Woodlake City Council
February 12, 2024

WOODLAKE CITY
Mayor Mendoza • Vice-Mayor Ortiz • Councilmember Martinez • Councilmember Valero • Councilmember Wallace

REGULAR MEETING

CITY COUNCIL
350 N Valencia Blvd, Woodlake, CA 93286
559-564-8055 • www.cityofwoodlake.com
Date: February 12, 2024 (Monday)
Time: 6:30 p.m.

Place: City Council Chambers
145 N. Magnolia
Woodlake CA 93286

TELECONFERENCE MEETING
Zoom Meeting
https://us02web.zoom.us/j/89176141818
Meeting ID: 891 7614 1818
One tap mobile
+16699009128,89176141818# US (San Jose)
In compliance with the Americans with Disabilities Act and the California Ralph M. Brown Act, if you need special assistance to participate in this meeting, including auxiliary aids, translation requests, or other accommodations, or to be able to access this agenda and documents in the agenda packet, please contact City Hall at 559-564-8055 at least 3 days prior to the meeting.

The full agenda including staff reports and supporting materials are available at City Hall.

I. CALL TO ORDER & WELCOME
II. PLEDGE OF ALLEGIANCE
III. ROLL CALL ATTENDANCE
IV. PUBLIC COMMENT
This portion of the meeting is reserved for persons wishing to address the Council on items within its jurisdiction but not on this agenda. NOTE: Prior to action by the Council on any item on this agenda, the public may comment on that item.

Unscheduled comments may be limited to 3 minutes.

All items on the Consent Agenda are considered to be routine and noncontroversial by City staff and will be approved by one motion if no member of the Council or public wishes to comment or ask questions. Items pulled from the Calendar will be considered separately.

IV. CONSENT CALENDAR –ACTION AND INFORMATION ITEMS
Request Approval of the Consent Calendar Action Items (IV A-C) A. Action: Approval of Minutes of the regular meeting held on January 8, 2024 (Pages 1-24)
B. Action: Approval of Warrants (Pages 25-46)
C. Action: Adoption of Resolution: Approval of the January 2024 Monthly Report of Investments (Pages 47-49)
V. ACTION/DISCUSSION ITEM
A. Action: Adoption of Resolution: Approve and Accept the Cloe-out Report on the 2018-CDBG Storm Drain Phase II Project (Pages 50-52)
B. Action: Adoption of Resolution: Approval of the City Engineer’s Report for the Greenwood subdivision Phase 1 & 2 Landscape and Lighting Assessment District 22-02 and Set March 11, 2024 for a Public Hearing to Set the Rates for the District (Pages 53-76)
C. Action: Adoption of Resolution: Authorization to Initiate the Proposition 218 Process (Rate Increase for Refuse Servies) Set a Public Hearing Date, and Approve Requirements for the Submission and Tabulation of Protests (Pages 77-82) D. Action: Adoption of Resolution: Solicit and Consider Input on Possible Competitive and Supplemental Activities to Include in a 2023 CDBG NOFA Amendment #1 Application and Authorize Staff to Proceed with the Application PUBLIC COMMENT (Pages 83-87)
E. Action: Adoption of Resolution: Approval of the City of Woodlake’s Single Audit for the Year Ended June 30, 2023 (Pages 88-186)
VI. OTHER BUSINESS
A. Information: Items from Staff
B. Information: Items from Council Member
C. Request from Council Members for Future Agenda Items VII. CLOSED SESSION
As provided in the Ralph M. Brown Act, Government Code sections 54950 et seq., the Governing Board may meet in closed session with members of its staff and its attorneys.

These sessions are not open to the public and may not be attended by members of the public. The matters the Council will meet on in closed session are identified below or are those matters appropriately identified in open session as requiring immediate attention and arising after the
posting of the agenda. Any public reports of action taken in the closed session will be made in accordance with Government Code sections 54957.1 “Documents: If distributed to the Council less than 72 hours before a regular meeting, any public records which are subject to public inspection and pertain to an open-session item on the regular meeting agenda shall be available at the following address at the time they are distributed to a majority of the Council: 350 North Valencia Boulevard, Woodlake, California 93286. Public records distributed to the Council at a public meeting will be available to the public at such meeting if they were prepared by the City.

Exemptions and details in Government Code§ 54957.5 (a) shall apply.” II. ADJOURN
The next scheduled City Council meeting will be held on Monday, February 26, 2024, at 6:30 p.m. at City Council Chambers, located at 145 N. Magnolia, Woodlake, CA 93286 or via Zoom.

City Council:

Rudy Mendoza – Mayor
Frances Ortiz - Vice Mayor
William Valero – Councilmember
Misty Wallace – Councilmember
Jose L. Martinez - Councilmember
WOODLAKE CITY COUNCIL MINUTES January 22, 2024
PRESENT: Mendoza, Ortiz, Martinez, Wallace & Valero
VIA ZOOM:

PRESENT: Lara, Zamora, Marquez, Llamas, Reynolds, Bolanos & Zacarias ABSENT:

FLAG SALUTE
Public Comment Via Zoom
Nicolas Diaz, 602 E. Sierra, Woodlake – Mr. Diaz asked the following: Will the city explain what flood mitigation efforts were made by Yanez Construction, for example, Yanez has put new piping through a corner lot and into Antelope Creek. Who approved this new piping? He also noted the north/east portion of the pipe inlet for Antelope Creek was what failed. It was over whelmed, what is the city doing to the infrastructure they created and made? IV. CONSENT CALENDAR –ACTION AND INFORMATION ITEMS
Request Approval of the Consent Calendar Action Items (IV A-B) A. Action: Approval of Minutes of the regular meeting held on January 8, 2024 B. Action: Approval of Warrants

ON A MOTION BY ORTIZ, SECOND BY MARTINEZ, IT WAS VOTED
TO APPROVE THE CONSENT CALENDAR. APPROVED
UNANIMOUSLY BY ROLL CALL VOTE.

V. ACTION/DISCUSSION ITEMS
A. Proclamation: Proclamation Recognizing Rosario Arevalo Gomez Mayor Mendoza read and presented a proclamation to Ms. Rosario Gomez and declared January 22, 2024 as Rosario Arevalo Gomez Dau. Ms. Gomez will be celebrating her 100th birthday on January 30th. Please note the proclamation was presented to Miss Rosario Arevalo Gomez before the Public Comment period was opened to the public.

B. Action: Adoption of Resolution: Approval to Accept the Resignation of Belen Gomez from the Delta Mosquito & Vector Control Board and Accept and Appoint Michael Burchett to the Delta Mosquito & Vector Control Board
Mayor Mendoza and Councilmembers accepted the resignation from Belen Gomez and presented her with a Certificate of Appreciation for her 20 years of service as the representative of the City of Woodlake on the DMVC board. Mayor Mendoza and Councilmembers also accepted the application from Michael Burchett.

ON A MOTION BY ORTIZ SECOND BY VALERO IT WAS VOTED TO ADOPT

THE RESOLUTION AND ACCEPT THE RESIGNATION AND NEW

APPOINTMENT TO THE DELTA MOSQUITO & VECTOR CONTROL
BOARD. APPROVED UNANIMOUSLY BY ROLL CALL VOTE.

C. Action: Adoption of Resolution: Project Update and Approval of Change Orders for the Design/Construction Engineering, Resident Engineer, Materials and Construction of the City of Woodlake Stormwater Phase II Project
City Administrator Lara reported the following: The City has a three phase project to pump stormwater to a new basin, instead of pumping the water into Bravo Lake. The first phase of the project has been completed and consists of constructing a new stormwater pump near Bravo Lake. The second phase is fully funded by a 2018 CDBG grant and consists of building a new stormwater line that will move the water from the newly constructed pump location to the proposed stormwater retention basin at Ropes 1 and Mulberry. The third phase of the project consists of designing and constructing the new stormwater retention basin at Ropes and Mulberry.

Since the project began the City and its contractors have had to deal with unforeseen issues related to groundwater within the project trench. These issues have extended the schedule of the project and increased its budget. Thet original budget for the project in 2018 when the grant was awarded was $3,700,000 dollars. When the project was fully designed and awarded the overall project budget was increased to $4,813,540.54.

Delays in design pushed the project schedule back. This led to increases in the costs of materials and labor combined with unforeseen issues that have raised the current budget to $5,820,484.58.

ON A MOTION BY MARTINEZ SECOND BY VALERO IT WAS VOTED TO

ADOPT THE RESOLUTION AND APPROVE THE CHANGE ORDERS FOR

THE DESIGN/CONSTRUCTION ENGINEERING, RESIDENT ENGINEER,

MATERIALS AND CONSTRUCTION OF THE CITY OF WOODLAKE
STORMWATER PHASE II PROJECT. APPROVED UNANIMOUSLY BY
ROLL CALL VOTE.

D. Action: Adoption of Resolution: Extension of a Declaration of Local State of Emergency by the City of Woodlake
City Administrator Lara reported the following: On March 14, 2023, the City of Woodlake declared a Local State of Emergency due to the excessive rainfall and snowmelt that resulted in uncontrolled water coming in from local rivers, streams and creeks. The City had extreme flooding citywide and both public facilities and private structures were damaged. City of Woodlake’s Public Works, the Woodlake Fire District and Cal Fire spent weeks removing water, debris and mud from streets, sidewalks, and the exteriors of homes. Public works spent weeks helping residents remove damaged materials and furniture from residences.

With continued work on local stormwater systems the City wishes to extend its Local State of Emergency to better prepare the City and its residents. The City has concerns that future rain or snowmelt could overwhelm local rivers, streams, creeks, stormwater lines and basins throughout the City. This could lead to additional damage to public facilities and private structures and contribute to health and safety concerns.

The City has worked with FEMA to help local residents receive much needed assistance and in getting the City reimbursed for damage, caused citywide by extensive flooding.

The process of getting the City reimbursed is ongoing. The City continues to wrap up other maintenance and upgrade projects such as stormwater and sewer lift station projects.

ON A MOTION BY ORTIZ SECOND BY MARTINEZ IT WAS VOTED TO

ADOOPT THE RESOLUTION AND EXTEND THE DECLARATION OF THE LOCAL STATE OF EMERGENCY BY THE CITY OF WOODLAKE.

APPROVED UNANIMOUSLY BY ROLL CALL VOTE.

E. Action: Adoption of Resolution: Award the Construction of the City of Woodlake Sewer System Improvements Project to the Lowest Responsible Bidder, Sierra Construction & Evacuation Inc.

City Administrator Lara reported the following: The City of Woodlake received grant funding from the State Water Resources Control Board for the planning, engineering, design services and construction of capacity improvements and replacement/rehabilitation of aging sewer system assets. The project consists of constructing an alternative trunk alignment parallel to the main trunk on South Valencia Boulevard (SR-245) instead of upsizing the trunk. In addition to the capacity improvements the City will repair or replace up to 22,469 linear feet of aging sewer pipes that are close to the end of their useful life. The City of Woodlake put out to bid, the construction of the City of Woodlake Sewer System Improvements Project. The City 2 received three total bids. All bids were below the engineers estimate. The bid package was then submitted to State Water Resources Control Board (SWRCB) staff for review.

At this point SWRCB staff has directed the City to proceed with the award for the construction of the project.

ON A MOTION BY MARTINEZ, SECOND BY WALLACE IT WAS VOTED TO

ADOPT THE RESOLUTION AND AWARD THR CONSTRUCTION OF THE

CITY OF WOODLAKE SEWER SYSTEM IMPROVEMENTS PROJECT TO

THE LOWEST RESPONSIBLE BIDDER, SIERRA CONSTRUCTION &
EVACUATION INC. APPROVED UNANIMOUSLY BY ROLL CALL VOTE.

F. Action: Adoption of Resolution: Award Construction Management/Resident Engineer Services for the City of Woodlake Sewer System Improvements Project to 4Creeks City Administrator Lara reported the following: The City of Woodlake received grant funding from the State Water Resources Control Board for the planning, engineering, design services and construction of capacity improvements and replacement/rehabilitation of aging sewer system assets. The project consists of constructing an alternative trunk alignment parallel to the main trunk on South Valencia Boulevard (SR-245) instead of upsizing the trunk. In addition to the capacity improvements the City will repair or replace up to 22,469 linear feet of aging sewer pipes that are close to the end of their useful life.

The City of Woodlake put out a request for proposals for the construction management and resident engineer services for the project. The City received three proposals.

Proposals were submitted by Interwest Consulting Group, 4Creeks, and Ghirardelli Associates. City staff reviewed the proposals from those interested firms and held interviews. All three firms performed well during the process and were deemed qualified by City staff. After final scoring of all the firms, staff determined that 4Creeks would be the most qualified to perform construction management and resident engineer services for the project.

ON A MOTION BY MARITNEZ SECOND BY WALLACE IT WAS VOTED

TO ADOPT THE RESOLUTION AND AWARD CONSTRUCTION

MANAGEMENT/RESIDENT ENGINEER SERVICES FOR THE CITY OF
WOODLAKE SEWER SYSTEM IMPROVEMENTS PROJECT TO 4CREEKS.

APPROVED UNANIMOUSLY BY ROLL CALL VOTE.

VI. OTHER BUSINESS
A. Information: Items from Staff
City Clerk Zacarias – Reminded Councilmembers that Form 700’s are due April 1, 2024
Community Services Director Reynolds – Reported updates on all upcoming events. Report is attached.

City Attorney Zamora – Reported there has been change in law regarding the homeless and should have something to report by late June/early July.

Student Representative Bolanos – See attached report.

B. Information: Items from Council Members
Councilmember Martinez –Asked City Administrator Lara if current rain has caused any issues. City Administrator Lara stated no.

Councilmember Wallace – Asked if city staff has heard from SCE regarding the streetlights on Valencia, City Administrator Lara stated no.

Vice-Mayor Ortiz – Asked if potholes on Pomegranate can be fixed, City Administrator Lara stated he will have city staff fill potholes as soon as possible.

Mayor Mendoza – Reported he will be traveling to WA on February 11th for the rural community association meeting regarding CMAQ funding. 3 VII. CLOSED SESSION

NOTICE TO THE PUBLIC
As provided in the Ralph M. Brown Act, Government Code sections 54950 et seq., the Governing Board may meet in closed session with members of its staff and its attorneys. These sessions are not open to the public and may not be attended by members of the public. The matters the Council will meet on in closed session are identified below or are those matters appropriately identified in open session as requiring immediate attention and arising after the posting of the agenda. Any public reports of action taken in the closed session will be made in accordance with Government Code sections 54957.1.
“Documents: If distributed to the Council less than 72 hours before a regular meeting, any public records which are subject to public inspection and pertain to an open-session item on the regular meeting agenda shall be available at the following address at the time they are distributed to a majority of the Council: 350 North Valencia Boulevard, Woodlake, California 93286. Public records distributed to the Council at a public meeting will be available to the public at such meeting if they were prepared by the City.

Exemptions and details in Government Code§ 54957.5 (a) shall apply.” VIII. ADJOURN
The next scheduled City Council meeting will be held on Monday, February 12, 2024, at 6:30 p.m. at City Council Chambers located at 145 N. Magnolia, Woodlake, CA 93286 or via Zoom.

City Council:

Rudy Mendoza - Mayor
Frances Ortiz - Vice Mayor
Jose L. Martinez – Councilmember
William Valero – Councilmember
Misty Wallace - Councilmember
Meeting adjourned at 7:37 pm
Submitted by,
Irene Zacarias
City Clerk
4 5
2023

IN REVIEW
6 7
2020 2022 2023
2021 2022 2023
2021 2022 2023
8 9
*Does not include Fitness Groups (ie: Zumba classes), local Travel Team/Adult League practices, or City/Park & Rec events 10 SPORTS
11 12
13 14
15 16
167
195
207
261
Woodlake Three Rivers Visalia Lemon Cove Exeter Lindsay Ivanhoe Seville 17 EVENTS
18 19
20 21
22 FJ White
CRES
a
WVMS
WHS
Gity Gouncil Student Representative 1 122124
Evan Bolanos
Sth Grade Band Concert is held on January 26, from 2:10 to 2:50 pm Basketball and Soccer are in full swing, we have our first home game on Thursday, February 1st vs. Lindsay starts at 4 pm.
8th-grade students are heading to WHS on Wednesday for the AG Academy Recruitment Event.

We are in Phase I of our modernization project. The office is temporarily located in the Whitney Center ( corner of palm and whitney)
Academic Awards are being held on Friday, February 2nd al8:05 am.

Our sophomores had a great day of college and career learning at Tulare County Office of Education during our yearly "Be Future Ready" conference. Big thanks to all presenters, Dr. Rocio Medina for being our keynote, our counseling staff for arranging this great event, and TCOE for hosting.

There will be a Senior Parent Night on Tuesday January 23 in the PAB at 5:30PM. a
a
O
a
23 . 8th grade parent night for all incoming freshmen is this coming Monday January 29th. o Winter sports are in full swing with girls soccer having already qualified for playoffs, and boys soccer and girls basketball close to qualifying. Wrestling has a dual meet tomorrow looking to go undefeated in league, and the league championships are next week. lt will be between Woodlake and Farmersville for boys league, and the WOodlake girls are heavy favorites.
o The weight room is almost complete with an entire new section and new weights. The old weights are going to the old "Y" building to be a middle schoolweight room. The pool renovation is scheduled to be finished in February. o FFA has citrus judging and water issues teams competing most weekends, with the water issues team taking 4th last week in the Reedley Mid-winter last week. Both are getting ready for sectionals to try and advance to state' o This Saturday, January 27,2024 the Senior Class is arranging a "Roaring good time" at this year's winter formal at Cafe 210 in downtown Visalia. 24 PAYROLT
0t/26/202a (Cityl
07/26/2024 Fne\

DTSBURSMENTS / WARRANTS
2/2/2024 5432,330.59
WIRES

PAYROLLTAX WIRE
City of Woodlake
Summary of Disbursments and Payroll
City Council Meeting February t2,2024
584,049.r2
s7,s33.40
crry
FIRE
S 16,869.62
S 2,467.19
Total Wire Amount Sent Out
City Administrator, Ramon Lara
USDA - Water Loan
USDA - Sewer Loan
USDA - Airport Loan
USDA - Fire Truck Loan
l, Ramon Lara, certify under penalty of perjury that the above listed accounts are due and payable to the best of my knowledge.

Ayes:

Noes:

Absent:

Abstain
Passed and adopted at a regular meeting of the City Council of the City of Woodlake on the 12th of February 2024.
by the following vote:

Mayor, Rudy Mendoza
Gross
Total Disbursments
Amount to be Approved S 249.91
City Clerk, lrene Zacarias
25 PAYROLL...

CHECK FORM

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GROSS PAY
F'EATURE DISTRIBUTION RUN- I/23/2024 l-8:51:50 PAGE I
FIRE_GROSS REPORT_PAYROLL #15 PR4B0R-V14.22 Pavmate FY 23/24-aL/A1 rO 0r/20 PAYDAY LQ2 or /2 a24 6 /24 EMP # CUR AMT
1 0r, trnr ,9r2 .54 2, \)) 4A 2,406.25 a 141 aa

CUR HRS
052
042
018
444
II2II2
80 rl-2
4r6
00000000
PAGE TOTALS 00 ***
FEATURE TOTALS *
4022 4 EMPLOYEtrS
4 EMPLOYEES a aaa a1 416.00
32 ACS FINANCTAL SYSTEM 02/02/2024 L6:

BANK VENDORBANK BANK OF THE SIERRA
Check Regj-ster
CHECK#
1_4807 i_4808 L4809
l-481_07 448L7 44827 44837 4484
7 44851 4486'1 44877 4488
7 44897 449014491_7 4492
7 4493'7 44941 44951 4496'7 4497
7 44987 44991 4500t 450L
7 4502t 45031 45047 4a05
7 45067 450'77 45087 4509
't 45L07 4511"1 45L21 45]-3
'7 45147 451_5 t 451,67 451-l7 45L8 t45r9
1 452014521_
7 45237 4524
CfTY OF WOODLAKE GL54OR-V08.21 PAGE 1
DATE A]VIOUNT
002308
002309
002310
00128500059300r-936000783
0 01114 00r2r20 018 01_0019r_3 001888000364
.40L02
002305000351
001980001089
0020L4
00r_199 002307
002318
.40104
0023L6
. 4 0101_ 000768
000645o02320000753
00r_566 0008540008980 01011
00002s002313001786002322
002239
0 01519
002255
001687
0023L9
o0]-223 o0232r
000591002226o023L'7
0016'7'l

15.00 41_9 .94
1_84.23 15.00 2,801.00
5'72 .00
51-4 .92 686.34
345.36
1, 165
13 L )11
905
100
? Q?'
693
163843
L ,200
1_45100

LA LASER CENTER PC

HANFORD SURGERY CENTER APRIA HEALTHCARE INC VISALIA FAMILY PRACTTCE ABH FOX SOLUTIONS

ADVENTIST HEALTH TOXICOLAFLAC AT & T MOBTLITYAT&T AT&T (NEW) AUTOZONE STORE 4485
AVENU INSIGHTS & ANALYTI B. S. & E. CO. INC.

BALLET FOLKLORICO
BENDER ROSENTHAL INC.BSK ASSOC]ATES BUTTONWILLOW WAREHOUSE C CA TURF EQUIPMENT & SUPP CAL FTRE CALIF BUILDING STDS COMM CALIFORNTA ASSOCTATfON O CARRfLLO/JARED

CASTILLO/MARTA

CENDEJAS/EMMANUELCTAVEZ/TONYCREATIVE FORMS & CONCEPT

DEARBORN NATIONAL LIFE I
DETTZlRICHARDDEPARTMENT OF JUSTICE
EXETER PLUMBING CO.FTNANCTAL CREDIT NETWORK
FOOTHILLS SUN_GAZETTE/TH FRANZEN-HILL CORPORAT]ON GAS COMPANY /'THE eTn\/ANTT / VLrTJ^Dv coMEZT Fffi'di-'s*io FRAr RE
GONZALEZ / rcNACrO GRUBER FARMS INC. IACPfBARRA SR/FEL]PE INTERWEST CONSULTING GRO

KNTGHT/JESSE

LEO'S NURSERY
MARTTNEz/MARTTNMEDALLION SUPPLYMTSSfON SQUAREMONTES/DANNY

MORENO/ARMANDO
0r/23/24 0L/23/24 or/23/24
or'/ 23'/ 24o2'/ 02 / 24 02/02/24 02/02/24
o2'/ o2'/ 24 o2/o2/2402/ o2'/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 o2/o2/24 o2'/ o2'/ 24 02/02/24 02/02/24
o2'/ o2'/ 24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02 / o2'/ 24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 o2'/ 02'/ 2402 / o2'/ 24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 9'7
55521500
1309
00000000
0000
00)o000000
0080
350 r,376
100
20 ,0L9
50 25
?qn
100
250100393
448
800
277
7089
640
0006
50000000
81 95
0094
1,000
2 ,920 190
600
2 ,308 500.00
L ,6L6 .25 800.00
153.91 8,643.L2 2s0.00
400.00
33 ACS FINANCIAL SYSTEM 02/ 02/2024 16 :

BANK VENDORBANK BANK OF THE SIERRA
Check Register
CHECK#
CITY OF WOODLAKE GL54OR_V08.21 PAGE 2

DATE AMOIINT
002207
000038
002065
001-406o023].2 002004
001973
001958
o000220023L1, 00231s
00L12'7002374000024
000988002056
007577
000820001-047
0 0l- 194001_520 00t352
000832002237
000027
.40103
001020
000246
000083
1 4525
7 45267 45277 4528
7 45291 45307 453LAAE)'
7 45337 4534
7 45351 45361 4531
7 45387 45397 4540
7 45477 45427 4543
7 45447 45457 4546
745477 45487 4549
7 45507 455]-7 4552
7 4553
I A1 1
!zb
35 26
53 NORCAL OUTDOOR SUPPLY CO OFFICE DEPOT

PACE SUPPLY CORP
PALM OCCUPATTONAL MEDf CfPALOMO/SAULPEDREGAL BUILDING MATERI PORTERVILLE ROCK & RECYC PRINCIPAL LIFE INSURANCE QUAD _ KNOPF

RAMOS,/JOSEREYNOSO/GABRIEL

SANTA FE AGGREGATES, INC SIGALA/DAVID
SOUTHERN CALIF EDTSON CO TELSTAR INSTRUMENTS INC.

THOMSON REUTERS_WEST TODD COMPANIES
TULARE COUNTY CHIEFS ASS TULARE COUNTY TNFORMATIO TULARE COUNTY JAIL UL]NE VALLEY ELECTRIC SUPPLIER VERIZON WIRELESS

WHITE CAP LPWOODLAKE GROWERS SUPPLY
WOODLAKE H]GH SCHOOL BOY WOODLAKE PLUMBINGWOODLAKE PRIDE WOODLAKE/C]TY OF

BANK OF THE SIERRA
02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02 / o2'/ 24 02/02/24 02/02/24
02 / o2'/ 24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 02/02/24 1 AA)
50 750
1_93 852
4 ,307 1_,842 1, 000
625 7,796 725
29 ,792
L ,346 110
0000t1
1,2
l-0
00 24
82 00
6t
64ao
00nn
29r ,547 250 I,72540
3, 56s 24r
3 81-
/53
25 495
235
1_6 ,250 63L
0000
00t4
1595
05CA
72 50
432 ,330 .59 * * *
34 ACS FINANCTAL SYSTEM 02/ 02/2024 16 :

BANK VENDOR
REPORT TOTALS:

Check Register
CHECK#
RECORDS PRINTED 000231
- CITY OF WOODLAKE GL540R-V08.21 PAGE - 3

DATE AMOUNT
432 ,330 .59
35 ACS FfNANCIAL SYSTEM
02 / 02 / 2024 1_6 : 04 :31

VENDOR NAME
DESCRIPT]ON
ABH FOX SOLUT]ONS STDTO RCK/CNNCTNS 1/24 SERVTCES OL/2024 NETWORK/RDIO CHK r/24 SERVTCES 0r/2024

ADVENTIST HEALTH TOXICOL
TOXTCOLOGY REPORT Oa/24
AFLAC
SUPPLMNTL INSURANCE ]-/24

APRIA HEALTHCARE INC
PPO DISCOUNT 07/2024

DISCOUNTDTSCOUNT
DISCOTINTD]SCOUNT
DISCOUNTD]SCOUNTDISCOTINT

DISCOUNTDTSCOUNT

DISCOUNTDTSCOIINT
DISCOI]NT
D]SCOUNTDTSCOIINTDf SCOTINT
Schedufe of Bi11s

ACCOTINT NAME FIIND & ACCOUNT

WOODLAKE STUDIO
WOODLAKE STUDIO OFF]CE SUPPLIES CONTRACTURAL SERVICES *VENDOR TOTAL

AMOIINT
CITY OF WOODLAKE GL54OR-VO8 .21 PAGE 1
CLAIM INVOICE PO# F/P ]D LINE
2L76
5354s9
225568I8
L28
2 ,280 180
212
2 ,80I
1 44
1 43
10 3
2 10
/3
53 0
2500
0 1-84
37376I
61_
2'727
303030
09 00
07 5l23
050
0500505
008008
000030000300003
0000300003
0000300003
000030000300003
001 . 0405 . 080 . 541 001 . 0406 .080 . 541 004.04r4.060.023 001 . 0411 . 060 . 028
6053
6057
6062
6063
034 00004
034 00006
034034
034034
001_10 011
00L2
000030000300003
00003
035035
0009 6
8q
0 9L
00 572 . OO CONTRACTURAL SERVICES OO1 . 0411 . O5O . 028 5T4.92 ACCIDENT & DIS TNS WfTHH OO1. OOOO.2OO. O38
PPO
PPOPPO

PPOPPOPPO
PPO
PPO D]SCOLINT PPO DISCOUNT

HEALTHHEALTHHEALTH

HEALTHHEALTH

HEALTHHEALTHHEALTH

HEALTHHEALTH

HEALTHHEALTH

HEALTHHEALTHHEALTH

HEALTHHEALTH
HEALTH *VENDOR

INSURANCEINSURANCEINSURANCE

TNSURANCEINSURANCE

INSURANCETNSURANCEINSURANCE
fNSURANCEINSURANCE
fNSURANCEINSURANCE

INSURANCETNSURANCEINSURANCE

TNSURANCEINSURANCE

TNSURANCE
TOTAL
0402
0403
0404
0405
0 415
0475
0 418o42'J0422
o46I0462o463o472
0429.05
050
0500s0
050050
008008008
008008
008008
PPO
PPOPPO
PPOPPO

PPOPPOPPO
07 / 2024or'/ 2024
0L / 2024
01, / 2024 0r / 2024 0r / 2024
0r / 2024
50 03)2
35 or/ 59 0r/ 01/ oa/ 01/ 0r/ 0r/ 0r/ 0r/
07/
20242024
20242024
20242024
69 40
37 91-
Y2Y6
91 2T
42 5456
97 92I2I2
8080
5656a/
36 001001
001001
001001001
001001
061062
063001nrq
001
0000300003
0000300003
03s
03503s035
035035
03s
035035
035035
035035035
008
008008
050050050
0s0
008
008008
008008
008
020020020
020
2024
2024
20242024
244
L/24
1/ z+024
060
072
04L
05 0505
05 00
00 00
0 034
034
034
04L
00r_ 001
001
00 0
0 406
460
472
44]-
041-1
0 4180410
0462
0463
035035

AT & T MOBTLTTY
FD CELL PHONES OI/2O24
At &l
PHN CLST JACK 01
ROAD YARD DSL 01 CITY HALL FAX O:

WWTP ALARM OI/ZO

WATER TWR ALARM

AIRPORT ATM LTNE
ROAD YARD FAX 1,/ ROAD YARD 01_/202 ROAD YARD 0r/202
20242024
686.34 TELEPHONE 004.0414.060
. 020 034 00059
2 0
2 TELEPHONE

TELEPHONETELEPHONE

TELEPHONETELEPHONE

UTILTTTESTELEPHONETELEPHONE
TELEPHONE *VENDOR TOTAL
001
001001
062063
o44L
0418
0 418041_8
060050050
060060
060060
060060
020 o2I
020
020
020
034
034
034
034
o34
034
000200002100022
00023
00024
0002500026
00027
00028
4 4
345
36 ACS FINANCIAL SYSTEM 02/02/2024 16:04:31
VENDOR NAIV]E

DESCRIPTTON

AT&T (NEW) FIRE DEPT INTERNET
Schedule of
ACCOUNT NAIqE
BiIls CITY OF WOODLAKE GL54OR-V08.21 PAGE 2
A]VIOUNT FIIND & ACCOUNT CLA]M TNVOTCE PO# F/P rD LINE
GENERAL ADMTN O1l CITY CLERK 01-/2O2
FTNANCE 0L/2024PLANNING OI/2024

BUILDTNG INSPCTN
PW/ENG]NEERING O1 PARKS 07/2024

TELEPHONE

TELEPHONETELEPHONETELEPHONETELEPHONE

TELEPHONETELEPHONETELEPHONE

TELEPHONETELEPHONETELEPHONE

TELEPHONETELEPHONETELEPHONE

TELEPHONETELEPHONE
r/24
84 243
186
74 r-00100
1- ,]-65
2824
1-6
46 94
2260
95 004
0010 01_ 00100r"
00r00100r001
06r_ 062
063001001
001001
0 41_4 0402
0403
o404
0405041-5
0415042]- 0422 046r
0462
0463
O4IT04 t_8
0 410 04r1
060050
060060060
o20o20020020
020020020
020
020020
o20020
806804806804806804
806804806804806804
806804806804806804
806804806804806804
805804
034
034034
034034
034
034
034034
034034034
034
034
034
034
14 5
5 9
5 4
8 29
11 s050
50 z525
59 50
09 r1-2
86 86
120
86 STREETS O1l
REFUSE O1l2SEWER 01/20
WATER Or'/20

PD TNTERNET
2024
4 060050050
060060060
200200200
200620062006
00029
0003000031
00042
00043
00044
1- / 2024 /24
/2024 E r/24L/24
5Bta.01
020020020
020
060
050060UbU
060
060060
060060060
050
6666
666
2006200620062006
200
200200200
0003200033000340003s
00036000370003800039
0004000041
2024
024
2424
USE 01 RD YRD INTERNET US CITY HALL PHONES O PD PHONES 0r/2024 AUTOZONE STORE 4485 SUPPLIES OL/2024
AVENU INSTGHTS & ANALYTT HOSTING SOFTWARE OI/24
B. S. & E. CO. rNC.

TRACK LOADER 0L/2024
BALLET FOLKLOR]CO CLEANING DEPOSIT A/24
BENDER ROSENTAL INC.

RNDABT 247/CJN 1,/24
WEEKLY EF BACTr 01/

WEEKLY EF
99q)
28 050597
806
95498269549826
4485903L54
]NVB-050959
354335
23-L23
1-47
AG13101AHO0906
AHO1513AHO2031
4H02299
AHO266I
1i_56531620054 62rL39
804
802802

13.55 a )1'7 q)
905.15
100.00
3,832.50
*VENDOR TOTAL
SPECIAL DEPARTMENT EXPEN OO1
SPECIAL DEPARTMENT EXPEN OO1
CONTRACTURAL SERVICES OO1
DEPOSTTS FORM OTHERS OO1
CONTRACTURAL SERV]CES O23
0418
0 410
0424
0000
0590
060
050
060
200149
029
nro028
03s028
034
034
034
034
034
00729
00133
00137
00019
00097 BSK ASSOCIATES
WEEKLY EFFLUENT OI/2024 BACTI 01_/2024 BACTI 01/2024 0050 CONTRACTURAL CONTRACTURAL CONTRACTURAL CONTRACTURALCONTRACTURALCONTRACTURAL *VENDOR TOTAL

SERVICESSERVTCES

SERVTCESSERVICESSERVICESSERVTCES
062063063062
063062
0462
o4630453
0462
0463
0462
028028028
028028028
034
034
034034
034
034
FLUENT OI/242024
FLUENT 01_/24
00140000090 012100130

BUTTONWI
TNV 01
LABOR/
RENTAL
163.13 SPEC]AL DEPARTMENT EXPEN 062.0462.060.029
20L
693
193
649
843
00L22
00L27
034 00086 CA TURF EQUIPMENT &

LLOW WAREHOUSE C
/ 2024
SUPP r/zs
/24

OIL CHANGE O
SKTDSTEER 1 SPECTAL DEPARTMENT EXPEN CONTRACTURAL SERVICES *VENDOR TOTAL 063.O463 001" .0424 029 o28 00010 00136 060 050 034 034 37 ACS FINANCIAL SYSTEM
02 / 02 / 2024 J,6 : 04 :3L

VENDOR NAME

DESCRTPTION
CAL F]RE TRAfNTNG 01_/2024
CALIF BU]LD]NG STDS COMM BLDG PERMIT FEE I/24

CALIFORNIA ASSOCIATTON O
ASSOCIATTON FEES 0r/24

CARRTLLO/JARED
STIPEND REIMBRSMNT 1/24

CASTILLO/MARTA
CLEANTNG DEP RFND 1/24

CENDEJAS/EMMANUEL
STIPEND REIMBRSMNT 1/24
CHAVEZlTONY
CLEAN]NG DEP RFND 1/24

CREATIVE FORMS & CONCEPT
BSNESS LfC NTCE OI/24
Schedule of Bills
ACCOUNT NAIV]E FUND & ACCOUNT
TRAINING EXPENSE 004.041,4.060.037
BUILDING PERMITS OO1. O3O2 .OOO .022
SPECIAL DEPARTMENT EXPEN OO4.O4T4.O6O.O29
VOLUNTEERS - STIPEND OO4.O4L4. 06O. 06ODEPOSITS FORM OTHERS OO1. OOOO.2OO.035 VOLUNTEERS - STIPEND OO4.O4L4. O5O. O6ODEPOSITS FORM OTHERS OOl. OOOO.2OO.035 SPECIAL DEPARTMENT EXPEN OO]..0402 .060.029
CITY OF WOODLAKE GL54OR-V08.21 PAGE 3
AIV1OUNT
1, 200 . 00
145.00i_00.00
250.00
r,00.00
250.00
100.00
393.06
CLAIM fNVOICE
FD-BPOO O 84
OCT-DEC 2023
294rr/6/24-L/20/24
24- 00 41-/2/24-1,/23/24
23 -146L20459
PO# F/P ID
034
034
034
034
034
034
034
034
LINE
000550009300094
001_t-2
0 01010 0110
000180006s

DEARBORN NATIONAL
CTTY EMPLOYEES OCTTY EMPLOYEES O CITY EMPLOYEES O CITY EMPLOYEES O CITY EMPLOYEES O CITY EMPLOYEES O C]TY EMPLOYEES O CITY EMPLOYEES O CTTY EMPLOYEES O CITY EMPLOYEES O CITY EMPLOYEES O CITY EMPLOYEES O CITY EMPLOYEES O CITY EMPLOYEES O CITY EMPLOYEES O CITY EMPLOYEES O CfTY EMPLOYEES O CTTY EMPLOYEES OPD EMPLOYEES O1l
LIFE T t/2024
L / 2024
L / 2024 1 / ) n) a i'rz6)+
1- / 2o24L / 2024
r / 2024r'/ 20241 / 20247'/ 2024L/2024L / 2024
7 / 2024r'/ 2024r / 2024
L / 2024L / 2024 2024
0429
0406
0460
0412 o44I041-l001 001 001 001 00r- 00r- 001 053 001 029 001 060 310500ozt-8I7 266
26 4 I4430
3 100
0 195
448

HEALTHHEALTH

HEALTHHEALTHHEALTHHEALTHHEALTH

HEALTHHEALTHHEALTHHEALTHHEALTH

HEALTHHEALTHHEALTHHEALTH
HEALTHHEALTHHEALTH *VENDOR

INSURANCE
TNSURANCEfNSURANCEINSURANCEINSURANCEINSURANCEINSURANCE
INSURANCEfNSURANCE]NSURANCEINSURANCE
INSURANCEINSURANCE]NSURANCEINSURANCEINSURANCEINSURANCE

INSURANCETNSURANCE
fUIAL

FEBRUARYFEBRUARY

FEBRUARYFEBRUARYFEBRUARYFEBRUARY

FEBRUARYFEBRUARYFEBRUARYFEBRUARYFEBRUARY

FEBRUARYFEBRUARYFEBRUARYFEBRUARYFEBRUARY

FEBRUARYFEBRUARYFEBRUARY
00016000160001600016
00016000160001600016
00017
o402
0403
0404
0405
0 415
0476
041_ 8 042L i a)) 046r
0462
0463
04L2
050050050
050050050
888
8I8
20242024
2024202420242024
20242024202420242024
zu 242024
034
034034034
034
034
034034
034
00016
0001_6 000160001600016
00016
000000
00nn00
008008008
008008008008008
008008
0500s0
0500500500500s0
050050050050050
0s0
034
034
1-4
101
74 06
61-
5599561l_
zo33
61-
'7710
105050
001001061
062
008
008008
072
047
001
00016000r-600016
00016
034
034
034
034
202202
202
zuz
4 444
20242024
034
034o34
034
DETTZlRICHARD
STIPEND REIMBRSMNT 1/24 8OO. OO VOLTINTEERS STTPEND 004.04L4. 060 .060 r/20-r/2a/2024 034 00115 38 1CS FINANCTAL SYSTEM 02 / 02 / 2024 I6 : O4 :3I

VENDOR NAME

DESCRIPTION
DEPARTMENT OF L]USTTCE FINGERPRfNT APPS OI/24
EXETER PLUMBING CO. BTNCL GRDN EAST BF I/24
FINANqTAL CREDfT NETWORK l+${Nr oN ACcr oL/jorL t+rylq oN ACcr or'/44- - PAYMNT ON ACCT Or'/-4
FOqTHTLLS SUN_ cAzETTE/TH WDLK cl,sour 2018 rl24-
FRANZEN_HILL CORPORAT]ON VPR RECVRY TEST T/'4_"
GAS COMPANY/THE 325 E. ANTELOPE 1 FIRE STAT]ON O1l2 CTY OF WDLK BLDi\TG cfTY YARD 07/2023 G]OVANI/ZACHARY STIPEND REIMBRSMNT 1/24
GOMEZlFRANC] SCO FRAf RE 2 PADS NO RNFRCMNi 1/ZS
GONZALEZ / rcNACrO STIPEND RETMBRSMNT ]-/24
GRUBER FARMS INC. oAT SEED/DT9C/HRWS 1/24

IANFORD SURGERY CENTER
AIV1BLTRY SURGCL PAC_1- I>A AI\4BLTRY SURGCL FAC 1'/'; +l{pl_IBy SURGCL FAa 1'/r4 AIVIBLTRY SURGCL FA-. 1'/1A AIVIBLTRY SUh.GCi FAE i,;; AI\4BLTRY SURGCL FAA i'/'; +llpl-IBy suRGcL pec 172+ AMBLTRY SURGCL FAC 1'/'q +I,IPI,IRY SURGCL FAa i'/)4 +IIPI,TRY SURGCL FAC I'/ti AMBLTRY SURGCL FAC I/'4 AMBLTRY SURGCL FAC 1'/'i ArvrBLTRy SURGCL pac I't)s Schedule of Bills

ACCOTINT NAME

CONTRACTURAL SERVICES

FTIND & ACCOTINT
001.0411
063.0463
050.028
060.028
060 .029
060.028
CLA]M TNVOfCE
705831
0 916 315 0
PO# F/P ID LINE
034 00003
034 00007
034 000L2
034 0012s
CITY GL540R-V08.21 OF WOODLAKE PAGE 4
AMOUNT
277 .00

70.00 CONTRACTURAL SERVTCES
20 402989
.A
48 15
a7
SERVfCE CHARGES SERVfCE CHARGES SERVICE CHARGES *VENDOR TOTAL 061.0361.00 062 .0362 .00 063.0363.00 0.086 0.086 0.085 ljl- 4282 - OO - 70L- 4282- 0o _ 1-07- 4282_ 0o
_ 00079 00080 00081 034 034 034
034
034
034
034
01 01
01 060060
060
060
640.95
350.00
SPECIAL DEPARTMENT EXPEN OOI.O4O2
CONTRACTURAL SERVTCES 041-.0441
UTfLfTfESUTILITIES

UTTLTTTES
UTTLfTTES *VENDOR TOTAL
VOLUNTEERS _ STTPEND

GREENWOOD PARK

VOLLINTEERS - STIPEND
HEALTH

HEALTHHEALTH
HEALTH
HEALTH
HEALTH

HEALTHHEALTH
HEALTH

HEALTHHEALTH
HEALTH
HEALTH
004.041_4. O6O. O6o
0 0 l- . 0 4 0 7 . 0 8 o . 5 4 3
004 .04!4. 050 . o6o
004 . 041,4 004 .04L4
001.0410001.0418
o27027
02L
02L
0402
04 03o404
0405
0 415
04]-6
041_ 8o421-
A At)
0461
04620463
001
001
0s0.008
050.008
278495C9 - oo56
2400L3
1/2e/2024
r/ 14-r / 22/ 2024
11300
/z+024r/24 85 180 1-,087)1, 7,376
001
001001
001
001
oz
47 )9
36 27
q,
33 65
90 89
000
94 000000
000
5758
63 64
100.00
20 ,0r9 .20
t_, 000 . 00
2 ,920 .00
58 02
47 CONTRACTURAL SERVICES OOL.O427. O6O. O28
034 00107
034 00045
034 00117
034 00048
00002
00002
00002
0000200002
00002
00002
00002
0000200002
0000200002
00002
3 10
9 4
10 6
23 7
5 24
168
1_23
0 79
05 96
35 TNSURANCE

INSURANCEINSURANCE

TNSURANCE

TNSURANCE
fNSURANCE
fNSURANCEINSURANCE

INSURANCE

INSURANCEINSURANCE

TNSURANCE
]NSURANCE
001
0 01_06r_ o62
050
050
050
0s0
008008
008
008
008
008008
008
008008
03s
03s
035
0630 01- 04L2
0500s0
050
0s00s0
050
050
035
035
035
035035
035
03s
035035 n2tr 008
39 ACS FINANCIAL SYSTEM 02/02/2024 L6:04:3I

VENDOR NAIVIE

DESCRTPTION
TAND
MMBRSHTP 2024 0r/2024
IBARRA SR,/FELIPE CLEAN RESTROOMS 0L/2O24

TNTERWEST CONSULT
WDLK CONTRCT 01

WDLK CONTRACT O
Schedule of Bifls

FUND & ACCOUNT CLAIM INVOICE
CITY OF WOODLAKE GL54OR-V08.21 PAGE 5
PO# F/P ID L]NE AMOI'NT ACCOLINT NAME HANFORD SURGERY CENTER AMBLTRY SURGCL FAC I/24
AIVJBLTRY SURGCL FAC I/24AIVIBLTRY SURGCL FAC L,/24 A.IVIBLTRY SURGCL FAC I'/24 AIi{BLTRY SURGCL FAC 1"'/24

5.53 12 .63 r.27 0.r1 1.16
41-9.94
o29
001050
012
04L
o429
0406
0460
0472
044L
HEALTH
HEALTHHEALTHHEALTHHEALTH *VENDOR

INSURANCE

INSURANCEINSURANCEINSURANCEINSURANCE
TOTAL
03s
035035035
035
0000200002
000020000200002
035035
03503503s
0000100001-
00001-00001
0000100001_ 00001
000010000100001
035
035035035
035
050050
0500s0
050
060060
008008
008008008
008
008008008
008008008
008008
008
008008008
008008
602080
1, 887 42L
2 ,308
19O. OO MEMBERSHTPS & SUBSCRIPTI
6OO. OO CONTRACTURAL SERVICES
CONTRACTURAL SERV]CES FIRE PREVENTION *VENDOR TOTAL
0 0 1 . 0 4 1 1 . 0 6 0 . 0 3 8
00]-.042L. 060 . 028
0325329
L/Lo-J./2r/2024
034 00002
034 00008
34 00103 34 00!04 001 004 028 04r 0 415 04L4 182381 182381

