CHAMBERS
555 Santa Clara Street, Vallejo, California
1. CALL TO ORDER
The meeting was called to order at 5:40 p.m.
2. ROLL CALL
Present: Councilmembers Gordon, Lediju, Matias, Matulac, and Palmares
Absent: Mayor Sorce and Vice Mayor Bregenzer
Staff present: City Manager Murray and City Clerk Abrahamson Speakers: Daniel Boone, Sherianne Grimm, Bridget D., Diana Lang, Jen R., Gary Weinstein, Jimmy Genn, Daniel Kilburne, David Haldane, and Barbara Gea Action: moved by Councilmember Palmares and failed to continue the closed session item to a later date (Ayes: Palmares; Noes: Gordon, Lediju, Matias, and Matulac;
Absent: Sorce and Bregenzer)
The City Council convened into Closed Session in the Council Conference Room at 5:45 p.m.
3. CLOSED SESSION
A. Conference with Legal Counsel - Anticipated Litigation pursuant to paragraph (2) or (3) of subdivision (d) of Government Code section 54956.9. Significant exposure to litigation, one case.
The City Council reconvened into open session at 6:19 p.m.
City Manager Murray reported Council provided direction to the City Manager to engage a law firm that the City has under contract with Renne Public Law Group, to review the recent allegations, to recommend whether formal investigation should be conducted of the allegations and for that firm to collaborate with city staff to create a public response to those allegations.
4. ADJOURNMENT
The meeting adjourned at 6:21 p.m.
________________________________
ANDREA SORCE, MAYOR
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July 29, 2025
Page | 2
ATTEST:
_________________________________
DAWN G. ABRAHAMSON, CITY CLERK
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August 5, 2025
Page | 1
VALLEJO CITY COUNCIL
SPECIAL MEETING MINUTES
AUGUST 5, 2025
COUNCIL CHAMBERS
555 Santa Clara Street, Vallejo, California
1. CALL TO ORDER
The meeting was called to order at 5:03 p.m.
2. ROLL CALL
Present: Mayor Sorce, Councilmembers Gordon, Lediju, Matias, and Matulac
Absent: Vice Mayor Bregenzer and Councilmember Palmares Staff present: City Manager Murray, City Attorney Nebb, City Clerk Abrahamson, Assistant City Manager Nalungo, and Human Resources Director Sifuentes The City Council convened into Closed Session in the Council Conference Room at 5:06 p.m.
3. CLOSED SESSION
A. CONFERENCE WITH LABOR NEGOTIATORS
Pursuant to Government Code Section 54957.6:
Agency Designated Representatives: Stephanie Sifuentes, Human Resources Director and Andrew Murray, City Manager
Employee Organizations: International Brotherhood of Electrical Workers, Local Union 1245 (IBEW)
B. Conference with Legal Counsel - Anticipated Litigation pursuant to paragraph (2) or (3) of subdivision (d) of Government Code section 54956.9. Significant exposure to litigation, one case.
4. ADJOURNMENT
The meeting adjourned at 6:50 p.m.
________________________________
ANDREA SORCE, MAYOR
ATTEST:
_________________________________
DAWN G. ABRAHAMSON, CITY CLERK
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August 5, 2025
Page | 1
VALLEJO CITY COUNCIL
SPECIAL MEETING MINUTES
AUGUST 5, 2025
COUNCIL CHAMBERS
555 Santa Clara Street, Vallejo, California
1. CALL TO ORDER
The meeting was called to order at 7:08 p.m.
2. ROLL CALL
Present: Mayor Sorce, Councilmembers Gordon, Lediju, Matias, Matulac, and Palmares
Absent: Vice Mayor Bregenzer
Staff present: City Manager Murray, City Attorney Nebb and City Clerk Abrahamson,
3. PLEDGE OF ALLEGIANCE
4. REPORT OUT OF CLOSED SESSION
City Attorney Nebb reported Council provided direction to its labor negotiators regarding Closed Session Item 3A. There was no further action to report.
City Manager Murray reported the following regarding Closed Session Item 3B: the City Council voted to convene into closed session to discuss this matter with the following vote: Ayes: Matias, Gordon, Sorce, Matulac, and Lediju; Councilmembers Palmares and Bregenzer absent. In addition, the City Council provided direction in closed session on that matter. The City Council directed the City Manager to create an RFP and solicit proposals from legal firms that do not have any conflict with the City to provide legal services. The City Manager is to recommend 5 firms for City Council’s consideration in selecting a legal firm to perform the scope previously identified for the Renne Public Law Group that includes the following: 1) looking into allegations raised by the ACLU letter, 2) providing a recommendation whether or not those allegations need to be investigated, 3) providing support to city staff, and 4) providing public response to those allegations. The Renne Public Law Group cannot support the City and perform that work and the Council will be looking for another legal firm to perform the work.
5. PRESENTATIONS AND COMMENDATIONS – None.
6. PUBLIC COMMENT REGARDING CONSENT CALENDAR ITEMS
Speakers: None.
7. CONSENT CALENDAR AND APPROVAL OF AGENDA
Action: moved by Councilmember Matulac and carried unanimously by members present, unless otherwise noted, approval of the Agenda and the Consent Calendar (Absent: Bregenzer).
A. ADOPT A RESOLUTION APPROVING A FIRST AMENDMENT WITH NAPA SOLANO SANE/SART FOR AN AMOUNT NOT TO EXCEED $300,000
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August 5, 2025
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THROUGH JUNE 30, 2027 AND AUTHORIZING THE CITY MANAGER TO
EXECUTE SAME
Recommendation: Adopt a resolution authorizing the City Manager to sign the First Amendment with Napa Solano Sane/Sart for an amount not to exceed $300,000 through June 30, 2027.
Contact: Jason Ta, Chief of Police
[email protected]
Action: adopted Resolution No. 25-133 N.C.
B. ADOPT A RESOLUTION APPROVING THE CONSULTANT AND
PROFESSIONAL SERVICES AGREEMENT WITH CAPITOL ADVOCACY
PARTNERS FOR GRANT-RELATED SERVICES FOR VALLEJO POLICE
DEPARTMENT FOR AN AMOUNT NOT-TO-EXCEED $800,000 THROUGH JUNE 30, 2028 AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAME
Recommendation: Adopt a Resolution approving a Consultant and Professional Services Agreement with Capitol Advocacy Partners for grant-related services for Vallejo Police Department for an amount not-to-exceed $800,000 through June 30, 2028 and authorizing the City Manager to execute same.
Contact: Jason Ta, Chief of Police
[email protected]
Action: adopted Resolution NO. 25-134 N.C.
C. ADOPT A RESOLUTION FINDING THE DOCK "A" REMOVAL PROJECT (PWM07) CATEGORICALLY EXEMPT FROM THE PROVISIONS OF THE
CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA) PURSUANT TO CEQA GUIDELINES SECTION 15301(d), APPROVING THE PROJECT
PLANS AND SPECIFICATIONS FOR THE PROJECT, AWARDING A
CONTRACT TO POWER ENGINEERING CONSTRUCTION COMPANY, OF
ALAMEDA, CALIFORNIA IN THE AMOUNT OF $646,100 AND REJECTING
ALL OTHER BIDS, AND AUTHORIZING THE CITY MANAGER TO
EXECUTE THE CONTRACT
Recommendation: Adopt a Resolution finding the Dock "A" Removal Project (PWM07) categorically exempt from the provisions of the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15301(d), approving the project plans and specifications for the project, awarding a contract to Power Engineering Construction Company of Alameda, California in the amount of $646,100 and rejecting all other bids, and authorizing the City Manager to execute the contract.
Contact: Oscar Alcantar, Interim Public Works Director, (707) 648-4433 [email protected]
Action: adopted Resolution No. 25-135 N.C.
D. ADOPT A RESOLUTION APPROVING THE GRANTING OF A UTILITY
EASEMENT TO PACIFIC GAS AND ELECTRIC COMPANY (PG&E) OVER CITY-OWNED PROPERTY AT APN 0068-090-060 FOR THE INSTALLATION
OF UNDERGROUND ELECTRICAL EQUIPMENT, FINDING THE ACTION
CATEGORICALLY EXEMPT FROM ENVIRONMENTAL REVIEW
PURSUANT TO CEQA GUIDELINES SECTIONS 15303(d) AND
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August 5, 2025
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15304(f), AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAID
EASEMENT
Recommendation: Adopt a Resolution approving the granting of a utility easement to Pacific Gas and Electric Company (PG&E) over City-owned property at APN 0068-090-060 for the installation of underground electrical equipment, finding the action categorically exempt from environmental review pursuant to CEQA Guidelines Sections 15303(d) and 15304(f), and authorizing the City Manager to execute said easement.
Contact: Oscar Alcantar, Item Director of Public Works
[email protected]
Action: adopted Resolution No. 25-136 N.C.
E. ADOPT A RESOLUTION APPROVING AN ON-CALL COOPERATIVE
AGREEMENT WITH UNITED RENTALS (NORTH AMERICA), INC. FOR AN AMOUNT NOT TO EXCEED $250,000 AND AUTHORIZE THE CITY
MANAGER TO EXECUTE SAME
Recommendation: Adopt a Resolution approving an On-Call Cooperative Agreement with United Rentals (North America), Inc. for an amount not to exceed $250,000 and authorize the City Manager to execute same.
Contact: Oscar Alcantar, Interim Public Work Director, 707-648-4433 [email protected]
Action: adopted Resolution No. 25-137 N.C.
F. ADOPT A RESOLUTION APPROVING A DESIGN PROFESSIONAL
SERVICES AGREEMENT WITH GARAVAGLIA ARCHITECTURE, INC. FOR ARCHITECTURAL DESIGN SERVICES IN THE AMOUNT OF $219,360 FOR THE ADMIRAL'S MANSION / QUARTERS "A" IMPROVEMENT PROJECT, PROJECT NO. MINPS, AND AUTHORIZING THE CITY MANAGER TO
EXECUTE THE SAME
Recommendation: Adopt a resolution approving a Design Professional Services Agreement with Garavaglia Architecture, Inc. for architectural design services in the amount of $219,360 for the Admiral’s Mansion / Quarters "A" Improvement Project, Project No. MINPS, and authorizing the City Manager to execute the same.
Contact: Gillian Haen, Assistant City Manager (707) 648-4163 [email protected]
Action: adopted Resolution No. 25-138 N.C.
8. ACTION CALENDAR
A. APPOINTMENTS TO VARIOUS CITY BOARDS AND COMMISSIONS
Recommendation: Adopt a resolution making the following appointments:
• Architectural Heritage & Landmarks Commission (AHLC) - 1 vacancy • Beautification Commission (BC) - 2 vacancies
• Commission on Culture + Arts (CAC) - 1 vacancy
• Housing & Community Development Commission (HCDC)- 3 vacancies • Human Relations Commission (HRC) - 4 vacancies
• McCune Collection Commission (MCC) - 1 vacancy
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• Participatory Budgeting Steering Committee (PBSC) - 11 member and 3 alternate vacancies
• Planning Commission (PC) - 2 vacancies
Contact: Dawn G. Abrahamson, MMC, City Clerk (707) 648-4527 [email protected]
By acclimation the City Council appointed applicants to the AHLC, BC and PBSC. The City Council went through an applicant nomination process for appointments to the AHLC, BC, CCA, HCDC, HRC, MCC, PBSC and PC.
Action: Moved by Councilmember Matulac and carried unanimously by members present, to adopt Resolution No. 25-139 N.C, a resolution making the following appointments (Absent: Bregenzer):
AHLC: Braulio Soto for a term to expire 12/31/26
BC: Avonelle Haley-Mills for a term to expire 6/30/20 and Erin McGarry for a term to expire 6/30/27
CCA: Monique Shaifer for a term to expire 12/31/25
HCDC: Jared Bunde, Nicholas Cassidy and Lynda Daniels for terms to expire 6/30/29
HRC: Courtney Davis, Brandon Greene, Jerelle Medearis, and Demetra StallNash for terms to expire 6/30/29 MCC: Zachary Kent for a term to expire 6/30/29
PBSC: Patricia Baisden (primary) and Don Jordan (secondary) – African American Alliance organization; Jessica Lozano, Paul Perry and Ebony Smith (at-large appointments) for member terms to expire 6/30/27 PC: Eric Blind and Chris White for terms to expire 6/30/29 B. ADOPT A RESOLUTION APPROVING THE CONSULTANT AND
PROFESSIONAL SERVICES AGREEMENT WITH FELTON INSTITUTE FOR THE IHART PROGRAM FOR AN AMOUNT NOT TO EXCEED $1,598,675 THROUGH JUNE 30, 2026 AND AUTHORIZING THE CITY MANAGER TO
EXECUTE SAME
Recommendation: Adopt a Resolution authorizing the Consultant and Professional Services Agreement with Felton Institute for the IHART Program for an amount not to exceed $1,598,675 through June 30, 2026 and authorizing the City Manager to execute same.
Contact: Jason Ta, Chief of Police
[email protected]
Police Chief Ta provided an overview of the staff report and outlined the recommendation.
Speakers: Rayvon Williamson and Curtis Penn.
Staff responded to questions from Councilmembers. Councilmembers provided comment.
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August 5, 2025
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Action: moved by Councilmember Matulac and carried unanimously by members present to adopt Resolution No. 25-140 N.C. with a metric report to be provided to the Council Public Safety subcommittee (Absent: Bregenzer) C. PROVIDE NOTICE OF INTENT TO AMEND THE FISCAL YEAR 2025-2026 BUDGET IN THE AMOUNT OF $642,860.94 OF OPIOID LITIGATION FUND
REVENUE TO SUPPORT THE BROADWAY PROJECT
Recommendation: Provide notice of intent to amend the fiscal year 2025-2026 budget in the amount of $642,860.94 of Opioid Litigation Fund Revenue to support the Broadway Project (step 1 of 2).
Contact: Gillian Haen, Assistant City Manager, (707) 648- [email protected]
Assistant to the City Manager Peterson provided an overview of the staff report and outlined the recommendation.
Speakers: William Baker.
Staff responded to questions from Councilmembers. Councilmembers provided comment.
Actions: (1) moved by Councilmember Lediju and carried unanimously by members present to direct the City Manager to poll the Council for a special meeting for Council to consider the 2nd step on this item with a tentative date for the special meeting of August 12 (Absent: Bregenzer).
(2) moved by Councilmember Matulac and carried by members present to provide notice of intent to amend fiscal year 2025-2026 budget in the amount of $642,860.94 of Opioid Litigation Fund Revenue to support the Broadway Project (Step 1 of 2) (Noes; Sorce; Absent: Bregenzer).
D. RECEIVE REQUEST FOR HONORARY STREET SIGN DESIGNATION FOR
A PORTION OF GATEWAY DRIVE AND REQUEST FOR KEY TO THE
CITY. ADOPT A RESOLUTION APPROVING AN HONORARY STREET
SIGN DESIGNATION IN HONOR OF CARSTEN CHARLES (CC) SABATHIA
FOR THE PORTION OF GATEWAY DRIVE BETWEEN SAGE AND
FAIRGROUNDS TO READ "CC SABATHIA WAY - HONORARY" AND
APPROVING THE ISSUANCE OF A KEY TO THE CITY
Recommendation: Adopt a Resolution of the City Council of the City of Vallejo Approving an Honorary Street Sign Designation in Honor of Carsten Charles (CC) Sabathia for the Portion of Gateway Drive Between Sage and Fairgrounds to Read “CC Sabathia Way – Honorary” and Approving the Issuance of a Key to the City
Contact: Erik Rzomp, Executive Assistant to the Mayor
[email protected]
Natalie Peterson, Assistant to the City Manager
[email protected]
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August 5, 2025
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Assistant to the City Manager Peterson and Executive Assistant to the Mayor Rzomp reviewed the policies for street designation and keys to the City and highlighted the professional career and service Carsten Charles (CC) Sabathia provides to the Vallejo community.
Speakers: Hazel Wilson, Ramona Bishp and Anne Carr.
Staff responded to questions from Councilmembers. Councilmembers provided comment.
Action: moved by Councilmember Matulac and carried unanimously by members present to adopt Resolution No. 25-141 N.C. (Absent: Bregenzer).
E. RECEIVE REQUESTS ON BEHALF OF CONFUNKSHUN FOR A
HONORARY STREET SIGN DESIGNATION, A PROCLAMATION, AND
KEY(S) TO THE CITY. ADOPTION OF A RESOLUTION APPROVING AN
HONORARY STREET SIGN DESIGNATION IN HONOR OF THE R&B FUNK
GROUP CONFUNKSHUN FOR A PORTION OF FLORIDA STREET FROM
MARE ISLAND WAY TO SOLANO AVENUE TO BE DESIGNATED
"CONFUNKSHUN STREET-HONORARY", AND APPROVING A
PROCLAMATION AND ISSUANCE OF KEY(S) TO THE CITY
Recommendation: Adoption of a Resolution Approving an Honorary Street Sign Designation in Honor of the R&B Funk Group ConFunkShun for a Portion of Florida Street From Mare Island Way to Solano Avenue to be Read "ConFunkShun Street-Honorary", and Approving a Proclamation and Issuance of Key(s) to the City
Contact: Sharon Lund, Community Engagement Manager (707) 805-0486 [email protected]
Erik Rzomp, Executive Assistant to Mayor Andrea Sorce (707) 648-4377 [email protected]
Community Engagement Manager Lund and Executive Assistant to the Mayor Rzomp reviewed the policies for street designation and keys to the City and highlighted the professional career and service ConFunkShun provides to the Vallejo community.
Speakers: Deborah Dickson, Dr. Valerie Madison, Toni Cooper, Clarence Isadore, Joe Jones, Michael, Cooper, and Askari Sowonde.
Councilmembers provided comment.
Action: moved by Councilmember Matulac and carried unanimously by members present to adopt Resolution No. 25-142 N.C. (Absent: Bregenzer).
The meeting recessed at 9:14 p.m. and reconvened at 9:31 p.m.
F. APPROVE ADMINISTRATIVE UPDATES TO THE CITY COUNCIL POLICY -
HONORARY STREET SIGN DESIGNATION
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August 5, 2025
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Recommendation: Approve administrative updates to the City Council Policy – Honorary Street Sign Designation
Contact: Natalie Peterson, Assistant to the City Manager (707) 649-3415 [email protected]
Assistant to the City Manager Peterson provided highlights of the current Honorary Street Sign Designation policy and outlined suggested updates.
Speakers: Anne Carr.
Staff responded to questions from Councilmembers. Councilmembers provided comment.
Action: Moved by Councilmember Matulac and carried unanimously by members present to approve administrative updates to the City Council Policy – Honorary Street Sign Designation with the following revisions:
1. Added to Section 2.1(a): Once reviewed by the City Manager, or their designee, the application will be presented to the Mayor and Council district representative for review and then presented to the Vallejo City Council for approval of the honorary street sign designation.
2. Removed paragraph D from Section 2.3 – Guidelines (street sign designation limited in duration, not to exceed 10 years).
3. Removed Section 2.6 – Renewals.
4. Removed the paragraph in the Application regarding honorary street sign designation being limited in duration, not to exceed 10 years. (Absent: Bregenzer)
G. CONSIDER REQUEST AND PROVIDE DIRECTION TO STAFF RELATING
TO THE CREATION OF A BUDGET AND FINANCE SUBCOMMITTEE,
INCLUDING TYPE OF SUBCOMMITTEE, NUMBER OF MEMBERS AND
CHARGE AND DUTIES OF THE SUBCOMMITTEE
Recommendation: Provide direction to staff relating to the creation of a Budget & Finance Subcommittee, including type of subcommittee, number of members, charge and duties of the subcommittee, and proposed duration (if ad-hoc subcommittee)
Contact: Rekha Nayar, Finance Director
[email protected]
Mayor Sorce reviewed the nature of her request.
Staff responded to questions from Councilmembers. Councilmembers provided comment.
Action: moved by Mayor Sorce and carried by members present to direct staff to return to Council in September with the creation of a Budget & Finance AdHoc Committee, composed of up to three Councilmembers, to participate in next year’s fiscal budget process. The Ad-Hoc Committee may be tasked with:
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August 5, 2025
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• Working with the Measure P Committee and considering their recommendations to establish procedures for Measure P,
• Developing a plan for creating a committee (such as a citizens committee) to be brought back to Council, including timing and public engagement for next year’s budget process, and
• Exploring how the long-range financial plan will be presented to Council. (Noes – Gordon; Absent – Bregenzer.
9. INFORMATION CALENDAR
A. UPDATE ON MARINA
Recommendation: This item is for informational puprpose only. There is no action or staff report associated with this item
Contact: Oscar Alcantar, Interim Public Works Director (707) 648-4433 [email protected]
Interim Public Works Director Alcantar provided an update on the Dock A Removal, Sedimentation Study, Dredging, Marina CIP projects, F3 Marina Contract, and additional item updates.
Staff responded to questions from Councilmembers. Councilmembers provided comment.
B. UPDATE ON PLANNING & DEVELOPMENT DEPARTMENTS PERMITTING
PROCESS
Recommendation: This item is for informational purposes only. There is no action or staff report associated with this item
Contact: Kristin Pollot, Planning & Development Services Director [email protected]
Planning & Development Services Director Pollot provided an overview of the existing permitting process for Planning & Building, shared FY 24/25 improvement highlights and longer-term process improvement goals.
Speakers: Anne Carr and Melvin Cowman.
Staff responded to questions from Councilmembers. Councilmembers provided comment.
10. CITY MANAGER’S REPORT
City Manager Murray provided an update on the status of the contract with the Solano County Sheriff’s Office and the Unhoused Strategic Plan consultant project.
11. CITY ATTORNEY’S REPORT
City Attorney Nebb provided an overview of her quarterly report.
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August 5, 2025
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A. QUARTERLY REPORT FOR FISCAL YEAR 2024/2025, FOURTH QUARTER (APRIL-JUNE 2025)
Recommendation: This item is for informational purposes only. There is no action required
Contact: Veronica A.F. Nebb, City Attorney
[email protected]
12. REQUEST & ACTION FOR FUTURE AGENDA ITEMS OR SPECIAL PROJECTS The following new referral requests were submitted:
• Campaign Bring Back & Celebrate Vallejo (Council Referral No. 25-29 submitted by Councilmember Gordon)
• Request for an activation plan for Downtown, Waterfront, and Marina (Council Referral No. 25-30 submitted by Councilmembers Palmares, Matias & Matulac) Following Council discussion regarding the new referral process (approved by consensus of Council present at the July 22 regular meeting) and the outstanding requests both for 2025 and prior, the following motion was offered.
Action: moved by Mayor Sorce and carried by members present to direct staff to move all council referrals that are in Step 1 of the process (former council and current council) to Step 2 in the process, including the two proposed this evening (as noted above) and return to Council with the scopes as part of the Goal Setting session scheduled for September 2, 2025 (Ayes: Sorce, Lediju, Matulac, and Palmares; Noes: Gordon and Matias; Absent: Bregenzer).
Councilmembers Lediju and Matias left the meeting.
13. REPORT OF THE PRESIDING OFFICER AND MEMBERS OF THE CITY COUNCIL Councilmembers reported on various community events and meetings attended.
14. ADJOURNMENT
The meeting adjourned at 12:33 a.m.
