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AGENDA
JOINT REGULAR MEETING
OF THE SAN JACINTO CITY COUNCIL AND THE SUCCESSOR AGENCY TO
THE CITY OF SAN JACINTO REDEVELOPMENT AGENCY
December 2, 2014, 6:30 p.m.
625 South Pico Avenue
San Jacinto Community Center, San Jacinto, CA 92583
1. ORGANIZATION
1.1 Call to Order
1.2 Roll Call
1.3 Invocation
1.4 Pledge of Allegiance
1.5 Special Presentations
1.6 MAYOR/COUNCIL MEMBER REPORTS/COMMENTS
2. JOINT CONSENT CALENDARS
The matters listed under Consent Calendars are considered routine and will be enacted by one motion
by City Council Members in the form listed. There will be no separate discussion on these items prior to
the motion unless members of the City Council, staff or the public requests a specified item be removed
and/or discussed. If an item is pulled, it will be heard after the balance of the Consent Calendar has
been voted on.
2.1 CONSENT CALENDAR - CITY COUNCIL
2.1.1 Waiver of Full Reading of Ordinance(s), and Reading by Title Only /
Approve / City Clerk, City Attorney
2.1.2 Special Tax Annual Reporting / Approve / Finance Director
2.1.3 Minutes of the Regular Meeting held on November 18, 2014 / Approve /
City Clerk
2.1.4 Resolution No. 3544 / A Resolution Certifying the results of the
November 4, 2014 Consolidated Regular Municipal Election / Approve /
City Clerk
2.1.5 Treasurer's Report at October 31, 2014 / Approve / City Treasurer
City Council Agenda
December 2, 2014
Page 2 of 3
2.1.6 Resolution of Intention to Annex Territory Known as Circle K into
Community Facilities District No. 2003-1 and to Authorize the Levy of
Special Taxes Therein / Approve / City Manager, City Attorney
2.2 CONSENT CALENDAR - SUCCESSOR AGENCY TO THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO
3. OATH OF OFFICE FOR SCOTT MILLER AND ALONZO LEDEZMA FOR CITY
COUNCIL
4. CITY COUNCIL REORGANIZATION
5. PUBLIC COMMENTS
6. PUBLIC HEARING
6.1 First Reading of Ordinance No. 14-13 Adopting Development Agreement No.
2-14 between the City of San Jacinto and TOWER INVESTMENTS LLC., a
Delaware Limited Liability Company / Approve / Consultant
7. STAFF REPORTS
At the end of the scheduled City Department items, anyone wishing to discuss a consent calendar item
should come forward upon invitation of the Mayor; state their name, address, and the consent calendar
item number pulled. Speakers should limit comments to three (3) minutes.
7A Lease Agreement with Family Services Association of W estern Riverside
County / Approve / City Manager
8. CLOSED SESSION
8.1 CLOSED SESSION - CITY COUNCIL
8.2 CLOSED SESSION - SUCCESSOR AGENCY TO THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN JACINTO
9. ADJOURNMENT
If you challenge any action of the City Council in court, you may be limited to raising only those issues you or
someone else raised at the public hearing described in this notice, or in written correspondence delivered to
the City Council (c/o the City Clerk) at, or prior to, the public hearing.
CHALLENGE TO LAND USE DECISIONS: Any person seeking to challenge a decision regarding land use
made by the City Council as a result of a proceeding in which by law a hearing is required to be given, shall
be required to commence that action 90 days following the date on which the decision of the City Council
City Council Agenda
December 2, 2014
Page 3 of 3
becomes final as provided in Code of Civil Procedure Section 1094.6. Please refer to Code of Civil Procedure
Section 1094.6 to determine how to calculate when a decision becomes final.
It is the intention of the City of San Jacinto to comply with the Americans with Disabilities Act (ADA) in all
respects. If, as an attendee or a participant at this meeting, or in meetings on a regular basis, you will need
special assistance beyond what is normally provided, the City will attempt to accommodate you in every
reasonable manner. Please contact City Hall at (951) 537-6358, at least 48 hours prior to the meeting to
inform us of your particular needs and to determine if accommodation is feasible.
Any writing related to an agenda item for an open session of a regular meeting of the City Council that is
distributed less than 72 hours prior to the meeting will be made available for public inspection at the City
Clerk's office, located at 595 South San Jacinto Avenue, San Jacinto, California, and at the regular meeting
location - City of San Jacinto Community Center, 625 South Pico Avenue, San Jacinto, California - at the time
the writing is distributed to a majority of the City Council
DOCUMENTS RELATED TO OPEN SESSION AGENDAS (SB 343) -- Any public record,
relating to an open session agenda item, that is distributed within 72 hours prior to the
meeting is available for public inspection at the public counter located in the Administration
Building of City Hall, 595 S San Jacinto Avenue, San Jacinto, CA 92583
I, Richard Miller, City Clerk of the City of San Jacinto, do hereby certify that I caused to be posted the foregoing
agenda this 26th Day of November, 2014, as required by law.
Richard Miller, City Clerk
December 2, 2014
TO: The Honorable Mayor and Members of the City Council
FROM: Rick Miller, City Clerk
Jeff Ballinger, City Attorney
SUBJECT: Waiver of Full Reading of Ordinance(s), and Reading by Title Only
RECOMMENDATION:
Staff recommends that the City Council, by motion, waive the full reading of any and all
ordinances on this meeting’s agenda, and authorize their reading by title only.
BACKGROUND:
Government Code Section 36934 requires that all ordinances shall be read in full either
at the time of their introduction or their passage. However, Government Code Section
36934 allows the waiver of this requirement by regular motion adopted by majority vote
if the title of the ordinance is read.
This waiver can be accomplished at the time of each ordinance action, or as a standing
waiver, accomplished as a consent calendar motion. In order to stream-line the process
for the passage of ordinances, the City Attorney and staff propose the second option,
which is the waiver of any and all ordinances on this agenda.
ALTERNATIVES:
Approval: Approve the addition of the attached language to all future agendas of the
City Council, thus waiving the full reading of all future ordinances.
Denial: Do not approve the agenda language and, instead, before the passage of any
ordinance and after the reading of its title, make a motion that must be adopted by
majority vote that allows a waiver of the full reading.
FISCAL IMPACT:
None
PACKET PAGE: 1
AGENDA ITEM 2.1.1
December 2, 2014
TO: The Honorable Mayor and Members of the City Council
FROM: Tom Prill, Finance Director
SUBJECT: Special Tax Annual Reporting
RECOMMENDATION:
Receive and File. This item is for informational purposes only.
DISCUSSION:
Senate Bill 165, filed with the Secretary of State on September 19, 2000, enacted the Local
Agency Special Tax and Bond Accountability Act (the “Act”). This Act, which applies to the City’s
Community Facilities Districts (CFD) adopted on or after January 1, 2001, requires that an
annual report be filed with the City Council outlining the funds collected and expended.
Some of the requirements of the Act are handled at the formation of the Special Tax District and
others are handled through annual reports. This Section of this report intends to comply with
Section 50075.3 or Section 53411 of the California Government Code that states:
“The chief fiscal officer of the issuing local agency shall file a report with its governing body no
later than January 1, 2002, and at least once a year thereafter. The annual report shall contain
all of the following:
a. The amount of funds collected and expended.
b. The status of any project required or authorized to be funded as identified in
subdivision (a) of Section 50075.1 or Section 53410.”
As noted on the attached reports, the City has four CFDs at this time which fall under the Act’s
reporting requirements: CFD No. 2003-1 operating fund, CFD No. 2003-2 operating fund, CFD
No. 2 bond proceeds and CFD No. 2002-1 operating fund.
FISCAL IMPACT:
None
ATTACHMENTS:
Community Facilities District No. 2003-1 Operating Fund
Community Facilities District No. 2003-2 Sewer Lift Operations Fund
Community Facilities District No. 2002-1 Special Tax Bonds 2002 Series A
Community Facilities District No. 2 Special Tax Refunding Bonds 2002 Series A
PACKET PAGE: 3
AGENDA ITEM 2.1.2
CFD No. 2003-1 (Public Safety) Funds
Senate Bill 165, filed with the Secretary of State on September 19, 2000, enacted the Local Agency
Special Tax and Bond Accountability Act. This Act requires that any local special tax or local bond
measure subject to voter approval contain a statement indicating the specific purposes of the special tax,
require that the proceeds of the special tax be applied to those purposes, require the creation of an
account into which the proceeds shall be deposited, and require an annual report containing specified
information concerning the use of the proceeds. The Act only applies to any local special tax measure
or local bond measure adopted on or after January 1, 2001 in accordance with Section 50075.1 or
Section 53410 of the California Government Code.
Some of the requirements of the Act are handled at the formation of the Special Tax District and others
are handled through annual reports. This Section of this report intends to comply with Section 50075.3 or
Section 53411 of the California Government Code that states:
“The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than
January 1, 2002, and at least once a year thereafter. The annual report shall contain all of the following:
(a) The amount of funds collected and expended.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of
Section 50075.1 or Section 53410.”
The requirements of the Act apply to the Operating Fund of Community Facilities District No. 2003-1.
Purpose of Special Tax
The types of services funded by the Special Tax A of Community Facilities District No. 2003-1 (the
“District”) include fire protection, fire suppression, and police protection.
Collections & Expenditures – (Accumulative)
Fund
Total Amount
Collected (1)
06/30/2014
Balance
Amount
Expended (1) Service Status
CFD No. 2003-1 Operating
Fund $13,188,757.85 $0.00 $13,188,757.85 Ongoing
(1) Represents amount levied since formation of the District minus delinquencies for 2010/11 through 2013/14 fiscal
years.
PACKET PAGE: 5
AGENDA ITEM 2.1.2
CFD 2003-2 (Sewer Lift) Funds
Senate Bill 165, filed with the Secretary of State on September 19, 2000, enacted the Local Agency
Special Tax and Bond Accountability Act. This Act requires that any local special tax or local bond
measure subject to voter approval contain a statement indicating the specific purposes of the special tax,
require that the proceeds of the special tax be applied to those purposes, require the creation of an
account into which the proceeds shall be deposited, and require an annual report containing specified
information concerning the use of the proceeds. The Act only applies to any local special tax measure
or local bond measure adopted on or after January 1, 2001 in accordance with Section 50075.1 or
Section 53410 of the California Government Code.
Some of the requirements of the Act are handled at the formation of the Special Tax District and others
are handled through annual reports. This Section of this report intends to comply with Section 50075.3 or
Section 53411 of the California Government Code that states:
“The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than
January 1, 2002, and at least once a year thereafter. The annual report shall contain all of the following:
(a) The amount of funds collected and expended.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of
Section 50075.1 or Section 53410.”
The requirements of the Act apply to the Operating Fund of Community Facilities District No. 2003-2.
Purpose of Special Tax
The types of facilities and services provided and financed by Community Facilities District No. 2003-2 (the
“District”) include the maintenance of sewer facilities, such as the furnishing of services and materials for
ordinary and usual maintenance and operation and the servicing of such sewer facilities, including, but
not limited to the repair, removal, or replacement of all or any part of any improvement.
Collections & Expenditures – (Accumulative)
Fund
Total Amount
Collected
06/30/2014
Balance
Amount
Expended Service Status
Sewer Lift Operations
Fund $164,734.79 $0.00 $164,734.79 Ongoing
PACKET PAGE: 6
AGENDA ITEM 2.1.2
CFD 2002-1 (Rancho San Jacinto Phase 2) Funds
Senate Bill 165 enacted the Local Agency Special Tax and Bond Accountability Act. This Act requires
that any local special tax/local bond measure subject to voter approval contain a statement indicating the
specific purposes of the special tax, require that the proceeds of the special tax be applied to those
purposes, require the creation of an account into which the proceeds shall be deposited, and require an
annual report containing specified information concerning the use of the proceeds. The Act only applies
to bonds issued on or after January 1, 2001 in accordance with Section 53410 of the California
Government Code.
Some of the requirements of the Act are handled at the formation (bond issuance) of the Special Tax
District and others are handled through annual reports. This Report intends to comply with Section 53411
of the California Government Code that states:
“The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than
January 1, 2002, and at least once a year thereafter. The Annual report shall contain all of the following:
(a) The amount of funds collected and expended.
(b) The status of any project required or authorized to be funded as identified in
subdivision (a) of Section 53410.”
The requirements of the Act apply to the bond proceeds of Community Facilities District No. 2002-1
(Rancho San Jacinto Phase 2) dated October 10, 2002.
Purpose of Special Tax
The City Council of the City of San Jacinto (“City Council”) adopted Resolution #1797 to form Community
Facilities District No. 2 (“CFD No. 2”) (adopted January 3, 1989) and to issue bonds. On May 1, 1989,
special tax bonds totaling $26,000,000.00 were issued to finance improvements within the District. On
October 10, 2002, CFD 2002-1 (Rancho San Jacinto Phase 2) bonds were issued to redeem a portion of
the outstanding CFD No. 2 special tax bonds (1989). Proceeds from the bonds issued for CFD 2002-1
(Rancho San Jacinto Phase 2) were used to satisfy the outstanding special tax liens for CFD No. 2.
Proceeds of the refunded CFD No. 2 bonds (1989) were used to finance the construction and/or
acquisition of certain street improvements, including grading, paving, curbs, gutters and sidewalks,
together with street lighting, drainage facilities, landscaping, sanitary sewer, water reservoir and pump
facilities and utility facilities. In addition to the improvements within the District boundaries, other
improvements lying outside of the District were included in the project since they were necessary to the
functioning of the District improvements. These offsite improvements included certain street
improvements, water supply and transmission facilities, sewer pipeline, grading, drainage facilities and
public utilities.
Reporting Requirements
Fund
Initial Deposit
06/30/2014
Balance
Expended
Amount
Status
Cost of Issuance Fund $402,121.92 0.00 $402,121.92 Fund Closed
PACKET PAGE: 7
AGENDA ITEM 2.1.2
CFD 2A Series 2002 Funds
Senate Bill 165 enacted the Local Agency Special Tax and Bond Accountability Act. This Act requires
that any local special tax/local bond measure subject to voter approval contain a statement indicating the
specific purposes of the special tax, require that the proceeds of the special tax be applied to those
purposes, require the creation of an account into which the proceeds shall be deposited, and require an
annual report containing specified information concerning the use of the proceeds. The Act only applies
to bonds issued on or after January 1, 2001 in accordance with Section 53410 of the California
Government Code.
Some of the requirements of the Act are handled at the formation (bond issuance) of the Special Tax
District and others are handled through annual reports. This Report intends to comply with Section 53411
of the California Government Code that states:
“The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than
January 1, 2002, and at least once a year thereafter. The Annual report shall contain all of the following:
(a) The amount of funds collected and expended.
(b) The status of any project required or authorized to be funded as identified in
subdivision (a) of Section 53410.”
The requirements of the Act apply to the bond proceeds of Community Facilities District No. 2 Special Tax
Refunding Bonds 2002 Series A dated October 10, 2002.
Purpose of Special Tax
The City Council of the City of San Jacinto (“City Council”) adopted Resolution #1797 to form Community
Facilities District No. 2 (“CFD No. 2”) (adopted January 3, 1989) and to issue bonds. On May 1, 1989,
special tax bonds totaling $26,000,000.00 were issued to finance improvements within the District. On
October 10, 2002, CFD 2A Series 2002 bonds were issued to redeem a portion of the outstanding CFD
No. 2 special tax bonds (1989). Proceeds from the bonds issued for CFD 2A Series 2002 were used to
satisfy the outstanding special tax liens for CFD No. 2.
Proceeds of the refunded CFD No. 2 bonds (1989) were used to finance the construction and/or
acquisition of certain street improvements, including grading, paving, curbs, gutters and sidewalks,
together with street lighting, drainage facilities, landscaping, sanitary sewer, water reservoir and pump
facilities and utility facilities. In addition to the improvements within the District boundaries, other
improvements lying outside of the District were included in the project since they were necessary to the
functioning of the District improvements. These offsite improvements included certain street
improvements, water supply and transmission facilities, sewer pipeline, grading, drainage facilities and
public utilities.
Reporting Requirements
Fund
Initial Deposit
06/30/2014
Balance
Expended
Amount
Status
Improvement Fund $832,000.00 $0.00 $832,000.00 Project Completed
Cost of Issuance Fund 982,040.00 0.00 982,040.00 Fund Closed
Refunding Fund 8,202,381.70 0.00 8,202,381.70 Fund Closed
Reserve Fund 748,800.00 768,847.42 0.00 Fund Closed 9/2014
PACKET PAGE: 8
AGENDA ITEM 2.1.2
December 2, 2014
TO: The Honorable Mayor and Members of the City Council
FROM: Rick Miller, City Clerk
SUBJECT: Minutes of the Regular Meeting held on November 18, 2014
RECOMMENDATION:
Staff recommends that the City Council, by motion, approve the draft minutes of the
Regular Meeting held November 18, 2014.
ATTACHMENTS
· Minutes of November 18, 2014 - Draft
PACKET PAGE: 9
AGENDA ITEM 2.1.3
ACTION MINUTES
JOINT REGULAR MEETING
OF THE SAN JACINTO CITY COUNCIL AND THE SUCCESSOR AGENCY TO
THE CITY OF SAN JACINTO REDEVELOPMENT AGENCY
November 18, 2014, 6:30 p.m.
625 S. Pico Ave
San Jacinto Community Center, San Jacinto, CA 92583
1. ORGANIZATION
1.1 Call to Order
Mayor Alonso Ledezma called the Regular Meeting of the San Jacinto City
Council and the Successor Agency to the City of San Jacinto Redevelopment
Agency to order at 6:30 p.m.
1.2 Roll Call
Present: Bartel, Kotyuk, Miller, Ruiz, Ledezma
Absent: None
1.3 Invocation
Pastor Gene Levell gave the invocation.
1.4 Pledge of Allegiance
Fire Chief Dave Fulcher led the Pledge of Allegiance
1.5 Special Presentations
None
1.6 MAYOR / COUNCIL MEMBER REPORTS / DISCUSSIONS
Councilmember’s gave their reports.
2. PUBLIC COMMENTS:
Public Speakers:
o Mildred Riquelme
o Barbara Naugh
o Cecil & Esther Applegate
o Lenny Pepper & Tim Miotti
o Tom Donahue
o Linda Nunez
PACKET PAGE: 11
AGENDA ITEM 2.1.3
Mayor’s Agenda
November 18, 2014
_______________________________________________________________________________________Page 2 of 4
3. CONSENT CALENDAR
3A CONSENT CALENDAR - CITY COUNCIL
3A.1 Continuance of the Proclamation of the Local State of
Emergency due to the Severe Winter Storms that began on
April 29, 2014 / Approve / City Clerk
3A.2 Waiver of Full Reading of Ordinance(s), and Reading by
Title Only / Approve / City Clerk, City Attorney
3A.3 Warren Road Rehabilitation Project - Adopt the Plans &
Specifications and Authorize Bid Advertisement / Approve
/ City Engineer
3A.4 Minutes of November 4, 2014 - Special Meeting / Approve /
City Clerk
3A.5 Warrants and Disbursements - October 2014 / Approve /
Finance Director
M/S/C (Bartel / Ruiz) moved to pull item 3A.5 and approve the balance of the
Consent Calendar. Motion carried 5/0.
Ayes: Bartel, Kotyuk, Miller, Ruiz, Ledezma
Nays: None
Absent: None
Abstain: Miller from item 3A.4, Kotyuk from 3A.4 line items 110246,
110454 & 110475
3A.5 Warrants and Disbursements - October 2014 / Approve /
Finance Director
M/S/C (Miller / Ruiz) - Approve warrants with Andrew’s abstentions
on items 110246 110454 and 110475 and not renew
membership for 2015 to either Chamber of Commerce. Motion
carried 5/0
Ayes: Bartel, Kotyuk, Miller, Ruiz, Ledezma
Nays: None
Absent: None
Abstain: None
PACKET PAGE: 12
AGENDA ITEM 2.1.3
Mayor’s Agenda
November 18, 2014
_______________________________________________________________________________________Page 3 of 4
4. PUBLIC HEARING
None
5. STAFF REPORTS
5.1 Street Sweeping Parking Enforcement Program
Assistant City Manager Mike Emberton presented the Staff Report
M/S/C (Bartel / Kotyuk) Moved to approve the item as presented. Motion carried
5/0.
Ayes: Bartel, Kotyuk, Miller, Ruiz, Ledezma
Nays: None
Absent: None
Abstain: None
5.2 Ordinance 14-12 / Recovery of Emergency Medical Services Response
Costs for Emergency Medical Services Response Rendered by
Firefighters, Paramedics, and Other Emergency Responders
City Manager Tim Hults presented the Staff Report.
Public Comment:
· Beverly Griggs
By unanimous consensus, this item was tabled to a future meeting.
5.3 Issuance of Request for Proposal for Towing Services Options
Assistant City Manager Emberton presented the Staff Report. He requested
that the City Council appoint an Ad-Hoc committee to review proposals.
Public Comments:
§ Eric Gosch
§ David Clark
§ Eduardo Romo
§ Oscar Romo
§ Jose Romo
By unanimous consensus the City Council gave direction to move forward with
an Ad Hoc committee to discuss the request for proposal for Towing
Services Options.
PACKET PAGE: 13
AGENDA ITEM 2.1.3
Mayor’s Agenda
November 18, 2014
_______________________________________________________________________________________Page 4 of 4
5.4 Request Direction for Use of Community Development Block Grant
Funds for Program Years 2015/16 and 2016/17
Development Director Sharon Paisley presented the Staff Report
M/S/C (Kotyuk / Bartel) Moved to request the full amount of CDBG money for
Fiscal years 15/16 and 16/17 for pavement management with matching
funds coming from Measure A, with the possibility of amending the
request based on the city’s budget. Motion carried 5/0.
Ayes: Bartel, Kotyuk, Miller, Ruiz, Ledezma
Nays: None
Absent: None
Abstain: None
6. CLOSED SESSION – NO CLOSED SESSION
6.1 CLOSED SESSION - CITY COUNCIL
6.2 CLOSED SESSION - SUCCESSOR AGENCY TO THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN JACINTO
7. ADJOURNMENT
With no further business before the City Council, Mayor Alonso Ledezma adjourned
the Regular Meeting of the City Council at 9:02 p.m.
City of San Jacinto
______________________
Alonso Ledezma, Mayor
ATTEST:
___________________
Richard Miller, City Clerk
Approved as read: ____________
Approved as amended: ________
PACKET PAGE: 14
AGENDA ITEM 2.1.3
December 2, 2014
TO: The Honorable Mayor and Members of the City Council
FROM: Rick Miller, City Clerk
SUBJECT: Resolution No. 3544 / A Resolution Certifying the results of the November
4, 2014 Consolidated Regular Municipal Election
RECOMMENDATION:
Staff recommends that the council approve and adopt the resolution declaring the results
of the November 4, 2014 Consolidated Regular Municipal Election and such other matters
as provided by law.
BACKGROUND:
The Elections Code provides that the City Council must adopt the resolution "no later
than the next regularly scheduled city council meeting following the presentation of the
28-day canvass of the returns, or at a special meeting called for that purpose".
FISCAL IMPACT:
None
ATTACHMENTS:
· Resolution No. 3544 (canvass attached as exhibit “A”)
· City Clerk Certificate of Election
PACKET PAGE: 15
AGENDA ITEM 2.1.4
STATE OF CALIFORNIA ) RESOLUTION NO. 3544
COUNTY OF RIVERSIDE) ss
CITY OF SAN JACINTO )
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN
JACINTO, CALIFORNIA, RECITING THE FACTS OF THE
CONSOLIDATED REGULAR MUNICIPAL ELECTION CONDUCTED ON
NOVEMBER 4, 2014 AND DECLARING THE RESULTS OF SAID
ELECTION
WHEREAS, the City of San Jacinto consolidated its general municipal election
on November 4, 2014, as designated by the Resolution Nos. 3509 and 3510; and
WHEREAS, on November 21, 2014, the Riverside County Registrar of Voters
certified the results of the canvass for the November 4, 2014 consolidated regular and
special elections to the San Jacinto City Clerk, as required by state law; and
WHEREAS, the results of said certified canvass are attached hereto as Exhibit A
and incorporated by reference herein; and
WHEREAS, the City Clerk has certified the results of the regular election to the
City Council, pursuant to Elections Code 10262.