KNTGHT/JESSE
STTPEND REIMBRSMNT 1/24

ING GRO
/ zozq
r / 2024
r /24L'/24 t/24 r/24
1-/241,'/ 24 L/24 r/24 r/24 r/24 r/24
1'/ 241-/24L/24
7/24 r/24
L/24r'/ zq
0 034 00113 5OO. OO VOLUNTEERS STIPEND 004.04r4.060.060

0.22 r/7r-r/30/24

LA LASER CENTER P

PHYSTCTAN VISIT PHYSICIAN VISIT PHYSICIAN VISIT

PHYSICTAN VISIT PHYSICIAN VISIT
PHYSTCTAN VTSTT PHYSICIAN V]SIT PHYSICIAN VISIT PHYSICfAN VTSTT PHYSTCIAN VISITPHYSICTAN VISITPHYSICTAN V]STT PHYSICIAN VISIT PHYS]CIAN VISIT PHYSICTAN V]STT PHYSTCIAN VISIT PHYSICIAN VISIT PHYSICIAN VISTT

INSURANCE

INSURANCETNSURANCEINSURANCE

INSURANCETNSURANCEINSURANCE

INSURANCEINSURANCEINSURANCE

INSURANCEINSURANCEINSURANCE
]NSURANCEINSURANCE

INSURANCEINSURANCEINSURANCE
TOTAL
062
063001
008
008008
000
000
000
6 4
0 000

0.04 15.00
HEALTH

HEALTHHEALTHHEALTH

HEALTHHEALTH
HEALTHHEALTHHEALTHHEALT}I

HEALTHHEALTH

HEALTHHEALTHHEALTHHEALTH
HEALTHHEALTH *VENDOR
0402 . 0403.
o404.0405.041_5. 0416.
0418 . 042r.
0422 . 046I.0462 . 0463.041,2 . 0429.
0406.
0460.
0472 ..044L.
35 35
15 36
24 001001001
0 01_
0s0
0500500s0050
050050
050
050050050
050050050
0s0050
0 01-
0010010 01-001
061029
001
060072
047
83 272I
88 o2
3901I9
45 o4
03s03s
035
050050
0000100001_0000r_ 00001
0000100001
000010000r035 035 035 035 035

LEO'S NURSERY
LARGE WHITE POTS OL/24
MARTfNEZ/MARTTN
STTPEND REIMBRSMNT 1/24
r,61-6 .25
800.00
WOODLAKE STUDfO oor . o42L . O60 . O't 4
VOLUNTEERS _ STIPEND 004.o4I4. 060 . 050
2r1,02
1/5-L/26/2024
034 00082
034 00116
40 ACS FTNANCfAL SYSTEM 02/ 02/2024 L6:04:3I

VENDOR NAIVIE

DESCRIPTION

MEDALLION SUPPLY
CREDIT INV#107867CONDUIT/ELBOW 01,/ CONDU]T/ COUPLfNG,

MISSION SQUARE
DEFERRED COMP OI/24

MONTES/DANNY
STfPEND REIMBRSMNT 1,/24

MORENO/ARMANDO
STTPEND REIMBRSMNT 1/24
NORCAL OUTDOOR SUPPLY CO ARCHED BACK BENCH 1/24OFFICE DEPOT MTNf PLANNER OI/24 ROLLING BALL PENS 1/24 MARKERS/PENS Or/2024 PACE SUPPLY CORP PIRJOINT SEALANT 1,/24 CoMP/KEY MTR OL/2024 PALM OCCUPATIONAL MEDICI HEALTH SCREEN OI/2024

PALOMO/SAUL
STIPEND REIMBRSMNT ]./24
PEDREGAL BUfLDING MATERI
ANCHOR BOLT O!/2024
PREBLENDED MORTAR I/24
Schedul-e of Bilts

AIVIOUNT ACCOUNT NAME

DEFERRED COMPENSATION
VOLUNTEERS STfPEND

VOLUNTEERS STTPEND
HfLLSTDE PARK
OFFICE SUPPL]ES OFFICE SUPPLIES OFFICE SUPPLIES *VENDOR TOTAL STORMWATER PROJECT SPECIAL DEPARTMENT EXPEN *VENDOR TOTAL 5001
3001
9001
034 00098 034 00099 034 00100
CITY OF GL54OR-V08.21 PAG WOODLAKE
E 6
FIIND & ACCOTINT CLAIM TNVO]CE PO# F/P ID L]NE
8 r/24
2024 0r/24 144.90CR 150.95 L4t .86 153.91 SPECIAL DEPARTMENT EXPEN O6 SPECIAL DEPARTMENT EXPEN OO SPECTAL DEPARTMENT EXPEN OO *VENDOR TOTAL 8,643 .12
250.00
400.00
9 ,4I7 .35
001.0000 .200.040004.04r4.060.050
004.O4r4. 060 .060
001. 0407 . 080 .540
3 .0463 I .0422 I.0422 029 029
041L
0 4]-1,0 411
-1079516
- 1080023-1080155
JANUARY 20247/L3/ -r/27 /24
1,/2i /2024
3289
34554'7 6'7345547 83
34648618
L99200rL8
1-9 921,7 77 r
2l-L093
7/L/24-r/26/24
1240:-237 6 6
12401,237 66
034 00135 034 00]-23 034 00r26
034 00131_ 034 00132
034 00045
034 00111
034 0011-4
034 00011
034 00001 034 00l-24
034 00060
034 00106
913 0
913 0913 0
060060
060
023
o)a.
023
RECYC
24 24
1, 050 4rL
L,462
42 .53
150.641-93 . r'7468
383
852
88 2070
67 49
060
060060
050050
001001
001
001001
001001
001
001001
87 88
51 265697
53 68
44 1_2
203569
1-26
2T5958
60 60. OO TRAINING EXPENSE
75O. OO VOLUNTEERS STTPEND
0 0 1 . 0 5 5 0 . 0 8 0 . 5 3 I 063 . 0463 .060 .029
004 .0474 .060
004.0414.060
037
060
0422 .060 .029
042L .060 .01 4
0424.060.028 0424.060.o28
008

SPECTAL DEPARTMENT EXPEN
WOODLAKE STUDIO *VENDOR TOTAL

PORTERVILLE ROCK
CA.JON DITCH 01
CAJON DITCH 01
&
/zo /zo CONTRACTURAL SERVICES CONTRACTURAL SERV]CES *VENDOR TOTAL q?qzq 57610 034 00138 034 00139

PRINCIPAL LTFE INSURANCE
EMPLYR CNTRBTNS OI/24 EMPLYR CNTRBTNS 01/24 EMPLYR CNTRBTNS OT/24 EMPLYR CNTRBTNS OI/24 EMPLYR CNTRBTNS OI'/24 HEALTH HEALTH HEALTH HEALTH HEALTH INSURANCE TNSURANCE INSURANCE TNSURANCE INSURANCE 001 001 0402 0403 0404 0405 0415 050 0s0 0s0 2024 2024 2024 2024 2024 034 034 034 034 034 00051 00051 00051 00051 00051 00000000 8 88
8 FEBRUARY

FEBRUARYFEBRUARY

FEBRUARYFEBRUARY
41 ACS 02/ INANC / zozq
F
o2

IAL SYSTEM
1-6 : O4 :3I Schedule of Bills

FUND & ACCOUNT
CITY OF WOODLAKE GLs40R-v08.21- PAGE i
PO# F/P ]D LINE
20242024
2024

VENDOR NAME
DESCRIPT]ON

PRINCIPAL LIFE INSURANCE
EMPLYR CNTRBTNS OI/24 EMPLYR CNTRBTNS OI'/24 EMPLYR CNTRBTNS O7'/24 EMPLYR CNTRBTNS OI'/24 EMPLYR CNTRBTNS OI'/24 EMPLYR CNTRBTNS O1-'/ 24 EMPLYR CNTRBTNS OI'/24 EMPLYR CNTRBTNS OI'/24 EMPLYR CNTRBTNS O1-'/24 EMPLYR CNTRBTNS OI'/24 EMPLYR CNTRBTNS OI/24 EMPLYR CNTRBTNS OI'/24 EMPLYR CNTRBTNS OI'/24 POLfCE EMPLOYEES O!/24 FTRE EMPLOYEES OI/24 AMOTINT ACCOUNT NAME CLAIM INVO]CE
40 131
AI
34 1_46
2 32
74 7
1 6
r ,343
993
aa A
79 48
09 80
6209
69az
59 40
5300
B777
04L6
0 418
0427
0422
0467
0462
0463 o4I2
0429o4060460
0472
0 441, 041L
o4!4
050
0s0
008008
008008
HEALTH
HEALTH

HEALTHHEALTH

HEALTHHEALTH

HEALTHHEALTH

HEALTHHEALTH
HEALTH

HEALTHHEALTH
HEALTHHEALTH *VENDOR
]NSURANCETNSURANCE
]NSURANCETNSURANCE
]NSURANCEINSURANCE
]NSURANCETNSURANCE

INSURANCE

INSURANCETNSURANCE

INSURANCEINSURANCE

INSURANCETNSURANCE
TOTAL
0 00
0 000s100051
000s100051
0005100051
034
034034
034
034
034
20242024
20242024
050
0s00s0
050050
0s0
0500s0
050050
050
050050
01 0101
01 o72 04I
0 01-
004
0006
0005
00070007
00070007
034
034
034
02702L
02]_ 02l- 41_0 463 4I8
424
462 44r
001
o62001
001001
o62
04L029
0 01-
060060
050060
060060
060
060050
060060
060050
060

FEBRUARY

FEBRUARYFEBRUARY

FEBRUARYFEBRUARY

FEBRUARYFEBRUARY

FEBRUARYFEBRUARY

FEBRUARYFEBRUARY

FEBRUARYFEBRUARY

FEBRUARY

FEBRUARY
72]-71I
7/3 /24-7/ 37/24
r/5/24-r/2e/24
205'72]-4 2057516
1-/15/2024
034 00013
034 0010s
034 00109
36'78
061
062063
001 n)o
001060
20242024
20242024 )n)L
20242024
2024
034
034034
034
034034
034
034
034
000s1
00051
0005r00051
00051
000s1000s1
00052
008008
008008
008008
008008
008
008008
027 o2t
02lo2L
021,
050
02]-
000s3
QUAD _ KNOPF
STRMWTR PTPEL]NE 1/24

RAMOS/JOSE
STIPED REIMBRSMNT ]./24
REYNOSO/GABRfEL
STfPEND REIMBRSMNT 1/24
SATTA.TE AGGREGATES, INC ENVIRONMENTAL FEE I/24 SUPPLIES OI/2023 I,842.I0 STORMWATER PROJECT 0 0 1 . 0 s 5 0 . 0 B 0 . 5 3 8 1, OOO . OO VOLUNTEERS _ STTPEND OO4 .0414. 060 . O5O
525.00 VOLUNTEERS _ STIPEND 004 .04I4. 060 . 060
490
4 ,301
245 II7
2 ,054 3l_2 824
8,430 523
430
9 ,3II
1_651-40
6 ,04695
290
15 259
937
1- ,]-96
l-8
42 qPEqIAL DEPARTMENT EXPEN OO1
.F-f-q_cl4i, DEPARTMENT EXPEN o0i *VENDOR TOTAL 0422 .050 0422 . 060 029 029 034 00090 034 00L42

STGALA/DAVTD
SSTTPENT RE]MBRSMNT 1/24
SOUTHERN CAL]F ED]SON CO l?1 N. VALENCTA ot/24 oRCHARD 0r/2024 COMMUNITY CENTER 1/24 PLAZA 0r/2024
-CTY ADMN BLDNG 1/24 WATER DEPT OI/2024 MAINT. SHOP 01./24 PARKS DEPT 01./24 PARKS DEPT OI/24 A]RPORT DEP"I OI/24 qPqYSN LrcHrs 07/24 STREETS DEPT OL/24 LIFT STATION OI/2024 CAR I/fASH 0I/2o24 WATER DEPT OI/24
I25.OO VOLUNTEERS STIPEND 004 . O4I4. 060 . 060
69 24
03 5997
04 406203
25 4639
UT]L]TIES ORC}IARD EXPENSES UTILfTIES

UTILTTIES
UTfLITfES
UTILITIESUTTLfTTES
UTfLITIESUTTLTTTES
UTfLITIESUTTLITIES

UTILTTIES
UTIL]TIES CARWASH EXPENSES UTILITIES
001001
053
0410
o462042L
0422
02I
045
02L02L
034 00108034
o34
000140001s
00061
53 47
0 0
00 00
00062
00065
034 00067
034
034
034
034
034
o34
034034
034
89 0
1 2
062 3001
063
0429
0422
0462
0423
0463
0007500075
00011 050
42 ACS FINANCIAL SYSTEM
02 / 02 / 2024 L6 : 04 :3JVENDOR NAME

DESCRIPTION
SOUTHERN CALIF EDISON CO STREETS DEPT OI/2024
TELSTAR TNSTRUMENTS INC. vEHrcLE TOOLS 0r/2024

THOMSON REUTERS-WEST
oNLTNE/SOFTWARE 1 / 2024

TODD COMPANIES
STRMWTR PIPELINE OL/24
TULARE CO{INTY CHIEFS ASS MMBRSHIP DVES 0L/24
TULARE COUNTY INFORMATIO RADIO COMM. SERV 1/24
TULARE CO{]NTY JAIL CHERRY FINISH PLQ 7/24
ULINE

STUDIO CLNG SUPPSTUDIO CLNG SUPPCLEANING SUPPLIES

CLEANING SUPPLIES

VALLEY ELECTRIC

POLE BREAKERSTRTP LIGHT O
AMOT]NT
Schedule of

ACCOUNT NAIVIE
Bilfs
UTILITIES *VENDOR TOTALCONTRACTURAL SERVICES

CONTRACTURAL SERVTCES

STORMWATER PROJECT
MEMBERSHIPS & SUBSCRTPT] OO1RADIO & PAGER MA]NTENANC OO1 SPEC]AL DEPARTMENT EXPEN OO1

CLAIM INVOICE
CTTY OF WOODLAKE GL54OR_V08.21 PAGE 8
PO#
1 ,q 1
8992
6L74
FUND & ACCOI]NT
00I.0422. 060 . 021
062.0462.060.028
001.0411- .O60.O28
001_.0550.080. s3I
0411.060.038
0411.060.033040L .060 .029
F/P ID
034
o34
o34
034
034
034034
LINE
00078
00r-28
00005
00102
00054
00050
00047
1_ ,346 . O0
1_L0.24
291, ,547 .82
250.00
7 ,725 .67

40.l-5
I1,991l.849503892
JANUARY 202424 - 03'7
20343
r/zs 7/zq t/24
1/ 24
1- ,252
46'J.
925925
3,565
43 89
8895

58.90 182.15247 .05
/5 WOODLAKE STUDTO OOl WOODLAKE STUDIO OO]- SPECIAL DEPARTMENT EXPEN 062 SPECIAL DEPARTMENT EXPEN OO1. *VENDOR TOTAL SPECIAL DEPARTMENT EXPEN OO]. COMMUNITY CENTER OO1 *VENDOR TOTAL CONTRACTURAL SERVICES O01
HEALTH TNSURANCE OO4SPECIAL DEPARTMENT EXPEN 062
0421,.O60.074 042I .060 .07 4 0462.060.o29
042L . 060 .029
L2094725
1-730448091-733289a8I7 3328918
00088000870009100092
034
034034034
427430
UPPLfER
/ 2024
24 S
01L/
29 )q
0422 .060 .029
042L .050 .0'15
0411.060.028
0414.0s0.008
0462 . O60 .029
9128-109728 - 10
86 96
034034
034 0008s 034 00084
0008900083

VERIZON WIRELESS
wPD MODEMS 01_/2024
VISAL]A FA]'{ILY PRACTI PHYSfCIAN VIS]T O1l

WHITE CAP LP
TRASH PUMP OI/2024

WOODLAKE GROWERS SUPPLY
SPRAY PAINT OI/2024
DUCT TAPE 0L/2O24
WOODLAKE HIGH SCHOOL BOY YTH BBALL CLTNfC OI/24
I4
11 25
03 26
29 SPECIAL DEPARTMENT EXPEN OO1 SPECIAL DEPARTMENT EXPEN 062 *VENDOR TOTAL CE24
381.54

15.00 153.64
99547 837 06
50025255334
0469
I7 70

WHS BOYS BB
034 00014
035 00004
034 001-41
495.00 BASKETBALL EXPENSES
0422 . O60 .029 0462.060.029
00r .0421 .060 .044 034 00095
43 ACS F]NANCIAL SYSTEM 02 / 02 / 2024 16 : 04 :31,

VENDOR NAME

DESCRTPTTON
WOODIJAKE PLI]MBTNG FLANGE/STOP CTY YF'D I/24
Schedule of Bil1s
ACCOI]NT NAME FT]ND & ACCOUNT
SPECIAL DEPARTMENT EXPEN OO1.041B .06O.O2g
SPECIAL DEPARTMENT EXPEN OO1. 04O5. O5O. O29
UTILITTES oo4.Q4t4. O5O. O2l_
CITY OF WOODLAKE GL540R-V08 .2t_ PAGE 9
Po#

WOODLAKE
BTNCL
PRIDE
GRDN EXPNSE 1_/24
AMOUNT
235.00
16,25A.72
631.50
WOODLAKE/CTTY OF UTfLITTES 07/2024
CLATM TNVO]CE
1,07 3
JANUARY 2024
JANUARY 2024

F/P ID LINE
034 00134
034 00049
034 000s5
44 ACS FTNANCIAL SYSTEM
O2 / O2 / 2024 I6 : O4 :3I

VENDOR NAME

DESCRIPTION
REPORT TOTALS:

Schedule of Bills CITY OF WOODLAKE GL54OR_V08.21 PAGE iO AMOUNT
432 ,330 .59

ACCOUNT NAME
RECORDS PRINTED - OOO23L
FUND & ACCOUNT CLATM INVOTCE PO# F/P ID LTNE
45 ACS F]NANC 02/02/2024 IAL SYSTEM I6 : O4:3L Schedufe of Bilfs

THE PRECEDING LIST OF BILLS PAYABLE WAS REVIEWED AND APPROVED FOR PAYMENT

DATE APPROVED BY

CITY OF WOODLAKE
GLO6OS_VO8 . 21 RECAPPAGE
GL5 4 OR
46 City of Woodlake

AGENDA ITEM IV-C
February 12, 2024
Prepared by Ramon Lara, City Staff
SUBJECT:

Action: Adoption of Resolution: Approval of the January 2024 Monthly Report of Investments BACKGROUND:

Pursuant to Section 3.24.050 of the Woodlake Municipal Code the Finance Department prepares a report listing all investments of the City of Woodlake. The City’s temporary idle cash, those funds not immediately needed to pay current bills, is invested in accordance with the City’s Investment Policy that was approved by Resolution No. 09-05 which was adopted on February 9, 2009.

DISCUSSION:

The first objective of the investment policy is to secure the safety of the invested funds. The second objective is to match the availability (liquidity) of the funds to the cash flow needs of the organization. The third objective, that is only considered after the first two objectives have been met, is yield, or the earnings rate.

RECOMMENDATIONS:

Staff recommends that Council approve the January 2024 Monthly Report of Investments as submitted.

FISCAL IMPACT:

There is no fiscal impact.

ATTACHMENTS:

1. Resolution: Approval of the January 2024 Monthly Report of Investments

2. January Monthly Report of Investments
47 BEFORE THE CITY COUNCIL

OF THE CITY OF WOODLAKE

COUNTY OF TULARE

STATE OF CALIFORNIA
In the matter of:

APPROVAL OF JANUARY ) Resolution No:
2024 MONTHLY REPORT OF )

INVESTMENTS )
Councilmember ___________ offered the following resolution and moved its adoption. Approve the City of Woodlake’s January 2024 Monthly Report of Investments.

WHEREAS, pursuant to Section 3.24.050 of the Woodlake Municipal Code, monthly, the Finance Department shall prepare a report listing of all investments of the City of Woodlake; and WHEREAS, the City’s temporary idle cash, those funds not immediately needed to pay current bills, is invested in accordance with the City’s Investment Policy that was approved by Resolution No. 09-05.

NOW, THEREFORE, THE CITY OF WOODLAKE DOES RESOLVE to approve the City of Woodlake’s January 2024 Monthly Report of Investments.

The foregoing resolution was adopted upon a motion of Councilmember _______ and seconded by Councilmember _______ and carried by the following vote at the City Council meeting held on February 12, 2024.

AYES:

NOES:

ABSTAIN:

ABSENT:
____________________________
Rudy Mendoza, Mayor
ATTEST:
_______________________________
Irene Zacarias, City Clerk
48 CDs

16.230/0 City of Woodlake - lnvestment Report
LAIF

8.30%
VBB
Checking

75.180/o
Measure
o.o10/

0.270/0
Januarv 31.2024
lnvestment Type
Checking - Bank of the Siena
Checking - Asset Forfeiture
Measure S - cash
LAIF
MBS - miscellaneous Portfolio Holdings
BMW Bk North Amer - 12126123
BMW BK North Amer - 04108124
BMW BK North Amer - 05113124
American Express Natl Bk - 04107125
Capital One Natl Assn - 06102125
Capital One BK USA - 06102125
Alliant CR UN Chicago ILL - 12130125
Arcadian BK Hartland Minn - 03/09/26
Connexus Cr Un Wausau Wis - 06/15/26
Finance50O - RBC lnsured Deposits
Morgan Stanley BK - 02107124
American Express - 10127125
Sallie Mae Bk Murray Ulah - 10127125
Discover Bk Greenwood Del - 11102126
Capital One Natl Assn VA - 10126127
Total Portfolio
I certify this of
that it compl with state
$16,542,940 100%
complies with the City's adopted investment policy and
ent guidelines pursuant to Government Code Section 16481.2 02t06t24
Date
Fin500
Fin500
Fin500
Fin500
Fin500
Percent of
Portfolio

75.18o/o

0.27%

0.01%

8.30%

0.00%

1.18o/o

0.58%

0.57%

0.86%

0.87Yo

0.87o/o

1.50Yo

1.50o/o
'1.510/o

0.00%

1.490h

1.49o/o

1.49%

0.85%

1.480h
Yield to
Maturitv
None

0.05%
None

0.75o/o
N/A

0.30%

0.50%

0.65%

2.55%

3.10%

3.10%

5.10%

5.00%

5.30%

0.01 3.10%

4.65%

4.65%

4.70%

4.75%
Settlement
Date
N/A
N/A
N/A
N/A
N/A
12t25t21
10t08t21
11t12t21
04t06t22
06t02t22
06t02t22
12t30t22
03t08t23
06115123
N/A
02107119
10126122
10126122
11t01122
10126122
Maturitv
N/A
Monthly
N/A
Daily
Monthly
12t26t23
04t08124
05113124
04107t25
06102125
06102125
12130125
03109126
06115126
Monthly
o2l07l24
10127125
10127125
11t02t26
10t26t27
MBS
MBS
MBS
MBS
MBS
MBS
MBS
MBS
MBS
Principal
$12.437,504
$45,266
$1,826
$1,373,518
$o
$1 95,1 56
$95,376
$95,007
$142,766
$143,685
$143,685
$248,1 93
$247,373
$249,325
$83
$246,723
$245,855
$245,855
$141 ,058
$244,690
49 City of Woodlake

AGENDA ITEM V-A
February 12, 2024
Prepared by Emmanuel Llamas, City Staff
SUBJECT:

Action: Adoption of Resolution: Approve and Accept the Close-out Report on the 2018-CDBG Storm Drain Phase II Project
BACKGROUND:

The City was authorized to apply for CDBG 2018 funding year on January 14, 2019, and was awarded $2,700,000 in CDBG funding in response to the 2018 CDBG NOFA application.

Program Income funds in the amount of $509,272.48 were also utilized to supplement the project budget.

The City has a three phase project to pump stormwater to a new basin, instead of pumping the water into Bravo Lake. The first phase of the project has been completed and consists of constructing a new stormwater pump near Bravo Lake. The second phase, the Storm Drain Phase II Project, consists of building a new stormwater line of approximately 4,200 linear feet of 60” pipe that will move the water from the newly constructed pump location to the proposed stormwater retention basin at Ropes and Mulberry.

DISCUSSION:

The project was awarded for construction in late 2022. Due to the unforeseen delays regarding the rising water table and recent severe storms, the project’s construction schedule is now nearing the final workstations for completion. The grant’s final reimbursement date was September 15, 2023. Since this project has met the national objectives required by HCD by providing flood drainage improvements to the community, HCD has recommended that we proceed with the close out documents.

ENVIRONMENTAL DOCUMENT:

The activity has no environmental impact.

RECOMMENDATIONS:

That the Woodlake City Council approve and accept the close-out report on the 2018-CDBG Storm Drain Phase II Project.
50 FISCAL IMPACT:

There is no fiscal impact to the General Fund.

ATTACHMENTS:

1. Resolution: Approve and Accept the Close-out on the 2018-CDBG Homebuyer (18- 12919) and Owner-Occupied Rehab (18-CDBG-12920) Programs 51 BEFORE THE CITY COUNCIL

OF THE CITY OF WOODLAKE

COUNTY OF TULARE

STATE OF CALIFORNIA
In the matter of:

APPROVING THE CLOSE OUT REPORT ON THE )
2018-CDBG STORM DRAIN PHASE II PROJECT ) Resolution No. 24- Councilmember _____________, offered the following resolution and moved its adoption.

Approve and accept the close-out report on the 2018-CDBG Storm Drain Phase II Project.

WHEREAS, the City was authorized to apply for CDBG 2018 funding year on January 14, 2019, and
WHEREAS the City awarded $2,700,000 in CDBG funding in response to the 2018 CDBG NOFA application. Program Income funds in the amount of $509,272.48 were also utilized to supplement the project budget, and
WHEREAS The project has met the national objectives required by HCD by providing flood drainage improvements to the community, HCD has recommended that we proceed with the close out documents.

NOW, THEREFORE, BE IT RESOLVED that the City Council, approves and accepts the closeout report on the 2018-CDBG Storm Drain Phase II Project.

The foregoing resolution was adopted upon a motion of Councilmember and seconded by Councilmember and carried by the following vote at the City Council meeting held on February 12, 2024.

AYES:

NOES:

ABSTAIN:

ABSENT:
_______________________________
Rudy Mendoza, Mayor
ATTEST:
_______________________________
Irene Zacarias, City Clerk
52 City of Woodlake

AGENDA ITEM V-B
February 12, 2024
Prepared by Emmanuel Llamas, City Staff
SUBJECT:

Action: Adoption of Resolution: Approval of the City Engineer’s Report for the Greenwood Subdivision Phase 1 & 2 Landscape and Lighting Assessment District 22-02 and Set March 11, 2024 for a Public Hearing to Set the Rates for the District.

BACKGROUND:

As part of the Landscape and Lighting Act of 1972, Council sets a public hearing date for those wishing to comment on any of the individual assessment districts in the City of Woodlake. This date will be set as March 11, 2024 for the new Greenwood Subdivision Phase 1 & 2 Landscape and Lighting Assessment District 22-02. All assessment district property owners will be notified of the public hearing date and location.

Prior to any action by the City Council, the City Engineer develops an engineer’s report that breaks down the costs necessary to maintain each assessment district. A report has been developed for the Greenwood Subdivision Phase 1 & 2 Landscape and Lighting Assessment District 22-02 and is attached.

DISCUSSION:

The individual engineer’s reports, for the assessment district, breaks down the costs necessary to maintain the district. The assessment allows for maintenance of grounds and lights plus incidental costs such as administration and engineering. The District will be maintained by City staff.

At the March 11, 2024, City Council meeting, a public hearing will be held for all property owners of the assessment districts wishing to comment on their district.

RECOMMENDATIONS:

Staff recommends that the City Council approve the engineer’s report for the Greenwood Subdivision Phase 1 & 2 Landscape and Lighting Assessment District 22-02. The report indicates the amounts necessary to provide the continuous maintenance of the above-mentioned district.

FISCAL IMPACT:

The Greenwood Subdivision Phase 1 & 2 Landscape and Lighting Assessment District 22-02 will be the necessary amounts to cover all expenditures by the City of Woodlake and will not affect the General Fund.
53 ATTACHMENTS:

1. Attachment No.1: Engineer’s Report for the Greenwood Subdivision Phase 1 & 2 Landscape and Lighting Assessment District 22-02

2. Resolution: Approval of the City Engineer’s Report for the Greenwood Subdivision Phase 1 & 2 Landscape and Lighting Assessment District 22-02 and Set March 11, 2024, for a Public Hearing to Set the Rates for the District 54 BEFORE THE CITY COUNCIL

OF THE CITY OF WOODLAKE

COUNTY OF TULARE

STATE OF CALIFORNIA
In the matter of:

APPROVAL OF THE CITY ENGINEER’S ) Resolution No. 24-

REPORT FOR THE ASSESMENT )
OF GREENWOOD PHASE 1 & 2 )

LANDSCAPE AND LIGHTING )
ASSESSMENT DISTRICT 22-02 )
Councilmember , offered the following resolution and moved its adoption for the approval of the City Engineer’s report for the assessments at the Greenwood Subdivision Phase 1 & 2 Landscape and Lighting Assessment District 22-02 and Set March 11, 2024 for a Public Hearing to Set the Rates for the District.

WHEREAS, the City Council of the City of Woodlake, pursuant to the Landscaping and Lighting Act of the 1972, directed the City Engineer to prepare and file an annual report for Fiscal Year 2023/2024 for the above-mentioned assessment district; and WHEREAS, Council has set March 11, 2024 for a public hearing to afford every interested person an opportunity to comment on the initial report either in writing or orally; and WHEREAS, it appears that the report of the engineer is correct and proper in every respect and the conclusions therein reflected are correct and proper; and WHEREAS, all charges hereby imposed are in compliance with California Code, without regard to property valuation, in authority (Section 27-subsection 22594, Streets and Highway Code); and
NOW, THEREFORE, BE IT RESOLVED, the City Council hereby approves that attached engineer’s reports for the assessments at the Greenwood Subdivision Phase 1 & 2 Landscape and Lighting Assessment District 22-02 and Set March 11, 2024, for a public hearing to set the rates for each district.

The foregoing resolution was adopted upon a motion of Councilmember , and seconded by Councilmember , and carried by the following vote at the City Council meeting held on February 12, 2024.

AYES:

NOES:

ABSTAIN:

ABSENT:
____________________
Rudy Mendoza, Mayor
ATTEST:
____________________
Irene Zacarias, City Clerk
55 #200119

ENGINEER'S REPORT OF CITY OF WOODLAKE
GREENWOOD SUBDIVISION PHASE 1 AND 2

LANDSCAPE AND LIGHTING
ASSESSMENT DISTRICT NO. 22-02
(Pursuant to the Landscaping and Lighting Act of 1972)
Monique C. Mello, P.E., City Engineer for the City of Woodlake, Tulare County, California, and Engineer of Work for Assessment District 22-02, makes this report, as directed by the City Council, pursuant to Section 22585 of the Streets and Highways code (Landscaping and Lighting Act of 1972). The improvements which are the subject of this report are briefly described as follows:
 Maintenance of turf areas, shrubs, trees, park, playground, walkways, lighting systems, irrigation systems, and block walls.

This report consists of five exhibits, as follows:

EXHIBIT A Plans and specifications for the improvements are filed with the City Clerk. Although separately bound, the plans and specifications are a part of this report and are included in it by reference.

EXHIBIT B An estimate of the cost of the improvements. EXHIBIT C An assessment of the estimated cost of the improvements on each benefited parcel of land within the assessment district; together with a list of the names and addresses of the owners of real property within this assessment district, as shown on the last equalized assessment roll for taxes, or as known to the Clerk EXHIBIT D A statement of the method by which the undersigned has determined the amount proposed to be assessed against each parcel.

EXHIBIT E A diagram showing all of the parcels of real property within this assessment district. The diagram is keyed to Exhibit "C" by assessment number.

EXHIBIT F A statement of findings with respect to the continuation of assessments for this Landscaping and Lighting Maintenance District No. 22-02, in compliance with Proposition 218 of the State of California, that went into effect July 1, 1997.

Respectfully submitted,
Monique C. Mello, P.E., City Engineer
56 #200119

ENGINEER'S REPORT OF CITY OF WOODLAKE

LANDSCAPE AND LIGHTING
DISTRICT NO. 22-02

EXHIBIT A

PLANS AND SPECIFICATIONS
GREENWOOD SUBDIVISION PHASE 1 AND 2
(Lots 1 through 133, inclusive)
Subdivision included: GREENWOOD SUBDIVISION PHASE 1 AND 2, Lots 1-133 inclusive Phase 1: Recorded as Document No. 2022-0045783 filed on the 18th day of July 2022 in Book 44 of Maps, at Page 94, Tulare County Records. Phase 2: Recorded as Document No. 2023-0045757 filed on the 29th day of September 2023 in Book 45 of Maps, at Page 16, Tulare County Records. Plans and specifications for the improvements are those prepared by the developer’s engineer for the City Engineer. These plans and specifications have been filed separately with the Clerk of the legislative body and are incorporated in this Report by reference. 57 #200119

ENGINEER'S REPORT OF CITY OF WOODLAKE

LANDSCAPING AND LIGHTING
DISTRICT NO. 22-02

EXHIBIT B

ESTIMATED ASSESSMENTS
GREENWOOD SUBDIVISION PHASE 1 AND 2
(Lots 1 through 133, inclusive)
Costs for maintenance and incidentals for improvements on Lots A, B, C, and D, as shown on the improvement plans for Greenwood Subdivision Phase 1 and 2. 1. MAINTENANCE COSTS A. Contractor (Landscaping and Irrigation) $8,700.00
B. Streetlights Maintenance $3,500.00C. Playground Maintenance $1,500.00D. Park Walkways Maintenance $2,700.00E. Wall Maintenance $6,700.00 Subtotal $23,100.00

2. INCIDENTAL COSTS
A. Administration $800.00
B. Engineering (Annual Report) $500.00
C. County Fees $0.00
D. Cost Applied Non-Departmental $0.00E. Miscellaneous $200.00 Subtotal $1,500.00
DISTRICT ASSESSMENT AMOUNT $24,600.00
Each of the 133 equivalent units will continue to be assessed $184.96. 58 #200119

ENGINEER'S REPORT OF CITY OF WOODLAKE

LANDSCAPE AND LIGHTING
DISTRICT NO. 22-02

EXHIBIT C

ASSESSMENT ROLL
GREENWOOD SUBDIVISION PHASE 1 AND 2
(Lots 1 through 133, inclusive)
APN
NUMBER
$

AMOUNT NAME
Lot
Number

ASSESSMENT
NUMBER
SUBDIV.

DESCRIPTION
060-28-001 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
1 1 Greenwood
Subdivision
Phase 1
060-28-002 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
2 2 Greenwood
Subdivision
Phase 1
060-28-003 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
3 3 Greenwood
Subdivision
Phase 1
060-28-004 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
4 4 Greenwood
Subdivision
Phase 1
060-28-005 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
5 5 Greenwood
Subdivision
Phase 1
060-28-006 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
6 6 Greenwood
Subdivision
Phase 1
060-20-007 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
7 7 Greenwood
Subdivision
Phase 1
060-28-008 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
8 8 Greenwood
Subdivision
Phase 1
060-28-009 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140
Fresno, CA 93711
9 9 Greenwood
Subdivision
Phase 1
060-28-010 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
10 10 Greenwood
Subdivision
Phase 1
060-28-011 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
11 11 Greenwood
Subdivision
Phase 1
060-28-012 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
12 12 Greenwood
Subdivision
Phase 1
59 #200119
APN
NUMBER
$

AMOUNT NAME
Lot
Number

ASSESSMENT
NUMBER
SUBDIV.

DESCRIPTION
060-28-013 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
13 13 Greenwood
Subdivision
Phase 1
060-28-014 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
14 14 Greenwood
Subdivision
Phase 1
060-28-015 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
15 15 Greenwood
Subdivision
Phase 1
060-28-016 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
16 16 Greenwood
Subdivision
Phase 1
060-28-017 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
17 17 Greenwood
Subdivision
Phase 1
060-28-018 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
18 18 Greenwood
Subdivision
Phase 1
060-28-019 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
19 19 Greenwood
Subdivision
Phase 1
060-28-020 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
20 20 Greenwood
Subdivision
Phase 1
060-28-021 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
21 21 Greenwood
Subdivision
Phase 1
060-28-022 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
22 22 Greenwood
Subdivision
Phase 1
060-28-023 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
23 23 Greenwood
Subdivision
Phase 1
060-28-024 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
24 24 Greenwood
Subdivision
Phase 1
060-28-025 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
25 25 Greenwood
Subdivision
Phase 1
060-28-026 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
26 26 Greenwood
Subdivision
Phase 1
060-28-027 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
27 27 Greenwood
Subdivision
Phase 1
060-28-028 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
28 28 Greenwood
Subdivision
Phase 1
60 #200119
APN
NUMBER
$

AMOUNT NAME
Lot
Number

ASSESSMENT
NUMBER
SUBDIV.

DESCRIPTION
060-28-029 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
29 29 Greenwood
Subdivision
Phase 1
060-28-030 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
30 30 Greenwood
Subdivision
Phase 1
060-28-031 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
31 31 Greenwood
Subdivision
Phase 1
060-28-032 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
32 32 Greenwood
Subdivision
Phase 1
060-28-033 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
33 33 Greenwood
Subdivision
Phase 1
060-28-034 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
34 34 Greenwood
Subdivision
Phase 1
060-28-035 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
35 35 Greenwood
Subdivision
Phase 1
060-28-036 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
36 36 Greenwood
Subdivision
Phase 1
060-28-037 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
37 37 Greenwood
Subdivision
Phase 1
060-28-038 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
38 38 Greenwood
Subdivision
Phase 1
060-28-039 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
39 39 Greenwood
Subdivision
Phase 1
060-28-040 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
40 40 Greenwood
Subdivision
Phase 1
060-28-041 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
41 41 Greenwood
Subdivision
Phase 1
060-28-042 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
42 42 Greenwood
Subdivision
Phase 1
060-28-043 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
43 43 Greenwood
Subdivision
Phase 1
060-28-044 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
44 44 Greenwood
Subdivision
Phase 1
61 #200119
APN
NUMBER
$

AMOUNT NAME
Lot
Number

ASSESSMENT
NUMBER
SUBDIV.

DESCRIPTION
060-28-045 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
45 45 Greenwood
Subdivision
Phase 1
060-28-046 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
46 46 Greenwood
Subdivision
Phase 1
060-28-047 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
47 47 Greenwood
Subdivision
Phase 1
060-28-048 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
48 48 Greenwood
Subdivision
Phase 1
060-28-049 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
49 49 Greenwood
Subdivision
Phase 1
060-28-050 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
50 50 Greenwood
Subdivision
Phase 1
060-28-051 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
51 51 Greenwood
Subdivision
Phase 1
060-28-052 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
52 52 Greenwood
Subdivision
Phase 1
060-28-053 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
53 53 Greenwood
Subdivision
Phase 1
060-28-054 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
54 54 Greenwood
Subdivision
Phase 1
060-28-055 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
55 55 Greenwood
Subdivision
Phase 1
060-28-056 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
56 56 Greenwood
Subdivision
Phase 1
060-28-057 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
57 57 Greenwood
Subdivision
Phase 1
060-28-058 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
58 58 Greenwood
Subdivision
Phase 1
060-28-059 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
59 59 Greenwood
Subdivision
Phase 1
060-28-060 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
60 60 Greenwood
Subdivision
Phase 1
62 #200119
APN
NUMBER
$

AMOUNT NAME
Lot
Number

ASSESSMENT
NUMBER
SUBDIV.

DESCRIPTION
060-28-061 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
61 61 Greenwood
Subdivision
Phase 1
060-28-062 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
62 62 Greenwood
Subdivision
Phase 1
060-28-063 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
63 63 Greenwood
Subdivision
Phase 1
060-28-064 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
64 64 Greenwood
Subdivision
Phase 1
060-28-065 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
65 65 Greenwood
Subdivision
Phase 1
060-28-066 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
66 66 Greenwood
Subdivision
Phase 1
060-28-067 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
67 67 Greenwood
Subdivision
Phase 1
060-28-068 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
68 68 Greenwood
Subdivision
Phase 1
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
69 69 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
70 70 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
71 71 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
72 72 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
73 73 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
74 74 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
75 75 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
76 76 Greenwood
Subdivision
Phase 2
63 #200119
APN
NUMBER
$

AMOUNT NAME
Lot
Number

ASSESSMENT
NUMBER
SUBDIV.

DESCRIPTION
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
77 77 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
78 78 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
79 79 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
80 80 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
81 81 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
82 82 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
83 83 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
84 84 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
85 85 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
86 86 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
87 87 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
88 88 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
89 89 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
90 90 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
91 91 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
92 92 Greenwood
Subdivision
Phase 2
64 #200119
APN
NUMBER
$

AMOUNT NAME
Lot
Number

ASSESSMENT
NUMBER
SUBDIV.

DESCRIPTION
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
93 93 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
94 94 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
95 95 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
96 96 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
97 97 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
98 98 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
99 99 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
100 100 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
101 101 Greenwood
Subdivision
Phase 2
060-17-171 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
102 102 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
103 103 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
104 104 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
105 105 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
106 106 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
107 107 Greenwood
Subdivision
Phase 2
060-17-170 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
108 108 Greenwood
Subdivision
Phase 2
65 #200119
APN
NUMBER
$

AMOUNT NAME
Lot
Number

ASSESSMENT
NUMBER
SUBDIV.

DESCRIPTION
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
109 109 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
110 110 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
111 111 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
112 112 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
113 113 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
114 114 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
115 115 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
116 116 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
117 117 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
118 118 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
119 119 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
120 120 Greenwood
Subdivision
Phase 2
060-17-169 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
121 121 Greenwood
Subdivision
Phase 2
060-17-168 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
122 122 Greenwood
Subdivision
Phase 2
060-17-168 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
123 123 Greenwood
Subdivision
Phase 2
060-17-168 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
124 124 Greenwood
Subdivision
Phase 2
66 #200119
APN
NUMBER
$

AMOUNT NAME
Lot
Number

ASSESSMENT
NUMBER
SUBDIV.

DESCRIPTION
060-17-168 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
125 125 Greenwood
Subdivision
Phase 2
060-17-168 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
126 126 Greenwood
Subdivision
Phase 2
060-17-168 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
127 127 Greenwood
Subdivision
Phase 2
060-17-168 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
128 128 Greenwood
Subdivision
Phase 2
060-17-168 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
129 129 Greenwood
Subdivision
Phase 2
060-17-168 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
130 130 Greenwood
Subdivision
Phase 2
060-17-168 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
131 131 Greenwood
Subdivision
Phase 2
060-17-168 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
132 132 Greenwood
Subdivision
Phase 2
060-17-168 $184.96 Woodlake Development, LLC
2350 W. Shaw Avenue, Suite 140 Fresno, CA 93711
133 133 Greenwood
Subdivision
Phase 2
67 #200119

ENGINEER'S REPORT OF CITY OF WOODLAKE

LANDSCAPE AND LIGHTING
DISTRICT NO. 22-02

EXHIBIT D

METHOD OF APPORTIONMENT OF ASSESSMENT
GREENWOOD SUBDIVISION PHASE 1 AND 2
(Lots 1 through 133, inclusive)
The method of apportionment of assessment is as follows:
100% of the cost of estimated maintenance, repair, replacement, operation, engineering, administration, and incidentals is divided on a proportional basis for R-M lots within the subdivision within the assessment district. Lots are assessed a proportional share at time of Final Map recordation. Duration of Assessments and Inflation Increases: The duration of the assessments to be levied on all parcels of land within the Assessment District, as identified in the report, is perpetual. For each year following the first year of the assessment, the amounts of the assessments designated in the assessment roll may be increased annually, without further notice or ballot to property owners, by an amount equal to the annual Consumer Price Index (CPI) for Los Angeles / Anaheim / Riverside (or in the event such index is not published, any successor index which is used in similar industries) provided by the U.S.

Department of Labor (Bureau of Labor Statistics); provided that the maximum increase shall not exceed the lesser of (i) the estimated increase in cost to the City, or (ii) four percent (4%). The annual Consumer Price Index (CPI) will be calculated from the calendar year (January 1 – December 31) just prior to the assessment period affected (July 1 – June 30). The benchmark CPI to be used in this calculation shall include all items of the index, including food and energy items. 68 #200119

ENGINEER'S REPORT OF CITY OF WOODLAKE

LANDSCAPE AND LIGHTING
DISTRICT NO. 22-02

EXHIBIT E

DIAGRAM SHOWING ALL PARCELS

OF REAL PROPERTY WITHIN

THE ASSESSMENT DISTRICT
GREENWOOD SUBDIVISION PHASE 1 AND 2
(Lots 1 through 133, inclusive)
GREENWOOD SUBDIVISION PHASE 1 AND 2, Lots 1 through 133 inclusive Phase 1: Recorded as Document No. 2022-0045783 filed on the 18th day of July 2022 in Book 44 of Maps, at Page 94, Tulare County Records. Phase 2: Recorded as Document No. 2023-0045757 filed on the 29th day of September 2023 in Book 45 of Maps, at Page 16, Tulare County Records.
69 #200119

ENGINEER'S REPORT OF CITY OF WOODLAKE

LANDSCAPE AND LIGHTING
DISTRICT NO. 22-02

EXHIBIT F

STATEMENT OF FINDINGS
GREENWOOD SUBDIVISION PHASE 1 AND 2
(Lots 1 through 133, inclusive)
I. All properties comprising Landscape and Lighting Maintenance District No. 22-02 were entered into the District by the Developer of those Tract as per the "Conditions ofApproval" for recordation of those Tracts, and per the Landscape and Lighting Act of1972.