________________________________
ANDREA SORCE, MAYOR
ATTEST:
_________________________________
DAWN G. ABRAHAMSON, CITY CLERK
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August 5, 2025
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August 12, 2025
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VALLEJO CITY COUNCIL
SPECIAL MEETING MINUTES
AUGUST 12, 2025
COUNCIL CHAMBERS
555 Santa Clara Street, Vallejo, California
1. CALL TO ORDER
The meeting was called to order at 6:00 p.m.
2. ROLL CALL
Present: Vice Mayor Bregenzer, Councilmembers Gordon, Lediju, Matulac, and Palmares
Absent: Mayor Sorce and Councilmember Matias
Staff present: Acting City Manager/Assistant City Manager Haen, City Attorney Nebb and City Clerk Abrahamson
3. PLEDGE OF ALLEGIANCE
4. ACTION CALENDAR
A. ADOPT RESOLUTIONS OF THE CITY COUNCIL OF THE CITY OF VALLEJO:
1. AMENDING THE FISCAL YEAR 2025-2026 BUDGET TO ACCEPT
AND APPROPRIATE $642,860.94 OF OPIOID LITIGATION FUND
REVENUE TO SUPPORT THE BROADWAY PROJECT (STEP 2 of
2);
2. APPROVING A GRANT AGREEMENT BETWEEN THE CITY OF
VALLEJO AND SHELTER, INC. REGARDING THE BROADWAY
PROJECT IN AN AMOUNT NOT TO EXCEED $389,655.00 AND
AUTHORIZING THE CITY MANAGER TO EXECUTE SAME; AND
3. APPROVING A GRANT AGREEMENT BETWEEN THE CITY OF
VALLEJO AND FIRM FOUNDATION COMMUNITY HOUSING
REGARDING THE BROADWAY PROJECT IN AN AMOUNT NOT TO
EXCEED $253,205.94 AND AUTHORIZING THE CITY MANAGER TO
EXECUTE SAME
Recommendation: Adopt resolutions of the City Council of the City of Vallejo:
1. Amending the fiscal year 2025-2026 budget to accept and appropriate $642,860.94 of Opioid Litigation Fund Revenue to support the Broadway Project (Step 2 of 2).
2. Approving a grant agreement between the City of Vallejo and Shelter, Inc. regarding the Broadway Project in an amount not to exceed $389,655.00 and authorizing the City Manager to execute same.
3. Approving a grant agreement between the City of Vallejo and Firm Foundation Community Housing regarding the Broadway Project in an
Special City Council Meeting Minutes
August 12, 2025
Page | 2
amount not to exceed $253,205.94 and authorizing the City Manager to execute same.
Contact: Gillian Haen, Assistant City Manager
[email protected]
Assistant City Manager Haen and Assistant to the City Manager Haen provided background information on the project, reviewed the list of items before Council this evening and the funding request per budget, outlined the parameters of the National Opioid Settlement Agreement, reviewed the project timeline and key agreement terms and concluded with the recommendation.
Speakers: William Baker and David Marsteller Jr.
Staff responded to questions from Councilmembers. Councilmembers provided comment.
Action: moved by Councilmember Matulac and carried unanimously by members present to (1) adopt Resolution No. 25-143 N.C., a resolution amending the Fiscal Year 2025-2026 budget accepting and appropriating $642,860.94 of Opioid Litigation Fund revenue to support the Broadway Project (Step 2 of 2); (2) adopt Resolution No. 25-144 N.C., a resolution approving a grant agreement between City of Vallejo and Shelter Inc., regarding the Broadway project in an amount not to exceed $389,655 and authorizing the City Manager to execute same; and (3) adopt Resolution No. 25-145 N.C., a resolution approving a grant agreement between the City of Vallejo and Firm Foundation Community Housing regarding the Broadway project in an amount not to exceed $253,205.94 and authorizing the City Manager to execute same.
5. ADJOURNMENT
The meeting adjourned at 6:20 p.m.
________________________________
ANDREA SORCE, MAYOR
ATTEST:
_________________________________
DAWN G. ABRAHAMSON, CITY CLERK
CONSENT CALENDAR 8.C.
DATE: September 9, 2025
TO: Mayor and Members of the City Council
FROM: Rekha Nayar, Finance Director
SUBJECT: CITY TREASURER’S QUARTERLY INVESTMENT REPORT
RECOMMENDATION
Accept the City Treasurer’s Investment Report for the quarter ended June 30, 2025
REASONS FOR RECOMMENDATION
The City’s Investment Policy requires the City Treasurer to submit quarterly investment reports to the City Council.
BACKGROUND AND DISCUSSION
The City of Vallejo follows the provisions of California Government Code Sections 53601, 53635, and 53651 as guidelines for developing and implementing its investment policies and practices. The City Manager has delegated the authority for managing and investing City funds to the City Finance Director, who also serves as the City Treasurer. The Finance Director/Treasurer is authorized to invest and reinvest City funds, sell or exchange securities, and deposit securities for safekeeping in accordance with the Investment Policy approved annually by the City Council.
At the end of each calendar quarter, the City Treasurer is required by the City’s adopted Investment Policy to report on the status of investments to the City Council. The City Treasurer’s Investment Report as of June 30, 2025 is submitted. The report includes all securities managed by the City and its Investment Managers (excluding bond proceeds) and provides information on the values (par, fair, and cost), term, and yield of each security. Please note that because the safe-keeping custodian and the Investment Manager may use different pricing sources to determine the market value of the securities, there can be minor differences in market values shown on the custodian's monthly statement as compared to the Investment Manager's monthly statement.
Fair Value of individual securities has been provided by Chandler Asset Management. The City utilizes Principal Financial as its third-party safekeeping custodian for safekeeping of all investments with the exception of the Local Agency Investment Fund (LAIF). LAIF being a money market fund administered by the State Treasurer has many governmental agency participants, and holds securities through its own administrator.
The share of each fund in the City's pooled cash as of June 30, 2024 is as follows:
Water Fund 24.2%
General Fund 22.2%
Capital Project Funds 16.9%
Risk Funds 13.1%
LMD Funds 7.3%
All other funds 16.3%
Date: September 9, 2025
Subject: CITY TREASURER’S QUARTERLY INVESTMENT REPORT
Total 100%
Condensed investment information as of June 30, 2025, is as follows:
Condensed earnings and return information as of June 30, 2025, is as follows:
Current Quarter Fiscal Year-toDate
Portfolio Investment Earnings:
City of Vallejo (realized earning)2 $ 2,351,629 $ 10,746,576 City of Vallejo (unrealized reamings) $ 1,664,872 $ 3,114,927 Net Change in Portfolio Fair Value Balance3:
City of Vallejo $ 23,870,117 $ 9,683,361
Approximate Portfolio Rate-of-Return:
City of Vallejo - Yield to Maturity4 4.09%
BENCHMARK COMPARISON RATE-OF-RETURN5:
Date: September 9, 2025
Subject: CITY TREASURER’S QUARTERLY INVESTMENT REPORT
Local Agency Investment Fund5 4.40%
2-Year U.S. Treasury Note Yield 3.72%
1 In accordance with Government Code Section 53646, the Fair Value of the Local Agency Investment Fund (LAIF) represents the value from the June 30, 2025, LAIF statement and has not been adjusted by the “Amortized Cost Factor” which is used in adjusting the statement balance to the actual “Fair Value” balance. 2 The City records interest income on a cash basis, whereas the attached statement uses the accrual basis. Since the accrual basis includes interest income earned but not received, there is a timing difference in recording the interest income between the City’s books and the attached statement. This difference will be trued up at fiscal year-end. 3 The “Net Change in Portfolio Fair Value Balance” is primarily a measure of the difference in the inflows and outflows of funds held in the LAIF account during the period. The change is primarily due to the timing of the receipt of property tax revenues, which are received in December and April of each year, and the timing of the City making withdrawals in the ordinary course of business to pay expenses.
4 Yield to Maturity is the interest income the portfolio will earn for the next twelve months expressed as a percentage. Yield to maturity assumes no changes during that twelve month period. 5 These are the performance benchmarks stated in the City’s Investment Policy. LAIF rate of return is as of June 30, 2025.
COMPLIANCE
All investment transactions were executed in accordance with the California Government Code and the City’s and Investment Policies. In accordance with California Government Code section 53646(b)(3), staff believes that the investments and budgeted revenues for the City will provide sufficient cash flow to meet the anticipated cash flow requirements of each entity for the next six months.
Pooled cash and investments book balances are adjusted annually to reflect fair value as required by Generally Accepted Accounting Principles. The term fair value was formerly known as market value and became effective with the mandatory implementation of GASB 31 in fiscal year 1998. The attached investment schedules meet these requirements.
It should be noted that this is an investment portfolio report and does not include bank checking account deposits for the City. The Housing Authority is not required to file a quarterly report because it does not have any reportable investments since it closed it's investment account and transferred all funds to it's bank account which is covered by a general depository agreement, as required by HUD.
FISCAL IMPACT
There is no fiscal impact from this report. The City's portfolio had total investment earnings of $2,351,629 during the three-month period ending June 30, 2025. These earnings does not include the fair value versus cost value unrealized, non-cash gain of approximately $1,664,872 for the quarter. Fair value fluctuates from one period to another depending on the changes in interest rates and the supply and demand for bonds at a particular time. Therefore, there is often a difference between the cost value (the value at the time of purchase) and the fair value (the market value of the same security at a certain later period) creating an unrealized gain or loss.
ENVIRONMENTAL REVIEW
This action is exempt from the California Environmental Quality Act (CEQA) because it is not a project which has a potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, pursuant to CEQA Guideline section 15378.
ATTACHMENTS
1. Chandler Consolidated Statement - 06-30-25
2. City of Vallejo and Economic Account Analysis 06-30-25
Date: September 9, 2025
Subject: CITY TREASURER’S QUARTERLY INVESTMENT REPORT
CONTACT
Rekha Nayar, Finance Director, (707) 648-4592
[email protected]
INVESTMENT REPORT
City of Vallejo | As of June 30, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1
ECONOMIC UPDATE
2
▪
▪
▪
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. 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 moderated, the unemployment rate remains low; however, continuing jobless claims remain elevated implying a less robust labor market. 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 Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. Fed Chair Powell continued to emphasize the Committee’s “wait and see” approach amidst economic uncertainty that remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025.
US Treasury yields declined in June. The 2-year Treasury yield fell 18 basis points to 3.72%, the 5-year Treasury dropped 17 basis points to
3.80%, and the 10-year Treasury yield also declined 17 basis points to 4.23%. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The spread between the 2- year Treasury and 10-year Treasury yield one year ago was -36 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May.
ECONOMIC UPDATE
3
-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
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 147,000 jobs in June, exceeding consensus expectations, and the last two months were revised up by 16,000.
Gains were primarily driven by state and local government education, while job growth in service sectors languished. The three-month moving average and six-month moving average payrolls totaled 150,000 and 130,000 respectively. The unemployment rate declined to
4.1% in June from 4.2% in May, due to a shrinking labor force. The labor participation rate dipped to 62.3%, remaining below the prepandemic 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 dropped to 7.7% in June. Average hourly earnings fell slightly, marking a 3.7% year-over-year increase.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average In Thousands (000's) The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) unexpectedly rose to 7.77 million new job openings in May from
7.40 million in April. Layoffs declined and the quits rate increased. Job openings indicate a ratio of approximately 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5
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 Core Deflator YOY % Change
Fed Target
YOY (%) Change
In June, the Consumer Price Index (CPI) increased 0.3% month-over-month and rose 2.7% year-over-year, while the Core CPI rose 0.2% month-over-month and 2.9% year-over-year. The Personal Consumption Expenditures (PCE) price index increased 0.1% month-over-month and rose 2.3% year-over-year in May. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, increased
0.2% month-over-month and 2.7% year-over-year, up from April’s 2.6% year-over-year increase. Although inflation has trended toward the Federal Reserve’s 2% target, the overall impact of tariff policy has not yet fully flowed through to the US economy.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales were up 0.6% month-over-month in June, rebounding from a 0.9% decline in May and exceeding consensus forecasts. Auto sales led the increase. Control group sales, which feed into GDP, increased by 0.5%. On a year-over-year basis, Retail Sales grew 3.9% in June, following a 3.3% increase in May. The Conference Board’s Consumer Confidence Index dropped to 93.0 in June from 98.4 in May, as consumers’ assessment of both the current situation and future expectations for income and labor markets soured.
While the consumer has been resilient, elevated inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could 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
7
-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) fell by 0.3% in June, following a flat reading in May. The LEI decreased by 4.0% yearover-year. The Conference Board is expecting economic growth to slow substantially in 2025 due to consumer pessimism, persistently soft manufacturing new orders, and rising first-time jobless claims. The Chicago Fed National Activity Index (CFNAI) improved to -0.28 in May from a downwardly revised -0.36 in April. The three-month moving average dropped to -0.16 in May from 0.06 in April, indicating slightly below trend growth.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts increased 4.6% month-over-month in June to a seasonally adjusted annual rate of 1.321 million units. Multi-family starts drove the gain, while single-family starts fell on weak buyer demand. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in June. According to the Case-Shiller 20-City Home Price Index, housing prices rose 3.4% year-over-year in April, compared to 4.1% in March. Limited inventory, elevated mortgage rates, and lack of affordability continue to weigh on the housing market.
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
9
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 edged up to 49.0 in June from 48.5 in May, indicating a continuation of modest contraction in the sector. Inventories and production improved as companies worked through backlogs, while employment and new orders contracted. The ISM Services index increased to 50.8 in June from 49.9 in May, as new orders improved. However, ongoing concerns about the impact of tariffs remain. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10
Components of GDP 6/24 9/24 12/24 3/25
1.9% 2.5% 2.7% 0.3%
1.5% 0.2% -1.0% 3.9%
-0.9% -0.4% 0.3% -4.6%
0.3% 0.6% 0.3% -0.3%
0.3% 0.3% 0.3% 0.2%
3.0% 3.1% 2.5% -0.5%
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 Real GDP decreased at an annualized rate of 0.5% in the first quarter of 2025, according to the third and final estimate from the Bureau of Economic Analysis, a downward revision from the previously estimated 0.2% decline. This marks the first negative quarter since 2022.
The primary driver of the downward revision was weaker personal consumption expenditures. Net exports remained the primary drag on growth, as imports rose sharply in anticipation of higher tariffs. Gross investment contributed positively, powered by business decisions to get ahead of possible cost increases. The consensus projection calls for 2.1% growth for the second quarter and 1.5% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
11
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 Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. In the Summary of Economic Projections (SEP), Federal Reserve officials continued to pencil in two rate cuts in 2025, while downgrading estimates for economic growth and raising forecasts for both unemployment and inflation this year. The statement indicated that uncertainty about the economic outlook remained elevated but had diminished. The monthly redemption cap on Treasuries will remain at $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by about $2.2 trillion to approximately $6.7 trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12
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
Jun-25
Mar-25
Jun-24
Yield (%)
At the end of June, the 2-year Treasury yield was 103 basis points lower, and the 10-Year Treasury yield was 17 basis points lower, yearover-year. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The recent 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 -7 basis points in June, versus -6 basis points in May.
BOND YIELDS
13
ACCOUNT PROFILE
14
OBJECTIVES
Investment Objectives
The investment objectives for the City of Vallejo, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs, and a market rate of return consistent with the investment program.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.
Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds. 15
STATEMENT OF COMPLIANCE
City of Vallejo | Account #260 | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 50.0 1.8 Compliant
Max % Issuer (MV) 30.0 1.8 Compliant
Max Maturity (Years) 5.0 2.9 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 3.9 Compliant
Max % Issuer (MV) 5.0 1.0 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
COLLATERALIZED TIME DEPOSITS (NONNEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 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 Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 26.0 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
16
STATEMENT OF COMPLIANCE
City of Vallejo | Account #260 | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
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) 50.0 11.8 Compliant
Max % Issuer (MV) 30.0 4.8 Compliant
Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 100.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 1.2 Compliant
Max % Issuer (MV) 5.0 1.2 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) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
17
STATEMENT OF COMPLIANCE
City of Vallejo | Account #260 | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUTUAL FUNDS
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 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 % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant
SRI PROHIBITED INVESTMENTS
Prohibited Investment - Fossil Fuels 0.0 0.0 Compliant
Prohibited Investments - Alcohol 0.0 0.0 Compliant
Prohibited Investments - Firearms 0.0 0.0 Compliant
Prohibited Investments - Tobacco 0.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 3.8 Compliant
Max % Issuer (MV) 10.0 2.0 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 51.6 Compliant
Max Maturity (Years) 5 4 Compliant
18
PORTFOLIO CHARACTERISTICS
City of Vallejo | Account #260 | As of June 30, 2025
Benchmark* 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 2.65 2.87 2.92
Average Modified Duration 2.48 2.51 2.54
Average Purchase Yield 3.82% 3.74%
Average Market Yield 3.78% 3.98% 4.15%
Average Quality** AA+ AA AA+
Total Market Value 101,367,711 99,871,254
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19
SECTOR DISTRIBUTION
City of Vallejo | Account #260 | As of June 30, 2025
Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 51.59% 49.68%
Corporate 25.97% 25.70%
Agency 11.78% 11.87%
ABS 3.87% 5.26%
Supras 3.79% 3.81%
Agency CMBS 1.81% 1.83%
Money Mkt Fd 1.19% 1.85%
20
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 5.6% 3.9% 1.5% 22.7% 28.7% 29.1% 8.5% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.1% 2.6% 34.9% 27.8% 23.4% 11.1% 0.0% 0.0%
DURATION DISTRIBUTION
City of Vallejo | Account #260 | As of June 30, 2025
Portfolio Compared to the Benchmark
21
QUALITY DISTRIBUTION
City of Vallejo | Account #260 | As of June 30, 2025
Rating 06/30/2025 03/31/2025
AAA 7.64% 9.57%
AA 69.06% 67.37%
A 21.85% 21.49%
BBB 0.25% 0.25%
NA 1.20% 1.32%
Rating 06/30/2025 03/31/2025
AAA 6.93% 71.40%
AA 69.11% 4.07%
A 21.85% 21.50%
NA 2.11% 3.04%
Rating 06/30/2025 03/31/2025
AAA 5.12% 6.19%
AA 71.91% 70.18%
A 11.61% 12.47%
NA 11.36% 11.15%
S&P Rating Moody’s Rating Fitch Rating
22
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Vallejo 1.53% 6.37% 5.54% 3.76% 1.34% 1.86% 2.73% Benchmark 1.36% 6.06% 5.11% 3.24% 0.92% 1.61% 2.51%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 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.
INVESTMENT PERFORMANCE
City of Vallejo | Account #260 | As of June 30, 2025
Total Rate of Return : Inception | 01/01/2002
23
HISTORICAL AVERAGE PURCHASE YIELD
City of Vallejo | Account #260 | As of June 30, 2025
Purchase Yield as of 06/30/25 = 3.82%
24
PORTFOLIO CHARACTERISTICS
City of Vallejo Liquidity Funds | Account #263 | As of June 30, 2025 Benchmark* 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 0.87 0.31 0.34
Average Modified Duration 0.88 0.30 0.33
Average Purchase Yield 4.30% 4.32%
Average Market Yield 3.95% 4.26% 4.25%
Average Quality** AA+ AA+ AAA
Total Market Value 83,719,910 82,862,158
*Benchmark: ICE BofA 1-Year US Treasury Bill Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 25
SECTOR DISTRIBUTION
City of Vallejo Liquidity Funds | Account #263 | As of June 30, 2025 Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 99.43% 99.14%
Money Mkt Fd 0.55% 0.84%
26
DURATION DISTRIBUTION
City of Vallejo Liquidity Funds | Account #263 | As of June 30, 2025 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2025 45.3% 39.5% 15.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 03/31/2025 39.8% 44.8% 15.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 27
QUALITY DISTRIBUTION
Rating 06/30/2025 03/31/2025
AAA 36.15% 69.54%
AA 63.85% 30.46%
Rating 06/30/2025 03/31/2025
AAA 0.57% 31.32%
AA 63.85% --
A 35.59% 68.68%
Rating 06/30/2025 03/31/2025
AAA 35.60% 68.70%
AA 63.85% 30.46%
NA 0.55% 0.84%
City of Vallejo Liquidity Funds | Account #263 | As of June 30, 2025 S&P Rating Moody’s Rating Fitch Rating
28
HISTORICAL AVERAGE PURCHASE YIELD
City of Vallejo Liquidity Funds | Account #263 | As of June 30, 2025 Purchase Yield as of 06/30/25 = 4.30%
29
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Vallejo Liquidity Fund 1.04% 4.70% 4.96% 4.49%
*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.