NOW, THEREFORE, BE IT RESOLVED, determined and ordered by the City
Council of the City of San Jacinto, that at this time the City Council desires to declare
the results of the election, pursuant to California Elections Code 10264 and 10265:
SECTION 1. Recitals. The above recitals are all true and correct.
SECTION 2. Declaration of Election Results. This City Council does hereby
declare, pursuant to Elections Code sections 10264, 10263, and
10265, the following results of the consolidated regular election of
November 4, 2014:
Whole number of votes cast in City of San Jacinto: 5,615
City of San Jacinto - Member, City Council
JAMES D PANGRAZZI 1082
ALONSO LEDEZMA 1955
BRANDON BROADWELL 1743
SCOTT MILLER 2186
STEVE DI MEMMO 1530
PACKET PAGE: 17
AGENDA ITEM 2.1.4
SECTION 3. Declaration of Persons Elected. This City Council does hereby
declare the following persons elected to the three (3) City
Councilmember positions and one (1) City Treasurer position:
CITY COUNCIL:
ALONSO LEDEZMA
SCOTT MILLER
SECTION 4. Declaration of Ballot Measure. This City Council does hereby
declare the following results of Ballot Measure CC:
Whole number of votes cast: 5,615
Measure CC – City of San Jacinto
YES 2608
NO 2858
Total 5,466
SECTION 5. The City Clerk shall certify to the approval and adoption of this
Resolution and enter it into the book of original Resolutions.
PASSED, APPROVED, and ADOPTED this 2ND day of December, 2014, by the
following vote:
Ayes:
Nays:
Absent:
Abstain:
City of San Jacinto
_____________________________
Alonso Ledezma, Mayor
ATTEST:
______________________________
Richard Miller, City Clerk
APPROVED AS TO FORM:
Best, Best & Krieger, LLP
______________________________
Jeffrey S. Ballinger, City Attorney
PACKET PAGE: 18
AGENDA ITEM 2.1.4
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) ss
CITY OF SAN JACINTO)
CERTIFICATION
I, Richard Miller, City Clerk of the City of San Jacinto, do hereby certify that the
foregoing Resolution No. 3544 was duly passed and adopted at a regular meeting of the
City on the 2nd day of December, 2014 by the following vote:
Ayes:
Nays:
Absent:
Abstain:
City of San Jacinto
_________________________
Richard Miller, City Clerk
PACKET PAGE: 19
AGENDA ITEM 2.1.4
Exhibit A
Certified Canvass
PACKET PAGE: 20
AGENDA ITEM 2.1.4
PACKET PAGE: 21
AGENDA ITEM 2.1.4
PACKET PAGE: 22
AGENDA ITEM 2.1.4
PACKET PAGE: 23
AGENDA ITEM 2.1.4
PACKET PAGE: 24
AGENDA ITEM 2.1.4
December 2, 2014
TO: The Honorable Mayor and Members of the City Council
FROM: Kaleena Richards, City Treasurer
SUBJECT: Treasurer’s Report at October 31, 2014
RECOMMENDATION:
Receive and File Treasurer’s Report for October 31, 2014.
BACKGROUND:
The Treasurer’s Report is required to be presented to the governing body at least quarterly in
accordance with California Government Code Section 53600 et. seq.
DISCUSSION:
Total Cash and City Investments decreased 0.29% during the month. This includes cash, cash
in bank and cash with trustee.
The attached Treasurer’s report is a “snapshot” report of our cash position on the last day of
the month in all of our accounts. A section demonstrating compliance with the adopted
Investment Policy, a schedule of CDs, and a chart depicting historical interest rates for certain
positions is also included. Detailed statements of investments from Chandler Asset
Management and BLX Group have also been included.
Also attached is a “Memorandum” from BLX Group regarding the downgrade of Dell bonds
held as investments. Please read this document, as it explains an exception to the adopted
Investment Policy. Although this is an exception currently, it was in compliance with our Policy
when purchased. The downgrade does affect the investment’s market value, so if the
investment were to be sold today, it would be sold at a significant loss.
FISCAL IMPACT:
None.
ATTACHMENTS:
Treasurer’s Report for the month ending October 31, 2014.
PACKET PAGE: 25
AGENDA ITEM 2.1.5
PACKET PAGE: 27AGENDA ITEM 2.1.5
PACKET PAGE: 28AGENDA ITEM 2.1.5
- 0.500 1.000 1.500 2.00011/1112/111/122/123/124/125/126/127/128/129/1210/1211/1212/121/132/133/134/135/136/137/138/139/1310/1311/1312/131/142/143/144/145/146/147/148/149/1410/14Interest Rates - 11/11 to 10/14LAIFCAMPLAMMA-BoHMMA-RaboPIMMA-RaboPACKET PAGE: 29
AGENDA ITEM 2.1.5
Monthly Account Statement
+(314)-418-3441
Linda Brimm
US Bank
CustodianChandler Team
For questions about your account,
please call (800) 317-4747 or
Email operations@chandlerasset.com
City of San Jacinto
October 1, 2014 through October 31, 2014
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your
qualified custodian. Prices are provided by IDC, an independent pricing source.
6225 Lusk Boulevard | San Diego, CA 92121 | Phone 800.317.4747 | Fax 858.546.3741 | www.chandlerasset.comPACKET PAGE: 30AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 1
Cont/WD -947
Income Earned 6,354 6,168
Cost Value 10,185,664 10,190,645
Book Value 10,076,280 10,082,888
Par 9,999,481 10,010,396
Market Value 10,079,910 10,101,214
Total Market Value 10,111,360 10,131,276
Accrued Interest 31,450 30,062
ACCOUNT SUMMARY
Beg. Values
as of 9/30/14
End Values
as of 10/31/14
74.2 %
Apple Inc 2.0 %
Bank of Tokyo-Mit UFJ 2.0 %
Berkshire Hathaway 2.0 %
Federal Farm Credit Bank 9.8 %
Federal Home Loan Mortgage Corp 12.2 %
Federal Home Loan Bank 12.7 %
Federal National Mortgage Assoc 14.9 %
Government of United States 18.6 %
TOP ISSUERS
Issuer % Portfolio
Average S&P/Moody Rating AA/Aa1
Average Market YTM 0.61 %
Average Life 1.70 yrs
Average Final Maturity 1.77 yrs
Average Purchase YTM 0.76 %
Average Duration 1.67
Average Coupon 1.34 %
PORTFOLIO CHARACTERISTICS
CREDIT QUALITY (S&P)MATURITY DISTRIBUTIONSECTOR ALLOCATION
1-3 Year Govt/A Rated or better Corporate 0.27 %0.37 %0.81 %0.80 %N/A N/A N/A 0.85 %2.00 %
1-3 yr Treasury 0.27 %0.39 %0.72 %0.67 %N/A N/A N/A 0.60 %1.41 %
City of San Jacinto 0.21 %0.32 %0.76 %0.69 %N/A N/A N/A 0.68 %1.58 %
PERFORMANCE REVIEW
Total Rate of Return Current Latest Year Annualized Since
As of 10/31/2014 Month 3 Months To Date 1 Yr 3 Yrs 5 Yrs 10 Yrs 6/30/2012 6/30/2012
Portfolio Summary
As of 10/31/2014
City of San Jacinto
Account #10167
PACKET PAGE: 31AGENDA ITEM 2.1.5
Category Standard CommentLocal Agency Bonds No Limitation; BBB rated equivalent by a NRSROCompliesTreasury Issues No Limitation CompliesAgency Issues No Limitation CompliesBanker’s Acceptances 40% maximum; <180 days maturity; A-1 rated equivalent by at least two NRSROsComplies Commercial Paper 25% maximum; <270 days maturity; A-1 rated equivalent by at least two NRSROsCompliesNegotiable Certificates of Deposit 30% maximum; A rated equivalent by at least two NRSROsComplies Medium Term Notes 30% maximum; A rated equivalent by at least two NRSROsCompliesMoney Market Mutual Funds 20% maximum; AAA rated by at least two NRSROsCompliesMortgage Pass-throughs, CMOs and Asset Backed Securities20% maximum; AA-rated issue; A-rated issuerComplies Local Agency Investment Fund - L.A.I.F. Currently not used by investment adviser CompliesProhibited Securities Inverse floaters; Ranges notes, Interest-only strips from mortgaged backed securities; Zero interest accrual securitiesCompliesIssuer Maximum 5% per issuer for all non-government issuersCompliesMaximum maturity 5 years Complies City of San JacintoOctober 31, 2014COMPLIANCE WITH INVESTMENT POLICY Assets managed by Chandler Asset Management are in full compliance with State law and with the City's investment policy.PACKET PAGE: 32
AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 3
- Other Dispositions $0.00
- Maturites $320,000.00
- Calls $0.00
- MMF Withdrawals $947.17
+/- Realized Gain/Loss $0.00
- Security Transfers $0.00
+/- Net Accretion ($4,826.89)
($4,826.89)
Gain/Loss on Dispositions
- Principal Paydowns $21,591.42
Total Dispositions $723,759.45
Amortization/Accretion
+ Security Purchases $380,520.86
+ Money Market Fund Purchases $354,673.93
+ Money Market Contributions $0.00
- Security Withdrawals $0.00
$0.00
Acquisition
Dispositions
- Security Sales $0.00
- Money Market Fund Sales $381,220.86
+ Security Contributions $0.00
+ Security Transfers $0.00
Total Acquisitions $735,194.79
Ending Book Value $10,082,888.17
BOOK VALUE RECONCILIATION
Beginning Book Value $10,076,279.72
Interest from Calls/Redemption $0.00
Principal Paydown $21,591.42
Accrued Interest Paid $700.00
Calls/Redemption (Principal)$0.00
Withdrawals $947.17
Security Purchase $380,520.86
Total Acquisitions $354,673.93
Disposition
Principal on Maturities $320,000.00
Acquisition
Contributions $0.00
Interest on Maturities $0.00
Total Dispositions $382,168.03
Interest Received $13,082.27
Dividend Received $0.24
Security Sale Proceeds $0.00
Accrued Interest Received $0.00
Ending Book Value $37,792.44
CASH TRANSACTION SUMMARY
BEGINNING BALANCE $65,286.54
Reconciliation Summary
As of 10/31/2014
City of San Jacinto California
Account #10167
PACKET PAGE: 33AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 4
3133ECFV1 FFCB Note
0.43% Due 1/29/2016
225,000.00 02/21/2013
0.45 %
224,896.50
224,956.13
100.03
0.41 %
225,068.40
247.25
2.22 %
112.27
Aaa / AA+
AAA
1.25
1.24
3133XXP43 FHLB Note
3.125% Due 3/11/2016
270,000.00 06/14/2012
0.79 %
293,180.04
278,422.93
103.71
0.39 %
280,019.16
1,171.88
2.78 %
1,596.23
Aaa / AA+
AAA
1.36
1.34
3135G0BA0 FNMA Note
2.375% Due 4/11/2016
265,000.00 06/24/2014
0.44 %
274,147.80
272,371.39
102.77
0.45 %
272,340.24
349.65
2.69 %
(31.15)
Aaa / AA+
AAA
1.45
1.42
31331J2S1 FFCB Note
1.5% Due 11/16/2015
290,000.00 06/25/2012
0.57 %
299,065.40
292,782.59
101.28
0.26 %
293,724.47
1,993.75
2.92 %
941.88
Aaa / AA+
AAA
1.04
1.03
313371NW2 FHLB Note
1.375% Due 12/11/2015
225,000.00 11/16/2012
0.39 %
231,723.00
227,437.61
101.27
0.23 %
227,851.43
1,203.13
2.26 %
413.82
Aaa / AA+
AAA
1.11
1.10
31331VGU4 FFCB Note
4.875% Due 12/16/2015
250,000.00 06/12/2012
0.65 %
286,602.00
261,714.93
105.22
0.23 %
263,048.25
4,570.31
2.64 %
1,333.32
Aaa / AA+
AAA
1.13
1.09
3137EADC0 FHLMC Note
1% Due 3/8/2017
220,000.00 08/20/2012
0.86 %
221,392.60
220,719.79
100.60
0.74 %
221,314.94
323.89
2.19 %
595.15
Aaa / AA+
AAA
2.35
2.32
3135G0JA2 FNMA Note
1.125% Due 4/27/2017
235,000.00 03/14/2014
0.85 %
236,999.85
236,597.07
100.82
0.79 %
236,934.99
29.38
2.34 %
337.92
Aaa / AA+
AAA
2.49
2.45
3137EACT4 FHLMC Note
2.5% Due 5/27/2016
180,000.00 07/12/2012
0.61 %
193,012.20
185,272.98
103.20
0.45 %
185,763.96
1,925.00
1.85 %
490.98
Aaa / AA+
AAA
1.57
1.53
3137EACW7 FHLMC Note
2% Due 8/25/2016
190,000.00 06/14/2012
0.82 %
199,262.31
194,008.43
102.56
0.58 %
194,869.70
696.67
1.93 %
861.27
Aaa / AA+
AAA
1.82
1.78
3135G0GY3 FNMA Note
1.25% Due 1/30/2017
295,000.00 02/05/2014
0.72 %
299,587.25
298,458.34
101.16
0.73 %
298,427.02
932.12
2.95 %
(31.32)
Aaa / AA+
AAA
2.25
2.21
313370JB5 FHLB Note
1.75% Due 9/11/2015
275,000.00 01/11/2013
0.38 %
284,933.00
278,222.07
101.35
0.19 %
278,700.68
668.40
2.76 %
478.61
Aaa / AA+
AAA
0.86
0.86
3135G0KM4 FNMA Note
0.5% Due 5/27/2015
200,000.00 06/12/2012
0.53 %
199,828.00
199,966.97
100.21
0.13 %
200,424.60
427.78
1.98 %
457.63
Aaa / AA+
AAA
0.57
0.57
3133EADW5 FFCB Note
0.55% Due 8/17/2015
200,000.00 06/21/2013
0.48 %
200,310.00
200,114.42
100.29
0.19 %
200,575.80
226.11
1.98 %
461.38
Aaa / AA+
AAA
0.79
0.79
AGENCY
43814CAC3 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
101,963.92 12/17/2013
0.50 %
101,940.03
101,950.44
99.99
0.50 %
101,953.42
13.60
1.01 %
2.98
NR / AAA
AAA
2.06
0.52
47787RAC4 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
100,639.40 01/09/2014
0.50 %
100,670.84
100,660.82
100.02
0.47 %
100,663.75
23.71
0.99 %
2.93
Aaa / NR
AAA
1.71
0.37
161571FL3 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
125,000.00 04/25/2014
0.51 %
125,219.73
125,185.94
100.09
0.47 %
125,113.50
32.78
1.24 %
(72.44)
NR / AAA
AAA
2.79
0.77
43814GAC4 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
85,000.00 05/13/2014
0.78 %
84,989.78
84,991.31
100.03
0.75 %
85,026.52
23.63
0.84 %
35.21
Aaa / AAA
NR
3.38
1.70
Total ABS 412,603.32 0.56 %
412,820.38
412,788.51 0.54 %
412,757.19
93.72
4.08 %
(31.32)
Aaa / AAA
Aaa
2.47
0.80
ABS
Holdings Report
As of 10/31/14
City of San Jacinto
Account #10167
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
PACKET PAGE: 34AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 5
69371RK62 Paccar Financial Corp Note
1.05% Due 6/5/2015
150,000.00 01/10/2014
0.43 %
151,294.50
150,552.59
100.36
0.44 %
150,545.25
638.75
1.49 %
(7.34)
A1 / A+
NR
0.59
0.59
191216AX8 Coca Cola Company Note
0.75% Due 3/13/2015
125,000.00 06/18/2012
0.63 %
125,421.25
125,055.88
100.15
0.34 %
125,187.75
125.00
1.24 %
131.87
Aa3 / AA
A+
0.36
0.37
40428HPG1 HSBC USA Inc Note
2.375% Due 2/13/2015
125,000.00 06/26/2012
1.90 %
126,497.50
125,162.40
100.55
0.41 %
125,692.88
643.23
1.25 %
530.48
A2 / A+
AA-
0.29
0.28
713448BX5 Pepsico Inc. Note
0.75% Due 3/5/2015
125,000.00 06/05/2012
0.83 %
124,732.50
124,966.83
100.15
0.32 %
125,185.00
145.83
1.24 %
218.17
A1 / A-
A
0.34
0.34
US CORPORATE
31846V203 First American Govt Obligation Fund 37,792.44 Various
0.00 %
37,792.44
37,792.44
1.00
0.00 %
37,792.44
0.00
0.37 %
0.00
Aaa / AAA
NR
0.00
0.00
Total Money Market Fund FI 37,792.44 N/A
37,792.44
37,792.44 0.00 %
37,792.44
0.00
0.37 %
0.00
Aaa / AAA
NR
0.00
0.00
MONEY MARKET FUND FI
06538CPL9 Bank of Tokyo Mitsubishi NY Discount
CP
0.21% Due 2/20/2015
205,000.00 10/20/2014
0.21 %
204,854.11
204,867.26
99.94
0.21 %
204,867.26
0.00
2.02 %
0.00
P-1 / A-1
F-1
0.31
0.31
Total Commercial Paper 205,000.00 0.21 %
204,854.11
204,867.26 0.21 %
204,867.26
0.00
2.02 %
0.00
P-1 / A-1
F-1
0.31
0.31
COMMERCIAL PAPER
3135G0MZ3 FNMA Note
0.875% Due 8/28/2017
325,000.00 05/06/2013
0.73 %
326,956.50
326,281.54
99.75
0.96 %
324,202.45
497.66
3.20 %
(2,079.09)
Aaa / AA+
AAA
2.83
2.78
3137EADL0 FHLMC Note
1% Due 9/29/2017
200,000.00 11/14/2013
1.06 %
199,540.00
199,654.19
99.88
1.04 %
199,751.60
177.78
1.97 %
97.41
Aaa / AA+
AAA
2.92
2.86
313379DD8 FHLB Note
1% Due 6/21/2017
260,000.00 06/09/2014
0.93 %
260,566.80
260,493.07
100.22
0.91 %
260,575.12
938.89
2.58 %
82.05
Aaa / AA+
AAA
2.64
2.59
3137EADJ5 FHLMC Note
1% Due 7/28/2017
220,000.00 09/25/2013
1.17 %
218,563.40
218,973.86
100.17
0.94 %
220,379.06
568.33
2.18 %
1,405.20
Aaa / AA+
AAA
2.74
2.69
3135G0PQ0 FNMA Note
0.875% Due 10/26/2017
175,000.00 05/19/2014
1.05 %
173,962.25
174,098.69
99.55
1.03 %
174,214.25
21.27
1.72 %
115.56
Aaa / AA+
AAA
2.99
2.94
313378A43 FHLB Note
1.375% Due 3/9/2018
235,000.00 06/21/2013
1.54 %
233,211.65
233,725.88
100.18
1.32 %
235,411.49
466.74
2.33 %
1,685.61
Aaa / AA+
AAA
3.36
3.26
3137EADN6 FHLMC Note
0.75% Due 1/12/2018
210,000.00 07/28/2014
1.30 %
206,123.40
206,414.99
99.12
1.03 %
208,151.37
476.88
2.06 %
1,736.38
Aaa / AA+
AAA
3.20
3.14
Total Agency 4,945,000.00 0.76 %
5,063,863.95
4,990,687.87 0.61 %
5,001,748.98
17,912.87
49.55 %
11,061.11
Aaa / AA+
Aaa
1.92
1.89
AGENCY
Holdings Report
As of 10/31/14
City of San Jacinto
Account #10167
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
PACKET PAGE: 35AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 6
912828TD2 US Treasury Note
0.25% Due 7/15/2015
200,000.00 10/15/2013
0.31 %
199,781.92
199,912.08
100.09
0.13 %
200,171.80
148.10
1.98 %
259.72
Aaa / AA+
AAA
0.70
0.71
912828UG3 US Treasury Note
0.375% Due 1/15/2016
200,000.00 01/22/2014
0.42 %
199,836.61
199,900.43
100.18
0.23 %
200,359.40
222.15
1.98 %
458.97
Aaa / AA+
AAA
1.21
1.20
912828NV8 US Treasury Note
1.25% Due 8/31/2015
195,000.00 06/06/2012
0.38 %
200,454.56
196,400.62
100.91
0.16 %
196,767.09
417.47
1.95 %
366.47
Aaa / AA+
AAA
0.83
0.83
912828PE4 US Treasury Note
1.25% Due 10/31/2015
195,000.00 06/07/2012
0.46 %
200,203.19
196,527.39
101.08
0.17 %
197,102.30
6.73
1.95 %
574.91
Aaa / AA+
AAA
1.00
1.00
912828QA1 US Treasury Note
2.25% Due 3/31/2016
195,000.00 12/14/2012
0.38 %
206,868.23
200,103.34
102.76
0.30 %
200,377.71
385.71
1.98 %
274.37
Aaa / AA+
AAA
1.42
1.40
US TREASURY
68389XAN5 Oracle Corp Note
1.2% Due 10/15/2017
200,000.00 08/13/2013
1.78 %
195,402.00
196,738.17
99.67
1.31 %
199,346.40
106.67
1.97 %
2,608.23
A1 / A+
A+
2.96
2.89
94974BFG0 Wells Fargo Corp Note
1.5% Due 1/16/2018
175,000.00 10/17/2014
1.38 %
175,666.75
175,661.11
99.79
1.57 %
174,625.85
765.63
1.73 %
(1,035.26)
A2 / A+
AA-
3.21
3.11
459200GU9 IBM Corp Note