II. The properties comprising Greenwood Subdivision Phase 1 and 2 have all been found to benefit from landscaping and street lighting and therefore are to be assessed for theirproportionate share of the costs incurred by those benefits.

III. An application from the developer of Greenwood Subdivision Phase 1 and 2 has been received by the City of Woodlake requesting that said Subdivision be included in theLandscape and Lighting District No. 22-02 as per the conditions of approval forrecordation of said Subdivision. 70 #200119
71 #200119
72 #200119
73 #200119
74 #200119
75 #200119
76 City of Woodlake

AGENDA ITEM V-C
February 12, 2024
Prepared by Emmanuel Llamas, City Staff
SUBJECT:

Action: Adoption of Resolution: Authorization to Initiate the Proposition 218 Process (Rate Increase for Refuse Services), Set a Public Hearing Date, and Approve Requirements for the Submission and Tabulation of Protests
BACKGROUND:

Proposition 218 requires the City to provide notice and allow opportunity for a written protest prior to implementing a utility rate increase; if a majority protest is received then the rate increase cannot be adopted. If protests do not represent a “majority protest”, then the City may adopt the rate increase.

DISCUSSION:

As part of the City’s contract for refuse services with Mid-Valley Disposal, the City is proposing a modification of Woodlake’s refuse rates for the following reasons: 1.) Comply with the agreement with Mid Valley Disposal to increase rates annually according to the Consumer Price Index (CPI) postings and 2.) To comply with CA Senate Bill 1383 tracking and reporting of organic waste. The revenue from the modified rates and charges will not be more than the funds required for the City to provide adequate refuse service to City customers. The rates would receive an increase in CPI each year for the following five years from the current rate of $30.92 to the projected rate of $32.05 in July of 2024 for residential. Please note that currently the City is only charging $27.50 as that was its cap which was approved with its 2019 Proposition 218 Process. The City has the necessary funding in the Refuse Fund to cover the current cost difference.

The City’s process for adopting the rate increase is as follows:

1. The first step is providing staff the direction to initiate the process. An affirmative vote on this agenda item tonight does not raise the refuse rates; it simply directs staff to proceed with the process.

2. Mail notices at least 45 days before public hearing. The second step in the process of adjusting rates is to mail notices to all refuse customers within the City’s service area. A standard letter will be sent out describing the amount of the rate adjustment, stating the effective date of the adjustment if approved, advising the customer of the protest procedure, and stating the date of the Public Hearing. Those who wish to protest must submit a written protest.

3. Hold Public Hearing. On the appointed date (tentatively April 22, 2024), the City Council will hold a public hearing and receive testimony on the matter of the proposed rate adjustment.

4. Approval of resolution at same meeting as hearing. According to the Public Hearing, if a majority protest has not occurred and the City Council approves of the rate increase, the 77 City Council will approve a resolution pursuant to Woodlake Municipal Code section

8.16. RECOMMENDATIONS:

Staff recommends that the Council authorize staff to initiate the Proposition 218 process, set a public hearing date, and approve requirements for the submission and tabulation of protests.

FISCAL IMPACT:

No fiscal impact to the General Fund.

ATTACHMENTS:

1. Resolution: Authorization to Initiate the Proposition 218 Process (Rate Increase for Refuse Services), Set a Public Hearing Date, and Approve Requirements for the Submission and Tabulation of Protests
78 BEFORE THE CITY COUNCIL

OF THE CITY OF WOODLAKE

COUNTY OF TULARE

STATE OF CALIFORNIA
In the matter of:

AUTHORIZATION TO INITIATE ) Resolution No.

THE PROPOSTION 218 PROCESS, )

SET A PUBLIC HEARING DATE, )

AND APPROVE REQUIREMENTS )

FOR THE SUBMISSION AND )

TABULATION OF PROTESTS )
Councilmember _______ offered the following resolution and moved its adoption. Authorization to Initiate the Proposition 218 Process (Rate Increase for Refuse Services), Set a Public Hearing Date, and Approve Requirements for the Submission and Tabulation of Protests.

WHEREAS, Proposition 218 requires the City of Woodlake to comply with certain procedures prior to increasing utility charges, which include the consideration of written protests; and, WHEREAS, the City wishes to establish requirements for the submission and tabulation of protests; and,
WHEREAS, City staff will prepare a public hearing notice for distribution to all property owners and tenants that are customers of the City’s refuse service, and said notice includes proposed rate increases; and
WHEREAS, Staff recommended the date of April 22, 2024, to be set for a public hearing on refuse rates, during and in conjunction with the regular Council meeting to be held at 6:30 p.m. on that date; and,
WHEREAS, the City wishes to initiate the Proposition 218 process for rate increases related to the City’s refuse collection.

NOW, THEREFORE, THE CITY OF WOODLAKE DOES RESOLVE to authorize City Staff to begin the Proposition 218 process, set a public hearing date, and hereby approves requirements for the submission and tabulation of protests attached hereto as “Attachment A”.

The foregoing resolution was adopted upon a motion of Councilmember _______, and seconded by Councilmember ________, and carried by the following vote at the City Council meeting held on February 12, 2024.

AYES:

NOES:

ABSTAIN:

ABSENT:
___________________
Rudy Mendoza, Mayor
ATTEST:________________
Irene Zacarias, City Clerk
79 ATTACHMENT A
City of Woodlake Requirements for the Submission and Tabulation of Protests

DEFINITIONS
Unless the context indicates another meaning was intended, the following definitions shall apply in these requirements:

1. “Parcel” means a County Assessor’s parcel the owner of occupant of which is subject to the proposed chard that is the subject of the hearing.

2. “Record customer” and “customer of record” mean the person or persons whose name or names appear on the City’s records as the person who has contracted for, and is obligated to pay for, utility services to a particular utility account.

3. “Record owner” or “parcel owner” means the person or persons whose name or names appear on the County Assessor’s latest equalized assessment roll as the owner of a parcel.

4. A “fee protest proceeding” is not an election, but the City Clerk will maintain the confidentiality of protests as provided below and will maintain the security and integrity of protests at all times.

NOTICE OF PROPOSED RATES AND PUBLIC HEARINGS

5. Notice Delivery
a. The City shall give notice of proposed new property related fee or charge via US mail to all record owners and customers of record served by the City. When providing notice of a proposed increase to an existing fee or charge, the City shall mail such notice to all customers of record served by the City. b. The City will post the notice of proposed charges and public hearings at its official posting site.

SUMBISSION OF PROTESTS

6. Protest Submittal
a. Any record owner or customer of record who is subject to the proposed utility charge which is the subject of the hearing may submit a written protest to the City Clerk, by:
- Delivery in person or by mail to the City Clerk at 350 N Valencia, Woodlake, CA 93286
- Personally submitting the protest at the public hearing b. Protests must be received by the end of the public hearing, including those mailed to the City. No postmarks will be accepted, therefore, any protest not actually received by the close of the hearing, whether or not mailed prior to the hearing, shall not be counted.
c. Emailed, faxed and photocopied protests shall not be counted. d. Although oral comments at the public hearing will not qualify as a formal protest unless accompanied by a written protest, the City Council welcomes input from the community during the public hearing on the proposed charges. 80 7. Protest Requirements
a. A written protest must include:
i. A statement that it is a protest against the proposed charge which is the subject of the hearing
ii. Name of the record owner or customer of record
iii. Identity of the affected parcel by assessor’s parcel number or service address iv. Original signature of the record owner or customer of record with respect to the identified parcel
b. Protests shall not be counted if any of the required elements outlined in the preceding subsection “a” are omitted.

8. Protest Withdrawal
a. Any person who submits a protest may withdraw it by submitting to the City clerk a written request that the protest be withdrawn. The withdrawal of a protest shall contain sufficient information to identify the affected parcel and the name of the record owner or customer of record who submitted both the protest and the request that it be withdrawn.

9. Multiple Record Owners or Customers of Record
a. Each record owner or customer of record of a parcel served by the City may submit a protest. This includes instances where:
i. A parcel is owned by more than a single record owner or more than a one name appears on the City’s records as the customer of record for the parcel, or
ii. A customer of record is not the record owner, or
iii. A parcel includes more than one record customers, or iv. Multiple parcels are served via a single utility account, such as multiple family residential units
b. Only one protest will be counted per parcel as provided by Government Code section 53755 (b)

10. Transparency, Confidentiality, and Disclosure
a. To ensure transparency and accountability in the fee protest tabulation while protecting the privacy rights of record owners and customers of record, protests will be maintained in confidence until tabulation begins following the public hearing. b. Once a protest is opened during the tabulation, it becomes disclosable as public record, as required by state law.

TABULATION OF PROTESTS

11. City Clerk
a. The City Clerk shall not accept as valid any protest if he or she determines that and of the following is true:
i. The protest does not state its opposition to the proposed charges ii. The protest does not name the record owner or record customer of the parcel identified in the protest as of the date of the public hearing iii. The protest does not identify a parcel served by the City which is subject to the proposed charge.
iv. The protest does not bear an original signature of the names record owner of, or record customer with respect to, the parcel identified on the protest.

Whether a signature is valid shall be entrusted to the reasonable judgment of the City Clerk, who may consult signatures on file with the County Elections Official and/or the City.
81 v. The protest was altered in a way that raises a fair question as to whether the protest actually expresses the intent of a record owner or a customer of record to protest the charges.
vi. The protest was not received by the City Clerk before the close of the public hearing on the proposed charges.
vii. A request to withdraw the protest was received prior to the close of the public hearing on the proposed charges.

12. City Clerk’s Decisions are Final
a. The City Clerk’s decision that a protest is not valid shall constitute a final action of the City, and shall not be subject to any internal appeal.

13. Majority Protest
a. A majority protest exists if written protesters are timely submitted and not withdrawn by the record owners of, or customers of record with respect to, a majority (50% plus one) of the parcels subject to the proposed charge.
b. While the City may inform the public of the number of parcels served by the City when a notice of proposed rates is mailed, the number of parcels with active customer accounts served by the City on the date of the hearing shall control in determining whether a majority protests exists.

14. Tabulation of Protests
a. At the conclusion of the public hearing, the City Clerk shall tabulate all protests received, including those received during the public hearing, and shall report the results of the tabulation to the City Council. If the total number of protests received is insufficient to constitute a majority protest, the City Clerk may determine the absence of a majority protest without validating the protests received, but may instead deem them all valid without further examination.

15. Report of Tabulation
a. If at the conclusion of the public hearing the City Clerk determines that he or she will require additional time to tabulate the protests, he or she shall so advise the City Council, which may adjourn the meeting to allow the tabulation to be completed on another day or days. If so, the City council shall declare the time and place of tabulation, which shall be conducted in a place where interested members of the public may observe the tabulation, and the Council shall declare the time at which the meeting shall be resumed to receive and act on the tabulation report of the City Clerk.
82 City of Woodlake

AGENDA ITEM V-D
February 12, 2024
Prepared by Ramon Lara, City Staff
SUBJECT:

Action: Adoption of Resolution: Solicit and Consider Input on Possible Competitive and Supplemental Activities to Include in a 2023 CDBG NOFA Amendment #1 Application and Authorize Staff to Proceed with the Application – Public Comment BACKGROUND:

CDBG Program regulations require that the City conduct a public hearing on all CDBG-related matters to provide for and encourage citizen participation, particularly by low and moderate income persons who reside in areas in which CDBG funds are used. Therefore, when the public hearing is opened, the public will be invited to comment on possible competitive and supplemental activities to include in a 2023 CDBG NOFA Amendment #1 Application.

Public notices in both English and Spanish will be published in the February 21, 2024 and February 28, 2024 issues of The Sun-Gazette Newspaper notifying the public of public hearings on both March 11, 2024 and March 25, 2024 regarding the 2023 CDBG NOFA Amendment #1 Application.

On January 31, 2024, the California Department of Housing and Community Development (Department) is announcing the release of Amendment #1 to the 2023 CDBG Notice of Funding Availability (NOFA). The original NOFA was for approximately $19 million in federal funds for the Community Development Block Grant (CDBG) program only for applications from projects that remain on the waitlist established for Over-the-Counter projects after the 2019-2020 NOFA. This amendment makes another $19 million for Housing, Community Development and Economic Development Projects in an Over-the-Counter process.

Funding for this NOFA is available to the state from the United States Department of Housing and Urban Development (HUD), pursuant to the Housing and Community Development Act of 1974, as amended, and 24 Code of Federal Regulation (CFR) Part 570 Subpart I “State Community Development Block Grant Program”. These regulations require the state to make funds available to the state’s non-entitlement Units of Local Government. Units of general local government are defined by HUD as political subdivisions of the state, which in California are towns, cities, and counties. Only non-federally recognized Tribes can receive funding through applications submitted by non-entitlement Units of Local Government. No direct funding from the Department can be provided to Tribes, Tribal Designated Housing Entities, or nonprofits.

The Application deadline will be when funds are exhausted or Tuesday April 30, 2024, whichever comes first. Applications will be accepted on a first come, first serve basis. 83 DISCUSSION:

When the Public Comment period is opened, citizens are encouraged to ask questions about this CDBG funding opportunity and/or to provide input on which activities should be included in the City’s application. Citizens are also invited to submit written comments to the City of Woodlake, 350 N. Valencia Blvd., Woodlake, CA 93286.

A separate Public Hearing will be held on March 11, 2024, and March 25, 2024, to discuss and approve the application prior to submittal to HCD.

RECOMMENDATIONS:

City Staff recommends that City Council solicit and consider input on possible competitive and supplemental activities to include in a 2023 CDBG NOFA Amendment #1 Application.

FISCAL IMPACT:

No fiscal impact currently.

ATTACHMENTS:

1. Resolution: Solicit and Consider Input on Possible Competitive and Supplemental Activities to Include in a 2023 CDBG NOFA Amendment #1 Application and Authorize Staff to Proceed with the Application

2. Attachment No. 1 - Sign-In Sheet

3. Attachment No. 2 – Potential Projects
84 BEFORE THE CITY COUNCIL

OF THE CITY OF WOODLAKE

COUNTY OF TULARE

STATE OF CALIFORNIA
In the matter of:

SOLICITING AND CONSIDERING ) Resolution No.

INPUT ON POSSIBLE COMPETITIVE )

AND SUPPLEMENTAL ACTIVITIES TO )
INCLUDE IN A 2023 CDGB APPLICATION )

AND AUTHORIZE STAFF TO PROCEED )

WITH THE APPLICATION )
Councilmember _______, offered the following resolution and moved its adoption. Solicit and consider input on possible competitive and supplemental activities to include in a 2023 CDBG Application and authorize staff to proceed with the application.

WHEREAS, the City of Woodlake wishes to submit a 2023 CDBG NOFA Amendment #1 Application; and
WHEREAS, the City wishes to solicit input on potential activities to include in the application; and WHEREAS, notices in both English and Spanish will be published in the February 21, 2024 and February 28, 2024 issues of The Sun-Gazette Newspaper notifying the public of public hearings on both March 11, 2024 and March 25, 2024 regarding the 2023 CDBG NOFA Amendment #1 Application.

NOW, THEREFORE, THE CITY OF WOODLAKE DOES RESOLVE to solicit and consider input on possible competitive and supplemental activities to include in a 2023 CDBG Application and authorizes staff to proceed with the application.

The foregoing resolution was adopted upon a motion of Councilmember _______, and seconded by Councilmember ________, and carried by the following vote at the City Council meeting held on February 12, 2024.

AYES:

NOES:

ABSTAIN:

ABSENT:
__________________
Rudy Mendoza, Mayor
ATTEST:
_________________________
Irene Zacarias, City Clerk
85 PUBLIC HEARING
City of Woodlake – February 12, 2024
Receive Citizen Input on Possible 2023 CDBG NOFA Amendment #1 Application Activities

SIGN-IN SHEET

NAME PHONE ADDRESS
86 Atachment No. 2 – City of Woodlake Kaweah Stormwater Project 87 City of Woodlake

AGENDA ITEM V-E
February 12, 2024
Prepared by Ramon Lara, City Staff
SUBJECT:

Action: Adoption of Resolution: Approval of the City of Woodlake’s Single Audit for the Year Ended June 30, 2023
BACKGROUND:

The City of Woodlake undergoes an annual independent single audit of its major Federal programs to assure compliance with the requirements described in the OMB Compliance Supplement. For Fiscal Year 2022/2023, the City of Woodlake contracted Rogers, Anderson, Malody & Scott, LLP to perform its City independent single audit.

The audit is conducted with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that the audit is performed to obtain reasonable assurance about whether the City financial statements are free of material misstatement. The audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. The audit will also consider the City’s internal controls over financial reporting and test its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.

DISCUSSION:

Staff has reviewed the independent auditor’s report for the year ended June 30, 2023, and concurs with the report. The single audit shows the City complies in all material respects and there were no findings for the audit ending June 30, 2023.

RECOMMENDATIONS:

1. Staff recommends that Council approve the City of Woodlake’s Single Audit for the Year Ended June 30, 2023, and attached notes. The audit showed no material weaknesses and there were no current or old findings being carried over.

FISCAL IMPACT:

There is no fiscal impact.
88 ATTACHMENTS:

1. Attachment 1: City of Woodlake’s Single Audit for the Year Ended June 30, 2023.

2. Attachment 2: City of Woodlake’s Audited Basic Financial Statements for the Year Ended June 30, 2023

3. Resolution: Approval of the City of Woodlake’s Single Audit for the Year Ended June 30, 2023
89 BEFORE THE CITY COUNCIL

OF THE CITY OF WOODLAKE

COUNTY OF TULARE

STATE OF CALIFORNIA
In the matter of:

APPROVAL OF THE CITY OF WOODLAKE’S ) Resolution No.

SINGLE AUDIT FOR THE YEAR ENDED )
JUNE 30, 2023 )
Councilmember ________, offered the following resolution and moved its adoption. Approve the City of Woodlake’s Single Audit for the Year Ended June 30, 2023.

WHEREAS, the City of Woodlake undergoes an annual single audit to assure compliance with the requirements described in the OMB Compliance Supplement; and WHEREAS, for Fiscal Year 2022/2023 the City of Woodlake contracted Rogers, Anderson, Malody & Scott, LLP to perform its single audit; and
WHEREAS, the audits are conducted with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.

NOW, THEREFORE, THE CITY OF WOODLAKE DOES RESOLVE to approve the attached City of Woodlake’s Single Audit for the Year Ended June 30, 2023, and attached notes.

The foregoing resolution was adopted upon a motion of Councilmember________________, and seconded by Councilmember ___________________, and carried by the following vote at the City Council meeting held on February 12, 2024.

AYES:

NOES:

ABSTAIN:

ABSENT:
________________________
Rudy Mendoza, Mayor
ATTEST:
______________________________
Irene Zacarias, City Clerk
90 City of Woodlake
Woodlake, California
Single Audit Report on Federal Awards
Year Ended June 30, 2023
91 City of Woodlake, California
Single Audit Report on Federal Awards
Table of Contents
Page
Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards

1 Report on Compliance for Each Major Program; Report on Internal Control Over Compliance; and Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance

3 Schedule of Expenditures of Federal Awards 6

Notes to the Schedule of Expenditures of Federal Awards 7

Schedule of Findings and Questioned Costs 8

Summary Schedule of Prior Audit Findings 10

92 735 E. Carnegie Dr. Suite I 00
San Bernardino, CA 92408
909 889 0871 T
909 889 5361 F
ramscpa.net

PARTNERS
Terry P Shea. CPA
Scott W Manno, CPA. CGMA
Leena Shanbhag, CPA. MST. CGMA
Bradferd A Weleb,r. CPA. MBA. CGMA
Jenny W Liu, CPA. MST
Gardenya Duran, CPA. CGMA
Brianna Schultz, CPA. CGMA
Brenda L. Odle, CPA. MST (Partner Emeritus)

MANAGERS/ STAFF
Seong-Hyea Lee, CPA. MBA
Evelyn Mo, entin-Barcena, CPA
Veronica Hernandez, CPA
Laura Arvizu, CPA
John Maldonado, CPA. MSA
Julia Rodnguez Fuentes. CPA. MSA
Dem, Hite. CPA
Jeffrey McKennan. CPA

MEMBERS
Amencan lnslltute of
Certified Public Accountants
PCPS Tlie A/CPA All,ance
for CPA Fmns
Governmental Aud,1
Qua/11y Cenre,
California Society of
Cert1f1ed Public Accountants
dil5b Proud Member of 9 AlliottGlobalAlliance~
mm
IIIIJ

ROGERS, ANDERSON , MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948
STABILITY. ACCURACY. TRUST.
-1-

REPORT ON INTERNAL CONTROL OVER FINANCIAL

REPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS

PERFORMED IN ACCORDANCE WITH

GOVERNMENT AUDITING STANDARDS
Independent Auditor’s Report
The Honorable Mayor and Members of the City Council
City of Woodlake, California
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the businesstype activities, each major fund, and the aggregate remaining fund information of City of Woodlake (the City), as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated February 6, 2024.

Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
93 -2-
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses.

However, material weaknesses may exist that have not been identified.

Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

San Bernardino, California
February 6, 2024
94 735 E. Carnegie Dr. Suite I 00
San Bernardino, CA 92408
909 889 0871 T
909 889 5361 F
ramscpa.net

PARTNERS
Terry P Shea. CPA
Scott W Manno, CPA. CGMA
Leena Shanbhag, CPA. MST. CGMA
Bradferd A Weleb,r. CPA. MBA. CGMA
Jenny W Liu, CPA. MST
Gardenya Duran, CPA. CGMA
Brianna Schultz, CPA. CGMA
Brenda L. Odle, CPA. MST (Partner Emeritus)

MANAGERS/ STAFF
Seong-Hyea Lee, CPA. MBA
Evelyn Mo, entin-Barcena, CPA
Veronica Hernandez, CPA
Laura Arvizu, CPA
John Maldonado, CPA. MSA
Julia Rodnguez Fuentes. CPA. MSA
Dem, Hite. CPA
Jeffrey McKennan. CPA

MEMBERS
Amencan lnslltute of
Certified Public Accountants
PCPS Tlie A/CPA All,ance
for CPA Fmns
Governmental Aud,1
Qua/11y Cenre,
California Society of
Cert1f1ed Public Accountants
dil5b Proud Member of 9 AlliottGlobalAlliance~
mm
IIIIJ

ROGERS, ANDERSON , MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948
STABILITY. ACCURACY. TRUST.
-3-

REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL
PROGRAM; REPORT ON INTERNAL CONTROL OVER
COMPLIANCE; AND REPORT ON SCHEDULE OF

EXPENDITURES OF FEDERAL AWARDS REQUIRED BY THE

UNIFORM GUIDANCE
Independent Auditor’s Report
The Honorable Mayor and Members of the City Council
City of Woodlake, California
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited the City of Woodlake’s (the City) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the City’s major federal programs for the year ended June 30, 2023. The City’s major federal programs are identified in the summary of auditor’s results section of the accompanying Schedule of Findings and Questioned Costs.

In our opinion, the City complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2023.

Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards); and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor’s Responsibilities for the Audit of Compliance section of our report.

We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of City’s compliance with the compliance requirements referred to above.
95 -4-
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the City’s federal programs.

Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the City’s compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the City’s compliance with the requirements of each major federal program as a whole.

In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.
 Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the City’s compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances.
 Obtain an understanding of the City’s internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control over compliance. Accordingly, no such opinion is expressed.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.

Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and 96 -5-
corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. Therefore, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified.

Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose.

Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance
We have audited the financial statements of City as of and for the year ended June 30, 2023, and have issued our report thereon dated October 27, 2023, which contained an unmodified opinion on those financial statements. Our audit was performed for the purpose of forming an opinion on the financial statements as a whole. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by the Uniform Guidance and is not a required part of the financial statements.

Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated in all material respects in relation to the financial statements as a whole.

San Bernardino, California
February 6, 2024 (Except for the Schedule of Expenditures of Federal Awards, for which the date was October 27, 2023)
97 City of Woodlake
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2023
See accompanying notes to the Schedule of Expenditures of Federal Awards -6-
Federal Grantor/Pass- Through Grantor/Program or Cluster Title Assistance
Listing
Number
Program/Project
Identification Number
Federal
Expenditures
Amount
Provided to
Subrecipients
U.S. Department of Housing and Urban Development
Passed through the State of California, Housing and Community Development CDBG- Entitlement Grants Cluster
Community Development Block Grant - CV - Covid- 19 14.218* 20- CDBG- CV2- 3- 000048 85,695 $ -$ Community Development Block Grant - program revenue 14.218* 18 CDBG 12921 1,747,652 - Tota l Assista nc e Listing Numbe r 14 .2 18 1,833,347 - Total CDBG- Entitlement Grants Cluster 1,833,347 -
HOME Investment Partnership Grant - program revenue 14.239 18 HOME12602 4,168 - Tota l Assista nc e Listing Numbe r 14 .2 3 9 4,168 -
Total U.S. Department of Housing and Urban Development 1,8 3 7 ,5 15 - U.S. Department of Justice
Direct Assistance
Community Oriented Policing Services (COPS) 16.710 2020UMWX0015 76,568 - Tota l Assista nc e Listing Numbe r 16 .7 10 76,568 -
Total U.S. Department of Justice 76,568 -
U.S. Department of Transportation
Passed through the State of California, Department of Transportation Highway Planning and Construction Cluster
Congestion Mitigation and Air Quality Improvement 20.205 CML- 5284(014) 641,098 - Total Assistance Listing Number 20.205 641,098 -
Total Highway Planning and Construction Cluster 641,098 - Total U.S. Department of Transportation 6 4 1,0 9 8 -
U.S. Environmental Protection Agency
Passed through the State Water Resources Control Board
Clean Water State Revolving Fund Cluster
Capitalization Grants for State Revolving Funds 66.458 C- 06- 7878- 210 239,547 - Total Assistance Listing Number 66.458 239,547 -
Total Clean Water State Revolving Fund Cluster 239,547 - Total U.S. Environmental Protection Agency 239,547 -
Total Expenditures of Federal Awards $ 2,794,728 $ -
* Major Program
98 City of Woodlake
Notes to the Schedule of Expenditures of Federal Awards Year Ended June 30, 2023
-7-
(1) Summary of Significant Accounting Policies Applicable to the Schedule of Expenditures of Federal Awards
(a) Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Woodlake (the City) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City. (b) Summary of Significant Accounting Policies
The expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. (c) De Minimis Indirect Cost Rate
The City did not elect to use the 10-percent indirect cost rate allowed under the Uniform Guidance.
99 City of Woodlake
Schedule of Findings and Questioned Costs
Year Ended June 30, 2023
-8-
SECTION I. SUMMARY OF AUDITOR’S RESULTS
Financial Statements
audited were prepared in accordance with GAAP: unmodified Internal control over financial reporting:

Material weakness(es) identified? Yes X No
Significant deficiency(ies) identified? Yes X None reported Noncompliance material to financial
statements noted? Yes X No
Federal Awards
Internal control over major federal programs:

Material weakness(es) identified? Yes X No
Significant deficiency(ies) identified? Yes X None reported Type of auditor's report issued on compliance for major federal programs: unmodified Any audit findings disclosed that
are required to be reported in
accordance with 2 CFR 200.516(a) Yes X No
Identification of major federal programs:

Assistance Listing Number

14.218
Dollar threshold used to distinguish
between type A and type B programs: 750,000 $
Auditee qualified as low-risk auditee? Yes X No
Name of Federal Program/Cluster
Type of report the auditor issued on whether the financial statements CDBG - Entitlement Grants Cluster
100
City of Woodlake
Schedule of Findings and Questioned Costs (continued)
Year Ended June 30, 2023
-9-
SECTION II. FINANCIAL STATEMENT FINDINGS
No matters to be reported.

SECTION III. FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters to be reported.
101
City of Woodlake
Summary Schedule of Prior Audit Findings
Year Ended June 30, 2023
-10-
CURRENT STATUS OF PRIOR YEAR FINDINGS:

None.
102
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105
1 Independent Auditor’s Report
To the Honorable Mayor and
Members of the City Council
City of Woodlake, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the businessͲtype activities, each major fund, and the aggregate remaining fund information of City of Woodlake, California, as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the City of Woodlake’s basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the businessͲtype activities, each major fund, and the aggregate remaining fund information of the City of Woodlake, California, as of June 30, 2023, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City of Woodlake and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Emphasis of Matter
As discussed in Note 7 to the financial statements, the City adopted the provisions of Governmental Accounting Standards Board Statement No. 96, Subscription Based Information Technology Arrangements.Our opinions are not modified with respect to this matter.
106
2 Responsibilities of Management for the Financial Statements The City of Woodlake’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we: x Exercise professional judgment and maintain professional skepticism throughout the audit. x Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. x Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City of Woodlake’s internal control. Accordingly, no such opinion is expressed. x Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. x Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City of Woodlake’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that required supplementary information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context.

We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
107
3 Management has omitted management’s discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinions on the basic financial statements is not affected by this missing information.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Woodlake’s basic financial statements. The combining fund financial statements are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The combining fund financial statements are the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining fund financial statements is fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 27, 2023 on our consideration of the City of Woodlake’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City of Woodlake’s internal control over financial reporting and compliance.

San Bernardino, California
October 27, 2023
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dŚĞ ŝƚLJ ŽĨ tŽŽĚůĂŬĞ ;ƚŚĞ ŝƚLJͿ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ ϭϵϰϭ ƵŶĚĞƌ ƚŚĞ ŐĞŶĞƌĂů ůĂǁƐ ŽĨ ƚŚĞ ^ƚĂƚĞ ŽĨ ĂůŝĨŽƌŶŝĂ͘dŚĞŝƚLJŽƉĞƌĂƚĞƐƵŶĚĞƌĂŽƵŶĐŝůͲDĂŶĂŐĞƌĨŽƌŵŽĨŐŽǀĞƌŶŵĞŶƚĂŶĚƉƌŽǀŝĚĞƐƚŚĞĨŽůůŽǁŝŶŐ ƐĞƌǀŝĐĞƐ͗ŐĞŶĞƌĂůĂĚŵŝŶŝƐƚƌĂƚŝǀĞƐĞƌǀŝĐĞƐ͕ĐŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚ͕ƉƵďůŝĐƐĂĨĞƚLJ;ƉŽůŝĐĞͿ͕ƉƵďůŝĐǁŽƌŬƐ͕ ƉĂƌŬƐ͕ƌĞĨƵƐĞ͕ǁĂƚĞƌ͕ƐĞǁĞƌ͕ĂŶĚƚƌĂŶƐŝƚ͘
dŚĞ ĂĐĐŽŵƉĂŶLJŝŶŐ ďĂƐŝĐ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶĐůƵĚĞ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂĐƚŝǀŝƚŝĞƐ ŽĨ ƚŚĞ ŝƚLJ͕ ƚŚĞ ƉƌŝŵĂƌLJ ŐŽǀĞƌŶŵĞŶƚ͘  &ŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ƚŚĞ ŝƚLJ ŝƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ŝŶ ƚŚĞ ĂĐĐŽŵƉĂŶLJŝŶŐ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƉƌŝŶĐŝƉůĞƐ ĚĞĨŝŶŝŶŐ ƚŚĞ ŐŽǀĞƌŶŵĞŶƚĂů ƌĞƉŽƌƚŝŶŐ ĞŶƚŝƚLJ ĂĚŽƉƚĞĚ ďLJ ƚŚĞ 'ŽǀĞƌŶŵĞŶƚĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ͘dŚĞŝƚLJŽƵŶĐŝůŵĞŵďĞƌƐƐĞƌǀĞĂƐƚŚĞŐŽǀĞƌŶŝŶŐďŽĂƌĚŽĨ ƚŚĞŝƚLJ͘
dŚĞ^ƵĐĐĞƐƐŽƌŐĞŶĐLJŽĨ ƚŚĞŝƚLJŽĨtŽŽĚůĂŬĞ ;^ƵĐĐĞƐƐŽƌŐĞŶĐLJͿǁĂƐĞƐƚĂďůŝƐŚĞĚ :ĂŶƵĂƌLJϭϮ͕ϮϬϭϮ͕ ĂŶĚ ĞůĞĐƚĞĚ ƚŽ ƐĞƌǀĞ ĂƐ ƚŚĞ ^ƵĐĐĞƐƐŽƌ ŐĞŶĐLJ͘  /ƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ǁŝŶĚŝŶŐ ĚŽǁŶ ƚŚĞ ĂĨĨĂŝƌƐ ŽĨ ƚŚĞ ƌĞĚĞǀĞůŽƉŵĞŶƚ ĂŐĞŶĐLJ ŝŶĐůƵĚŝŶŐ ĚŝƐƉŽƐŝŶŐ ŽĨ ŝƚƐ ĂƐƐĞƚƐ͘   dŚĞ ^ƵĐĐĞƐƐŽƌ ŐĞŶĐLJ ŽƉĞƌĂƚĞƐ ƵŶĚĞƌ ƚŚĞ ĐŽŶƚƌŽů ŽĨ ĂŶ KǀĞƌƐŝŐŚƚ ŽĂƌĚ͕ ǁŚŝĐŚ ƐĞƌǀĞƐ ŝŶ ŝƚƐ ĨŝĚƵĐŝĂƌLJ ĐĂƉĂĐŝƚLJ ĂŶĚ ŚĂƐ ĂƵƚŚŽƌŝƚLJ ŽǀĞƌ ƚŚĞ ŽƉĞƌĂƚŝŽŶƐĂŶĚƚŚĞƚŝŵĞůLJĚŝƐƐŽůƵƚŝŽŶŽĨƚŚĞĨŽƌŵĞƌƌĞĚĞǀĞůŽƉŵĞŶƚĂŐĞŶĐLJ͘ dŚĞ tŽŽĚůĂŬĞ ,ŽƵƐŝŶŐ &ƵŶĚ ǁĂƐ ĨŽƌŵĞĚ ŽŶ &ĞďƌƵĂƌLJ ϭ͕ ϮϬϭϮ͕ ŝƚ ĂƐƐƵŵĞĚ Ăůů ŚŽƵƐŝŶŐ ĂƐƐĞƚƐ ĂŶĚ ĨƵŶĐƚŝŽŶƐ ƉƌĞǀŝŽƵƐůLJ ƉĞƌĨŽƌŵĞĚ ďLJ ƚŚĞ ƌĞĚĞǀĞůŽƉŵĞŶƚ ĂŐĞŶĐLJ͕ ŝŶĐůƵĚŝŶŐ Ăůů ƌŝŐŚƚƐ͕ ƉŽǁĞƌƐ͕ ĂƐƐĞƚƐ͕ ůŝĂďŝůŝƚŝĞƐ͕ ĚƵƚŝĞƐ͕ ĂŶĚ ŽďůŝŐĂƚŝŽŶƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ŚŽƵƐŝŶŐ ĂĐƚŝǀŝƚŝĞƐ ŽĨ ƚŚĞ ĨŽƌŵĞƌ ƌĞĚĞǀĞůŽƉŵĞŶƚ ĂŐĞŶĐLJ͘
dŚĞtŽŽĚůĂŬĞ WƵďůŝĐ&ŝŶĂŶĐŝŶŐƵƚŚŽƌŝƚLJ ;ƚŚĞƵƚŚŽƌŝƚLJͿǁĂƐĞƐƚĂďůŝƐŚĞĚĂƐĂũŽŝŶƚƉŽǁĞƌƐĂƵƚŚŽƌŝƚLJ ďĞƚǁĞĞŶƚŚĞŝƚLJĂŶĚƚŚĞŐĞŶĐLJŽŶƵŐƵƐƚϮϳ͕ϮϬϬϳ͕ƉƵƌƐƵĂŶƚƚŽƌƚŝĐůĞϭŽĨŚĂƉƚĞƌϱŽĨŝǀŝƐŝŽŶϳŽĨ dŝƚůĞϭŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚŽĚĞŽĨƚŚĞ^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂŝŶŽƌĚĞƌƚŚĂƚƐƵĐŚƵƚŚŽƌŝƚLJŵĂLJĞdžĞƌĐŝƐĞƚŚĞ ƉŽǁĞƌƐ ĂƵƚŚŽƌŝnjĞĚ ƵŶĚĞƌ ƚŚĞDĂƌŬƐͲZŽĞƐ >ŽĐĂů ŽŶĚ WŽŽůŝŶŐ Đƚ ŽĨ ϭϵϴϱ ;'ŽǀĞƌŶŵĞŶƚ ŽĚĞ ^ĞĐƚŝŽŶ ϲϱϴϰĞƚƐĞƋ͘ͿĂŶĚ͕ŝŶĂĚĚŝƚŝŽŶ͕ĞdžĞƌĐŝƐĞƐƵĐŚƉŽǁĞƌƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĨƵƚƵƌĞĨŝŶĂŶĐŝŶŐƵŶĚĞƌƚĂŬĞŶďLJ ƚŚĞŝƚLJŽƌƚŚĞŐĞŶĐLJ͘
dŚĞ ĨƵŶĚƐĂŶĚ ƌĞůĂƚĞĚĚĞďƚĂĐƚŝǀŝƚLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚ ƚŚĞƵƚŚŽƌŝƚLJŚĂǀĞďĞĞŶŝŶĐůƵĚĞĚŝŶ ƚŚĞďƵƐŝŶĞƐƐͲ ƚLJƉĞĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞtĂƚĞƌ&ƵŶĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐďĞĐĂƵƐĞŝƚƐƉƵƌƉŽƐĞŝƐƚŽĨŝŶĂŶĐĞƚŚĞǁĂƚĞƌ ƐLJƐƚĞŵŝŵƉƌŽǀĞŵĞŶƚ ƉƌŽũĞĐƚ ƚŽ ďĞ ŽǁŶĞĚ ďLJ ƚŚĞ ŝƚLJĂŶĚ ŽƚŚĞƌ ĨƵƚƵƌĞĞŶƚĞƌƉƌŝƐĞ ĨƵŶĚ ŝŵƉƌŽǀĞŵĞŶƚ ƉƌŽũĞĐƚƐƚŽďĞŽǁŶĞĚďLJƚŚĞŝƚLJ͘
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dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ŝƚLJ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĐŽŶĨŽƌŵŝƚLJ ǁŝƚŚ ĂĐĐŽƵŶƚŝŶŐ ƉƌŝŶĐŝƉůĞƐ ŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂĂƐĂƉƉůŝĞĚƚŽŐŽǀĞƌŶŵĞŶƚĂůƵŶŝƚƐ͘dŚĞ'ŽǀĞƌŶŵĞŶƚĂů ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽĂƌĚ ŝƐ ƚŚĞ ĂĐĐĞƉƚĞĚ ƐƚĂŶĚĂƌĚ ƐĞƚƚŝŶŐ ďŽĚLJ ĨŽƌ ŐŽǀĞƌŶŵĞŶƚĂů ĂĐĐŽƵŶƚŝŶŐ ĂŶĚ ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƌŝŶĐŝƉůĞƐ͘
͘ĂƐŝƐŽĨĐĐŽƵŶƚŝŶŐͬDĞĂƐƵƌĞŵĞŶƚ&ŽĐƵƐ
dŚĞĂĐĐŽƵŶƚƐ ŽĨ ƚŚĞ ŝƚLJ ĂƌĞ ŽƌŐĂŶŝnjĞĚ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ĨƵŶĚƐ͕ĞĂĐŚ ŽĨǁŚŝĐŚ ŝƐ ĐŽŶƐŝĚĞƌĞĚĂ ƐĞƉĂƌĂƚĞ ĂĐĐŽƵŶƚŝŶŐĞŶƚŝƚLJ͘dŚĞŽƉĞƌĂƚŝŽŶƐŽĨĞĂĐŚ ĨƵŶĚĂƌĞĂĐĐŽƵŶƚĞĚ ĨŽƌǁŝƚŚĂƐĞƉĂƌĂƚĞƐĞƚŽĨƐĞůĨͲďĂůĂŶĐŝŶŐ ĂĐĐŽƵŶƚƐ ƚŚĂƚ ĐŽŵƉƌŝƐĞ ŝƚƐ ĂƐƐĞƚƐ͕ ůŝĂďŝůŝƚŝĞƐ͕ ĨƵŶĚ ĞƋƵŝƚLJ͕ ƌĞǀĞŶƵĞƐ͕ ĂŶĚ ĞdžƉĞŶĚŝƚƵƌĞƐ Žƌ ĞdžƉĞŶƐĞƐ͕ ĂƐ ĂƉƉƌŽƉƌŝĂƚĞ͘'ŽǀĞƌŶŵĞŶƚĂůƌĞƐŽƵƌĐĞƐĂƌĞĂůůŽĐĂƚĞĚƚŽĂŶĚĂĐĐŽƵŶƚĞĚĨŽƌŝŶŝŶĚŝǀŝĚƵĂůĨƵŶĚƐďĂƐĞĚƵƉŽŶ ƚŚĞƉƵƌƉŽƐĞƐĨŽƌǁŚŝĐŚƚŚĞLJĂƌĞƚŽďĞƐƉĞŶƚĂŶĚƚŚĞŵĞĂŶƐďLJǁŚŝĐŚƐƉĞŶĚŝŶŐĂĐƚŝǀŝƚŝĞƐĂƌĞĐŽŶƚƌŽůůĞĚ͘ 'ŽǀĞƌŶŵĞŶƚͲtŝĚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ
dŚĞŝƚLJŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐůƵĚĞĂƐƚĂƚĞŵĞŶƚŽĨŶĞƚƉŽƐŝƚŝŽŶĂŶĚĂƐƚĂƚĞŵĞŶƚŽĨ ĂĐƚŝǀŝƚŝĞƐ͘dŚĞƐĞƐƚĂƚĞŵĞŶƚƐƉƌĞƐĞŶƚƐƵŵŵĂƌŝĞƐŽĨŐŽǀĞƌŶŵĞŶƚĂůĂŶĚďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐĨŽƌƚŚĞŝƚLJ ĂĐĐŽŵƉĂŶŝĞĚďLJĂƚŽƚĂůĐŽůƵŵŶ͘&ŝĚƵĐŝĂƌLJĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞŝƚLJĂƌĞŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞƐĞƐƚĂƚĞŵĞŶƚƐ͘ dŚĞƐĞƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŽŶĂŶĞĐŽŶŽŵŝĐƌĞƐŽƵƌĐĞƐŵĞĂƐƵƌĞŵĞŶƚĨŽĐƵƐĂŶĚƚŚĞĂĐĐƌƵĂůďĂƐŝƐŽĨ ĂĐĐŽƵŶƚŝŶŐ͘ ĐĐŽƌĚŝŶŐůLJ͕ Ăůů ƚŚĞ ŝƚLJΖƐ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ĐĂƉŝƚĂů ĂƐƐĞƚƐ͕ ĂƐ ǁĞůů ĂƐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂƐƐĞƚƐ͕ ĂŶĚ ůŽŶŐͲƚĞƌŵ ůŝĂďŝůŝƚŝĞƐ͕ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĂĐĐŽŵƉĂŶLJŝŶŐ ƐƚĂƚĞŵĞŶƚ ŽĨ ŶĞƚ ƉŽƐŝƚŝŽŶ͘ dŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ĂĐƚŝǀŝƚŝĞƐ ƉƌĞƐĞŶƚƐ ĐŚĂŶŐĞƐ ŝŶ ŶĞƚ ƉŽƐŝƚŝŽŶ͘ hŶĚĞƌ ƚŚĞ ĂĐĐƌƵĂů ďĂƐŝƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ͕ ƌĞǀĞŶƵĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ĞĂƌŶĞĚ ǁŚŝůĞ ĞdžƉĞŶƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞůŝĂďŝůŝƚLJŝƐŝŶĐƵƌƌĞĚ͘dŚĞƚLJƉĞƐŽĨƚƌĂŶƐĂĐƚŝŽŶƐƌĞƉŽƌƚĞĚĂƐƉƌŽŐƌĂŵ ƌĞǀĞŶƵĞƐ ĨŽƌ ƚŚĞĐŝƚLJĂƌĞƌĞƉŽƌƚĞĚŝŶ ƚŚƌĞĞĐĂƚĞŐŽƌŝĞƐ͗ϭͿĐŚĂƌŐĞƐ ĨŽƌƐĞƌǀŝĐĞƐ͕ϮͿŽƉĞƌĂƚŝŶŐŐƌĂŶƚƐĂŶĚ ĐŽŶƚƌŝďƵƚŝŽŶƐ͕ĂŶĚϯͿĐĂƉŝƚĂůŐƌĂŶƚƐĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƐ͘ ĞƌƚĂŝŶĞůŝŵŝŶĂƚŝŽŶƐŚĂǀĞďĞĞŶŵĂĚĞĂƐƉƌĞƐĐƌŝďĞĚďLJ'^^ƚĂƚĞŵĞŶƚEŽ͘ϯϰŝŶƌĞŐĂƌĚƐ ƚŽŝŶƚĞƌĨƵŶĚ ĂĐƚŝǀŝƚŝĞƐ͕ ƉĂLJĂďůĞƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ͘ ůů ŝŶƚĞƌŶĂů ďĂůĂŶĐĞƐ ŝŶ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ŶĞƚ ĂƐƐĞƚƐ ŚĂǀĞ ďĞĞŶ ĞůŝŵŝŶĂƚĞĚ͘/ŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĂĐƚŝǀŝƚŝĞƐ͕ŝŶƚĞƌĨƵŶĚƚƌĂŶƐĂĐƚŝŽŶƐŚĂǀĞďĞĞŶĞůŝŵŝŶĂƚĞĚ͖ŚŽǁĞǀĞƌ͕ƚŚŽƐĞ ƚƌĂŶƐĂĐƚŝŽŶƐďĞƚǁĞĞŶŐŽǀĞƌŶŵĞŶƚĂůĂŶĚďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐŚĂǀĞŶŽƚďĞĞŶĞůŝŵŝŶĂƚĞĚ͘ 123
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dŚĞ ŝƚLJ ĂƉƉůŝĞƐ Ăůů ĂƉƉůŝĐĂďůĞ '^ ƉƌŽŶŽƵŶĐĞŵĞŶƚƐ ;ŝŶĐůƵĚŝŶŐ Ăůů E' ^ƚĂƚĞŵĞŶƚƐ ĂŶĚ /ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ĐƵƌƌĞŶƚůLJ ŝŶ ĞĨĨĞĐƚͿ ĂƐ ǁĞůů ĂƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ƉƌŽŶŽƵŶĐĞŵĞŶƚƐ ŝƐƐƵĞĚ ŽŶ Žƌ ďĞĨŽƌĞ EŽǀĞŵďĞƌϯϬ͕ϭϵϴϵ͕ƵŶůĞƐƐ ƚŚŽƐĞƉƌŽŶŽƵŶĐĞŵĞŶƚƐĐŽŶĨůŝĐƚǁŝƚŚŽƌĐŽŶƚƌĂĚŝĐƚ'^ƉƌŽŶŽƵŶĐĞŵĞŶƚƐ͗ &ŝŶĂŶĐŝĂů ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽĂƌĚ ;&^Ϳ ^ƚĂƚĞŵĞŶƚƐ ĂŶĚ /ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͕ ĐĐŽƵŶƚŝŶŐ WƌŝŶĐŝƉůĞƐ ŽĂƌĚ ;WͿ KƉŝŶŝŽŶƐ͕ ĂŶĚ ĐĐŽƵŶƚŝŶŐ ZĞƐĞĂƌĐŚ ƵůůĞƚŝŶƐ ;ZͿ ŽĨ ƚŚĞ ŽŵŵŝƚƚĞĞ ŽŶ ĐĐŽƵŶƚŝŶŐ WƌŽĐĞĚƵƌĞ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŝƚLJĂƉƉůŝĞƐĂůůĂƉƉůŝĐĂďůĞ&^^ƚĂƚĞŵĞŶƚƐĂŶĚ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐŝƐƐƵĞĚĂĨƚĞƌ EŽǀĞŵďĞƌϯϬ͕ϭϵϴϵ͕ĞdžĐĞƉƚƚŚŽƐĞƚŚĂƚĐŽŶĨůŝĐƚǁŝƚŚŽƌĐŽŶƚƌĂĚŝĐƚ'^ƉƌŽŶŽƵŶĐĞŵĞŶƚƐƚŽŝƚƐďƵƐŝŶĞƐƐͲ ƚLJƉĞĂĐƚŝǀŝƚŝĞƐ͘
'ŽǀĞƌŶŵĞŶƚĂů&ƵŶĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ
'ŽǀĞƌŶŵĞŶƚĂů ĨƵŶĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶĐůƵĚĞ Ă ďĂůĂŶĐĞ ƐŚĞĞƚ ĂŶĚ Ă ƐƚĂƚĞŵĞŶƚ ŽĨ ƌĞǀĞŶƵĞƐ͕ ĞdžƉĞŶĚŝƚƵƌĞƐ ĂŶĚ ĐŚĂŶŐĞƐ ŝŶ ĨƵŶĚ ďĂůĂŶĐĞƐ ĨŽƌ Ăůů ŵĂũŽƌ ŐŽǀĞƌŶŵĞŶƚĂů ĨƵŶĚƐ ĂŶĚ ŶŽŶͲŵĂũŽƌ ĨƵŶĚƐ ĂŐŐƌĞŐĂƚĞĚ͘
dŚĞŝƚLJƌĞƉŽƌƚƐƚŚĞĨŽůůŽǁŝŶŐŵĂũŽƌŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ͗ dŚĞ 'ĞŶĞƌĂů &ƵŶĚ ŝƐ ƚŚĞ ŐĞŶĞƌĂů ŽƉĞƌĂƚŝŶŐ ĨƵŶĚ ŽĨ ƚŚĞ ŝƚLJ͘ /ƚ ŝƐ ƵƐĞĚ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ Ăůů ĨŝŶĂŶĐŝĂů ƌĞƐŽƵƌĐĞƐĞdžĐĞƉƚƚŚŽƐĞƌĞƋƵŝƌĞĚƚŽďĞĂĐĐŽƵŶƚĞĚĨŽƌŝŶĂŶŽƚŚĞƌĨƵŶĚ͘ dŚĞ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ &ƵŶĚ ŝƐ ƵƐĞĚ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ ƚŚĞ ' ĂŶĚ ,KD  ůŽĂŶ ƌĞƉĂLJŵĞŶƚ
ƌĞǀĞŶƵĞĂŶĚƉƌŽŐƌĂŵŝŶĐŽŵĞŵŽŶĞLJ͘
dŚĞ 'ͬ,KD
 'ƌĂŶƚ &ƵŶĚ ŝƐ ƵƐĞĚ ĨŽƌ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ŽĨ ƌĞǀĞŶƵĞƐ ĐŽůůĞĐƚĞĚ ĨƌŽŵ ƚŚĞ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚůŽĐŬ'ƌĂŶƚWƌŽŐƌĂŵ ;'Ϳ͘dŚĞ'ƌĂŶƚĂůůŽǁƐ ĨŽƌĚĞĨĞƌƌĞĚƉĂLJŵĞŶƚůŽĂŶƐ ƚŽďĞŝƐƐƵĞĚ ĨŽƌĨŝƌƐƚƚŝŵĞŚŽŵĞďƵLJĞƌƐ͕ŚŽƵƐŝŶŐƌĞŚĂďŝůŝƚĂƚŝŽŶĂŶĚĐŽŵŵƵŶŝƚLJĐĂƉŝƚĂůƉƌŽũĞĐƚƐ͘ ůů ŐŽǀĞƌŶŵĞŶƚĂů ĨƵŶĚƐ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ŽŶ Ă ƐƉĞŶĚŝŶŐ Žƌ ĐƵƌƌĞŶƚ ĨŝŶĂŶĐŝĂů ƌĞƐŽƵƌĐĞƐŵĞĂƐƵƌĞŵĞŶƚ ĨŽĐƵƐ ĂŶĚ ƚŚĞ ŵŽĚŝĨŝĞĚ ĂĐĐƌƵĂů ďĂƐŝƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ͘ ĐĐŽƌĚŝŶŐůLJ͕ ŽŶůLJ ĐƵƌƌĞŶƚ ĂƐƐĞƚƐ ĂŶĚ ĐƵƌƌĞŶƚ ůŝĂďŝůŝƚŝĞƐĂƌĞŝŶĐůƵĚĞĚŽŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚƐ͘dŚĞƐƚĂƚĞŵĞŶƚŽĨƌĞǀĞŶƵĞƐ͕ĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚĐŚĂŶŐĞƐŝŶ ĨƵŶĚ ďĂůĂŶĐĞƐ ƉƌĞƐĞŶƚƐŝŶĐƌĞĂƐĞƐ ;ƌĞǀĞŶƵĞƐĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐͿĂŶĚ ĚĞĐƌĞĂƐĞƐ ;ĞdžƉĞŶĚŝƚƵƌĞƐ ĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝŶŐƵƐĞƐͿŝŶŶĞƚĐƵƌƌĞŶƚĂƐƐĞƚƐ͘