INVESTMENT PERFORMANCE
City of Vallejo Liquidity Funds | Account #263 | As of June 30, 2025 Total Rate of Return : Inception | 09/01/2022
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
3 months 12 months 2 years 3 years 5 years 10 years Since Inception City of Vallejo Liquidity Fund
30
PORTFOLIO CHARACTERISTICS
City of Vallejo Reporting Account | Account #261 | As of June 30, 2025 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 4.27% 4.27%
Average Market Yield 2.04% 4.24%
Average Quality** AAA AAA
Total Market Value 116,955,410 95,091,810
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 31
SECTOR DISTRIBUTION
City of Vallejo Reporting Account | Account #261 | As of June 30, 2025 Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
Money Mkt Fd 51.66% 41.18%
LAIF 47.83% 58.19%
Cash 0.51% 0.63%
32
PORTFOLIO CHARACTERISTICS
City of Vallejo Bond Proceeds | Account #10824 | As of June 30, 2025 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 25.83 26.06
Average Modified Duration 25.84 26.06
Average Purchase Yield 0.00% 0.00%
Average Market Yield 0.00% 0.00%
Average Quality** AAA AAA
Total Market Value 41,914,986 46,944,232
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 33
SECTOR DISTRIBUTION
City of Vallejo Bond Proceeds | Account #10824 | As of June 30, 2025 Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Trsy SLGS 100.00% 99.89%
Money Mkt Fd 0.00% 0.11%
34
CONSOLIDATED INFORMATION
35
PORTFOLIO CHARACTERISTICS
City of Vallejo Cons Portfolio | Account #262 | As of June 30, 2025 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 1.04 1.15
Average Modified Duration 0.92 1.01
Average Purchase Yield 4.09% 4.09%
Average Market Yield 3.30% 4.21%
Average Quality** AA+ AA+
Total Market Value 302,043,031 277,825,222
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 36
SECTOR DISTRIBUTION
City of Vallejo Cons Portfolio | Account #262 | As of June 30, 2025 Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 44.77% 47.38%
Money Mkt Fd 20.64% 15.05%
LAIF 18.60% 19.98%
Corporate 8.68% 9.21%
Agency 3.94% 4.25%
ABS 1.29% 1.89%
Supras 1.27% 1.36%
Agency CMBS 0.61% 0.65%
Cash 0.20% 0.22%
37
DURATION DISTRIBUTION
City of Vallejo Cons Portfolio | Account #262 | As of June 30, 2025 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2025 53.2% 12.2% 4.7% 7.6% 9.6% 9.8% 2.9% 0.0% 0.0% 03/31/2025 47.2% 15.0% 6.6% 7.7% 8.7% 10.7% 4.2% 0.0% 0.0% 38
QUALITY DISTRIBUTION
Rating 06/30/2025 03/31/2025
AAA 12.78% 24.40%
AA 40.88% 33.30%
A 7.33% 7.72%
BBB 0.08% 0.09%
NA 38.93% 34.49%
Rating 06/30/2025 03/31/2025
AAA 2.68% 35.22%
AA 40.89% 1.46%
A 17.20% 28.21%
NA 39.23% 35.10%
Rating 06/30/2025 03/31/2025
AAA 11.78% 22.93%
AA 41.83% 34.31%
A 3.90% 4.48%
NA 42.49% 38.27%
City of Vallejo Cons Portfolio | Account #262 | As of June 30, 2025 S&P Rating Moody’s Rating Fitch Rating
39
HISTORICAL AVERAGE PURCHASE YIELD
City of Vallejo Cons Portfolio | Account #262 | As of June 30, 2025 Purchase Yield as of 06/30/25 = 4.09%
40
PORTFOLIO HOLDINGS
41
HOLDINGS REPORT
City of Vallejo | Account #260 | As of June 30, 2025
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
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 30,586.10 02/15/20221.89%
30,581.50
30,585.22
99.80 4.77%
30,524.15
25.56 0.03%
(61.07)
Aaa/AAA
NA
0.87 0.07
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 28,362.76 05/10/20223.23%
28,361.28
28,362.39
99.82 4.56%
28,311.55
15.17 0.03%
(50.84)
Aaa/AAA
NA
1.15 0.14
89238FAD5 TAOT 2022-B A3 2.93 09/15/2026 49,160.96 04/07/2022
3.09%
49,159.81
49,160.71
99.75 4.58%
49,038.16
64.02 0.05%
(122.55)
Aaa/AAA
NA
1.21 0.15
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 31,579.97 03/10/2022
2.34%
31,572.98
31,578.21
99.72 4.16%
31,490.15
32.56 0.03%
(88.06)
Aaa/NA
AAA
1.21 0.15
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 592.29 10/13/20210.68%
592.28
592.29
99.84 4.51%
591.36
0.17 0.00%
(0.93)
Aaa/AAA
NA
1.21 0.04
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 6,157.93 01/11/20221.27%
6,157.39
6,157.79
99.86 4.72%
6,149.19
3.23 0.01%
(8.60)
NA/AAA
AAA
1.38 0.04
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 60,521.73 04/05/20223.13%
60,509.08
60,517.79
99.65 4.83%
60,312.70
78.17 0.06%
(205.09)
Aaa/AAA
NA
1.63 0.20
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 117,540.49 07/12/2022
3.77%
117,529.26
117,536.62
99.68 4.66%
117,160.00
195.38
0.12%
(376.62)
Aaa/NA
AAA
1.63 0.36
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 372,922.46 11/15/20225.27%
372,848.70
372,889.62
100.31
4.55%
374,075.61
863.52
0.37%
1,185.99
Aaa/AAA
NA
2.13 0.43
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 135,435.12 07/11/20235.47%
135,411.12
135,421.30
100.59
4.49%
136,239.97
123.47
0.14%
818.67
NA/AAA
AAA
2.66 0.57
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 375,000.00 06/07/2023
4.92%
374,966.74
374,987.19
100.52
4.30%
376,935.34
811.67
0.37%
1,948.15
NA/AAA
AAA
0.87 0.84
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,005,000.00 09/07/2023
5.23%
1,004,721.41
1,004,821.29
101.16
4.21%
1,016,614.68
2,304.80
1.01%
11,793.40
NA/AAA
AAA
3.21 1.14
34535VAD6 FORDO 2024-D A3 4.61
08/15/2029 580,000.00 11/19/20244.66%
579,981.38
579,983.76
101.00
4.08%
585,804.29
1,188.36
0.58%
5,820.53
Aaa/NA
AAA
4.13 1.73
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 475,000.00 03/04/2025
5.09%
474,970.12
474,972.15
100.25
4.16%
476,173.06
893.00
0.47%
1,200.91
Aaa/NA
AAA
4.22 2.18
44935CAD3 HART 2025-A A3 4.32 10/15/2029 600,000.00 03/04/2025
4.84%
599,911.50
599,917.35
100.39
4.16%
602,317.56
1,152.00
0.60%
2,400.21
NA/AAA
AAA
4.29 1.98
Total ABS 3,867,859.81 4.87%
3,867,274.55
3,867,483.68
100.62
4.26%
3,891,737.78
7,751.08
3.87%
24,254.11
3.14 1.29
42
HOLDINGS REPORT
City of Vallejo | Account #260 | As of June 30, 2025
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
AGENCY
3137EAEU9 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 07/21/2025 1,075,000.00 07/21/20200.48%
1,069,646.50
1,074,941.30
99.78 4.31%
1,072,653.77
1,791.67
1.07%
(2,287.53)
Aa1/AA+
AA+
0.06 0.06
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 1,700,000.00 08/25/20200.47% 1,692,044.00
1,699,760.10
99.39 4.48%
1,689,580.72
2,231.25
1.68%
(10,179.38)
Aa1/AA+
AA+
0.15 0.15
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 1,560,000.00 09/23/20200.44%
1,555,304.40
1,559,783.76
99.09 4.41%
1,545,786.18
1,592.50
1.54%
(13,997.57)
Aa1/AA+
AA+
0.23 0.23
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 1,680,000.00 11/09/20200.57% 1,673,985.60
1,679,573.94
98.68 4.32%
1,657,826.47
1,260.00
1.65%
(21,747.47)
Aa1/AA+
AA+
0.36 0.34
3130ATUC9 FEDERAL HOME LOAN BANKS 4.5
12/12/2025 1,800,000.00 02/08/20234.21%
1,813,572.00
1,802,146.39
100.06
4.34%
1,801,163.81
4,275.00
1.79%
(982.58)
Aa1/AA+
AA+
0.45 0.44
3130AWMN7 FEDERAL HOME LOAN BANKS
4.375 06/09/2028 1,000,000.00 07/26/20234.27%
1,004,500.00
1,002,716.69
101.84
3.71%
1,018,351.41
2,673.61
1.01%
15,634.72
Aa1/AA+
AA+
2.94 2.73
3130AWTR1 FEDERAL HOME LOAN BANKS
4.375 09/08/2028 1,000,000.00 09/21/20234.70%
985,570.00
990,727.55
101.97
3.71%
1,019,659.47
13,732.64
1.01%
28,931.92
Aa1/AA+
AA+
3.19 2.92
3133EPN50 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 12/15/2028 1,000,000.00 12/28/20233.88% 1,016,720.00
1,011,647.74
101.62
3.75%
1,016,175.81
1,888.89
1.01%
4,528.07
Aa1/AA+
AA+
3.46 3.19
3130AVBD3 FEDERAL HOME LOAN BANKS 4.5
03/09/2029 1,000,000.00 04/22/20244.71%
990,720.00
992,981.38
102.49
3.77%
1,024,934.93
14,000.00
1.02%
31,953.55
Aa1/AA+
AA+
3.69 3.34
11,802,062.50 100.28 11,846,132.57 11.78% 1.32
Total Agency 11,815,000.00 2.40% 11,814,278.85 4.16% 43,445.56 31,853.71 1.22
AGENCY CMBS
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 1,835,000.00 05/24/2023
4.65%
1,801,310.55
1,815,607.02
99.43 4.00%
1,824,602.89
5,887.29
1.81%
8,995.87
Aa1/AA+
AAA
2.90 2.62
1,801,310.55 99.43 1,824,602.89 1.81% 2.90
Total Agency CMBS 1,835,000.00 4.65% 1,815,607.02 4.00% 5,887.29 8,995.87 2.62 CASH
CCYUSD Receivable 2,925.22 -- 2,925.22
2,925.22
1.00 0.00%
2,925.22
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
43
HOLDINGS REPORT
City of Vallejo | Account #260 | As of June 30, 2025
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 Cash 2,925.22
2,925.22
2,925.22
1.00 0.00%
2,925.22
0.00 0.00%
0.00 0.00
0.00 CORPORATE
931142ER0 WALMART INC 1.05 09/17/2026 240,000.00 09/08/2021
1.09%
239,546.40
239,889.95
96.64 3.91%
231,947.25
728.00
0.23%
(7,942.70)
Aa2/AA
AA
1.22 1.18
87612EBM7 TARGET CORP 1.95 01/15/2027 545,000.00 01/19/2022
1.99%
544,073.50
544,712.92
96.86 4.08%
527,884.31
4,900.46
0.52%
(16,828.61)
A2/A
A
1.54 1.48
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 1,000,000.00 --2.76%
985,444.30
995,100.93
97.18 4.21%
971,823.61
8,030.56
0.97%
(23,277.32)
A2/AA1.67
1.60 084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,095,000.00 03/07/20222.30%
1,094,791.95
1,094,929.13
97.49 3.83%
1,067,522.69
7,415.58
1.06%
(27,406.44)
Aa2/AA
A+
1.71 1.64
023135CF1 AMAZON.COM INC 3.3
04/13/2027 750,000.00 04/25/20223.34%
748,702.50
749,533.85
98.90 3.95%
741,718.58
5,362.50
0.74%
(7,815.27)
A1/AA
AA1.791.70
74340XBN0 PROLOGIS LP 2.125 04/15/2027 1,000,000.00 11/09/2022
5.15%
881,290.00
951,941.95
96.65 4.09%
966,452.28
4,486.11
0.96%
14,510.33
A2/A
NA
1.79 1.72
927804GH1 VIRGINIA ELECTRIC AND POWER
CO 3.75 05/15/2027 250,000.00 05/16/20223.82%
249,220.00
249,705.67
99.27 4.16%
248,172.33
1,197.92
0.25%
(1,533.34)
A3/BBB+
A
1.87 1.78
14913R3A3 CATERPILLAR FINANCIAL SERVICES
CORP 3.6 08/12/2027 700,000.00 08/22/20223.81%
693,301.00
697,149.05
99.01 4.09%
693,082.35
9,730.00
0.69%
(4,066.70)
A2/A
A+
2.12 1.99
931142EX7 WALMART INC 3.95 09/09/2027 500,000.00 --
3.98%
499,366.20
499,722.32
100.09
3.91%
500,436.10
6,144.44
0.50%
713.77
Aa2/AA
AA
2.19 1.98
89115A2M3 TORONTO-DOMINION BANK 5.156
01/10/2028 1,100,000.00 06/28/20235.27%
1,094,940.00
1,097,178.02
102.04
4.29%
1,122,464.54
26,940.10
1.12%
25,286.52
A2/AAA2.53
2.30 756109AU8 REALTY INCOME CORP 3.65
01/15/2028 1,000,000.00 04/24/20234.71%
955,470.00
976,044.15
98.77 4.17%
987,691.85
16,830.56
0.98%
11,647.70
A3/ANA2.54
2.36 06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 1,000,000.00 04/10/20235.53%
956,490.00
982,078.55
99.13 5.07%
991,284.84
17,101.78
0.99%
9,206.29
A1/AAA2.56
1.46 06406RAB3 BANK OF NEW YORK MELLON
CORP 3.442 02/07/2028 1,000,000.00 04/26/20234.99%
961,850.00
983,811.80
98.88 4.72%
988,760.45
13,768.00
0.98%
4,948.65
Aa3/A
AA2.611.52
74456QBU9 PUBLIC SERVICE ELECTRICAND
GAS CO 3.7 05/01/2028 1,250,000.00 09/06/20235.10%
1,178,487.50
1,206,384.54
99.12 4.03%
1,239,014.79
7,708.33
1.23%
32,630.25
A1/A
NA
2.84 2.65
44
HOLDINGS REPORT
City of Vallejo | Account #260 | As of June 30, 2025
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
037833ET3 APPLE INC 4.0 05/10/2028 205,000.00 05/08/2023
4.04%
204,604.35
204,773.91
100.35
3.87%
205,723.05
1,161.67
0.20%
949.14
Aaa/AA+
NA
2.86 2.59
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028 1,200,000.00 08/17/20235.33%
1,189,428.00
1,193,462.21
102.03
4.40%
1,224,351.38
29,725.00
1.22%
30,889.18
A3/AA3.02
2.71 78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 1,000,000.00 09/07/20235.53%
986,020.00
991,178.35
102.87
4.20%
1,028,711.28
21,666.67
1.02%
37,532.93
A1/A
AA3.092.77
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 1,200,000.00 04/23/20245.08%
1,170,792.00
1,178,098.23
101.09
4.16%
1,213,104.50
24,750.00
1.21%
35,006.28
A1/A
A+
3.55 3.18
06051GMK2 BANK OF AMERICA CORP 4.979
01/24/2029 450,000.00 01/28/20254.92%
450,702.00
450,603.46
101.43
4.61%
456,418.75
9,771.29
0.45%
5,815.29
A1/AAA3.57
2.34 69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 1,200,000.00 01/24/20244.64%
1,198,044.00
1,198,597.50
101.37
4.18%
1,216,410.37
23,153.33
1.21%
17,812.87
A1/A+
NA
3.59 3.22
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 450,000.00 05/21/20244.84%
450,193.50
450,148.60
102.30
4.16%
460,371.57
7,517.50
0.46%
10,222.97
A2/A
A+
3.66 3.28
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 1,200,000.00 05/30/20245.44%
1,188,336.00
1,191,588.78
101.96
4.80%
1,223,520.18
12,221.47
1.22%
31,931.40
A1/AA+3.80
2.57 89236TMF9 TOYOTA MOTOR CREDIT CORP
5.05 05/16/2029 500,000.00 05/21/20245.01%
500,975.00
500,758.45
102.65
4.30%
513,266.15
3,156.25
0.51%
12,507.70
A1/A+
A+
3.88 3.48
91159HJM3 US BANCORP 5.775 06/12/2029 1,100,000.00 06/20/2024
5.26%
1,119,910.00
1,114,767.95
103.84
4.85%
1,142,250.35
3,352.71
1.14%
27,482.40
A3/A
A
3.95 2.69
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,075,000.00 --4.33%
1,093,949.25
1,090,804.80
102.07
4.18%
1,097,287.57
851.04
1.09%
6,482.77
A2/A
A
3.99 3.53
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,300,000.00 --4.84%
1,270,702.00
1,277,119.34
99.58 4.69%
1,294,508.41
23,980.45
1.29%
17,389.07
A1/A
AA4.062.79
857449AE2 STATE STREET BANK AND TRUST
CO 4.782 11/23/2029 1,250,000.00 01/15/20254.93%
1,241,875.00
1,242,636.15
102.13
4.24%
1,276,625.76
6,309.58
1.27%
33,989.62
Aa2/AAAA4.40
3.92 571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,245,000.00 03/17/20254.74% 1,240,069.80
1,240,353.77
101.13
4.38%
1,259,041.17
17,046.13
1.25%
18,687.41
A3/AA4.71
4.07 00287YDZ9 ABBVIE INC 4.875 03/15/2030 1,200,000.00 06/11/2025
4.50%
1,218,600.00
1,218,393.21
102.40
4.30%
1,228,799.81
20,312.50
1.22%
10,406.60
A3/ANA4.71
4.05 Total Corporate 26,005,000.00 4.60%
25,607,174.25
25,811,467.56
100.48
4.32%
26,118,646.28
335,319.92
25.97%
307,178.72
3.15 2.64
45
HOLDINGS REPORT
City of Vallejo | Account #260 | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
MONEY MARKET
FUND
94975H312 ALLSPRING:TRS+ MM S 1,194,197.61 --
3.93%
1,194,197.61
1,194,197.61
1.00 3.93%
1,194,197.61
0.00 1.19%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 1,194,197.61 3.93%
1,194,197.61
1,194,197.61
1.00 3.93%
1,194,197.61
0.00 1.19%
0.00 0.00
0.00 SUPRANATIONAL
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 520,000.00 07/06/20234.53%
519,422.80
519,649.95
102.12
3.75%
531,014.30
10,920.00
0.53%
11,364.35
Aaa/AAA
NA
3.04 2.76
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 1,250,000.00 02/15/20244.31%
1,239,725.00
1,242,527.79
101.10
3.80%
1,263,699.73
19,479.17
1.26%
21,171.94
Aaa/AAA
NA
3.63 3.29
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
1,000,000.00
10/28/2024
4.14%
988,380.00
989,950.27
100.24
3.81%
1,002,350.58
8,072.92
1.00%
12,400.31
Aaa/AAA
NA
4.30 3.89
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
1,000,000.00
03/27/2025
4.22%
995,850.00
996,066.86
101.23
3.84%
1,012,250.94
11,572.92
1.01%
16,184.08
Aaa/AAA
NA
4.72 4.21
Total Supranational 3,770,000.00 4.27%
3,743,377.80
3,748,194.87
101.05
3.81%
3,809,315.55
50,045.00
3.79%
61,120.68
4.01 3.62
US TREASURY
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 1,000,000.00 04/29/20210.88%
993,398.44
998,904.56
97.29 4.10%
972,900.39
1,263.59
0.97%
(26,004.17)
Aa1/AA+
AA+
0.83 0.81
91282CCP4 UNITED STATES TREASURY 0.625
07/31/2026 1,000,000.00 08/10/20210.82%
990,507.81
997,934.21
96.47 3.99%
964,726.56
2,607.04
0.96%
(33,207.65)
Aa1/AA+
AA+
1.08 1.06
91282CCW9 UNITED STATES TREASURY 0.75
08/31/2026 2,250,000.00 --0.97%
2,226,699.22
2,244,391.35
96.38 3.96%
2,168,525.39
5,640.29
2.16%
(75,865.97)
Aa1/AA+
AA+
1.17 1.14
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 3,000,000.00 --1.27%
2,979,511.72
2,994,429.63
96.43 3.90%
2,893,007.82
5,686.14
2.88%
(101,421.81)
Aa1/AA+
AA+
1.34 1.30
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 500,000.00 03/30/20222.45%
478,320.31
492,896.13
96.46 3.83%
482,285.16
3,128.45
0.48%
(10,610.97)
Aa1/AA+
AA+
1.59 1.53
46
HOLDINGS REPORT
City of Vallejo | Account #260 | As of June 30, 2025
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
912828V98 UNITED STATES TREASURY 2.25
02/15/2027 1,250,000.00 02/06/20233.92%
1,173,095.70
1,218,903.23
97.56 3.81%
1,219,531.25
10,566.30
1.21%
628.02
Aa1/AA+
AA+
1.63 1.56
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 1,250,000.00 09/27/20224.25%
1,160,839.84
1,215,419.95
97.86 3.77%
1,223,291.01
7,855.19
1.22%
7,871.06
Aa1/AA+
AA+
1.75 1.68
91282CEN7 UNITED STATES TREASURY 2.75
04/30/2027 2,500,000.00 --3.23%
2,445,792.97
2,479,689.62
98.23 3.76%
2,455,664.05
11,582.88
2.44%
(24,025.57)
Aa1/AA+
AA+
1.83 1.76
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 1,400,000.00 07/12/20223.00%
1,416,296.88
1,406,552.91
99.11 3.72%
1,387,476.57
123.64
1.38%
(19,076.34)
Aa1/AA+
AA+
2.00 1.91
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 1,000,000.00 09/08/20223.36%
989,101.56
995,255.55
98.77 3.72%
987,695.31
10,444.97
0.98%
(7,560.24)
Aa1/AA+
AA+
2.17 2.05
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 1,000,000.00 10/28/20224.19%
996,875.00
998,570.68
100.91
3.70%
1,009,101.56
10,368.85
1.00%
10,530.88
Aa1/AA+
AA+
2.25 2.11
91282CFU0 UNITED STATES TREASURY 4.125
10/31/2027 1,100,000.00 12/20/20223.84%
1,113,750.00
1,106,600.00
100.91
3.71%
1,110,054.68
7,644.70
1.10%
3,454.68
Aa1/AA+
AA+
2.34 2.19
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 1,250,000.00 01/26/20233.62%
1,264,355.47
1,257,285.46
100.42
3.70%
1,255,273.44
131.62
1.25%
(2,012.02)
Aa1/AA+
AA+
2.50 2.36
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 1,250,000.00 03/08/20234.37%
1,161,083.98
1,202,732.56
97.62 3.71%
1,220,263.68
12,914.36
1.21%
17,531.12
Aa1/AA+
AA+
2.63 2.48
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 1,750,000.00 06/29/20234.18%
1,708,437.50
1,725,962.70
99.83 3.69%
1,746,992.19
15,946.04
1.74%
21,029.49
Aa1/AA+
AA+
2.75 2.57
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 2,180,000.00 --3.55%
2,175,314.06
2,177,312.09
99.46 3.70%
2,168,163.28
12,854.89
2.16%
(9,148.81)
Aa1/AA+
AA+
2.84 2.66
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 1,000,000.00 09/28/20234.68%
976,250.00
984,865.59
101.21
3.71%
1,012,070.31
17,206.49
1.01%
27,204.72
Aa1/AA+
AA+
3.08 2.83
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,500,000.00 09/25/20234.59%
1,485,644.53
1,490,777.75
101.97
3.71%
1,529,589.84
21,934.44
1.52%
38,812.09
Aa1/AA+
AA+
3.17 2.90
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 1,850,000.00 --4.93%
1,825,767.58
1,834,062.52
102.77
3.71%
1,901,236.32
21,507.51
1.89%
67,173.80
Aa1/AA+
AA+
3.25 2.97
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 1,000,000.00 11/17/20234.49%
939,570.31
959,105.48
98.13 3.72%
981,328.12
3,991.17
0.98%
22,222.64
Aa1/AA+
AA+
3.38 3.15
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 1,500,000.00 12/21/20233.82%
1,536,855.47
1,525,482.34
102.08
3.72%
1,531,230.47
5,558.40
1.52%
5,748.12
Aa1/AA+
AA+
3.42 3.14
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 1,200,000.00 01/30/20243.96%
1,188,609.38
1,191,888.31
100.09
3.72%
1,201,078.13
122.28
1.19%
9,189.82
Aa1/AA+
AA+
3.50 3.25
47
HOLDINGS REPORT
City of Vallejo | Account #260 | As of June 30, 2025
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
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 1,500,000.00 02/26/20244.31%
1,479,199.22
1,484,861.65
100.90
3.73%
1,513,535.16
25,027.62
1.50%
28,673.51
Aa1/AA+
AA+
3.59 3.26
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 1,000,000.00 03/25/20244.24%
1,000,546.88
1,000,406.51
101.76
3.73%
1,017,617.19
14,205.16
1.01%
17,210.68
Aa1/AA+
AA+
3.67 3.33
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 1,200,000.00 04/08/20244.43%
1,183,734.38
1,187,744.84
101.35
3.73%
1,216,218.74
12,442.62
1.21%
28,473.91
Aa1/AA+
AA+
3.75 3.42
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 1,000,000.00 05/28/20244.54%
1,003,476.56
1,002,706.57
103.13
3.74%
1,031,250.00
7,792.12
1.03%
28,543.43
Aa1/AA+
AA+
3.83 3.47
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 1,250,000.00 06/26/20244.33%
1,259,179.69
1,257,296.81
102.73
3.74%
1,284,082.03
4,764.34
1.28%
26,785.22
Aa1/AA+
AA+
3.92 3.56