2% Due 1/5/2016
120,000.00 06/05/2012
0.98 %
124,288.80
121,412.09
101.80
0.47 %
122,154.12
773.33
1.21 %
742.03
Aa3 / AA-
A+
1.18
1.16
037833AH3 Apple Inc Note
0.45% Due 5/3/2016
200,000.00 05/22/2013
0.54 %
199,466.00
199,726.27
99.95
0.48 %
199,895.20
445.00
1.98 %
168.93
Aa1 / AA+
NR
1.51
1.50
742718DV8 Procter & Gamble Co Note
1.45% Due 8/15/2016
190,000.00 11/14/2012
0.71 %
195,156.60
192,466.86
101.40
0.66 %
192,663.99
581.61
1.91 %
197.13
Aa3 / AA-
NR
1.79
1.76
594918AG9 Microsoft Note
1.625% Due 9/25/2015
125,000.00 06/27/2012
0.65 %
128,893.75
126,079.59
101.13
0.37 %
126,407.25
203.13
1.25 %
327.66
Aaa / AAA
AA+
0.90
0.89
278642AB9 Ebay Inc Note
1.625% Due 10/15/2015
125,000.00 06/12/2012
0.91 %
127,943.75
125,841.76
100.88
0.70 %
126,103.75
90.28
1.25 %
261.99
A2 / A
A-
0.96
0.95
36962G4T8 General Electric Capital Corp Note
2.25% Due 11/9/2015
185,000.00 01/14/2014
0.48 %
190,903.35
188,331.24
101.85
0.43 %
188,421.21
1,988.75
1.88 %
89.97
A1 / AA+
NR
1.02
1.00
02665WAB7 American Honda Finance Note
1.125% Due 10/7/2016
125,000.00 03/05/2014
0.78 %
126,100.00
125,824.42
99.81
1.22 %
124,762.88
93.75
1.23 %
(1,061.54)
A1 / A+
NR
1.94
1.90
48126EAA5 JP Morgan Note
2% Due 8/15/2017
125,000.00 05/06/2013
1.35 %
128,341.25
127,181.78
101.18
1.57 %
126,476.50
527.78
1.25 %
(705.28)
A3 / A
A+
2.79
2.70
91159HHD5 US Bancorp Callable Note Cont
4/15/2017
1.65% Due 5/15/2017
125,000.00 05/19/2014
1.06 %
127,113.75
126,788.40
101.15
1.17 %
126,431.63
951.04
1.26 %
(356.77)
A1 / A+
AA-
2.54
2.39
084670BD9 Berkshire Hathaway Note
1.9% Due 1/31/2017
200,000.00 08/13/2013
1.39 %
203,422.00
202,225.38
102.03
0.98 %
204,065.60
960.56
2.02 %
1,840.22
Aa2 / AA
A+
2.25
2.19
674599CB9 Occidental Petroleum Note
1.75% Due 2/15/2017
120,000.00 01/11/2013
1.11 %
123,064.80
121,720.48
101.26
1.19 %
121,509.12
443.33
1.20 %
(211.36)
A1 / A
A
2.30
2.23
Total US Corporate 2,540,000.00 1.00 %
2,573,708.55
2,555,735.25 0.81 %
2,559,474.38
9,483.67
25.36 %
3,739.13
A1 / AA-
A+
1.66
1.61
US CORPORATE
Holdings Report
As of 10/31/14
City of San Jacinto
Account #10167
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
PACKET PAGE: 36AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 7
912828RF9 US Treasury Note
1% Due 8/31/2016
215,000.00 10/12/2012
0.48 %
219,283.92
217,023.97
101.00
0.45 %
217,150.00
368.23
2.15 %
126.03
Aaa / AA+
AAA
1.84
1.81
912828RM4 US Treasury Note
1% Due 10/31/2016
250,000.00 03/14/2014
0.60 %
252,627.79
252,000.30
100.95
0.52 %
252,382.75
6.91
2.49 %
382.45
Aaa / AA+
AAA
2.00
1.98
912828SY7 US Treasury Note
0.625% Due 5/31/2017
210,000.00 07/25/2013
0.96 %
207,318.28
208,202.01
99.58
0.79 %
209,114.01
552.25
2.07 %
912.00
Aaa / AA+
AAA
2.58
2.55
912828SC5 US Treasury Note
0.875% Due 1/31/2017
210,000.00 02/26/2014
0.67 %
211,231.17
210,946.70
100.55
0.63 %
211,148.49
464.37
2.09 %
201.79
Aaa / AA+
AAA
2.25
2.22
Total US Treasury 1,870,000.00 0.52 %
1,897,605.67
1,881,016.84 0.38 %
1,884,573.55
2,571.92
18.63 %
3,556.71
Aaa / AA+
Aaa
1.56
1.55
US TREASURY
TOTAL PORTFOLIO 10,010,395.76 0.76 %
10,190,645.10
10,082,888.17 0.61 %
10,101,213.80
30,062.18
100.00 %
18,325.63
Aa1 / AA
Aaa
1.77
1.67
TOTAL MARKET VALUE PLUS ACCRUED 10,131,275.98
Holdings Report
As of 10/31/14
City of San Jacinto
Account #10167
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
PACKET PAGE: 37AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 8
Sale 10/21/2014 31846V203 204,854.11 First American Govt Obligation Fund 1.000 204,854.11 0.00 204,854.11 0.00
Closing
Purchase
10/21/2014 31846V203 -204,854.11 First American Govt Obligation Fund 1.000 -204,854.11 0.00 -204,854.11 0.00
Subtotal -204,854.11 -204,854.11 0.00 -204,854.11 0.00
DISPOSITIONS
Short Sale 10/21/2014 31846V203 -204,854.11 First American Govt Obligation Fund 1.000 -204,854.11 0.00 -204,854.11 0.00
Subtotal -204,854.11 -204,854.11 0.00 -204,854.11 0.00
Purchase 10/07/2014 31846V203 703.13 First American Govt Obligation Fund 1.000 703.13 0.00 703.13 0.00
Purchase 10/01/2014 31846V203 120,000.00 First American Govt Obligation Fund 1.000 120,000.00 0.00 120,000.00 0.00
Purchase 10/01/2014 31846V203 2,250.00 First American Govt Obligation Fund 1.000 2,250.00 0.00 2,250.00 0.00
Purchase 10/26/2014 31846V203 765.63 First American Govt Obligation Fund 1.000 765.63 0.00 765.63 0.00
Purchase 10/01/2014 31846V203 0.24 First American Govt Obligation Fund 1.000 0.24 0.00 0.24 0.00
Purchase 10/21/2014 31846V203 54.54 First American Govt Obligation Fund 1.000 54.54 0.00 54.54 0.00
Purchase 10/22/2014 94974BFG0 175,000.00 Wells Fargo Corp Note
1.5% Due 1/16/2018
100.381 1.38 %175,666.75 700.00 176,366.75 0.00
Purchase 10/21/2014 31846V203 9,630.13 First American Govt Obligation Fund 1.000 9,630.13 0.00 9,630.13 0.00
Purchase 10/21/2014 06538CPL9 205,000.00 Bank of Tokyo Mitsubishi NY Discount CP
0.21% Due 2/20/2015
99.929 0.21 %204,854.11 0.00 204,854.11 0.00
Purchase 10/21/2014 31846V203 200,000.00 First American Govt Obligation Fund 1.000 200,000.00 0.00 200,000.00 0.00
Purchase 10/15/2014 31846V203 61.46 First American Govt Obligation Fund 1.000 61.46 0.00 61.46 0.00
Purchase 10/11/2014 31846V203 3,146.88 First American Govt Obligation Fund 1.000 3,146.88 0.00 3,146.88 0.00
Purchase 10/15/2014 31846V203 12,055.66 First American Govt Obligation Fund 1.000 12,055.66 0.00 12,055.66 0.00
Purchase 10/15/2014 31846V203 2,215.63 First American Govt Obligation Fund 1.000 2,215.63 0.00 2,215.63 0.00
Purchase 10/27/2014 31846V203 1,321.88 First American Govt Obligation Fund 1.000 1,321.88 0.00 1,321.88 0.00
Purchase 10/31/2014 31846V203 2,468.75 First American Govt Obligation Fund 1.000 2,468.75 0.00 2,468.75 0.00
Subtotal 734,673.93 735,194.79 700.00 735,894.79 0.00
TOTAL ACQUISITIONS 529,819.82 530,340.68 700.00 531,040.68 0.00
ACQUISITIONS
Transaction Ledger
9/30/14 Thru 10/31/14
City of San Jacinto
Account #10167
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount
Interest
Pur/Sold Total Amount Gain/Loss
PACKET PAGE: 38AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 9
Interest 10/07/2014 02665WAB7 125,000.00 American Honda Finance Note
1.125% Due 10/7/2016
0.000 703.13 0.00 703.13 0.00
Interest 10/15/2014 68389XAN5 200,000.00 Oracle Corp Note
1.2% Due 10/15/2017
0.000 1,200.00 0.00 1,200.00 0.00
Interest 10/15/2014 278642AB9 125,000.00 Ebay Inc Note
1.625% Due 10/15/2015
0.000 1,015.63 0.00 1,015.63 0.00
Interest 10/01/2014 94974BET3 120,000.00 Wells Fargo Corp Note
3.75% Due 10/1/2014
0.000 2,250.00 0.00 2,250.00 0.00
Interest 10/11/2014 3135G0BA0 265,000.00 FNMA Note
2.375% Due 4/11/2016
0.000 3,146.88 0.00 3,146.88 0.00
OTHER TRANSACTIONS
Security
Withdrawal
10/06/2014 31846V203 843.00 First American Govt Obligation Fund 1.000 843.00 0.00 843.00 0.00
Security
Withdrawal
10/27/2014 31846V203 104.17 First American Govt Obligation Fund 1.000 104.17 0.00 104.17 0.00
Subtotal 947.17 947.17 0.00 947.17 0.00
Maturity 10/21/2014 06538CKM2 200,000.00 Bank of Tokyo Mitsubishi NY Discount CP
0.21% Due 10/21/2014
99.927 200,000.00 0.00 200,000.00 0.00
Maturity 10/01/2014 94974BET3 120,000.00 Wells Fargo Corp Note
3.75% Due 10/1/2014
100.000 120,000.00 0.00 120,000.00 0.00
Subtotal 320,000.00 320,000.00 0.00 320,000.00 0.00
Paydown 10/21/2014 43814CAC3 9,585.51 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
100.000 9,585.51 44.62 9,630.13 0.00
Paydown 10/15/2014 47787RAC4 12,005.91 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
100.000 12,005.91 49.75 12,055.66 0.00
Paydown 10/15/2014 161571FL3 0.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
100.000 0.00 61.46 61.46 0.00
Paydown 10/21/2014 43814GAC4 0.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
100.000 0.00 54.54 54.54 0.00
Subtotal 21,591.42 21,591.42 210.37 21,801.79 0.00
Sale 10/22/2014 31846V203 176,366.75 First American Govt Obligation Fund 1.000 176,366.75 0.00 176,366.75 0.00
Subtotal 381,220.86 381,220.86 0.00 381,220.86 0.00
TOTAL DISPOSITIONS 518,905.34 518,905.34 210.37 519,115.71 0.00
DISPOSITIONS
Transaction Ledger
9/30/14 Thru 10/31/14
City of San Jacinto
Account #10167
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount
Interest
Pur/Sold Total Amount Gain/Loss
PACKET PAGE: 39AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 10
Dividend 10/01/2014 31846V203 187,536.54 First American Govt Obligation Fund 0.000 0.24 0.00 0.24 0.00
Subtotal 187,536.54 0.24 0.00 0.24 0.00
Interest 10/31/2014 912828PE4 195,000.00 US Treasury Note
1.25% Due 10/31/2015
0.000 1,218.75 0.00 1,218.75 0.00
Interest 10/31/2014 912828RM4 250,000.00 US Treasury Note
1% Due 10/31/2016
0.000 1,250.00 0.00 1,250.00 0.00
Interest 10/26/2014 3135G0PQ0 175,000.00 FNMA Note
0.875% Due 10/26/2017
0.000 765.63 0.00 765.63 0.00
Interest 10/27/2014 3135G0JA2 235,000.00 FNMA Note
1.125% Due 4/27/2017
0.000 1,321.88 0.00 1,321.88 0.00
Subtotal 1,690,000.00 12,871.90 0.00 12,871.90 0.00
TOTAL OTHER TRANSACTIONS 1,877,536.54 12,872.14 0.00 12,872.14 0.00
OTHER TRANSACTIONS
Transaction Ledger
9/30/14 Thru 10/31/14
City of San Jacinto
Account #10167
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount
Interest
Pur/Sold Total Amount Gain/Loss
PACKET PAGE: 40AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 11
313371NW2 FHLB
Note
1.375% Due 12/11/2015
11/16/2012
11/19/2012
225,000.00
227,624.20
0.00
0.00
227,437.61
945.31
0.00
1,203.13
257.82
0.00
186.59
(186.59)
71.23
0.00
71.23
313370JB5 FHLB
Note
1.75% Due 09/11/2015
01/11/2013
01/16/2013
275,000.00
278,540.17
0.00
0.00
278,222.07
267.36
0.00
668.40
401.04
0.00
318.10
(318.10)
82.94
0.00
82.94
31331VGU4 FFCB
Note
4.875% Due 12/16/2015
06/12/2012
06/13/2012
250,000.00
262,600.69
0.00
0.00
261,714.93
3,554.69
0.00
4,570.31
1,015.62
0.00
885.76
(885.76)
129.86
0.00
129.86
31331J2S1 FFCB
Note
1.5% Due 11/16/2015
06/25/2012
06/26/2012
290,000.00
293,009.60
0.00
0.00
292,782.59
1,631.25
0.00
1,993.75
362.50
0.00
227.01
(227.01)
135.49
0.00
135.49
278642AB9 Ebay Inc
Note
1.625% Due 10/15/2015
06/12/2012
06/15/2012
125,000.00
125,916.75
0.00
0.00
125,841.76
936.63
1,015.63
90.28
169.28
0.00
74.99
(74.99)
94.29
0.00
94.29
191216AX8 Coca Cola Company
Note
0.75% Due 03/13/2015
06/18/2012
06/21/2012
125,000.00
125,069.01
0.00
0.00
125,055.88
46.88
0.00
125.00
78.12
0.00
13.13
(13.13)
64.99
0.00
64.99
161571FL3 Chase CHAIT
Pool #2012-A5
0.59% Due 08/15/2017
04/25/2014
04/30/2014
125,000.00
125,191.60
0.00
0.00
125,185.94
32.78
61.46
32.78
61.46
0.00
5.66
(5.66)
55.80
0.00
55.80
084670BD9 Berkshire Hathaway
Note
1.9% Due 01/31/2017
08/13/2013
08/16/2013
200,000.00
202,309.31
0.00
0.00
202,225.38
643.89
0.00
960.56
316.67
0.00
83.93
(83.93)
232.74
0.00
232.74
037833AH3 Apple Inc
Note
0.45% Due 05/03/2016
05/22/2013
05/28/2013
200,000.00
199,710.81
0.00
0.00
199,726.27
370.00
0.00
445.00
75.00
15.46
0.00
15.46
90.46
0.00
90.46
02665WAB7 American Honda Finance
Note
1.125% Due 10/07/2016
03/05/2014
03/10/2014
125,000.00
125,860.62
0.00
0.00
125,824.42
679.69
703.13
93.75
117.19
0.00
36.20
(36.20)
80.99
0.00
80.99
Fixed Income
Income Earned
9/30/14 Thru 10/31/14
City of San Jacinto
Account #10167
CUSIP Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Unreal G/L
Total Income
PACKET PAGE: 41AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 12
3135G0PQ0 FNMA
Note
0.875% Due 10/26/2017
05/19/2014
05/20/2014
175,000.00
174,073.05
0.00
0.00
174,098.69
659.29
765.63
21.27
127.61
25.64
0.00
25.64
153.25
0.00
153.25
3135G0MZ3 FNMA
Note
0.875% Due 08/28/2017
05/06/2013
05/07/2013
325,000.00
326,320.08
0.00
0.00
326,281.54
260.68
0.00
497.66
236.98
0.00
38.54
(38.54)
198.44
0.00
198.44
3135G0KM4 FNMA
Note
0.5% Due 05/27/2015
06/12/2012
06/13/2012
200,000.00
199,962.03
0.00
0.00
199,966.97
344.44
0.00
427.78
83.34
4.94
0.00
4.94
88.28
0.00
88.28
3135G0JA2 FNMA
Note
1.125% Due 04/27/2017
03/14/2014
03/17/2014
235,000.00
236,651.59
0.00
0.00
236,597.07
1,130.94
1,321.88
29.38
220.32
0.00
54.52
(54.52)
165.80
0.00
165.80
3135G0GY3 FNMA
Note
1.25% Due 01/30/2017
02/05/2014
02/06/2014
295,000.00
298,588.92
0.00
0.00
298,458.34
624.83
0.00
932.12
307.29
0.00
130.58
(130.58)
176.71
0.00
176.71
3135G0BA0 FNMA
Note
2.375% Due 04/11/2016
06/24/2014
06/27/2014
265,000.00
272,805.00
0.00
0.00
272,371.39
2,972.05
3,146.88
349.65
524.48
0.00
433.61
(433.61)
90.87
0.00
90.87
3133XXP43 FHLB
Note
3.125% Due 03/11/2016
06/14/2012
06/15/2012
270,000.00
278,949.36
0.00
0.00
278,422.93
468.75
0.00
1,171.88
703.13
0.00
526.43
(526.43)
176.70
0.00
176.70
3133ECFV1 FFCB
Note
0.43% Due 01/29/2016
02/21/2013
02/22/2013
225,000.00
224,953.13
0.00
0.00
224,956.13
166.63
0.00
247.25
80.62
3.00
0.00
3.00
83.62
0.00
83.62
3133EADW5 FFCB
Note
0.55% Due 08/17/2015
06/21/2013
06/25/2013
200,000.00
200,126.69
0.00
0.00
200,114.42
134.44
0.00
226.11
91.67
0.00
12.27
(12.27)
79.40
0.00
79.40
313379DD8 FHLB
Note
1% Due 06/21/2017
06/09/2014
06/10/2014
260,000.00
260,508.94
0.00
0.00
260,493.07
722.22
0.00
938.89
216.67
0.00
15.87
(15.87)
200.80
0.00
200.80
313378A43 FHLB
Note
1.375% Due 03/09/2018
06/21/2013
06/25/2013
235,000.00
233,693.61
0.00
0.00
233,725.88
197.47
0.00
466.74
269.27
32.27
0.00
32.27
301.54
0.00
301.54
Income Earned
9/30/14 Thru 10/31/14
City of San Jacinto
Account #10167
CUSIP Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Unreal G/L
Total Income
PACKET PAGE: 42AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 13
459200GU9 IBM Corp
Note
2% Due 01/05/2016
06/05/2012
06/08/2012
120,000.00
121,513.89
0.00
0.00
121,412.09
573.33
0.00
773.33
200.00
0.00
101.80
(101.80)
98.20
0.00
98.20
43814GAC4 Honda Auto Receivables
2014-2 A3
0.77% Due 03/19/2018
05/13/2014
05/21/2014
85,000.00
84,991.02
0.00
0.00
84,991.31
23.63
54.54
23.63
54.54
0.29
0.00
0.29
54.83
0.00
54.83
43814CAC3 Honda Auto Receivables
2013-1 A3
0.48% Due 11/21/2016
12/17/2013
12/20/2013
101,963.92
111,533.57
0.00
9,585.51
101,950.44
14.87
44.62
13.60
43.35
2.38
0.00
2.38
45.73
0.00
45.73
40428HPG1 HSBC USA Inc
Note
2.375% Due 02/13/2015
06/26/2012
06/29/2012
125,000.00
125,210.81
0.00
0.00
125,162.40
395.83
0.00
643.23
247.40
0.00
48.41
(48.41)
198.99
0.00
198.99
36962G4T8 General Electric Capital Corp
Note
2.25% Due 11/09/2015
01/14/2014
01/17/2014
185,000.00
188,608.10
0.00
0.00
188,331.24
1,641.88
0.00
1,988.75
346.87
0.00
276.86
(276.86)
70.01
0.00
70.01
3137EADN6 FHLMC
Note
0.75% Due 01/12/2018
07/28/2014
07/29/2014
210,000.00
206,319.84
0.00
0.00
206,414.99
345.63
0.00
476.88
131.25
95.15
0.00
95.15
226.40
0.00
226.40
3137EADL0 FHLMC
Note
1% Due 09/29/2017
11/14/2013
11/15/2013
200,000.00
199,644.10
0.00
0.00
199,654.19
11.11
0.00
177.78
166.67
10.09
0.00
10.09
176.76
0.00
176.76
3137EADJ5 FHLMC
Note
1% Due 07/28/2017
09/25/2013
09/27/2013
220,000.00
218,942.05
0.00
0.00
218,973.86
385.00
0.00
568.33
183.33
31.81
0.00
31.81
215.14
0.00
215.14
3137EADC0 FHLMC
Note
1% Due 03/08/2017
08/20/2012
08/21/2012
220,000.00
220,745.80
0.00
0.00
220,719.79
140.56
0.00
323.89
183.33
0.00
26.01
(26.01)
157.32
0.00
157.32
3137EACW7 FHLMC
Note
2% Due 08/25/2016
06/14/2012
06/15/2012
190,000.00
194,195.85
0.00
0.00
194,008.43
380.00
0.00
696.67
316.67
0.00
187.42
(187.42)
129.25
0.00
129.25
3137EACT4 FHLMC
Note
2.5% Due 05/27/2016
07/12/2012
07/13/2012
180,000.00
185,558.25
0.00
0.00
185,272.98
1,550.00
0.00
1,925.00
375.00
0.00
285.27
(285.27)
89.73
0.00
89.73
Income Earned
9/30/14 Thru 10/31/14
City of San Jacinto
Account #10167
CUSIP Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Unreal G/L
Total Income
PACKET PAGE: 43AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 14
912828PE4 US Treasury
Note
1.25% Due 10/31/2015
06/07/2012
06/08/2012
195,000.00
196,657.47
0.00
0.00
196,527.39
1,020.04
1,218.75
6.73
205.44
0.00
130.08
(130.08)
75.36
0.00
75.36
912828NV8 US Treasury
Note
1.25% Due 08/31/2015
06/06/2012
06/07/2012
195,000.00
196,543.92
0.00
0.00
196,400.62
208.74
0.00
417.47
208.73
0.00
143.30
(143.30)
65.43
0.00
65.43
91159HHD5 US Bancorp
Callable Note Cont 4/15/2017
1.65% Due 05/15/2017
05/19/2014
05/22/2014
125,000.00
126,850.28
0.00
0.00
126,788.40
779.17
0.00
951.04
171.87
0.00
61.88
(61.88)
109.99
0.00
109.99
742718DV8 Procter & Gamble Co
Note
1.45% Due 08/15/2016
11/14/2012
11/19/2012
190,000.00
192,583.97
0.00
0.00
192,466.86
352.03
0.00
581.61
229.58
0.00
117.11
(117.11)
112.47
0.00
112.47
713448BX5 Pepsico Inc.