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hŶĚĞƌ ƚŚĞ ŵŽĚŝĨŝĞĚ ĂĐĐƌƵĂů ďĂƐŝƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ͕ ƌĞǀĞŶƵĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ƚŚĞLJ ďĞĐŽŵĞ ďŽƚŚ ŵĞĂƐƵƌĂďůĞ ĂŶĚ ĂǀĂŝůĂďůĞ ƚŽ ĨŝŶĂŶĐĞ ĞdžƉĞŶĚŝƚƵƌĞƐ ŽĨ ƚŚĞ ĐƵƌƌĞŶƚ ƉĞƌŝŽĚ͘ ĐĐŽƌĚŝŶŐůLJ͕ƌĞǀĞŶƵĞƐĂƌĞƌĞĐŽƌĚĞĚǁŚĞŶƌĞĐĞŝǀĞĚŝŶĐĂƐŚĚƵƌŝŶŐƚŚĞLJĞĂƌŽƌǁŝƚŚŝŶϲϬĚĂLJƐĂĨƚĞƌLJĞĂƌͲ ĞŶĚ͖ŚŽǁĞǀĞƌ͕ƌĞŝŵďƵƌƐĂďůĞŐƌĂŶƚƌĞǀĞŶƵĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚĂǀĂŝůĂďůĞŝĨƌĞĐĞŝǀĞĚǁŝƚŚŝŶϭϴϬĚĂLJƐŽĨƚŚĞ ĞŶĚŽĨƚŚĞĐƵƌƌĞŶƚĨŝƐĐĂůLJĞĂƌ͘dŚĞƉƌŝŵĂƌLJƌĞǀĞŶƵĞƐŽƵƌĐĞƐ͕ǁŚŝĐŚŚĂǀĞďĞĞŶƚƌĞĂƚĞĚĂƐƐƵƐĐĞƉƚŝďůĞƚŽ ĂĐĐƌƵĂů ďLJ ƚŚĞ ŝƚLJ͕ ĂƌĞ ƉƌŽƉĞƌƚLJ ƚĂdž͕ ƐĂůĞƐ ƚĂdž͕ ŝŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂů ƌĞǀĞŶƵĞƐ ĂŶĚ ŽƚŚĞƌ ƚĂdžĞƐ͘

džƉĞŶĚŝƚƵƌĞƐĂƌĞƌĞĐŽƌĚĞĚŝŶƚŚĞĂĐĐŽƵŶƚŝŶŐƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞƌĞůĂƚĞĚĨƵŶĚůŝĂďŝůŝƚLJŝƐŝŶĐƵƌƌĞĚ͘ 'ŽǀĞƌŶŵĞŶƚĂů&ƵŶĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ
ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨƚŚĞĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŽƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐƉƌŽǀŝĚĞĚ ƚŽĞdžƉůĂŝŶƚŚĞĚŝĨĨĞƌĞŶĐĞƐĐƌĞĂƚĞĚďLJƚŚĞŝŶƚĞŐƌĂƚĞĚĂƉƉƌŽĂĐŚŽĨ'^^ƚĂƚĞŵĞŶƚEŽ͘ϯϰ͘

ŶƚĞƌƉƌŝƐĞ&ƵŶĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ

ŶƚĞƌƉƌŝƐĞ ĨƵŶĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶĐůƵĚĞ Ă ƐƚĂƚĞŵĞŶƚ ŽĨ ŶĞƚ ƉŽƐŝƚŝŽŶ͕ Ă ƐƚĂƚĞŵĞŶƚ ŽĨ ƌĞǀĞŶƵĞƐ͕ ĞdžƉĞŶƐĞƐĂŶĚĐŚĂŶŐĞƐŝŶŶĞƚƉŽƐŝƚŝŽŶ͕ĂŶĚĂƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁƐĨŽƌĞĂĐŚŵĂũŽƌĞŶƚĞƌƉƌŝƐĞĨƵŶĚĂŶĚ ŶŽŶͲŵĂũŽƌĨƵŶĚƐĂŐŐƌĞŐĂƚĞĚ͘
dŚĞŝƚLJƌĞƉŽƌƚƐƚŚĞĨŽůůŽǁŝŶŐŵĂũŽƌĞŶƚĞƌƉƌŝƐĞĨƵŶĚƚLJƉĞƐ͗ dŚĞtĂƚĞƌ&ƵŶĚĂĐĐŽƵŶƚƐĨŽƌĨŝŶĂŶĐŝĂůĂĐƚŝǀŝƚLJŽĨƚŚĞǁĂƚĞƌƵƚŝůŝƚLJƐLJƐƚĞŵ͘ dŚĞ^ĞǁĞƌ&ƵŶĚŝƐƵƐĞĚ ƚŽĂĐĐŽƵŶƚ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝĂůĂĐƚŝǀŝƚLJŽĨ ƚŚĞ ƐĞǁĂŐĞĐŽůůĞĐƚŝŽŶĂŶĚǁĂƐƚĞǁĂƚĞƌ ƚƌĞĂƚŵĞŶƚƵƚŝůŝƚLJƐLJƐƚĞŵ͘

ŶƚĞƌƉƌŝƐĞ ĨƵŶĚƐĂƌĞĂĐĐŽƵŶƚĞĚ ĨŽƌƵƐŝŶŐ ƚŚĞĞĐŽŶŽŵŝĐ ƌĞƐŽƵƌĐĞƐŵĞĂƐƵƌĞŵĞŶƚ ĨŽĐƵƐĂŶĚ ƚŚĞĂĐĐƌƵĂů ďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐ͘ĐĐŽƌĚŝŶŐůLJ͕ĂůůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ;ǁŚĞƚŚĞƌĐƵƌƌĞŶƚŽƌŶŽŶͲĐƵƌƌĞŶƚͿĂƌĞŝŶĐůƵĚĞĚ ŽŶ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ŶĞƚ ƉŽƐŝƚŝŽŶ͘ dŚĞ ƐƚĂƚĞŵĞŶƚ ŽĨ ƌĞǀĞŶƵĞƐ͕ ĞdžƉĞŶƐĞƐ ĂŶĚ ĐŚĂŶŐĞƐ ŝŶ ŶĞƚ ĂƐƐĞƚƐ ƉƌĞƐĞŶƚƐŝŶĐƌĞĂƐĞƐ;ƌĞǀĞŶƵĞƐͿĂŶĚĚĞĐƌĞĂƐĞƐ;ĞdžƉĞŶƐĞƐͿŝŶƚŽƚĂůŶĞƚƉŽƐŝƚŝŽŶ͘hŶĚĞƌƚŚĞĂĐĐƌƵĂůďĂƐŝƐŽĨ ĂĐĐŽƵŶƚŝŶŐ͕ ƌĞǀĞŶƵĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ĞĂƌŶĞĚ ǁŚŝůĞ ĞdžƉĞŶƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞůŝĂďŝůŝƚLJŝƐŝŶĐƵƌƌĞĚ͘ KƉĞƌĂƚŝŶŐ ƌĞǀĞŶƵĞƐ ŝŶ ƚŚĞ ĞŶƚĞƌƉƌŝƐĞ ĨƵŶĚƐ ĂƌĞ ƚŚŽƐĞ ƌĞǀĞŶƵĞƐ ƚŚĂƚ ĂƌĞ ŐĞŶĞƌĂƚĞĚ ĨƌŽŵ ƚŚĞ ƉƌŝŵĂƌLJ ŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞĨƵŶĚ͘ůůŽƚŚĞƌƌĞǀĞŶƵĞƐĂƌĞƌĞƉŽƌƚĞĚĂƐŶŽŶͲŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐ͘KƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ ĂƌĞ ƚŚŽƐĞ ĞdžƉĞŶƐĞƐ ƚŚĂƚ ĂƌĞ ĞƐƐĞŶƚŝĂů ƚŽ ƚŚĞ ƉƌŝŵĂƌLJ ŽƉĞƌĂƚŝŽŶƐ ŽĨ ƚŚĞ ĨƵŶĚ͘ ůů ŽƚŚĞƌ ĞdžƉĞŶƐĞƐ ĂƌĞ ƌĞƉŽƌƚĞĚĂƐŶŽŶͲŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ͘
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&ŝĚƵĐŝĂƌLJ&ƵŶĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ
dŚĞ ŝƚLJ ŝŵƉůĞŵĞŶƚĞĚ '^ EŽ͘ ϴϰ͕ &ŝĚƵĐŝĂƌLJ ĐƚŝǀŝƚŝĞƐ ŝŶ ĨŝƐĐĂů LJĞĂƌ ϮϬϮϭ͘ dŚĞ ŽďũĞĐƚŝǀĞ ŽĨ ƚŚĞ ƐƚĂƚĞŵĞŶƚŝƐ ƚŽŝŵƉƌŽǀĞŐƵŝĚĂŶĐĞƌĞŐĂƌĚŝŶŐ ƚŚĞŝĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨ ĨŝĚƵĐŝĂƌLJĂĐƚŝǀŝƚŝĞƐ ĨŽƌĂĐĐŽƵŶƚŝŶŐĂŶĚ ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐĂŶĚŚŽǁƚŚŽƐĞĂĐƚŝǀŝƚŝĞƐƐŚŽƵůĚďĞƌĞƉŽƌƚĞĚ͘ dŚĞŝƚLJΖƐĨŝĚƵĐŝĂƌLJĨƵŶĚƐƌĞƉƌĞƐĞŶƚ͗
dŚĞĨŝŶĂŶĐŝĂůĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞƐĞĨƵŶĚƐĂƌĞĞdžĐůƵĚĞĚĨƌŽŵƚŚĞ'ŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ďƵƚ ĂƌĞƉƌĞƐĞŶƚĞĚŝŶƐĞƉĂƌĂƚĞ&ŝĚƵĐŝĂƌLJ&ƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ dŚĞŝƚLJƌĞƉŽƌƚƐƚŚĞĨŽůůŽǁŝŶŐƉƌŝǀĂƚĞͲƉƵƌƉŽƐĞƚƌƵƐƚĂŶĚĐƵƐƚŽĚŝĂůĨƵŶĚ͗ dŚĞ WƌŝǀĂƚĞͲƉƵƌƉŽƐĞ dƌƵƐƚ &ƵŶĚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ǁŝŶĚ ĚŽǁŶ ŽĨ ƚŚĞ ĂĨĨĂŝƌƐ ŽĨ ƚŚĞ ĚŝƐƐŽůǀĞĚ ZĞĚĞǀĞůŽƉŵĞŶƚŐĞŶĐLJŽĨƚŚĞŝƚLJŽĨtŽŽĚůĂŬĞ͘
dŚĞtŽŽĚůĂŬĞ&ŝƌĞWƌŽƚĞĐƚŝŽŶŝƐƚƌŝĐƚƵƐƚŽĚŝĂů&ƵŶĚĂĐĐŽƵŶƚƐĨŽƌƌĞĐĞŝƉƚƐĂŶĚĞdžƉĞŶĚŝƚƵƌĞƐŵĂĚĞŽŶ ďĞŚĂůĨŽĨƚŚĞtŽŽĚůĂŬĞ&ŝƌĞŝƐƚƌŝĐƚ͘
͘ĂƐŚĂŶĚ/ŶǀĞƐƚŵĞŶƚƐ
hŶĚĞƌƚŚĞŝƚLJΖƐĐĂƐŚŵĂŶĂŐĞŵĞŶƚƉƌŽŐƌĂŵ͕ĐĂƐŚŝŶĞdžĐĞƐƐŽĨŽƉĞƌĂƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĨƌŽŵĂůůĨƵŶĚƐŝƐ ƉŽŽůĞĚ ǁŝƚŚ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ŵĂdžŝŵŝnjŝŶŐ ŝŶƚĞƌĞƐƚ ƚŚƌŽƵŐŚ ŝŶǀĞƐƚŵĞŶƚ ĂĐƚŝǀŝƚŝĞƐ͕ ĂŶĚ ŝƐ ĚĞƉŽƐŝƚĞĚ ŝŶ ƐĂǀŝŶŐƐĂĐĐŽƵŶƚƐŽƌŝŶǀĞƐƚĞĚŝŶďĂŶŬĐĞƌƚŝĨŝĐĂƚĞƐŽĨĚĞƉŽƐŝƚ͕ďĂŶŬŵŽŶĞLJŵĂƌŬĞƚĂĐĐŽƵŶƚƐĂŶĚƚŚĞ^ƚĂƚĞ ŽĨĂůŝĨŽƌŶŝĂ>ŽĐĂůŐĞŶĐLJ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ ;>/&Ϳ͘/ŶƚĞƌĞƐƚŝŶĐŽŵĞŽŶƉŽŽůĞĚŝŶǀĞƐƚŵĞŶƚƐŝƐĂůůŽĐĂƚĞĚ ŽŶƚŚĞĞŶĚŽĨŵŽŶƚŚďĂůĂŶĐĞŝŶĞĂĐŚĨƵŶĚŝŶĐůƵĚĞĚŝŶƚŚĞƉŽŽůƐ͘/ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐƚŚĞĂŵŽƵŶƚŽĨ ĚŽůůĂƌƐŝŶǀĞƐƚĞĚŝŶĚĞƌŝǀĂƚŝǀĞƐ͕ŝĨĂŶLJ͕ǁŝƚŚ>/&ǁĂƐŶŽƚĂǀĂŝůĂďůĞ͘ &ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚ
ƐĚĞĨŝŶĞĚŝŶ'^^ƚĂƚĞŵĞŶƚEŽ͘ϳϮ͕&ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚĂŶĚƉƉůŝĐĂƚŝŽŶ͕ĨĂŝƌǀĂůƵĞŝƐ ƚŚĞƉƌŝĐĞ ƚŚĂƚǁŽƵůĚďĞƌĞĐĞŝǀĞĚƚŽƐĞůůĂŶĂƐƐĞƚŽƌƉĂŝĚƚŽƚƌĂŶƐĨĞƌĂůŝĂďŝůŝƚLJŝŶĂŶŽƌĚĞƌůLJƚƌĂŶƐĂĐƚŝŽŶďĞƚǁĞĞŶ ŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚƐĂƚƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘dŚĞŝƚLJƵƐĞƐǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐƚŚĂƚĂĞĂƉƉƌŽƉƌŝĂƚĞ ƵŶĚĞƌ ƚŚĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ĂŶĚ ĨŽƌ ǁŚŝĐŚ ƐƵĨĨŝĐŝĞŶƚ ĚĂƚĂ ĂƌĞ ĂǀĂŝůĂďůĞ ƚŽŵĞĂƐƵƌĞ ĨĂŝƌ ǀĂůƵĞ͘  sĂůƵĂƚŝŽŶ ƚĞĐŚŶŝƋƵĞƐ ŵĂdžŝŵŝnjĞ ƚŚĞ ƵƐĞ ŽĨ ƌĞůĞǀĂŶƚ ŽďƐĞƌǀĂďůĞ ŝŶƉƵƚƐ ĂŶĚ ŵŝŶŝŵŝnjĞ ƚŚĞ ƵƐĞ ŽĨ ƵŶŽďƐĞƌǀĂďůĞ ŝŶƉƵƚƐ͘
126
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^;ĐŽŶƚŝŶƵĞĚͿ
'^^ƚĂƚĞŵĞŶƚEŽ͘ϳϮĞƐƚĂďůŝƐŚĞƐĂŚŝĞƌĂƌĐŚLJŽĨŝŶƉƵƚƐƚŽǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐƵƐĞĚ ƚŽŵĞĂƐƵƌĞ ĨĂŝƌ ǀĂůƵĞ͘dŚĂƚŚŝĞƌĂƌĐŚLJŚĂƐƚŚƌĞĞůĞǀĞůƐ͗
>ĞǀĞůϭʹYƵŽƚĞĚƉƌŝĐĞƐ;ƵŶĂĚũƵƐƚĞĚͿŝŶĂĐƚŝǀĞŵĂƌŬĞƚƐĨŽƌŝĚĞŶƚŝĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐ͖ >ĞǀĞůϮʹKďƐĞƌǀĂďůĞŝŶƉƵƚƐ͕ŽƚŚĞƌƚŚĂŶ>ĞǀĞůϭƉƌŝĐĞƐ͕ĨŽƌĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͕ĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͖ >ĞǀĞůϯʹhŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͘ &ŽƌĐƵƌƌĞŶƚĨŝƐĐĂůLJĞĂƌ͕ƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞĂƉƉůŝĞĚƚŽƚŚĞŝƚLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ŚĂƐďĞĞŶĐŽŶƐŝƐƚĞŶƚ͘
͘ĂƐŚĂŶĚĂƐŚ
ƋƵŝǀĂůĞŶƚƐ
&Žƌ ƉƵƌƉŽƐĞƐ ŽĨ ƚŚĞ^ƚĂƚĞŵĞŶƚ ŽĨ ĂƐŚ&ůŽǁƐ͕ ƚŚĞ ŝƚLJ ĐŽŶƐŝĚĞƌĞĚĂůů ŚŝŐŚůLJůŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚĂ ŵĂƚƵƌŝƚLJŽĨ ƚŚƌĞĞŵŽŶƚŚƐŽƌůĞƐƐǁŚĞŶƉƵƌĐŚĂƐĞĚ ƚŽďĞĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͘ůůĐĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐŽĨ ƚŚĞĞŶƚĞƌƉƌŝƐĞĨƵŶĚƚLJƉĞƐĂƌĞƉŽŽůĞĚǁŝƚŚƚŚĞŝƚLJΖƐƉŽŽůĞĚĐĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ͘

͘hƐĞŽĨ
ƐƚŝŵĂƚĞƐ
dŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐŽŶĨŽƌŵŝƚLJǁŝƚŚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚŝŶ ƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂƌĞƋƵŝƌĞƐŵĂŶĂŐĞŵĞŶƚƚŽŵĂŬĞĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚĂĨĨĞĐƚƚŚĞ ƌĞƉŽƌƚĞĚĂŵŽƵŶƚƐŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂŶĚĚŝƐĐůŽƐƵƌĞŽĨĐŽŶƚŝŶŐĞŶƚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƚƚŚĞĚĂƚĞ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ƌĞƉŽƌƚĞĚ ĂŵŽƵŶƚƐ ŽĨ ƌĞǀĞŶƵĞƐ ĂŶĚ ĞdžƉĞŶĚŝƚƵƌĞƐ ĚƵƌŝŶŐ ƚŚĞ ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘ĐĐŽƌĚŝŶŐůLJ͕ĂĐƚƵĂůƌĞƐƵůƚƐĐŽƵůĚĚŝĨĨĞƌĨƌŽŵƚŚŽƐĞĞƐƚŝŵĂƚĞƐ͘ &͘ZĞĐĞŝǀĂďůĞƐĂŶĚWĂLJĂďůĞƐ
ĐƚŝǀŝƚLJďĞƚǁĞĞŶ ĨƵŶĚƐ ƚŚĂƚĂƌĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨůĞŶĚŝŶŐͬďŽƌƌŽǁŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐŽƵƚƐƚĂŶĚŝŶŐĂƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ĨŝƐĐĂů LJĞĂƌ ĂƌĞ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐĞŝƚŚĞƌ ΗĚƵĞ ƚŽͬĨƌŽŵ ŽƚŚĞƌ ĨƵŶĚƐΗ ;ŝ͘Ğ͘ ƚŚĞ ĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ŽĨ ŝŶƚĞƌĨƵŶĚůŽĂŶƐͿŽƌΗĂĚǀĂŶĐĞƐƚŽͬĨƌŽŵŽƚŚĞƌĨƵŶĚƐΗ;ŝ͘Ğ͘ƚŚĞŶŽŶͲĐƵƌƌĞŶƚƉŽƌƚŝŽŶŽĨŝŶƚĞƌĨƵŶĚůŽĂŶƐͿ͘ WƌŽƉƌŝĞƚĂƌLJĨƵŶĚƌĞĐĞŝǀĂďůĞƐĂƌĞƐŚŽǁŶŶĞƚŽĨĂŶĂůůŽǁĂŶĐĞĨŽƌƵŶĐŽůůĞĐƚŝďůĞĂĐĐŽƵŶƚƐ͘hƚŝůŝƚLJĐƵƐƚŽŵĞƌƐ ĂƌĞďŝůůĞĚŵŽŶƚŚůLJ͘dŚĞĞƐƚŝŵĂƚĞĚǀĂůƵĞŽĨƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚ͕ďƵƚƵŶďŝůůĞĚĂƚLJĞĂƌͲĞŶĚŚĂƐďĞĞŶŝŶĐůƵĚĞĚ ŝŶƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
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^;ĐŽŶƚŝŶƵĞĚͿ
WƌŽƉĞƌƚLJ ƚĂdžĞƐ ĂƌĞ ĂƐƐĞƐƐĞĚ͕ ĐŽůůĞĐƚĞĚ ĂŶĚ ĂůůŽĐĂƚĞĚ ďLJ dƵůĂƌĞ ŽƵŶƚLJ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĨŝƐĐĂů LJĞĂƌ ĂĐĐŽƌĚŝŶŐƚŽƚŚĞĨŽůůŽǁŝŶŐƉƌŽƉĞƌƚLJƚĂdžĐĂůĞŶĚĂƌ͘
>ŝĞŶĂƚĞ :ĂŶƵĂƌLJϭƐƚ   
>ĞǀLJĂƚĞ :ƵůLJϭƐƚƚŽ:ƵŶĞϯϬƚŚ   
ƵĞĂƚĞƐ EŽǀĞŵďĞƌϭƐƚ ϭƐƚŝŶƐƚĂůůŵĞŶƚ &ĞďƌƵĂƌLJϭƐƚ ϮŶĚŝŶƐƚĂůůŵĞŶƚ ĞůŝŶƋƵĞŶƚĂƚĞƐ ĞĐĞŵďĞƌϭϬƚŚ ϭƐƚŝŶƐƚĂůůŵĞŶƚ ƉƌŝůϭϬƚŚ ϮŶĚŝŶƐƚĂůůŵĞŶƚ ZĞǀĞŶƵĞ ĨƌŽŵ ƚĂdžƉĂLJĞƌͲĂƐƐĞƐƐĞĚ ƚĂdžĞƐ ;ƐĂůĞƐ ĂŶĚ ƵƐĞ͕ ďƵƐŝŶĞƐƐ ůŝĐĞŶƐĞ͕ ƚƌĂŶƐŝĞŶƚ ŽĐĐƵƉĂŶĐLJ͕ ƵƚŝůŝƚLJ ƵƐĞƌƐ͕ŐĂƐ͕ĂŶĚ ĨƌĂŶĐŚŝƐĞ ĨĞĞƐͿĂƌĞĂĐĐƌƵĞĚŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚĂů ĨƵŶĚƐǁŚĞŶƚŚĞLJĂƌĞďŽƚŚŵĞĂƐƵƌĂďůĞ ĂŶĚĂǀĂŝůĂďůĞ͘dŚĞŝƚLJĐŽŶƐŝĚĞƌƐƚŚĞƐĞƌĞǀĞŶƵĞƐĂǀĂŝůĂďůĞŝĨ ƚŚĞLJĂƌĞƌĞĐĞŝǀĞĚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚǁŚĞŶ ƐĞƚƚůĞŵĞŶƚ ŽĨ ƉƌŝŽƌ ĨŝƐĐĂů LJĞĂƌ ĂĐĐŽƵŶƚƐ ƉĂLJĂďůĞ ŽĐĐƵƌƐ͘ ,ŝƐƚŽƌŝĐĂůůLJ͕ ƚŚĞ ŵĂũŽƌŝƚLJ ŽĨ ƚŚĞƐĞ ƚĂdžĞƐ ĂƌĞ ƌĞĐĞŝǀĞĚǁŝƚŚŝŶϲϬĚĂLJƐŽĨƚŚĞĨŝƐĐĂůLJĞĂƌĞŶĚ͘
'ƌĂŶƚ ĂŶĚ ĞŶƚŝƚůĞŵĞŶƚ ƌĞǀĞŶƵĞƐ ĂƌĞ ƌĞĐŽƌĚĞĚ ĂƐ ƌĞĐĞŝǀĂďůĞƐ ŝŶ ƚŚĞ ĨƵŶĚƐ ǁŚĞŶ Ăůů ĞůŝŐŝďŝůŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐŚĂǀĞďĞĞŶŵĞƚ͘dŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƌĞǀĞŶƵĞƐĂƌĞƌĞĐŽƌĚĞĚǁŚĞŶƚŚĞLJ ĂƌĞŵĞĂƐƵƌĂďůĞĂŶĚďĞĐŽŵĞĂǀĂŝůĂďůĞ͕ǁŝƚŚƚŚĞĚŝĨĨĞƌĞŶĐĞƐƌĞĐŽƌĚĞĚĂƐƵŶĂǀĂŝůĂďůĞƌĞǀĞŶƵĞ͘ ŶƚĞƌƉƌŝƐĞ
ĨƵŶĚƌĞǀĞŶƵĞƐĂƌĞƌĞĐŽƌĚĞĚĂƐŶŽŶͲŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐǁŚĞŶƚŚĞƌĞĐĞŝǀĂďůĞƐĂƌĞƌĞĐŽƌĚĞĚ͘^ŽŵĞŐƌĂŶƚ ĂŶĚĞŶƚŝƚůĞŵĞŶƚƌĞǀĞŶƵĞƐĂƌĞŶŽƚƐƵƐĐĞƉƚŝďůĞƚŽĂĐĐƌƵĂů͕ŝŶǁŚŝĐŚĐĂƐĞƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞǀĞŶƵĞƐĂƌĞ ƌĞĐŽƌĚĞĚǁŚĞŶƌĞĐĞŝǀĞĚ͘
'͘ĂƉŝƚĂůƐƐĞƚƐ
dŚĞ ŝƚLJΖƐ ĂƐƐĞƚƐ ĂƌĞ ĐĂƉŝƚĂůŝnjĞĚ Ăƚ ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ Žƌ ĞƐƚŝŵĂƚĞĚ ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ͘ ŝƚLJ ƉŽůŝĐLJ ŚĂƐ ƐĞƚ ƚŚĞ ĐĂƉŝƚĂůŝnjĂƚŝŽŶ ƚŚƌĞƐŚŽůĚ ĨŽƌ ƌĞƉŽƌƚŝŶŐ ĐĂƉŝƚĂů ĂƐƐĞƚƐ Ăƚ Ψϱ͕ϬϬϬ͘ dŚĞ ŝƚLJ ŚĂƐ ĐŚŽƐĞŶ ŶŽƚ ƚŽ ĐĂƉŝƚĂůŝnjĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŝŶ ƉůĂĐĞ ƉƌŝŽƌ ƚŽ ƚŚĞ ĂĚŽƉƚŝŽŶ ŽĨ '^ ϯϰ͘ 'ŝĨƚƐ Žƌ ĐŽŶƚƌŝďƵƚŝŽŶƐ ŽĨ ĐĂƉŝƚĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽƌĚĞĚĂƚĂĐƋƵŝƐŝƚŝŽŶǀĂůƵĞǁŚĞŶƌĞĐĞŝǀĞĚ͘
ĞƉƌĞĐŝĂƚŝŽŶŝƐƌĞĐŽƌĚĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƵƐĞĨƵůůŝǀĞƐŽĨƚŚĞĂƐƐĞƚƐĂƐĨŽůůŽǁƐ͗ ƵŝůĚŝŶŐƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐ ϮϬͲϱϬLJĞĂƌƐ
hƚŝůŝƚLJƐLJƐƚĞŵƐ ϮϬͲϱϬLJĞĂƌƐ