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 1,850,000.00 --3.67%
1,897,115.24
1,888,847.69
101.86
3.74%
1,884,398.44
213.65
1.87%
(4,449.25)
Aa1/AA+
AA+
4.00 3.65
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,750,000.00 --4.02%
1,748,632.81
1,748,933.57
100.93
3.75%
1,766,337.90
29,198.90
1.76%
17,404.33
Aa1/AA+
AA+
4.08 3.68
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 1,500,000.00 09/27/20243.55%
1,471,464.84
1,475,818.20
97.59 3.76%
1,463,789.07
15,667.46
1.46%
(12,029.13)
Aa1/AA+
AA+
4.17 3.82
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 1,250,000.00 12/17/20244.29%
1,207,910.16
1,212,608.22
98.99 3.76%
1,237,402.35
10,997.27
1.23%
24,794.13
Aa1/AA+
AA+
4.25 3.88
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 1,250,000.00 11/19/20244.24%
1,243,896.48
1,244,650.13
101.43
3.76%
1,267,871.10
8,687.16
1.26%
23,220.97
Aa1/AA+
AA+
4.34 3.91
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 1,700,000.00 --4.09%
1,702,902.34
1,702,574.01
101.47
3.76%
1,724,969.60
5,939.55
1.72%
22,395.59
Aa1/AA+
AA+
4.42 4.00
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 1,250,000.00 --4.38%
1,249,658.20
1,249,693.54
102.48
3.77%
1,281,005.86
148.61
1.27%
31,312.32
Aa1/AA+
AA+
4.50 4.06
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 1,250,000.00 04/15/20253.98%
1,251,220.70
1,251,169.44
100.93
3.78%
1,261,621.10
12,568.31
1.25%
10,451.66
Aa1/AA+
AA+
4.75 4.25
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 1,250,000.00 05/19/20254.09%
1,238,281.25
1,238,553.78
100.39
3.78%
1,254,882.81
8,160.67
1.25%
16,329.03
Aa1/AA+
AA+
4.83 4.34
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 1,250,000.00 06/23/20253.90%
1,255,468.75
1,255,447.51
100.97
3.78%
1,262,110.00
4,234.97
1.25%
6,662.49
Aa1/AA+
AA+
4.92 4.42
Total US Treasury 51,980,000.00 3.62%
51,418,765.23
51,700,335.10
99.87 3.77%
51,888,576.85
349,127.68
51.59%
188,241.75
3.04 2.80
48
HOLDINGS REPORT
City of Vallejo | Account #260 | As of June 30, 2025
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 Portfolio 100,469,982.64 3.82%
99,437,087.71
99,954,489.90
98.96 3.98%
100,576,134.75
791,576.52
100.00%
621,644.85
2.87 2.51
Total Market Value +
Accrued 101,367,711.27
49
HOLDINGS REPORT
City of Vallejo Liquidity Funds | Account #263 | As of June 30, 2025 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 15,501.03 -- 15,501.03
15,501.03
1.00 0.00%
15,501.03
0.00 0.02%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 15,501.03
15,501.03
15,501.03
1.00 0.00%
15,501.03
0.00 0.02%
0.00 0.00
0.00 MONEY MARKET
FUND
94975H312 ALLSPRING:TRS+ MM S 459,153.37 --
3.93%
459,153.37
459,153.37
1.00 3.93%
459,153.37
0.00 0.55%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 459,153.37 3.93%
459,153.37
459,153.37
1.00 3.93%
459,153.37
0.00 0.55%
0.00 0.00
0.00 US TREASURY
912797PG6 UNITED STATES TREASURY
07/31/2025 10,000,000.00 --4.33%
9,801,368.98
9,965,136.04
99.65 4.24%
9,965,280.00
0.00 11.97%
143.96
P-1/A-1+
F1+
0.08 0.08
912797PP6 UNITED STATES TREASURY
08/21/2025 15,000,000.00 02/20/20254.36%
14,680,582.42
14,910,492.88
99.39 4.41%
14,908,235.40
0.00 17.91%
(2,257.48)
P-1/A-1+
F1+
0.14 0.14
91282CFK2 UNITED STATES TREASURY 3.5
09/15/2025 12,500,000.00 02/20/20254.33%
12,442,871.09
12,478,923.31
99.89 3.99%
12,486,328.13
128,396.74
15.00%
7,404.81
Aa1/AA+
AA+
0.21 0.20
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025 10,500,000.00 04/24/20254.20%
10,436,425.78
10,458,962.67
99.57 4.28%
10,455,293.00
53,070.65
12.56%
(3,669.68)
Aa1/AA+
AA+
0.34 0.33
912797QR1 UNITED STATES TREASURY
11/20/2025 5,000,000.00 05/29/20254.31%
4,899,285.42
4,917,807.64
98.37 4.27%
4,918,368.10
0.00 5.91%
560.46
P-1/A-1+
F1+
0.39 0.38
91282CJL6 UNITED STATES TREASURY 4.875
11/30/2025 17,500,000.00 --4.32%
17,565,527.34
17,539,132.48
100.21
4.34%
17,536,914.15
72,259.22
21.07%
(2,218.33)
Aa1/AA+
AA+
0.42 0.41
91282CJV4 UNITED STATES TREASURY 4.25
01/31/2026 12,500,000.00 06/27/20254.21%
12,502,441.41
12,502,430.05
100.00
4.25%
12,499,511.75
221,598.76
15.02%
(2,918.30)
Aa1/AA+
AA+
0.59 0.56
Total US Treasury 83,000,000.00 4.30%
82,328,502.44
82,772,885.08
99.72 4.26%
82,769,930.52
475,325.37
99.43%
(2,954.56)
0.31 0.30
50
HOLDINGS REPORT
City of Vallejo Liquidity Funds | Account #263 | As of June 30, 2025 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 Portfolio 83,474,654.40 4.30%
82,803,156.84
83,247,539.48
99.16 4.26%
83,244,584.92
475,325.37
100.00%
(2,954.56)
0.31 0.30
Total Market Value +
Accrued 83,719,910.29
51
HOLDINGS REPORT
City of Vallejo Reporting Account | Account #261 | As of June 30, 2025 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 594,166.94 -- 594,166.94
594,166.94
1.00 0.00%
594,166.94
0.00 0.51%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 594,166.94
594,166.94
594,166.94
1.00 0.00%
594,166.94
0.00 0.51%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 55,942,182.03 --4.27%
55,942,182.03
55,942,182.03
1.00 4.27%
55,942,182.03
0.00 47.83%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 55,942,182.03 4.27%
55,942,182.03
55,942,182.03
1.00 4.27%
55,942,182.03
0.00 47.83%
0.00 0.00
0.00 MONEY MARKET
FUND
85253$413 Wells Fargo Stagecoach Sweep
Account 60,419,060.59 -- 60,419,060.5960,419,060.59
1.00 0.00%
60,419,060.59
0.00 51.66%
0.00 NA/NA
NA
0.00 0.00
Total Money Market
Fund 60,419,060.59
60,419,060.59
60,419,060.59
1.00 0.00%
60,419,060.59
0.00 51.66%
0.00 0.00
0.00 Total Portfolio 116,955,409.56 4.27%
116,955,409.56
116,955,409.56
1.00 2.04%
116,955,409.56
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 116,955,409.56
52
HOLDINGS REPORT
City of Vallejo Bond Proceeds | Account #10824 | As of June 30, 2025 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 0.56 -- 0.56
0.56 1.00
0.00%
0.56 0.00
0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 0.56
0.56 0.56
1.00 0.00%
0.56 0.00
0.00%
0.00 0.00
0.00 MONEY MARKET
FUND
94975H312 ALLSPRING:TRS+ MM S 174.55 --
3.93%
174.55
174.55
1.00 3.93%
174.55
0.00 0.00%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 174.55 3.93%
174.55
174.55
1.00 3.93%
174.55
0.00 0.00%
0.00 0.00
0.00 US TREAS SLGS
91399CKK6 US TREASURY STATE 05/01/2051 26,434,890.95 --
0.00%
26,434,890.95
26,434,890.95
100.00
0.00%
26,434,890.95
0.00 63.07%
0.00 NA/NA
NA
25.84 25.84
91399CHE4 US TREASURY STATE 05/01/2051 11,436,025.02 --
0.00%
11,436,025.02
11,436,025.02
100.00
0.00%
11,436,025.02
0.00 27.28%
0.00 NA/NA
NA
25.84 25.84
91399CJM4 US TREASURY STATE 05/01/2051 4,043,895.11 --
0.00%
4,043,895.11
4,043,895.11
100.00
0.00%
4,043,895.11
0.00 9.65%
0.00 NA/NA
NA
25.84 25.84
Total US Treas SLGS 41,914,811.08 0.00%
41,914,811.08
41,914,811.08
100.00
0.00%
41,914,811.08
0.00 100.00%
0.00 25.84
25.84 Total Portfolio 41,914,986.19 0.00%
41,914,986.19
41,914,986.19
100.00
0.00%
41,914,986.19
0.00 100.00%
0.00 25.83
25.84 Total Market Value +
Accrued 41,914,986.19
53
TRANSACTIONS
54
TRANSACTION LEDGER
City of Vallejo | Account #260|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/16/2025 91282CMU2 1,250,000.00 UNITED STATES TREASURY
4.0 03/31/2030 100.098 3.98% (1,251,220.70) (2,185.79) (1,253,406.49) 0.00 Purchase 05/20/2025 91282CMZ1 1,250,000.00 UNITED STATES TREASURY
3.875 04/30/2030 99.063 4.09% (1,238,281.25) (2,632.47) (1,240,913.72) 0.00 Purchase 06/12/2025 00287YDZ9 1,200,000.00 ABBVIE INC 4.875 03/15/2030 101.550 4.50% (1,218,600.00) (17,225.00) (1,235,825.00) 0.00 Purchase 06/24/2025 91282CNG2 1,250,000.00 UNITED STATES TREASURY
4.0 05/31/2030 100.438 3.90% (1,255,468.75) (3,278.69) (1,258,747.44) 0.00 Total Purchase 4,950,000.00 (4,963,570.70) (25,321.95) (4,988,892.65) 0.00 TOTAL
ACQUISITIONS 4,950,000.00 (4,963,570.70) (25,321.95) (4,988,892.65) 0.00
DISPOSITIONS
Maturity 05/15/2025 02582JJT8 (840,000.00) AMXCA 2022-2 A 3.39 05/17/2027 100.000 3.42% 0.00 0.00 0.00 0.00
Total Maturity (840,000.00) 0.00 0.00 0.00 0.00
Sale 06/12/2025 89236TJK2 (810,000.00) TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 96.731 1.13% 783,521.10 4,404.38 787,925.48 (26,406.49) Sale 06/24/2025 91282CBT7 (1,500,000.00) UNITED STATES TREASURY
0.75 03/31/2026 97.445 0.91% 1,461,679.69 2,612.70 1,464,292.39 (36,478.43) Total Sale (2,310,000.00) 2,245,200.79 7,017.08 2,252,217.87 (62,884.91) TOTAL
DISPOSITIONS (3,150,000.00) 2,245,200.79 7,017.08 2,252,217.87 (62,884.91) 55
TRANSACTION LEDGER
City of Vallejo Liquidity Funds | Account #263|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/25/2025 9128285J5 10,500,000.00 UNITED STATES TREASURY
3.0 10/31/2025 99.395 4.20% (10,436,425.78) (10,589,574.95) 0.00 Purchase 05/30/2025 91282CJL6 5,000,000.00 UNITED STATES TREASURY
4.875 11/30/2025 100.266 4.33% (5,013,281.25) (5,134,486.61) 0.00 Purchase 05/30/2025 912797QR1 5,000,000.00 UNITED STATES TREASURY 11/20/2025 97.986 4.31% (4,899,285.42) 0.00 (4,899,285.42) 0.00 Purchase 06/30/2025 91282CJV4 12,500,000.00 UNITED STATES TREASURY
4.25 01/31/2026 100.020 4.21% (12,502,441.41) (12,722,572.63) 0.00 Total Purchase 33,000,000.00 (32,851,433.86) (33,345,919.61) 0.00 TOTAL
ACQUISITIONS 33,000,000.00 (32,851,433.86) (33,345,919.61) 0.00
DISPOSITIONS
Maturity 04/24/2025 912797NC7 (10,000,000.00) UNITED STATES TREASURY 04/24/2025 100.000 4.29% 10,000,000.00 0.00 10,000,000.00 0.00 Maturity 05/22/2025 912797NM5 (10,000,000.00) UNITED STATES TREASURY 05/22/2025 100.000 4.32% 10,000,000.00 0.00 10,000,000.00 0.00 Maturity 06/20/2025 912797NV5 (12,500,000.00) UNITED STATES TREASURY 06/20/2025 100.000 4.29% 12,500,000.00 0.00 12,500,000.00 0.00 Total Maturity (32,500,000.00) 32,500,000.00 0.00 32,500,000.00 0.00 TOTAL
DISPOSITIONS (32,500,000.00) 32,500,000.00 0.00 32,500,000.00 0.00 56
TRANSACTION LEDGER
City of Vallejo Reporting Account | Account #261|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/15/2025 90LAIF$00 609,727.80 Local Agency Investment Fund State Pool 1.000 4.28% (609,727.80) 0.00 (609,727.80) 0.00 Total Purchase 609,727.80 (609,727.80) 0.00 (609,727.80) 0.00 TOTAL
ACQUISITIONS 609,727.80 (609,727.80) 0.00 (609,727.80) 0.00 57
TRANSACTION LEDGER
City of Vallejo Bond Proceeds | Account #10824|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Transfer In 04/01/2025 91399CJM4 25,880.73 US TREASURY STATE 05/01/2051 100.000 0.00% (25,880.73) 0.00 0.00 0.00
Transfer In 04/01/2025 91399CHE4 31,454.29 US TREASURY STATE 05/01/2051 100.000 0.00% (31,454.29) 0.00 0.00 0.00
Transfer In 04/01/2025 91399CKK6 72,708.03 US TREASURY STATE 05/01/2051 100.000 0.00% (72,708.03) 0.00 0.00 0.00
Transfer In 05/01/2025 91399CJM4 25,132.83 US TREASURY STATE 05/01/2051 100.000 0.00% (25,132.83) 0.00 0.00 0.00
Transfer In 05/01/2025 91399CHE4 30,545.28 US TREASURY STATE 05/01/2051 100.000 0.00% (30,545.28) 0.00 0.00 0.00
Transfer In 05/01/2025 91399CKK6 70,606.80 US TREASURY STATE 05/01/2051 100.000 0.00% (70,606.80) 0.00 0.00 0.00
Transfer In 06/02/2025 91399CJM4 12,281.80 US TREASURY STATE 05/01/2051 100.000 0.00% (12,281.80) 0.00 0.00 0.00
Transfer In 06/02/2025 91399CHE4 32,032.42 US TREASURY STATE 05/01/2051 100.000 0.00% (32,032.42) 0.00 0.00 0.00
Transfer In 06/02/2025 91399CKK6 74,044.30 US TREASURY STATE 05/01/2051 100.000 0.00% (74,044.30) 0.00 0.00 0.00
Total Transfer In 374,686.48 (374,686.48) 0.00 0.00 0.00 TOTAL
DISPOSITIONS 374,686.48 (374,686.48) 0.00 0.00 0.00
DISPOSITIONS
Sale 05/02/2025 91399CJM4 (5,351,649.96) US TREASURY STATE 05/01/2051 100.000 0.00% 5,351,649.96 0.00 5,351,649.96 0.00 Total Sale (5,351,649.96) 5,351,649.96 0.00 5,351,649.96 0.00 TOTAL
DISPOSITIONS (5,351,649.96) 5,351,649.96 0.00 5,351,649.96 0.00 58
IMPORTANT DISCLOSURES
2025 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 “asis” 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. 59
BENCHMARK DISCLOSURES
Benchmark Disclosure
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.
ICE BofA 1-Yr US Treasury Bill Index The ICE BofA US 1-Year 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 issold and rolled into a newly selected issue. The issue selected at each monthend rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, twelve months from the rebalancing date.
60
INVESTMENT REPORT
City of Vallejo | Council Report | As of June 30, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
1
ECONOMIC UPDATE
2
▪
▪
▪
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. 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 moderated, the unemployment rate remains low; however, continuing jobless claims remain elevated implying a less robust labor market. 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 Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. Fed Chair Powell continued to emphasize the Committee’s “wait and see” approach amidst economic uncertainty that remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025.
US Treasury yields declined in June. The 2-year Treasury yield fell 18 basis points to 3.72%, the 5-year Treasury dropped 17 basis points to
3.80%, and the 10-year Treasury yield also declined 17 basis points to 4.23%. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The spread between the 2- year Treasury and 10-year Treasury yield one year ago was -36 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May.
ECONOMIC UPDATE
3
-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
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 147,000 jobs in June, exceeding consensus expectations, and the last two months were revised up by 16,000.
Gains were primarily driven by state and local government education, while job growth in service sectors languished. The three-month moving average and six-month moving average payrolls totaled 150,000 and 130,000 respectively. The unemployment rate declined to
4.1% in June from 4.2% in May, due to a shrinking labor force. The labor participation rate dipped to 62.3%, remaining below the prepandemic 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 dropped to 7.7% in June. Average hourly earnings fell slightly, marking a 3.7% year-over-year increase.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average In Thousands (000's) The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) unexpectedly rose to 7.77 million new job openings in May from
7.40 million in April. Layoffs declined and the quits rate increased. Job openings indicate a ratio of approximately 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5
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 Core Deflator YOY % Change
Fed Target
YOY (%) Change
In June, the Consumer Price Index (CPI) increased 0.3% month-over-month and rose 2.7% year-over-year, while the Core CPI rose 0.2% month-over-month and 2.9% year-over-year. The Personal Consumption Expenditures (PCE) price index increased 0.1% month-over-month and rose 2.3% year-over-year in May. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, increased
0.2% month-over-month and 2.7% year-over-year, up from April’s 2.6% year-over-year increase. Although inflation has trended toward the Federal Reserve’s 2% target, the overall impact of tariff policy has not yet fully flowed through to the US economy.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales were up 0.6% month-over-month in June, rebounding from a 0.9% decline in May and exceeding consensus forecasts. Auto sales led the increase. Control group sales, which feed into GDP, increased by 0.5%. On a year-over-year basis, Retail Sales grew 3.9% in June, following a 3.3% increase in May. The Conference Board’s Consumer Confidence Index dropped to 93.0 in June from 98.4 in May, as consumers’ assessment of both the current situation and future expectations for income and labor markets soured.
While the consumer has been resilient, elevated inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could 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
7
-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) fell by 0.3% in June, following a flat reading in May. The LEI decreased by 4.0% yearover-year. The Conference Board is expecting economic growth to slow substantially in 2025 due to consumer pessimism, persistently soft manufacturing new orders, and rising first-time jobless claims. The Chicago Fed National Activity Index (CFNAI) improved to -0.28 in May from a downwardly revised -0.36 in April. The three-month moving average dropped to -0.16 in May from 0.06 in April, indicating slightly below trend growth.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts increased 4.6% month-over-month in June to a seasonally adjusted annual rate of 1.321 million units. Multi-family starts drove the gain, while single-family starts fell on weak buyer demand. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in June. According to the Case-Shiller 20-City Home Price Index, housing prices rose 3.4% year-over-year in April, compared to 4.1% in March. Limited inventory, elevated mortgage rates, and lack of affordability continue to weigh on the housing market.
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
9
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 edged up to 49.0 in June from 48.5 in May, indicating a continuation of modest contraction in the sector. Inventories and production improved as companies worked through backlogs, while employment and new orders contracted. The ISM Services index increased to 50.8 in June from 49.9 in May, as new orders improved. However, ongoing concerns about the impact of tariffs remain. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10
Components of GDP 6/24 9/24 12/24 3/25
1.9% 2.5% 2.7% 0.3%
1.5% 0.2% -1.0% 3.9%
-0.9% -0.4% 0.3% -4.6%
0.3% 0.6% 0.3% -0.3%
0.3% 0.3% 0.3% 0.2%
3.0% 3.1% 2.5% -0.5%
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 Real GDP decreased at an annualized rate of 0.5% in the first quarter of 2025, according to the third and final estimate from the Bureau of Economic Analysis, a downward revision from the previously estimated 0.2% decline. This marks the first negative quarter since 2022.
The primary driver of the downward revision was weaker personal consumption expenditures. Net exports remained the primary drag on growth, as imports rose sharply in anticipation of higher tariffs. Gross investment contributed positively, powered by business decisions to get ahead of possible cost increases. The consensus projection calls for 2.1% growth for the second quarter and 1.5% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
11
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 Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. In the Summary of Economic Projections (SEP), Federal Reserve officials continued to pencil in two rate cuts in 2025, while downgrading estimates for economic growth and raising forecasts for both unemployment and inflation this year. The statement indicated that uncertainty about the economic outlook remained elevated but had diminished. The monthly redemption cap on Treasuries will remain at $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by about $2.2 trillion to approximately $6.7 trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12
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
Jun-25
Mar-25
Jun-24
Yield (%)
At the end of June, the 2-year Treasury yield was 103 basis points lower, and the 10-Year Treasury yield was 17 basis points lower, yearover-year. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The recent 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 -7 basis points in June, versus -6 basis points in May.
BOND YIELDS
13
ACCOUNT PROFILE
14
OBJECTIVES
Investment Objectives
The investment objectives for the City of Vallejo, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs, and a market rate of return consistent with the investment program.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.
Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds. 15
STATEMENT OF COMPLIANCE
City of Vallejo | Account #260 | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 50.0 1.8 Compliant
Max % Issuer (MV) 30.0 1.8 Compliant
Max Maturity (Years) 5.0 2.9 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 3.9 Compliant
Max % Issuer (MV) 5.0 1.0 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
COLLATERALIZED TIME DEPOSITS (NONNEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 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 Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 26.0 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
16
STATEMENT OF COMPLIANCE
City of Vallejo | Account #260 | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
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) 50.0 11.8 Compliant
Max % Issuer (MV) 30.0 4.8 Compliant
Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 100.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 1.2 Compliant
Max % Issuer (MV) 5.0 1.2 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) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
17
STATEMENT OF COMPLIANCE
City of Vallejo | Account #260 | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUTUAL FUNDS
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 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 % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant
SRI PROHIBITED INVESTMENTS
Prohibited Investment - Fossil Fuels 0.0 0.0 Compliant
Prohibited Investments - Alcohol 0.0 0.0 Compliant
Prohibited Investments - Firearms 0.0 0.0 Compliant
Prohibited Investments - Tobacco 0.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 3.8 Compliant
Max % Issuer (MV) 10.0 2.0 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 51.6 Compliant
Max Maturity (Years) 5 4 Compliant
18
PORTFOLIO CHARACTERISTICS
City of Vallejo Cons Portfolio | Account #262 | As of June 30, 2025 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 1.04 1.15
Average Modified Duration 0.92 1.01
Average Purchase Yield 4.09% 4.09%
Average Market Yield 3.30% 4.21%
Average Quality** AA+ AA+
Total Market Value 302,043,031 277,825,222
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19
SECTOR DISTRIBUTION
City of Vallejo Cons Portfolio | Account #262 | As of June 30, 2025 Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 44.77% 47.38%
Money Mkt Fd 20.64% 15.05%
LAIF 18.60% 19.98%
Corporate 8.68% 9.21%
Agency 3.94% 4.25%
ABS 1.29% 1.89%
Supras 1.27% 1.36%
Agency CMBS 0.61% 0.65%
Cash 0.20% 0.22%
20
DURATION DISTRIBUTION
City of Vallejo Cons Portfolio | Account #262 | As of June 30, 2025 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2025 53.2% 12.2% 4.7% 7.6% 9.6% 9.8% 2.9% 0.0% 0.0% 03/31/2025 47.2% 15.0% 6.6% 7.7% 8.7% 10.7% 4.2% 0.0% 0.0% 21
QUALITY DISTRIBUTION
Rating 06/30/2025 03/31/2025
AAA 12.78% 24.40%
AA 40.88% 33.30%
A 7.33% 7.72%
BBB 0.08% 0.09%
NA 38.93% 34.49%
Rating 06/30/2025 03/31/2025
AAA 2.68% 35.22%
AA 40.89% 1.46%
A 17.20% 28.21%
NA 39.23% 35.10%
Rating 06/30/2025 03/31/2025
AAA 11.78% 22.93%
AA 41.83% 34.31%
A 3.90% 4.48%
NA 42.49% 38.27%
City of Vallejo Cons Portfolio | Account #262 | As of June 30, 2025 S&P Rating Moody’s Rating Fitch Rating
22
HISTORICAL AVERAGE PURCHASE YIELD
City of Vallejo Cons Portfolio | Account #262 | As of June 30, 2025 Purchase Yield as of 06/30/25 = 4.09%
23
IMPORTANT DISCLOSURES
2025 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 “asis” 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. 24
BENCHMARK DISCLOSURES
Benchmark Disclosure
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.
ICE BofA 1-Yr US Treasury Bill Index The ICE BofA US 1-Year 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 issold and rolled into a newly selected issue. The issue selected at each monthend rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, twelve months from the rebalancing date.
25
CONSENT CALENDAR 8.D.
DATE: September 9, 2025
TO: Mayor and Members of the City Council
FROM: Gillian Haen, Assistant City Manager
SUBJECT: ADOPT A RESOLUTION APPROVING A FIRST AMENDMENT TO THE MEMORANDUM
OF UNDERSTANDING BETWEEN THE SOLANO ECONOMIC DEVELOPMENT
CORPORATION AND THE CITY OF VALLEJO TO EXTEND THE TERM TO EXPIRE JUNE 30, 2028 AND INCREASE THE MAXIMUM NOT TO EXCEED AMOUNT TO $183,975, AND AUTHORIZING THE CITY MANAGER TO EXECUTE THE SAME
RECOMMENDATION
Adopt a resolution approving a First Amendment to the Memorandum of Understanding between the Solano Economic Development Corporation and the City of Vallejo to extend the term to June 30, 2028 and increase the maximum not-to-exceed amount to $183,975, and authorizing the City Manager to execute same.
REASONS FOR RECOMMENDATION
Amending the MOU with Solano EDC is necessary to provide uninterrupted services for implementation of the Moving Solano Forward III Economic Development and Marketing Strategy. This is essential to support retention, growth and attraction of businesses and industry in Vallejo and Solano County region.
BACKGROUND AND DISCUSSION
The Moving Solano Forward project, led by Solano EDC, is a comprehensive economic development strategy for Solano County designed to promote economic growth, attract investment, and improve the quality of life for residents and consists of three phases. Phase I was completed in 2015 and focused on planning and infrastructure analysis. Phase II was presented to the City Council in 2017 and involved implementing the strategies identified in Phase I. In February 2019, the City entered into an MOU with Solano EDC for Phase II for a term of four years in the amount of $59,500.
In February 2024, the parties entered into a new MOU for Phase III, which focuses on project outcomes and benefits of the Moving Solano Forward initiatives, such as job creation, increased economic activity and improved public services. The not-to-exceed amount is $61,325 with an expiration date of June 30, 2026. This amount was calculated by the sum equivalent to $0.40 per capita based on the City’s population, as reported by the California Department of Finance Demographic Research Unit. The 2022 population was 123,564 x
0.40, which equals the proposed investment of $49,425. In addition, the annual cost for the Business Assistance Specialist which helps with business retention efforts, is $11,900.
Staff is bringing forward a First Amendment to the MOU for City Council review and approval to extend the term by an additional two years to expire on June 30, 2028 and increase compensation to Solano EDC by one hundred twenty-two thousand six hundred and fifty dollars for a new not-to-exceed amount of one hundred eighty-three thousand and nine hundred and seventy-five dollars.
This MOU will ensure continued assistance to the City of Vallejo from the Solano EDC for services such as:
business attraction, marketing, education and training, reporting to city council nd Economic Development Commission and other miscellaneaous tasks as needed.
Date: September 9, 2025
Subject: ADOPT A RESOLUTION APPROVING A FIRST AMENDMENT TO THE
MEMORANDUM OF UNDERSTANDING BETWEEN THE SOLANO ECONOMIC
DEVELOPMENT CORPORATION AND THE CITY OF VALLEJO TO EXTEND THE TERM TO EXPIRE JUNE 30, 2028 AND INCREASE THE MAXIMUM NOT TO EXCEED AMOUNT TO $183,975, AND AUTHORIZING THE CITY MANAGER TO
EXECUTE THE SAME
FISCAL IMPACT
There is no additional fiscal impact to the General Fund associated with the action because funding was approved by City Council during budget processes throughout each fiscal year. Funds have already been encumbered and set aside since this a multi-year program.
ENVIRONMENTAL REVIEW
This action is exempt from the California Environmental Quality Act (CEQA) because it is not a project which has a potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, pursuant to CEQA Guidelines section 15378.
ATTACHMENTS
1. Resolution - First Amendment to MOU Solano EDC_CAO Stamp
2. 1st Amendment to MOU_Solano EDC_CAO Stamp
3. 24ED154 SOLANO ECONOMIC DEVELOPMENT CORPORATION Memorandum of Understanding
CONTACT
Gillian Haen, Assistant City Manager
(707) 648-4163
[email protected]
RESOLUTION NO. _____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VALLEJO APPROVING A FIRST
AMENDMENT TO THE MEMORANDUM OF UNDERSTANDING BETWEEN THE SOLANO ECONOMIC
DEVELOPMENT CORPORATION AND THE CITY OF VALLEJO TO EXTEND THE TERM TO EXPIRE JUNE 30, 2028 AND INCREASE THE MAXIMUM NOT-EXCEED- AMOUNT TO $183,975, AND
AUTHORIZING THE CITY MANAGER TO EXECUTE SAME
WHEREAS, Moving Solano Forward, led by Solano EDC, is a comprehensive economic development strategy in three phases designed to promote economic growth, attract investment, and improve the quality of life for Solano County residents; and
WHEREAS, in February 2019, the City Manager of the City of Vallejo approved an MOU with Solano EDC for Phase II to implement the strategies identified in Phase I. The not-to-exceed amount of the MOU for Phase II was $59,500 and covered fiscal years 2019 through 2023; and WHEREAS, in February 2024, the City Manager of the City of Vallejo approved an MOU for Phase III to focus on job creation, increased economic activity and improved public services; and WHEREAS, the not-to-exceed amount of the MOU for Phase III was $61,325 and covered fiscal years 2024 through 2026; and
WHEREAS, staff recommends approval of a First Amendment of the MOU with Solano EDC and City of Vallejo to extend the term to expire June 30, 2028 and increase the not-to-exceed amount to $183,975.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Vallejo hereby approves the First Amendment to the MOU between the Solano EDC and the City of Vallejo to extend the term to June 30, 2028 and increase the maximum not-to-exceed amount of $183,975.
BE IT FURTHER RESOLVED that the City Manager is hereby authorized to execute the First Amendment between the City of Vallejo and Solano EDC with any modifications recommended by the City Attorney, and the City Clerk to attest the signing of that Agreement.
BE IT FURTHER RESOLVED that the City Manager, or his designee, is hereby authorized to execute future contract amendments not to exceed the appropriated project budget.
Adopted by the City Council of the City of Vallejo at a regular meeting held on September 9, 2025, with the following vote:
AYES:
NOES:
ABSENT:
ANDREA SORCE, MAYOR
ATTEST:
DAWN G. ABRAHAMSON, CITY CLERK
First Amendment to Agreement Between City of Vallejo and Solano Economic Development Corporation Page 1 of 3 (Revised 01.2019)
FIRST AMENDMENT TO THE MEMORANDUM OF UNDERSTANDING
BETWEEN THE SOLANO ECONOMIC DEVELOPMENT CORPORATION AND THE
CITY OF VALLEJO REGARDING THE COLLABORATION AND IMPLEMENTATION
OF THE MOVING SOLANO FORWARD III ECONOMIC DEVELOPMENT AND
MARKETING STRATEGY
This First Amendment to the Memorandum of Understanding entered into on February 22, 2024 (“MOU”), between the Solano Economic Development Corporation, a California corporation (“Solano EDC”), and the City of Vallejo, a municipal corporation (“City”), is made and entered into on this 9th day of September 2025.
Solano EDC and City do mutually agree as follows:
1. Revised Term of the MOU. The term of the MOU is currently scheduled to expire on June 30, 2026. As of the date of this First Amendment, the term of the MOU is extended to and shall expire on June 30, 2028.
2. Compensation. Solano EDC’s compensation is hereby increased by One Hundred Twenty-Two Thousand Six Hundred and Fifty Dollars ($122,650) to a new maximum not-to-exceed amount of One Hundred Eighty-Three Thousand Nine Hundred and Seventy-Five Dollars ($183,975).
3. Integration. This First Amendment contains the entire agreement between the parties with respect to its subject matter and supersedes whatever oral or written understanding they may have had prior to the execution of this First Amendment. This First Amendment shall not be amended or modified except by a written agreement executed by each of the parties. Except as specifically revised herein, all terms and conditions of the MOU shall remain in full force and effect, and Solano EDC shall perform all duties, obligations and conditions required under the MOU.
4. Inconsistencies. In the event of any conflict or inconsistency between the provisions of this First Amendment and the MOU, the provisions of this First Amendment shall control in all respects.
5. Ambiguities. The parties have each carefully reviewed this First Amendment and have agreed to each term of this First Amendment. No ambiguity shall be presumed to be construed against either party.
6. Counterparts. This First Amendment may be executed by the parties in one or more counterparts, all of which collectively shall constitute one document and agreement.
7. Facsimile Signatures. This First Amendment shall be binding upon the receipt
First Amendment to Agreement Between City of Vallejo and Solano Economic Development Corporation Page 2 of 3 (Revised 01.2019)
of facsimile signatures; provided, however, that any person transmitting his or her signature by facsimile shall promptly send an original signature to the other party at the addresses noted below. The failure to send an original shall not affect the binding nature of this First Amendment.
8. Authority. The person signing this First Amendment for Solano EDC hereby represents and warrants that he or she is fully authorized to sign this First Amendment on behalf of Solano EDC.
(SIGNATURES ARE ON THE FOLLOWING PAGE)
First Amendment to Agreement Between City of Vallejo and Solano Economic Development Corporation Page 3 of 3 (Revised 01.2019)
IN WITNESS WHEREOF, the parties have entered into First Amendment on the day and year first hereinabove appearing.
Solano Economic Development
Corporation,
a California corporation
BY:
Chris Rico
President and CEO
DATE:
(City Seal)
City of Vallejo,
a municipal corporation
BY:
Andrew Murray
City Manager
DATE:
ATTEST:
Dawn Abrahamson
City Clerk
APPROVED AS TO CONTENT:
Gillian Haen
Assistant City Manager
APPROVED AS TO FORM:
Veronica A. F. Nebb
City Attorney
APPROVED AS TO INSURANCE:
Armond Sarkis
Risk Manager
Feb 12, 2024 4:15 PM, 1193892757
Contract and Routing Form
Date Originated:
Finance Department ∙ 555 Santa Clara Street ∙ Vallejo ∙ CA ∙ 94590 ∙ 707.648.4592 Department: City Manager's Office, Economic Development Division Staff Contact: Ashlie I Walters, [email protected] Contract Type: Other: Memorandum of Understanding
Vendor: Solano Economic Development Corporation
Contract Not to Exceed Amount: 61325.00
Contract Start Date: Jul 01, 2023 End Date: Jun 30, 2026 Option to Extend: 2 year extension option
Authority to Contract: City Manager
Attachments are uploaded for review here: https://bit.ly/vContracts Approved Pre-Requisition Form
I have uploaded additional files.No
DocuSign Envelope ID: E907BEFC-67C0-4041-BCDA-3A5C10FCD4DB 24ED154
Contract and Routing Form
Signature Page
Department Initial Date Comment
Originating Department/Division
Risk Manager
City Attorney's Office
Department Head
Finance Department
City Manager
City Clerk
Return executed contract to: Ashlie Walters
DocuSign Envelope ID: E907BEFC-67C0-4041-BCDA-3A5C10FCD4DB 2/13/2024
2/13/2024
2/14/2024
2/21/2024
2/22/2024
2/22/2024
2/22/2024
Solano EDC Page 1
MEMORANDUM OF UNDERSTANDING
BETWEEN THE SOLANO ECONOMIC DEVELOPMENT CORPORATION
AND THE CITY OF VALLEJO
REGARDING THE COLLABORATION AND IMPLEMENTATION OF THE MOVING SOLANO
FORWARD III ECONOMIC DEVELOPMENT AND MARKETING STRATEGY The Solano Economic Development Corporation (Solano EDC ) and the City of Vallejo (CITY) intend to continue working together to implement a regional Economic Development and Marketing Strategy. Solano EDC assists Solano County communities with retention, growth and attraction of business and industry. These efforts are complementary to supporting the growth of workforce education and skill training opportunities to retain and attract new employers to Solano County.
Solano EDC is a member of Team California, the Bay Area Council, the Bay Area Business Coalition, the East Bay Regional Broadband Consortium, Diablo Innovation Alliance, all Solano Chambers of Commerce, TRAFC, the Travis Community Consortium, and the Solano Center for Business Innovation. Solano EDC will attend events from these organizations and other appropriate targeted industry events representing the entire County, including the City of Vallejo.
As a means to assist and complement City efforts in various aspects of Economic Development, Solano EDC shall:
A. Business Attraction
1. Respond to requests for information and/or assistance from real estate professionals, professional consultants, business representatives, and City staff. Solano EDC will coordinate presentations to professionals and business entities interested in locating in Vallejo and shall electronically copy CITY on all correspondence to such parties unless confidentiality is requested by such party.
2. Respond to all GoBiz, Team California or other state agency contacts on behalf of the City, after consulting with the CITY.
3. Advise CITY (either by copying CITY on correspondence or through regular reports) of the names, and contact information sent to interested parties, unless said parties have specifically requested confidentiality.
4. Provide tours to parties interested in properties located in the City of Vallejo. SOLANO EDC will advise the City of such tours unless the party requests confidentiality.
5. Solano EDC will attend and expressly represent the City of Vallejo at a minimum of three trade shows per calendar year beginning in 2024.
Note: Upon the City’s request, EDC shall provide the City with information about its business attraction efforts, including but not limited to: (i) the name and other reasonably requested information about each business that EDC recruited to locate in Vallejo, and (ii) the Vallejo locations that EDC recommended to the potential business.
B. Marketing
1. Develop & maintain brand identity for Solano County.
DocuSign Envelope ID: E907BEFC-67C0-4041-BCDA-3A5C10FCD4DB
Solano EDC Page 2
2. Position the County broadly, and Vallejo specifically, to attract businesses.
3. Individually promote the assets of Solano County cities.
4. Provide a centralized confidential information and network resource for expanding businesses.
5. Provide a monthly electronic newsletter.
6. Refer media news releases to local and Bay Area newspapers, real estate trade and business journals/magazines, and the various radio and television stations for newsworthy member events, business activities or announcements that promote the City.
7. Continue to upgrade Solano EDC’s web site with improved links to CITY websites and post economic growth articles under Solano EDC news section.
C. Education/Training
1. Include CITY in all Economic Development Task Force Committee meetings. Present to the CITY new tools and resources for economic developers.
D. Additional Tasks
1. As requested, coordinate services for groundbreaking ceremonies and participate in other economic development activities on behalf of the City.
2. Present status reports to the Vallejo City Council and Economic Vitality Commission as needed or requested.
3. Host Non-Profit Capacity Building Work, including, but not limited to, Syar Foundation Summit
4. Continue regional ADU strategy work.
5. Participate in CERF (Community Economic Resilience Fund) Steering Committee.
E. Other Requirements
1. Solano EDC agrees to comply with all of the insurance requirements set forth in Exhibit A, entitled “Insurance Requirements,” attached hereto and incorporated herein by reference.
This Memorandum of Understanding establishes the basic tenets of a collaborative working relationship between the City of Vallejo and the Solano EDC to create more jobs for Vallejo and the Solano County region.
The Solano EDC will meet regularly with the City to ensure the Solano EDC is aware of the economic development priorities of the City, and is marketing key sites, buildings and areas that are priorities for the City. Because each city in Solano County may have its own unique goals and objectives, opportunities, and resources (such as real estate), Solano EDC will tailor its activities to each city. For example, Vallejo’s maritime industry assets would be promoted by Solano EDC, whereas such assets do not exist elsewhere in Solano County.
This MOU sets forth the rights and obligations of the Solano EDC and the City of Vallejo with respect to fiscal years beginning in 2023-2024 through 2025-2026 with the option of extending through fiscal year 2027-2028.
In compensation for providing the activities described in this MOU, the City of Vallejo will pay, on an annual basis per fiscal year, the sum equivalent to $0.40 per capita based on the City’s DocuSign Envelope ID: E907BEFC-67C0-4041-BCDA-3A5C10FCD4DB
Solano EDC Page 3
population as reported by the California Department of Finance Demographic Research Unit. The annual amount for 2023-2024 is provided below.
Population 2022 Proposed Investment for 2024
123,564 $49,425
F. Business Retention and Expansion
In addition, the City will fund its fair share of a new business retention position for the 2023-2024 fiscal year. In exchange, Solano EDC will hire, train, and support a dedicated business assistance professional on behalf of all of the cities and the county (Business Assistance Specialist). Said Business Assistance Specialist will work with each city and the county to prioritize their outreach efforts and will electronically copy CITY on any and all engagements with businesses. The Business Assistance Specialist will have mastery of any/all local, state, or federal programs to assist businesses including ETP, Tax Credits, Cal Competes, among others. Future funding for this effort will depend on initial business retention efforts as determined by the City’s Economic Development Director. The initial annual cost for this position for fiscal year 2023-2024 is $11,900.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by and through their respective officers’ thereunto duly authorized.
EDC City of Vallejo
Signature: ____________________________ Signature: __________________________ Chris Rico, Michael Malone,
President and CEO City Manager
Date_____________________________ Date___________________________ DocuSign Envelope ID: E907BEFC-67C0-4041-BCDA-3A5C10FCD4DB 2/13/2024 2/22/2024
Solano EDC Page 4
EXHIBIT A
INSURANCE REQUIREMENTS
Solano EDC shall procure and maintain for the duration of this Memorandum of Understanding, MOU, including any extensions thereto, insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of services hereunder by the Solano EDC, their agents, representatives, or employees or subcontractors. It shall be a requirement under this MOU 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 MOU; or (2) the broader coverage and maximum limits of coverage of any Insurance policy or proceeds available to the named Insured; whichever is greater. No representation is made that the minimum Insurance requirements of this MOU are sufficient to cover the obligations of the Solano EDC under this MOU.
1. Minimum Scope of Insurance. Coverage shall be at least as broad as:
A. Insurance Services Office form number GL 0002 covering Comprehensive General Liability and Insurance Services Office form number GL 0404 covering Broad Form Comprehensive General Liability; or Insurance Services Office Commercial General Liability coverage (occurrence form CG 0001).
B. Insurance Services Office form number CA 0001 covering Automobile Liability, code 1 any auto and endorsement CA 0025.
C. Workers' Compensation insurance as required by the State of California and Employer's Liability Insurance.
D. Professional Liability insurance appropriate to the Solano EDC’s profession (Errors and Omission).
2. Minimum Limits of Insurance. Solano EDC shall maintain limits no less than:
A. General Liability: $2,000,000 per occurrence for bodily injury, personal injury, and property damage. If Commercial General Liability Insurance or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to this project/location or the general aggregate limit shall be twice the required occurrence limit.
B. Automobile Liability: $1,000,000 per accident for bodily injury and property damage.
C. Workers’ Compensation insurance as required by the State of California, with Statutory Limits, and Employer’s Liability Insurance with limit of no less than $1,000,000 per accident for bodily injury or disease. If Solano EDC is not subject to California DocuSign Envelope ID: E907BEFC-67C0-4041-BCDA-3A5C10FCD4DB
Solano EDC Page 5
Workers’ Compensation requirements, Solano EDC shall file a completed Request for Waiver of Workers’ Compensation Insurance Form which may be obtained from the City prior to commencing any activity authorized hereunder.
D. Professional Liability (Errors and Omission): Insurance appropriates to the Solano EDC’s profession with $1,000,000 combined single limit per occurrence, and annual aggregate.
3. Deductible and Self-Insured Retention (SIR). Any deductibles or self-insured retention must be declared to and approved by the City. At the option of the City, either:
the insurer shall reduce or eliminate such deductibles or self-insured retention as respects the City of Vallejo, its officers, officials, employees and volunteers; or the Solano EDC shall procure a bond guaranteeing payment of losses and related investigations, claim administration and defense expenses. All SIRs must be disclosed to the City’s Risk Manager for approval and shall not reduce the limits of liability. Policies containing any SIR provision shall provide or be endorsed to provide that the SIR may be satisfied by either the named Insured or the City.
4. Other Insurance Provisions.
A. Additional Insured Endorsements: The City of Vallejo, its officers, officials, employees, agents and volunteers are to be covered as Additional Insureds as respects; liability, including defense costs, arising out of activities performed by or on behalf of the Solano EDC; products and completed operations of the Solano EDC; premises owned, occupied or used by the Solano EDC; or automobiles owned, leased hired or borrowed by the Solano EDC. Additional Insured endorsements with respect to General Liability, Auto and Umbrella/Excess Insurance shall be attached to the Certificate of Insurance presented to the City.
B. 30 Days’ Notice of Cancellation Endorsements: Each insurance policy required by this clause shall be endorsed to state that coverage shall not be suspended, voided, canceled by either party, reduced in coverage or in limits except after thirty (30) days' prior written notice by certified mail, return receipt requested, has been given to the City.
C. The limits of Insurance required in this MOU 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 Vallejo before the City’s own Insurance or self-insurance shall be called upon to protect it as a named insured.
D. The insurance coverage shall contain no special limitations on the scope of protection afforded to the City of Vallejo, its officers, officials, employees, agents or volunteers. For any claims related to this project, Solano EDC's insurance coverage shall be primary insurance as respects the City of Vallejo, its officers, officials, employees, agents, and volunteers. Any insurance or self-insurance maintained by the City of Vallejo, its officers, officials, employees, agents, or volunteers shall be excess of the Solano DocuSign Envelope ID: E907BEFC-67C0-4041-BCDA-3A5C10FCD4DB
Solano EDC Page 6
EDC's insurance and shall not contribute with it.