Note
0.75% Due 03/05/2015
06/05/2012
06/08/2012
125,000.00
124,958.54
0.00
0.00
124,966.83
67.71
0.00
145.83
78.12
8.29
0.00
8.29
86.41
0.00
86.41
69371RK62 Paccar Financial Corp
Note
1.05% Due 06/05/2015
01/10/2014
01/15/2014
150,000.00
150,631.90
0.00
0.00
150,552.59
507.50
0.00
638.75
131.25
0.00
79.31
(79.31)
51.94
0.00
51.94
68389XAN5 Oracle Corp
Note
1.2% Due 10/15/2017
08/13/2013
08/16/2013
200,000.00
196,644.46
0.00
0.00
196,738.17
1,106.67
1,200.00
106.67
200.00
93.71
0.00
93.71
293.71
0.00
293.71
674599CB9 Occidental Petroleum
Note
1.75% Due 02/15/2017
01/11/2013
01/16/2013
120,000.00
121,784.20
0.00
0.00
121,720.48
268.33
0.00
443.33
175.00
0.00
63.72
(63.72)
111.28
0.00
111.28
594918AG9 Microsoft
Note
1.625% Due 09/25/2015
06/27/2012
06/29/2012
125,000.00
126,181.62
0.00
0.00
126,079.59
33.85
0.00
203.13
169.28
0.00
102.03
(102.03)
67.25
0.00
67.25
48126EAA5 JP Morgan
Note
2% Due 08/15/2017
05/06/2013
05/09/2013
125,000.00
127,248.22
0.00
0.00
127,181.78
319.44
0.00
527.78
208.34
0.00
66.44
(66.44)
141.90
0.00
141.90
47787RAC4 John Deere Owner Trust
2012-B A3
0.53% Due 07/15/2016
01/09/2014
01/14/2014
100,639.40
112,670.48
0.00
12,005.91
100,660.82
26.53
49.75
23.71
46.93
0.00
3.75
(3.75)
43.18
0.00
43.18
Income Earned
9/30/14 Thru 10/31/14
City of San Jacinto
Account #10167
CUSIP Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Unreal G/L
Total Income
PACKET PAGE: 44AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 15
94974BFG0 Wells Fargo Corp
Note
1.5% Due 01/16/2018
10/17/2014
10/22/2014
175,000.00
0.00
175,666.75
0.00
175,661.11
0.00
(700.00)
765.63
65.63
0.00
5.64
(5.64)
59.99
0.00
59.99
94974BET3 Wells Fargo Corp
Note
Due 10/01/2014
06/26/2012
06/29/2012
0.00
120,000.00
0.00
120,000.00
0.00
2,250.00
2,250.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
912828UG3 US Treasury
Note
0.375% Due 01/15/2016
01/22/2014
01/23/2014
200,000.00
199,893.41
0.00
0.00
199,900.43
158.97
0.00
222.15
63.18
7.02
0.00
7.02
70.20
0.00
70.20
912828TD2 US Treasury
Note
0.25% Due 07/15/2015
10/15/2013
10/18/2013
200,000.00
199,901.43
0.00
0.00
199,912.08
105.98
0.00
148.10
42.12
10.65
0.00
10.65
52.77
0.00
52.77
912828SY7 US Treasury
Note
0.625% Due 05/31/2017
07/25/2013
07/26/2013
210,000.00
208,142.84
0.00
0.00
208,202.01
441.09
0.00
552.25
111.16
59.17
0.00
59.17
170.33
0.00
170.33
912828SC5 US Treasury
Note
0.875% Due 01/31/2017
02/26/2014
02/27/2014
210,000.00
210,982.40
0.00
0.00
210,946.70
309.58
0.00
464.37
154.79
0.00
35.70
(35.70)
119.09
0.00
119.09
912828RM4 US Treasury
Note
1% Due 10/31/2016
03/14/2014
03/17/2014
250,000.00
252,085.24
0.00
0.00
252,000.30
1,046.20
1,250.00
6.91
210.71
0.00
84.94
(84.94)
125.77
0.00
125.77
912828RF9 US Treasury
Note
1% Due 08/31/2016
10/12/2012
10/15/2012
215,000.00
217,117.76
0.00
0.00
217,023.97
184.12
0.00
368.23
184.11
0.00
93.79
(93.79)
90.32
0.00
90.32
912828QA1 US Treasury
Note
2.25% Due 03/31/2016
12/14/2012
12/17/2012
195,000.00
200,409.93
0.00
0.00
200,103.34
12.05
0.00
385.71
373.66
0.00
306.59
(306.59)
67.07
0.00
67.07
TOTAL Fixed Income 9,767,603.32
9,811,016.51
175,666.75
141,591.42
9,840,228.47
31,450.06
12,382.27
30,062.18
10,994.39
399.87
5,263.24
(4,863.37)
6,131.02
0.00
6,131.02
Income Earned
9/30/14 Thru 10/31/14
City of San Jacinto
Account #10167
CUSIP Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Unreal G/L
Total Income
PACKET PAGE: 45AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 16
31846V203 First American
Govt Obligation Fund Various
Various
37,792.44
65,286.54
149,819.82
177,313.92
37,792.44
0.00
0.24
0.00
0.24
0.00
0.00
0.00
0.24
0.00
0.24
06538CPL9 Bank of Tokyo Mitsubishi NY
Discount CP
0.21% Due 02/20/2015
10/20/2014
10/21/2014
205,000.00
0.00
204,854.11
0.00
204,867.26
0.00
0.00
0.00
0.00
13.15
0.00
13.15
13.15
0.00
13.15
06538CKM2 Bank of Tokyo Mitsubishi NY
Discount CP
Due 10/21/2014
06/16/2014
06/17/2014
0.00
199,976.67
0.00
200,000.00
0.00
0.00
0.00
0.00
0.00
23.33
0.00
23.33
23.33
0.00
23.33
TOTAL Cash & Equivalent 242,792.44
265,263.21
354,673.93
377,313.92
242,659.70
0.00
0.24
0.00
0.24
36.48
0.00
36.48
36.72
0.00
36.72
Cash & Equivalent
TOTAL PORTFOLIO 10,010,395.76
10,076,279.72
530,340.68
518,905.34
10,082,888.17
31,450.06
12,382.51
30,062.18
10,994.63
436.35
5,263.24
(4,826.89)
6,167.74
0.00
6,167.74
Income Earned
9/30/14 Thru 10/31/14
City of San Jacinto
Account #10167
CUSIP Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Unreal G/L
Total Income
PACKET PAGE: 46AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 17
12/18/2014 Paydown 43814GAC4 85,000.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
0.00 54.54 54.54
12/16/2014 Interest 31331VGU4 250,000.00 FFCB Note
4.875% Due 12/16/2015
0.00 6,093.75 6,093.75
12/21/2014 Paydown 43814CAC3 101,963.92 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
8,607.08 37.25 8,644.33
12/21/2014 Interest 313379DD8 260,000.00 FHLB Note
1% Due 6/21/2017
0.00 1,300.00 1,300.00
12/11/2014 Interest 313371NW2 225,000.00 FHLB Note
1.375% Due 12/11/2015
0.00 1,546.88 1,546.88
12/05/2014 Interest 69371RK62 150,000.00 Paccar Financial Corp Note
1.05% Due 6/5/2015
0.00 787.50 787.50
12/15/2014 Paydown 47787RAC4 100,639.40 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
6,438.00 41.53 6,479.53
12/15/2014 Paydown 161571FL3 125,000.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
0.00 61.46 61.46
Dec 2014 15,045.08 9,922.91 24,967.99
11/15/2014 Paydown 161571FL3 125,000.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
0.00 61.46 61.46
11/15/2014 Paydown 47787RAC4 100,639.40 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
6,620.11 44.45 6,664.56
11/16/2014 Interest 31331J2S1 290,000.00 FFCB Note
1.5% Due 11/16/2015
0.00 2,175.00 2,175.00
11/03/2014 Interest 037833AH3 200,000.00 Apple Inc Note
0.45% Due 5/3/2016
0.00 450.00 450.00
11/09/2014 Interest 36962G4T8 185,000.00 General Electric Capital Corp Note
2.25% Due 11/9/2015
0.00 2,081.25 2,081.25
11/15/2014 Interest 91159HHD5 125,000.00 US Bancorp Callable Note Cont 4/15/2017
1.65% Due 5/15/2017
0.00 1,031.25 1,031.25
11/27/2014 Interest 3137EACT4 180,000.00 FHLMC Note
2.5% Due 5/27/2016
0.00 2,250.00 2,250.00
11/30/2014 Interest 912828SY7 210,000.00 US Treasury Note
0.625% Due 5/31/2017
0.00 656.25 656.25
11/27/2014 Interest 3135G0KM4 200,000.00 FNMA Note
0.5% Due 5/27/2015
0.00 500.00 500.00
11/18/2014 Paydown 43814GAC4 85,000.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
0.00 54.54 54.54
11/21/2014 Paydown 43814CAC3 101,963.92 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
8,843.96 40.79 8,884.75
Nov 2014 15,464.07 9,344.99 24,809.06
Cash Flow Report
From 10/31/2014
City of San Jacinto
Account #10167
Payment Date
Transaction
Type CUSIP Quantity Security Description Principal Amount Income Total Amount
PACKET PAGE: 47AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 18
02/13/2015 Maturity 40428HPG1 125,000.00 HSBC USA Inc Note
2.375% Due 2/13/2015
125,000.00 1,484.38 126,484.38
02/15/2015 Paydown 47787RAC4 100,639.40 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
6,073.48 35.92 6,109.40
02/15/2015 Interest 48126EAA5 125,000.00 JP Morgan Note
2% Due 8/15/2017
0.00 1,250.00 1,250.00
02/15/2015 Interest 674599CB9 120,000.00 Occidental Petroleum Note
1.75% Due 2/15/2017
0.00 1,050.00 1,050.00
02/15/2015 Interest 742718DV8 190,000.00 Procter & Gamble Co Note
1.45% Due 8/15/2016
0.00 1,377.50 1,377.50
Feb 2015 344,204.38 11,509.89 355,714.27
01/31/2015 Interest 084670BD9 200,000.00 Berkshire Hathaway Note
1.9% Due 1/31/2017
0.00 1,900.00 1,900.00
01/15/2015 Paydown 47787RAC4 100,639.40 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
6,255.80 38.68 6,294.48
01/15/2015 Paydown 161571FL3 125,000.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
0.00 61.46 61.46
01/05/2015 Interest 459200GU9 120,000.00 IBM Corp Note
2% Due 1/5/2016
0.00 1,200.00 1,200.00
01/12/2015 Interest 3137EADN6 210,000.00 FHLMC Note
0.75% Due 1/12/2018
0.00 787.50 787.50
01/15/2015 Interest 912828TD2 200,000.00 US Treasury Note
0.25% Due 7/15/2015
0.00 250.00 250.00
01/15/2015 Interest 912828UG3 200,000.00 US Treasury Note
0.375% Due 1/15/2016
0.00 375.00 375.00
01/18/2015 Paydown 43814GAC4 85,000.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
0.00 54.54 54.54
01/30/2015 Interest 3135G0GY3 295,000.00 FNMA Note
1.25% Due 1/30/2017
0.00 1,843.75 1,843.75
01/31/2015 Interest 912828SC5 210,000.00 US Treasury Note
0.875% Due 1/31/2017
0.00 918.75 918.75
01/16/2015 Interest 94974BFG0 175,000.00 Wells Fargo Corp Note
1.5% Due 1/16/2018
0.00 1,312.50 1,312.50
01/21/2015 Paydown 43814CAC3 101,963.92 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
8,369.39 33.81 8,403.20
01/28/2015 Interest 3137EADJ5 220,000.00 FHLMC Note
1% Due 7/28/2017
0.00 1,100.00 1,100.00
01/29/2015 Interest 3133ECFV1 225,000.00 FFCB Note
0.43% Due 1/29/2016
0.00 483.75 483.75
Jan 2015 14,625.19 10,359.74 24,984.93
Cash Flow Report
From 10/31/2014
City of San Jacinto
Account #10167
Payment Date
Transaction
Type CUSIP Quantity Security Description Principal Amount Income Total Amount
PACKET PAGE: 48AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 19
03/15/2015 Paydown 47787RAC4 100,639.40 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
5,891.06 33.24 5,924.30
03/18/2015 Paydown 43814GAC4 85,000.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
0.00 54.54 54.54
03/13/2015 Maturity 191216AX8 125,000.00 Coca Cola Company Note
0.75% Due 3/13/2015
125,000.00 468.75 125,468.75
03/15/2015 Paydown 161571FL3 125,000.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
0.00 61.46 61.46
03/21/2015 Paydown 43814CAC3 101,963.92 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
7,891.60 27.21 7,918.81
03/08/2015 Interest 3137EADC0 220,000.00 FHLMC Note
1% Due 3/8/2017
0.00 1,100.00 1,100.00
03/05/2015 Maturity 713448BX5 125,000.00 Pepsico Inc. Note
0.75% Due 3/5/2015
125,000.00 468.75 125,468.75
03/09/2015 Interest 313378A43 235,000.00 FHLB Note
1.375% Due 3/9/2018
0.00 1,615.63 1,615.63
03/11/2015 Interest 313370JB5 275,000.00 FHLB Note
1.75% Due 9/11/2015
0.00 2,406.25 2,406.25
03/11/2015 Interest 3133XXP43 270,000.00 FHLB Note
3.125% Due 3/11/2016
0.00 4,218.75 4,218.75
Mar 2015 263,782.66 14,663.96 278,446.62
02/20/2015 Maturity 06538CPL9 205,000.00 Bank of Tokyo Mitsubishi NY Discount CP
0.21% Due 2/20/2015
205,000.00 0.00 205,000.00
02/21/2015 Paydown 43814CAC3 101,963.92 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
8,130.90 30.46 8,161.36
02/18/2015 Paydown 43814GAC4 85,000.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
0.00 54.54 54.54
02/15/2015 Paydown 161571FL3 125,000.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
0.00 61.46 61.46
02/17/2015 Interest 3133EADW5 200,000.00 FFCB Note
0.55% Due 8/17/2015
0.00 550.00 550.00
02/28/2015 Interest 912828RF9 215,000.00 US Treasury Note
1% Due 8/31/2016
0.00 1,075.00 1,075.00
02/28/2015 Interest 912828NV8 195,000.00 US Treasury Note
1.25% Due 8/31/2015
0.00 1,218.75 1,218.75
02/28/2015 Interest 3135G0MZ3 325,000.00 FNMA Note
0.875% Due 8/28/2017
0.00 1,421.88 1,421.88
02/25/2015 Interest 3137EACW7 190,000.00 FHLMC Note
2% Due 8/25/2016
0.00 1,900.00 1,900.00
Feb 2015 344,204.38 11,509.89 355,714.27
Cash Flow Report
From 10/31/2014
City of San Jacinto
Account #10167
Payment Date
Transaction
Type CUSIP Quantity Security Description Principal Amount Income Total Amount
PACKET PAGE: 49AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 20
05/03/2015 Interest 037833AH3 200,000.00 Apple Inc Note
0.45% Due 5/3/2016
0.00 450.00 450.00
05/09/2015 Interest 36962G4T8 185,000.00 General Electric Capital Corp Note
2.25% Due 11/9/2015
0.00 2,081.25 2,081.25
05/15/2015 Interest 91159HHD5 125,000.00 US Bancorp Callable Note Cont 4/15/2017
1.65% Due 5/15/2017
0.00 1,031.25 1,031.25
May 2015 212,936.46 9,308.85 222,245.31
04/30/2015 Interest 912828PE4 195,000.00 US Treasury Note
1.25% Due 10/31/2015
0.00 1,218.75 1,218.75
04/30/2015 Interest 912828RM4 250,000.00 US Treasury Note
1% Due 10/31/2016
0.00 1,250.00 1,250.00
04/15/2015 Interest 68389XAN5 200,000.00 Oracle Corp Note
1.2% Due 10/15/2017
0.00 1,200.00 1,200.00
04/15/2015 Paydown 161571FL3 125,000.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
0.00 61.46 61.46
04/15/2015 Interest 278642AB9 125,000.00 Ebay Inc Note
1.625% Due 10/15/2015
0.00 1,015.63 1,015.63
04/07/2015 Interest 02665WAB7 125,000.00 American Honda Finance Note
1.125% Due 10/7/2016
0.00 703.13 703.13
04/11/2015 Interest 3135G0BA0 265,000.00 FNMA Note
2.375% Due 4/11/2016
0.00 3,146.88 3,146.88
04/15/2015 Paydown 47787RAC4 100,639.40 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
5,708.54 30.63 5,739.17
04/26/2015 Interest 3135G0PQ0 175,000.00 FNMA Note
0.875% Due 10/26/2017
0.00 765.63 765.63
04/27/2015 Interest 3135G0JA2 235,000.00 FNMA Note
1.125% Due 4/27/2017
0.00 1,321.88 1,321.88
04/18/2015 Paydown 43814GAC4 85,000.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
0.00 54.54 54.54
04/21/2015 Paydown 43814CAC3 101,963.92 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
7,651.48 24.05 7,675.53
Apr 2015 13,360.02 10,792.58 24,152.60
03/29/2015 Interest 3137EADL0 200,000.00 FHLMC Note
1% Due 9/29/2017
0.00 1,000.00 1,000.00
03/31/2015 Interest 912828QA1 195,000.00 US Treasury Note
2.25% Due 3/31/2016
0.00 2,193.75 2,193.75
03/25/2015 Interest 594918AG9 125,000.00 Microsoft Note
1.625% Due 9/25/2015
0.00 1,015.63 1,015.63
Mar 2015 263,782.66 14,663.96 278,446.62
Cash Flow Report
From 10/31/2014
City of San Jacinto
Account #10167
Payment Date
Transaction
Type CUSIP Quantity Security Description Principal Amount Income Total Amount
PACKET PAGE: 50AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 21
07/05/2015 Interest 459200GU9 120,000.00 IBM Corp Note
2% Due 1/5/2016
0.00 1,200.00 1,200.00
07/12/2015 Interest 3137EADN6 210,000.00 FHLMC Note
0.75% Due 1/12/2018
0.00 787.50 787.50
Jul 2015 212,086.56 10,325.72 222,412.28
06/21/2015 Interest 313379DD8 260,000.00 FHLB Note
1% Due 6/21/2017
0.00 1,300.00 1,300.00
06/21/2015 Paydown 43814CAC3 101,963.92 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
7,168.81 18.02 7,186.83
06/15/2015 Paydown 161571FL3 125,000.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
0.00 61.46 61.46
06/11/2015 Interest 313371NW2 225,000.00 FHLB Note
1.375% Due 12/11/2015
0.00 1,546.88 1,546.88
06/05/2015 Maturity 69371RK62 150,000.00 Paccar Financial Corp Note
1.05% Due 6/5/2015
150,000.00 787.50 150,787.50
06/15/2015 Paydown 47787RAC4 100,639.40 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
5,343.17 25.67 5,368.84
06/16/2015 Interest 31331VGU4 250,000.00 FFCB Note
4.875% Due 12/16/2015
0.00 6,093.75 6,093.75
06/18/2015 Paydown 43814GAC4 85,000.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
0.00 54.54 54.54
Jun 2015 162,511.98 9,887.82 172,399.80
05/16/2015 Interest 31331J2S1 290,000.00 FFCB Note
1.5% Due 11/16/2015
0.00 2,175.00 2,175.00
05/18/2015 Paydown 43814GAC4 85,000.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
0.00 54.54 54.54
05/15/2015 Paydown 47787RAC4 100,639.40 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
5,525.91 28.11 5,554.02
05/15/2015 Paydown 161571FL3 125,000.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
0.00 61.46 61.46
05/21/2015 Paydown 43814CAC3 101,963.92 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
7,410.55 20.99 7,431.54
05/31/2015 Interest 912828SY7 210,000.00 US Treasury Note
0.625% Due 5/31/2017
0.00 656.25 656.25
05/27/2015 Maturity 3135G0KM4 200,000.00 FNMA Note
0.5% Due 5/27/2015
200,000.00 500.00 200,500.00
05/27/2015 Interest 3137EACT4 180,000.00 FHLMC Note
2.5% Due 5/27/2016
0.00 2,250.00 2,250.00
May 2015 212,936.46 9,308.85 222,245.31
Cash Flow Report
From 10/31/2014
City of San Jacinto
Account #10167
Payment Date
Transaction
Type CUSIP Quantity Security Description Principal Amount Income Total Amount
PACKET PAGE: 51AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 22
08/17/2015 Maturity 3133EADW5 200,000.00 FFCB Note
0.55% Due 8/17/2015
200,000.00 550.00 200,550.00
08/18/2015 Paydown 43814GAC4 85,000.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
0.00 54.54 54.54
08/15/2015 Paydown 47787RAC4 100,639.40 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
4,977.37 21.03 4,998.40
08/15/2015 Interest 48126EAA5 125,000.00 JP Morgan Note
2% Due 8/15/2017
0.00 1,250.00 1,250.00
08/15/2015 Paydown 161571FL3 125,000.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
4,970.56 61.46 5,032.02
08/15/2015 Interest 742718DV8 190,000.00 Procter & Gamble Co Note
1.45% Due 8/15/2016
0.00 1,377.50 1,377.50
08/15/2015 Interest 674599CB9 120,000.00 Occidental Petroleum Note
1.75% Due 2/15/2017
0.00 1,050.00 1,050.00
Aug 2015 411,630.78 9,992.55 421,623.33
07/18/2015 Paydown 43814GAC4 85,000.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
0.00 54.54 54.54
07/16/2015 Interest 94974BFG0 175,000.00 Wells Fargo Corp Note
1.5% Due 1/16/2018
0.00 1,312.50 1,312.50
07/15/2015 Paydown 47787RAC4 100,639.40 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
5,160.32 23.31 5,183.63
07/15/2015 Interest 912828UG3 200,000.00 US Treasury Note
0.375% Due 1/15/2016
0.00 375.00 375.00
07/15/2015 Maturity 912828TD2 200,000.00 US Treasury Note
0.25% Due 7/15/2015
200,000.00 250.00 200,250.00
07/15/2015 Paydown 161571FL3 125,000.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
0.00 61.46 61.46
07/30/2015 Interest 3135G0GY3 295,000.00 FNMA Note
1.25% Due 1/30/2017
0.00 1,843.75 1,843.75
07/31/2015 Interest 912828SC5 210,000.00 US Treasury Note
0.875% Due 1/31/2017
0.00 918.75 918.75
07/31/2015 Interest 084670BD9 200,000.00 Berkshire Hathaway Note
1.9% Due 1/31/2017
0.00 1,900.00 1,900.00
07/21/2015 Paydown 43814CAC3 101,963.92 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
6,926.24 15.16 6,941.40
07/28/2015 Interest 3137EADJ5 220,000.00 FHLMC Note
1% Due 7/28/2017
0.00 1,100.00 1,100.00
07/29/2015 Interest 3133ECFV1 225,000.00 FFCB Note
0.43% Due 1/29/2016
0.00 483.75 483.75
Jul 2015 212,086.56 10,325.72 222,412.28
Cash Flow Report
From 10/31/2014
City of San Jacinto
Account #10167
Payment Date
Transaction
Type CUSIP Quantity Security Description Principal Amount Income Total Amount
PACKET PAGE: 52AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 23
10/07/2015 Interest 02665WAB7 125,000.00 American Honda Finance Note
1.125% Due 10/7/2016
0.00 703.13 703.13
10/11/2015 Interest 3135G0BA0 265,000.00 FNMA Note
2.375% Due 4/11/2016
0.00 3,146.88 3,146.88
Oct 2015 335,780.19 10,756.87 346,537.06
09/25/2015 Maturity 594918AG9 125,000.00 Microsoft Note
1.625% Due 9/25/2015
125,000.00 1,015.63 126,015.63
09/29/2015 Interest 3137EADL0 200,000.00 FHLMC Note
1% Due 9/29/2017
0.00 1,000.00 1,000.00
09/30/2015 Interest 912828QA1 195,000.00 US Treasury Note
2.25% Due 3/31/2016
0.00 2,193.75 2,193.75
09/11/2015 Interest 3133XXP43 270,000.00 FHLB Note
3.125% Due 3/11/2016
0.00 4,218.75 4,218.75
09/11/2015 Maturity 313370JB5 275,000.00 FHLB Note
1.75% Due 9/11/2015
275,000.00 2,406.25 277,406.25
09/08/2015 Interest 3137EADC0 220,000.00 FHLMC Note
1% Due 3/8/2017
0.00 1,100.00 1,100.00
09/09/2015 Interest 313378A43 235,000.00 FHLB Note
1.375% Due 3/9/2018
0.00 1,615.63 1,615.63
09/15/2015 Paydown 161571FL3 125,000.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
4,973.01 59.01 5,032.02
09/21/2015 Paydown 43814CAC3 101,963.92 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
6,438.65 9.71 6,448.36
09/15/2015 Paydown 47787RAC4 100,639.40 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
4,794.30 18.84 4,813.14
09/18/2015 Paydown 43814GAC4 85,000.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
0.00 54.54 54.54
Sep 2015 416,205.96 13,692.11 429,898.07
08/28/2015 Interest 3135G0MZ3 325,000.00 FNMA Note
0.875% Due 8/28/2017
0.00 1,421.88 1,421.88
08/25/2015 Interest 3137EACW7 190,000.00 FHLMC Note
2% Due 8/25/2016
0.00 1,900.00 1,900.00
08/31/2015 Interest 912828RF9 215,000.00 US Treasury Note
1% Due 8/31/2016
0.00 1,075.00 1,075.00
08/21/2015 Paydown 43814CAC3 101,963.92 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
6,682.85 12.39 6,695.24
08/31/2015 Maturity 912828NV8 195,000.00 US Treasury Note
1.25% Due 8/31/2015
195,000.00 1,218.75 196,218.75
Aug 2015 411,630.78 9,992.55 421,623.33
Cash Flow Report
From 10/31/2014
City of San Jacinto
Account #10167
Payment Date
Transaction
Type CUSIP Quantity Security Description Principal Amount Income Total Amount
PACKET PAGE: 53AGENDA ITEM 2.1.5
Execution Time: 11/4/2014 11:28:44 AMChandler Asset Management - CONFIDENTIAL Page 24
10/21/2015 Paydown 43814CAC3 101,963.92 Honda Auto Receivables 2013-1 A3
0.48% Due 11/21/2016
6,193.60 7.14 6,200.74
10/31/2015 Maturity 912828PE4 195,000.00 US Treasury Note
1.25% Due 10/31/2015
195,000.00 1,218.75 196,218.75
10/26/2015 Interest 3135G0PQ0 175,000.00 FNMA Note
0.875% Due 10/26/2017
0.00 765.63 765.63
10/31/2015 Interest 912828RM4 250,000.00 US Treasury Note
1% Due 10/31/2016
0.00 1,250.00 1,250.00
10/27/2015 Interest 3135G0JA2 235,000.00 FNMA Note
1.125% Due 4/27/2017
0.00 1,321.88 1,321.88