ƋƵŝƉŵĞŶƚĂŶĚǀĞŚŝĐůĞƐ ϱͲϭϬLJĞĂƌƐ
/ŶĨƌĂƐƚƌƵĐƚƵƌĞ ϰϬLJĞĂƌƐ
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dŚĞ ŝƚLJ ĚĞĨŝŶĞƐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂƐ ĐĂƉŝƚĂů ĂƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ƐƚĂƚŝŽŶĞƌLJ ĂŶĚ ŚĂǀĞ ĞdžƉĞĐƚĞĚ ƵƐĞĨƵů ůŝǀĞƐ ƐŝŐŶŝĨŝĐĂŶƚůLJŝŶĞdžĐĞƐƐŽĨŵŽƐƚĐĂƉŝƚĂůĂƐƐĞƚƐ͘dŚĞĂƐƐĞƚƐŝŶĐůƵĚĞƚŚĞƐƚƌĞĞƚƐLJƐƚĞŵ͕ǁĂƚĞƌƉƵƌŝĨŝĐĂƚŝŽŶĂŶĚ ĚŝƐƚƌŝďƵƚŝŽŶƐLJƐƚĞŵ͕ƐĞǁĞƌĐŽůůĞĐƚŝŽŶĂŶĚƚƌĞĂƚŵĞŶƚƐLJƐƚĞŵ͕ƉĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶŝŵƉƌŽǀĞŵĞŶƚƐ͕ƐƚŽƌŵ ǁĂƚĞƌ ĐŽŶǀĞLJĂŶĐĞ ƐLJƐƚĞŵ͕ ĂŶĚ ďƵŝůĚŝŶŐƐ ĐŽŵďŝŶĞĚ ǁŝƚŚ ƚŚĞ ƐŝƚĞ ĂŵĞŶŝƚŝĞƐ ƐƵĐŚ ĂƐ ƉĂƌŬŝŶŐ ĂŶĚ ůĂŶĚƐĐĂƉĞĚĂƌĞĂƐƵƐĞĚďLJƚŚĞŝƚLJŝŶƚŚĞĐŽŶĚƵĐƚŽĨŝƚƐďƵƐŝŶĞƐƐ͘ ,͘ZŝƐŬDĂŶĂŐĞŵĞŶƚ
dŚĞŝƚLJƉĂƌƚŝĐŝƉĂƚĞƐǁŝƚŚŽƚŚĞƌƉƵďůŝĐĞŶƚŝƚŝĞƐŝŶĂũŽŝŶƚǀĞŶƚƵƌĞƵŶĚĞƌĂũŽŝŶƚƉŽǁĞƌƐĂŐƌĞĞŵĞŶƚǁŚŝĐŚ ĞƐƚĂďůŝƐŚĞƐ ƚŚĞ ĞŶƚƌĂů ^ĂŶ :ŽĂƋƵŝŶ sĂůůĞLJ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ƵƚŚŽƌŝƚLJ ;^:sZDͿ͘ dŚĞ ƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶƚŚĞŝƚLJĂŶĚ^:sZDŝƐƐƵĐŚ ƚŚĂƚ^:sZDŝƐŶŽƚĂĐŽŵƉŽŶĞŶƚƵŶŝƚŽĨƚŚĞŝƚLJ ĨŽƌ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐ͘
/͘ŽŵƉĞŶƐĂƚĞĚďƐĞŶĐĞƐWĂLJĂďůĞ
hŶĚĞƌĐĞƌƚĂŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐĂŶĚĂĐĐŽƌĚŝŶŐƚŽŶĞŐŽƚŝĂƚĞĚůĂďŽƌĂŐƌĞĞŵĞŶƚƐ͕ĞŵƉůŽLJĞĞƐŽĨƚŚĞŝƚLJĂƌĞ ĂůůŽǁĞĚƚŽĂĐĐƵŵƵůĂƚĞĂŶŶƵĂůůĞĂǀĞ͘dŚŝƐĂŵŽƵŶƚŝƐŝŶĐůƵĚĞĚĂƐĂůŝĂďŝůŝƚLJŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĂŶĚ ƉƌŽƉƌŝĞƚĂƌLJĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘
:͘>ŽŶŐͲdĞƌŵKďůŝŐĂƚŝŽŶ
/Ŷ ƚŚĞ ŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞ ĂŶĚ ĞŶƚĞƌƉƌŝƐĞ ĨƵŶĚ ƐƚĂƚĞŵĞŶƚƐ͕ ůŽŶŐͲƚĞƌŵ ĚĞďƚ ĂŶĚ ŽƚŚĞƌ ůŽŶŐͲƚĞƌŵ ŽďůŝŐĂƚŝŽŶƐĂƌĞƌĞƉŽƌƚĞĚĂƐůŝĂďŝůŝƚŝĞƐ͘/ƐƐƵĂŶĐĞĐŽƐƚƐĂƌĞĚĞĨĞƌƌĞĚĂŶĚĂŵŽƌƚŝnjĞĚŽǀĞƌƚŚĞůŝĨĞŽĨƚŚĞůŽĂŶ͘ /ƐƐƵĂŶĐĞĐŽƐƚƐĂƌĞƌĞƉŽƌƚĞĚĂƐŽƚŚĞƌĂƐƐĞƚƐĂŶĚĂŵŽƌƚŝnjĞĚŽǀĞƌƚŚĞƚĞƌŵŽĨƚŚĞƌĞůĂƚĞĚĚĞďƚ͕ǁŚŝĐŚŝƐϰϬ LJĞĂƌƐ͘dŚĞhŶŝƚĞĚ^ƚĂƚĞƐĞƉĂƌƚŵĞŶƚŽĨŐƌŝĐƵůƚƵƌĞŽďůŝŐĂƚŝŽŶĐŽŵŵĞŶĐĞĚ:ƵůLJϭ͕ϮϬϬϵ͕ĂŶĚƚŚĞhŶŝƚĞĚ ^ƚĂƚĞƐĞƉĂƌƚŵĞŶƚŽĨŐƌŝĐƵůƚƵƌĞ͕^ĞƌŝĞƐĂŶĚĐŽŵŵĞŶĐĞĚEŽǀĞŵďĞƌϭϴ͕ϮϬϭϬ͘ŵŽƌƚŝnjĂƚŝŽŶĨŽƌƚŚĞ ĐƵƌƌĞŶƚĨŝƐĐĂůLJĞĂƌǁĂƐΨϭ͕ϱϲϮ͘
/ŶƚŚĞĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƚLJƉĞƐƌĞĐŽŐŶŝnjĞďŽŶĚƉƌĞŵŝƵŵƐĂŶĚĚŝƐĐŽƵŶƚƐ͕ĂƐ ǁĞůůĂƐĐŽƐƚƐŽĨŝƐƐƵĂŶĐĞ͕ĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͘dŚĞĨĂĐĞĂŵŽƵŶƚŽĨĚĞďƚŝƐƐƵĞĚŝƐƌĞƉŽƌƚĞĚĂƐŽƚŚĞƌ ĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ͘/ƐƐƵĂŶĐĞĐŽƐƚƐ͕ǁŚĞƚŚĞƌŽƌŶŽƚǁŝƚŚŚĞůĚĨƌŽŵƚŚĞĂĐƚƵĂůĚĞďƚƉƌŽĐĞĞĚƐƌĞĐĞŝǀĞĚ͕ĂƌĞ ƌĞƉŽƌƚĞĚĂƐĚĞďƚƐĞƌǀŝĐĞĞdžƉĞŶĚŝƚƵƌĞƐ͘
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^;ĐŽŶƚŝŶƵĞĚͿ
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/ŶĂĚĚŝƚŝŽŶƐ ƚŽĂƐƐĞƚƐ͕ ƚŚĞƐƚĂƚĞŵĞŶƚŽĨ ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶǁŝůůƐŽŵĞƚŝŵĞƐƌĞƉŽƌƚĂƐĞƉĂƌĂƚĞƐĞĐƚŝŽŶ ĨŽƌ ĚĞĨĞƌƌĞĚ ŽƵƚĨůŽǁƐ ŽĨ ƌĞƐŽƵƌĐĞƐ͘ dŚŝƐ ƐĞƉĂƌĂƚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚ ĞůĞŵĞŶƚ͕ ĚĞĨĞƌƌĞĚ ŽƵƚĨůŽǁ ŽĨ ƌĞƐŽƵƌĐĞƐ͕ƌĞƉƌĞƐĞŶƚƐĂĐŽŶƐƵŵƉƚŝŽŶŽĨŶĞƚĂƐƐĞƚƐƚŚĂƚĂƉƉůŝĞƐƚŽĂĨƵƚƵƌĞƉĞƌŝŽĚ;ƐͿĂŶĚƐŽǁŝůůŶŽƚďĞ ƌĞĐŽŐŶŝnjĞĚĂƐĂŶŽƵƚĨůŽǁŽĨƌĞƐŽƵƌĐĞƐ;ĞdžƉĞŶƐĞͬĞdžƉĞŶĚŝƚƵƌĞͿƵŶƚŝůƚŚĞŶ͘ /ŶĂĚĚŝƚŝŽŶƐƚŽůŝĂďŝůŝƚŝĞƐ͕ƚŚŝƐƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶǁŝůůƐŽŵĞƚŝŵĞƐƌĞƉŽƌƚĂƐĞƉĂƌĂƚĞƐĞĐƚŝŽŶĨŽƌ ĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ͘dŚŝƐƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚĞůĞŵĞŶƚ͕ĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ͕ ƌĞƉƌĞƐĞŶƚƐĂŶĂĐƋƵŝƐŝƚŝŽŶŽĨŶĞƚĂƐƐĞƚƐƚŚĂƚĂƉƉůŝĞƐƚŽĂĨƵƚƵƌĞƉĞƌŝŽĚ;ƐͿĂŶĚƐŽǁŝůůŶŽƚďĞƌĞĐŽŐŶŝnjĞĚĂƐ ĂŶŝŶĨůŽǁŽĨƌĞƐŽƵƌĐĞƐ;ƌĞǀĞŶƵĞͿƵŶƚŝůƚŚĂƚƚŝŵĞ͘
dŚĞŝƚLJŚĂƐŽŶůLJŽŶĞƚLJƉĞŽĨŝƚĞŵ͕ǁŚŝĐŚĂƌŝƐĞƐŽŶůLJĂŵŽĚŝĨŝĞĚĂĐĐƌƵĂůďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐƚŚĂƚƋƵĂůŝĨŝĞƐ ĨŽƌ ƌĞƉŽƌƚŝŶŐ ŝŶ ƚŚŝƐ ĐĂƚĞŐŽƌLJ͘  ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞ ŝƚĞŵ͕ ƵŶĂǀĂŝůĂďůĞ ƌĞǀĞŶƵĞ͕ ŝƐ ƌĞƉŽƌƚĞĚ ŽŶůLJ ŝŶ ƚŚĞ ŐŽǀĞƌŶŵĞŶƚĂů ĨƵŶĚƐ ďĂůĂŶĐĞ ƐŚĞĞƚ͘ dŚĞ ŐŽǀĞƌŶŵĞŶƚĂů ĨƵŶĚƐ ƌĞƉŽƌƚ ƵŶĂǀĂŝůĂďůĞ ƌĞǀĞŶƵĞ ĨƌŽŵ ĨĞĚĞƌĂů ĂŶĚƐƚĂƚĞŐƌĂŶƚƐ͕ĂŶĚĨƌŽŵƚŚĞŚŽƵƐŝŶŐůŽĂŶƉƌŝŶĐŝƉĂů͘dŚĞƐĞĂŵŽƵŶƚƐĂƌĞĚĞĨĞƌƌĞĚĂŶĚƌĞĐŽŐŶŝnjĞĚĂƐĂŶ ŝŶĨůŽǁŽĨƌĞƐŽƵƌĐĞƐŝŶƚŚĞƉĞƌŝŽĚƚŚĂƚƚŚĞĂŵŽƵŶƚƐďĞĐŽŵĞĂǀĂŝůĂďůĞ͘ >͘ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨEĞƚWŽƐŝƚŝŽŶĂŶĚ&ƵŶĚĂůĂŶĐĞƐ
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DĞĂƐƵƌĞŵĞŶƚĂƚĞ   :ƵŶĞϯϬ͕ϮϬϮϮ
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:ƵŶĞϯϬ͕ϮϬϮϯ
EKd
Ϯʹ^,E/Es
^dD
Ed^;ĐŽŶƚŝŶƵĞĚͿ
ƚ:ƵŶĞϯϬ͕ϮϬϮϯ͕ĐĂƐŚ͕ĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐĐŽŶƐŝƐƚĞĚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ Ψϭϯ͕Ϯϳϳ͕ϳϰϬ
/ŶǀĞƐƚŵĞŶƚƐ ϰ͕ϬϮϲ͕Ϭϵϯ
dŽƚĂůĐĂƐŚ͕ĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐ Ψϭϳ͕ϯϬϯ͕ϴϯϯ ĂƐŚĞƉŽƐŝƚƐ
dŚĞŝƚLJŵĂŝŶƚĂŝŶƐĂĐĂƐŚŝŶǀĞƐƚŵĞŶƚƉŽŽůƚŚĂƚŝƐĂǀĂŝůĂďůĞĨŽƌĂůůĨƵŶĚƐ͘ ĂĐŚĨƵŶĚƚLJƉĞďĂůĂŶĐĞŝŶƚŚĞ
ƉŽŽůŝƐ ƌĞĨůĞĐƚĞĚŽŶ ƚŚĞƐƚĂƚĞŵĞŶƚŽĨŶĞƚĂƐƐĞƚƐĂƐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͘dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ ƚŚĞŝƚLJΖƐĐĂƐŚďĂůĂŶĐĞƐǁĂƐΨϭϯ͕Ϯϳϳ͕ϱϰϬĂƚ:ƵŶĞϯϬ͕ϮϬϮϯ͘dŚĞŐĞŶĞƌĂůďĂŶŬďĂůĂŶĐĞĂƚ:ƵŶĞϯϬ͕ϮϬϮϯ͕ ǁĂƐΨϭϯ͕ϱϬϲ͕ϴϱϱ͕ǁŚŝĐŚŝƐĐŽǀĞƌĞĚďLJĨĞĚĞƌĂůĚĞƉŽƐŝƚŽƌLJŝŶƐƵƌĂŶĐĞůŝŵŝƚƐŵĂdžŝŵƵŵŽĨΨϮϱϬ͕ϬϬϬ͘ dŚĞĂůŝĨŽƌŶŝĂ'ŽǀĞƌŶŵĞŶƚŽĚĞƌĞƋƵŝƌĞƐĂůŝĨŽƌŶŝĂďĂŶŬƐĂŶĚƐĂǀŝŶŐƐĂŶĚůŽĂŶĂƐƐŽĐŝĂƚŝŽŶƐ ƚŽƐĞĐƵƌĞ ƚŚĞŝƚLJΖƐ ĐĂƐŚĚĞƉŽƐŝƚƐďLJƉůĞĚŐŝŶŐ ƐĞĐƵƌŝƚŝĞƐĂƐĐŽůůĂƚĞƌĂů͘dŚŝƐŽĚĞ ƐƚĂƚĞƐ ƚŚĂƚĐŽůůĂƚĞƌĂůƉůĞĚŐĞĚŝŶ ƚŚŝƐŵĂŶŶĞƌƐŚĂůůŚĂǀĞƚŚĞĞĨĨĞĐƚŽĨƉĞƌĨĞĐƚŝŶŐĂƐĞĐƵƌŝƚLJŝŶƚĞƌĞƐƚŝŶƐƵĐŚĐŽůůĂƚĞƌĂůƐƵƉĞƌŝŽƌƚŽƚŚŽƐĞŽĨĂ ŐĞŶĞƌĂů ĐƌĞĚŝƚŽƌ͘ dŚƵƐ͕ ĐŽůůĂƚĞƌĂů ĨŽƌ ĐĂƐŚ ĚĞƉŽƐŝƚƐ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ ŚĞůĚ ŝŶ ƚŚĞ ŝƚLJΖƐ ŶĂŵĞ͘ dŚĞ ŵĂƌŬĞƚǀĂůƵĞŽĨƚŚĞƉůĞĚŐĞĚƐĞĐƵƌŝƚŝĞƐŵƵƐƚĞƋƵĂůĂƚůĞĂƐƚϭϭϬƉĞƌĐĞŶƚŽĨĂŝƚLJΖƐĚĞƉŽƐŝƚƐ͘ĂůŝĨŽƌŶŝĂůĂǁ ĂůƐŽ ĂůůŽǁƐ ĨŝŶĂŶĐŝĂů ŝŶƐƚŝƚƵƚŝŽŶƐ ƚŽ ƐĞĐƵƌĞ ŝƚLJ ĚĞƉŽƐŝƚƐ ďLJ ƉůĞĚŐŝŶŐ ĨŝƌƐƚ ƚƌƵƐƚ ĚĞĞĚ ŵŽƌƚŐĂŐĞ ŶŽƚĞƐ ŚĂǀŝŶŐĂǀĂůƵĞŽĨϭϱϬƉĞƌĐĞŶƚŽĨĂŝƚLJΖƐƚŽƚĂůĚĞƉŽƐŝƚƐ͘ >ŽĐĂůŐĞŶĐLJ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ;>/&Ϳ
dŚĞ ŝƚLJ ŝƐ Ă ǀŽůƵŶƚĂƌLJ ƉĂƌƚŝĐŝƉĂŶƚ ŝŶ ƚŚĞ >ŽĐĂů ŐĞŶĐLJ /ŶǀĞƐƚŵĞŶƚ &ƵŶĚ ;>/&Ϳ ƚŚĂƚ ŝƐ ƌĞŐƵůĂƚĞĚ ďLJ ĂůŝĨŽƌŶŝĂ 'ŽǀĞƌŶŵĞŶƚ ŽĚĞ ^ĞĐƚŝŽŶ ϭϲϰϮϵ ƵŶĚĞƌ ƚŚĞ ŽǀĞƌƐŝŐŚƚ ŽĨ ƚŚĞ dƌĞĂƐƵƌĞƌ ŽĨ ƚŚĞ ^ƚĂƚĞ ŽĨ ĂůŝĨŽƌŶŝĂ͘dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŝƚLJΖƐŝŶǀĞƐƚŵĞŶƚƐŝŶƚŚŝƐƉŽŽůŝƐƌĞƉŽƌƚĞĚŝŶƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĂƚĂŵŽƵŶƚƐďĂƐĞĚƵƉŽŶ ƚŚĞŝƚLJΖƐƉƌŽͲƌĂƚĂƐŚĂƌĞŽĨ ƚŚĞ ĨĂŝƌǀĂůƵĞƉƌŽǀŝĚĞĚďLJ>/& ĨŽƌ ƚŚĞ ĞŶƚŝƌĞ>/&ƉŽƌƚĨŽůŝŽ;ŝŶƌĞůĂƚŝŽŶƚŽƚŚĞĂŵŽƌƚŝnjĞĚĐŽƐƚŽĨƚŚĂƚƉŽƌƚĨŽůŝŽͿ͘dŚĞƐĞĨƵŶĚƐĂƌĞĐĂƌƌŝĞĚĂƚĐŽƐƚ ǁŚŝĐŚĂƉƉƌŽdžŝŵĂƚĞƐĨĂŝƌǀĂůƵĞ͘ƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϯ͕ƚŚĞďĂůĂŶĐĞŝƐΨϭ͕ϯϰϭ͕Ϯϲϱ͘dŚĞďĂůĂŶĐĞĂǀĂŝůĂďůĞĨŽƌ ǁŝƚŚĚƌĂǁĂůƐŝƐďĂƐĞĚŽŶƚŚĞĂĐĐŽƵŶƚŝŶŐƌĞĐŽƌĚƐŵĂŝŶƚĂŝŶĞĚďLJ>/&͕ǁŚŝĐŚĂƌĞƌĞĐŽƌĚĞĚŽŶĂŶĂŵŽƌƚŝnjĞĚ ĐŽƐƚ ďĂƐŝƐ͘ &Žƌ ǁŝƚŚĚƌĂǁĂůƐ ŽǀĞƌ ΨϭϬ͕ϬϬϬ͕ϬϬϬ >/& ƌĞƋƵŝƌĞƐ Ăƚ ůĞĂƐƚ ϮϰͲŚŽƵƌ ŶŽƚŝĐĞ͘ ůƐŽ͕ ƚŚĞƌĞ ŝƐ Ă Ψϱ͕ϬϬϬŵŝŶŝŵƵŵĂŶĚĂůŝŵŝƚŽĨϭϱƚƌĂŶƐĂĐƚŝŽŶƐƉĞƌŵŽŶƚŚ͘ 133
26 /dzK&tKK><

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Ed^;ĐŽŶƚŝŶƵĞĚͿ
ƵƚŚŽƌŝnjĞĚ/ŶǀĞƐƚŵĞŶƚƐ
hŶĚĞƌƉƌŽǀŝƐŝŽŶŽĨƚŚĞŝƚLJΖƐŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJ͕ĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^ĞĐƚŝŽŶϱϯϲϬϭŽĨƚŚĞĂůŝĨŽƌŶŝĂ 'ŽǀĞƌŶŵĞŶƚŽĚĞ͕ƚŚĞŝƚLJŵĂLJŝŶǀĞƐƚŝŶƚŚĞĨŽůůŽǁŝŶŐƚLJƉĞƐŽĨŝŶǀĞƐƚŵĞŶƚƐ͗ ^ĞĐƵƌŝƚŝĞƐŽĨƚŚĞh͘^͘'ŽǀĞƌŶŵĞŶƚ͕ŽƌŝƚƐĂŐĞŶĐŝĞƐ >ŽĐĂůĂŐĞŶĐLJŝŶǀĞƐƚŵĞŶƚĨƵŶĚĚĞƉŽƐŝƚƐ ĞƌƚŝĨŝĐĂƚĞƐŽĨĚĞƉŽƐŝƚ;ŽƌƚŝŵĞĚĞƉŽƐŝƚƐͿƉůĂĐĞĚ ;ƐƚĂƚĞƉŽŽůͿ ǁŝƚŚĐŽŵŵĞƌĐŝĂůďĂŶŬƐĂŶĚͬŽƌƐĂǀŝŶŐƐĂŶĚ WĂƐƐŬƐĂǀŝŶŐƐĂĐĐŽƵŶƚĚĞŵĂŶĚĚĞƉŽƐŝƚƐ ůŽĂŶĐŽŵƉĂŶŝĞƐ ^ŵĂůůďƵƐŝŶĞƐƐĂĚŵŝŶŝƐƚƌĂƚŝŽŶůŽĂŶƐ ĂŶŬĞƌƐΖĂĐĐĞƉƚĂŶĐĞƐ
dŚĞŝƚLJ͛ƐŝŶǀĞƐƚŵĞŶƚĂĐƚŝǀŝƚŝĞƐĂƌĞǁŝƚŚŝŶƐƚĂƚĞƐƚĂƚƵƚĞƐĂŶĚƚŚĞŝƚLJ͛ƐŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJ͘ /ŶǀĞƐƚŵĞŶƚ&ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚƐ
dŚĞŝƚLJĚŽĞƐŶŽƚŚĂǀĞĂŶLJŝŶǀĞƐƚŵĞŶƚƐƐƵďũĞĐƚƚŽĨĂŝƌǀĂůƵĞŝŶǀĞƐƚŵĞŶƚƐŽŶ:ƵŶĞϯϬ͕ϮϬϮϯ͘ /ŶƚĞƌĞƐƚZĂƚĞZŝƐŬ
dŚĞ ŝƚLJ ĚŽĞƐ ŶŽƚ ŚĂǀĞ Ă ĨŽƌŵĂů ŝŶǀĞƐƚŵĞŶƚ ƉŽůŝĐLJ ƚŚĂƚ ůŝŵŝƚƐ ŝŶǀĞƐƚŵĞŶƚ ŵĂƚƵƌŝƚŝĞƐ ĂƐ Ă ŵĞĂŶƐ ŽĨ ŵĂŶĂŐŝŶŐĞdžƉŽƐƵƌĞŽĨĨĂŝƌǀĂůƵĞůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵŝŶĐƌĞĂƐŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐ͘ dŚĞǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐŚĞůĚŝŶƚŚĞŝƚLJdƌĞĂƐƵƌLJ͕ŐƌŽƵƉĞĚďLJŵĂƚƵƌŝƚLJĂƚ:ƵŶĞϯϬ͕ϮϬϮϯ͕ŝƐĂƐĨŽůůŽǁƐ͗ dŽƚĂů ϭϮŵŽŶƚŚƐ ϭϯƚŽϮϰ ϮϱƚŽϲϬ ϲϬн
/ŶǀĞƐ ƚŵĞŶƚƚLJƉĞ ŵŽƵŶƚ ŽƌůĞƐ Ɛ DŽŶƚŚƐ DŽŶƚŚƐ DŽŶƚŚƐ
>ŽĐĂůŐĞŶĐLJ/ŶǀĞƐ ƚŵĞŶƚ&ƵŶĚ;>/&Ϳ ϭ͕ϯϰϭ͕Ϯϲϱ Ψ ϭ͕ϯϰϭ͕ϮϲϱΨ ΨͲ ΨͲ ͲΨ DŽŶĞLJŵĂ ƌŬĞ ƚ ϴϯ ϴϯ Ͳ Ͳ Ͳ Ğƌƚŝ ĨŝĐĂ ƚĞŽĨĚĞƉŽƐŝ ƚƐ Ϯ͕ϲϴϰ͕ϳϰϱ ϲϯϮ͕Ϯϲϭ ϰϯϬ͕ϭϯϲ ϭ͕ϲϮϮ͕ϯϰϴ Ͳ dŽƚĂů Ψϰ͕ϬϮϲ͕Ϭϵϯ ϭ͕ϵϳϯ͕ϲϬϵΨ ΨϰϯϬ͕ϭϯϲ Ψϭ͕ϲϮϮ͕ϯϰϴ ΨͲ 134
27 /dzK&tKK><

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Ed^;ĐŽŶƚŝŶƵĞĚͿ
ƌĞĚŝƚĂŶĚŽŶĐĞŶƚƌĂƚŝŽŶZŝƐŬ
^ƚĂƚĞůĂǁůŝŵŝƚƐŝŶǀĞƐƚŵĞŶƚƐŝŶĐŽŵŵĞƌĐŝĂůƉĂƉĞƌĂŶĚĐŽƌƉŽƌĂƚĞďŽŶĚƐƚŽƚŚĞƚŽƉƚǁŽƌĂƚŝŶŐƐŝƐƐƵĞĚďLJ ŶĂƚŝŽŶĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ƐƚĂƚŝƐƚŝĐĂů ƌĂƚŝŶŐ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ;EZ^ZKΖƐͿ͘ /ƚ ŝƐ ŝŶ ƚŚĞ ŝƚLJΖƐ ƉŽůŝĐLJ ƚŽ ůŝŵŝƚ ŝƚƐ ŝŶǀĞƐƚŵĞŶƚƐŝŶƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƚLJƉĞƐƚŽƚŚĞƚŽƉƌĂƚŝŶŐŝƐƐƵĞĚďLJEZ^ZKΖƐ͕ŝŶĐůƵĚŝŶŐƌĂƚĞƌƐ^ƚĂŶĚĂƌĚΘ WŽŽƌ͛Ɛ ĂŶĚ DŽŽĚLJ͛Ɛ /ŶǀĞƐƚŽƌƐ ^ĞƌǀŝĐĞƐ͘  ƚ :ƵŶĞ ϯϬ͕ ϮϬϮϯ͕ ƚŚĞ ŝƚLJΖƐ ĐƌĞĚŝƚ ƌŝƐŬƐ͕ ĞdžƉƌĞƐƐĞĚ ŽŶ Ă ƉĞƌĐĞŶƚĂŐĞďĂƐŝƐ͕ĂƌĞĂƐĨŽůůŽǁƐ͗
DŽŽĚLJΖƐ ^ΘWΖƐ йŽĨ
/ŶǀĞƐƚŵĞŶƚdLJƉĞ ƌĞĚŝƚZĂƚŝŶŐ ZĂƚŝŶŐ /ŶǀĞƐƚŵĞŶƚƐ
ĞƌƚŝĨŝĐĂƚĞŽĨĞƉŽƐŝƚƐΎ EŽƚZĂƚĞĚ EŽƚZĂƚĞĚ ϲϲ͘ϲϴй
>ŽĐĂůŐĞŶĐLJ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ;>/&Ϳ EŽƚZĂƚĞĚ EŽƚZĂƚĞĚ ϯϯ͘ϯϭй DŽŶĞLJŵĂƌŬĞƚĨƵŶĚƐ EŽƚZĂƚĞĚ EŽƚZĂƚĞĚ Ϭ͘Ϭϭй
dŽƚĂů ϭϬϬ͘ϬϬй
ƌĞĚŝƚYƵĂůŝƚLJŝƐƚƌŝďƵƚŝŽŶĨŽƌ^ĞĐƵƌŝƚŝĞƐ
ǁŝƚŚƌĞĚŝƚ
džƉŽƐƵƌĞĂƐĂWĞƌĐĞŶƚĂŐĞŽĨdŽƚĂů/ŶǀĞƐƚŵĞŶƚƐ
Ύ/ŶǀĞƐƚŵĞŶƚƐŝŶĞƌƚŝĨŝĐĂƚĞƐŽĨĞƉŽƐŝƚĂƌĞŐĞŶĞƌĂůůLJůŝŵŝƚĞĚƚŽƚŚĞ&/ŝŶƐƵƌĂŶĐĞůŝŵŝƚƉĞƌŝŶƐƚŝƚƵƚŝŽŶ͘ ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐĂƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϯ͕ĂƌĞĐůĂƐƐŝĨŝĞĚŝŶƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐ ĨŽůůŽǁƐ͗
YƵĂůŝƚLJZĂƚŝŶŐƐ &ĂŝƌsĂůƵĞ
ĂƐŚŽŶŚĂŶĚ EŽƚZĂƚĞĚ ϮϬϬ Ψ
WƌŝŵĂƌLJŐŽǀĞƌŶŵĞŶƚĚĞƉŽƐŝƚƐ EŽƚZĂƚĞĚ ϭϮ͕ϳϱϵ͕ϰϮϯ 
Ğƌƚŝ ĨŝĐĂƚĞƐŽĨĚĞƉŽƐŝƚƐ EŽƚZĂƚĞĚ Ϯ͕ϲϴϰ͕ϳϰϱ 
>ŽĐĂůŐĞŶĐLJ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ;>/&Ϳ EŽƚZĂƚĞĚ ϭ͕ϯϰϭ͕Ϯϲϱ  DŽŶĞLJŵĂƌŬĞƚĨƵŶĚƐ EŽƚZĂƚĞĚ ϴϯ 
ĂƐŚŝŶĨŝĚƵĐŝĂƌLJĨƵŶĚƐ EŽƚZĂƚĞĚ ϱϭϴ͕ϭϭϳ 
dŽƚĂůĐĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ ϭϳ͕ϯϬϯ͕ϴϯϯ Ψ
135
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ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ ϭϲ͕Ϭϲϴ͕ϴϴϵ Ψ
ZĞƐƚƌŝĐƚĞĚĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϳϭϲ͕ϴϮϳ  dŽƚĂůĐĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ ϭϲ͕ϳϴϱ͕ϳϭϲ Ψ
ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐŝŶĨŝĚƵĐŝĂƌLJĨƵŶĚƐ ϱϭϴ͕ϭϭϳ Ψ EKd
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ƵƌƌĞŶƚŝŶƚĞƌĨƵŶĚďĂůĂŶĐĞƐĂƌŝƐĞŝŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐĂŶĚĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƌĞƉĂŝĚƐŚŽƌƚůLJ ĂĨƚĞƌƚŚĞĞŶĚŽĨƚŚĞĨŝƐĐĂůLJĞĂƌ͘
ƵĞƚŽĨƵŶĚ ƵĞĨƌŽŵĨƵŶĚ ŵŽƵŶƚ
'ĞŶĞƌĂů 'ͬ,ŽŵĞ,ŽƵƐŝŶŐ Ψϯϭϭ͕ϲϱϭ dƌĂŶƐ ƉŽƌƚĂ ƚŝŽŶ DĞĂ Ɛ ƵƌĞZ ϲϴ͕ϯϵϰ dƌĂŶƐ ƉŽƌƚĂ ƚŝŽŶ ^ƚƌĞĞ ƚƐ ϮϵϬ͕ϯϯϲ ΨϲϳϬ͕ϯϴϭ
͘dƌĂŶƐĨĞƌƐĞƚǁĞĞŶ&ƵŶĚƐ
tŝƚŚŽƵŶĐŝůĂƉƉƌŽǀĂů͕ƌĞƐŽƵƌĐĞƐŵĂLJďĞƚƌĂŶƐĨĞƌƌĞĚĨƌŽŵŽŶĞŝƚLJĨƵŶĚƚŽĂŶŽƚŚĞƌ͘dŚĞƉƵƌƉŽƐĞŽĨƚŚĞ ŵĂũŽƌŝƚLJŽĨƚƌĂŶƐĨĞƌƐŝƐƚŽƌĞŝŵďƵƌƐĞĂĨƵŶĚƚŚĂƚŚĂƐŵĂĚĞĞdžƉĞŶĚŝƚƵƌĞƐŽŶďĞŚĂůĨŽĨĂŶŽƚŚĞƌĨƵŶĚ͘ dƌĂŶƐ ĨĞ ƌĨƌŽŵ dƌĂŶƐ ĨĞƌƚŽ ŵŽƵŶƚ ZĞĂ Ɛ ŽŶ
'ĞŶĞƌĂů tĂ ƚĞƌ Ψ ŽƐ ƚƐĂƉƉůŝĞĚ ϱϰ͕ϭϬϰ
'ĞŶĞƌĂů ŽŵŵƵŶŝ ƚLJĞǀĞůŽƉŵĞŶƚ  ŽƐ ƚƐĂƉƉůŝĞĚ ϳ͕ϴϯϮ Ψϲϭ͕ϵϯϲ
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KŶKĐƚŽďĞƌϭϳ͕ϭϵϵϱ͕ƚŚĞŝƚLJĞŶƚĞƌĞĚŝŶƚŽĂΗƵŝůĚŝŶŐ>ŽĂŶŐƌĞĞŵĞŶƚΗǁŝƚŚĂŶĚĂŵŽŶŐƚŚĞtŽŽĚůĂŬĞ sĂůĞŶĐŝĂ WĂƌƚŶĞƌƐ ĂŶĚ tĞůůƐ &ĂƌŐŽ EĂƚŝŽŶĂů ĂŶŬ͘ dŚĞ ŝƚLJ ůŽĂŶĞĚ ΨϵϱϮ͕ϬϬϬ ŽĨ ,ŽŵĞ /ŶǀĞƐƚŽƌƐ WĂƌƚŶĞƌƐŚŝƉ ;,KD
Ϳ ĨƵŶĚƐ͘ dŚĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŝƐ ϲ͘ϱ ƉĞƌĐĞŶƚ ĨŝdžĞĚ ƌĂƚĞ͕ ƐŝŵƉůĞ ŝŶƚĞƌĞƐƚ͘ /ŶƚĞƌĞƐƚ ďĞŐĂŶ ĂĐĐƌƵŝŶŐŽŶƚŚĞĚĂƚĞŽĨƚŚĞůŽĂŶĐůŽƐŝŶŐ͘dŚĞƚĞƌŵŽĨƚŚĞůŽĂŶŝƐϰϬLJĞĂƌƐǁŝƚŚĂŐƌĂĐĞƉĞƌŝŽĚŽĨϮϬLJĞĂƌƐ 136
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ĨŽƌƉĂLJŵĞŶƚŽŶĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚĂŶĚƉƌŝŶĐŝƉĂů͘WĂLJŵĞŶƚƐƐŚĂůůďĞŵĂĚĞĂŶŶƵĂůůLJďĞŐŝŶŶŝŶŐƉƌŝůϭ͕ϮϬϭϳ͕ ŝŶĂŶĂŵŽƵŶƚĞƋƵĂůƚŽĨŝĨƚLJƉĞƌĐĞŶƚ;ϱϬйͿŽĨƌĞƐŝĚƵĂůƌĞĐĞŝƉƚƐ͘ KŶ :ƵŶĞ ϭϬ͕ ϭϵϵϲ͕ ƚŚĞ ŝƚLJ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ΗĞǀĞůŽƉŵĞŶƚ ŐƌĞĞŵĞŶƚΗ ǁŝƚŚ ^ĐŽƚƚ ͘ dŽǁŶƐĞŶĚ ĂŶĚ ĂƌŽůLJŶ>͘dŽǁŶƐĞŶĚ͕ĚŽŝŶŐďƵƐŝŶĞƐƐĂƐtĂůƐďĞƌŐWƌŽƉĞƌƚŝĞƐ͘dŚĞŝƚLJůŽĂŶĞĚΨϵϱϮ͕ϯϴϭŽĨ,KD ĨƵŶĚƐ͘
dŚĞŝŶƚĞƌĞƐƚƌĂƚĞŝƐϭ͘ϱƉĞƌĐĞŶƚĨŝdžĞĚƌĂƚĞ͕ƐŝŵƉůĞŝŶƚĞƌĞƐƚ͘/ŶƚĞƌĞƐƚďĞŐĂŶĂĐĐƌƵŝŶŐŽŶ:ĂŶƵĂƌLJϭ͕ϭϵϵϳ͘ ŶŶƵĂůƉĂLJŵĞŶƚƐĂƌĞŵĂĚĞŽŶƉƌŝůϯϬŽĨĞĂĐŚLJĞĂƌ͕ǁŚŝĐŚďĞŐĂŶƉƌŝůϯϬ͕ϭϵϵϴ͕ŝŶƚŚĞĂŵŽƵŶƚŽĨĨŝĨƚLJ ƉĞƌĐĞŶƚ;ϱϬйͿŽĨĂůůƌĞƐŝĚƵĂůƌĞĐĞŝƉƚƐŽǀĞƌΨϭϮ͕ϬϬϬ͘dŚĞƉĂLJŵĞŶƚƐĂƌĞĂƉƉůŝĞĚĨŝƌƐƚƚŽŝŶƚĞƌĞƐƚƚŚĞŶĚƵĞ ĂŶĚ ƚŚĞďĂůĂŶĐĞƚŽƉƌŝŶĐŝƉĂů͘dŚĞƚĞƌŵŽĨƚŚĞůŽĂŶƐŚĂůůĞŶĚŽŶ :ƵŶĞϭϬ͕ϮϬϱϭ͘dŚĞŝƚLJƉĂŝĚƚŚĞďĂĐŬ ƚĂdžĞƐƚŽƉƌĞǀĞŶƚĨŽƌĞĐůŽƐƵƌĞ͕ĂŶĚĂƐƐŝŐŶĞĚƚŚĞƉƌŽƉĞƌƚLJĂŶĚŶŽƚĞƐƚŽ^ĞůĨͲ,ĞůƉ ŶƚĞƌƉƌŝƐĞƐ͘
dŚĞŐƌĂŶƚĨƵŶĚƐĞdžƉĞŶĚĞĚĨŽƌƌĞŚĂďŝůŝƚĂƚŝŽŶĂŶĚ&ŝƌƐƚdŝŵĞ,ŽŵĞďƵLJĞƌƐWƌŽŐƌĂŵƵŶĚĞƌƚŚĞŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ůŽĐŬ 'ƌĂŶƚ WƌŽŐƌĂŵ ĂƌĞ ƌĞĐŽƌĚĞĚ ĂƐ ĞdžƉĞŶĚŝƚƵƌĞƐ ŝŶ ƚŚĞ LJĞĂƌ ƚŚĞ ůŽĂŶƐ ĂƌĞ ŵĂĚĞ ƚŽ ƉĂƌƚŝĐŝƉĂŶƚƐ ĞǀĞŶ ƚŚŽƵŐŚ ƚŚĞ ĂŵŽƵŶƚƐ ǁŝůů ďĞ ƌĞĐŽǀĞƌĞĚ ĂƐ ƚŚĞ ůŽĂŶƐ ĂƌĞ ƌĞƉĂŝĚ͘ dŚĞ ŝƚLJ ŵĂŝŶƚĂŝŶƐ ĚĞƚĂŝůĞĚƌĞĐŽƌĚƐŽĨƚŚĞƐĞůŽĂŶƐĂŶĚƌĞĐŽƌĚƐůŽĂŶƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐĂƐƉƌŽŐƌĂŵƌĞǀĞŶƵĞƐŝŶ ƚŚĞLJĞĂƌ ƐƵĐŚ ƉĂLJŵĞŶƚƐĂƌĞ ƌĞĐĞŝǀĞĚ͘dŚĞƐĞĂƌĞ ΗƉĞƌĨŽƌŵŝŶŐΗůŽĂŶƐǁŝƚŚŵŽŶƚŚůLJͬĂŶŶƵĂůĂĐƚŝǀŝƚLJĂŶĚ ĂƌĞƌĞĐŽƌĚĞĚĂƐƌĞĐĞŝǀĂďůĞĂŶĚƵŶĂǀĂŝůĂďůĞƌĞǀĞŶƵĞ͘^ƵĐŚůŽĂŶƐƚŽƚĂůĞĚΨϭϬϴ͕ϯϬϬĂƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϯ͘ ĞĨĞƌƌĞĚ ƉĂLJŵĞŶƚ ůŽĂŶƐ͕ ŝƐƐƵĞĚ ƵŶĚĞƌ ƚŚĞ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚůŽĐŬ 'ƌĂŶƚ WƌŽŐƌĂŵ ĂŶĚ ,ŽŵĞ /ŶǀĞƐƚŽƌƐWĂƌƚŶĞƌƐŚŝƉWƌŽŐƌĂŵ͕ĂƌĞŶŽƚƌĞƋƵŝƌĞĚƚŽďĞƉĂŝĚďĂĐŬƵŶƚŝůƚŚĞƉĂƌƚŝĐŝƉĂƚŝŶŐŚŽŵĞŽǁŶĞƌƐĞůůƐ͕ ƚƌĂŶƐĨĞƌƐƚŝƚůĞƚŽƚŚĞƌĞŚĂďŝůŝƚĂƚĞĚƉƌŽƉĞƌƚLJ͕ŽƌĚŝƐĐŽŶƚŝŶƵĞƐƌĞƐŝĚĞŶĐĞŝŶƚŚĞĚǁĞůůŝŶŐ͕ĂƚǁŚŝĐŚƚŝŵĞ͕ƚŚĞ ĨƵůůĂŵŽƵŶƚ ŽĨ ƚŚĞ ĚĞĨĞƌƌĞĚ ůŽĂŶŝƐ ĚƵĞ͘ĞĨĞƌƌĞĚ ƉĂLJŵĞŶƚůŽĂŶƐĂƌĞ ΗŶŽŶͲƉĞƌĨŽƌŵŝŶŐΗůŽĂŶƐĂŶĚĂƌĞ ƌĞĐŽƌĚĞĚĂƐƌĞĐĞŝǀĂďůĞĂŶĚƵŶĂǀĂŝůĂďůĞƌĞǀĞŶƵĞ͘^ƵĐŚůŽĂŶƐƚŽƚĂůĞĚΨϵ͕ϮϲϬ͕ϭϱϵĂƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϯ͘ dŚĞŝƚLJƐŽůĚůĂŶĚƚŚĂƚǁĂƐŚĞůĚŝŶƚŚĞ^ĞǁĞƌĨƵŶĚŽŶDĂƌĐŚϮϱ͕ϮϬϭϵ͘dŚĞƐĂůĞƐƉƌŝĐĞĨŽƌƚŚŝƐƉƌŽƉĞƌƚLJ ǁĂƐΨϭ͕ϳϬϬ͕ϬϬϬ͘ĂƐŚŝŶƚŚĞĂŵŽƵŶƚŽĨΨϯϰϬ͕ϬϬϬǁĂƐƌĞĐĞŝǀĞĚďLJƚŚĞŝƚLJŽŶ^ĞƉƚĞŵďĞƌϵ͕ϮϬϭϵ͕ĂŶĚĂ ŶŽƚĞŽĨΨϭ͕ϯϲϬ͕ϬϬϬ͕ƐĞĐƵƌĞĚďLJƚŚĞƉƌŽƉĞƌƚLJ͕ŝƐĚƵĞ:ĂŶƵĂƌLJϭ͕ϮϬϮϮ͘WĂLJŵĞŶƚƐĂƌĞďĞŝŶŐŵĂĚĞŽŶƚŚŝƐ ŶŽƚĞĂŶĚĨŝŶĂůƉĂLJŵĞŶƚǁŝůůďĞĞĐĞŵďĞƌϭ͕ϮϬϮϯ͘dŚĞďĂůĂŶĐĞŽŶƚŚŝƐŶŽƚĞĂƚ:ƵŶĞϯϬ͕ϮϬϮϯŝƐΨϲϴϴ͕ϰϴϮ͘ dŚĞ ŝƚLJ ƐŽůĚ ůĂŶĚ ƚŚĂƚ ǁĂƐ ŚĞůĚ ŝŶ ƚŚĞ ^ĞǁĞƌ ĨƵŶĚ ŽŶ ĞĐĞŵďĞƌ ϭϰ͕ ϮϬϮϬ͘ dŚĞ ƐĂůĞƐ ƉƌŝĐĞ ĨŽƌ ƚŚŝƐ ƉƌŽƉĞƌƚLJǁĂƐΨϱϬϬ͕ϬϬϬ͘ĂƐŚŝŶƚŚĞĂŵŽƵŶƚŽĨΨϱϬ͕ϬϬϬǁĂƐƌĞĐĞŝǀĞĚďLJƚŚĞŝƚLJŽŶƉƌŝůϮϳ͕ϮϬϮϭ͕ĂŶĚĂ ŶŽƚĞŽĨΨϰϱϬ͕ϬϬϬ͕ƐĞĐƵƌĞĚďLJƚŚĞƉƌŽƉĞƌƚLJ͕ŝƐĚƵĞ:ĂŶƵĂƌLJϭ͕ϮϬϮϰ͘ 137
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&Žƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ :ƵŶĞ ϯϬ͕ ϮϬϮϯ͕ ĚĞƉƌĞĐŝĂƚŝŽŶ ĞdžƉĞŶƐĞ ŽŶ ĐĂƉŝƚĂů ĂƐƐĞƚƐ ǁĂƐ ĐŚĂƌŐĞĚ ƚŽ ƚŚĞ ŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐĂƐĨŽůůŽǁƐ͗
'ĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ ΨϯϮ͕ϲϭϱ
ŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚ ϯ͕Ϭϲϲ
WƵďůŝĐƐĂĨĞƚLJ ϭϮϲ͕ϳϯϱ
WƵďůŝĐǁŽƌŬƐ ϲϴϮ͕ϰϲϲ
WĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ ϭϵϰ͕ϲϴϰ
dŽƚĂů Ψϭ͕Ϭϯϵ͕ϱϲϲ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϮϯ͕ĚĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞŽŶĐĂƉŝƚĂůĂƐƐĞƚƐǁĂƐĐŚĂƌŐĞĚƚŽƚŚĞďƵƐŝŶĞƐƐͲ ƚLJƉĞĂĐƚŝǀŝƚŝĞƐĂƐĨŽůůŽǁƐ͗
tĂƚĞƌ Ψϯϵϵ͕ϴϴϬ
^ĞǁĞƌ ϲϬϰ͕Ϯϵϱ
ŝƌƉŽƌƚ Ϯ͕ϯϰϰ
dŽƚĂů Ψϭ͕ϬϬϲ͕ϱϭϵ
dŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐƉĂŐĞůĞĨƚŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
138
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d^;ĐŽŶƚŝŶƵĞĚͿ
dŚĞĨŽůůŽǁŝŶŐƉƌĞƐĞŶƚƐƐƵŵŵĂƌLJŝŶĨŽƌŵĂƚŝŽŶŽŶĐĂƉŝƚĂůĂƐƐĞƚƐ͗ ĂůĂŶĐĞ ĂůĂŶĐĞ
:ƵŶĞϯϬ͕ϮϬϮϮ /ŶĐƌĞĂƐĞƐ ĞĐƌĞĂƐĞƐ ĚũƵƐƚŵĞŶƚƐ :ƵŶĞϯϬ͕ϮϬϮϯ 'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ͗
ĂƉŝƚĂůĂƐƐĞƚƐ͕ŶŽƚďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ͗
>ĂŶĚĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐ ΨϮ͕ϲϭϮ͕ϭϲϴ Ψϯϱϭ͕Ϭϱϴ ΨͲ Ψ Ϯ͕ Ͳ Ψ ϵϲϯ͕ϮϮϲ ŽŶƐƚƌƵĐƚŝŽŶŝŶƉƌŽŐƌĞƐƐ ϰ͕ϳϯϰ͕ϭϱϬ ϯ͕ϲϰϳ͕Ϯϱϰ  ;ϯ͕ϴϯϱ͕ϭϭϵͿ Ͳ  ϰ͕ϱϰϲ͕Ϯϴϱ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐ͕ŶŽƚďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ ϳ͕ϯϰϲ͕ϯϭϴ  ϯ͕ϵϵϴ͕ϯϭϮ  ;ϯ͕ϴϯϱ͕ϭϭϵͿ Ͳ  ϳ͕ϱϬϵ͕ϱϭϭ ĂƉŝƚĂůĂƐƐĞƚƐ͕ďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ͗
ƵŝůĚŝŶŐƐ ϲ͕ϱϬϭ͕ϳϯϬ Ͳ Ͳ  ϲ͕ Ͳ  ϱϬϭ͕ϳϯϬ /ŵƉƌŽǀĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶďƵŝůĚŝŶŐƐ ϭ͕ϳϰϳ͕ϯϴϯ Ͳ Ͳ  ϭ͕ Ͳ  ϳϰϳ͕ϯϴϯ 
ƋƵŝƉŵĞŶƚ ϭ͕ϲϲϮ͕ϵϯϴ ϮϰϮ͕ϮϮϮ Ͳ  ϭ͕ Ͳ  ϵϬϱ͕ϭϲϬ ZŝŐŚƚƚŽƵƐĞĂƐƐĞƚƐ  ϯϭϴ͕ϵϯϮ Ͳ  Ͳ Ͳ ϯϭϴ͕ϵϯϮ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ϮϮ͕ϲϴϮ͕ϯϱϭ ϵϭϬ͕ϲϵϴ  ϯ͕ϴϯϱ͕ϭϭϵ Ͳ  Ϯϳ͕ϰϮϴ͕ϭϲϴ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐ͕ďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ ϯϮ͕ϱϵϰ͕ϰϬϮ  ϭ͕ϰϳϭ͕ϴϱϮ  ϯ͕ϴϯϱ͕ϭϭϵ Ͳ  ϯϳ͕ϵϬϭ͕ϯϳϯ >ĞƐƐĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĨŽƌ͗
ƵŝůĚŝŶŐƐ ϭ͕Ϭϵϵ͕ϮϱϮ ϭϴϵ͕ϱϵϰ Ͳ  ϭ͕ Ͳ  Ϯϴϴ͕ϴϰϲ /ŵƉƌŽǀĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶďƵŝůĚŝŶŐƐ ϭ͕ϬϬϬ͕ϱϭϯ ϴϬ͕Ϯϱϵ Ͳ  ϭ͕ Ͳ  ϬϴϬ͕ϳϳϮ 
ƋƵŝƉŵĞŶƚ ϭ͕ϭϳϳ͕Ϭϳϭ ϵϯ͕ϱϵϬ Ͳ  ϭ͕ Ͳ  ϮϳϬ͕ϲϲϭ ZŝŐŚƚƚŽƵƐĞĂƐƐĞƚƐ  ϱϴ͕Ϭϲϱ Ͳ  Ͳ Ͳ ϱϴ͕Ϭϲϱ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ϯ͕ϯϱϳ͕ϬϬϬ ϲϭϴ͕Ϭϱϴ Ͳ  ϯ͕ Ͳ  ϵϳϱ͕Ϭϱϴ dŽƚĂůĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ ϲ͕ϲϯϯ͕ϴϯϲ ϭ͕Ϭϯϵ͕ϱϲϲ Ͳ  ϳ͕ Ͳ  ϲϳϯ͕ϰϬϮ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐ͕ďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ͕ŶĞƚ Ϯϱ͕ϵϲϬ͕ϱϲϲ  ϰϯϮ͕Ϯϴϲ  ϯ͕ϴϯϱ͕ϭϭϵ Ͳ  ϯϬ͕ϮϮϳ͕ϵϳϭ 'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚLJĐĂƉŝƚĂůĂƐƐĞƚƐ͕ŶĞƚ Ψϯϯ͕ϯϬϲ͕ϴϴϰ Ψϰ͕ϰϯϬ͕ϱϵϴ ΨͲ Ψ ϯϳ͕ Ͳ Ψ ϳϯϳ͕ϰϴϮ ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ͗
ĂƉŝƚĂůĂƐƐĞƚƐ͕ŶŽƚďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ͗
>ĂŶĚĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐ ϭ͕ϵϵϬ͕Ϭϯϱ Ψ Ͳ Ψ ϲϰϲ͕Ϯϰϵ Ψ Ͳ Ψ ϭ͕ Ψ ϯϰϯ͕ϳϴϲ /ŶĨƌĂƐƚƌƵĐƚƵƌĞŝŶƉƌŽŐƌĞƐƐ ϯ͕ϴϬϬ͕ϴϮϰ   Ͳ ϭϴϰ͕ϴϲϲ  ;ϯ͕ϯϬϭ͕  ϯϰϳͿ ϲϴϰ͕ϯϰϯ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐ͕ŶŽƚďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ ϱ͕ϳϵϬ͕ϴϱϵ   ϲϰϲ͕Ϯϰϵ ϭϴϰ͕ϴϲϲ  ;ϯ͕ϯϬϭ͕  Ϯ͕ ϯϰϳͿ  ϬϮϴ͕ϭϮϵ ĂƉŝƚĂůĂƐƐĞƚƐďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ͗
hƚŝůŝƚLJƐLJƐƚĞŵ ϯϭ͕Ϯϴϴ͕ϭϯϴ  Ϯ͕  Ͳ ϮϮϱ͕ϰϭϳ  ϯ͕ϯϬϭ͕ϯϰϳ  ϯϲ͕  ϴϭϰ͕ϵϬϮ ƵŝůĚŝŶŐĂŶĚ^ƚƌƵĐƚƵƌĞƐ ϰϲ͕ϴϴϯ  Ͳ  Ͳ  Ͳ  ϰϲ͕ϴϴϯ  
ƋƵŝƉŵĞŶƚĂŶĚǀĞŚŝĐůĞƐ Ϯ͕Ϯϳϴ͕ϭϬϮ  ϴϰ͕ϵϴϳ  Ͳ  Ͳ  Ϯ͕  ϯϲϯ͕Ϭϴϵ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐ͕ďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ ϯϯ͕ϲϭϯ͕ϭϮϯ  Ϯ͕  Ͳ ϯϭϬ͕ϰϬϰ  ϯ͕ϯϬϭ͕ϯϰϳ  ϯϵ͕  ϮϮϰ͕ϴϳϰ >ĞƐƐĂĐĐƵŵƵůĂƚĞĚĞƉƌĞĐŝĂƚŝŽŶĨŽƌ͗
hƚŝůŝƚLJƐLJƐƚĞŵ ϳ͕ϳϴϯ͕ϵϵϲ   Ͳ ϴϯϬ͕ϯϰϬ  Ͳ  ϴ͕  ϲϭϰ͕ϯϯϲ ƵŝůĚŝŶŐĂŶĚ^ƚƌƵĐƚƵƌĞƐ ϭϲ͕ϰϬϵ  Ϯ͕ϯϰϰ  Ͳ  Ͳ  ϭϴ͕ϳϱϯ  
ƋƵŝƉŵĞŶƚĂŶĚǀĞŚŝĐůĞƐ ϭ͕ϮϵϬ͕ϱϭϳ   Ͳ ϭϳϯ͕ϴϯϱ  Ͳ  ϭ͕  ϰϲϰ͕ϯϱϮ dŽƚĂůĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ ϵ͕ϬϵϬ͕ϵϮϮ  ϭ͕  Ͳ ϬϬϲ͕ϱϭϵ  Ͳ  ϭϬ͕  Ϭϵϳ͕ϰϰϭ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐ͕ďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ͕ŶĞƚ Ϯϰ͕ϱϮϮ͕ϮϬϭ  ϭ͕  Ͳ ϯϬϯ͕ϴϴϱ  ϯ͕ϯϬϭ͕ϯϰϳ  Ϯϵ͕  ϭϮϳ͕ϰϯϯ ƵƐŝŶĞƐƐͲƚLJƉĞĐĂƉŝƚĂůĂƐƐĞƚƐ͕ŶĞƚ Ψ ϭ͕ϰϴϴ͕ϳϱϭ ϯϬ͕ϯϭϯ͕ϬϲϬ Ψ ϲϰϲ͕Ϯϰϵ Ψ Ͳ Ψ ϯϭ͕ Ψ ϭϱϱ͕ϱϲϮ 139
32 /dzK&tKK><