E. The Solano EDC's insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the limits of the insurer's liability.
F. Any failure to comply with reporting or other provisions of the policies including breaches of warranties shall not affect coverage provided to the City, its officers, officials, employees, agents, or volunteers.
G. The City reserves the right to modify these requirements, including limits, based on the nature of the risk, prior experience, insurer, coverage, or other special circumstances.
5. Acceptability of Insurers. The insurance is to be issued by companies licensed to do business in the State of California. The insurance is to be placed with insurers with a current A.M. Best's rating of no less than A:VII.
6. Verification of Coverage. Solano EDC shall furnish the City with certificates of insurance and original endorsements. The certificates and endorsements are to be signed by a person authorized by that insurer to bind coverage on its behalf. All endorsements are to be received and approved by the City before work commences. 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. All verification of coverage and other insurance documents shall be mailed to the following address:
City of Vallejo
Attn: Risk Manager
555 Santa Clara Street
Vallejo, CA 94590
7. Subcontractors. Solano EDC shall include all subcontractors as insureds under its policies or shall furnish separate certificates and endorsements for each subcontractor.
All coverages for subcontractors shall be subject to all of the requirements stated herein.
8. Payment Withhold. City will withhold payments to Solano EDC if above required insurance or endorsements are canceled, or Solano EDC otherwise ceases to be insured as required herein.
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THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
BUSINESSOWNERS LIABILITY SPECIAL BROADENING ENDORSEMENT This endorsement modifies insurance provided under the following:
BUSINESSOWNERS COVERAGE FORM
This endorsement amends coverages provided under the Businessowners Coverage Form through new coverages and broader coverage grants. This coverage is subject to the provisions applicable to the Businessowners Coverage Form, except as provided below.
The following changes are made to SECTION II -
LIABILITY:
1. Additional Insured by Contract, Agreement or
Permit
The following is added to SECTION II -
LIABILITY, C. Who Is An Insured:
Additional Insured by Contract, Agreement or
Permit
a. Any person or organization with whom you
agreed in a written contract, written
agreement or permit to add such person or
organization as an additional insured on
your policy is an additional insured only with
respect to liability for "bodily injury",
"property damage", or "personal and
advertising injury" caused, in whole or in
part, by your acts or omissions, or the acts
or omissions of those acting on your behalf,
but only with respect to:
(1) "Your work" for the additional insured(s)
designated in the contract, agreement or
permit;
(2) Premises you own, rent, lease or
occupy; or
(3) Your maintenance, operation or use of
equipment leased to you.
b. The insurance afforded to such additional
insured described above:
(1) Only applies to the extent permitted by
law; and
(2) Will not be broader than the insurance
which you are required by the contract,
agreement or permit to provide for such
additional insured.
(3) Applies on a primary basis if that is
required by the written contract, written
agreement or permit.
(4) Will not be broader than coverage
provided to any other insured.
(5) Does not apply if the "bodily injury",
"property damage" or "personal and
advertising injury" is otherwise excluded
from coverage under this Coverage Part,
including any endorsements thereto.
391-1006 08 16 Includes copyrighted materials of Insurance Services Offices, Inc., with its permission. Page 1 of 6 SUMMARY OF COVERAGES Limits Page
1. Additional Insured by Contract, Agreement or Permit Included 1
2. Additional Insured - Broad Form Vendors
3. Alienated Premises
4. Broad Form Property Damage - Borrowed Equipment, Customers Goods and Use of Elevators
5. Incidental Malpractice (Employed Nurses, EMT's and Paramedics)
6. Personal and Advertising Injury - Broad Form
7. Product Recall Expense
Product Recall Expense Each Occurrence Limit
Product Recall Expense Aggregate Limit
Product Recall Deductible
8. Unintentional Failure to Disclose Hazards
9. Unintentional Failure to Notify
Included
Included
Included
Included
Included
Included
$25,000
$50,000
$500
Included
Included
2 3
3 3
4 4
5 5
5 6
6 Aggregate
Occurrence
OBFD951919
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OBF D951919 5701335
c. This provision does not apply:
(1) Unless the written contract or written
agreement was executed or permit was
issued prior to the "bodily injury",
"property damage", or "personal injury
and advertising injury".
(2) To any person or organization included
as an insured by another endorsement
issued by us and made part of this
Coverage Part.
(3) To any lessor of equipment:
(a) After the equipment lease expires; or
(b) If the "bodily injury", "property
damage", "personal and advertising
injury" arises out of sole negligence
of the lessor.
(4) To any:
(a) Owners or other interests from whom
land has been leased if the
"occurrence" takes place or the
offense is committed after the lease
for the land expires; or
(b) Managers or lessors of premises if:
(i) The "occurrence" takes place or
the offense is committed after
you cease to be a tenant in that
premises; or
(ii) The "bodily injury", "property
damage", "personal injury" or
"advertising injury" arises out of
structural alterations, new
construction or demolition
operations performed by or on
behalf of the manager or lessor.
(5) To "bodily injury", "property damage" or
"personal and advertising injury" arising
out of the rendering of or the failure to
render any professional services.
This exclusion applies even if the claims
against any insured allege negligence or
other wrongdoing in the supervision,
hiring, employment, training or
monitoring of others by that insured, if
the "occurrence" which caused the
"bodily injury" or "property damage" or
the offense which caused the "personal
and advertising injury" involved the
rendering of or failure to render any
professional services by or for you.
d. With respect to the insurance afforded to
these additional insureds, the following is
added to SECTION II - LIABILITY, D. Liability
and Medical Expense Limits of Insurance:
The most we will pay on behalf of the
additional insured for a covered claim is the
lesser of the amount of insurance:
1. Required by the contract, agreement or
permit described in Paragraph a.; or
2. Available under the applicable Limits of
Insurance shown in the Declarations.
This endorsement shall not increase the
applicable Limits of Insurance shown in the
Declarations
e. All other insuring agreements, exclusions,
and conditions of the policy apply.
2. Additional Insured - Broad Form Vendors
The following is added to SECTION II -
LIABILITY, C. Who Is An Insured:
Additional Insured - Broad Form Vendors
a. Any person or organization that is a vendor
with whom you agreed in a written contract
or written agreement to include as an
additional insured under this Coverage Part
is an insured, but only with respect to liability
for "bodily injury" or "property damage"
arising out of "your products" which are
distributed or sold in the regular course of
the vendor's business.
b. The insurance afforded to such vendor
described above:
(1) Only applies to the extent permitted by
law;
(2) Will not be broader than the insurance
which you are required by the contract or
agreement to provide for such vendor;
(3) Will not be broader than coverage
provided to any other insured; and
(4) Does not apply if the "bodily injury",
"property damage" or "personal and
advertising injury" is otherwise excluded
from coverage under this Coverage Part,
including any endorsements thereto
c. With respect to insurance afforded to such
vendors, the following additional exclusions
apply:
The insurance afforded to the vendor does
not apply to:
(1) "Bodily injury" or "property damage" for
which the vendor is obligated to pay
damages by reasons of the assumption of
liability in a contract or agreement. This
exclusion does not apply to liability for
damages that the insured would have in
the absence of the contract or
agreement;
(2) Any express warranty unauthorized by
you;
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(3) Any physical or chemical change in the
product made intentionally by the
vendor;
(4) Repackaging, unless unpacked solely for
the purpose of inspection,
demonstration, testing, or the
substitution of parts under instruction
from the manufacturer, and then
repackaged in the original container;
(5) Any failure to make such inspection,
adjustments, tests or servicing as the
vendor has agreed to make or normally
undertakes to make in the usual course
of business in connection with the sale
of the product;
(6) Demonstration, installation, servicing or
repair operations, except such
operations performed at the vendor's
premises in connection with the sale of
the product;
(7) Products which, after distribution or sale
by you, have been labeled or relabeled
or used as a container, part or
ingredient of any other thing or
substance by or for the vendor;
(8) "Bodily injury" or "property damage"
arising out of the sole negligence of the
vendor for its own acts or omissions or
those of its employees or anyone else
acting on its behalf. However, this
exclusion does not apply to:
(a) The exceptions contained within the
exclusion in subparagraphs (4) or (6)
above; or
(b) Such inspections, adjustments, tests
or servicing as the vendor has
agreed to make or normally
undertakes to make in the usual
course of business, in connection
with the distribution or sale of the
products.
(9) "Bodily injury" or "property damage"
arising out of an "occurrence" that took
place before you have signed the
contract or agreement with the vendor.
(10)To any person or organization included
as an insured by another endorsement
issued by us and made part of this
Coverage Part.
(11)Any insured person or organization,
from whom you have acquired such
products, or any ingredient, part or
container, entering into, accompanying
or containing such products.
d. With respect to the insurance afforded to
these vendors, the following is added to
SECTION II - LIABILITY, D. Liability and
Medical Expense Limits of Insurance:
The most we will pay on behalf of the vendor
for a covered claim is the lesser of the
amount of insurance:
1. Required by the contract or agreement
described in Paragraph a.; or
2. Available under the applicable Limits of
Insurance shown in the Declarations;
This endorsement shall not increase the
applicable Limits of Insurance shown in the
Declarations.
3. Alienated Premises
SECTION II - LIABILITY, B. Exclusions, 1.
Applicable To Business Liability Coverage k.
Damage to Property, paragraph (2) is replaced by
the following:
(2) Premises you sell, give away or abandon, if
the "property damage" arises out of any part
of those premises and occurred from hazards
that were known by you, or should have
reasonably been known by you, at the time
the property was transferred or abandoned.
4. Broad Form Property Damage - Borrowed
Equipment, Customers Goods, Use of Elevators
a. The following is added to SECTION II -
LIABILITY, B. Exclusions, 1. Applicable To
Business Liability Coverage, k. Damage to
Property:
Paragraph (4) does not apply to "property
damage" to borrowed equipment while at a
jobsite and not being used to perform
operations.
Paragraph (3), (4) and (6) do not apply to
"property damage" to "customers goods"
while on your premises nor to the use of
elevators.
b. For the purposes of this endorsement, the
following definition is added to SECTION II -
LIABILITY, F. Liability and Medical Expenses
Definitions:
1. "Customers goods" means property of
your customer on your premises for the
purpose of being:
a. Worked on; or
b. Used in your manufacturing process.
c. The insurance afforded under this provision is
excess over any other valid and collectible
property insurance (including deductible)
available to the insured whether primary,
excess, contingent or on any other basis.
5. Incidental Malpractice - Employed Nurses, EMT's
and Paramedics
SECTION II - LIABILITY, C. Who Is An Insured,
paragraph 2.a.(1)(d) does not apply to a nurse,
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OBF D951919 5701335
emergency medical technician or paramedic
employed by you if you are not engaged in the
business or occupation of providing medical,
paramedical, surgical, dental, x-ray or nursing
services.
6. Personal Injury - Broad Form
a. SECTION II - LIABILITY, B. Exclusions, 2.
Additional Exclusions Applicable only to
"Personal and Advertising Injury", paragraph
e. is deleted.
b. SECTION II - LIABILITY, F. Liability and
Medical Expenses Definitions, 14. "Personal
and advertising injury", paragraph b. is
replaced by the following:
b. Malicious prosecution or abuse of
process.
c. The following is added to SECTION II -
LIABILITY, F. Liability and Medical Expenses
Definitions, Definition 14. "Personal and
advertising injury":
"Discrimination" (unless insurance thereof is
prohibited by law) that results in injury to the
feelings or reputation of a natural person,
but only if such "discrimination" is:
(1) Not done intentionally by or at the
direction of:
(a) The insured;
(b) Any officer of the corporation,
director, stockholder, partner or
member of the insured; and
(2) Not directly or indirectly related to an
"employee", not to the employment,
prospective employment or termination
of any person or persons by an insured.
d. For purposes of this endorsement, the
following definition is added to SECTION II -
LIABILITY, F. Liability and Medical Expenses
Definitions:
1. "Discrimination" means the unlawful
treatment of individuals based upon race,
color, ethnic origin, gender, religion, age,
or sexual preference. "Discrimination"
does not include the unlawful treatment
of individuals based upon developmental,
physical, cognitive, mental, sensory or
emotional impairment or any
combination of these.
e. This coverage does not apply if liability
coverage for "personal and advertising
injury" is excluded either by the provisions of
the Coverage Form or any endorsement
thereto.
7. Product Recall Expense
a. SECTION II - LIABILITY, B. Exclusions, 1.
Applicable To Business Liability Coverage,
o. Recall of Products, Work or Impaired
is replaced by the following:
o. Recall of Products, Work or Impaired
Property
Damages claimed for any loss, cost or
expense incurred by you or others for
the loss of use, withdrawal, recall,
inspection, repair, replacement,
adjustment, removal or disposal of:
(1) "Your product";
(2) "Your work"; or
(3) "Impaired property";
If such product, work or property is
withdrawn or recalled from the market or
from use by any person or organization
because of a known or suspected defect,
deficiency, inadequacy or dangerous
condition in it, but this exclusion does
not apply to "product recall expenses"
that you incur for the "covered recall" of
"your product".
However, the exception to the exclusion
does not apply to "product recall
expenses" resulting from:
(4) Failure of any products to accomplish
their intended purpose;
(5) Breach of warranties of fitness,
quality, durability or performance;
(6) Loss of customer approval, or any
cost incurred to regain customer
approval;
(7) Redistribution or replacement of
"your product" which has been
recalled by like products or
substitutes;
(8) Caprice or whim of the insured;
(9) A condition likely to cause loss of
which any insured knew or had
reason to know at the inception of
this insurance;
(10)Asbestos, including loss, damage or
clean up resulting from asbestos or
asbestos containing materials; or
(11)Recall of "your products" that have
no known or suspected defect solely
because a known or suspected
defect in another of "your products"
has been found.
b. The following is added to SECTION II -
LIABILITY, C. Who Is An Insured, paragraph
3.b.:
"Product recall expense" arising out of any
withdrawal or recall that occurred before you
acquired or formed the organization.
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c. The following is added to SECTION II -
LIABILITY, D. Liability and Medical Expenses
Limits of Insurance:
Product Recall Expense Limits of Insurance
a. The Limits of Insurance shown in the
SUMMARY OF COVERAGES of this
endorsement and the rules stated below
fix the most that we will pay under this
Product Recall Expense Coverage
regardless of the number of:
(1) Insureds;
(2) "Covered Recalls" initiated; or
(3) Number of "your products"
withdrawn.
b. The Product Recall Expense Aggregate
Limit is the most that we will reimburse
you for the sum of all "product recall
expenses" incurred for all "covered
recalls" initiated during the policy period.
c. The Product Recall Each Occurrence
Limit is the most we will pay in
connection with any one defect or
deficiency.
d. All "product recall expenses" in
connection with substantially the same
general harmful condition will be
deemed to arise out of the same defect
or deficiency and considered one
"occurrence".
e. Any amount reimbursed for "product
recall expenses" in connection with any
one "occurrence" will reduce the amount
of the Product Recall Expense Aggregate
Limit available for reimbursement of
"product recall expenses" in connection
with any other defect or deficiency.
f. If the Product Recall Expense Aggregate
Limit has been reduced by
reimbursement of "product recall
expenses" to an amount that is less than
the Product Recall Expense Each
Occurrence Limit, the remaining
Aggregate Limit is the most that will be
available for reimbursement of "product
recall expenses" in connection with any
other defect or deficiency.
g. Product Recall Deductible
We will only pay for the amount of
"product recall expenses" which are in
excess of the $500 Product Recall
Deductible. The Product Recall
Deductible applies separately to each
"covered recall". The limits of insurance
will not be reduced by the amount of this
deductible.
We may, or will if required by law, pay all
or any part of any deductible amount, if
applicable. Upon notice of our payment
of a deductible amount, you shall
promptly reimburse us for the part of the
deductible amount we paid.
The Product Recall Expense Limits of
Insurance apply separately to each
consecutive annual period and to any
remaining period of less than 12 months,
starting with the beginning of the policy
period shown in the Declarations, unless the
policy period is extended after issuance for
an additional period of less than 12 months.
In that case, the additional period will be
deemed part of the last preceding period for
the purposes of determining the Limits of
Insurance.
d. The following is added to SECTION II -
LIABILITY, E. Liability and Medical Expense
General Conditions, 2. Duties in the Event of
Occurrence, Offense, Claim or Suit:
You must see to it that the following are
done in the event of an actual or anticipated
"covered recall" that may result in "product
recall expense":
(1) Give us prompt notice of any discovery
or notification that "your product" must
be withdrawn or recalled. Include a
description of "your product" and the
reason for the withdrawal or recall;
(2) Cease any further release, shipment,
consignment or any other method of
distribution of like or similar products
until it has been determined that all
such products are free from defects that
could be a cause of loss under this
insurance.
e. For the purposs of this endorsement, the
following definitions are added to SECTION
II - LIABILITY, F. Liability and Medical
Expenses Definitions:
1. "Covered recall" means a recall made
necessary because you or a government
body has determined that a known or
suspected defect, deficiency,
inadequacy, or dangerous condition in
"your product" has resulted or will result
in "bodily injury" or "property damage".
2. "Product recall expense(s)" means:
a. Necessary and reasonable expenses
for:
(1) Communications, including radio
or television announcements or
printed advertisements including
stationary, envelopes and
postage;
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OBF D951919 5701335
(2) Shipping the recalled products
from any purchaser, distributor or
user to the place or places
designated by you;
(3) Remuneration paid to your
regular "employees" for
necessary overtime;
(4) Hiring additional persons, other
than your regular "employees";
(5) Expenses incurred by "employees"
including transportation and
accommodations;
(6) Expenses to rent additional
warehouse or storage space;
(7) Disposal of "your product", but
only to the extent that specific
methods of destruction other than
those employed for trash
discarding or disposal are
required to avoid "bodily injury"
or "property damage" as a result
of such disposal,
you incur exclusively for the purpose
of recalling "your product"; and
b. Your lost profit resulting from such
"covered recall".
f. This Product Recall Expense Coverage does
not apply:
(1) If the "products - completed operations
hazard" is excluded from coverage under
this Coverage Part including any
endorsement thereto; or
(2) To "product recall expense" arising out of
any of "your products" that are otherwise
excluded from coverage under this
Coverage Part including endorsements
thereto.
8. Unintentional Failure to Disclose Hazards
The following is added to SECTION II -
LIABILITY, E. Liability and Medical Expenses
General Conditions:
Representations
We will not disclaim coverage under this
Coverage Part if you fail to disclose all hazards
existing as of the inception date of the policy
provided such failure is not intentional.
9. Unintentional Failure to Notify
The following is added to SECTION II -
LIABILITY, E. Liability and Medical Expenses
General Conditions, 2. Duties in the Event of
Occurrence, Offense, Claim or Suit:
Your rights afforded under this Coverage Part
shall not be prejudiced if you fail to give us
notice of an "occurrence", offense, claim or "suit",
solely due to your reasonable and documented
belief that the "bodily injury", "property damage"
or "personal and advertising injury" is not
covered under this Policy.
ALL OTHER TERMS, CONDITIONS, AND EXCLUSIONS REMAIN UNCHANGED. 391-1006 08 16 Includes copyrighted materials of Insurance Services Offices, Inc., with its permission. Page 6 of 6 78588297 | 23-24 BOP/WC/E&O | Lorena David | 2/8/2024 10:25:17 PM (PST) | Page 7 of 9 DocuSign Envelope ID: E907BEFC-67C0-4041-BCDA-3A5C10FCD4DB
OBF D951919 5701335
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
BP 04 97 07 02 Copyright, ISO Properties, Inc., 2001 Page 1 of 1
WAIVEROFTRANSFEROFRIGHTSOFRECOVERY
AGAINSTOTHERSTOUS
This endorsement modifies insurance provided under the following:
BUSINESSOWNERS COVERAGE FORM
SCHEDULE*
Name Of Person Or Organization:
* Information required to complete this Schedule, if not shown on this endorsement, will be shown in the Declarations.
Paragraph K. Transfer Of Rights Of Recovery
Against Others To Us in Section III - Common Policy Conditions is amended by the addition of the following:
We waive any right of recovery we may have
against the person or organization shown in the
Schedule above because of payments we make for
injury or damage arising out of your ongoing operations or "your work" done under a contract with that person or organization and included in the
"products-completed operations hazard". This
waiver applies only to the person or organization
shown in the Schedule above.
BLANKET AS REQUIRED BY CONTRACT, AGREEMENT OR PERMIT
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WC 04 03 06 (Ed 04-84)
WAIVER OF OUR RIGHT TO RECOVER FROM OTHERS ENDORSEMENTCALIFORNIA We have the right to recover our payments from anyone liable for an injury covered by this policy. We will not enforce our right against the person or organization named in the Schedule. (This agreement applies only to the extent that you perform work under a written contract that requires you to obtain this agreement from us.) You must maintain payroll records accurately segregating the remuneration of your employees while engaged in the work described in the Schedule.
The additional premium for this endorsement shall be % of the California workers’ compensation premium otherwise due on such remuneration.
Schedule
Person or Organization Job Description
This endorsement changes the policy to which it is attached and is effective on the date issued unless otherwise stated. (The information below is required only when this endorsement is issued subsequent to preparation of the policy.) Endorsement Effective Policy No. Endorsement No.
Insured Insurance Company
Countersigned By
0 Blanket as req'd by contract, agrmt or permit
1 Solano Economic Development Corporation
06/21/2023 OBFD951919
Citizens Insurance Company of America
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CONSENT CALENDAR 8.E.
DATE: September 9, 2025
TO: Mayor and Members of the City Council
FROM: Oscar Alcantar, Interim Public Works Director
SUBJECT: ADOPT A RESOLUTION APPROVING A FIRST AMENDMENT TO THE ALARM
MONITORING SERVICE AGREEMENT WITH BAY ALARM COMPANY TO INCREASE THE NOT TO EXCEED AMOUNT TO $240,000 AND AUTHORIZING THE CITY
MANAGER TO EXECUTE SAME
RECOMMENDATION
Adopt a Resolution approving a First Amendment to the Alarm Monitoring Service Agreement with Bay Alarm Company to increase the not to exceed amount to $240,000 and authorizing the City Manager to execute same.
REASONS FOR RECOMMENDATION
The existing Bay Alarm contract, authorized at $100,000, is now fully expended or encumbered. Because uninterrupted alarm monitoring remains essential to safeguard City of Vallejo facilities, additional contract authority is required to continue these critical security services.
BACKGROUND AND DISCUSSION
Bay Alarm Company has provided fire and burglar alarm monitoring, maintenance, and repair services for City of Vallejo-owned facilities for many years. These services are currently delivered under the Alarm Monitoring Service Agreement (Contract No. 23PW200), which carries a maximum not-to-exceed amount of $100,000, remains in effect through June 30, 2026, and includes extension options through June 30, 2028. Over the past decade, Bay Alarm has provided comprehensive alarm system installation, maintenance, and integration services across numerous City facilities, including City Hall, the JFK Library, the Corporation Yard, the Parking Structure, the Ferry Building, Police and Fire Department facilities, Water Department facilities, the Mare Island Bridge Tower, and St. Peter’s Chapel.