10/15/2015 Paydown 47787RAC4 100,639.40 John Deere Owner Trust 2012-B A3
0.53% Due 7/15/2016
4,611.14 16.72 4,627.86
10/15/2015 Interest 68389XAN5 200,000.00 Oracle Corp Note
1.2% Due 10/15/2017
0.00 1,200.00 1,200.00
10/18/2015 Paydown 43814GAC4 85,000.00 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
0.00 54.54 54.54
10/15/2015 Paydown 161571FL3 125,000.00 Chase CHAIT Pool #2012-A5
0.59% Due 8/15/2017
4,975.45 56.57 5,032.02
10/15/2015 Maturity 278642AB9 125,000.00 Ebay Inc Note
1.625% Due 10/15/2015
125,000.00 1,015.63 126,015.63
Oct 2015 335,780.19 10,756.87 346,537.06
Total 2,417,633.33 130,557.99 2,548,191.32
Cash Flow Report
From 10/31/2014
City of San Jacinto
Account #10167
Payment Date
Transaction
Type CUSIP Quantity Security Description Principal Amount Income Total Amount
PACKET PAGE: 54AGENDA ITEM 2.1.5
City of San JacintoMthlPtfliR tMonthly Portfolio ReportOctober 31, 2014PACKET PAGE: 55
AGENDA ITEM 2.1.5
CITY OFSANJACINTOMONTHLYPORTFOLIOREPORTOCTOBER31 2014OCTOBER31, 2014PORTFOLIOSUMMARYINFORMATIONSECTOR& CREDITQUALITYDISTRIBUTIONTotal Par Value9 943 401Total Par Value9,943,401Market Value 10,083,513.16Accrued Interest 41,356.38Total Market Value 10,124,869.54Amortized Book Value 10,062,297.39Net Unrealized Gain/Loss 21,215.77Effective Maturity180Sector (U.S.) MV w/o AccCash & Equivalents 20,401.49U.S. Treasuries 8,047,758.44Corporates 2,015,353.230.2%20.0%Effective Maturity1.80Effective Duration 1.77Average Coupon 1.575%Average Yield on Cost 0.672%Average Yield on Market 0.566%Average S&P Rating AACOUPONDISTRIBUTIONCoupon % MV w/o Acc Average Coupon0% - 1% 2,875,557.98 0.806%1% - 2% 3,304,520.91 1.255%2% 3%3 523 174 152318%79.8%Cash & EquivalentsU.S. TreasuriesCorporates2% - 3%3,523,174.152.318%3% - 4% 380,260.12 3.460%4% - 5%5% - 6%6% - 7%S&P Quality MV w/o AccAAA 20,401.49AA 9,432,734.05A 379,127.62Below A 251,250.000.2%3.8%2.5%93.5%AAAAAABelow APACKET PAGE: 56
AGENDA ITEM 2.1.5
CITY OFSANJACINTOMONTHLYPORTFOLIOREPORTOCTOBER31 2014OCTOBER31, 2014MATURITYDISTRIBUTIONMaturity (Yrs) MV w/o Acc0.00 - 0.49 145,785.360.50 - 0.99 759,870.001.00 - 1.49 2,031,871.851.50 - 1.99 2,858,106.9620002,5003,0003,500MV w/o Acc2.00 - 2.49 2,592,076.072.50 - 2.99 1,695,802.923.00 - 3.49 0.003.50 - 3.99 0.004.00 - 4.49 0.004.50 - 4.99 0.005001,0001,5002,000$ (000)DURATION& YIELDDISTRIBUTION5.00+ 0.0000.00 ‐0.490.50 ‐0.991.00 ‐1.491.50 ‐1.992.00 ‐2.492.50 ‐2.993.00 ‐3.493.50 ‐3.994.00 ‐4.494.50 ‐4.995.00+Eff Dur % Held (MV) YTW Eff Dur0.00 - 0.49 1.446% 0.509% 0.110.50 - 0.99 7.536% 0.867% 0.701.00 - 1.49 24.723% 0.388% 1.240.70%0.80%0.90%1.00%25.00%30.00%35.00%ntage (%)% of Market Value (Left Axis)Portfolio Yield (Right Axis)1.50 - 1.99 28.277% 0.442% 1.772.00 - 2.49 30.887% 0.671% 2.302.50 - 2.99 7.131% 0.914% 2.833.00 - 3.493.50 - 3.994.00 - 4.490.10%0.20%0.30%0.40%0.50%0.60%5.00%10.00%15.00%20.00%Yield (%)Market Value Percen4.50 - 4.995.00+0.00%0.00%0.00 ‐0.490.50 ‐0.991.00 ‐1.491.50 ‐1.992.00 ‐2.492.50 ‐2.993.00 ‐3.493.50 ‐3.994.00 ‐4.494.50 ‐4.995.00+Effective Duration BucketPACKET PAGE: 57
AGENDA ITEM 2.1.5
CITY OFSANJACINTOMONTHLYPORTFOLIOREPORTOCTOBER31 2014OCTOBER31, 2014PORTFOLIOHOLDINGSPurchase Original Yield Amortized Market Market Value Accrued Market Value Yield Gain/ Moody's S&P Effective Effective % MarketCUSIP Issuer Name Coupon Maturity Par Value Date Cost Value on Cost Book Value Price w/o Accrued Interest w/ Accrued on Market Loss Rating Rating Maturity Duration ValueCash & EquivalentsFGVXX First American Government Obligations - Class Y 0.010% 11/01/14 20,401 20,401.49 0.010% 20,401.49 100.000 20,401.49 0.09 20,401.58 0.010% 0.00 Aaa AAA 0.00 0.00 0.20%Total Cash & Equivalents20,401 20,401.49 0.010% 20,401.49 20,401.49 0.09 20,401.58 0.010% 0.00 Aaa AAA 0.00 0.00 0.20%U.S. Treasury Bonds912828PS3US Treasury Notes/Bonds2 000%01/31/16450 00005/02/13471 199 220 272%459 686 49102 203459 913 952 274 46462 188 410 234%227 46AaaAA+1251244 56%912828PS3US Treasury Notes/Bonds2.000%01/31/16450,00005/02/13471,199.220.272%459,686.49102.203459,913.952,274.46462,188.410.234%227.46AaaAA+1.251.244.56%912828QA1 US Treasury Notes/Bonds 2.250% 03/31/16 430,000 04/04/13 454,691.41 0.311% 441,738.97 102.758 441,858.54 850.55 442,709.09 0.295% 119.57 Aaa AA+ 1.42 1.40 4.38%912828QF0 US Treasury Notes/Bonds 2.000% 04/30/16 450,000 06/04/13 469,775.39 0.472% 460,229.67 102.461 461,074.05 24.86 461,098.91 0.354% 844.38 Aaa AA+ 1.50 1.48 4.57%912828QP8 US Treasury Notes/Bonds 1.750% 05/31/16 475,000 12/03/13 490,864.26 0.399% 485,099.37 102.180 485,353.52 3,497.61 488,851.13 0.367% 254.15 Aaa AA+ 1.58 1.55 4.81%912828QR4 US Treasury Notes/Bonds 1.500% 06/30/16 450,000 10/02/13 461,636.72 0.548% 457,077.29 101.828 458,226.45 2,274.46 460,500.91 0.398% 1,149.16 Aaa AA+ 1.67 1.64 4.54%912828QX1 US Treasury Notes/Bonds 1.500% 07/31/16 490,000 08/02/13 503,092.19 0.595% 497,691.36 101.883 499,225.72 1,857.47 501,083.19 0.419% 1,534.36 Aaa AA+ 1.75 1.72 4.95%912828RF9 US Treasury Notes/Bonds 1.000% 08/31/16 470,000 09/04/13 471,615.63 0.883% 470,996.65 101.000 474,700.00 804.97 475,504.97 0.451% 3,703.35 Aaa AA+ 1.83 1.82 4.71%912828RJ1 US Treasury Notes/Bonds 1.000% 09/30/16 250,000 11/04/13 253,076.17 0.571% 252,036.16 100.953 252,382.75 219.78 252,602.53 0.499% 346.59 Aaa AA+ 1.92 1.90 2.50%912828RJ1 US Treasury Notes/Bonds 1.000% 09/30/16 225,000 03/04/14 227,645.51 0.538% 226,972.82 100.953 227,144.47 197.80 227,342.27 0.499% 171.65 Aaa AA+ 1.92 1.90 2.25%912828RM4 US Treasury Notes/Bonds 1.000% 10/31/16 450,000 01/06/14 453,515.63 0.719% 452,506.23 100.953 454,288.95 12.43 454,301.38 0.520% 1,782.72 Aaa AA+ 2.00 1.98 4.51%912828RU6 US Treasury Notes/Bonds 0.875% 11/30/16 475,000 12/03/13 479,286.13 0.570% 477,993.45 100.664 478,154.47 1,748.80 479,903.27 0.554% 161.02 Aaa AA+ 2.08 2.06 4.74%912828RX0 US Treasury Notes/Bonds 0.875% 12/31/16 450,000 02/03/14 453,251.95 0.623% 452,432.25 100.570 452,566.35 1,326.77 453,893.12 0.609% 134.10 Aaa AA+ 2.17 2.14 4.49%912828SC5 US Treasury Notes/Bonds 0.875% 01/31/17 250,000 03/04/14 251,445.31 0.674% 251,121.16 100.547 251,367.25 552.82 251,920.07 0.630% 246.09 Aaa AA+ 2.25 2.23 2.49%912828SJ0 US Treasury Notes/Bonds 0.875% 02/28/17 500,000 04/02/14 499,472.66 0.912% 499,576.42 100.500 502,500.00 749.31 503,249.31 0.658% 2,923.58 Aaa AA+ 2.33 2.30 4.98%912828SM3 US Treasury Notes/Bonds 1.000% 03/31/17 450,000 05/02/14 451,828.13 0.858% 451,522.60 100.711 453,199.05 395.60 453,594.65 0.703% 1,676.45 Aaa AA+ 2.42 2.38 4.49%912828SS0 US Treasury Notes/Bonds 0.875% 04/30/17 450,000 06/04/14 450,808.60 0.812% 450,696.73 100.328 451,476.45 10.88 451,487.33 0.742% 779.72 Aaa AA+ 2.50 2.47 4.48%912828NG1 US Treasury Notes/Bonds 2.750% 05/31/17 500,000 07/02/14 526,484.38 0.895% 523,592.00 105.047 525,234.50 5,785.52 531,020.02 0.772% 1,642.50 Aaa AA+ 2.58 2.48 5.21%912828TM2 US Treasury Notes/Bonds 0.625% 08/31/17 450,000 09/03/14 444,867.19 1.014% 445,131.53 99.227 446,519.70 481.70 447,001.40 0.902% 1,388.17 Aaa AA+ 2.83 2.80 4.43%912828TS9 US Treasury Notes/Bonds 0.625% 09/30/17 275,000 10/02/14 271,626.95 1.044% 271,706.19 99.117 272,572.27 151.10 272,723.37 0.933% 866.08 Aaa AA+ 2.92 2.88 2.70%Total U.S. Treasury Bonds7,940,000 8,086,183.43 0.668% 8,027,807.34 8,047,758.44 23,216.89 8,070,975.33 0.547% 19,951.10 Aaa AA+ 2.03 2.00 79.81%Corporate Bonds824348AN6 Sherwin-Williams Co 3.125% 12/15/14 125,000 11/13/12 131,810.00 0.490% 125,396.67 100.307 125,383.87 1,475.69 126,859.56 0.590% -12.80 A3 A- 0.17 0.12 1.24%372917AQ7 Genzyme Corp 3.625% 06/15/15 250,000 10/26/12 269,797.50 0.577% 254,702.30 101.950 254,876.25 3,423.61 258,299.86 0.479% 173.95 A1 AA0.67 0.61 2.53%14912L4M0 Caterpillar Fin Serv Crp 2.750% 06/24/15 250,000 10/26/12 263,980.00 0.616% 253,421.93 101.497 253,743.75 2,425.35 256,169.10 0.428% 321.82 A2 A 0.67 0.64 2.52%24702RAL5 Dell Inc 2.300% 09/10/15 250,000 10/26/12 260,307.50 0.836% 253,116.20 100.500 251,250.00 814.58 252,064.58 1.704% -1,866.20 B1 B+ 0.83 0.85 2.49%36962G4T8 General Electric Capital Corp 2.250% 11/09/15 450,000 10/25/12 467,185.50 0.966% 455,857.28 101.849 458,321.85 4,837.50 463,159.35 0.434% 2,464.57 A1 AA+ 1.00 1.01 4.55%78008KBS1 Royal Bank of Canada 2.625% 12/15/15 250,000 10/25/12 264,480.00 0.746% 255,229.31 102.289 255,723.00 2,479.17 258,202.17 0.574% 493.69 Aa3 AA- 1.17 1.10 2.54%459200GU9 IBM Corp 2.000% 01/05/16 108,000 10/26/12 112,639.68 0.632% 109,729.30 101.795 109,938.71 696.00 110,634.71 0.469% 209.41 Aa3 AA- 1.171.16 1.09%58933YAB1 Merck & Co Inc 2.250% 01/15/16 300,000 07/23/14 308,079.00 0.403% 306,635.57 102.039 306,115.80 1,987.50 308,103.30 0.549% -519.77 A2 AA 1.25 1.19 3.04%Total Corporate Bonds1,983,0002,078,279.180.695%2,014,088.562,015,353.2318,139.402,033,492.630.644%1,264.67A2A+0.910.8819.99%Total Corporate Bonds1,983,0002,078,279.180.695%2,014,088.562,015,353.2318,139.402,033,492.630.644%1,264.67A2A+0.910.8819.99%Portfolio Totals 1.575% 9,943,401 10,184,864.10 0.672% 10,062,297.39 101.409 10,083,513.16 41,356.38 10,124,869.54 0.566% 21,215.77 Aa1 AA 1.80 1.77 100%
PACKET PAGE: 58
AGENDA ITEM 2.1.5
CITY OFSANJACINTOMONTHLYPORTFOLIOREPORTOCTOBER31 2014OCTOBER31, 2014PORTFOLIOTRANSACTIONSTrade SettleUnit Amortized Unit Sale/Purchased Total Cost/ NetDate Date Quantity Security Coupon Maturity Par Value Cost Book Value Price Principal Accrued Interest Proceeds Gain/LossPurchases10/02/14 10/06/14 275,000 US Treasury Notes/Bonds 0.625% 09/30/17 275,000 98.77 271,626.95 28.33 271,655.28Total Purchases275 000271 626 9528 33271 655 28Total Purchases275,000271,626.9528.33271,655.28Sales10/02/14 10/06/14 225,000 US Treasury Notes/Bonds 2.125% 02/29/16 225,000 102.37 230,341.72 102.59 230,836.50 475.48 231,311.98 494.78Total Sales225,000 230,341.72 230,836.50 475.48 231,311.98 494.78
PACKET PAGE: 59
AGENDA ITEM 2.1.5
CITY OFSANJACINTOMONTHLYPORTFOLIOREPORTOCTOBER31 2014OCTOBER31, 2014PORTFOLIOINTERESTEARNINGSBeginningAdjusted EndingSecurityAccrued Purchased Sold Interest Earned Amortization/ Interest AccruedSymbol Description Coupon Maturity Interest Interest Interest Received Interest Accretion Earned InterestU.S. Treasury Bonds912828PS3 US Treasury Notes/Bonds 2.000% 01/31/16 1,516.30 0.00 0.00 0.00 758.15 -657.31 100.84 2,274.46912828QJ2 US Treasury Notes/Bonds 2.125% 02/29/16 409.44 0.00 -475.48 0.00 66.04 -62.66 3.38 0.00912828QA1 US Treasury Notes/Bonds 2.250% 03/31/16 26.58 0.00 0.00 0.00 823.97 -703.60 120.37 850.55912828QF0 US Treasury Notes/Bonds 2.000% 04/30/16 3,766.30 0.00 0.00 -4,500.00 758.56 -578.64 179.92 24.86912828QP8 US Treasury Notes/Bonds 1.750% 05/31/16 2,793.55 0.00 0.00 0.00 704.06 -540.80 163.26 3,497.61912828QR4 US Treasury Notes/Bonds 1.500% 06/30/16 1,705.84 0.00 0.00 0.00 568.61 -359.72 208.90 2,274.46912828QX1 US Treasury Notes/Bonds 1.500% 07/31/16 1,238.32 0.00 0.00 0.00 619.16 -371.68 247.47 1,857.47912828RF9 US Treasury Notes/Bonds 1.000% 08/31/16 402.49 0.00 0.00 0.00 402.49 -45.79 356.69 804.97912828RJ1 US Treasury Notes/Bonds 1.000% 09/30/16 13.05 0.00 0.00 0.00 404.53 -176.81 227.72 417.58912828RM4 US Treasury Notes/Bonds 1.000% 10/31/16 1,883.15 0.00 0.00 -2,250.00 379.28 -105.63 273.64 12.43912828RU6 US Treasury Notes/Bonds 0.875% 11/30/16 1,396.77 0.00 0.00 0.00 352.03 -121.35 230.68 1,748.80912828RX0 US Treasury Notes/Bonds 0.875% 12/31/16 995.07 0.00 0.00 0.00 331.69 -94.66 237.04 1,326.77912828SC5 US Treasury Notes/Bonds 0.875% 01/31/17 368.55 0.00 0.00 0.00 184.27 -41.95 142.32 552.82912828SJ0US Treasury Notes/Bonds0875%02/28/17374 65000000000374 6515 28389 93749 31912828SJ0US Treasury Notes/Bonds0.875%02/28/17374.650.000.000.00374.6515.28389.93749.31912828SM3 US Treasury Notes/Bonds 1.000% 03/31/17 12.36 0.00 0.00 0.00 383.24 -53.01 330.24 395.60912828SS0 US Treasury Notes/Bonds 0.875% 04/30/17 1,647.76 0.00 0.00 -1,968.75 331.87 -23.46 308.41 10.88912828NG1 US Treasury Notes/Bonds 2.750% 05/31/17 4,620.90 0.00 0.00 0.00 1,164.62 -767.16 397.45 5,785.52912828TM2 US Treasury Notes/Bonds 0.625% 08/31/17 240.85 0.00 0.00 0.00 240.85 143.82 384.67 481.70912828TS9 US Treasury Notes/Bonds 0.625% 09/30/17 0.00 28.33 0.00 0.00 122.77 79.24 202.01 151.10Total U S TreasuryBonds23 411 9328 33475 488 718 758 970 844 465 894 504 9423 216 89Total U.S. Treasury Bonds23,411.9328.33-475.48-8,718.758,970.84-4,465.894,504.9423,216.89Corporate Bonds824348AN6 Sherwin-Williams Co 3.125% 12/15/14 1,150.17 0.00 0.00 0.00 325.52 -279.33 46.19 1,475.69372917AQ7 Genzyme Corp 3.625% 06/15/15 2,668.40 0.00 0.00 0.00 755.21 -643.70 111.51 3,423.6114912L4M0 Caterpillar Fin Serv Crp 2.750% 06/24/15 1,852.43 0.00 0.00 0.00 572.92 -450.39 122.53 2,425.3524702RAL5DllI2300%09/10/15335 42000000000479 17307 42171 75814 5824702RAL5Dell Inc2.300%09/10/15335.420.000.000.00479.17-307.42171.75814.5836962G4T8 General Electric Capital Corp 2.250% 11/09/15 3,993.75 0.00 0.00 0.00 843.75 -484.20 359.55 4,837.5078008KBS1 Royal Bank of Canada 2.625% 12/15/15 1,932.29 0.00 0.00 0.00 546.87 -394.58 152.30 2,479.17459200GU9 IBM Corp 2.000% 01/05/16 516.00 0.00 0.00 0.00 180.00 -124.17 55.83 696.0058933YAB1 Merck & Co Inc 2.250% 01/15/16 1,425.00 0.00 0.00 0.00 562.50 -466.28 96.22 1,987.50Total Corporate Bonds13,873.46 0.00 0.00 0.00 4,265.94 -3,150.07 1,115.88 18,139.40
PACKET PAGE: 60
AGENDA ITEM 2.1.5
CITY OFSANJACINTOMONTHLYPORTFOLIOREPORTOCTOBER31 2014OCTOBER31, 2014PORTFOLIOINTERESTEARNINGS(CONTINUED)BeginningAdjusted EndingSecurityAccrued Purchased Sold Interest Earned Amortization/ Interest AccruedSymbol Description Coupon Maturity Interest Interest Interest Received Interest Accretion Earned InterestCash & EquivalentsFGVXX First American Government Obligations - Class Y 0.010% 11/01/14 0.35 0.00 0.00 -0.35 0.09 0.00 0.09 0.09Total Cash & Equivalents0.35 0.00 0.00 -0.35 0.09 0.00 0.09 0.09Portfolio Totals37,285.74 28.33 -475.48 -8,719.10 13,236.87 -7,615.96 5,620.91 41,356.38
PACKET PAGE: 61
AGENDA ITEM 2.1.5
CITY OFSANJACINTOMONTHLYPORTFOLIOREPORTOCTOBER31 2014OCTOBER31, 2014PORTFOLIOCASHLEDGERTrade SettleDate Date Activity DescriptionAmountCash10/01/14 Beginning Balance0.0010/01/14 Addition to Portfolio0.3510/02/14 Withdrawal from Portfolio-0.3510/31/14 Ending Balance0.00First American Government Obligations - Class Y10/01/14 Beginning Balance52,129.8610/02/14 10/02/14 Transfer from MMF Dividend0.3510/02/14 10/06/14 Sale US Treasury Notes/Bonds230,836.5010/02/14 10/06/14 Purchase US Treasury Notes/Bonds-271,626.9510/02/14 10/06/14 Accrued Interest US Treasury Notes/Bonds475.4810/02/14 10/06/14 Accrued Interest US Treasury Notes/Bonds-28.3310/27/14 Withdrawal from Portfolio-104.1710/31/14 10/31/14 Interest US Treasury Notes/Bonds4,500.0010/31/14 10/31/14 Interest US Treasury Notes/Bonds2,250.0010/31/14 10/31/14 Interest US Treasury Notes/Bonds1,968.7510/31/14 Ending Balance20,401.49PACKET PAGE: 62
AGENDA ITEM 2.1.5
CITY OFSANJACINTOMONTHLYPORTFOLIOREPORTOCTOBER31 2014OCTOBER31, 2014PORTFOLIOPERFORMANCETotal Return Current Prior 3 Prior 12 Year to 3-Years 5-Years 11/30/12as of 10/31/2014 Month Months Months DateCity of San Jacinto 0.28 0.43 0.80 0.81 - - 0.69Average Annualized ReturnsBofA Merrill 1-3 Year Treasury 0.27 0.39 0.67 0.72 0.54 1.04 0.58
PACKET PAGE: 63
AGENDA ITEM 2.1.5
CITY OFSANJACINTOMONTHLYPORTFOLIOREPORTOCTOBER31 2014OCTOBER31, 2014PORTFOLIOCOMPLIANCESection Description Compliance Requirement BLX CommentIX. 2U.S. Treasury No limitations CompliantIX. 3 Federal Agency No limitations CompliantIX. 1 Municipal BondsRated in 4 highest general classifications by nationally recognized rating service; 5% issuer limitationCompliantIX. 4Bankers AcceptancesRated A1 or better and have long term debt rated A or better by 2 NRSRO's; Maturity ≤ to 180 days, 40% total portfolio limit, 5% issuer limitCompliantSection Description Compliance Requirement BLX CommentIX. 14 Pass‐Through SecuritiesIssuer debt rated at least A by 2 NRSRO; Must be rated in the AA category by 2 NRSRO's; 20% total portfolio limit, 5‐year maturity limitCompliantCorporate BondsCorporations organized and operating in the U.S. or depository institutions licensed by the U.S. or any state and operating in the U.S.; Rated in the A category or better by 2 NRSRO's, 5‐year maturity limit; 30% total portfolio limit, 5% issuer limitCompliance Exception Noted1IX. 13IX. 7 CDARS 30% limit in combination of CD's (including CDARS); 5‐year maturity limit CompliantIX. 5Federally Insured Time DepositsLimited to amounts covered under federal insurance; 5‐year maturity limit CompliantIX. 6Time Deposits Fully collateralized per CA law, 20% limit when combined with IX. 5; Issuer must have long‐term debt rated A or higher or short‐term debt rated A1 or higher by 2 NRSRO's, 5‐year maturity limitCompliantyy,%p,%IX. 16 Mutual Funds Authorized by CA Government Code Section 53601 CompliantX.A.1 Futures and Options Prohibited CompliantX.A.2Inverse Floaters, Range dOSiProhibited CompliantIX. 15 Money Market FundsRegisterd with SEC under 1940 Act, have highest ranking by 2 NRSRO's; Retained advisor registered (or exempt from registration) with 5 years experience investing in securities authorized by CA 53601 and at least $500 million of assets; 20% total portfolio limit, 10% per fund limitCompliantIX. 9Repurchase AgreementsCollateralized at 102% in accordance with policy; 1‐year maturity limit, no % portfolio limit, collateral held by custodian bank; Subject to master repurchase agreement substantially in SIFMA's formCompliantIX10CilPIssuer is organized and operating in the U.S. with assets of at least $500 million; Issuer short‐term ratings of A1 or higher and long‐term ratings of A CliIX. 8Negotiable CD'sIssuer must have long‐term debt rated A or higher and/or short‐term debt rated A1 or higher by 2 NRSRO's; Maturity ≤ to 5 years, 30% total portfolio limit, 5% issuer limitCompliantX.A.3 Potential Zero Accruals Prohibited CompliantX.A.5 Purchases on Margin Prohibited CompliantX.A.6Reverse Repos & LeverageProhibited CompliantX.A.7 Foreign $ Securities Prohibited CompliantX.B.2 Single Issuer Limitation 5% issuer limitation, except U.S. Government and its agencies & enterprises CompliantNotes, and IO StripspIX. 11 LAIF 70% total portfolio limit, up to the maximum permitted balance CompliantIX. 12Local Government Investment PoolsRiverside County Investment Fund limited to 70% of the portfolio; JPA Pools limited to 50% of the portfolioCompliantIX. 10Commercial Papero;ssuesoeagsoogeadogeagsoor higher by 2 NRSRO's; Maturity ≤ 270 days; 25% total portfolio limit; 5% issuer limitCompliantX.C.2 Callable Securities 20% of total portfolio (excluding Make Whole Call securities) CompliantX.C.3 Maximum Maturity Individual security maturities limited to 5 years or less CompliantX.C.4Portfolio Duration LimitationAverage portfolio duration will be managed to be approximatly equal to the Market Benchmark selected by the City (typically +/‐ 20 of benchmark duration)Compliant1In February 2013, the Dell 2.30% 9/10/2015 Bonds, CUSIP 24702RAL5 (the “Dell Bonds”), were downgraded by Moody’s Investor Service (“Moody’s”) to Baa1 from A2. In addition, Fitch Ratings (“Fitch”) lowered the ratings on thDllBdtBB+fAThddtblth“A”tbbthMd’dFit hdthDllBdtbtfliiththCit ’IttPlihi hitdittthe Dell Bonds to BB+ from A.The downgrade to below the “A” category by both Moody’s and Fitch caused the Dell Bonds to be outof compliance with the City’s Investment Policy which requires corporate medium term notes to have a rating in the “A” category or better by at least two nationally recognized statistical rating organizations (“NRSRO’s”). Furthermore, Standard & Poor’s (“S&P”) downgraded the Dell Bonds to BBB from A‐in May 2013. In September 2013, the Dell bonds received additional downgrades; S&Plowered ratings to B+ from BBB and Fitch lowered ratings to B+ from BB+. Moody’s then lowered ratings to B1 from Baa1 in October 2013. Based upon discussions between BLX Group LLC (“BLX”) and the City, the City has elected to retain the Dell Bonds in the portfolio. This decision is based upon the relatively short remaining term to maturity of the Dell Bonds and the outlook that Dell will maintain the resources to fully service its debt obligations. The City, together with BLX, will continue to monitor the status of the Dell Bonds and BLX will provide monthly status updates in accordance with the requirements of the Investment Policy. Please see the accompanying memorandum for further details.PACKET PAGE: 64
AGENDA ITEM 2.1.5
TO CITY OF SAN JACINTO
FROM BLX GROUP LLC
DATE OCTOBER 31, 2014
RE DOWNGRADE OF DELL BO
On October 29, 2013, the group (the “Dell/Silver Lake Group”) comprised of Dell’s Chairman and Chief
Executive Officer, Michael Dell (“Mr. Dell”), and private equity firm Silver Lake Partners completed the leveraged
buyout transaction (the “Go-Private Tran
amended on August 2, 2013. The Dell/Silver Lake Group funded the $24.9 billion Go
debt financing arrangements, cash equity contributions, and cash on hand at Dell
As of month end, the City’s Dell Bonds (“Dell Bonds”) hold a rating of B+ by S&P, B1 by Moody’s, and B+ by
Fitch.