EKd
^dK^/&/EE/>^dd
D
Ed^
:ƵŶĞϯϬ͕ϮϬϮϯ
EKd
ϲʹ^,KZdd
ZD>
^
^Ͳ>
^^KZ
ZĞŶƚĂů/ŶĐŽŵĞ
dŚĞŝƚLJĞŶƚĞƌĞĚŝŶƚŽĂůĞĂƐĞĂŐƌĞĞŵĞŶƚƚŽůĞĂƐĞŽƵƚƚŚĞƌĞƐƚĂƵƌĂŶƚĂƚƚŚĞĂŝƌƉŽƌƚ͘ĞŐŝŶŶŝŶŐĞĐĞŵďĞƌ ϮϬϭϵ͕ŵŽŶƚŚůLJŝŶƐƚĂůůŵĞŶƚƐŽĨΨϭ͕ϱϱϬĂƌĞƌĞƋƵŝƌĞĚƵŶĚĞƌĂŵŽŶƚŚͲƚŽͲŵŽŶƚŚůĞĂƐĞĨŽƌƚŚĞĨĂĐŝůŝƚLJ͖ĂƐŽĨ :ĂŶƵĂƌLJ ϮϬϮϭ͕ ƚŚĞŵŽŶƚŚůLJŝŶƐƚĂůůŵĞŶƚŝŶĐƌĞĂƐĞĚ ƚŽ Ψϭ͕ϲϬϬ͘ ZĞŶƚĂůŝŶĐŽŵĞǁĂƐ ΨϬ ĨŽƌ ƚŚĞ ĨŝƐĐĂůLJĞĂƌ ĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϮϯ͘
dŚĞ ŝƚLJ ĞŶƚĞƌĞĚ ŝŶƚŽ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ĨŽƌ ůĂŶĚͬŚĂŶŐĂƌ ůĞĂƐĞƐ ;Ăůů ŵŽŶƚŚ ƚŽ ŵŽŶƚŚͿ Ăƚ ƚŚĞ ĂŝƌƉŽƌƚ͘ DŽŶƚŚůLJŝŶƐƚĂůůŵĞŶƚƐŽĨΨϮ͕ϬϬϱĂƌĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞůĞĂƐĞƐŵŽŶƚŚůLJ͘ZĞŶƚĂůŝŶĐŽŵĞǁĂƐΨϮϰ͕ϳϰϬĨŽƌ ƚŚĞĨŝƐĐĂůLJĞĂƌĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϮϯ͘
EKd
ϳʹ>KE'Ͳd
ZDK>/'d/KE^
͘ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ
dŚĞŝƚLJΖƐƉŽůŝĐLJƌĞůĂƚŝŶŐƚŽĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐŝƐĚĞƐĐƌŝďĞĚŝŶEŽƚĞϭ͘ƐƐŚŽǁŶŝŶƚŚĞƚĂďůĞďĞůŽǁ͕ ƚŚĞůŽŶŐͲƚĞƌŵƉŽƌƚŝŽŶŽĨƚŚŝƐĚĞďƚ͕ĂŵŽƵŶƚŝŶŐƚŽΨϭϰϬ͕ϲϰϰĨŽƌŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐĂŶĚΨϭϭϭ͕ϱϭϱĨŽƌ ďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐĂƚ:ƵŶĞϯϬ͕ϮϬϮϯ͕ŝƐĞdžƉĞĐƚĞĚƚŽďĞƉĂŝĚŝŶĨƵƚƵƌĞLJĞĂƌƐĨƌŽŵĨƵƚƵƌĞƌĞƐŽƵƌĐĞƐ͘/Ŷ ƉƌŝŽƌ LJĞĂƌƐ͕ ĐŽŵƉĞŶƐĂƚĞĚ ĂďƐĞŶĐĞƐ ŚĂǀĞ ďĞĞŶ ůŝƋƵŝĚĂƚĞĚ ƉƌŝŵĂƌŝůLJ ďLJ ƚŚĞ ŐĞŶĞƌĂů ĨƵŶĚ ĂŶĚ ƚŚĞ ĞŶƚĞƌƉƌŝƐĞĨƵŶĚƐ͘
ŵŽƵŶƚƐ ŵŽƵŶƚƐ
ĂůĂŶĐĞ ĂůĂŶĐĞ ƵĞtŝƚŚŝŶ ƵĞŝŶDŽƌĞ
:ƵŶĞϯϬ͕ϮϬϮϮ /ŶĐƵƌƌĞĚ ^ĂƚŝƐĨŝĞĚ :ƵŶĞϯϬ͕ϮϬϮϯ KŶĞzĞĂƌ ƚŚĂŶKŶĞzĞĂƌ 'ŽǀĞƌŶŵĞŶƚĂůĐƚŝǀŝƚŝĞƐ͗
ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ ϭϯϰ͕ϵϳϱ Ψ ϳϭ͕ϴϴϵΨ ϲϲ͕ϮϬϬΨ ΨϭϰϬ͕ϲϲϰ ͲΨ ΨϭϰϬ͕ϲϲϰ ƵƐŝŶĞƐƐͲdLJƉĞĐƚŝǀŝƚĞƐ͗
ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ ϭϰϰ͕ϲϲϴ Ψ Ϯϱ͕ϳϬϱΨ ϱϴ͕ϴϱϴΨ Ψϭϭϭ͕ϱϭϱ ͲΨ Ψϭϭϭ͕ϱϭϱ dŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐƉĂŐĞůĞĨƚŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
140
33 /dzK&tKK><

EKd
^dK^/&/EE/>^dd
D
Ed^
:ƵŶĞϯϬ͕ϮϬϮϯ
EKd
ϳʹ>KE'Ͳd
ZDK>/'d/KE^;ĐŽŶƚŝŶƵĞĚͿ
͘>ŽĂŶƐĂŶĚŶŽƚĞƐƉĂLJĂďůĞ
dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨůŽŶŐͲƚĞƌŵůŽĂŶƐĂŶĚŶŽƚĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϮϯ͗ ŵŽƵŶƚƐ ŵŽƵŶƚƐ
ĂůĂŶĐĞ /ŶĐƵƌƌĞĚ ^ĂƚŝƐĨŝĞĚ ĂůĂŶĐĞ ƵĞtŝƚŚŝŶ ƵĞŝŶDŽƌĞ :ƵŶĞϯϬ͕ϮϬϮϮ Žƌ/ƐƐƵĞĚ ŽƌDĂƚƵƌĞĚ :ƵŶĞϯϬ͕ϮϬϮϯ KŶĞzĞĂƌ ƚŚĂŶKŶĞzĞĂƌ 'ŽǀĞƌŶŵĞŶƚĂůĐƚŝǀŝƚŝĞƐ
h^ůŽĂŶŽŵŵƵŶŝƚLJĞŶƚĞƌ Ϯ͕ϳϴϰ͕ϬϬϬ Ψ Ψ ϰϱ͕ϬϬϬ Ͳ Ψ ΨϮ͕ϳϯϵ͕ϬϬϬ ϰϲ͕ϬϬϬΨ ΨϮ͕ϲϵϯ͕ϬϬϬ ƵƐŝŶĞƐƐdLJƉĞĐƚŝǀŝƚŝĞƐ
h^ůŽĂŶtĂƚĞƌ Ψϭ͕ϱϴϵ͕Ϭϲϭ Ψ ϰϬ͕ϲϬϬ Ͳ Ψ Ψϭ͕ϱϰϴ͕ϰϲϭ ϰϭ͕ϴϬϬΨ Ψϭ͕ϱϬϲ͕ϲϲϭ h^ďŽŶĚͲtĂƚĞƌŵĞƚĞƌƐ Ϯ͕ϭϵϮ͕ϬϬϬ   ϰϭ͕ϱϬϬ Ͳ  Ϯ͕ϭϱϬ͕ϱϬϬ ϰϮ͕ϱϬϬ Ϯ͕ϭϬϴ͕ϬϬϬ ^ĞǁĞƌ>ŽĂŶͲĚŝƌĞĐƚďŽƌƌŽǁŝŶŐ ϱϬ͕ϱϳϴ   ϭϴ͕Ϭϯϰ Ͳ  ϯϮ͕ϱϰϰ Ϯϱ͕ϳϳϰ ϲ͕ϳϳϬ h^ůŽĂŶ͕^ĞƌŝĞƐ ϳ͕ϮϭϮ͕ϲϬϬ Ͳ ϭϴϳ͕ϳϬϬ ϳ͕ϬϮϰ͕ϵϬϬ ϭϵϭ͕ϵϬϬ ϲ͕ϴϯϯ͕ϬϬϬ h^ůŽĂŶ͕^ĞƌŝĞƐ ϯ͕Ϯϵϴ͕ϱϬϬ  ϴϱ͕ϴϬϬ Ͳ  ϯ͕ϮϭϮ͕ϳϬϬ ϴϳ͕ϴϬϬ ϯ͕ϭϮϰ͕ϵϬϬ dŽƚĂůďƵƐŝŶĞƐƐƚLJƉĞĂĐƚŝǀŝƚŝĞƐ ϭϰ͕ϯϰϮ͕ϳϯϵ Ψ ΨͲ Ψϯϳϯ͕ϲϯϰ Ψϭϯ͕ϵϲϵ͕ϭϬϱ ϯϴϵ͕ϳϳϰΨ Ψϭϯ͕ϱϳϵ͕ϯϯϭ h^ŽŵŵƵŶŝƚLJĞŶƚĞƌ
dŚĞ ŝƚLJ ƉƵƌĐŚĂƐĞĚ ĐĞƌƚŝĨŝĐĂƚĞƐ ŽĨ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŽĨ Ψϯ͕ϬϬϬ͕ϬϬϬĨƌŽŵ ƚŚĞh^ ƚŽ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨĂ ŽŵŵƵŶŝƚLJ ĞŶƚĞƌ͘/ŶƚĞƌĞƐƚŽŶ ƚŚĞ ĐĞƌƚŝĨŝĐĂƚĞƐŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶĂĐĐƌƵĞƐĂƚϮ͘ϴϳϱƉĞƌĐĞŶƚ ƉĞƌĂŶŶƵŵ͘ dŚĞŝƚLJŝƐƌĞƋƵŝƌĞĚƚŽŵĂŬĞĂŶŶƵĂůƉƌŝŶĐŝƉĂůƉĂLJŵĞŶƚƐŽŶ:ƵůLJϭŽĨĞĂĐŚLJĞĂƌĐŽŵŵĞŶĐŝŶŐ:ƵůLJϭ͕ϮϬϭϴ ƚŚƌŽƵŐŚ:ƵůLJϭ͕ϮϬϱϴ͕ǁŝƚŚŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐŵĂĚĞƐĞŵŝͲĂŶŶƵĂůůLJŽŶ:ĂŶƵĂƌLJϭĂŶĚ:ƵůLJϭ͘dŚĞƉĂLJŵĞŶƚƐ ǁŝůůǀĂƌLJďĂƐĞĚŽŶŶƵŵďĞƌŽĨĚĂLJƐƚŚĂƚŝŶƚĞƌĞƐƚŝƐĂĐĐƌƵĞĚ͘ dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨĨƵƚƵƌĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵƉĂLJŵĞŶƚƐĚƵĞ͗ &ŝƐĐĂůzĞĂƌ

ŶĚŝŶŐ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ dŽƚĂů
ϮϬϮϰ ϰϲ͕ϬϬϬ Ψ ϳϴ͕Ϭϴϱ Ψ ϭϮϰ͕Ϭϴϱ Ψ ϮϬϮϱ ϰϴ͕ϬϬϬ  ϳϲ͕ϳϯϰ  ϭϮϰ͕ϳϯϰ  ϮϬϮϲ ϰϵ͕ϬϬϬ  ϳϱ͕ϯϯϵ  ϭϮϰ͕ϯϯϵ  ϮϬϮϳ ϱϬ͕ϬϬϬ  ϳϯ͕ϵϭϲ  ϭϮϯ͕ϵϭϲ  ϮϬϮϴ ϱϮ͕ϬϬϬ  ϳϮ͕ϰϱϬ  ϭϮϰ͕ϰϱϬ  ϮϬϮϵͲϮϬϯϯ Ϯϴϯ͕ϬϬϬ  ϯϯϴ͕ϲϲϭ  ϲϮϭ͕ϲϲϭ  ϮϬϯϰͲϮϬϯϴ ϯϮϲ͕ϬϬϬ  Ϯϵϰ͕ϵϭϴ  ϲϮϬ͕ϵϭϴ  ϮϬϯϵͲϮϬϰϯ ϯϳϱ͕ϬϬϬ  Ϯϰϰ͕ϱϵϭ  ϲϭϵ͕ϱϵϭ  ϮϬϰϰͲϮϬϰϴ ϰϯϰ͕ϬϬϬ  ϭϴϲ͕ϱϴϴ  ϲϮϬ͕ϱϴϴ  ϮϬϰϵͲϮϬϱϯ ϱϬϬ͕ϬϬϬ  ϭϭϵ͕ϲϬϬ  ϲϭϵ͕ϲϬϬ  ϮϬϱϰͲϮϬϱϴ ϱϳϲ͕ϬϬϬ  ϰϮ͕ϯϮϬ  ϲϭϴ͕ϯϮϬ  dŽƚĂůƐ Ϯ͕ϳϯϵ͕ϬϬϬ Ψ ϭ͕ϲϬϯ͕ϮϬϮ Ψ ϰ͕ϯϰϮ͕ϮϬϮ Ψ h^ĞƌƚŝĨŝĐĂƚĞŽĨWĂƌƚŝĐŝƉĂƚŝŽŶ
141
34 /dzK&tKK><

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^dK^/&/EE/>^dd
D
Ed^
:ƵŶĞϯϬ͕ϮϬϮϯ
EKd
ϳʹ>KE'Ͳd
ZDK>/'d/KE^;ĐŽŶƚŝŶƵĞĚͿ
h^tĂƚĞƌƐLJƐƚĞŵůŽĂŶ
dŚĞŝƚLJƉƵƌĐŚĂƐĞĚĐĞƌƚŝĨŝĐĂƚĞƐŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨΨϮ͕ϬϬϬ͕ϬϬϬĨƌŽŵ ƚŚĞh^ ƚŽ ĨŝŶĂŶĐĞǁĂƚĞƌ ƐLJƐƚĞŵ ŝŵƉƌŽǀĞŵĞŶƚƐ͘/ŶƚĞƌĞƐƚŽŶƚŚĞĐĞƌƚŝĨŝĐĂƚĞƐŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶĂĐĐƌƵĞƐĂƚϮ͘ϳϱƉĞƌĐĞŶƚƉĞƌĂŶŶƵŵ͘dŚĞŝƚLJ ŝƐƌĞƋƵŝƌĞĚƚŽŵĂŬĞĂŶŶƵĂůƉƌŝŶĐŝƉĂůƉĂLJŵĞŶƚƐŽŶ:ƵůLJϭŽĨĞĂĐŚLJĞĂƌĐŽŵŵĞŶĐŝŶŐ:ƵůLJϭ͕ϮϬϭϬƚŚƌŽƵŐŚ :ƵůLJϭ͕ϮϬϰϴ͕ǁŝƚŚŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐŵĂĚĞƐĞŵŝͲĂŶŶƵĂůůLJŽŶ:ĂŶƵĂƌLJϭĂŶĚ:ƵůLJϭ͘dŚĞƉĂLJŵĞŶƚƐǁŝůůǀĂƌLJ ďĂƐĞĚŽŶŶƵŵďĞƌŽĨĚĂLJƐƚŚĂƚŝŶƚĞƌĞƐƚŝƐĂĐĐƌƵĞĚ͘
dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨĨƵƚƵƌĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵƉĂLJŵĞŶƚƐĚƵĞ͗ &ŝƐĐĂůzĞĂƌ

ŶĚŝŶŐ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ dŽƚĂů
ϮϬϮϰ ϰϭ͕ϴϬϬ Ψ ϰϮ͕ϬϬϴ Ψ ϴϯ͕ϴϬϴ Ψ ϮϬϮϱ ϰϮ͕ϵϬϬ  ϰϬ͕ϴϰϯ  ϴϯ͕ϳϰϯ  ϮϬϮϲ ϰϰ͕ϭϬϬ  ϯϵ͕ϲϰϳ  ϴϯ͕ϳϰϳ  ϮϬϮϳ ϰϱ͕ϯϬϬ  ϯϴ͕ϰϭϴ  ϴϯ͕ϳϭϴ  ϮϬϮϴ ϰϲ͕ϱϬϬ  ϯϳ͕ϭϱϲ  ϴϯ͕ϲϱϲ  ϮϬϮϵͲϮϬϯϯ ϮϱϮ͕ϲϬϬ  ϭϲϱ͕ϱϵϰ  ϰϭϴ͕ϭϵϰ  ϮϬϯϰͲϮϬϯϴ Ϯϴϵ͕ϰϬϬ  ϭϮϴ͕ϱϴϬ  ϰϭϳ͕ϵϴϬ  ϮϬϯϵͲϮϬϰϯ ϯϯϭ͕ϯϬϬ  ϴϱ͕ϳϳϭ  ϰϭϳ͕Ϭϳϭ  ϮϬϰϰͲϮϬϰϴ ϯϳϵ͕ϰϬϬ  ϯϲ͕ϵϴϴ  ϰϭϲ͕ϯϴϴ  ϮϬϰϴͲϮϬϰϵ ϳϱ͕ϭϲϭ  ϭ͕Ϭϯϯ  ϳϲ͕ϭϵϰ  dŽƚĂůƐ ϭ͕ϱϰϴ͕ϰϲϭ Ψ ϲϭϲ͕Ϭϯϴ Ψ Ϯ͕ϭϲϰ͕ϰϵϵ Ψ h^ĞƌƚŝĨŝĐĂƚĞŽĨWĂƌƚŝĐŝƉĂƚŝŽŶ
dŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐƉĂŐĞůĞĨƚŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
142
35 /dzK&tKK><

EKd
^dK^/&/EE/>^dd
D
Ed^
:ƵŶĞϯϬ͕ϮϬϮϯ
EKd
ϳʹ>KE'Ͳd
ZDK>/'d/KE^;ĐŽŶƚŝŶƵĞĚͿ
h^tĂƚĞƌŵĞƚĞƌůŽĂŶ
dŚĞŝƚLJĞŶƚĞƌĞĚŝŶƚŽĂh^ůŽĂŶŝŶ ƚŚĞĂŵŽƵŶƚŽĨΨϮ͕ϯϲϯ͕ϬϬϬ ĨŽƌ ƚŚĞƉƵƌĐŚĂƐĞŽĨĂƵƚŽŵĂƚĞĚǁĂƚĞƌ ŵĞƚĞƌƐ ƚŽ ƌĞƉůĂĐĞ ƚŚĞŽůĚ͕ĞdžŝƐƚŝŶŐŵĞƚĞƌƐ͘/ŶƚĞƌĞƐƚŽŶ ƚŚĞůŽĂŶŝƐĂƚĂ ĨŝdžĞĚ ƌĂƚĞŽĨ Ϯ͘ϱϬ ƉĞƌĐĞŶƚƉĞƌ ĂŶŶƵŵ͘dŚĞŝƚLJŝƐƌĞƋƵŝƌĞĚƚŽŵĂŬĞĂŶŶƵĂůƉƌŝŶĐŝƉĂůƉĂLJŵĞŶƚƐŽŶ:ƵůLJϭŽĨĞĂĐŚLJĞĂƌĐŽŵŵĞŶĐŝŶŐ:ƵůLJ ϭ͕ϮϬϭϳƚŚƌŽƵŐŚ:ƵůLJϭ͕ϮϬϱϱ͕ǁŝƚŚŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐŵĂĚĞƐĞŵŝͲĂŶŶƵĂůůLJŽŶ:ĂŶƵĂƌLJϭĂŶĚ:ƵůLJϭ͘dŚĞ ƉĂLJŵĞŶƚƐǁŝůůǀĂƌLJďĂƐĞĚŽŶŶƵŵďĞƌŽĨĚĂLJƐƚŚĂƚŝŶƚĞƌĞƐƚŝƐĂĐĐƌƵĞĚ͘ dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨĨƵƚƵƌĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵƉĂLJŵĞŶƚƐĚƵĞ͗ &ŝƐĐĂůzĞĂƌ

ŶĚŝŶŐ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ dŽƚĂů
ϮϬϮϰ ΨϰϮ͕ϱϬϬ Ψϱϯ͕Ϯϯϭ Ψϵϱ͕ϳϯϭ ϮϬϮϱ ϰϰ͕ϬϬϬ ϱϮ͕ϭϱϬ ϵϲ͕ϭϱϬ ϮϬϮϲ ϰϱ͕ϬϬϬ ϱϭ͕Ϭϯϴ ϵϲ͕Ϭϯϴ ϮϬϮϳ ϰϲ͕ϬϬϬ ϰϵ͕ϵϬϬ ϵϱ͕ϵϬϬ ϮϬϮϴ ϰϳ͕ϬϬϬ ϰϴ͕ϳϯϴ ϵϱ͕ϳϯϴ ϮϬϮϵͲϮϬϯϯ Ϯϱϰ͕ϱϬϬ ϮϮϱ͕ϭϱϲ ϰϳϵ͕ϲϱϲ ϮϬϯϰͲϮϬϯϴ Ϯϴϳ͕ϱϬϬ ϭϵϭ͕ϯϰϰ ϰϳϴ͕ϴϰϰ ϮϬϯϵͲϮϬϰϯ ϯϮϱ͕ϱϬϬ ϭϱϯ͕Ϭϱϲ ϰϳϴ͕ϱϱϲ ϮϬϰϰͲϮϬϰϴ ϯϲϳ͕ϱϬϬ ϭϬϵ͕ϳϵϰ ϰϳϳ͕Ϯϵϰ ϮϬϰϵͲϮϬϱϯ ϰϭϱ͕ϱϬϬ ϲϬ͕ϵϯϭ ϰϳϲ͕ϰϯϭ ϮϬϱϰͲϮϬϱϲ Ϯϳϱ͕ϱϬϬ ϭϬ͕ϰϰϰ Ϯϴϱ͕ϵϰϰ dŽƚĂůƐ ΨϮ͕ϭϱϬ͕ϱϬϬ Ψϭ͕ϬϬϱ͕ϳϴϮ Ψϯ͕ϭϱϲ͕ϮϴϮ h^ŽŶĚ
^ĞǁĞƌŝŵƉƌŽǀĞŵĞŶƚůŽĂŶʹĚŝƌĞĐƚďŽƌƌŽǁŝŶŐ
dŚĞŝƚLJĞŶƚĞƌĞĚŝŶƚŽĂůŽĂŶĂŐƌĞĞŵĞŶƚĨŽƌΨϮϰϬ͕ϬϬϬǁŝƚŚĂǀŝĚ͘^ƚŝůůǁĞůůĂŶĚsŝĐƚŽƌŝĂ>LJŶŶ^ƚŝůůǁĞůůĂƐ ƚƌƵƐƚĞĞƐ ŽĨ ƚŚĞ ĂǀŝĚ ͘ ^ƚŝůůǁĞůů ĂŶĚ sŝĐƚŽƌŝĂ >LJŶŶ ^ƚŝůůǁĞůů dƌƵƐƚ ŽŶ ƵŐƵƐƚ ϭϰ͕ ϮϬϬϵ͕ ƚŽ ƉƵƌĐŚĂƐĞ ƉƌŽƉĞƌƚLJƚŽďĞƵƐĞĚĂƐƉĂƌƚŽĨƚŚĞƐĞǁĞƌŝŵƉƌŽǀĞŵĞŶƚƉƌŽũĞĐƚ͘dŚĞůŽĂŶĂĐĐƌƵĞƐŝŶƚĞƌĞƐƚĂƚĂĨŝdžĞĚƌĂƚĞ ŽĨ ϴ ƉĞƌĐĞŶƚ ƉĞƌ ĂŶŶƵŵ͘  dŚĞ ŝƚLJ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ŵĂŬĞ ƋƵĂƌƚĞƌůLJ ƉĂLJŵĞŶƚƐ ŽĨ Ψϲ͕ϵϬϰ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞ ƉƌŝŶĐŝƉĂů ĂŶĚ ŝŶƚĞƌĞƐƚ͕ ŽŶ ƚŚĞEŽǀĞŵďĞƌ ϭϱ͕ &ĞďƌƵĂƌLJ ϭϱ͕DĂLJ ϭϱ͕ ĂŶĚ ƵŐƵƐƚ ϭϱ͕ĞĂĐŚ LJĞĂƌ ƚŚƌŽƵŐŚ ƵŐƵƐƚϭϱ͕ϮϬϮϰ͘
dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨĨƵƚƵƌĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵƉĂLJŵĞŶƚƐĚƵĞ͗ &ŝƐĐĂůzĞĂƌ

ŶĚŝŶŐ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ dŽƚĂů
ϮϬϮϰ Ϯϱ͕ϳϳϰ Ψ ϭ͕ϴϰϯ Ψ Ϯϳ͕ϲϭϳ Ψ ϮϬϮϱ ϲ͕ϳϳϬ  ϭϯϱ  ϲ͕ϵϬϱ  dŽƚĂů ϯϮ͕ϱϰϰ Ψ ϭ͕ϵϳϴ Ψ ϯϰ͕ϱϮϮ Ψ ^ĞǁĞƌ>ŽĂŶ
143
36 /dzK&tKK><

EKd
^dK^/&/EE/>^dd
D
Ed^
:ƵŶĞϯϬ͕ϮϬϮϯ
EKd
ϳʹ>KE'Ͳd
ZDK>/'d/KE^;ĐŽŶƚŝŶƵĞĚͿ
h^^ĞǁĞƌůŽĂŶʹ^ĞƌŝĞƐ
dŚĞŝƚLJƉƵƌĐŚĂƐĞĚĐĞƌƚŝĨŝĐĂƚĞƐŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨΨϵ͕ϬϬϬ͕ϬϬϬĨƌŽŵ ƚŚĞh^ ƚŽ ĨŝŶĂŶĐĞƐĞǁĞƌƐLJƐƚĞŵ ŝŵƉƌŽǀĞŵĞŶƚƐ͘/ŶƚĞƌĞƐƚŽŶƚŚĞĐĞƌƚŝĨŝĐĂƚĞƐŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶĂĐĐƌƵĞƐĂƚϮ͘ϮϱƉĞƌĐĞŶƚƉĞƌĂŶŶƵŵ͘dŚĞŝƚLJ ŝƐƌĞƋƵŝƌĞĚƚŽŵĂŬĞĂŶŶƵĂůƉƌŝŶĐŝƉĂůƉĂLJŵĞŶƚƐŽŶ:ĂŶƵĂƌLJϭŽĨĞĂĐŚLJĞĂƌĐŽŵŵĞŶĐŝŶŐ:ĂŶƵĂƌLJϭ͕ϮϬϭϮ ƚŚƌŽƵŐŚ :ĂŶƵĂƌLJ ϭ͕ ϮϬϱϬ͕ ǁŝƚŚ ŝŶƚĞƌĞƐƚ ƉĂLJŵĞŶƚƐ ŵĂĚĞ ƐĞŵŝͲĂŶŶƵĂůůLJ ŽŶ :ĂŶƵĂƌLJ ϭ ĂŶĚ :ƵůLJ ϭ͘  dŚĞ ƉĂLJŵĞŶƚƐǁŝůůǀĂƌLJďĂƐĞĚŽŶŶƵŵďĞƌŽĨĚĂLJƐƚŚĂƚŝŶƚĞƌĞƐƚŝƐĂĐĐƌƵĞĚ͘ dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨĨƵƚƵƌĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵƉĂLJŵĞŶƚƐĚƵĞ͗ &ŝƐĐĂůzĞĂƌ

ŶĚŝŶŐ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ dŽƚĂů
ϮϬϮϰ ϭϵϭ͕ϵϬϬ Ψ ϭϱϱ͕ϵϬϭ Ψ ϯϰϳ͕ϴϬϭ Ψ ϮϬϮϱ ϭϵϲ͕ϮϬϬ  ϭϱϭ͕ϱϯϱ  ϯϰϳ͕ϳϯϱ  ϮϬϮϲ ϮϬϬ͕ϳϬϬ  ϭϰϳ͕ϬϳϬ  ϯϰϳ͕ϳϳϬ  ϮϬϮϳ ϮϬϱ͕ϮϬϬ  ϭϰϮ͕ϱϬϰ  ϯϰϳ͕ϳϬϰ  ϮϬϮϴ ϮϬϵ͕ϴϬϬ  ϭϯϳ͕ϴϯϱ  ϯϰϳ͕ϲϯϱ  ϮϬϮϵͲϮϬϯϯ ϭ͕ϭϮϭ͕ϵϬϬ  ϲϭϱ͕ϯϵϮ ϭ͕ϳϯϳ͕ϮϵϮ ϮϬϯϰͲϮϬϯϴ ϭ͕Ϯϱϰ͕ϭϬϬ ϰϴϭ͕ϴϳϬ ϭ͕ϳϯϱ͕ϵϳϬ ϮϬϯϵͲϮϬϰϯ ϭ͕ϰϬϭ͕ϲϬϬ ϯϯϮ͕ϲϯϲ ϭ͕ϳϯϰ͕Ϯϯϲ ϮϬϰϰͲϮϬϰϴ ϭ͕ϱϲϲ͕ϰϬϬ ϭϲϱ͕ϴϱϰ ϭ͕ϳϯϮ͕Ϯϱϰ ϮϬϰϵͲϮϬϱϬ ϲϳϳ͕ϭϬϬ ϭϱ͕ϯϭϵ ϲϵϮ͕ϰϭϵ dŽƚĂůƐ Ψϳ͕ϬϮϰ͕ϵϬϬ ΨϮ͕ϯϰϱ͕ϵϭϲ Ψϵ͕ϯϳϬ͕ϴϭϲ h^ĞƌƚŝĨŝĐĂƚĞƐŽĨWĂƌƚŝĐŝƉĂƚŝŽŶͲ^ĞƌŝĞƐ
h^^ĞǁĞƌůŽĂŶʹ^ĞƌŝĞƐ
dŚĞŝƚLJƉƵƌĐŚĂƐĞĚĐĞƌƚŝĨŝĐĂƚĞƐŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶŽĨΨϰ͕ϭϭϲ͕ϬϬϬĨƌŽŵ ƚŚĞh^ ƚŽ ĨŝŶĂŶĐĞƐĞǁĞƌƐLJƐƚĞŵ ŝŵƉƌŽǀĞŵĞŶƚƐ͘/ŶƚĞƌĞƐƚŽŶƚŚĞĐĞƌƚŝĨŝĐĂƚĞƐŽĨƉĂƌƚŝĐŝƉĂƚŝŽŶĂĐĐƌƵĞƐĂƚϮ͘ϮϱƉĞƌĐĞŶƚƉĞƌĂŶŶƵŵ͘dŚĞŝƚLJ ŝƐƌĞƋƵŝƌĞĚƚŽŵĂŬĞĂŶŶƵĂůƉƌŝŶĐŝƉĂůƉĂLJŵĞŶƚƐŽŶ:ĂŶƵĂƌLJϭŽĨĞĂĐŚLJĞĂƌĐŽŵŵĞŶĐŝŶŐ:ĂŶƵĂƌLJϭ͕ϮϬϭϮ ƚŚƌŽƵŐŚ:ĂŶƵĂƌLJϭ͕ϮϬϱϬ͕ǁŝƚŚŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐŵĂĚĞƐĞŵŝͲĂŶŶƵĂůůLJŽŶ:ĂŶƵĂƌLJϭĂŶĚ:ƵůLJϭ͘ dŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐƉĂŐĞůĞĨƚŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
144
37 /dzK&tKK><

EKd
^dK^/&/EE/>^dd
D
Ed^
:ƵŶĞϯϬ͕ϮϬϮϯ
EKd
ϳʹ>KE'Ͳd
ZDK>/'d/KE^;ĐŽŶƚŝŶƵĞĚͿ
dŚĞƉĂLJŵĞŶƚƐǁŝůůǀĂƌLJďĂƐĞĚŽŶŶƵŵďĞƌŽĨĚĂLJƐƚŚĂƚŝŶƚĞƌĞƐƚŝƐĂĐĐƌƵĞĚ͘dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨ ĨƵƚƵƌĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵƉĂLJŵĞŶƚƐĚƵĞ͗
&ŝƐĐĂůzĞĂƌ

ŶĚŝŶŐ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ dŽƚĂů
ϮϬϮϰ ϴϳ͕ϴϬϬ Ψ ϳϭ͕Ϯϵϴ Ψ ϭϱϵ͕Ϭϵϴ Ψ ϮϬϮϱ ϴϵ͕ϴϬϬ  ϲϵ͕ϯϬϬ  ϭϱϵ͕ϭϬϬ  ϮϬϮϲ ϵϭ͕ϴϬϬ  ϲϳ͕Ϯϱϳ  ϭϱϵ͕Ϭϱϳ  ϮϬϮϳ ϵϯ͕ϴϬϬ  ϲϱ͕ϭϲϵ  ϭϱϴ͕ϵϲϵ  ϮϬϮϴ ϵϱ͕ϵϬϬ  ϲϯ͕Ϭϯϱ  ϭϱϴ͕ϵϯϱ  ϮϬϮϵͲϮϬϯϯ ϱϭϯ͕ϭϬϬ  Ϯϴϭ͕ϰϯϭ  ϳϵϰ͕ϱϯϭ  ϮϬϯϰͲϮϬϯϴ ϱϳϯ͕ϱϬϬ  ϮϮϬ͕ϯϳϭ  ϳϵϯ͕ϴϳϭ  ϮϬϯϵͲϮϬϰϯ ϲϰϭ͕ϬϬϬ  ϭϱϮ͕ϭϮϯ  ϳϵϯ͕ϭϮϯ  ϮϬϰϰͲϮϬϰϴ ϳϭϲ͕ϰϬϬ  ϳϱ͕ϴϰϭ  ϳϵϮ͕Ϯϰϭ  ϮϬϰϵͲϮϬϱϬ ϯϬϵ͕ϲϬϬ  ϳ͕ϬϬϰ  ϯϭϲ͕ϲϬϰ  dŽƚĂů ϯ͕ϮϭϮ͕ϳϬϬ Ψ ϭ͕ϬϳϮ͕ϴϮϵ Ψ ϰ͕Ϯϴϱ͕ϱϮϵ Ψ h^ĞƌƚŝĨŝĐĂƚĞŽĨWĂƌƚŝĐŝƉĂƚŝŽŶͲ^ĞƌŝĞƐ
&Žƌh^ůŽĂŶƐ͕ ƚŚĞŝƚLJŚĂƐƉůĞĚŐĞĚ ƚŚĞƌĞǀĞŶƵĞƐŽĨ ƚŚĞtĂƚĞƌĂŶĚ^ĞǁĞƌ&ƵŶĚƐ ĨŽƌƉĂLJŵĞŶƚŽĨ ƚŚĞ ůŽĂŶƐ͘  dŚĞ ƌĞǀĞŶƵĞƐ ǁŝůů ƌĞŵĂŝŶ ƉůĞĚŐĞĚ ĨŽƌ ƚŚĞ ĚƵƌĂƚŝŽŶ ĨŽƌ ƚŚĞ ůŽĂŶƐ͘  dŚĞ tĂƚĞƌ &ƵŶĚ ŚĂĚ ĂƉƉƌŽdžŝŵĂƚĞůLJΨϭ͕ϯϮϱ͕ϮϬϱŝŶŐƌŽƐƐƌĞǀĞŶƵĞƐ;ĐŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐͿƚŽƉĂLJΨϭϳϵ͕ϱϮϮŽŶĚĞďƚƐĞƌǀŝĐĞ͘dŚĞ ^ĞǁĞƌ&ƵŶĚŚĂĚĂƉƉƌŽdžŝŵĂƚĞůLJΨϭ͕ϲϵϮ͕ϰϱϴŝŶŐƌŽƐƐƌĞǀĞŶƵĞƐ ;ĐŚĂƌŐĞƐ ĨŽƌƐĞƌǀŝĐĞƐͿ ƚŽƉĂLJΨϱϬϲ͕ϵϮϯŝŶ ĚĞďƚƐĞƌǀŝĐĞ͘
/Ŷ ĂĚĚŝƚŝŽŶ͕ ĞĂĐŚ h^ ůŽĂŶ ŝŶĐůƵĚĞƐ ĂŶ ĂĐĐĞůĞƌĂƚŝŽŶ ĐůĂƵƐĞ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ŽĨ ĚĞĨĂƵůƚ ƚŚĞ h^͕ Ăƚ ŝƚƐ ŽƉƚŝŽŶ͕ŵĂLJĚĞĐůĂƌĞĂůůŽƌĂŶLJƉĂƌƚŽĨƚŚĞŝŶĚĞďƚĞĚŶĞƐƐŝŵŵĞĚŝĂƚĞůLJĚƵĞĂŶĚƉĂLJĂďůĞ͘ ͘^ŚŽƌƚdĞƌŵ>ĞĂƐĞƐͲ>ĞƐƐĞĞ
/ŶϮϬϭϲ͕ƚŚĞŝƚLJĞŶƚĞƌĞĚŝŶƚŽƚǁŽŽƉĞƌĂƚŝŶŐůĞĂƐĞƐĨŽƌĐŽƉŝĞƌŵĂĐŚŝŶĞƐ͕ŽŶĞůŽĐĂƚĞĚĂƚŝƚLJ,ĂůůĂŶĚƚŚĞ ŽƚŚĞƌ Ăƚ ƚŚĞ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ͘  dŚĞƐĞ ĂƌĞ ĨŝǀĞͲLJĞĂƌ ůĞĂƐĞƐ͕ ĂŶĚ ĂŶŶƵĂů ƉĂLJŵĞŶƚƐ ŽĨ ƉƌŝŶĐŝƉĂů ĂŶĚ ŝŶƚĞƌĞƐƚĂƌĞΨϱ͕ϴϯϮĂŶĚΨϯ͕Ϯϲϰ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘
dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨĨƵƚƵƌĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵƉĂLJŵĞŶƚƐĚƵĞ͗ &ŝƐĐĂůzĞĂƌ

ŶĚŝŶŐ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ dŽƚĂů WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ dŽƚĂů dŽƚĂů ϮϬϮϰ ϱ͕ϴϯϮ Ψ ͲΨ ϱ͕ϴϯϮΨ ϯ͕ϮϲϰΨ ͲΨ ϯ͕ϮϲϰΨ ϵ͕ϬϵϲΨ ϮϬϮϱ ϰϴϲ Ͳ ϰϴϲ ϮϳϮ Ͳ ϮϳϮ ϳϱϴ dŽƚĂů ϲ͕ϯϭϴ Ψ ͲΨ ϲ͕ϯϭϴΨ ϯ͕ϱϯϲΨ ͲΨ ϯ͕ϱϯϲΨ ϵ͕ϴϱϰΨ ŝƚLJŽƉŝĞƌ WŽůŝĐĞĞƉĂƌƚŵĞŶƚŽƉŝĞƌ
145
38 /dzK&tKK><

EKd
^dK^/&/EE/>^dd
D
Ed^
:ƵŶĞϯϬ͕ϮϬϮϯ
EKd
ϳʹ>KE'Ͳd
ZDK>/'d/KE^;ĐŽŶƚŝŶƵĞĚͿ
͘>ŽŶŐdĞƌŵ>ĞĂƐĞƐ;^/dͿʹ>ĞƐƐĞĞ
ƵƌŝŶŐ ƚŚĞ ĐƵƌƌĞŶƚ ĨŝƐĐĂů͕ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶĐůƵĚĞ ƚŚĞ ĂĚŽƉƚŝŽŶ ŽĨ '^ ^ƚĂƚĞŵĞŶƚ EŽ͘ ϵϲ͕ ^ƵďƐĐƌŝƉƚŝŽŶ ĂƐĞĚ /d ƌƌĂŶŐĞŵĞŶƚƐ͘ dŚĞ ƉƌŝŵĂƌLJ ŽďũĞĐƚŝǀĞ ŽĨ ƚŚŝƐ ƐƚĂƚĞŵĞŶƚ ŝƐ ƚŽ ĞŶŚĂŶĐĞ ƚŚĞ ƌĞůĞǀĂŶĐĞ ĂŶĚ ĐŽŶƐŝƐƚĞŶĐLJ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ŐŽǀĞƌŶŵĞŶƚƐΖ ůĞĂƐŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘ dŚŝƐ ƐƚĂƚĞŵĞŶƚ ĞƐƚĂďůŝƐŚĞƐĂƐŝŶŐůĞŵŽĚĞůĨŽƌůĞĂƐĞĂĐĐŽƵŶƚŝŶŐďĂƐĞĚŽŶƚŚĞƉƌŝŶĐŝƉůĞƚŚĂƚůĞĂƐĞƐĂƌĞĨŝŶĂŶĐŝŶŐƐŽĨƚŚĞ ƌŝŐŚƚƚŽƵƐĞĂŶƵŶĚĞƌůLJŝŶŐĂƐƐĞƚ͘hŶĚĞƌƚŚŝƐƐƚĂƚĞŵĞŶƚ͕ĂůĞƐƐĞĞŝƐƌĞƋƵŝƌĞĚƚŽƌĞĐŽŐŶŝnjĞĂůĞĂƐĞůŝĂďŝůŝƚLJ ĂŶĚĂŶŝŶƚĂŶŐŝďůĞƌŝŐŚƚͲƚŽͲƵƐĞůĞĂƐĞĂƐƐĞƚ͕ĂŶĚĂůĞƐƐŽƌŝƐƌĞƋƵŝƌĞĚƚŽƌĞĐŽŐŶŝnjĞĂůĞĂƐĞƌĞĐĞŝǀĂďůĞĂŶĚĂ ĚĞĨĞƌƌĞĚŝŶĨůŽǁŽĨƌĞƐŽƵƌĐĞƐ͘&ŽƌĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶ͕ƌĞĨĞƌƚŽƚŚĞĚŝƐĐůŽƐƵƌĞƐďĞůŽǁ͘ dŚĞŝƚLJĞŶƚĞƌĞĚŝŶƚŽĂϲϬͲŵŽŶƚŚůĞĂƐĞĂƐůĞƐƐĞĞĨŽƌƚŚĞƵƐĞŽĨǀĞŶƵʹĨŝŶĂŶĐŝĂůĂƉƉůŝĐĂƚŝŽŶƐŽĨƚǁĂƌĞ͘ ƚŽƚĂůŝŶŝƚŝĂůůĞĂƐĞůŝĂďŝůŝƚLJǁĂƐƌĞĐŽƌĚĞĚŝŶƚŚĞĂŵŽƵŶƚŽĨΨϭϴϬ͕ϲϳϬ͘ƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϯ͕ƚŚĞǀĂůƵĞŽĨƚŚĞ ůĞĂƐĞůŝĂďŝůŝƚLJǁĂƐΨϭϯϴ͕ϰϱϵĨŽƌƚŚĞŝƚLJ͘dŚĞŝƚLJŝƐƌĞƋƵŝƌĞĚƚŽŵĂŬĞĨŝdžĞĚŵŽŶƚŚůLJƉĂLJŵĞŶƚƐŽĨΨϯ͕ϲϴϲ͘ dŚĞůĞĂƐĞŚĂƐĂŶŝŶƚĞƌĞƐƚƌĂƚĞŽĨϬ͘ϱϬй͘dŚĞƚŽƚĂůǀĂůƵĞŽĨƚŚĞƌŝŐŚƚƚŽƵƐĞĂƐƐĞƚĂƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϯ͕ǁĂƐ ΨϭϴϬ͕ϲϬϮǁŝƚŚĂĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝnjĂƚŝŽŶŽĨΨϰϰ͕ϮϯϮ͘dŚĞƌŝŐŚƚͲƚŽͲƵƐĞĂƐƐĞƚŝƐďĞŝŶŐĂŵŽƌƚŝnjĞĚŽǀĞƌƚŚĞ ůĞĂƐĞƚĞƌŵ͘dŚĞĐƵƌƌĞŶƚLJĞĂƌƉƌŝŶĐŝƉĂůƉĂLJŵĞŶƚǁĂƐΨϰϮ͕Ϯϭϭ͘ dŚĞŝƚLJĞŶƚĞƌĞĚŝŶƚŽĂϲϬͲŵŽŶƚŚůĞĂƐĞĂƐůĞƐƐĞĞ ĨŽƌ ƚŚĞƵƐĞŽĨdžŽŶʹƐĂĨĞƚLJĞƋƵŝƉŵĞŶƚƐŽĨƚǁĂƌĞ͘ ƚŽƚĂůŝŶŝƚŝĂůůĞĂƐĞůŝĂďŝůŝƚLJǁĂƐƌĞĐŽƌĚĞĚŝŶƚŚĞĂŵŽƵŶƚŽĨΨϭϯϴ͕ϯϯϬ͘ƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϯ͕ƚŚĞǀĂůƵĞŽĨƚŚĞ ůĞĂƐĞůŝĂďŝůŝƚLJǁĂƐΨϭϬϵ͕ϵϵϱĨŽƌƚŚĞŝƚLJ͘dŚĞŝƚLJŝƐƌĞƋƵŝƌĞĚƚŽŵĂŬĞĨŝdžĞĚĂŶŶƵĂůƉĂLJŵĞŶƚƐŽĨΨϮϴ͕ϯϯϱ͘ dŚĞůĞĂƐĞŚĂƐĂŶŝŶƚĞƌĞƐƚƌĂƚĞŽĨϭ͘Ϯϭй͘dŚĞƚŽƚĂůǀĂůƵĞŽĨƚŚĞƌŝŐŚƚƚŽƵƐĞĂƐƐĞƚĂƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϮ͕ǁĂƐ Ψϭϯϴ͕ϯϯϬǁŝƚŚĂĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝnjĂƚŝŽŶŽĨΨϭϯ͕ϴϯϯ͘dŚĞƌŝŐŚƚͲƚŽͲƵƐĞĂƐƐĞƚŝƐďĞŝŶŐĂŵŽƌƚŝnjĞĚŽǀĞƌƚŚĞ ůĞĂƐĞƚĞƌŵ͘dŚĞĐƵƌƌĞŶƚLJĞĂƌƉƌŝŶĐŝƉĂůƉĂLJŵĞŶƚǁĂƐΨϮϴ͕ϯϯϱ͘ dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨĨƵƚƵƌĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵƉĂLJŵĞŶƚƐĚƵĞ͗ &ŝƐĐĂůzĞĂƌ