The full $100,000 authorized under the current agreement has already been committed to support ongoing alarm monitoring and related services. With an average annual cost of approximately $40,000, the contract’s spending authority will soon be exhausted. Because Bay Alarm’s equipment is already installed and compatible with City operations and personnel training, transitioning to another vendor would require removing and replacing existing systems. This would result in significant additional cost, operational disruption, and potential lapses in critical security coverage.
To ensure uninterrupted alarm monitoring services, protect City facilities, and avoid unnecessary equipment replacement costs, staff recommend amending the Alarm Monitoring Service Agreement with Bay Alarm Company to increase the maximum not-to-exceed amount from $100,000 to $240,000. This adjustment will provide a sufficient contract limit to meet anticipated service needs through the remainder of the contract term (June 30, 2028). In accordance with procurement provisions permitting sole-source selection when specialized equipment is necessary to maintain compatibility, it is in the City’s best interest to continue service with Bay Alarm Company.
Date: September 9, 2025
Subject: ADOPT A RESOLUTION APPROVING A FIRST AMENDMENT TO THE ALARM
MONITORING SERVICE AGREEMENT WITH BAY ALARM COMPANY TO
INCREASE THE NOT TO EXCEED AMOUNT TO $240,000 AND AUTHORIZING THE
CITY MANAGER TO EXECUTE SAME
FISCAL IMPACT
The proposed action to amend the agreement with Bay Alarm Company to increase the contract amount by $140,000 for a new not-to-exceed amount of $240,000 will have no new fiscal impact as funding is included in the adopted budget. All future payments for this agreement are subject to City Council approval of annual appropriations.
ENVIRONMENTAL REVIEW
This action is exempt from the California Environmental Quality Act (CEQA) because it is not a project which has a potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, pursuant to CEQA Guidelines section 15378.
ATTACHMENTS
1. Resolution - Bay Alarm - First Amendment 23PW200_CAO Stamp
2. Bay Alarm - First Amendment to 23PW200_CAO Stamp
3. 23-PW200 BAY ALARM CO Alarm Monitoring Service Agreement
4. Bay Alarm - 23-PW200 Extension Letter to June 30, 2025-mt
5. Bay Alarm - 23-PW200 Extension Letter to June 30, 2026
CONTACT
Oscar Alcantar, Interim Public Works Director, 707-648-4433 [email protected]
RESOLUTION NO. 25-_____
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VALLEJO APPROVING
A FIRST AMENDMENT TO THE ALARM MONITORING SERVICE AGREEMENT WITH BAY ALARM COMPANY TO INCREASE THE NOT TO EXCEED AMOUNT TO $240,000 AND
AUTHORIZING THE CITY MANAGER TO EXECUTE SAME
WHEREAS, the City of Vallejo has an existing Alarm Monitoring Services Agreement with Bay Alarm Company (contract #23PW200) to provide fire and burglar alarm monitoring services for multiple City facilities. The Agreement has a maximum not to exceed of $100,000 and an expiration date of June 30, 2026, with options to extend until June 30, 2028; and WHEREAS, to date, $100,000 has been encumbered in relation to this contract. The City still has alarm monitoring needs and if services were to be provided by a different vendor, the existing Bay Alarm equipment would need to be removed and replaced at an increased cost to the City; and WHEREAS, staff recommend amending the Alarm Monitoring Service Agreement with Bay Alarm to increase the maximum not to exceed amount to $240,000 for the duration of the contract.
NOW, THEREFORE BE IT RESOLVED that the City Council hereby approves the First Amendment to the Alarm Monitoring Service Agreement between the City of Vallejo and Bay Alarm Company to increase the contract’s not to exceed amount to $240,000.
BE IT FURTHER RESOLVED that the City Council hereby authorizes the City Manager to execute same, with any modifications recommended by the City Attorney and the City Clerk to attest the signing of that Agreement.
Adopted by the City Council of the City of Vallejo at a regular meeting held on September 9, 2025, with the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
______________________________________
ANDREA SORCE, MAYOR
ATTEST:
______________________________________
DAWN G. ABRAHAMSON, CITY CLERK
First Amendment – Bay Alarm 23PW200 Page 1 of 3
FIRST AMENDMENT TO THE
ALARM MONITORING SERVICE AGREEMENT BETWEEN
CITY OF VALLEJO
AND
BAY ALARM COMPANY
This First Amendment to the Alarm Monitoring Service Agreement made and entered into on March 13, 2023, hereafter referred to as “Agreement”, between Bay Alarm Company, a California corporation, therein referred to as “Consultant”, and the City of Vallejo, a municipal corporation, therein referred to as “City”, is made and entered into on this 10th day of September 10, 2025.
Consultant and City do mutually agree as follows:
1. Amendment to Section 1A of Exhibit B “Compensation.” Section 1A of Exhibit B of the Agreement shall be modified to read:
“1. Consultant’s Compensation.
A. Services: City agrees to pay Consultant, at the rate(s) specified below, for those services set forth in Exhibit A of this Agreement and for all authorized reimbursable expenses, for a total not to exceed Two Hundred Forty Thousand Dollars and Zero Cents ($240,000.00).
Consultant shall notify City in writing no later than thirty (30) days prior to the estimated date when Consultant will have billed City the maximum payment amount permitted under this Agreement, and Consultant shall provide City with an estimate of the additional compensation required to complete the project “
2. Integration. This First Amendment contains the entire agreement between the parties with respect to its subject matter and supersedes whatever oral or written understanding they may have had prior to the execution of this First Amendment. This First Amendment shall not be amended or modified except by a written agreement executed by each of the parties. Except as specifically revised herein, all terms and conditions of the Agreement shall remain in full force and effect, and Consultant shall perform all duties, obligations and conditions required under the Agreement.
3. Inconsistencies. In the event of any conflict or inconsistency between the provisions of this First Amendment and the Agreement, the provisions of this First Amendment shall control in all respects.
4. Ambiguities. The parties have each carefully reviewed this First Amendment and have agreed to each term of this First Amendment. No ambiguity shall be presumed to be construed against either party.
First Amendment – Bay Alarm 23PW200 Page 2 of 3
5. Counterparts. This First Amendment may be executed by the parties in one or more counterparts all of which collectively shall constitute one document and agreement.
6. Authority. The person signing this First Amendment for Consultant hereby represents and warrants that he or she is fully authorized to sign this First Amendment on behalf of Consultant.
(SIGNATURES ARE ON THE FOLLOWING PAGE)
First Amendment – Bay Alarm 23PW200 Page 3 of 3
IN WITNESS WHEREOF, the parties have entered into this First Amendment on the day and year first hereinabove appearing.
BAY ALARM COMPANY,
a California corporation
BY:
MICHAL KUBICKI
Corporate Counsel
DATE:
(City Seal)
CITY OF VALLEJO,
a municipal corporation
BY:
ANDREW MURRAY
City Manager
DATE:
ATTEST:
DAWN G. ABRAHAMSON
City Clerk
APPROVED AS TO CONTENT:
OSCAR ALCANTAR
Interim Public Works Director
APPROVED AS TO FORM:
VERONICA A. F. NEBB
City Attorney
APPROVED AS TO INSURANCE:
ARMOND SARKIS
Risk Manager
Mar 9, 2023 1:33 PM, 1077673969
Contract and Routing Form
Requisition Number: 1077631645
Date Originated:
Finance Department · 555 Santa Clara Street · Vallejo · CA · 94590 · 707.648.4592 Department: Public Works Departments, Maintenance
Staff Contact: Brisa Long, [email protected] Contract Type: Other: Alarm Monitoring Service Agreement Vendor: Bay Alarm Co.
Contract Not to Exceed Amount: 100000.00
Contract Start Date: Mar 13, 2023 End Date: Jun 30, 2024 Option to Extend: intervals of one year, shall not extend beyond 6/30/28 Authority to Contract: City Manager
Other Comments:
This agreement is for fire and alarm monitoring services at various COV facilities.
Attachments are uploaded for review here: https://bit.ly/vContracts Approved Pre-Requisition Form
DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A 23-PW200
Contract and Routing Form
Signature Page
Department Initial Date Comment
Originating Department/Division
Risk Manager
Finance Department
City Attorney
City Manager
City Clerk
Return executed contract to: Brisa Long
DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
Mar 9, 2023 12:01 PM, 1077631645
Pre-Requisition Form
Finance Department · 555 Santa Clara Street · Vallejo · CA · 94590 · 707.648.4592 Department: Public Works Departments, Maintenance
Staff Contact: Brisa Long, [email protected] Vendor: Bay Alarm Co. Vendor Number 1064
Term: Multi-year Term
Anticipated Start Date: Mar 13, 2023
Anticipated End Date: Jun 30, 2024
Anticipated Contract Type: Other: Alarm Monitoring Service Agreement Purchasing Authority: City Manager
Total Projected Expenditure: 100000.00
Multiple Project Numbers? No, just one Multiple Account Numbers? No, just one Description of Proposed Purchase:
Fire and burglar alarm monitoring services at various COV facilities.
I have reviewed the city-wide contracts, expenditure and encumbrance reports to comply with the VMC.
It is existing vendor but total City-wide expenses are not anticipated to hit the cap of $100,000 in a single FY.
Competitive Process: I am exempt from having to complete a Competitive Process Exemption Explanation:
E. Highly specialized equipment developed or designed for a special activity or function whose purpose is in the best interest of the City due to compatibility with existing equipment or training of personnel Explanation for Vendor Selection:
Existing citywide vendor with alarm monitoring equipment that is already installed at various city facilities. If services were to be provided by a different vendor, the existing equipment would need to be removed and replaced at an increased costs to the city.
Other Comments:
This pre req takes the place of pre req #983145789
Uploaded documents available for review https://bit.ly/vPreReqs.
WarrantyNot sure
DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
Pre-Requisition Signature Section
Department Comment
Supervisor/Manager: Brisa Long
Title: Admin Analyst II
E-mail: [email protected]
_
_
Signature Date
Delegated Signee: Melissa Tigbao
Title: Public Works Director
E-mail: [email protected]
_
Signature Date
Route Final HTE PO to City Clerk for Contract Log
Brisa Long Digitally signed by Brisa Long
DN: cn=Brisa Long, o=City of Vallejo, ou=Public
Works, [email protected], c=US
Date: 2023.03.09 13:16:15 -08'00'
Digitally signed by Melissa Tigbao
DN: cn=Melissa Tigbao, o=City of Vallejo, ou=Public
Works, [email protected], c=US
Date: 2023.03.14 10:59:01 -07'00'
DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
Bay Alarm- Alarm Monitoring Services Agreement Page 1 of 11
ALARM MONITORING SERVICE AGREEMENT
This Alarm Monitoring Service Agreement ("Agreement") is made at Vallejo, California, dated for reference this 13th day of March , 2023 , by and between the City of Vallejo, a municipal corporation ("City"), and Bay Alarm Company, a California corporation, hereinafter referred to as “Consultant”, who agree as follows:
1. Services. Subject to the terms and conditions set forth in this Agreement, Consultant shall provide the City professional services as specified in Exhibit A, entitled “Scope of Work.”
2. Payment. City shall pay Consultant for services rendered pursuant to this Agreement at the times and in the manner set forth in Exhibit B, entitled “Compensation.” The payments specified in Exhibit B shall be the only payments to be made to Consultant for services rendered pursuant to this Agreement.
3. Facilities and Equipment. Consultant shall, at its sole cost and expense, furnish all facilities and equipment which may be required for furnishing services pursuant to this Agreement.
4. Indemnification. Consultant shall to the fullest extent permitted by law, indemnify, hold harmless, and defend City, its officers, officials, directors, employees, agents, volunteers and affiliates and each of them (collectively referred to herein as “Indemnitees”) from and against any and all claims, liabilities, expenses, liens, or damages of any nature, including liability for bodily injury, property damage or personal injury, including death, and including reasonable attorneys’ fees and expenses, that arise out of, pertain to, or relate to the performance of this Agreement by Consultant, and/or its agents, officers, employees, subcontractors, or independent contractors (“Claim”).
Notwithstanding anything to the contrary in this Agreement, Consultant shall have no direct liability to City or indemnity or defense obligations to Indemnitees for postinstallation claims or liabilities actually or allegedly arising from the failure of Consultant’s products and/or services to detect, deter or prevent the events Consultant’s products and/or services are designed to detect, deter, or prevent, except where such events are cause by Consultant’s gross negligence or willful misconduct.
Exceptions. Consultant is not required to indemnify Indemnitees against liability for bodily injury, property damage or personal injury, or any other loss, damage or expense arising from the sole negligence or willful misconduct of City.
Not limited by insurance. The indemnity, defense and hold harmless provisions of this Agreement apply to all claims alleged against an Indemnitee, regardless of DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
Bay Alarm- Alarm Monitoring Services Agreement Page 2 of 11 whether any insurance policies are applicable. Policy limits do not act as a limitation upon the amount of indemnification or defense to be provided by Consultant.
City shall have the right to offset against any compensation due Consultant under this Agreement any amount due City from Consultant as a result of Consultant’s failure to pay City promptly any indemnification arising under this Section 4 and any amount due City from Consultant arising from Consultant’s failure either to (i) pay taxes on amounts received pursuant to this Agreement or (ii) comply with applicable workers’ compensation laws.
This Section 4 shall constitute an agreement or contract of indemnity, incorporating the interpretations under California Civil Code Section 2778. It is expressly understood and agreed that the obligation of Consultant to indemnify the Indemnitee shall be as broad and inclusive as permitted by the laws of the State of California and shall survive termination of this Agreement.
5. Insurance Requirements. Consultant agrees to comply with all of the Insurance Requirements set forth in Exhibit C, entitled “Insurance Requirements for Consultant.” Failure to maintain required insurance at all times shall constitute a default and material breach.
6. Accident Reports. Consultant shall immediately report (as soon as feasible, but not more than 24 hours) to the City Risk Manager any accident or other occurrence causing injury to persons or property during the performance of this Agreement. The report shall be made in writing and shall include, at a minimum: (a) the names, addresses, and telephone numbers of the persons involved, (b) the names, addresses, and telephone numbers of any known witnesses, (c) the date, time, and description of the accident or other occurrence.
7. Conflict of Interest. Consultant warrants and represents that to the best of its knowledge, there exists no actual or potential conflict between Consultant’s family, business, real property or financial interests and the services to be provided under this Agreement. Consultant shall comply with the City of Vallejo Conflict of Interest Code and not enter into any contract or agreement during the performance of this Agreement which will create a conflict of interest with its duties to City under this Agreement. In the event of a change in Consultant’s family, business, real property, or financial interests occurs during the term of this Agreement that creates an actual or potential conflict of interest, then Consultant shall disclose such conflict in writing to City. Every individual who performs services on behalf of Consultant pursuant to this Agreement must file a full Statement of Economic Interests (also known as Form 700) with the City Clerk if the work of the individual involves making a governmental decision whether to issue, deny, suspend, or revoke any permit, license, application, certificate, approval, order, or similar authorization or entitlement; authorizes the City to enter into, modify, or renew a contract; grants City approval of specifications for a contract; adopts or approves DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
Bay Alarm- Alarm Monitoring Services Agreement Page 3 of 11 for the City any policy, standard or guideline; lobbies on behalf of the City, or performs the same or substantially all the same duties for the City that would otherwise be performed by an individual holding a position specified in the City’s Conflict of Interest Code.
8. Independent Contractor. Consultant is an independent contractor.
Neither Consultant nor any of Consultant’s officers, employees, agents, or subcontractors, if any, is an employee of City by virtue of this Agreement or performance of any services pursuant to this Agreement. City shall have the right to control Consultant only insofar as the results of Consultant’s services rendered pursuant to this Agreement; however, City shall not have the right to control the means by which Consultant accomplishes services pursuant to this Agreement.
9. Licences, Permits, Etc. Consultant represents and warrants to City that all consultant services shall be provided by a person or persons duly licensed by the State of California to provide the type of services to be performed under this Agreement and that Consultant has all the permits, qualifications and approvals of whatsoever nature which are legally required for Consultant to practice its profession. Consultant represents and warrants to City that it shall, at its sole cost and expense, keep in effect at all times during the term of this Agreement any licenses, permits, and approvals which are legally required for Consultant to practice its profession.
10. Business License. Consultant, and its subcontractors, has obtained or agrees to apply prior to performing any services under this Agreement to City’s Finance Department for a business license, pay the applicable business license tax and maintain said business license during the term of this Agreement. The failure to obtain such license shall be a material breach of this Agreement and grounds for termination by City. No payments shall be made to Consultant until such business license(s) has been obtained.
11. Standard of Performance. Consultant shall provide products and perform all services required pursuant to this Agreement in accordance with generally accepted professional practices and principles and in a manner consistent with the level of care and skill ordinarily exercised under similar conditions by a member of Consultant’s profession currently practicing in California.
Consultant is responsible for making an independent evaluation and judgment of all conditions affecting performance of the work, including without limitation applicable federal, state, and local laws and regulations, and all other contingencies or considerations.
Consultant’s responsibilities under this section shall not be delegated. Consultant shall be responsible to City for acts, errors, or omissions of Consultant’s subcontractors.
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Bay Alarm- Alarm Monitoring Services Agreement Page 4 of 11 Consultant is responsible for making an independent evaluation and judgment of all conditions affecting performance of the work and shall prepare plans, reports, and/or other work products in such a way that additional costs will not be incurred beyond a project budget approved or amended by the City Manager or his or her designee.
Whenever the scope of work requires or permits review, approval, conditional approval or disapproval by City, it is understood that such review, approval, conditional approval or disapproval is solely for the purposes of administering this Agreement and determining whether the Consultant is entitled to payment for such work, and not be construed as a waiver of any breach or acceptance by the City of any responsibility, professional or otherwise, for the work, and shall not relieve the Consultant of responsibility for complying with the standard of performance or laws, regulations, industry standards, or from liability for damages caused by negligent acts, errors, omissions, noncompliance with industry standards, or the willful misconduct of Consultant.
12. Force Majeure. Neither party shall be considered in default of this Agreement to the extent performances are prevented or delayed by causes or circumstances beyond either party’s reasonable control, such as war, riots, strikes, lockouts, work slowdown or stoppage, acts of God, such as floods or earthquakes, and electrical blackouts or brownouts.
In the event that the Consultant is unable to meet the completion date or schedule of services, Consultant shall immediately inform the City Representative of this in writing. If additional time is required to perform the work, the City Representative may adjust the schedule.
13. Time is of the Essence. Time is of the essence in this Agreement. Any reference to days means calendar days, unless otherwise specifically stated.
14. Personnel. Consultant agrees to assign only competent personnel according to the reasonable and customary standards of training and experience in the relevant field to perform services under this Agreement. Failure to assign such competent personnel shall constitute grounds for termination of this Agreement.
The payment made to Consultant pursuant to this Agreement shall be the full and complete compensation to which Consultant and Consultant’s officers, employees, agents, and subcontractors are entitled for performance of any work under this Agreement. Neither Consultant nor Consultant’s officers or employees are entitled to any salary or wages, or retirement, health, leave or other fringe benefits applicable to employees of the City. The City will not make any federal or state tax withholdings on behalf of Consultant. The City shall not be required to pay any workers' compensation insurance on behalf of Consultant.
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Bay Alarm- Alarm Monitoring Services Agreement Page 5 of 11 Consultant shall pay, when and as due, any and all taxes incurred as a result of Consultant’s compensation hereunder, including estimated taxes, and shall provide City with proof of such payments upon request.
15. Consultant Not Agent. Except as authorized under this Agreement or as City may authorize in a letter of authorization signed by the City Manager or his or her designee, Consultant shall have no authority, express or implied to act on behalf of City in any capacity whatsoever as an agent. Consultant shall have no authority, express or implied, under this Agreement, to bind City to any obligation whatsoever.
16. Term. The term of this Agreement shall commence on March 13, 2023, and shall continue in full force and effect until June 30, 2024.
City shall, at its discretion, have the right to extend the term of this Agreement, in intervals of one year by written notice to Consultant. The total duration of this Agreement, including the exercise of any options under this section, shall not extend beyond June 30, 2028.
If the term of this Agreement extends into fiscal years subsequent to that in which it is approved, such continuation of the Agreement is contingent on the appropriation of funds for such purpose by the City Council of the City of Vallejo.
If funds to effect such continued payment are not appropriated, Consultant agrees to terminate any services supplied to City of Vallejo under this Agreement, and relieve City of any further obligation therefore.
17. Termination or Abandonment by City. The City has the right, at any time and in its sole discretion, to immediately terminate or abandon any portion or all of the services to be provided under this Agreement by giving notice to Consultant.
Upon receipt of a notice of termination, Consultant shall perform no further work except as specified in the notice. Before the date of termination, Consultant shall deliver to City all City records and documents, all work product, whether completed or not, as of the date of termination and not otherwise previously delivered.
The City shall pay Consultant for services performed in accordance with this Agreement before the date of termination. If this contract provides for payment of a lump sum for all services or by task and termination occurs before completion of the work or any defined task which according to the performance schedule was commenced before the notice of termination, the fee for services performed shall be based on an amount mutually agreed to by City and Consultant for the portion of work completed in conformance with this Agreement before the date of termination. In addition, the City will reimburse Consultant for authorized expenses incurred and not previously reimbursed. The City shall not be liable for any fees or costs associated for the termination or abandonment except for the fees, and reimbursement of authorized expenses, payable pursuant to this section.
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18. Products of Consulting Services. The work product, including without limitation, all writings, work sheets, reports, recordings, drawings, files, detailed calculations and other work products, whether complete or incomplete, of Consultant resulting from services rendered pursuant to this Agreement, shall become the property of City. Consultant agrees that all copyrights which arise from creation of the work under this Agreement shall be vested in the City and waives and relinquishes all claims to copyright or other intellectual property rights in favor of the City. City acknowledges that its use of the work product is limited to the purposes contemplated by the scope of work and that the Consultant makes no representation of the suitability of the work product for use in or application to circumstances not contemplated by the scope of work.
Documents submitted to the City in electronic format shall be formatted according to specifications provided by the City, or if not otherwise specified, in Microsoft Word, Excel, PowerPoint or other Microsoft Office Suite (2002) format as appropriate for the particular work product or, if directed by the City Representative in Adobe Acrobat PDF format.
19. Cooperation by City. City shall, to the extent reasonable and practicable, assist and cooperate with Consultant in the performance of Consultant’s services hereunder.
20. Assignment and Subcontracting. Consultant shall not subcontract, assign or transfer voluntarily or involuntarily any of its rights, duties or obligation under this Agreement without the express written consent of the City Manager or his or her designee in each instance. Any attempted or purported assignment of any right, duty or obligation under this Agreement without said consent shall be void and of no effect.
If subcontracting of work is permitted, Consultant shall pay its subcontractor within ten (10) days of receipt of payment by City for work performed by a subcontractor and billed by the Consultant. Use of the term subcontractor in any other provision of this contract shall not be construed to imply authorization for Consultant to use subcontractors for performance of any service under this Agreement.
The City is an intended beneficiary of any work performed by Consultant’s subcontractor for purposes of establishing a duty of care between the subcontractor and City.