As reflected in Table 1, the average observed closing price for the Dell Bonds on October 31 was 100.511
compared to 100.227 on September 30. The average observed closing yield on the Dell Bonds was 1.69% on
October 31 compared to 2.05% at the end of September. The average observed spread to a duration
Treasury closed October at 159 basis points (1.59%) compar
September. As of month’s end, Interactive Data, a leading provider of security pricing services, values the Dell
Bonds at a market price of 100.50, unchanged from 100.50 at the end of September. Based upon the Ci
amortized cost of 101.25, this market price indication equates to an unrealized loss of approximately $1,870,
which when adjusted for interest earned to date, results in a net unrealized gain of approximately $2,440 or
0.94%. Of course, any realized gain or loss would depend upon market conditions and security pricing at the
time of sale.
Based upon discussions between BLX Group LLC (“BLX”) and the City, the City has elected to retain the Dell
Bonds in the portfolio rather than sell and realize a m
relatively short remaining term to maturity of the Dell Bonds and the outlook that a post
Dell will maintain the resources to fully service its debt obligations. The City,
monitor the status of the Dell Bonds and BLX will provide monthly status updates in accordance with the
requirements of the Investment Policy.
M e m o r a n d u m
CITY OF SAN JACINTO
DOWNGRADE OF DELL BONDS IN CITY INVESTMENT PORTFOLIO
On October 29, 2013, the group (the “Dell/Silver Lake Group”) comprised of Dell’s Chairman and Chief
Executive Officer, Michael Dell (“Mr. Dell”), and private equity firm Silver Lake Partners completed the leveraged
Private Transaction”) that they first introduced on February 5, 2013 and later
amended on August 2, 2013. The Dell/Silver Lake Group funded the $24.9 billion Go-Private Transaction with
debt financing arrangements, cash equity contributions, and cash on hand at Dell and its subsidiaries.
As of month end, the City’s Dell Bonds (“Dell Bonds”) hold a rating of B+ by S&P, B1 by Moody’s, and B+ by
As reflected in Table 1, the average observed closing price for the Dell Bonds on October 31 was 100.511
100.227 on September 30. The average observed closing yield on the Dell Bonds was 1.69% on
October 31 compared to 2.05% at the end of September. The average observed spread to a duration
Treasury closed October at 159 basis points (1.59%) compared to 196 basis points (1.96%) at the end of
. As of month’s end, Interactive Data, a leading provider of security pricing services, values the Dell
Bonds at a market price of 100.50, unchanged from 100.50 at the end of September. Based upon the Ci
amortized cost of 101.25, this market price indication equates to an unrealized loss of approximately $1,870,
which when adjusted for interest earned to date, results in a net unrealized gain of approximately $2,440 or
gain or loss would depend upon market conditions and security pricing at the
Based upon discussions between BLX Group LLC (“BLX”) and the City, the City has elected to retain the Dell
Bonds in the portfolio rather than sell and realize a market loss on the position. This decision is based upon the
relatively short remaining term to maturity of the Dell Bonds and the outlook that a post-Go
Dell will maintain the resources to fully service its debt obligations. The City,together with BLX, will continue to
monitor the status of the Dell Bonds and BLX will provide monthly status updates in accordance with the
requirements of the Investment Policy.
M e m o r a n d u m
On October 29, 2013, the group (the “Dell/Silver Lake Group”) comprised of Dell’s Chairman and Chief
Executive Officer, Michael Dell (“Mr. Dell”), and private equity firm Silver Lake Partners completed the leveraged
saction”) that they first introduced on February 5, 2013 and later
Private Transaction with
and its subsidiaries.
As of month end, the City’s Dell Bonds (“Dell Bonds”) hold a rating of B+ by S&P, B1 by Moody’s, and B+ by
As reflected in Table 1, the average observed closing price for the Dell Bonds on October 31 was 100.511
100.227 on September 30. The average observed closing yield on the Dell Bonds was 1.69% on
October 31 compared to 2.05% at the end of September. The average observed spread to a duration-matched
ed to 196 basis points (1.96%) at the end of
. As of month’s end, Interactive Data, a leading provider of security pricing services, values the Dell
Bonds at a market price of 100.50, unchanged from 100.50 at the end of September. Based upon the City’s
amortized cost of 101.25, this market price indication equates to an unrealized loss of approximately $1,870,
which when adjusted for interest earned to date, results in a net unrealized gain of approximately $2,440 or
gain or loss would depend upon market conditions and security pricing at the
Based upon discussions between BLX Group LLC (“BLX”) and the City, the City has elected to retain the Dell
arket loss on the position. This decision is based upon the
Go-Private-Transaction
together with BLX, will continue to
monitor the status of the Dell Bonds and BLX will provide monthly status updates in accordance with the
PACKET PAGE: 65
AGENDA ITEM 2.1.5
Table 1: TRACE Trade History
Date High Low Last Avg High
9/30/2014 100.595 99.858 100.300 100.227 2.454
10/1/2014 100.350 99.875 100.350 100.112 2.436
10/2/2014 100.300 99.500 100.300 99.900 2.850
10/3/2014 100.603 99.755 100.603 100.179 2.569
10/6/2014 100.155 100.155 100.155 100.155 2.128
10/7/2014 100.063 100.063 100.063 100.063 2.229
10/8/2014 101.168 100.075 100.075 100.621 2.215
10/9/2014 101.164 100.130 100.303 100.647 2.153
10/10/2014 101.160 99.880 99.880 100.520 2.434
10/14/2014 101.156 99.400 100.150 100.278 2.981
10/15/2014 99.880 99.575 99.575 99.727 2.786
10/16/2014 100.188 100.050 100.050 100.119 2.241
10/17/2014 100.620 99.575 99.800 100.097 2.789
10/20/2014 100.696 99.907 100.248 100.301 2.406
10/21/2014 100.660 99.500 100.604 100.080 2.879
10/22/2014 100.480 99.800 100.250 100.140 2.532
10/23/2014 100.684 99.950 100.410 100.317 2.357
10/24/2014 100.458 100.280 100.458 100.369 1.970
10/27/2014 101.000 100.032 101.000 100.516 2.261
10/28/2014 100.688 100.125 100.500 100.407 2.151
10/29/2014 100.344 100.058 100.250 100.201 2.230
10/30/2014 100.930 100.076 100.930 100.503 2.208
10/31/2014 100.721 100.300 100.721 100.511 1.940
Monthly
Average:100.612 99.912 100.303 100.262 2.398
Price
98
99
100
101
102
103
104
PriceGraph1: Dell Bond Price
50
100
150
200
250
300
SpreadGraph3: Dell Bond Spread
High Low Last Avg Vol(M) Trds Dlr Buy Dlr Sell
2.454 1.656 1.974 2.055 4,525 13 2,105 2,300
2.436 1.917 1.917 2.176 1,558 9 400 329
2.850 1.970 1.970 2.410 47 4 10
2.569 1.638 1.638 2.104 26 4 3
2.128 2.128 2.128 2.128 125 1 125
2.229 2.229 2.229 2.229 50 1 50
2.215 1.001 2.215 1.608 1,900 9 550 150
2.153 1.001 1.959 1.577 1,928 8 1,000 908
2.434 1.002 2.434 1.718 1,525 4 300 625
2.981 1.002 2.129 1.992 1,165 9 400
2.786 2.436 2.786 2.611 2,879 9 25 722
2.241 2.084 2.241 2.163 1,400 2 0 1,000
2.789 1.589 2.529 2.189 3,260 13 1,330 1,800
2.406 1.500 2.013 1.953 484 6 222 240
2.879 1.540 1.603 2.209 430 15 55 140
2.532 1.740 2.007 2.136 875 6 800
2.357 1.502 1.820 1.929 424 7 44 150
1.970 1.762 1.762 1.866 65 2 30
2.261 1.129 1.129 1.695 3,660 16 1,030 1,600
2.151 1.489 1.710 1.820 365 9 175
2.230 1.890 2.001 2.060 472 7 235
2.208 1.196 1.196 1.702 3,730 12 2,830 850
1.940 1.439 1.439 1.690 84 3 25
2.398 1.599 1.948 1.998 1,202 7 438 394
Yield Dealer to Client Volume(M)
Source:Bloomberg
0.80
1.30
1.80
2.30
2.80
3.30
YieldGraph2: Dell Bond Yield
Source: Bloomberg
9
10
11
12
13
14
15
PriceGraph4: Dell Equity Price
City of San Jacinto
October 31, 2014
Page 2
D→D
Dlr Sell Vol(M)
2,300 -195 120
329 71 829
0 10 37
10 -7 13
0 125 0
0 50 0
150 400 1,200
908 92 20
625 -325 600
40 360 725
722 -697 2,132
1,000 -1,000 400
1,800 -470 130
240 -18 22
140 -85 235
0 800 75
150 -106 230
35 -5 0
1,600 -570 1,030
50 125 140
0 235 237
850 1,980 50
25 0 34
394 44 370
Source: Bloomberg and BLX Group LLC
Dealer to Client Volume(M)
Net
Source:Bloomberg
Source:Bloomberg
PACKET PAGE: 66
AGENDA ITEM 2.1.5
December 2, 2014
TO: The Honorable Mayor and Members of the City Council
FROM: Tim Hults, City Manager
Jeff Ballinger, City Attorney
SUBJECT: Resolution of Intention to Annex Territory Known as Circle K into
Community Facilities District No. 2003-1 and to Authorize the Levy of
Special Taxes Therein
RECOMMENDATION:
Staff recommends that the City Council, by motion, adopt the Resolution of Intention to
Annex Territory (Circle K) into Community Facilities District No. 2003-1 and Authorize
the Levy of Special Taxes therein. The territory is at the northwest corner of Sanderson
Ave. and Esplanade Ave. (APN 432-280-020)
DISCUSSION:
The City Council and Planning Commission have identified the need for additional
funding sources for police protection and fire protection and suppression services,
especially those services that are created by new development within the City. In
response to the need for additional funding for such services, the City Council formed
Community Facilities District 2003-1 (the "CFD”) and the levy of special taxes therein.
The City has been utilizing the CFD as a tool to assess new residential development for
the direct costs of associated with providing police protection and fire protection and
suppression services. The use of the CFD provides additional funds to mitigate the
added cost of providing public safety services for new residential development. The
adoption of the Resolution of Intention is required to annex the territory into the CFD.
The Resolution of Intention approves the CFD annexation boundaries, and sets the
Public Hearing date for January 6, 2015 during a regularly scheduled City Council
meeting. A ballot will be mailed to the property owner within the annexation territory, to
vote for or against the annexation.
The property owner has submitted the attached Petition to annex into Community
Facilities District No. 2003-1 as a funding mechanism for police protection and fire
protection and suppression services.
PACKET PAGE: 67
AGENDA ITEM 2.1.6
FISCAL IMPACT:
The annexation of the territory into the CFD will have a beneficial impact to the City's
budget in that, upon implementation of the proposed annexation, would assist in the
funding of police protection and fire protection and suppression services.
ATTACHMENTS:
1. Resolution of Intention No._____
2. Resolution of Intention Exhibit “A” Boundary Map
3. Petition (With Waivers)
PACKET PAGE: 68
AGENDA ITEM 2.1.6
RESOLUTION NO.
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
CITY OF SAN JACINTO )
A RESOLUTION OF THE CITY COUNCIL OF SAN
JACINTO DECLARING ITS INTENTION TO ANNEX
TERRITORY INTO COMMUNITY FACILITIES DISTRICT
NO. 2003-1 AND TO AUTHORIZE THE LEVY OF
SPECIAL TAXES THEREIN
City of San Jacinto
Community Facilities District No. 2003-1
Annexation No. 56
RESOLVED by the City Council (the “Council”) of the City of San Jacinto (the
“City”), County of Riverside, State of California, that:
WHEREAS, the Council has previously conducted proceedings to establish
Community Facilities District No. 2003-1 (the “CFD”) pursuant to the Mello-Roos
Community Facilities Act of 1982, as amended (the "Act"), Chapter 2.5 of Part 1 of
Division 2 of Title 5, commencing at Section 53311, of the California Government
Code; and
WHEREAS, the Council has received a petition (including waivers) from the
landowner requesting that it annex into the CFD under the Act, to provide for the
costs of services, and the Council now desires to commence proceedings to annex
territory into the CFD as described herein; and
WHEREAS, under the Act, this Council, as the legislative body for the CFD, is
empowered with the authority to annex territory to the CFD, and now desires to
undertake proceedings to annex territory to the CFD.
NOW, THEREFORE, it is hereby RESOLVED, DETERMINED AND
ORDERED by the City Council of the City of San Jacinto as follows:
SECTION 1. This Council hereby finds and determines that public
convenience and necessity require that territory be added to the CFD.
SECTION 2. The name of the existing CFD is “City of San Jacinto Community
Facilities District No. 2003-1.”
SECTION 3. A general description of the territory included in the existing CFD
is hereinafter described as follows: All that property and territory as originally
PACKET PAGE: 69
AGENDA ITEM 2.1.6
included in the existing CFD heretofore recorded as Instrument No. 2003-
995886 in the office of the County Recorder for the County of Riverside on
December 22, 2003 in Book 55 at Page 58-59 of Maps of Assessments and
Community Facilities Districts, to which map reference is hereby made, and as
such map was amended as a result of prior annexations.
A description of the boundaries and territory proposed to be annexed is as
follows: All that territory proposed to be annexed to the CFD is as shown on
the Annexation Map for Annexation No. 56 to the CFD, on file with the City
Clerk, the boundaries of which territory are hereby preliminary approved and
to which map reference is hereby made for further particulars. The area
proposed to be annexed to the CFD is as shown on the Annexation Map
identified in Exhibit A. The City Clerk is hereby directed to cause to be
recorded such Annexation Map, showing the territory to be annexed, in the
office of the County Recorder of the County of Riverside within fifteen days of
the date of adoption of this resolution.
SECTION 4. The type of services financed by the CFD and pursuant to the
Act shall consist of those services described as follows: (a) police protection
services, including but not limited to, criminal justice services, and (b) fire
protection and suppression services. It is presently intended that the services
will be provided, without preference or priority, to the existing territory in the
CFD and the territory proposed to be annexed to the CFD.
SECTION 5. Except to the extent that funds are otherwise available to the
CFD to pay for the services, a special tax sufficient to pay the costs thereof,
secured by recordation of a continuing lien against all non-exempt real
property in the CFD (including the property to be annexed thereto), is intended
to be levied annually within the CFD, and collected in the same manner as
ordinary ad valorem property taxes.
SECTION 6. The special tax proposed to be levied for services to be supplied
within the territory proposed to be annexed will be equal to the special taxes
levied to pay for the same services in the CFD, except that a higher or lower
special tax may be levied within the territory proposed to be annexed to the
extent that the actual cost of providing the services in that territory is higher or
lower than the cost of providing those services in the CFD. Notwithstanding
the foregoing, the special tax may not be levied at a rate which is higher then
the maximum special tax authorized to be levied pursuant to the CFD Rate
and Method.
SECTION 7. The proposed rate and method of apportionment of the special
tax among the parcels of real property within the CFD, as now in existence
and following the annexation proposed herein, in sufficient detail to allow each
landowner within the territory proposed to be annexed to the CFD to estimate
PACKET PAGE: 70
AGENDA ITEM 2.1.6
the maximum amount such owner will have to pay, are described in Exhibit B
attached hereto.
SECTION 8. Notice is given that on Tuesday, January 6, 2015, at 6:30 p.m. or
as soon thereafter as the matter may be heard, in the regular meeting place of
this Council at the City of San Jacinto, Community Center, 625 S. Pico
Avenue, San Jacinto, California, and the same are hereby appointed and fixed
as the time and place when and where this Council, as legislative body for the
CFD, will conduct a public hearing on the annexation of territory to the CFD,
and consider and finally determine whether the public interest, convenience
and necessity require said annexation of territory to the CFD and the levy of
said special tax therein.
SECTION 9. The City Clerk is hereby directed to cause notice of said public
hearing to be given by publication one time in a newspaper of general
circulation in the area of the CFD, including the area to be annexed to the
CFD. The publication of the notice shall be completed at least seven days
before the date herein set for said hearing. The City Clerk may also cause a
copy of such notice to be mailed to the registered voters and land owners
within the territory proposed to annexed, which shall be mailed at least fifteen
days before the date of said hearing. The notice shall be substantially in the
form of Exhibit C hereto.
SECTION 10. This Resolution shall take effect upon its adoption.
PASSED, APPROVED, AND ADOPTED this 2nd day of December, 2014.
City of San Jacinto
Alonso Ledezma, Mayor
PACKET PAGE: 71
AGENDA ITEM 2.1.6
ATTEST:
____________________
Richard Miller, City Clerk
APPROVED AS TO FORM:
Best, Best & Krieger
__________________________
Jeffrey S. Ballinger, City Attorney
I, Richard Miller, City Clerk of the City Council of San Jacinto, do hereby certify that
the foregoing Resolution No. was adopted and approved at a regular
meeting of the City Council of the City of San Jacinto held on the 2nd day of
December, 2014 by the following vote:
AYES:
NAYS:
ABSENT:
ABSTAINED:
WITNESS MY HAND AND OFFICIAL SEAL this 2nd day of December, 2014
Richard Miller, City Clerk
City of San Jacinto
PACKET PAGE: 72
AGENDA ITEM 2.1.6
EXHIBIT A
City of San Jacinto
Community Facilities District No. 2003-1
Annexation No. 56
ANNEXATION MAP
PACKET PAGE: 73
AGENDA ITEM 2.1.6
EXHIBIT B
City of San Jacinto
Community Facilities District No. 2003-1
Annexation No. 56
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX
PACKET PAGE: 74
AGENDA ITEM 2.1.6
EXHIBIT C
City of San Jacinto
Community Facilities District No. 2003-1
Annexation No. 56
NOTICE OF PUBLIC HEARING
Notice is hereby given that the City Council of San Jacinto will conduct a public hearing on Tuesday,
January 6, 2015 at 6:30 p.m. or as soon thereafter as the matter may be heard, in the Community Center
located at 625 S. Pico Avenue, San Jacinto, California, to consider the following:
City of San Jacinto
Community Facilities District No. 2003-1
Annexation No. 56
On December 2, 2014, the City Council of San Jacinto adopted a Resolution entitled “A Resolution of the
City Council of San Jacinto Declaring Its Intention to Annex Territory into Community Facilities District No.
2003-1 and to Authorize the Levy of Special Taxes therein” (the “Resolution of Intention”), all as provided
in the Mello-Roos Community Facilities Act of 1982, as amended (Sections 53311 et seq., California
Government Code) (the “Act”). Reference is hereby made to the Resolution of Intention on file in the
office of the City Clerk of the City of San Jacinto for further particulars. The following is a summary of the
provisions of the Resolution of Intention.
In the Resolution of Intention, the City Council declared its intention to annex territory into Community
Facilities District No. 2003-1 (the “CFD”). The area proposed to be annexed to the CFD is as shown on
the Annexation Map, on file with the City Clerk, and identified in Exhibit A of the Resolution of Intention.
The type of services financed by the CFD and pursuant to the Act shall consist of those services
described as follows: (a) police protection services, including but not limited to, criminal justice services,
and (b) fire protection and suppression services. It is presently intended that the services will be
provided, without preference or priority, to the existing territory in the CFD and the territory proposed to
be annexed to the CFD. The Resolution of Intention provides that the special taxes heretofore caused to
be levied in the CFD shall be levied in the territory proposed to be annexed, subject to public hearing
and owner consent proceedings as specified in the Act.
At the hearing, the testimony of all interested persons for or against the annexation of territory or future
annexation of territory to the CFD or the levying special taxes within the territory proposed to be annexed
or proposed to be annexed in the future will be heard. Any person interested may file a protest in writing
with the City Clerk.
/s/ Richard Miller
City Clerk
City of San Jacinto
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AGENDA ITEM 2.1.6
ANNEXATION MAP NO. 56 OFCITY OF SAN JACINTOCOMMUNITY FACILITIES DISTRICT NO. 2003-1
FILED IN THE OFFICE OF THE CITY CLERK OF THE CITY OF SAN JACINTO THIS ________ DAY OF ______, 2014.
________________________________________CITY CLERKCITY OF SAN JACINTORIVERSIDE COUNTY, CALIFORNIA
I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING THE PROPOSED BOUNDARIES OF ANNEXATION NO. 56 TOCITY OF SAN JACINTO COMMUNITY FACILITIES DISTRICT NO. 2003-1, COUNTY OF RIVERSIDE, STATE OFCALIFORNIA, WAS APPROVED BY THE CITY COUNCIL OF THE CITY OF SAN JACINTO, AT A MEETING THEREOF, HELDON THE _____ DAY OF _____, 2014, BY ITS RESOLUTION NO. __________________.