ŶĚŝŶŐ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ dŽƚĂů WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ dŽƚĂů dŽƚĂů ϮϬϮϰ ϰϰ͕ϭϯϮ Ψ ϲϲϯΨ ϰϰ͕ϳϵϱΨ Ϯϳ͕ϬϬϱΨ ϭ͕ϯϯϬΨ Ϯϴ͕ϯϯϱΨ ϳϯ͕ϭϯϬΨ ϮϬϮϱ ϰϲ͕ϭϮϲ  ϰϭϭ ϰϲ͕ϱϯϳ Ϯϳ͕ϯϯϭ ϭ͕ϬϬϰ Ϯϴ͕ϯϯϱ ϳϰ͕ϴϳϮ ϮϬϮϲ ϰϴ͕ϮϬϭ  ϭϰϳ ϰϴ͕ϯϰϴ Ϯϳ͕ϲϲϮ ϲϳϯ Ϯϴ͕ϯϯϱ ϳϲ͕ϲϴϯ ϮϬϮϳ Ͳ Ͳ Ͳ Ϯϳ͕ϵϵϳ ϯϯϴ Ϯϴ͕ϯϯϱ Ϯϴ͕ϯϯϱ dŽƚĂů ϭϯϴ͕ϰϱϵΨ ϭ͕ϮϮϭΨ ϭϯϵ͕ϲϴϬΨ ΨϭϬϵ͕ϵϵϱ ϯ͕ϯϰϱΨ ϭϭϯ͕ϯϰϬΨ ΨϮϱϯ͕ϬϮϬ &ŝŶĂŶĐŝĂůƉƉůŝĐĂƚŝŽŶ^ŽĨƚǁĂƌĞ ^ĂĨĞƚLJ
ƋƵŝƉŵĞŶƚ^ŽĨƚǁĂƌĞ
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WůĂŶĞƐĐƌŝƉƚŝŽŶƐʹůů ƋƵĂůŝĨŝĞĚ ƉĞƌŵĂŶĞŶƚĂŶĚ ƉƌŽďĂƚŝŽŶĂƌLJĞŵƉůŽLJĞĞƐĂƌĞĞůŝŐŝďůĞ ƚŽ ƉĂƌƚŝĐŝƉĂƚĞŝŶ ƚŚĞ WƵďůŝĐ ŐĞŶĐLJ ŽƐƚͲ^ŚĂƌŝŶŐ DƵůƚŝƉůĞͲ
ŵƉůŽLJĞƌ ĞĨŝŶĞĚ ĞŶĞĨŝƚ WĞŶƐŝŽŶ WůĂŶ ;WůĂŶ Žƌ W
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ĂĚŵŝŶŝƐƚĞƌĞĚďLJ ƚŚĞĂůŝĨŽƌŶŝĂWƵďůŝĐ
ŵƉůŽLJĞĞƐ͛ZĞƚŝƌĞŵĞŶƚ^LJƐƚĞŵ ;ĂůW
Z^Ϳ͘dŚĞWůĂŶĐŽŶƐŝƐƚƐŽĨĂ
ŵŝƐĐĞůůĂŶĞŽƵƐƉŽŽůĂŶĚĂƐĂĨĞƚLJƉŽŽů;ĂůƐŽƌĞĨĞƌƌĞĚƚŽĂƐ͞ƌŝƐŬƉŽŽůƐ͟Ϳ͕ǁŚŝĐŚĂƌĞĐŽŵƉƌŝƐĞĚŽĨŝŶĚŝǀŝĚƵĂů ĞŵƉůŽLJĞƌŵŝƐĐĞůůĂŶĞŽƵƐĂŶĚƐĂĨĞƚLJƌĂƚĞƉůĂŶƐ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘WůĂŶĂƐƐĞƚƐŵĂLJďĞƵƐĞĚƚŽƉĂLJďĞŶĞĨŝƚƐĨŽƌ ĂŶLJĞŵƉůŽLJĞƌƌĂƚĞƉůĂŶŽĨƚŚĞƐĂĨĞƚLJĂŶĚŵŝƐĐĞůůĂŶĞŽƵƐƉŽŽůƐ͘ĐĐŽƌĚŝŶŐůLJ͕ƌĂƚĞƉůĂŶƐǁŝƚŚŝŶƚŚĞƐĂĨĞƚLJ Žƌ ŵŝƐĐĞůůĂŶĞŽƵƐ ƉŽŽůƐ ĂƌĞ ŶŽƚ ƐĞƉĂƌĂƚĞ ƉůĂŶƐ ƵŶĚĞƌ ŐĞŶĞƌĂůůLJ ĂĐĐĞƉƚĞĚ ĂĐĐŽƵŶƚŝŶŐ ƉƌŝŶĐŝƉůĞƐ͘ /ŶĚŝǀŝĚƵĂůĞŵƉůŽLJĞƌƐŵĂLJ ƐƉŽŶƐŽƌŵŽƌĞ ƚŚĂŶ ŽŶĞ ƌĂƚĞ ƉůĂŶ ŝŶ ƚŚĞŵŝƐĐĞůůĂŶĞŽƵƐ Žƌ ƐĂĨĞƚLJ ƌŝƐŬ ƉŽŽůƐ͘ dŚĞŝƚLJƉĂƌƚŝĐŝƉĂƚĞƐĨŽƵƌƌĂƚĞƉůĂŶƐ;ƚǁŽŵŝƐĐĞůůĂŶĞŽƵƐĂŶĚƚǁŽƐĂĨĞƚLJͿ͘ĞŶĞĨŝƚƉƌŽǀŝƐŝŽŶƐƵŶĚĞƌƚŚĞ WůĂŶĂƌĞĞƐƚĂďůŝƐŚĞĚďLJ^ƚĂƚĞƐƚĂƚƵƚĞĂŶĚŝƚLJƌĞƐŽůƵƚŝŽŶ͘ĂůW Z^ŝƐƐƵĞƐƉƵďůŝĐůLJĂǀĂŝůĂďůĞƌĞƉŽƌƚƐƚŚĂƚ
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ĞŶĞĨŝƚƐ WƌŽǀŝĚĞĚ ʹ ĂůW
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ŵƉůŽLJĞĞƐ͛ZĞƚŝƌĞŵĞŶƚ>Ăǁ͘
dŚĞWůĂŶŽƉĞƌĂƚĞƐƵŶĚĞƌƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĂůŝĨŽƌŶŝĂWƵďůŝĐ ŵƉůŽLJĞĞƐ͛ZĞƚŝƌĞŵĞŶƚ>Ăǁ;W
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dŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐƉĂŐĞůĞĨƚŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
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dŚĞWůĂŶƐ͛ƉƌŽǀŝƐŝŽŶƐĂŶĚďĞŶĞĨŝƚƐŝŶĞĨĨĞĐƚĂƚ:ƵŶĞϯϬ͕ϮϬϮϯ͕ĂƌĞƐƵŵŵĂƌŝnjĞĚĂƐĨŽůůŽǁƐ͗ DŝƐĐĞůůĂŶĞŽƵƐ
,ŝ ƌĞĚĂ ƚĞ
,ŝ ƌĞĚƉƌŝŽƌƚŽ
:ĂŶƵĂ ƌLJϭ͕ϮϬϭϯ
,ŝ ƌĞĚŽŶŽƌĂ ĨƚĞƌ
:ĂŶƵĂ ƌLJϭ͕ϮϬϭϯ
ĞŶĞ Ĩŝ ƚĨŽƌŵƵůĂ ϮйΛϱϱ ϮйΛϲϮ
ĞŶĞ Ĩŝ ƚǀĞƐ ƚŝŶŐƐ ĐŚĞĚƵůĞ ϱLJĞĂ ƌƐƐĞƌǀŝĐĞ ϱLJĞĂ ƌƐƐĞƌǀŝĐĞ ĞŶĞ Ĩŝ ƚƉĂLJŵĞŶƚƐ DŽŶƚŚůLJĨŽƌůŝ ĨĞ DŽŶƚŚůLJĨŽƌůŝ ĨĞ
ZĞ ƚŝ ƌĞŵĞŶƚĂŐĞ;ĞůŝŐŝďůĞĂŐĞϱϬĐůĂ Ɛ ƐŝĐ͕ϱϮŶĞǁͿ ϱϬͲϲϯ ϱϮͲϲϳ DŽŶƚŚůLJďĞŶĞ Ĩŝ ƚƐ͕Ă ƐĂйŽĨĞůŝŐŝďůĞĐŽŵƉĞŶƐĂ ƚŝŽŶ ϭ͘ϰϲйƚŽϮ͘ϰϭϴй ϭ͘ϬϮйƚŽϮ͘ϱй ZĞƋƵŝ ƌĞĚĞŵƉůŽLJĞĞĐŽŶƚƌŝďƵƚŝŽŶƌĂ ƚĞƐĨŽƌϮϬϮϯ ϳй ϲ͘ϳϱй ZĞƋƵŝ ƌĞĚĞŵƉůŽLJĞƌĐŽŶƚƌŝďƵƚŝŽŶƌĂ ƚĞƐĨŽƌϮϬϮϯ ϭϬ͘ϯϮϬйнΨϭϱϯ͕ϰϮϴ ϳ͘ϰϳϬйнΨϯ͕ϭϴϭ 
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:ĂŶƵĂ ƌLJϭ͕ϮϬϭϯ
,ŝ ƌĞĚŽŶŽƌĂ ĨƚĞƌ
:ĂŶƵĂ ƌLJϭ͕ϮϬϭϯ
ĞŶĞ Ĩŝ ƚĨŽƌŵƵůĂ ϮйΛϱϱ Ϯ͘йΛϱϳ
ĞŶĞ Ĩŝ ƚǀĞƐ ƚŝŶŐƐĐŚĞĚƵůĞ ϱLJĞĂ ƌƐƐĞƌǀŝĐĞ ϱLJĞĂ ƌƐƐĞƌǀŝĐĞ ĞŶĞ Ĩŝ ƚƉĂLJŵĞŶƚƐ ŵŽŶƚŚůLJĨŽƌůŝ ĨĞ ŵŽŶƚŚůLJĨŽƌůŝ ĨĞ
ZĞ ƚŝ ƌĞŵĞŶƚĂŐĞ;ĞůŝŐŝ ďůĞĂ ƚĂŐĞϱϬͿ ϱϬͲϱϱ ϱϬͲϱϳ DŽŶƚŚůLJďĞŶĞ Ĩŝ ƚƐ͕Ă ƐĂйŽĨĞůŝŐŝďůĞĐŽŵƉĞŶƐĂ ƚŝŽŶ ϭ͘ϰϮϲйƚŽϮ͘Ϭй Ϯ͘ϬйƚŽϮ͘ϳй ZĞƋƵŝ ƌĞĚĞŵƉůŽLJĞĞĐŽŶƚƌŝďƵƚŝŽŶƌĂ ƚĞƐĨŽƌϮϬϮϯ ϳй ϭϬ͘ϬϬй ZĞƋƵŝ ƌĞĚĞŵƉůŽLJĞƌĐŽŶƚƌŝďƵƚŝŽŶƌĂ ƚĞƐĨŽƌϮϬϮϯ ϭϰ͘ϳϰϬйнΨϭϬϯ͕ϲϬϳ ϭϬ͘ϴϬϬйнΨϯ͕ϯϯϰ ŽŶƚƌŝďƵƚŝŽŶƐͲ^ĞĐƚŝŽŶϮϬϴϭϰ;ĐͿŽĨƚŚĞĂůŝĨŽƌŶŝĂWƵďůŝĐ ŵƉůŽLJĞĞƐ͛ZĞƚŝƌĞŵĞŶƚ>Ăǁ;W
Z>ͿƌĞƋƵŝƌĞƐƚŚĂƚ
ƚŚĞ ĞŵƉůŽLJĞƌ ĐŽŶƚƌŝďƵƚŝŽŶ ƌĂƚĞƐ ĨŽƌ Ăůů ƉƵďůŝĐ ĞŵƉůŽLJĞƌƐ ďĞ ĚĞƚĞƌŵŝŶĞĚ ŽŶ ĂŶ ĂŶŶƵĂů ďĂƐŝƐ ďLJ ƚŚĞ ĂĐƚƵĂƌLJ ĂŶĚ ƐŚĂůů ďĞ ĞĨĨĞĐƚŝǀĞ ŽŶ ƚŚĞ :ƵůLJϭ ĨŽůůŽǁŝŶŐ ŶŽƚŝĐĞ ŽĨ Ă ĐŚĂŶŐĞ ŝŶ ƚŚĞ ƌĂƚĞ͘ dŚĞ ƚŽƚĂů ƉůĂŶ ĐŽŶƚƌŝďƵƚŝŽŶƐ ĂƌĞ ĚĞƚĞƌŵŝŶĞĚ ƚŚƌŽƵŐŚ ĂůW
Z^͛ ĂŶŶƵĂů ĂĐƚƵĂƌŝĂů ǀĂůƵĂƚŝŽŶ ƉƌŽĐĞƐƐ͘  dŚĞ ĂĐƚƵĂƌŝĂůůLJ ĚĞƚĞƌŵŝŶĞĚ ƌĂƚĞ ŝƐ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĂŵŽƵŶƚ ŶĞĐĞƐƐĂƌLJ ƚŽ ĨŝŶĂŶĐĞ ƚŚĞ ĐŽƐƚƐ ŽĨ ďĞŶĞĨŝƚƐ ĞĂƌŶĞĚ ďLJ ĞŵƉůŽLJĞĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͕ǁŝƚŚĂŶĂĚĚŝƚŝŽŶĂůƚŽĨŝŶĂŶĐĞĂŶLJƵŶĨƵŶĚĞĚĂĐĐƌƵĞĚůŝĂďŝůŝƚLJ͘dŚĞĞŵƉůŽLJĞƌ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽĐŽŶƚƌŝďƵƚĞ ƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶ ƚŚĞĂĐƚƵĂƌŝĂůůLJĚĞƚĞƌŵŝŶĞĚ ƌĂƚĞĂŶĚ ƚŚĞĐŽŶƚƌŝďƵƚŝŽŶ ƌĂƚĞŽĨĞŵƉůŽLJĞĞƐ͘
ŵƉůŽLJĞƌĐŽŶƚƌŝďƵƚŝŽŶƌĂƚĞƐŵĂLJĐŚĂŶŐĞŝĨƉůĂŶĐŽŶƚƌĂĐƚƐĂƌĞĂŵĞŶĚĞĚ͘WĂLJŵĞŶƚƐ ŵĂĚĞďLJƚŚĞĞŵƉůŽLJĞƌƚŽƐĂƚŝƐĨLJĐŽŶƚƌŝďƵƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐƚŚĂƚĂƌĞŝĚĞŶƚŝĨŝĞĚďLJƚŚĞƉĞŶƐŝŽŶƉůĂŶƚĞƌŵƐ ĂƐƉůĂŶŵĞŵďĞƌĐŽŶƚƌŝďƵƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐƉůĂŶŵĞŵďĞƌĐŽŶƚƌŝďƵƚŝŽŶƐ͘ dŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐƉĂŐĞůĞĨƚŝŶƚĞŶƚŝŽŶĂůůLJďůĂŶŬ͘
148
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ŵƉůŽLJĞƌĐŽŶƚƌŝďƵƚŝŽŶƐ ƚŽ ƚŚĞWůĂŶ ĨŽƌ ƚŚĞ ĨŝƐĐĂůLJĞĂƌĞŶĚĞĚ :ƵŶĞϯϬ͕ϮϬϮϯǁĞƌĞΨϰϳϵ͕ϰϰϮ͘dŚĞĂĐƚƵĂů ĞŵƉůŽLJĞƌ ƉĂLJŵĞŶƚƐ ŽĨ ΨϰϳϬ͕ϴϵϰŵĂĚĞ ƚŽ ĂůW
Z^ ďLJ ƚŚĞ ŝƚLJ ĚƵƌŝŶŐ ƚŚĞŵĞĂƐƵƌĞŵĞŶƚ ƉĞƌŝŽĚĞŶĚĞĚ :ƵŶĞϯϬ͕ϮϬϮϮĚŝĨĨĞƌĞĚĨƌŽŵƚŚĞŝƚLJ͛ƐƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞĞŵƉůŽLJĞƌ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐŽĨΨϱϲϱ͕ϰϭϵ ďLJ ;Ψϵϰ͕ϱϮϱͿ͕ ǁŚŝĐŚ ŝƐ ďĞŝŶŐ ĂŵŽƌƚŝnjĞĚ ŽǀĞƌ ƚŚĞ ĞdžƉĞĐƚĞĚ ĂǀĞƌĂŐĞ ƌĞŵĂŝŶŝŶŐ ƐĞƌǀŝĐĞ ůŝĨĞƚŝŵĞ ŝŶ ƚŚĞ WƵďůŝĐŐĞŶĐLJŽƐƚͲ^ŚĂƌŝŶŐDƵůƚŝƉůĞ
ŵƉůŽLJĞƌWůĂŶ͘
͘EĞƚWĞŶƐŝŽŶ>ŝĂďŝůŝƚLJ
dŚĞŝƚLJ͛ƐŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJĨŽƌ;ĞĂĐŚͿWůĂŶŝƐŵĞĂƐƵƌĞĚĂƐƚŚĞƚŽƚĂůƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ͕ůĞƐƐƚŚĞƉĞŶƐŝŽŶ ƉůĂŶ͛Ɛ ĨŝĚƵĐŝĂƌLJ ŶĞƚ ƉŽƐŝƚŝŽŶ͘dŚĞ ŶĞƚ ƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ ŽĨĞĂĐŚ ŽĨ ƚŚĞ WůĂŶƐŝƐŵĞĂƐƵƌĞĚĂƐ ŽĨ :ƵŶĞ ϯϬ͕ ϮϬϮϮ͕ ƵƐŝŶŐ ĂŶ ĂŶŶƵĂů ĂĐƚƵĂƌŝĂů ǀĂůƵĂƚŝŽŶ ĂƐ ŽĨ :ƵŶĞ ϯϬ͕ ϮϬϮϭ͕ƌŽůůĞĚ ĨŽƌǁĂƌĚ ƚŽ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ƵƐŝŶŐ ƐƚĂŶĚĂƌĚƵƉĚĂƚĞƉƌŽĐĞĚƵƌĞƐ͘ƐƵŵŵĂƌLJŽĨƉƌŝŶĐŝƉĂůĂƐƐƵŵƉƚŝŽŶƐĂŶĚŵĞƚŚŽĚƐ͕ƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞ ŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ͕ŝƐĂƐĨŽůůŽǁƐ͗
ĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐDĞƚŚŽĚƐĂŶĚƐƐƵŵƉƚŝŽŶƐhƐĞĚƚŽĞƚĞƌŵŝŶĞdŽƚĂůWĞŶƐŝŽŶ>ŝĂďŝůŝƚLJ sĂůƵĂƚŝŽŶĂƚĞ :ƵŶĞϯϬ͕ϮϬϮϭ
DĞĂƐƵƌĞŵĞŶƚĂƚĞ :ƵŶĞϯϬ͕ϮϬϮϮ
ĐƚƵĂƌŝĂůŽƐƚDĞƚŚŽĚ
ƐƐĞƚǀĂůƵĂƚŝŽŶŵĞƚŚŽĚ
ĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ͗
ŝƐĐŽƵŶƚZĂƚĞ ϲ͘ϵϬй
/ŶĨůĂƚŝŽŶ Ϯ͘ϯϬй
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DŽƌƚĂůŝƚLJƌĂƚĞƚĂďůĞ;ϭͿ ĞƌŝǀĞĚƵƐŝŶŐĂůW
Z^ΖDĞŵďĞƌƐŚŝƉĚĂƚĂĨŽƌĂůů
ĨƵŶĚƐ͘
WŽƐƚZĞƚŝƌĞŵĞŶƚĞŶĞĨŝƚ/ŶĐƌĞĂƐĞ dŚĞůĞƐƐĞƌŽĨĐŽŶƚƌĂĐƚK>ŽƌϮ͘ϯϬйƵŶƚŝůWƵƌĐŚĂƐŶŐ WŽǁĞƌWƌŽƚĞĐƚŝŽŶůůŽǁĂŶĐĞĨůŽŽƌŽŶƉƵƌĐŚĂƐŝŶŐ
ƉŽǁĞƌĂƉƉůŝĞƐ͕Ϯ͘ϯϬйƚŚĞƌĞĂĨƚĞƌ͘

ŶƚƌLJͲŐĞĐƚƵĂƌŝĂůŽƐƚDĞƚŚŽĚ
sĂƌŝĞƐďLJ
ŶƚƌLJŐĞĂŶĚ^ĞƌǀŝĐĞ
;ϭͿdŚĞŵŽƌƚĂůŝ ƚLJƚĂďůĞƵƐĞĚǁĂ ƐĚĞǀĞů ŽƉĞĚďĂ ƐĞĚŽŶĂůW Z^ΖƐƉĞĐŝ ĨŝĐĚĂ ƚĂ͘dŚĞƉƌŽďĂďŝůŝ ƚŝĞƐŽĨ
ŵŽƚĂůŝ ƚLJĂ ƌĞďĂ ƐĞĚŽŶƚŚĞϮϬϮϭĂůW
Z^
džƉĞƌŝĞŶĐĞ^ƚƵĚLJĨŽƌƚŚĞƉĞƌŝ ŽĚĨƌŽŵϮϬϬϭƚŽϮϬϭϵ͘WƌĞ ͲƌĞ ƚŝ ƌĞŵĞŶƚ ĂŶĚWŽƐ ƚͲƌĞƚŝ ƌĞŵĞŶƚŵŽƌƚĂůŝ ƚLJƌĂ ƚĞƐŝŶĐůƵĚĞŐĞŶĞƌĂ ƚŝŽŶĂůŵŽƌƚĂůŝ ƚLJŝŵƉƌŽǀĞŵĞŶƚƵƐŝŶŐϴϬйŽĨ^ĐĂůĞDWͲ ϮϬϮϬƉƵďůŝ Ɛ ŚĞĚďLJƚŚĞ^ŽĐŝĞƚLJŽĨĐƚƵĂ ƌŝĞƐ͘&ŽƌŵŽƌĞĚĞ ƚĂŝů ƐŽŶƚŚŝƐƚĂďůĞ͕ƉůĞĂ ƐĞƌĞ ĨĞƌƚŽƚŚĞĂů W Z^

džĞ ƌŝĞŶĐĞ^ƚƵĚLJĂŶĚZĞǀŝĞǁŽĨĐƚƵĂ ƌŝĂůƐ Ɛ ƵŵƉƚŝŽŶƐƌĞƉŽƌƚĨƌŽŵEŽǀĞŵďĞƌϮϬϮϭƚŚĂ ƚĐĂŶďĞĨŽƵŶĚŽŶ ƚŚĞĂůW
Z^ǁĞďƐŝ ƚĞ͘
DĂƌŬĞƚsĂůƵĞŽĨƐƐĞƚƐ
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ĂƌĞ ƉƵďůŝĐůLJ ĂǀĂŝůĂďůĞ ƌĞƉŽƌƚƐ ƚŚĂƚ ĐĂŶ ďĞ ŽďƚĂŝŶĞĚ Ăƚ ĂůW Z^͛ ǁĞďƐŝƚĞ͕ Ăƚ ǁǁǁ͘ĐĂůƉĞƌƐ͘ĐĂ͘ŐŽǀ͘ dŚĞ
ƉůĂŶƐ͛ ĨŝĚƵĐŝĂƌLJ ŶĞƚ ƉŽƐŝƚŝŽŶ ĂŶĚ ĂĚĚŝƚŝŽŶƐ ƚŽͬĚĞĚƵĐƚŝŽŶƐ ĨƌŽŵ ƚŚĞ ƉůĂŶƐ͛ ĨŝĚƵĐŝĂƌLJ ŶĞƚ ƉŽƐŝƚŝŽŶ ŚĂǀĞ ďĞĞŶ ĚĞƚĞƌŵŝŶĞĚ ŽŶ ƚŚĞ ƐĂŵĞ ďĂƐŝƐ ƵƐĞĚ ďLJ ƚŚĞ ƉĞŶƐŝŽŶ ƉůĂŶ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ĞĐŽŶŽŵŝĐ ƌĞƐŽƵƌĐĞƐ ŵĞĂƐƵƌĞŵĞŶƚĨŽĐƵƐĂŶĚƚŚĞĂĐĐƌƵĂůďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐ͘ĞŶĞĨŝƚƐĂŶĚƌĞĨƵŶĚƐĂƌĞƌĞĐŽŐŶŝnjĞĚǁŚĞŶĚƵĞ ĂŶĚƉĂLJĂďůĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƚĞƌŵƐŽĨĞĂĐŚƉůĂŶ͘/ŶǀĞƐƚŵĞŶƚƐĂƌĞƌĞƉŽƌƚĞĚĂƚĨĂŝƌǀĂůƵĞ͘ ͘WƌŽƉŽƌƚŝŽŶĂƚĞ^ŚĂƌĞŽĨEĞƚWĞŶƐŝŽŶ>ŝĂďŝůŝƚLJ
dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƐŚŽǁƐ ƚŚĞ WůĂŶƐ͛ ƉƌŽƉŽƌƚŝŽŶĂƚĞ ƐŚĂƌĞ ŽĨ ƚŚĞ ŶĞƚ ƉĞŶƐŝŽŶ ůŝĂďŝůŝƚLJ ŽǀĞƌ ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚƉĞƌŝŽĚ͗
WůĂŶdŽƚĂůWĞŶƐŝŽŶ WůĂŶ&ŝĚƵĐŝĂƌLJEĞƚ WůĂŶEĞƚWĞŶƐŝŽŶ
>ŝĂďŝůŝƚLJ WŽƐŝƚŝŽŶ >ŝĂďŝůŝƚLJ
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sĂůƵĂƚŝŽŶĂƚĞ;sͿ͕DĞĂƐƵƌĞŵĞŶƚĂƚĞ;DͿ͘
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Z^͛ǁĞďƐŝƚĞ͕Ăƚǁǁǁ͘ĐĂůƉĞƌƐ͘ĐĂ͘ŐŽǀ͘dŚĞŝƚLJ͛ƐƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJĨŽƌ ƚŚĞ ŵŝƐĐĞůůĂŶĞŽƵƐͬƐĂĨĞƚLJͬƚŽƚĂů WůĂŶ ĂƐ ŽĨ ƚŚĞ :ƵŶĞϯϬ͕ ϮϬϮϭ ĂŶĚ ϮϬϮϮ ŵĞĂƐƵƌĞŵĞŶƚ ĚĂƚĞƐ ǁĂƐ ĂƐ ĨŽůůŽǁƐ͗
dŽƚĂů
WƌŽƉŽƌƚŝŽŶͲ:ƵŶĞϯϬ͕ϮϬϮϮ Ϭ͘ϬϯϬϵϯй
WƌŽƉŽƌƚŝŽŶͲ:ƵŶĞϯϬ͕ϮϬϮϯ Ϭ͘ϬϮϵϴϯй
ŚĂŶŐĞͲŝŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿ ͲϬ͘ϬϬϭϭϬй
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WůĂŶΖƐEĞƚWĞŶƐŝŽŶ>ŝĂďŝůŝƚLJͬ;ƐƐĞƚͿ Ψϱ͕Ϯϰϯ͕Ϯϱϴ Ψϯ͕ϰϰϱ͕ϳϵϱ Ψϭ͕ϵϳϭ͕ϮϬϱ ^ƵďƐĞƋƵĞŶƚ
ǀĞŶƚƐ
KŶ:ƵůLJϭϮ͕ϮϬϮϭ͕ĂůW
Z^ƌĞƉŽƌƚĞĚĂƉƌĞůŝŵŝŶĂƌLJϮϭ͘ϯйŶĞƚƌĞƚƵƌŶŽŶŝŶǀĞƐƚŵĞŶƚƐĨŽƌĨŝƐĐĂůLJĞĂƌϮϬϮϬͲ Ϯϭ͘ ĂƐĞĚ ŽŶ ƚŚĞ ƚŚƌĞƐŚŽůĚƐ ƐƉĞĐŝĨŝĞĚ ŝŶ ĂůW
Z^ &ƵŶĚŝŶŐ ZŝƐŬDŝƚŝŐĂƚŝŽŶ ƉŽůŝĐLJ͕ ƚŚĞ ĞdžĐĞƐƐ ƌĞƚƵƌŶ ŽĨ ϭϰ͘ϯй ƉƌĞƐĐƌŝďĞƐ Ă ƌĞĚƵĐƚŝŽŶ ŝŶ ŝŶǀĞƐƚŵĞŶƚ ǀŽůĂƚŝůŝƚLJ ƚŚĂƚ ĐŽƌƌĞƐƉŽŶĚƐ ƚŽ Ă ƌĞĚƵĐƚŝŽŶ ŝŶ ƚŚĞ ĚŝƐĐŽƵŶƚ ƌĂƚĞƵƐĞĚĨŽƌĨƵŶĚŝŶŐƉƵƌƉŽƐĞƐŽĨ͘ϬϮϬй͕ĨƌŽŵϳ͘ϬϬйƚŽϲ͘ϴϬй͘^ŝŶĐĞĂůW Z^ǁĂƐŝŶƚŚĞĨŝŶĂůƐƚĂŐĞƐŽĨ
ƚŚĞ ĨŽƵƌͲLJĞĂƌƐƐĞƚ >ŝĂďŝůŝƚLJDĂŶĂŐĞŵĞŶƚ ;>DͿ ĐLJĐůĞ͕ ƚŚĞ ďŽĂƌĚĞůĞĐƚĞĚ ƚŽ ĚĞĨĞƌĂŶLJ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ĂƐƐĞƚ ĂůůŽĐĂƚŝŽŶ ƵŶƚŝů ƚŚĞ >D ƉƌŽĐĞƐƐ ĐŽŶĐůƵĚĞĚ͕ ĂŶĚ ƚŚĞ ďŽĂƌĚ ĐŽƵůĚŵĂŬĞ ŝƚƐ ĨŝŶĂů ĚĞĐŝƐŝŽŶ ŽŶ ƚŚĞ ĂƐƐĞƚĂůůŽĐĂƚŝŽŶŝŶEŽǀĞŵďĞƌϮϬϮϭ͘
152
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KŶEŽǀĞŵďĞƌϭϳ͕ϮϬϮϭ͕ ƚŚĞ ďŽĂƌĚĂĚŽƉƚĞĚĂŶĞǁ ƐƚƌĂƚĞŐŝĐĂƐƐĞƚĂůůŽĐĂƚŝŽŶ͘dŚĞ ŶĞǁĂƐƐĞƚĂůůŽĐĂƚŝŽŶ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ŶĞǁ ĐĂƉŝƚĂů ŵĂƌŬĞƚ ĂƐƐƵŵƉƚŝŽŶƐ͕ ĞĐŽŶŽŵŝĐ ĂƐƐƵŵƉƚŝŽŶƐ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞ ĂƐƐƵŵƉƚŝŽŶ ƐƵƉƉŽƌƚĂ ĚŝƐĐŽƵŶƚ ƌĂƚĞ ŽĨ ϲ͘ϵϬй ;ŶĞƚ ŽĨŝŶǀĞƐƚŵĞŶƚ ĞdžƉĞŶƐĞ ďƵƚǁŝƚŚŽƵƚĂ ƌĞĚƵĐƚŝŽŶ ĨŽƌ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞĞdžƉĞŶƐĞͿĨŽƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐ͘dŚŝƐŝŶĐůƵĚĞƐĂƌĞĚƵĐƚŝŽŶŝŶƚŚĞƉƌŝĐĞŝŶĨůĂƚŝŽŶ ĂƐƐƵŵƉƚŝŽŶĨƌŽŵϮ͘ϱϬйƚŽϮ͘ϯϬйĂƐƌĞĐŽŵŵĞŶĚĞĚŝŶƚŚĞEŽǀĞŵďĞƌϮϬϮϭĂůW Z^
džƉĞƌŝĞŶĐĞ^ƚƵĚLJĂŶĚ
ZĞǀŝĞǁ ŽĨ ĐƚƵĂƌŝĂů ƐƐƵŵƉƚŝŽŶƐ͘  dŚŝƐ ƐƚƵĚLJ ĂůƐŽ ƌĞĐŽŵŵĞŶĚĞĚ ŵŽĚŝĨŝĐĂƚŝŽŶƐ ƚŽ ƌĞƚŝƌĞŵĞŶƚ ƌĂƚĞƐ͕ ƚĞƌŵŝŶĂƚŝŽŶƌĂƚĞƐ͕ŵŽƌƚĂůŝƚLJƌĂƚĞƐĂŶĚƌĂƚĞƐŽĨƐĂůĂƌLJŝŶĐƌĞĂƐĞƐƚŚĂƚǁĞƌĞĂĚŽƉƚĞĚďLJƚŚĞďŽĂƌĚ͘dŚĞƐĞ ŶĞǁĂƐƐƵŵƉƚŝŽŶƐǁŝůůďĞ ƌĞĨůĞĐƚĞĚŝŶ ƚŚĞ'^ϲϴĂĐĐŽƵŶƚŝŶŐǀĂůƵĂƚŝŽŶ ƌĞƉŽƌƚƐ ĨŽƌ ƚŚĞ :ƵŶĞϯϬ͕ϮϬϮϮ͕ ŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘
ŵŽƌƚŝnjĂƚŝŽŶŽĨĞĨĞƌƌĞĚKƵƚĨůŽǁƐĂŶĚĞĨĞƌƌĞĚ/ŶĨůŽǁƐŽĨZĞƐŽƵƌĐĞƐ hŶĚĞƌ'^ϲϴ͕ŐĂŝŶƐĂŶĚůŽƐƐĞƐƌĞůĂƚĞĚ ƚŽĐŚĂŶŐĞƐŝŶƚŽƚĂůƉĞŶƐŝŽŶůŝĂďŝůŝƚLJĂŶĚ ĨŝĚƵĐŝĂƌLJŶĞƚƉŽƐŝƚŝŽŶ ĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉĞŶƐŝŽŶĞdžƉĞŶƐĞƐLJƐƚĞŵĂƚŝĐĂůůLJŽǀĞƌƚŝŵĞ͘ dŚĞĨŝƌƐƚĂŵŽƌƚŝnjĞĚĂŵŽƵŶƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉĞŶƐŝŽŶĞdžƉĞŶƐĞĨŽƌƚŚĞLJĞĂƌƚŚĞŐĂŝŶŽƌůŽƐƐŽĐĐƵƌƐ͘dŚĞ ƌĞŵĂŝŶŝŶŐĂŵŽƵŶƚƐĂƌĞ ĐĂƚĞŐŽƌŝnjĞĚĂƐĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐĂŶĚĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨ ƌĞƐŽƵƌĐĞƐ ƌĞůĂƚĞĚ ƚŽ ƉĞŶƐŝŽŶƐĂŶĚĂƌĞƚŽďĞƌĞĐŽŐŶŝnjĞĚŝŶĨƵƚƵƌĞƉĞŶƐŝŽŶĞdžƉĞŶƐĞ͘ dŚĞĂŵŽƌƚŝnjĂƚŝŽŶƉĞƌŝŽĚĚŝĨĨĞƌƐĚĞƉĞŶĚŝŶŐŽŶƚŚĞƐŽƵƌĐĞŽĨƚŚĞŐĂŝŶŽƌůŽƐƐ͗ EĞƚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƉƌŽũĞĐƚĞĚ
ĂŶĚĂĐƚƵĂůĞĂƌŶŝŶŐƐŽŶƉĞŶƐŝŽŶ
ƉůĂŶŝŶǀĞƐƚŵĞŶƚƐ
ϱͲLJĞĂƌƐƚƌĂŝŐŚƚͲůŝŶĞĂŵŽƌƚŝnjĂƚŝŽŶ
ůůŽƚŚĞƌĂŵŽƵŶƚƐ ^ƚƌĂŝŐŚƚͲůŝŶĞ ĂŵŽƌƚŝnjĂƚŝŽŶ ŽǀĞƌ ƚŚĞ ĂǀĞƌĂŐĞ ĞdžƉĞĐƚĞĚ ƌĞŵĂŝŶŝŶŐ ƐĞƌǀŝĐĞ ůŝǀĞƐ ;
Z^>Ϳ ŽĨ Ăůů ŵĞŵďĞƌƐ ƚŚĂƚ ĂƌĞ
ƉƌŽǀŝĚĞĚǁŝƚŚďĞŶĞĨŝƚƐ ;ĂĐƚŝǀĞ͕ŝŶĂĐƚŝǀĞĂŶĚƌĞƚŝƌĞĚͿĂƐŽĨ ƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞŵĞĂƐƵƌĞŵĞŶƚƉĞƌŝŽĚ
dŚĞĞdžƉĞĐƚĞĚĂǀĞƌĂŐĞƌĞŵĂŝŶŝŶŐƐĞƌǀŝĐĞůŝĨĞƚŝŵĞ;
Z^>ͿŝƐĐĂůĐƵůĂƚĞĚďLJĚŝǀŝĚŝŶŐƚŚĞƚŽƚĂůĨƵƚƵƌĞƐĞƌǀŝĐĞ LJĞĂƌƐďLJƚŚĞ ƚŽƚĂůŶƵŵďĞƌŽĨƉůĂŶƉĂƌƚŝĐŝƉĂŶƚƐ ;ĂĐƚŝǀĞ͕ŝŶĂĐƚŝǀĞ͕ĂŶĚƌĞƚŝƌĞĚͿŝŶƚŚĞWƵďůŝĐŐĞŶĐLJŽƐƚͲ ^ŚĂƌŝŶŐDƵůƚŝƉůĞͲ
ŵƉůŽLJĞƌWůĂŶ;W
Z&Ϳ͘
dŚĞ
Z^> ĨŽƌ W
Z&  ĨŽƌ ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ƉĞƌŝŽĚ ĞŶĚŝŶŐ :ƵŶĞ ϯϬ͕ ϮϬϮϮ ŝƐ ϯ͘ϳ LJĞĂƌƐ͕ ǁŚŝĐŚ ǁĂƐ ŽďƚĂŝŶĞĚ ďLJ ĚŝǀŝĚŝŶŐ ƚŚĞ ƚŽƚĂů ƐĞƌǀŝĐĞLJĞĂƌƐ ŽĨ ϱϳϰ͕ϲϲϱ ;ƚŚĞ ƐƵŵ ŽĨ ƌĞŵĂŝŶŝŶŐ ƐĞƌǀŝĐĞůŝĨĞƚŝŵĞƐ ŽĨ ƚŚĞ ĂĐƚŝǀĞĞŵƉůŽLJĞĞƐͿďLJϭϱϯ͕ϱϴϳ ;ƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨƉĂƌƚŝĐŝƉĂŶƚƐ͗ĂĐƚŝǀĞ͕ŝŶĂĐƚŝǀĞ͕ĂŶĚƌĞƚŝƌĞĚͿ͘/ŶĂĐƚŝǀĞ ĞŵƉůŽLJĞĞƐĂŶĚƌĞƚŝƌĞĞƐŚĂǀĞƌĞŵĂŝŶŝŶŐƐĞƌǀŝĐĞůŝĨĞƚŝŵĞƐĞƋƵĂůƚŽϬ͘dŽƚĂůĨƵƚƵƌĞƐĞƌǀŝĐĞŝƐďĂƐĞĚŽŶƚŚĞ ŵĞŵďĞƌƐ͛ƉƌŽďĂďŝůŝƚLJŽĨĚĞĐƌĞŵĞŶƚŝŶŐĚƵĞƚŽĂŶĞǀĞŶƚŽƚŚĞƌƚŚĂŶƌĞĐĞŝǀŝŶŐĂĐĂƐŚƌĞĨƵŶĚ͘ 153
46 /dzK&tKK><

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͘WĞŶƐŝŽŶ
džƉĞŶƐĞĂŶĚĞĨĞƌƌĞĚKƵƚĨůŽǁƐĂŶĚĞĨĞƌƌĞĚ/ŶĨůŽǁƐŽĨZĞƐŽƵƌĐĞƐZĞůĂƚĞĚƚŽWĞŶƐŝŽŶƐ ƐŽĨƚŚĞƐƚĂƌƚŽĨƚŚĞŵĞĂƐƵƌĞŵĞŶƚƉĞƌŝŽĚ;:ƵůLJϭ͕ϮϬϮϭͿ͕ƚŚĞŝƚLJ͛ƐŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJǁĂƐΨϭ͕ϲϳϮ͕ϴϲϮ͘ &ŽƌƚŚĞŵĞĂƐƵƌĞŵĞŶƚƉĞƌŝŽĚĞŶĚŝŶŐ:ƵŶĞϯϬ͕ϮϬϮϮ;ƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞͿ͕ƚŚĞŝƚLJŝŶĐƵƌƌĞĚĂƉĞŶƐŝŽŶ ĞdžƉĞŶƐĞͬ;ŝŶĐŽŵĞͿŽĨΨϭϵϵ͕ϴϯϲĨŽƌƚŚĞWůĂŶ͘
ƚ:ƵŶĞϯϬ͕ϮϬϮϯ͕ƚŚĞŝƚLJŚĂƐĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐĂŶĚĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐ ĂƐĨŽůůŽǁƐ͗
ĞĨĞƌƌĞĚŽƵƚĨůŽǁƐ
ŽĨƌĞƐŽƵƌĐĞƐ
ĞĨĞƌƌĞĚŝŶĨůŽǁƐ
ŽĨƌĞƐŽƵƌĐĞƐ
WĞŶƐŝŽŶĐŽŶƚƌŝďƵƚŝŽŶƐƐƵďƐĞƋƵĞŶƚƚŽŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ ϰϳϵ͕ϰϰϮ Ψ Ͳ Ψ ŝ ĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶĂĐƚƵĂůĐŽŶƚƌŝďƵƚŝŽŶƐĂŶĚ
ƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨĞŵƉůŽLJĞƌĐŽŶƚƌŝďƵƚŝŽŶƐ ϰ͕ϳϵϰ  ϭϭϰ͕Ϯϯϰ  ŚĂŶŐĞƐŝŶĂƐƐƵŵƉƚŝŽŶƐ ϯϱϬ͕ϴϵϳ  Ͳ  ŝ ĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶĂĐƚƵĂůĂŶĚĞdžƉĞĐƚĞĚĞdžƉĞƌŝĞŶĐĞ ϵϳ͕ϳϭϵ  ϰϮ͕ϴϳϴ  EĞƚĚŝ ĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƉƌŽũĞĐƚĞĚΘĂĐƚƵĂůĞĂƌŶŝŶŐƐŽŶ ƉĞŶƐŝŽŶƉůĂŶŝŶǀĞƐƚŵĞŶƚƐ ϱϵϳ͕ϯϲϯ  Ͳ  ŚĂŶŐĞŝŶƉƌŽƉŽƌƚŝŽŶ ϵϳ͕ϴϮϯ  ϳϭ͕ϴϴϮ  dŽƚĂů ϭ͕ϲϮϴ͕Ϭϯϴ Ψ ϮϮϴ͕ϵϵϭ Ψ
dŚĞ ĂŵŽƵŶƚƐ ĂďŽǀĞ ĂƌĞ ŶĞƚ ŽĨ ŽƵƚĨůŽǁƐ ĂŶĚ ŝŶĨůŽǁƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ϮϬϮϭͲϮϮ ŵĞĂƐƵƌĞŵĞŶƚ ƉĞƌŝŽĚ ĞdžƉĞŶƐĞ͘ ŽŶƚƌŝďƵƚŝŽŶƐ ƐƵďƐĞƋƵĞŶƚ ƚŽ ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ĚĂƚĞ ŽĨ Ψϰϳϵ͕ϰϰϮ ƌĞƉŽƌƚĞĚ ǁŝƚŚ ĚĞĨĞƌƌĞĚ ŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐǁŝůůďĞƌĞĐŽŐŶŝnjĞĚĂƐĂƌĞĚƵĐƚŝŽŶŽĨƚŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJŝŶƚŚĞƵƉĐŽŵŝŶŐĨŝƐĐĂů LJĞĂƌ͘  KƚŚĞƌ ĂŵŽƵŶƚƐ ƌĞƉŽƌƚĞĚ ĂƐ ĚĞĨĞƌƌĞĚ ŽƵƚĨůŽǁƐ ĂŶĚ ĚĞĨĞƌƌĞĚ ŝŶĨůŽǁƐ ŽĨ ƌĞƐŽƵƌĐĞƐ ƌĞůĂƚĞĚ ƚŽ ƉĞŶƐŝŽŶƐǁŝůůďĞƌĞĐŽŐŶŝnjĞĚŝŶĨƵƚƵƌĞƉĞŶƐŝŽŶĞdžƉĞŶƐĞĂƐĨŽůůŽǁƐ͗ &ŝƐĐĂůzĞĂƌ
ŶĚĞĚ
:ƵŶĞϯϬ͗
ĞĨĞƌƌĞĚ
KƵƚĨůŽǁƐͬ;/ŶĨůŽǁƐͿŽĨ
ZĞƐŽƵƌĐĞƐ
ϮϬϮϰ ;ϮϰϮ͕ϴϱϳͿ Ψ
ϮϬϮϱ ;ϭϵϳ͕ϲϭϯͿ 
ϮϬϮϲ ;ϭϭϰ͕ϭϬϴͿ 
ϮϬϮϳ ;ϯϲϱ͕ϬϮϱͿ 
ϮϬϮϴ Ͳ 
dŚĞƌĞĂĨƚĞƌ Ͳ 
Ψ;ϵϭϵ͕ϲϬϯͿ