Any subcontractor or assignee consented to by City shall be bound by all terms and conditions of this agreement and the same shall be incorporated into and made a part of any assignment or subcontractor agreement.
21. Successors and Assigns. All terms, conditions, and provisions of this Agreement shall apply to and bind the respective heirs, executors, administrators, successors, and assigns of the parties. Nothing in this section is intended to affect DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
Bay Alarm- Alarm Monitoring Services Agreement Page 7 of 11 the limitation on assignment.
22. Non-Discrimination/Fair Employment Practices.
(a) Consultant shall not, because of race, religious creed, color, sex, national original, ancestry, disability, medical condition, age, marital status or sexual orientation of any person, refuse to hire or employ, or to bar or discharge from employment, or to discriminate in compensation, or in terms, conditions or privileges any person, and every employee will receive equal opportunity for employment and shall be granted equal treatment with respect to compensation, terms, conditions or other privileges of employment, without regard to his race, religious creed, color, sex, national origin, ancestry, or disability, medical condition, age, marital status or sexual orientation.
Consultant warrants and represents it is an equal opportunity employer and agrees it shall not discriminate on the basis of race, religious creed, color, sex, national origin, ancestry, disability, medical condition, age, marital status or sexual orientation in the selection and retention of employees, subcontractors or procurement of materials or equipment.
In all solicitations either by competitive bidding or negotiations made by Consultant for work to be performed under any subcontract, including procurement of materials or equipment, each potential subcontractor or supplier shall be notified by Consultant of Consultant’s obligation under this Agreement relative to nondiscrimination and fair employment practices.
Consultant shall include the above provisions of this section in every subcontract, including procurement of materials or equipment.
(b) Consultant agrees to comply with Title VII of the Civil Rights Act of 1964, as amended, the California Fair Employment Practices Act, the Americans with Disabilities Act of 1990, any other applicable federal and state laws and regulations and City ordinances and regulations hereinafter enacted.
23. Notices. All notices or instruments required to be given or delivered by law or this Agreement shall be in writing and shall be effective upon receipt thereof and shall be by personal service or delivered by depositing the same in any United States Post Office, registered or certified mail, postage prepaid, addressed to:
If to City: Melissa Tigbao
Public Works Director
City of Vallejo, Public Works Department
555 Santa Clara Street
Vallejo, CA 94590
If to Consultant:
DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
Bay Alarm- Alarm Monitoring Services Agreement Page 8 of 11 Michal Kubicki
Corporate Counsel
Bay Alarm Company
5130 Commercial Circle
Concord, CA 94520
Any party may change its address for receiving notices by giving written notice of such change to the other party in accordance with this section.
Routine administrative communications shall be made pursuant to section 1 of Exhibit A.
24. Integration Clause. This Agreement, including all Exhibits, contains the entire agreement between the parties and supersedes whatever oral or written understanding they may have had prior to the execution of this Agreement. This Agreement shall not be amended or modified except by a written agreement executed by each of the parties hereto.
25. Severability Clause. Should any provision of this Agreement ever be deemed to be legally void or unenforceable, all remaining provisions shall survive and be enforceable.
26. Law Governing. This Agreement shall in all respects be governed by the law of the State of California without regard to its conflicts of law rules. Litigation arising out of or connected with this Agreement shall be instituted and maintained in the courts of Solano County in the State of California or in the United States District Court, Eastern District of California, Sacramento, California, and the parties consent to jurisdiction over their person and over the subject matter of any such litigation in such courts, and consent to service of process issued by such courts.
27. Waiver. Waiver by either party of any default, breach or condition precedent shall not be construed as a waiver of any other default, breach or condition precedent or any other right hereunder.
28. Ambiguity. The parties acknowledge that this is a negotiated agreement, that they have had the opportunity to have this Agreement reviewed by their respective legal counsel, and that the terms and conditions of this Agreement are not to be construed against any party on the basis of such party's draftsmanship thereof.
29. Gender. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identifications of the person or persons, firm or firms, corporation or corporations may require.
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30. Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.
31. Compliance with Laws. Consultant will comply with all statutes, regulations and ordinances in the performance of all services under this Agreement.
32. Confidentiality of City Information. During the performance of services under this Agreement, Consultant may gain access to and use City information regarding, but not limited to, procedures, policies, training, operational practices, and other vital information (hereafter collectively referred to as "City Information") which are valuable, special and unique assets of the City. Consultant agrees that it will not use any information obtained as a consequence of the performance of services under this Agreement for any purpose other than fulfillment of Consultant’s scope of work , to protect all City Information and treat it as strictly confidential and proprietary to City, and that it will not at any time, either directly or indirectly, divulge, disclose or communicate in any manner any City Information to any third party, other than its own employees, agents or subcontractors who have a need for the City Information for the performance of services under this Agreement, without the prior written consent of City, or as required by law.
Consultant shall treat all records and work product prepared or maintained by Consultant in the performance of this Agreement as confidential.
A violation by Consultant of this section shall be a material violation of this Agreement and will justify legal and/or equitable relief.
Consultant’s obligations under this section shall survive the completion of services, expiration or termination of this Agreement.
33. News and Information Release. Consultant agrees that it will not issue any news releases in connection with either the award of this Agreement, or any subsequent amendment of or efforts under this Agreement, without first obtaining review and approval of said news releases from City through the City Representative.
34. City Representative. The City Representative specified in Exhibit A, or the representative's designee, shall administer this Agreement for the City.
35. Counterparts. The parties may execute this Agreement in one or more counterparts, each of which shall be deemed an original, but all of which together shall be deemed one and the same instrument.
36. Facsimile Signature; Electronic Signature. This Agreement shall be DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
Bay Alarm- Alarm Monitoring Services Agreement Page 10 of 11 binding upon the receipt of facsimile signatures or e-mailed by PDF or otherwise.
Any person transmitting his or her signature by facsimile or electronically shall promptly send an original signature to the other party pursuant to the notice provision of this Agreement. The failure to send an original shall not affect the binding nature of this Agreement.
37. Authority. The person signing this Agreement for Consultant hereby represents and warrants that he/she is fully authorized to sign this Agreement on behalf of Consultant.
38. Exhibits. The following exhibits are attached hereto and incorporated herein by reference:
Exhibit A, entitled “Scope of Work,” including any attachments Exhibit B, entitled “Compensation,” including any attachments Exhibit C, entitled “Insurance Requirements,” including attachments [SIGNATURES ON FOLLOWING PAGE]
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Bay Alarm- Alarm Monitoring Services Agreement Page 11 of 11 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year shown below the name of each of the parties.
BAY ALARM COMPANY
A California corporation
By:
Michal Kubicki
Corporate Counsel
DATE:
(City Seal)
CITY OF VALLEJO,
a municipal corporation
By:
Michael Malone
City Manager
DATE:
ATTEST:
By:
Dawn G. Abrahamson
City Clerk
APPROVED AS TO CONTENT:
__________________________
Melissa Tigbao
Public Works Director
APPROVED AS TO FORM:
Veronica A.F. Nebb
City Attorney
APPROVED AS TO INSURANCE:
Armond Sarkis
Risk Manager
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Exhibit A – Scope of Work
EXHIBIT A
SCOPE OF WORK
1. Representatives. The City Representative for this Agreement is:
Nick Causbrook
Building Maintenance Supervisor
Public Works Department
111 Amador Street
Vallejo, CA 94590
707-648-4563
[email protected]
The Consultant’s Representative for this Agreement is:
Paul Tiernan
Channel Sales Representative
Bay Alarm Company
5130 Commercial Cir
Concord, CA 94520
925-595-4679
[email protected]
All routine administrative communications between the parties will be between the above named representatives and may be by personal delivery, mail, facsimile transmission, or electronic mail as agreed between the Consultant Representative and City’s Representative.
2. Services to be Provided. The following services shall be provided:
Service Calls
Security Alarm Monitoring Service
Monitoring -Fire
Industrial Monitoring
Baynet Services
Consultant shall perform regular and or emergency services at the following locations:
Location: Address: Account
Number
Service
City Hall 555 Santa Clara St 3817024 Fire/Security/industrial City Hall 555 Santa Clara St 3816924 Service Calls
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Exhibit A – Scope of Work
Parking Structure 415 Santa Clara St 3753924 Fire
Parking Structure 415 Santa Clara St 3839724 Security
Ferry Building 289 Mare Island
Way
3431224 Fire
Corp Yard 111 Amador St 3176924 Security
Police Department 111 Amador St 1898624 Security
Police Cadets 855 Walnut Ave 2473824 Security, Baynet
Mare Island Bridge
Tower
Mare Island Bridge 2193324 Security
Chapel 1181 Walnut Ave 5778824 Fire
* More locations may be added and current locations may be deleted
3. Time for Performance. Consultant will perform the monitoring services on a continual, uninterrupted basis. If any work calls for services to be performed in phases or discrete increments, Consultant shall not proceed from one phase or increment to the next without written authorization from the City’s Representative.
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Exhibit B - Compensation
EXHIBIT B
COMPENSATION
1. Consultant’s Compensation.
A. Services: City agrees to pay Consultant, at the rate(s) specified below, for those services set forth in Exhibit A of this Agreement and for all authorized reimbursable expenses, for a total not to exceed One Hundred Thousand Dollars ($100,000).
Consultant shall notify City in writing no later than thirty (30) days prior to the estimated date when Consultant will have billed City the maximum payment amount permitted under this Agreement, and Consultant shall provide City with an estimate of the additional compensation required to complete the project.
B. Additional Services:
1. Additional Services are those services related to the scope of Services of Consultant as set forth in Exhibit A but not anticipated at the time of execution of this Agreement. Additional Services shall be provided only when a Supplemental Agreement authorizing such Additional Services is approved by the City Manager, or his or her designee. City reserves the right to perform any Additional Services with its own staff or to retain other Consultants to perform said Additional Services.
Consultant’s compensation for Additional Services shall be based on the total number of hours spent on Additional Services multiplied by the employees' appropriate billable hourly rate as established below. City, at its option, may negotiate a fixed fee for some or all Additional Services as the need arises. Where a fixed fee for Additional Services is established by mutual Agreement between City and Consultant, compensation to Consultant shall not exceed the fixed fee amount.
2. Appropriate Billable Hourly Rates for Services and Additional Services. Consultant’s billable hourly rates shall be:
- Billable hourly service rates are $150 for prevailing wage work
3. Consultant’s Reimbursable Expenses. Reimbursable Expenses shall be limited to actual reasonable expenditures of Consultant for expenses that are necessary for the proper completion of the Services and shall only be payable if specifically authorized in advance by City.
4. Payments to Consultant.
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Exhibit B - Compensation
A. Payments to Consultant shall be made within a reasonable time after receipt of Consultant’s invoice, said payments to be made in proportion to services performed. Consultant may request payment on a monthly basis. Consultant shall be responsible for the cost of supplying all documentation necessary to verify the monthly billings to the satisfaction of City.
B. All invoices submitted by Consultant shall contain the following information:
1. Description of services billed under this invoice
2. Date of Invoice Issuance
3. Sequential Invoice Number
4. City’s Purchase Order Number (if issued)
5. Amount of this Invoice (Itemize all Reimbursable Expenses”)
6. Total Billed to Date
C. Items shall be separated into Services and Reimbursable Expenses.
Billings that do not conform to the format outlined above shall be returned to Consultant for correction. City shall not be responsible for delays in payment to Consultant resulting from Consultant’s failure to comply with the invoice format described above.
D. All Invoices, Account Statements and Payment Inquiries shall be sent to:
5. Accounting Records of Consultant. Consultant shall maintain for three (3) years after completion of all services hereunder, all records under this Agreement, including, but not limited to, records of Consultant’s direct salary costs for all Services and Additional Services performed under this Agreement and records of Consultant’s Reimbursable Expenses, in accordance with generally accepted accounting practices. Consultant shall keep such records available for audit, inspection and copying by representatives of the City’s Finance Department or other government agencies during regular business hours upon twenty four (24) hours’ notice.
The obligations of Consultant under this section shall survive this Agreement.
6. Taxes. Consultant shall pay, when and as due, any and all taxes incurred as a result of Consultant’s compensation hereunder, including estimated taxes, and shall provide City with proof of such payments upon request.
7. Taxpayer Identification Number. Consultant shall provide City with Consultant’s complete Request for Taxpayer Identification Number and Certification, Form W-9, as issued by the Internal Revenue Service, and any other DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
Exhibit B - Compensation
State or local tax identification number requested by City.
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Exhibit C – Insurance Requirements
EXHIBIT C
INSURANCE REQUIREMENTS
Consultant shall procure and maintain for the duration of this Agreement, including any extensions thereto, insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of services hereunder by the Consultant, their agents, representatives, or employees or subcontractors.
1. Minimum Scope of Insurance. Coverage shall be at least as broad as:
A. Insurance Services Office form number GL 0002 covering Comprehensive General Liability and Insurance Services Office form number GL 0404 covering Broad Form Comprehensive General Liability; or Insurance Services Office Commercial General Liability coverage (occurrence form CG 0001). (ongoing operations only, not completed operations).
B. Insurance Services Office form number CA 0001 covering Automobile Liability, code 1 any auto and endorsement CA 0025.
C. Workers' Compensation insurance as required by the State of California and Employer's Liability Insurance.
D. Professional Liability insurance appropriate to the Consultant’s profession (Errors and Omission).
2. Minimum Limits of Insurance. Consultant shall maintain limits no less than:
A. General Liability: $2,000,000 per occurrence for bodily injury, personal injury, and property damage. If Commercial General Liability Insurance or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to this project/location or the general aggregate limit shall be twice the required occurrence limit.
B. Automobile Liability: $1,000,000 per accident for bodily injury and property damage.
C. Workers’ Compensation and Employer's Liability: $1,000,000 per accident for bodily injury or disease. If Consultant is not subject to California Workers’ Compensation requirements, Consultant shall file a completed certificate of DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
Exhibit C – Insurance Requirements
exemption form which may be obtained from the City prior to commencing any activity authorized hereunder.
D. Professional Liability (Errors and Omission): $1,000,000 combined single limit per occurrence, and annual aggregate.
3. Deductible and Self-Insured Retention. Any deductibles or self-insured retention must be declared to and approved by the City. At the option of the City, either: the insurer shall reduce or eliminate such deductibles or self-insured retention as respects the City of Vallejo, its officers, officials, employees and volunteers; or the Consultant shall procure a bond guaranteeing payment of losses and related investigations, claim administration and defense expenses.
4. Other Insurance Provisions. The general liability and automobile liability policies, as can be provided, are to contain, or be endorsed to contain, the following provisions:
A. The City of Vallejo, its officers, officials, employees, agents and volunteers are to be covered as additional insureds as respects; liability, including defense costs, arising out of activities performed by or on behalf of the Consultant; products and completed operations of the Consultant; premises owned, occupied or used by the Consultant; or automobiles owned, leased hired or borrowed by the Consultant. The coverage shall contain no special limitations on the scope of protection afforded to the City of Vallejo, its officers, officials, employees, agents or volunteers. The insurance is to be issued by companies licensed to do business in the State of California.
B. For any claims related to this project, the Consultant's insurance coverage shall be primary insurance as respects the City of Vallejo, its officers, officials, employees, agents, and volunteers. Any insurance or self-insurance maintained by the City of Vallejo, its officers, officials, employees, agents, or volunteers shall be excess of the Consultant's insurance and shall not contribute with it.
C. Any failure to comply with reporting or other provisions of the policies including breaches of warranties shall not affect coverage provided to the City, its officers, officials, employees, agents, or volunteers.
D. The Consultant's insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the limits of the insurer's liability.
E. Each insurance policy required by this clause shall be endorsed to state that coverage shall not be suspended, voided, canceled by either party, reduced in coverage or in limits except after thirty (30) days' prior written notice by certified mail, return receipt requested, has been given to the City.
DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
Exhibit C – Insurance Requirements
F. The workers’ compensation and employer’s liability policy required hereunder shall be endorsed to state that the workers' compensation carrier waives its right of subrogation against City, its officers, officials, employees, agents and volunteers, which might arise by reason of payment under such policy in connection with Consultant’s performance under this Agreement.
5. Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M. Best's rating of no less than A:VII.
6. Verification of Coverage. Consultant shall furnish the City with certificates of insurance and original endorsements effecting general and automobile liability insurance coverage required by this clause. The certificates and endorsements are to be signed by a person authorized by that insurer to bind coverage on its behalf. All endorsements are to be received and approved by the City before work commences.
7. Subcontractors. Consultant shall include all subcontractors as insureds under its policies or shall furnish separate certificates and endorsements for each subcontractor. All coverages for subcontractors shall be subject to all of the requirements stated herein.
8. Payment Withhold. City will withhold payments to Consultant if the certificates of insurance and endorsements required in Paragraph F, above, are canceled or Consultant otherwise ceases to be insured as required herein.
DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
ANY PROPRIETOR/PARTNER/EXECUTIVE
OFFICER/MEMBER EXCLUDED?
INSR ADDL SUBR LTR INSD WVD
PRODUCER CONTACT
NAME:
PHONE FAX (A/C, No, Ext): (A/C, No):
E-MAIL
ADDRESS:
INSURER A :
INSURED INSURER B :
INSURER C :
INSURER D :
INSURER E :
INSURER F :
POLICY NUMBER POLICY EFF POLICY EXP TYPE OF INSURANCE (MM/DD/YYYY) (MM/DD/YYYY) LIMITS
AUTOMOBILE LIABILITY
UMBRELLA LIAB
EXCESS LIAB
WORKERS COMPENSATION
AND EMPLOYERS' LIABILITY
DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required)
AUTHORIZED REPRESENTATIVE
EACH OCCURRENCE $
DAMAGE TO RENTED CLAIMS-MADE OCCUR PREMISES (Ea occurrence) $ MED EXP (Any one person) $
PERSONAL & ADV INJURY $
GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $
PRO- POLICY JECT LOC PRODUCTS - COMP/OP AGG
OTHER: $
COMBINED SINGLE LIMIT
(Ea accident) $
ANY AUTO BODILY INJURY (Per person) $
OWNED SCHEDULED AUTOS ONLY AUTOS BODILY INJURY (Per accident) $
HIRED NON-OWNED PROPERTY DAMAGE
AUTOS ONLY AUTOS ONLY (Per accident) $
$
OCCUR EACH OCCURRENCE
CLAIMS-MADE AGGREGATE $
DED RETENTION $
PER OTH- STATUTE ER
E.L. EACH ACCIDENT
E.L. DISEASE - EA EMPLOYEE $
If yes, describe under
DESCRIPTION OF OPERATIONS below E.L. DISEASE - POLICY LIMIT INSURER(S) AFFORDING COVERAGE NAIC #
COMMERCIAL GENERAL LIABILITY
Y / N
N / A
(Mandatory in NH)
SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE
THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.
THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS
CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS
CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.
IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed.
If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s).
COVERAGES CERTIFICATE NUMBER: REVISION NUMBER:
CERTIFICATE HOLDER CANCELLATION
ACORD 25 (2016/03) © 1988-2015 ACORD CORPORATION. All rights reserved.
CERTIFICATE OF LIABILITY INSURANCE DATE (MM/DD/YYYY)
$
$
$
$
$
The ACORD name and logo are registered marks of ACORD
3/1/2023
License # 0L72977
(925) 482-1000 (925) 482-1001
19445
Bay Alarm Company
5130 Commercial Circle
Concord, CA 94520
23035
A 1,000,000
5180297 3/1/2023 3/1/2024 300,000
25,000
1,000,000
2,000,000
2,000,000
A 1,000,000
2446854 3/1/2023 3/1/2024
A
012016091 3/1/2023 3/1/2024 1,000,000
1,000,000
1,000,000
B Property YU2Z91471460013 3/1/2023 Equipment 500,000
B Property YU2Z91471460013 3/1/2023 3/1/2024 Transit 150,000 Please refer to pages 2, 3 of this document.
Evidence of Coverage in place
Evidence of Coverage in Place
BAYALAR-01 JCOOPER
Legacy Risk & Insurance Services
1850 Mt. Diablo Blvd., Suite 400
Walnut Creek, CA 94596 [email protected]
National Union Fire Ins Co PA
Liberty Mutual Fire Ins. Co.
X
3/1/2024
X
X
XX
X
XX
DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A
FORM NUMBER:
EFFECTIVE DATE:
The ACORD name and logo are registered marks of ACORD
ADDITIONAL REMARKS
ADDITIONAL REMARKS SCHEDULE
FORM TITLE:
Page of
THIS ADDITIONAL REMARKS FORM IS A SCHEDULE TO ACORD FORM, ACORD 101 (2008/01)
AGENCY CUSTOMER ID:
LOC #:
AGENCY NAMED INSURED
POLICY NUMBER
CARRIER NAIC CODE
© 2008 ACORD CORPORATION. All rights reserved.
Legacy Risk & Insurance Services
BAYALAR-01
SEE PAGE 1
1 SEE PAGE 1
ACORD 25 Certificate of Liability Insurance
License # 0L72977
0 SEE P 1
Bay Alarm Company
5130 Commercial Circle
Concord, CA 94520
SEE PAGE 1
JCOOPER
2 Notepad
BAY ALARM COMPANY
Additional Insured Amendment
User has requested and Bay has agreed to cause User to be named as additional insured to Bay's commercial general liability insurance coverage (the "Coverage") solely in accordance with the terms, covenants, limitations and conditions set forth in both this amendment and Bay's commercial general liability insurance policy including any endorsements thereto (the "Policy"). User acknowledges and agrees that Bay would not agree to name User as an additional insured unless User agrees to be bound by the terms, covenants, limitations and conditions contained herein.
1. User Name as Additional Insured.
As soon as reasonably possible after execution of this amendment, Bay will request its liability insurance provider to name User as an Addi- tional insured on the Coverage and will provide User with a certificate of liability insurance issued by Bay general liability insurance produ- cer evidencing the same (the "Certificate").
2. Extent of Coverage.
User acknowledges and agrees that being named as an additional insured on the Coverage is limited as follows:
a. The terms and conditions set forth in the Additional Insured Endorsement to the Policy and the Certificate are incorporated by reference herein.
b. User is an additional insured under the Coverage but only with respect to claims, losses or liability asserted by third parties (and not User,its owners, including without limitation, its parent shareholders, members or partners, its agents, employees, successors and assigns)
arising out of ongoing installation and service work caused solely by Bay while working onsite, but excluding monitoring, equipment failure, alarm response service, alarm losses or claims for any reason whatsoever including a negligence claim performed by Bay during the term of the Agreement for alarm system(s) and service(s)between Bay and User (the "Agreement") and not work performed by User or anyone else or the operations of User or anyone else.
c. User is not an additional insured under the Coverage for claims for injury, loss, liability or damage to User, its agents, employees, successors or assigns (as opposed to claims asserted against User by (third parties) that may be asserted by User against Bay. d. This amendment shall terminate concurrently with the termination of the Agreement for any reason, and thereafter shall be of no further force and effect/ or upon completion of Installation.
3.Ratification of Agreement.
Except as expressly set forth herein, the terms, covenants and condi- tions set forth in the Agreement remain unchanged and are hereby rati- fied and affirmed. User acknowledges and agrees that naming User as an DocuSign Envelope ID: 0F5CA083-A6B8-4529-A534-282E96E14D7A