________________________________________CITY CLERKCITY OF SAN JACINTORIVERSIDE COUNTY, CALIFORNIA
FILED THIS ________ DAY OF _____, 2014, AT THE HOUR OF _______ O’CLOCK __M, IN BOOK ________ OF MAPS OFASSESSMENT AND COMMUNITY FACILITIES DISTRICTS AT PAGE ______ IN THE OFFICE OF THE COUNTYRECORDER OF THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA.
____________________________DEPUTYCOUNTY RECORDERCOUNTY OF RIVERSIDE, CALIFORNIA
FOR PARTICULARS OF THE LINES AND DIMENSIONS OF ASSESSOR PARCELS, REFERENCE IS MADE TO THE MAPSOF THE ASSESSOR, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA.
REFERENCE IS HEREBY MADE TO THAT CERTAIN MAP ENTITLED “AMENDED PROPOSED BOUNDARY MAP OF CITYOF SAN JACINTO COMMUNITY FACILITIES DISTRICT NO. 2003-1, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA”FILED THE 22ND DAY OF DECEMBER, 2003, AT THE HOUR OF 8:00 O’CLOCK A.M. IN BOOK 55 OF MAPS OFASSESSMENT AND COMMUNITY FACILITIES DISTRICTS AT PAGES 58-59 AND AS INSTRUMENT NO. 2003-995886 INTHE OFFICE OF THE COUNTY RECORDER FOR THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, WHICH THISANNEXATION MAP AFFECTS.
CITY OF SAN JACINTOCOUNTY OF RIVERSIDESTATE OF CALIFORNIA
APN: 432-280-029
ESPLANADE AVE SANDERSON AVE0 0.01 0.02 0.030.005 Miles
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LegendLegend
prepared by
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Parcel LinesPACKET PAGE: 77AGENDA ITEM 2.1.6
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AGENDA ITEM 2.1.6
December 2, 2014
TO: The Honorable Mayor and Members of the City Council
FROM: Mary E. Lanier, Consultant
SUBJECT: Ordinance No. 14-13 Adopting Development Agreement No. 2-14 between
the City of San Jacinto and TOWER INVESTMENTS LLC., a Delaware
Limited Liability Company
RECOMMENDATION:
Staff recommends that the City Council, by motion, introduce by title only and waive full
reading for consideration of Ordinance No. 14-13, approving Development Agreement
No. 2-14.
BACKGROUND/PROJECT DESCRIPTION:
The City of San Jacinto formed Assessment District (AD 87-1) in 1987 for the purpose
of providing funds for infrastructure improvements in the Soboba Improvement Area.
AD 87-1, consisting of nine lots is located southwesterly of Main Street and Ramona
Expressway, with Seventh Street bordering to the south. Bonds in the amount of
$1,415,000 were issued to pay for improvements including: streets, curb, gutter,
sidewalk, sewer line, and street lights. Those Bonds were secured by assessments
levied by the City on the properties. Improvements to Ramona Expressway Seventh
Street were completed, along with the installation of a new street, Donna Way. The
improvements were completed however, only one parcel was developed.
The intent of an Assessment District is for property owners to repay the bonds through
an annual levy on the property, until paid in full. The bond debt is not a debt of the City
of San Jacinto, but a debt of the district itself. Property owners stopped paying the
assessments, which resulted in a Bond default. The City then initiated a judicial
foreclosure and obtained a Judgment in Judicial Foreclosure in 1993 and Order for Sale
against the property. Due to the age of the Assessment District there are delinquent
payments, as well as, penalties and interest due on the property, there were no buyers.
Time has elapsed and the delinquencies now exceed the value of the property. As a
result, it is unlikely that the property could be sold and developed.
The Planning Commission, during their November 6, 2014 Meeting adopted Resolution
14-13 recommending that the City Council approve by Ordinance Development
Agreement 2-14.
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AGENDA ITEM 6.1
ENVIRONMENTAL ANALYSIS:
Pursuant to the California Environmental Quality Act, the Development Agreement
could not result in a direct or reasonably indirect physical change in the environment
and the project is not subject to CEQA in accordance with Section 15060(c)(2) of the
California Environmental Quality Act.
DISCUSSION:
Pursuant to Section 65864, et. seq., of the California Government Code, the City of San
Jacinto is authorized to enter into development agreements with persons having legal or
equitable interests in real property for the development of such property.
Tower Investments purchased the Bonds and has requested the City enter into a
transaction to ultimately convey the properties to Tower. The City is working on a
Workout Agreement to accomplish this action, which would allow the property to
ultimately be developed. This option is being considered, however, the City desires to
be repaid, funds used towards bond payments in prior years. This Development
Agreement provides a mechanism for repayment and vests land use regulations and
fees, currently in place. The properties to be included in the Development Agreement
are known as Lots 1, 2, 6, 8, and 9, as shown on Exhibit B to the Development
Agreement. The terms are as follows:
· Development Agreement Fee of $291,000 to be allocated equally among Lots 1,
2, 6, 8, and 9 to be paid prior to issuance of a Certificate of Occupancy.
· Existing land use regulations in effect of the Development Agreement shall be
applicable to future development, as listed in Exhibit D of the Agreement.
· Development Fees applicable to the project are included in Exhibit E of the
Agreement and reflect the fees in effect the date of the Agreement.
The benefit of the Development Agreement is facilitate and encourage development of
the property.
The City Council will be considering a Workout Agreement to accomplish the
transaction and the Development Agreement will only be effective should the Workout
Agreement be approved.
CONCLUSION:
Development Agreement 2-14 has been prepared in accordance with the rules and
regulations for the review and processing of development agreement requests in the
City. The proposed Development Agreement is consistent with the objectives,
policies, general land uses and programs specified in the City's General Plan. The
Development Agreement will enable the property to be put to beneficial use by
removing the financial barriers that currently exist based on the defaulted
Assessments.
PACKET PAGE: 82
AGENDA ITEM 6.1
ATTACHMENTS:
Ordinance No. 14-13
Development Agreement No. 2-14
Conditions of Approval
Location Map
Planning Commission Resolution No. 14-13
PACKET PAGE: 83
AGENDA ITEM 6.1
24438.10071\9391053.1
STATE OF CALIFORNIA) ORDINANCE NO. 14-13
COUNTY OF RIVERSIDE)ss
CITY OF SAN JACINTO )
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO,
CALIFORNIA APPROVING A DEVELOPMENT AGREEMENT BY AND BETWEEN
THE CITY OF SAN JACINTO AND TOWER INVESTMENTS, LLC
WHEREAS, the San Jacinto Municipal Code, and Resolution No. 2358 (as amended)
of the City Council (“City Council”) of the City of San Jacinto (“City”) provide for the
consideration of development agreements as permitted by Government Code Sections
65864, et. seq.; and
WHEREAS, Tower Investments, LLC (“Tower”) has requested the City's approval of a
statutory development agreement pursuant to the rules and regulations set forth above; and
WHEREAS, the Development Agreement pertains to certain real property (the
“Property”) that is located within Assessment District 87-1 (“AD 87-1”); and
WHEREAS, in connection with the City’s formation of AD 87-1, the City issued Limited
Obligation Improvement Bonds on March 19, 1987, in the original principal amount of
$1,415,000.00 (the “AD 87-1 Bonds”), which bonds are secured by assessments levied by
the City on property located within the boundaries of AD 87-1 (the “Assessments”); and
WHEREAS, one or more Assessment installments levied against the Property
became delinquent and remain delinquent; and
WHEREAS, the City previously paid approximately Two Hundred Ninety One
Thousand Dollars ($291,000) (the “City Payment”) to AD 87-1 in order to attempt to avoid the
Assessments from becoming delinquent; and
WHEREAS, in connection with the recovery of delinquent Assessment installment(s)
levied against the Property, the City initiated a judicial foreclosure action in the Superior
Court of the County of Riverside entitled City of San Jacinto vs. Property Mortgage Co., Inc.,
et al., Case No. RIC 220860 and on December 3, 1993, obtained a Judgment in Judicial
Foreclosure and Order of Sale against the Property (“Judgment”); and
WHEREAS, the City has attempted to execute on the Judgment, by way of a judicial
foreclosure sale, but such sale was unsuccessful, since no buyers were willing to purchase
the Property because of the delinquencies, including penalties and interest; and
WHEREAS, concurrently with the consideration of the Development Agreement,
Tower and the City intend to enter into a settlement agreement and workout/acquisition
agreement (collectively, the “Workout Agreement”), in order to provide for (i) Tower to tender
the Bonds that it owns; (ii) Tower to tender cash to the City in payment of the costs of sale
PACKET PAGE: 85
AGENDA ITEM 6.1
24438.10071\9391053.1 2
and the City costs attributable to the Property; (iii) the City to acquire the Property at a
foreclosure sale by credit bid; (iv) the City to convey the Property to Tower, subject to the
terms of said Workout Agreement; and (v) the parties to resolve the case entitled Tower
Investments, LLC vs. City of San Jacinto, Case No. RIC 1206023; and
WHEREAS, City staff have prepared and Tower has reviewed and has concurred with
the terms and conditions of the development agreement as set forth in Exhibit “A”, and
incorporated herein by this reference (the "Development Agreement"); and
WHEREAS, on December 2, 2014, the City Council conducted a duly noticed public
hearing on the Development Agreement at which time all persons wishing to testify in
connection with the Development Agreement were heard and the Application was fully
examined; and at said public hearing, the City Council found that:
A. The Development Agreement is consistent with the objectives, policies,
general land uses and programs specified in the City’s General Plan.
B. The Development Agreement is compatible with the uses authorized in,
and the regulations prescribed for, the land use district in which the real property is located
because the Development Agreement does not change the allowed use for the area.
C. The Development Agreement is in conformity with public convenience,
general welfare and good land use practice because approval of the Development
Agreement will enable the Property to be put to beneficial and productive use by removing
the financial barriers that currently exist based on the defaulted Assessments.
D. The Development Agreement will be beneficial to the health, safety and
general welfare because it enables the Property to be developed to its highest and best use
and because the Development Agreement provides for the repayment to the City of the City
Payment as the Property is developed; and
WHEREAS, all of the procedures of the California Environmental Quality Act (Cal.
Pub. Resources Code, §§ 21000 et seq.) (“CEQA”) have been met with respect to the
Development Agreement; and
WHEREAS, all other legal prerequisites to the adoption of this Ordinance have
occurred.
THE CITY COUNCIL OF THE CITY OF SAN JACINTO DOES ORDAIN AS
FOLLOWS:
Section 1. Based on the findings contained in this Ordinance, the City Council hereby
adopts the Development Agreement attached hereto as Exhibit "A" and
incorporated by reference herein.
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AGENDA ITEM 6.1
24438.10071\9391053.1 3
Section 2. This Ordinance shall take effect 30 days after its final passage.
Notwithstanding the foregoing, the Development Agreement shall not be
effective unless and until both of the following have occurred: (i) the Workout
Agreement is fully signed by both Tower; and (ii) the Workout Agreement is
fully performed by both parties.
Section 3. The City Council hereby finds that adoption of the Development Agreement will
not have a significant effect on the environment because the Development
Agreement is exempt from the California Environmental Quality Act for the
following reasons:
Pursuant to 14 Cal. Code Regs §15060(c)(2), CEQA applies only to projects
that have the potential for causing significant effect on the environment. The
Development Agreement does not have any potential for causing a significant
effect on the environment because it only deals with financial matters related to
the repayment to the City of the City Payment, defined above.
Section 4. The City Clerk shall certify the adoption of this ordinance and cause the same
to be published in the County of Riverside, State of California.
Introduced at a regular meeting of the City Council on the 2nd day of December, 2014
by the following vote:
AYES:
NAYS:
ABSENT:
ABSTAIN:
City of San Jacinto
___________________
Mayor
ATTEST:
______________________
Rick Miller, City Clerk
PACKET PAGE: 87
AGENDA ITEM 6.1
Exhibit A
24438.10071\9391053.1
EXHIBIT “A”
DEVELOPMENT AGREEMENT
[attached behind this page]
PACKET PAGE: 88
AGENDA ITEM 6.1
24438.10071\9253889.5
Recorded at request of: )
Clerk, City Council )
City of San Jacinto )
)
When recorded return to: )
City of San Jacinto )
595 S. San Jacinto Ave. )
San Jacinto, CA 92583 )
Attention: City Clerk )
)
Exempt from Filing Fees, Government Code Section 6103
DEVELOPMENT AGREEMENT NO. 2-14
A DEVELOPMENT AGREEMENT BETWEEN
CITY OF SAN JACINTO, a California municipal corporation
and
TOWER INVESTMENTS, LLC, a Delaware limited liability company
PACKET PAGE: 89
AGENDA ITEM 6.1
1
24438.10071\9253889.5
DEVELOPMENT AGREEMENT NO. 2-14
This Development Agreement (hereinafter “Agreement”) is entered into, as of this ___
day of ________________, 2014 for reference purposes only, by and among the City of San
Jacinto, a California municipal corporation (hereinafter “CITY”), and Tower Investments, LLC,
a Delaware limited liability company (hereinafter “DEVELOPER”):
RECITALS
WHEREAS, CITY is authorized to enter into binding development agreements with
persons having legal or equitable interests in real property for the development of such property,
pursuant to Section 65864 et seq. of the Government Code; and
WHEREAS, DEVELOPER and CITY have entered into that certain Acquisition
Agreement dated concurrently herewith, whereby the CITY has agreed, subject to the terms and
conditions of such Acquisition Agreement, to pursue foreclosure of and quitclaim to
DEVELOPER certain real property consisting of Lots 1, 2, 6, 8 and 9 of Map 20795 (the
“Property”); and
WHEREAS, DEVELOPER has requested CITY to enter into a development agreement
and proceedings have been taken in accordance with the rules and regulations of CITY; and
WHEREAS, by electing to enter into this Agreement, CITY shall bind future City
Councils of CITY by the obligations specified herein and limit the future exercise of certain
governmental and proprietary powers of CITY in certain defined areas; and
WHEREAS, the terms and conditions of this Agreement have undergone extensive
review by CITY and the City Council and have been found to be fair, just and reasonable; and
WHEREAS, the best interests of the citizens of the CITY and the public health, safety
and welfare will be served by entering into this Agreement; and
WHEREAS, all of the procedures of the California Environmental Quality Act have been
met with respect to the Project and the Agreement in that CITY has determined that the approval
of this Agreement is exempt from further review pursuant to the California Environmental
Quality Act; and
WHEREAS, this Agreement and the Project are consistent with the CITY’s
Comprehensive General Plan; and
WHEREAS, all actions taken and approvals given by CITY have been duly taken or
approved in accordance with all applicable legal requirements for notice, public hearings,
findings, votes, and other procedural matters; and
WHEREAS, development of the Property in accordance with this Agreement will
provide substantial benefits to CITY and will further important policies and goals of CITY; and
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AGENDA ITEM 6.1
2
24438.10071\9253889.5
WHEREAS, this Agreement will eliminate uncertainty in planning and provide for the
orderly development of the Property, ensure progressive installation of necessary improvements,
provide for public services appropriate to the development of the Project, and generally serve the
purposes for which development agreements under Sections 65864 et seq of the Government
Code are intended; and
WHEREAS, DEVELOPER has incurred and will in the future incur substantial costs in
order to assure development of the Property in accordance with this Agreement; and
WHEREAS, DEVELOPER has incurred and will in the future incur substantial costs in
excess of the generally applicable requirements in order to assure the legal rights set forth in this
Agreement.
COVENANTS
NOW, THEREFORE, in consideration of the above recitals and of the mutual covenants
hereinafter contained and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:
1. DEFINITIONS AND EXHIBITS.
1.1 Definitions. The following terms when used in this Agreement shall be defined as
follows:
1.1.1 “Agreement” means this Development Agreement.
1.1.2 “CITY” means the City of San Jacinto, a municipal corporation, organized and
existing pursuant to the laws of the State of California.
1.1.3 “Development” means the improvement of the Property for the purposes of
completing the structures, improvements and facilities comprising the Project including, but not
limited to: grading; the construction of infrastructure and public facilities related to the Project
whether located within or outside the Property; the construction of buildings and structures; and
the installation of landscaping. “Development” does not include the maintenance, repair,
reconstruction or redevelopment of any building, structure, improvement or facility after the
construction and completion thereof.
1.1.4 “Development Agreement Policies” means those certain development agreement
policies approved by CITY pursuant to Resolution No. 2358, adopted on July 18, 2002, as
amended.
1.1.5 “Development Approvals” means all permits and other entitlements for use
subject to approval or issuance by CITY in connection with development of the Property
including, but not limited to:
(a) specific plans and specific plan amendments;
(b) tentative and final subdivision and parcel maps;
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AGENDA ITEM 6.1
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24438.10071\9253889.5
(c) conditional use permits, public use permits and plot plans;
(d) zoning;
(e) grading and building permits. -
1.1.6 “Development Exaction” means any requirement of CITY in connection with or
pursuant to any Land Use Regulation or Development Approval for the dedication of land, the
construction of improvements or public facilities, or the payment of fees in order to lessen,
offset, mitigate or compensate for the impacts of development on the environment or other
public interests.
1.1.7 “Development Impact Fee” means a monetary exaction other than a tax or special
assessment, whether established for a broad class of projects by legislation of general
applicability or imposed on a specific project on an ad hoc basis, that is charged by a local
agency to the applicant in connection with approval of a development project for the purpose of
defraying all or a portion of the cost of public facilities related to the development project, but
does not include park “in lieu” fees specified in Government Code Section 66477, fees for
processing applications for governmental regulatory actions or approvals, or fees collected under
development agreements adopted pursuant to Article 2.5 of the Government Code (commencing
with Section 65864) of Chapter 4. The term “Development Impact Fee” expressly includes any
impact, public facilities or impact fee as set forth in Section 202 of the Development Agreement
Policies.
1.1.8 “Development Plan” means the Existing Development Approvals and the
Existing Land Use Regulations applicable to development of the Property.
1.1.9 “Effective Date” means the date the ordinance approving this Agreement becomes
effective.
1.1.10 “Existing Development Approvals” means all Development Approvals approved
or issued prior to the Effective Date. Existing Development Approvals includes the Approvals
incorporated herein as Exhibit “C” and all other Approvals which are a matter of public record
on the Effective Date.
1.1.11 “Existing Land Use Regulations” means all Land Use Regulations in effect on the
Effective Date. Existing Land Use Regulations includes the Regulations incorporated herein as
Exhibit “D” and all other Regulations which are a matter of public record on the Effective Date.
1.1.12 “Land Use Regulations” means all ordinances, resolutions, codes, rules,
regulations and official policies of CITY governing the development and use of land, including,
without limitation, the permitted use of land, the density or intensity of use, subdivision
requirements, the maximum height and size of proposed buildings, the provisions for reservation
or dedication of land for public purposes, and the design, improvement and construction
standards and specifications applicable to the development of the property. “Land Use
Regulations” does not include any CITY ordinance, resolution, code, rule, regulation or official
policy, governing:
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AGENDA ITEM 6.1
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24438.10071\9253889.5
(a) the conduct of businesses, professions, and occupations;
(b) taxes and assessments;
(c) the control and abatement of nuisances;
(d) the granting of encroachment permits and the conveyance of rights and
interests which provide for the use of or the entry upon public property;
(e) the exercise of the power of eminent domain.
1.1.13 “DEVELOPER” means the persons and entities listed as DEVELOPER on page 1
of this Agreement and their permitted successors in interest to all or any part of the Property.
1.1.14 “Mortgagee” means a mortgagee of a mortgage, a beneficiary under a deed of
trust or any other security-device lender, and their successors and assigns.
1.1.15 “Project” means the development of the Property contemplated by the
Development Plan as such Plan may be further defined, enhanced or modified pursuant to the
provisions of this Agreement.
1.1.16 “Property” means the real property legally described on Exhibit “A” and shown
on Exhibit “B” to this Agreement.
1.1.17 “Reservations of Authority” means the rights and authority excepted from the
assurances and rights provided to DEVELOPER under this Agreement and reserved to CITY
under Section 3.6 of this Agreement.
1.1.18 “Subsequent Development Approvals” means all Development Approvals
required subsequent to the Effective Date in connection with development of the Property.
1.1.19 “Subsequent Land Use Regulations” means any Land Use Regulations adopted
and effective after the Effective Date of this Agreement.
1.2 Exhibits. The following documents are attached to, and by this reference made a
part of, this Agreement:
Exhibit “A” — Legal Description of the Property.
Exhibit “B” — Map showing Property and its location.
Exhibit “C” — Existing Development Approvals.
Exhibit “D” — Existing Land Use Regulations.
Exhibit “E” — Development Impact Fees.
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AGENDA ITEM 6.1
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24438.10071\9253889.5
2. GENERAL PROVISIONS.
2.1 Binding Effect of Agreement. The Property is hereby made subject to this
Agreement. Development of the Property is hereby authorized and shall be carried out only in
accordance with the terms of this Agreement.
2.2 Interest in Property. DEVELOPER represents and covenants that, as of a result of
the Acquisition Agreement, it possesses a legal or equitable interest in the Property.
2.3 Term. The term of this Agreement shall commence on the Effective Date, and
shall continue for a period of ten (10) years thereafter unless this term is modified or extended
pursuant to the provisions of this Agreement.
2.4 Assignment.
2.4.1 Right to Assign. DEVELOPER shall have the right to sell, transfer or
assign the Property in whole or in part (provided that no such partial transfer shall violate the
Subdivision Map Act, Government Code Section 66410 et seq., to any person, partnership, joint
venture, firm or corporation at any time during the term of this Agreement; provided, however,
that any such sale, transfer or assignment shall include the assignment and assumption of the
rights, duties and obligations arising under or from this Agreement and be made in strict
compliance with the following conditions precedent:
(a) No sale, transfer or assignment of any right or interest under this
Agreement shall be made unless made together with the sale, transfer or assignment of all or a
part of the Property.
(b) Concurrent with any such sale, transfer or assignment, or within fifteen
(15) business days thereafter, DEVELOPER shall notify CITY, in writing, of such sale, transfer
or assignment and shall provide CITY with an executed agreement, in a form reasonably
acceptable to CITY, by the purchaser, transferee or assignee and providing therein that the
purchaser, transferee or assignee expressly and unconditionally assumes all the duties and
obligations of DEVELOPER under this Agreement.
Any sale, transfer or assignment not made in strict compliance with the foregoing
conditions shall constitute a default by DEVELOPER under this Agreement. Notwithstanding
the failure of any purchaser, transferee or assignee to execute the agreement required by
Paragraph (b) of this Subsection 2.4.1, the burdens of this Agreement shall be binding upon such
purchaser, transferee or assignee, but the benefits of this Agreement shall not inure to such
purchaser, transferee or assignee until and unless such agreement is executed.
2.4.2 Release of Transferring Owner. Notwithstanding any sale, transfer or assignment,
a transferring DEVELOPER shall continue to be obligated under this Agreement unless such
transferring DEVELOPER is given a release in writing by CITY, which release shall be provided
by CITY upon the full satisfaction by such transferring DEVELOPER of the following
conditions:
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(a) DEVELOPER no longer has a legal or equitable interest in all or any part
of the Property.
(b) DEVELOPER is not then in default under this Agreement.
(c) DEVELOPER has provided CITY with the notice and executed agreement
required under Paragraph (b) of Subsection 2.4.1 above.
(d) The purchaser, transferee or assignee provides CITY with security
equivalent to any security previously provided by DEVELOPER to secure performance of its
obligations hereunder.
2.4.3 Subsequent Assignment. Any subsequent sale, transfer or assignment after an
initial sale, transfer or assignment shall be made only in accordance with and subject to the terms
and conditions of this Section.
2.4.4 Partial Release of Purchaser, Transferee or Assignee of Industrial or Commercial
Lot. A purchaser, transferee or assignee of a lot, which has been finally subdivided as provided
for in the Development Plan and for which a commercial or industrial plot plan for development
of the lot has been finally approved pursuant to the Development Plan, may submit a request, in
writing, to CITY to release said lot from the obligations under this Agreement relating to all
other portions of the property. Within thirty (30) days of such request, CITY shall review, and if
the above conditions are satisfied shall approve the request for release and notify the purchaser,
transferee or assignee in writing thereof. No such release approved pursuant to this Subsection
2.4.4 shall cause, or otherwise affect, a release of DEVELOPER from its duties and obligations
under this Agreement.