͘WĂLJĂďůĞƚŽƚŚĞWĞŶƐŝŽŶWůĂŶ
ƚ :ƵŶĞϯϬ͕ϮϬϮϯ͕ ƚŚĞŝƚLJ ƌĞƉŽƌƚƐĂƉĂLJĂďůĞŽĨΨϬ ĨŽƌ ƚŚĞŽƵƚƐƚĂŶĚŝŶŐĂŵŽƵŶƚŽĨĐŽŶƚƌŝďƵƚŝŽŶƐ ƚŽ ƚŚĞ ƉĞŶƐŝŽŶƉůĂŶƌĞƋƵŝƌĞĚĨŽƌƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚ͘
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D
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EKd
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DW>KzD
Ed
E
&/d^Kd,
Zd,EW
E^/KE
E
&/d^
dŚĞŝƚLJĚŽĞƐŶŽƚƉƌŽǀŝĚĞƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐ͕ŽƚŚĞƌƚŚĂŶƉĞŶƐŝŽŶďĞŶĞĨŝƚƐ͘ŝƚLJΖƐKW ƉůĂŶǁĂƐ
ƚĞƌŵŝŶĂƚĞĚŝŶ:ƵůLJϮϬϭϯǁŝƚŚŽƵŶĐŝůZĞƐŽůƵƚŝŽŶEŽ͘ϭϯͲϰϵ͘ EKd
ϭϬʹZ/^<DE'
D
Ed
dŚĞŝƚLJŝƐĞdžƉŽƐĞĚƚŽǀĂƌŝŽƵƐƌŝƐŬƐĂŶĚůŽƐƐĞƐƌĞůĂƚĞĚƚŽƚŽƌƚƐ͖ƚŚĞĨƚŽĨ͕ĚĂŵĂŐĞƚŽ͕ĂŶĚĚĞƐƚƌƵĐƚŝŽŶŽĨ ĂƐƐĞƚƐ͖ ĞƌƌŽƌƐ ĂŶĚ ŽŵŝƐƐŝŽŶƐ͖ ŝŶũƵƌŝĞƐ ƚŽ ĞŵƉůŽLJĞĞƐ͖ ĂŶĚ ŶĂƚƵƌĂů ĚŝƐĂƐƚĞƌƐ͘ ZŝƐŬ ŽĨ ůŽƐƐ ŝƐ ƉƌŝŵĂƌŝůLJ ŚĂŶĚůĞĚƚŚƌŽƵŐŚƚŚĞĞŶƚƌĂů^ĂŶ:ŽĂƋƵŝŶsĂůůĞLJZŝƐŬDĂŶĂŐĞŵĞŶƚƵƚŚŽƌŝƚLJ;^:sZDͿ͘^:sZDŝƐĂ ĐŽŶƐŽƌƚŝƵŵŽĨĨŝĨƚLJͲŽŶĞ;ϱϭͿĐŝƚŝĞƐĨŽƌǁŽƌŬĞƌƐΖĐŽŵƉĞŶƐĂƚŝŽŶƉƌŽŐƌĂŵƐĂŶĚĨŝĨƚLJͲĨŽƵƌ;ϱϰͿĐŝƚŝĞƐĨŽƌƚŚĞ ƉŽŽůĞĚůŝĂďŝůŝƚLJƉƌŽŐƌĂŵŝŶƚŚĞ^ĂŶ:ŽĂƋƵŝŶsĂůůĞLJŽĨĂůŝĨŽƌŶŝĂ͘/ƚǁĂƐĞƐƚĂďůŝƐŚĞĚƵŶĚĞƌƚŚĞƉƌŽǀŝƐŝŽŶƐ ŽĨ ĂůŝĨŽƌŶŝĂ 'ŽǀĞƌŶŵĞŶƚ ŽĚĞ ^ĞĐƚŝŽŶ ϲϱϬϬ Ğƚ ƐĞƋ͘ ĞŶƚƌĂů ^ĂŶ :ŽĂƋƵŝŶ sĂůůĞLJ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ƵƚŚŽƌŝƚLJ ŝƐ ŐŽǀĞƌŶĞĚ ďLJ Ă ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ͕ ǁŚŝĐŚ ŵĞĞƚƐ ϯͲϰ ƚŝŵĞƐ ƉĞƌ LJĞĂƌ͕ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ŽŶĞ ŵĞŵďĞƌĂƉƉŽŝŶƚĞĚďLJĞĂĐŚŵĞŵďĞƌĐŝƚLJ͘dŚĞĚĂLJͲƚŽͲĚĂLJďƵƐŝŶĞƐƐŝƐŚĂŶĚůĞĚďLJĂŵĂŶĂŐĞŵĞŶƚŐƌŽƵƉ ĞŵƉůŽLJĞĚďLJ^:sZD͘
tŽƌŬĞƌƐ͛ŽŵƉĞŶƐĂƚŝŽŶWƌŽŐƌĂŵ͘dŚĞŝƚLJƉĂƌƚŝĐŝƉĂƚĞƐŝŶƚŚĞ^:sZDZŝƐŬ^ŚĂƌŝŶŐWŽŽů͘hŶĚĞƌƚŚŝƐ ƉƌŽŐƌĂŵ͕ ĞdžƉĞĐƚĞĚ ĐůĂŝŵ ůŽƐƐĞƐ ĂƌĞ ĂĐƚƵĂƌŝĂůůLJ ĚĞƚĞƌŵŝŶĞĚ͕ ĂŶĚ Ăůů ŶĞĐĞƐƐĂƌLJ ŵŽŶŝĞƐ͕ ŝŶĐůƵĚŝŶŐ ŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͕ĂƌĞĚĞƉŽƐŝƚĞĚǁŝƚŚ^:sZDŝŶĂĚǀĂŶĐĞ͘dŚĞƉƌŽŐƌĂŵŝƐƌĞƚƌŽƐƉĞĐƚŝǀĞůLJĂĚũƵƐƚĞĚĨŝǀĞ LJĞĂƌƐĨŽůůŽǁŝŶŐŝƚƐĐŽŶĐůƵƐŝŽŶ͕ĂŶĚĂŶLJĨƵŶĚƐƌĞŵĂŝŶŝŶŐŝŶĞdžĐĞƐƐŽĨŵŝŶŝŵƵŵĨƵŶĚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞ ƌĞƚƵƌŶĞĚ ƚŽ ƚŚĞ ŝƚLJ͘  >ŝŬĞǁŝƐĞ͕ ĂŶLJ ƐŚŽƌƚĨĂůůƐ ĂƌĞ ĐŽůůĞĐƚĞĚ ĨƌŽŵ ƚŚĞ ŝƚLJ ƚŚƌŽƵŐŚ ƚŚĞ ƌĞƚƌŽƐƉĞĐƚŝǀĞ ĂĚũƵƐƚŵĞŶƚ ƉƌŽĐĞƐƐ͘ ^:sZDŝƐĂŵĞŵďĞƌ ŽĨ ƚŚĞ >ŽĐĂůŐĞŶĐLJtŽƌŬĞƌƐ͛ ŽŵƉĞŶƐĂƚŝŽŶ džĐĞƐƐ :ŽŝŶƚ
WŽǁĞƌƐƵƚŚŽƌŝƚLJ ;>tyͿ ĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŽďƚĂŝŶŝŶŐĞdžĐĞƐƐĐŽǀĞƌĂŐĞ͘>tyƉƌŽǀŝĚĞƐΨϰ͕ϱϬϬ͕ϬϬϬ ĐŽǀĞƌĂŐĞ ůŝŵŝƚƐ ŝŶ ĞdžĐĞƐƐ ŽĨ ƚŚĞ ƌĞƚĂŝŶĞĚ ůŝŵŝƚ ŽĨ ΨϱϬϬ͕ϬϬϬ͕ ĂŶĚ ƉĂƌƚŝĐŝƉĂƚĞƐ ŝŶ ƚŚĞ ĂůŝĨŽƌŶŝĂ ^ƚĂƚĞ ƐƐŽĐŝĂƚŝŽŶŽĨŽƵŶƚŝĞƐ
džĐĞƐƐ/ŶƐƵƌĂŶĐĞƵƚŚŽƌŝƚLJ ;^Ͳ
/Ϳ ĨŽƌĐŽǀĞƌĂŐĞŝŶĞdžĐĞƐƐŽĨΨϱ͕ϬϬϬ͕ϬϬϬƵƉ
ƚŽƚŚĞƐƚĂƚƵƚŽƌLJůŝŵŝƚ͘
>ŝĂďŝůŝƚLJWƌŽŐƌĂŵ͘hŶĚĞƌƚŚĞƉŽŽůĞĚůŝĂďŝůŝƚLJƉƌŽŐƌĂŵ͕ĞdžƉĞĐƚĞĚĐůĂŝŵƐĂƌĞĂĐƚƵĂƌŝĂůůLJĚĞƚĞƌŵŝŶĞĚĂŶĚ ĚĞƉŽƐŝƚĞĚǁŝƚŚ^:sZDĂůŽŶŐǁŝƚŚĂůůĞƐƚŝŵĂƚĞĚŽƉĞƌĂƚŝŶŐĐŽƐƚƐ͘ ĂĐŚLJĞĂƌŝƐƌĞƚƌŽƐƉĞĐƚŝǀĞůLJĂĚũƵƐƚĞĚ
ĨŝǀĞ LJĞĂƌƐ ĨŽůůŽǁŝŶŐ ŝƚƐ ĐŽŶĐůƵƐŝŽŶ͕ ĂŶĚ ĂŶLJ ĨƵŶĚƐ ƌĞŵĂŝŶŝŶŐ ŝŶ ĞdžĐĞƐƐ ŽĨ ƚŚĞ ŵŝŶŝŵƵŵ ĨƵŶĚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞƌĞƚƵƌŶĞĚƚŽƚŚĞŝƚLJ͘>ŝŬĞǁŝƐĞ͕ ĨƵŶĚƐƉĂŝĚŽƵƚŝŶĞdžĐĞƐƐŽĨŝƚLJΖƐŽƌŝŐŝŶĂůĚĞƉŽƐŝƚĂƌĞ ĐŽůůĞĐƚĞĚ ĨƌŽŵ ƚŚĞ ŝƚLJ͘  dŚĞ ƌŝƐŬ ƐŚĂƌŝŶŐ ƉŽŽů ĐŽǀĞƌƐ ƚŚĞ ĨŝƌƐƚ Ψϭ͕ϬϬϬ͕ϬϬϬ ŽĨ ůŽƐƐĞƐ͘  ^:sZD ŝƐ Ă ŵĞŵďĞƌŽĨƚŚĞĂůŝĨŽƌŶŝĂĨĨŝůŝĂƚĞĚZŝƐŬDĂŶĂŐĞŵĞŶƚƵƚŚŽƌŝƚŝĞƐ;ZDͿĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŽďƚĂŝŶŝŶŐ ĞdžĐĞƐƐĐŽǀĞƌĂŐĞŝŶĂƌŝƐŬƐŚĂƌŝŶŐƉŽŽů͘dŚĞZDƉƌŽŐƌĂŵƉƌŽǀŝĚĞƐĐŽǀĞƌĂŐĞŝŶĞdžĐĞƐƐŽĨ^:sZD͛Ɛ ƌĞƚĂŝŶĞĚůŝŵŝƚƵƉƚŽΨϮϵ͕ϬϬϬ͕ϬϬϬ͘

155
48 /dzK&tKK><

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^dK^/&/EE/>^dd
D
Ed^
:ƵŶĞϯϬ͕ϮϬϮϯ
EKd
ϭϬʹZ/^<DE'
D
Ed;ĐŽŶƚŝŶƵĞĚͿ
dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚĞ^:sZDĂƐŽĨĂŶĚĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌĞŶĚĞĚ :ƵŶĞϯϬ͕ϮϬϮϮ;ƚŚĞ:ƵŶĞϯϬ͕ϮϬϮϯ͕ŝŶĨŽƌŵĂƚŝŽŶǁĂƐŶŽƚĂǀĂŝůĂďůĞĂƚƚŚĞƚŝŵĞƚŚŝƐƌĞƉŽƌƚǁĂƐŝƐƐƵĞĚͿ͗ dŽƚĂůĂƐƐĞƚƐ ΨϭϱϬ͕ϴϯϳ͕ϴϮϯ
dŽƚĂůůŝĂďŝůŝƚŝĞƐ ϭϭϴ͕ϲϲϯ͕ϵϮϵ
DĞŵďĞƌΖƐĞƋƵŝƚLJ ΨϯϮ͕ϭϳϯ͕ϴϵϰ
dŽƚĂůƌĞǀĞŶƵĞƐ Ψϱϴ͕ϵϭϭ͕ϰϴϬ
dŽƚĂůĞdžƉĞŶƐĞƐ ϰϳ͕ϱϴϰ͕ϯϲϯ

džĐĞƐƐŽĨĞdžƉĞŶƐĞƐŽǀĞƌŝŶĐŽŵĞ Ψϭϭ͕ϯϮϳ͕ϭϭϳ ƚƚŚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞũŽŝŶƚƉŽǁĞƌƐĂŐƌĞĞŵĞŶƚĂŶĚĂĨƚĞƌĂůůĐůĂŝŵƐŚĂǀĞďĞĞŶƐĞƚƚůĞĚ͕ĂŶLJĞdžĐĞƐƐŽƌ ĚĞĨŝĐŝƚǁŝůůďĞĚŝǀŝĚĞĚĂŵŽŶŐƚŚĞĐŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐŽǀĞƌŶŝŶŐĚŽĐƵŵĞŶƚƐ͘ EKd
ϭϭʹKDD/dD
Ed^EKEd/E'
E/
^
ŽŶƐƚƌƵĐƚŝŽŶŽŵŵŝƚŵĞŶƚƐ
dŚĞŝƚLJŚĂƐĞŶƚĞƌĞĚŝŶƚŽǀĂƌŝŽƵƐĐŽŶƐƚƌƵĐƚŝŽŶĐŽŶƚƌĂĐƚƐǁŝƚŚƉƌŝǀĂƚĞĐŽŶƚƌĂĐƚŽƌƐƉƌŝŽƌƚŽƚŚĞĨŝƐĐĂůLJĞĂƌ ĞŶĚ͘dŚĞƐĞĐŽŵŵŝƚŵĞŶƚƐŝŶĐůƵĚĞǀĂƌŝŽƵƐĐŽŶƚƌĂĐƚƐƌĞůĂƚĞĚƚŽƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞŝƚLJΖƐǁĂƚĞƌƐLJƐƚĞŵ ŝŵƉƌŽǀĞŵĞŶƚƐ ĂŶĚ ƌĂǀŽ >ĂŬĞ ŝŵƉƌŽǀĞŵĞŶƚƐ͘ dŚĞƐĞ ĐŽŵŵŝƚŵĞŶƚƐ ĂƌĞ ĐŽŶƚŝŶŐĞŶƚ ŽŶ ƚŚĞ ƌĞĐĞŝƉƚ ŽĨ ĨƵƚƵƌĞƌĞǀĞŶƵĞƐĨŽƌĨƵŶĚŝŶŐ͘
&ĞĚĞƌĂůǁĂƌĚƐĂŶĚ'ƌĂŶƚƐ
dŚĞ ŝƚLJ ŚĂƐ ƌĞĐĞŝǀĞĚ ĨĞĚĞƌĂů ŐƌĂŶƚƐ ĨŽƌ ƐƉĞĐŝĨŝĐ ƉƵƌƉŽƐĞƐ ƚŚĂƚ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ƌĞǀŝĞǁ ďLJ ƚŚĞ ĨĞĚĞƌĂů ŐŽǀĞƌŶŵĞŶƚ͘ ůƚŚŽƵŐŚ ƐƵĐŚ ĂƵĚŝƚƐ ĐŽƵůĚ ƌĞƐƵůƚ ŝŶ ĞdžƉĞŶĚŝƚƵƌĞ ĚŝƐĂůůŽǁĂŶĐĞ ƵŶĚĞƌ ŐƌĂŶƚ ƚĞƌŵƐ͕ ĂŶLJ ƌĞƋƵŝƌĞĚƌĞŝŵďƵƌƐĞŵĞŶƚƐĂƌĞŶŽƚĞdžƉĞĐƚĞĚƚŽďĞŵĂƚĞƌŝĂů͘ ŽŶƚŝŶŐĞŶƚ>ŝĂďŝůŝƚŝĞƐ
sĂƌŝŽƵƐĐůĂŝŵƐĂŶĚƐƵŝƚƐŚĂǀĞďĞĞŶĨŝůĞĚĂŐĂŝŶƐƚƚŚĞŝƚLJŝŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘ĂƐĞĚƵƉŽŶ ŝŶĨŽƌŵĂƚŝŽŶ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ƚŚĞ ŝƚLJ ƚƚŽƌŶĞLJ ĂŶĚ ƐĞůĨͲŝŶƐƵƌĂŶĐĞ ĂĚŵŝŶŝƐƚƌĂƚŽƌ͕ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ůŝĂďŝůŝƚLJ ƵŶĚĞƌƐƵĐŚĐůĂŝŵƐǁŽƵůĚďĞĂĚĞƋƵĂƚĞůLJĐŽǀĞƌĞĚďLJƐĞůĨͲŝŶƐƵƌĂŶĐĞĂŶĚŽƚŚĞƌŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞ͘ EKd
ϭϮʹ^h
^^KZ'
EzdZh^d&KZ^^
d^K&&KZD
ZZ

s
>KWD
Ed'
Ez
KŶ ĞĐĞŵďĞƌ Ϯϵ͕ ϮϬϭϭ͕ dŚĞ ĂůŝĨŽƌŶŝĂ ^ƵƉƌĞŵĞ ŽƵƌƚ ƵƉŚĞůĚ ƐƐĞŵďůLJ ŝůů ϭy Ϯϲ ;͞ƚŚĞ ŝůů͟Ϳ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ĨŽƌ ƚŚĞ ĚŝƐƐŽůƵƚŝŽŶ ŽĨ Ăůů ƌĞĚĞǀĞůŽƉŵĞŶƚ ĂŐĞŶĐŝĞƐ ŝŶ ƚŚĞ ^ƚĂƚĞ ŽĨ ĂůŝĨŽƌŶŝĂ͘  dŚŝƐ ĂĐƚŝŽŶ ŝŵƉĂĐƚĞĚ ƚŚĞ ƌĞƉŽƌƚŝŶŐĞŶƚŝƚLJ ŽĨ ƚŚĞ ŝƚLJ ŽĨtŽŽĚůĂŬĞ ƚŚĂƚ ƉƌĞǀŝŽƵƐůLJ ŚĂĚ ƌĞƉŽƌƚĞĚĂ ƌĞĚĞǀĞůŽƉŵĞŶƚ ĂŐĞŶĐLJǁŝƚŚŝŶƚŚĞƌĞƉŽƌƚŝŶŐĞŶƚŝƚLJŽĨƚŚĞŝƚLJĂƐĂďůĞŶĚĞĚĐŽŵƉŽŶĞŶƚƵŶŝƚ͘ 156
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dŚĞ ŝůů ƉƌŽǀŝĚĞƐ ƚŚĂƚ ƵƉŽŶ ĚŝƐƐŽůƵƚŝŽŶ ŽĨĂ ƌĞĚĞǀĞůŽƉŵĞŶƚĂŐĞŶĐLJ͕ĞŝƚŚĞƌ ƚŚĞ ŝƚLJ ŽƌĂŶŽƚŚĞƌ ƵŶŝƚ ŽĨ ůŽĐĂů ŐŽǀĞƌŶŵĞŶƚ ǁŝůů ĂŐƌĞĞ ƚŽ ƐĞƌǀĞ ĂƐ ƚŚĞ ͞^ƵĐĐĞƐƐŽƌ ŐĞŶĐLJ͟ ƚŽ ŚŽůĚ ƚŚĞ ĂƐƐĞƚƐ ƵŶƚŝů ƚŚĞLJ ĂƌĞ ĚŝƐƚƌŝďƵƚĞĚƚŽŽƚŚĞƌƵŶŝƚƐŽĨƐƚĂƚĞĂŶĚůŽĐĂůŐŽǀĞƌŶŵĞŶƚ͘KŶ:ĂŶƵĂƌLJϵ͕ϮϬϭϮ͕ƚŚĞŝƚLJŽƵŶĐŝůĞůĞĐƚĞĚƚŽ ďĞĐŽŵĞƚŚĞ^ƵĐĐĞƐƐŽƌŐĞŶĐLJĨŽƌƚŚĞĨŽƌŵĞƌƌĞĚĞǀĞůŽƉŵĞŶƚĂŐĞŶĐLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŝůůĂƐƉĂƌƚ ŽĨƚŚĞŝƚLJDŝŶƵƚĞKƌĚĞƌ͕ǁŚŝĐŚƉĂƐƐĞĚƵŶĂŶŝŵŽƵƐůLJ͘
ĨƚĞƌĞŶĂĐƚŵĞŶƚŽĨƚŚĞůĂǁ͕ǁŚŝĐŚŽĐĐƵƌƌĞĚŽŶ:ƵŶĞϮϴ͕ϮϬϭϭ͕ƌĞĚĞǀĞůŽƉŵĞŶƚĂŐĞŶĐŝĞƐŝŶƚŚĞ^ƚĂƚĞŽĨ ĂůŝĨŽƌŶŝĂĐĂŶŶŽƚĞŶƚĞƌŝŶƚŽŶĞǁƉƌŽũĞĐƚƐ͕ŽďůŝŐĂƚŝŽŶƐŽƌĐŽŵŵŝƚŵĞŶƚƐ͘^ƵďũĞĐƚƚŽƚŚĞĐŽŶƚƌŽůŽĨĂŶĞǁůLJ ĞƐƚĂďůŝƐŚĞĚ ŽǀĞƌƐŝŐŚƚ ďŽĂƌĚ͕ ƌĞŵĂŝŶŝŶŐ ĂƐƐĞƚƐ ĐĂŶ ŽŶůLJ ďĞ ƵƐĞĚ ƚŽ ƉĂLJ ĞŶĨŽƌĐĞĂďůĞ ŽďůŝŐĂƚŝŽŶƐ ŝŶ ĞdžŝƐƚĞŶĐĞ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ĚŝƐƐŽůƵƚŝŽŶ ;ŝŶĐůƵĚŝŶŐ ƚŚĞ ĐŽŵƉůĞƚŝŽŶ ŽĨ ĂŶLJ ƵŶĨŝŶŝƐŚĞĚ ƉƌŽũĞĐƚƐͿ ƚŚĂƚ ǁĞƌĞ ƐƵďũĞĐƚƚŽůĞŐĂůůLJĞŶĨŽƌĐĞĂďůĞĐŽŶƚƌĂĐƚƵĂůĐŽŵŵŝƚŵĞŶƚƐ͘ /ŶĨƵƚƵƌĞĨŝƐĐĂůLJĞĂƌƐ͕ƐƵĐĐĞƐƐŽƌĂŐĞŶĐŝĞƐǁŝůůŽŶůLJďĞĂůůŽĐĂƚĞĚƌĞǀĞŶƵĞŝŶƚŚĞĂŵŽƵŶƚƚŚĂƚŝƐŶĞĐĞƐƐĂƌLJ ƚŽ ƉĂLJ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĂŶŶƵĂů ŝŶƐƚĂůůŵĞŶƚ ƉĂLJŵĞŶƚƐ ŽŶ ĞŶĨŽƌĐĞĂďůĞ ŽďůŝŐĂƚŝŽŶƐ ŽĨ ƚŚĞ ĨŽƌŵĞƌ ƌĞĚĞǀĞůŽƉŵĞŶƚĂŐĞŶĐLJ ƵŶƚŝůĂůůĞŶĨŽƌĐĞĂďůĞ ŽďůŝŐĂƚŝŽŶƐ ŽĨ ƚŚĞ ƉƌŝŽƌ ƌĞĚĞǀĞůŽƉŵĞŶƚĂŐĞŶĐLJ ŚĂǀĞ ďĞĞŶ ƉĂŝĚŝŶĨƵůůĂŶĚĂůůĂƐƐĞƚƐŚĂǀĞďĞĞŶůŝƋƵŝĚĂƚĞĚ͘
dŚĞŝůůĚŝƌĞĐƚƐƚŚĞ^ƚĂƚĞŽŶƚƌŽůůĞƌŽĨƚŚĞ^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂƚŽƌĞǀŝĞǁƚŚĞƉƌŽƉƌŝĞƚLJŽĨĂŶLJƚƌĂŶƐĨĞƌŽĨ ĂƐƐĞƚƐďĞƚǁĞĞŶƌĞĚĞǀĞůŽƉŵĞŶƚĂŐĞŶĐŝĞƐĂŶĚŽƚŚĞƌƉƵďůŝĐďŽĚŝĞƐƚŚĂƚŽĐĐƵƌƌĞĚĂĨƚĞƌ:ĂŶƵĂƌLJϭ͕ϮϬϭϭ͘/Ĩ ƚŚĞ ƉƵďůŝĐ ďŽĚLJ ƚŚĂƚ ƌĞĐĞŝǀĞĚ ƐƵĐŚ ƚƌĂŶƐĨĞƌƐ ŝƐ ŶŽƚ ĐŽŶƚƌĂĐƚƵĂůůLJ ĐŽŵŵŝƚƚĞĚ ƚŽ Ă ƚŚŝƌĚ ƉĂƌƚLJ ĨŽƌ ƚŚĞ ĞdžƉĞŶĚŝƚƵƌĞ Žƌ ĞŶĐƵŵďƌĂŶĐĞ ŽĨ ƚŚŽƐĞ ĂƐƐĞƚƐ͕ ƚŚĞ ^ƚĂƚĞ ŽŶƚƌŽůůĞƌ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ŽƌĚĞƌ ƚŚĞ ĂǀĂŝůĂďůĞ ĂƐƐĞƚƐƚŽďĞƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞƉƵďůŝĐďŽĚLJĚĞƐŝŐŶĂƚĞĚĂƐƚŚĞƐƵĐĐĞƐƐŽƌĂŐĞŶĐLJďLJƚŚĞŝůů͘ DĂŶĂŐĞŵĞŶƚ ďĞůŝĞǀĞƐ͕ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ůĞŐĂů ĐŽƵŶƐĞů͕ ƚŚĂƚ ƚŚĞ ŽďůŝŐĂƚŝŽŶƐ ŽĨ ƚŚĞ ĨŽƌŵĞƌ ƌĞĚĞǀĞůŽƉŵĞŶƚ ĂŐĞŶĐLJ ĚƵĞ ƚŽ ƚŚĞ ŝƚLJ ĂƌĞ ǀĂůŝĚ ĞŶĨŽƌĐĞĂďůĞ ŽďůŝŐĂƚŝŽŶƐ ƉĂLJĂďůĞ ďLJ ƚŚĞ ^ƵĐĐĞƐƐŽƌ ŐĞŶĐLJƚƌƵƐƚĞĞƵŶĚĞƌƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŝůů͘dŚĞŝƚLJ͛ƐƉŽƐŝƚŝŽŶŽŶƚŚŝƐŝƐƐƵĞŝƐŶŽƚĂƉŽƐŝƚŝŽŶŽĨ ƐĞƚƚůĞĚůĂǁĂŶĚƚŚĞƌĞŝƐĐŽŶƐŝĚĞƌĂďůĞůĞŐĂůƵŶĐĞƌƚĂŝŶƚLJƌĞŐĂƌĚŝŶŐƚŚŝƐŝƐƐƵĞ͘/ƚŝƐƌĞĂƐŽŶĂďůLJƉŽƐƐŝďůĞƚŚĂƚ Ă ůĞŐĂů ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŵĂLJ ďĞ ŵĂĚĞ Ăƚ Ă ůĂƚĞƌ ĚĂƚĞ ďLJ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞ ũƵĚŝĐŝĂů ĂƵƚŚŽƌŝƚLJ ƚŚĂƚ ǁŽƵůĚ ƌĞƐŽůǀĞƚŚŝƐŝƐƐƵĞƵŶĨĂǀŽƌĂďůLJƚŽƚŚĞŝƚLJ͘
/Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƚŝŵĞůŝŶĞ ƐĞƚ ĨŽƌƚŚ ŝŶ ƚŚĞ ŝůů ;ĂƐŵŽĚŝĨŝĞĚ ďLJ ƚŚĞ ĂůŝĨŽƌŶŝĂ ^ƵƉƌĞŵĞ ŽƵƌƚ ŽŶ ĞĐĞŵďĞƌϮϵ͕ϮϬϭϭͿĂůůƌĞĚĞǀĞůŽƉŵĞŶƚĂŐĞŶĐŝĞƐŝŶƚŚĞ^ƚĂƚĞŽĨĂůŝĨŽƌŶŝĂǁĞƌĞĚŝƐƐŽůǀĞĚĂŶĚĐĞĂƐĞĚƚŽ ŽƉĞƌĂƚĞĂƐĂůĞŐĂůĞŶƚŝƚLJĂƐŽĨ&ĞďƌƵĂƌLJϭ͕ϮϬϭϮ͘

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ĂƉŝƚĂůĂƐƐĞƚƐ
ĂƉŝƚĂůĂƐƐĞƚĂĐƚŝǀŝƚLJĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ:ƵŶĞϯϬ͕ϮϬϮϯ͕ǁĂƐĂƐĨŽůůŽǁƐ͗ ĂůĂŶĐĞ ĂůĂŶĐĞ
:ƵŶĞϯϬ͕ϮϬϮϮ /ŶĐƌĞĂƐĞƐ ĞĐƌĞĂƐĞƐ :ƵŶĞϯϬ͕ϮϬϮϯ
>ĂŶĚ ΨϲϬϱ͕ϰϬϵ ΨͲ ΨͲ ΨϲϬϱ͕ϰϬϵ /ŵƉƌŽǀĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶďƵŝůĚŝŶŐƐ ϴϱϱ͕ϵϲϴ Ͳ Ͳ ϴϱϱ͕ϵϲϴ ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶͲŝŵƉƌŽǀĞŵĞŶƚƐ ;ϯϬϴ͕ϵϭϲͿ ;Ϯϭ͕ϯϵϵͿ  ; Ͳ  ϯϯϬ͕ϯϭϱͿ ĂƉŝƚĂůĂƐƐĞƚƐŶĞƚ Ψϭ͕ϭϱϮ͕ϰϲϭ Ψ;Ϯϭ͕ϯϵϵͿ Ψ ϭ͕ Ͳ Ψ ϭϯϭ͕ϬϲϮ >ŽŶŐͲƚĞƌŵŽďůŝŐĂƚŝŽŶ
dŚĞZƚĂdžĂůůŽĐĂƚŝŽŶďŽŶĚƐǁĞƌĞŝƐƐƵĞĚďLJƚŚĞZĞĚĞǀĞůŽƉŵĞŶƚŐĞŶĐLJƚŽƉƵƌĐŚĂƐĞƚŚĞůŽĐĂůĂŝƌƉŽƌƚ͘ dŚĞ h^ ƉƵƌĐŚĂƐĞĚ ƚŚĞ ďŽŶĚƐ ƚŚĂƚ ďĞĂƌ ĂŶ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŽĨ ϰ͘ϭϮϱ ƉĞƌĐĞŶƚ ƉĞƌ ĂŶŶƵŵ͘ dŚĞ ŝƚLJ ŝƐ ƌĞƋƵŝƌĞĚ ƚŽ ŵĂŬĞ ĂŶŶƵĂů ƉƌŝŶĐŝƉĂů ƉĂLJŵĞŶƚƐ ŽŶ :ƵůLJ ϭ ŽĨ ĞĂĐŚ LJĞĂƌ ƚŚƌŽƵŐŚ :ƵůLJ ϭ͕ ϮϬϮϱ͕ ǁŝƚŚ ƐĞŵŝͲ ĂŶŶƵĂů ŝŶƚĞƌĞƐƚ ƉĂLJŵĞŶƚƐ ŝŶ :ĂŶƵĂƌLJ ĂŶĚ :ƵůLJ͘ dŚĞ ƉĂLJŵĞŶƚƐ ǁŝůů ǀĂƌLJ ďĂƐĞĚ ŽŶ ŶƵŵďĞƌ ŽĨ ĚĂLJƐ ƚŚĂƚ ŝŶƚĞƌĞƐƚŝƐĂĐĐƌƵĞĚ͘
dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨĨƵƚƵƌĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵƉĂLJŵĞŶƚƐ͗ &ŝ Ɛ ĐĂůzĞĂ ƌ

ŶĚŝŶŐ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐ ƚ dŽƚĂů
ϮϬϮϰ ϰϬ͕ϱϬϬ Ψ ϰ͕ϯϵϭ Ψ ϰϰ͕ϴϵϭ Ψ ϮϬϮϱ ϰϮ͕ϮϬϬ  Ϯ͕ϲϴϱ  ϰϰ͕ϴϴϱ  ϮϬϮϲ ϰϰ͕ϬϬϬ  ϵϬϴ  ϰϰ͕ϵϬϴ  dŽƚĂů Ɛ ϭϮϲ͕ϳϬϬ Ψ ϳ͕ϵϴϰ Ψ ϭϯϰ͕ϲϴϰ Ψ ZdĂdžůůŽĐĂ ƚŝŽŶŽŶĚƐͲh^
ŽŶƚŝŶŐĞŶĐŝĞƐ
hŶĚĞƌ  ϭy Ϯϲ͕ ƚŚĞ ƌĞƉĂLJŵĞŶƚ ŽĨ ůŽĂŶƐ ŵĂĚĞ ŝŶ ŐŽŽĚ ĨĂŝƚŚ ďLJ ƚŚĞ ŝƚLJ ŽĨtŽŽĚůĂŬĞ ƚŽ ƚŚĞ ĨŽƌŵĞƌ ƌĞĚĞǀĞůŽƉŵĞŶƚĂŐĞŶĐLJďĞĐĂŵĞƵŶĞŶĨŽƌĐĞĂďůĞĂƐŽĨ&ĞďƌƵĂƌLJϭ͕ϮϬϭϮĂŶĚŶŽƚƐƵďũĞĐƚƚŽƌĞƉĂLJŵĞŶƚďLJ ƚŚĞ^ƵĐĐĞƐƐŽƌŐĞŶĐLJ͘hŶĚĞƌϭϰϴϰ͕ƚŚĞŝƚLJŵĂLJďĞĞůŝŐŝďůĞƚŽƌĞĐĞŝǀĞƌĞƉĂLJŵĞŶƚŽĨƐƵŵƐůŽĂŶĞĚƚŽ ƚŚĞ ƌĞĚĞǀĞůŽƉŵĞŶƚ ĂŐĞŶĐLJ ŵŽƌĞ ƚŚĂŶ ƚǁŽ LJĞĂƌƐ ĂĨƚĞƌ ƚŚĞ ƌĞĚĞǀĞůŽƉŵĞŶƚ ĂŐĞŶĐLJ ǁĂƐ ĐƌĞĂƚĞĚ͘ ,ŽǁĞǀĞƌ͕ϭϰϴϰƉůĂĐĞƐƐĞǀĞƌĂůĐŽŶĚŝƚŝŽŶƐŽŶƚŚĞƌĞƉĂLJŵĞŶƚŽĨƚŚĞůŽĂŶƐďLJƚŚĞ^ƵĐĐĞƐƐŽƌŐĞŶĐLJƚŽ ƚŚĞŝƚLJǁŚŝĐŚĐŽƵůĚƐŝŐŶŝĨŝĐĂŶƚůLJƌĞĚƵĐĞƚŚĞƌĞƉĂLJŵĞŶƚĂŵŽƵŶƚ͘ 
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172
64 REPORT ON INTERNAL CONTROL OVER FINANCIAL

REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED

IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Independent Auditor’s Report
The Honorable Mayor and Members of the City Council
City of Woodlake, California
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the businessͲtype activities, each major fund, and the aggregate remaining fund information of City of Woodlake (the City), as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated October 27, 2023.

Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that islesssevere than a material weakness, yet important enough to merit attention by those charged with governance. 173
65 Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion.

The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

San Bernardino, California
October 27, 2023
174
City of Woodlake
Woodlake, California
Single Audit Report on Federal Awards
Year Ended June 30, 2023
175
City of Woodlake, California
Single Audit Report on Federal Awards
Table of Contents
Page
Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards

1 Report on Compliance for Each Major Program; Report on Internal Control Over Compliance; and Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance

3 Schedule of Expenditures of Federal Awards 6

Notes to the Schedule of Expenditures of Federal Awards 7

Schedule of Findings and Questioned Costs 8

Summary Schedule of Prior Audit Findings 10

176
-1-

REPORT ON INTERNAL CONTROL OVER FINANCIAL

REPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS

PERFORMED IN ACCORDANCE WITH

GOVERNMENT AUDITING STANDARDS
Independent Auditor’s Report
The Honorable Mayor and Members of the City Council
City of Woodlake, California
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the businesstype activities, each major fund, and the aggregate remaining fund information of City of Woodlake (the City), as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated February 6, 2024.

Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
177
-2-
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses.

However, material weaknesses may exist that have not been identified.

Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

San Bernardino, California
February 6, 2024
178
-3-

REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL
PROGRAM; REPORT ON INTERNAL CONTROL OVER
COMPLIANCE; AND REPORT ON SCHEDULE OF

EXPENDITURES OF FEDERAL AWARDS REQUIRED BY THE

UNIFORM GUIDANCE
Independent Auditor’s Report
The Honorable Mayor and Members of the City Council
City of Woodlake, California
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited the City of Woodlake’s (the City) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the City’s major federal programs for the year ended June 30, 2023. The City’s major federal programs are identified in the summary of auditor’s results section of the accompanying Schedule of Findings and Questioned Costs.

In our opinion, the City complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2023.

Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards); and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor’s Responsibilities for the Audit of Compliance section of our report.

We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of City’s compliance with the compliance requirements referred to above.
179
-4-
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the City’s federal programs.

Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the City’s compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the City’s compliance with the requirements of each major federal program as a whole.

In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we:
x Exercise professional judgment and maintain professional skepticism throughout the audit.
x Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the City’s compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances.
x Obtain an understanding of the City’s internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control over compliance. Accordingly, no such opinion is expressed.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.

Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and 180
-5-
corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. Therefore, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified.

Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose.

Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance
We have audited the financial statements of City as of and for the year ended June 30, 2023, and have issued our report thereon dated October 27, 2023, which contained an unmodified opinion on those financial statements. Our audit was performed for the purpose of forming an opinion on the financial statements as a whole. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by the Uniform Guidance and is not a required part of the financial statements.

Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated in all material respects in relation to the financial statements as a whole.

San Bernardino, California
February 6, 2024 (Except for the Schedule of Expenditures of Federal Awards, for which the date was October 27, 2023)
181
City of Woodlake
Schedule of Expenditures of Federal Awards
Year Ended June 30, 2023
See accompanying notes to the Schedule of Expenditures of Federal Awards -6-
Federal Grantor/Pass- Through Grantor/Program or Cluster Title Assistance
Listing
Number
Program/Project
Identification Number
Federal
Expenditures
Amount
Provided to
Subrecipients
U.S. Department of Housing and Urban Development
Passed through the State of California, Housing and Community Development CDBG- Entitlement Grants Cluster
Community Development Block Grant - CV - Covid- 19 14.218* 20- CDBG- CV2- 3- 000048 $ 85,695 -$ Community Development Block Grant - program revenue 14.218* 18 CDBG 12921 1,747,652 - Tota l Assista nc e Listing Numbe r 14 .2 18 1,833,347 - Total CDBG- Entitlement Grants Cluster 1,833,347 -
HOME Investment Partnership Grant - program revenue 14.239 18 HOME12602 4,168 - Tota l Assista nc e Listing Numbe r 14 .2 3 9 4,168 -
Total U.S. Department of Housing and Urban Development 1,8 3 7 ,5 15 - U.S. Department of Justice
Direct Assistance
Community Oriented Policing Services (COPS) 16.710 2020UMWX0015 76,568 - Tota l Assista nc e Listing Numbe r 16 .7 10 76,568 -
Total U.S. Department of Justice 76,568 -
U.S. Department of Transportation
Passed through the State of California, Department of Transportation Highway Planning and Construction Cluster
Congestion Mitigation and Air Quality Improvement 20.205 CML- 5284(014) 641,098 - Total Assistance Listing Number 20.205 641,098 -
Total Highway Planning and Construction Cluster 641,098 - Total U.S. Department of Transportation 6 4 1,0 9 8 -
U.S. Environmental Protection Agency
Passed through the State Water Resources Control Board
Clean Water State Revolving Fund Cluster
Capitalization Grants for State Revolving Funds 66.458 C- 06- 7878- 210 239,547 - Total Assistance Listing Number 66.458 239,547 -
Total Clean Water State Revolving Fund Cluster 239,547 - Total U.S. Environmental Protection Agency 239,547 -
Total Expenditures of Federal Awards $ 2,794,728 $ -
* Major Program
182
City of Woodlake
Notes to the Schedule of Expenditures of Federal Awards Year Ended June 30, 2023
-7-
(1) Summary of Significant Accounting Policies Applicable to the Schedule of Expenditures of Federal Awards
(a) Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Woodlake (the City) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City. (b) Summary of Significant Accounting Policies
The expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. (c) De Minimis Indirect Cost Rate
The City did not elect to use the 10-percent indirect cost rate allowed under the Uniform Guidance.
183
City of Woodlake
Schedule of Findings and Questioned Costs
Year Ended June 30, 2023
-8-
SECTION I. SUMMARY OF AUDITOR’S RESULTS
Financial Statements
audited were prepared in accordance with GAAP: unmodified Internal control over financial reporting:

Material weakness(es) identified? Yes X No
Significant deficiency(ies) identified? Yes X None reported Noncompliance material to financial
statements noted? Yes X No
Federal Awards
Internal control over major federal programs:

Material weakness(es) identified? Yes X No
Significant deficiency(ies) identified? Yes X None reported Type of auditor's report issued on compliance for major federal programs: unmodified Any audit findings disclosed that
are required to be reported in
accordance with 2 CFR 200.516(a) Yes X No
Identification of major federal programs:

Assistance Listing Number

14.218
Dollar threshold used to distinguish
between type A and type B programs: 750,000 $
Auditee qualified as low-risk auditee? Yes X No
Name of Federal Program/Cluster
Type of report the auditor issued on whether the financial statements CDBG - Entitlement Grants Cluster
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City of Woodlake
Schedule of Findings and Questioned Costs (continued)
Year Ended June 30, 2023
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SECTION II. FINANCIAL STATEMENT FINDINGS
No matters to be reported.

SECTION III. FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters to be reported.
185
City of Woodlake
Summary Schedule of Prior Audit Findings
Year Ended June 30, 2023
-10-
CURRENT STATUS OF PRIOR YEAR FINDINGS:

None.
186