2.4.5 Termination of Agreement With Respect to Individual Lots Upon Sale to Public
and Completion of Construction. The provisions of Subsection 2.4.1 shall not apply to the sale or
lease (for a period longer than one year) of any lot which has been finally subdivided and is
individually (and not in “bulk”) sold or leased to a member of the public or other ultimate user.
Notwithstanding any other provisions of this Agreement, this Agreement shall terminate with
respect to any lot and such lot shall be released and no longer be subject to this Agreement
without the execution or recordation of any further document upon satisfaction of both of the
following conditions:
(a) The lot has been finally subdivided and individually (and not in “bulk”)
sold or leased (for a period longer than one year) to a member of the public or other ultimate
user; and,
(b) A Certificate of occupancy has been issued for a building on the lot, and
the fees set forth under Section 4 of this Agreement have been paid.
2.5 Amendment or Cancellation of Agreement. This Agreement may be amended or
canceled in whole or in part only by written consent of all parties in the manner provided for in
Government Code Section 65868 and Article 5 of the Development Agreement Policies. This
provision shall not limit any remedy of CITY or DEVELOPER as provided by this Agreement.
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2.6 Termination. This Agreement shall be deemed terminated and of no further effect
upon the occurrence of any of the following events:
(a) Expiration of the stated term of this Agreement as set forth in Section 2.3.
(b) Entry of a final judgment setting aside, voiding or annulling the adoption
of the ordinance approving this Agreement.
(c) The adoption of a referendum measure overriding or repealing the
ordinance approving this Agreement.
(d) Completion of the Project in accordance with the terms of this Agreement
including issuance of all required occupancy permits and acceptance by CITY or applicable
public agency of all required dedications.
(e) Termination of this Agreement based on any default of DEVELOPER and
following the termination proceedings required by Articles 7 and 8 of the Development
Agreement Policies.
Termination of this Agreement shall not constitute termination of any other land
use entitlements approved for the Property. Upon the termination of this Agreement, no party
shall have any further right or obligation hereunder except with respect to any obligation to have
been performed prior to such termination or with respect to any default in the performance of the
provisions of this Agreement which has occurred prior to such termination or with respect to any
obligations which are specifically set forth as surviving this Agreement. Upon such termination,
any public facilities and services mitigation fees paid pursuant to Section 4.2 of this Agreement
by DEVELOPER to CITY for residential units on which construction has not yet begun shall be
refunded to DEVELOPER by CITY.
2.7 Notices.
(a) As used in this Agreement, “notice” includes, but is not limited to, the
communication of notice, request, demand, approval, statement, report, acceptance, consent,
waiver, appointment or other communication required or permitted hereunder.
(b) All notices shall be in writing and shall be considered given either: (i) when
delivered in person to the recipient named below; or (ii) on the date of delivery shown on the
return receipt, after deposit in the United States mail in a sealed envelope as either registered or
certified mail with return receipt requested, and postage and postal charges prepaid, and
addressed to the recipient named below; or (iii) on the date of delivery shown in the records of
the telegraph company after transmission by telegraph to the recipient named below. All notices
shall be addressed as follows:
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If to CITY:
City of San Jacinto
595 S. San Jacinto Ave.
San Jacinto, CA 92583
Attn: City Manager
Telephone: (951) 487-7342
Facsimile: (951) 654-3728
If to DEVELOPER:
Tower Investments, LLC
250 West Main St., Suite 101
Woodland CA 95695
Attn: Stephen Marks, Sr.
Telephone: (530) 668-1000
Facsimile: (530) 666-5574
Copy to:
Best, Best & Krieger, LLP
3390 University Avenue, Fifth Floor
Riverside, CA 92502
Attn: San Jacinto City Attorney
Telephone: (951) 686-1450
Facsimile: (951) 686-3083
Copy to:
The Weiss Group, LLP
One BetterWorld Circle, Suite 200
Temecula, CA 92590
Attn: Martin A. Weiss, Esq.
Telephone: (951) 308-2006
Facsimile: (951) 239-3147
(c) Either party may, by notice given at any time, require subsequent notices to be
given to another person or entity, whether a party or an officer or representative of a party, or to
a different address, or both. Notices given before actual receipt of notice of change shall not be
invalidated by the change.
3. DEVELOPMENT OF THE PROPERTY.
3.1 Rights to Develop. Subject to the terms of this Agreement including the
Reservation of Rights, DEVELOPER shall have a right to develop the Property in accordance
with, and only to the extent set forth in, this Agreement. Except as expressly provided otherwise
herein, the Project shall remain subject to all Land Use Regulations and Development Approvals,
whether in effect on the Effective Date or subsequently adopted or amended, that are required to
complete the Project. Except as otherwise provided in this Agreement, and notwithstanding the
authority of the CITY to bind future City Councils regarding Land Use Regulations and/or
Development Approvals pursuant to Government Code section 65866, the permitted uses of the
Property, the density and intensity of use, the maximum height and size of proposed buildings,
and provisions for reservation and dedication of land for public purposes shall be those set forth
in the Land Use Regulations and Development Approvals, whether in effect on the Effective
Date or subsequently adopted or amended.
3.2 Effect of Agreement on Land Use Regulations. Except as otherwise provided
under the express terms of this Agreement, including the Reservation of Rights, the rules,
regulations and official policies governing permitted uses of the Property, the density and
intensity of use of the Property, the maximum height and size of proposed buildings, and the
design, improvement and construction standards and specifications applicable to development of
the Property shall be the Land Use Regulations and Development Approvals, whether in effect
on the Effective Date or subsequently adopted. In connection with any subsequently imposed
Development Approvals, and except as specifically provided otherwise herein, CITY may
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exercise its discretion in accordance with the Land Use Regulations then in effect, as provided by
this Agreement, including, but not limited to, the Reservation of Rights. CITY shall accept for
processing, review and action all applications for subsequent development approvals, and such
applications shall be processed in the same manner and the CITY shall exercise its discretion,
when required or authorized to do so, to the same extent it would otherwise be entitled in the
absence of this Agreement.
3.2 Reservations of Authority.
3.6.1 Limitations, Reservations an Exceptions. Notwithstanding any other
provision of this Agreement, the following regulations shall apply-to the development of the
Property.
(a) Processing fees and charges of every kind and nature imposed by CITY to
cover the estimated actual costs to CITY of processing applications for Development Approvals
or for monitoring compliance with any Development Approvals granted or issued.
(b) Procedural regulations relating to hearing bodies, petitions, applications,
notices, findings, records, hearings, reports, recommendations, appeals and any other matter of
procedure.
(c) Regulations governing construction standards and specifications
including, without limitation, the CITY’s Building Code, Plumbing Code, Mechanical Code,
Electrical Code, Fire Code and Grading Code.
(d) Regulations imposing Development Exactions; provided, however, that
the categories and amounts of Development Impact Fees applicable to the Project during the
Term of this Agreement shall be as set forth in Exhibit E. Such Development Impact Fees shall
be paid to CITY at the time set forth in then-existing City ordinance, resolution or policy.
(e) Regulations that are not in conflict with the Development Plan. Any
regulation, whether adopted by initiative or otherwise, limiting the rate or timing of development
of the Property shall be deemed to conflict with the Development Plan and shall therefore not be
applicable to the development of the Property.
(f) Regulations that are in conflict with the Development Plan provided
DEVELOPER has given written consent to the application of such regulations to development of
the Property.
(g) Regulations that impose, levy, alter or amend fees, charges, or Land Use
Regulations relating to consumers or end users, including, without limitation, trash can
placement, service charges and limitations on vehicle parking.
(h) Regulations of other public agencies, including Development Impact Fees
adopted or imposed by such other public agencies, although collected by CITY.
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(i) Ordinances, resolutions, regulations or policies regarding the permitted
uses of the Property, density and intensity of use, maximum height and size of proposed
buildings, and provisions for reservation and dedication of land for public purposes.
(j) In addition to the above-referenced reserved authority, the CITY may
modify or suspend the provisions of this Agreement if the CITY determines that the failure of the
CITY to do so would place the residents of the Property, or the residents of the CITY, or both, in
a condition dangerous to their health or safety, or both.
3.6.2 Subsequent Development Approvals. This Agreement shall not prevent
CITY, in acting on subsequent development approvals and to the same extent it would otherwise
be authorized to do so absent this Agreement, from applying subsequently adopted or amended
Land Use Regulations.
3.6.3 Modification or Suspension by State or Federal Law. In the event that
State or Federal laws or regulations, enacted after the Effective Date of this Agreement, prevent
or preclude compliance with one or more of the provisions of this Agreement, such provisions of
this Agreement shall be modified or suspended as may be necessary to comply with such State or
Federal laws or regulations, provided, however, that this Agreement shall remain in full force
and effect to the extent it is not inconsistent with such laws or regulations and to the extent such
laws or regulations do not render such remaining provisions impractical to enforce.
3.6.4 Intent. The parties acknowledge and agree that CITY is restricted in its
authority to limit its police power by contract and that the foregoing limitations, reservations and
exceptions are intended to reserve to CITY all of its police power that cannot be so limited. This
Agreement shall be construed, contrary to its stated terms if necessary, to reserve to CITY all
such power and authority which cannot be restricted by contract.
3.7 Public Works. If DEVELOPER is required by this Agreement to construct any
public works facilities which will be dedicated to CITY or any other public agency upon
completion, and if required by applicable laws to do so, DEVELOPER shall perform such work
in the same manner and subject to the same requirements as would be applicable to CITY or
such other public agency should it have undertaken such construction.
3.8 Provision of Real Property Interests by CITY. In any instance where
DEVELOPER is required to construct any public improvement on land not owned by
DEVELOPER, DEVELOPER shall at its sole cost and expense provide or cause to be provided,
the real property interests necessary for the construction of such public improvements. In the
event DEVELOPER is unable, after exercising reasonable efforts, including, but not limited to,
the rights under Sections 1001 and 1002 of the Civil Code, to acquire the real property interests
necessary for the construction of such public improvements, and if so instructed by
DEVELOPER and upon DEVELOPER’S provision of adequate security for costs CITY may
reasonably incur, CITY shall negotiate the purchase of the necessary real property interests to
allow DEVELOPER to construct the public improvements as required by this Agreement and, if
necessary, in accordance with the procedures established by law, use its power of eminent
domain to acquire such required real property interests. DEVELOPER shall pay all costs
associated with such acquisition or condemnation proceedings. This section 3.8 is not intended
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by the parties to impose upon the DEVELOPER an enforceable duty to acquire land or construct
any public improvements on land not owned by DEVELOPER, except to the extent that the
DEVELOPER elects to proceed with the development of the Project, and then only in
accordance with valid conditions imposed by the CITY upon the development of the Project
under the Subdivision Map Act or other legal authority.
3.9 Regulation by Other Public Agencies. It is acknowledged by the parties that other
public agencies not within the control of CITY possess authority to regulate aspects of the
development of the Property separately from or jointly with CITY and this Agreement does not
limit the authority of such other public agencies.
3.10 Utilities. In accordance with Section 201(h) of the CITY’s Development
Agreement Policies, the Project shall be connected to all utilities necessary to provide adequate
water, sewer, gas, electric, and other utility service to the Project. DEVELOPER shall contract
with the CITY for CITY-owned or operated utilities serving the Project.
3.11 Senate Bill 221. To the extent the Project includes one or more tentative maps for
a subdivision as the term “subdivision” is defined in Government Code Section 66473.7(a) and
to the extent the Project, or any part thereof, is not exempt under Government Code Section
66473.7(i), each such tentative map shall comply with the provisions of Government Code
Section 66473.7.
4. PUBLIC BENEFITS.
4.1 Intent. The parties acknowledge and agree that development of the Property will
result in substantial public needs which will not be fully met by the Development Plan and
further acknowledge and agree that this Agreement confers substantial private benefits on
DEVELOPER which should be balanced by commensurate public benefits. Accordingly, the
parties intend to provide consideration to the public to balance the private benefits conferred on
DEVELOPER by providing more fully for the satisfaction of the public needs resulting from the
Project.
4.2 Development Fees.
4.2.1 Development Agreement Fee. In consideration of City’s approval of this
Agreement, DEVELOPER shall pay a “Development Agreement Fee” in the amount of Two
Hundred Ninety One Thousand Dollars ($291,000). Such Development Agreement Fee shall be
allocated equally among Lots 1, 2, 6, 8 and 9 ($58,200 each), so as to most fairly achieve an
equitable allocation of such Development Agreement Fee throughout the Project. Such pro-rated
amounts shall be paid prior to, and as a condition precedent to, the issuance of the first certificate
of occupancy for each Lot.
4.2.2 Development Impact Fees. The categories and amounts of Development
Impact Fees applicable to the Project during the Term of this Agreement shall be as set forth in
Exhibit E. Such Development Impact Fees shall be paid to CITY at the time set forth in then-
existing City ordinance, resolution or policy. CITY’s reserved authority to enact and apply
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Development Exactions in accordance with Section 3.6.1(d) shall not apply to new or increased
Development Impact Fees while this Agreement is in effect.
5. INTENTIONALLY LEFT BLANK
6. REVIEW FOR COMPLIANCE.
6.1 Periodic Review. The Planning Director shall review this Agreement annually, on
or before the anniversary of the Effective Date, in order to ascertain the good faith compliance
by DEVELOPER with the terms or conditions of the Agreement. DEVELOPER shall submit an
Annual Monitoring Report, in a form acceptable to the Planning Director, within 30 days after
written notice from the Planning Director. The Annual Monitoring Report shall be accompanied
by an annual review and administration fee sufficient to defray the estimated costs of review and
administration of the Agreement during the succeeding year. The amount of the annual review
and administration fee may be set and adjusted from time to time by the City Council.
6.2 Special Review. The City Council or Planning Commission may order a special
review of compliance with this Agreement at any time, in one or more of the following ways:
(a) Affirmative vote of at least three members of the Commission; or
(b) Affirmative vote of at least three members of the Council.
The Planning Director shall conduct such special reviews.
6.3 Procedure.
(a) DEVELOPER shall initiate the periodic review proceeding by making
application to the Director in compliance with this Section. Upon receipt of a complete
application, the Director shall begin the review proceeding by giving notice that the CITY
intends to undertake a periodic review of this Agreement to the DEVELOPER, and any person
who has filed a written request for notice with the Director and has paid the required fee for the
notice. The Director shall give the notice at least 15 days in advance of the time when the matter
will be considered by the Commission in compliance with Subsection 17.610.030.D of the
Development Code. During either a periodic review or a special review, DEVELOPER shall be
required to demonstrate good faith compliance with the terms or conditions of this Agreement.
The burden of proof shall be on the DEVELOPER to demonstrate compliance, to the full
satisfaction of, and in a manner prescribed by, the City.
(b) Upon completion of a periodic review or a special review, the Planning
Director shall determine, upon the basis of substantial evidence, whether or not DEVELOPER
has, for the period under review, complied in good faith with the terms and conditions of this
Agreement.
(i) If the Commission finds and determines, on the basis of substantial
evidence, that the DEVELOPER has complied in good faith with the terms and conditions of this
Agreement during the period under review, the review for that period is concluded, and a notice
of that determination shall be sent to the Council and the DEVELOPER. The Council shall
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review the Commission’s action. If the Council so desires, it can schedule a public hearing for
further review.
(ii) If the Commission finds and determines, on the basis of substantial
evidence, that the DEVELOPER has not complied in good faith with the terms and conditions of
this Agreement, the Commission shall forward its recommendation to the Council and the
Council may modify or terminate this Agreement.
(c) If the City Council finds on the basis of substantial evidence that
DEVELOPER has complied in good faith with the terms and conditions of this Agreement, the
review shall be concluded.
(d) If the City Council makes a preliminary finding that DEVELOPER has
not complied in good faith with the terms and conditions of this Agreement, the Council may
modify or terminate this Agreement as provided in Section 6.4 and Section 6.5. Notice of
default as provided under Section 7.4 of this Agreement shall be given to DEVELOPER prior to
or concurrent with, proceedings under Section 6.4 and Section 6.5.
6.4 Proceedings Upon Modification or Termination. If, upon a finding under
Subsection 6.3, above, the CITY determines to proceed with modification or termination of this
Agreement, the CITY shall give notice to the DEVELOPER of its intention to do so. The notice
shall contain all of the following:
(a) The time and place of the hearing, which shall be conducted by the
Council;
(b) A statement as to whether or not the City proposes to terminate or to
modify the development agreement; and
(c) Other information that the City considers necessary to inform the
DEVELOPER of the nature of the proceedings .
6.5 Hearing on Modification or Termination. At the time and place set for the hearing
on modification or termination, DEVELOPER shall be given an opportunity to be heard.
DEVELOPER shall be required to demonstrate good faith compliance with the terms and
conditions of this Agreement. The burden of proof on this issue shall be on DEVELOPER. The
Council may affirm, modify, or reject the determination of the Commission. The Council may
refer the matter back to the Commission for further proceedings or for report and
recommendation. If the City Council finds, based upon substantial evidence, that DEVELOPER
has not complied in good faith with the terms or conditions of the Agreement, the City Council
may terminate this Agreement or modify this Agreement and impose such conditions as are
reasonably necessary to protect the interests of the CITY. The decision of the City Council shall
be final, subject only to judicial review pursuant to Section 1094.5 of the Code of Civil
Procedure.
6.6 Certificate of Agreement Compliance. If, at the conclusion of a Periodic or
Special Review, DEVELOPER is found to be in compliance with this Agreement, CITY shall,
upon request by DEVELOPER, issue a Certificate of Agreement Compliance (“Certificate”) to
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DEVELOPER stating that after the most recent Periodic or Special Review and based
upon the information known or made known to the Planning Director and City Council that (1)
this Agreement remains in effect and (2) DEVELOPER is not in default. The Certificate shall be
in recordable form, shall contain information necessary to communicate constructive record
notice of the finding of compliance, shall state whether the Certificate is issued after a Periodic
or Special Review and shall state the anticipated date of commencement of the next Periodic
Review. DEVELOPER may record the Certificate with the County Recorder.
Whether or not the Certificate is relied upon by assignees or other transferees or
DEVELOPER, CITY shall not be bound by a Certificate if a default existed at the time of the
Periodic or Special Review, but was concealed from or otherwise not known to the Planning
Director or City Council.
7. DEFAULT AND REMEDIES.
7.1 Remedies in General. It is acknowledged by the parties that CITY would not have
entered into this Agreement if it were to be liable in damages under this Agreement, or with
respect to this Agreement or the application thereof.
In general, each of the parties hereto may pursue any remedy at law or equity available
for the breach of any provision of this Agreement, except that CITY shall not be liable in
damages to DEVELOPER, or to any successor in interest of DEVELOPER, or to any other
person, and DEVELOPER covenants not to sue for damages or claim any damages:
(a) For any breach of this Agreement or for any cause of action which arises
out of this Agreement; or
(b) For the taking, impairment or restriction of any right or interest conveyed
or provided under or pursuant to this Agreement; or
(c) Arising out of or connected with any dispute, controversy or issue
regarding the application or interpretation or effect of the provisions of this Agreement.
7.2 Specific Performance. The parties acknowledge that money damages and
remedies at law generally are inadequate and specific performance and other non-monetary relief
are particularly appropriate remedies for the enforcement of this Agreement and should be
available to all parties for the following reasons:
(a) Money damages are unavailable against CITY as provided in Section 7.1
above.
(b) Due to the size, nature and scope of the project, it may not be practical or
possible to restore the Property to its natural condition once implementation of this Agreement
has begun. After such implementation, DEVELOPER may be foreclosed from other choices it
may have had to utilize the Property or portions thereof. DEVELOPER has invested significant
time and resources and performed extensive planning and processing of the Project in agreeing to
the terms of this Agreement and will be investing even more significant time and resources in
implementing the Project in reliance upon the terms of this Agreement, and it is not possible to
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determine the sum of money which would adequately compensate DEVELOPER for such
efforts.
7.3 Release. Except for nondamage remedies, including the remedy of specific
performance and judicial review as provided for in Section 6.5, DEVELOPER, for itself, its
successors and assignees, hereby releases the CITY, its officers, agents and employees from any
and all claims, demands, actions, or suits of any kind or nature arising out of any liability, known
or unknown, present or future, including, but not limited to, any claim or liability, based or
asserted, pursuant to Article I, Section 19 of the California Constitution, the Fifth Amendment of
the United States Constitution, or any other law or ordinance which seeks to impose any other
liability or damage, whatsoever, upon the CITY because it entered into this Agreement or
because of the terms of this Agreement.
7.4 Termination or Modification of Agreement for Default of DEVELOPER. Subject
to the provisions contained in Subsection 6.5 herein, CITY may terminate or modify this
Agreement for any failure of DEVELOPER to perform any material duty or obligation of
DEVELOPER under this Agreement, or to comply in good faith with the terms of this
Agreement (hereinafter referred to as “default”); provided, however, CITY may terminate or
modify this Agreement pursuant to this Section only after providing written notice to
DEVELOPER of default setting forth the nature of the default and the actions, if any, required by
DEVELOPER to cure such default and, where the default can be cured, DEVELOPER has failed
to take such actions and cure such default within 60 days after the effective date of such notice
or, in the event that such default cannot be cured within such 60 day period but can be cured
within a longer time, has failed to commence the actions necessary to cure such default within
such 60 day period and to diligently proceed to complete such actions and cure such default.
7.5 Termination of Agreement for Default of CITY. DEVELOPER may terminate
this Agreement only in the event of a default by CITY in the performance of a material term of
this Agreement and only after providing written notice to CITY of default setting forth the nature
of the default and the actions, if any, required by CITY to cure such default and, where the
default can be cured, CITY has failed to take such actions and cure such default within 60 days
after the effective date of such notice or, in the event that such default cannot be cured within
such 60 day period but can be cured within a longer time, has failed to commence the actions
necessary to cure such default within such 60 day period and to diligently proceed to complete
such actions and cure such default.
8. THIRD PARTY LITIGATION.
8.1 General Plan Litigation. CITY has determined that this Agreement is consistent
with its Comprehensive General Plan, herein called General Plan, and that the General Plan
meets all requirements of law. DEVELOPER has reviewed the General Plan and concurs with
CITY’s determination. CITY shall have no liability in damages under this Agreement for any
failure of CITY to perform under this Agreement or the inability of DEVELOPER to develop the
Property as contemplated by the Development Plan of this Agreement as the result of a judicial
determination that on the Effective Date, or at any time thereafter, the General Plan, or portions
thereof, are invalid or inadequate or not in compliance with law.
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8.2 Third Party Litigation Concerning Agreement. DEVELOPER shall defend, at its
expense, including attorneys’ fees, indemnify, and hold harmless CITY, its agents, officers and
employees from any claim, action or proceeding against CITY, its agents, officers, or employees
to attack, set aside, void, or annul the approval of this Agreement or the approval of any permit
granted pursuant to this Agreement. CITY shall promptly notify DEVELOPER of any such
claim, action or proceeding, and CITY shall cooperate in the defense. If CITY fails to promptly
notify DEVELOPER of any such claim, action or proceeding, or if CITY fails to cooperate in the
defense, DEVELOPER shall not thereafter be responsible to defend, indemnify, or hold harmless
CITY. CITY may in its discretion participate in the defense of any such claim, action or
proceeding.
8.3 Indemnity. In addition to the provisions of 8.2 above, DEVELOPER shall
indemnify and hold CITY, its officers, agents, employees and independent contractors free and
harmless from any liability whatsoever, based or asserted upon any act or omission of
DEVELOPER, its officers, agents, employees, subcontractors and independent contractors, for
property damage, bodily injury, or death (DEVELOPER’s employees included) or any other
element of damage of any kind or nature, relating to or in any way connected with or arising
from the activities contemplated hereunder, including, but not limited to, the study, design,
engineering, construction, completion, failure and conveyance of the public improvements, save
and except claims for damages arising through the sole active negligence or sole willful
misconduct of CITY. DEVELOPER shall defend, at its expense, including attorneys’ fees,
CITY, its officers, agents, employees and independent contractors in any legal action based upon
such alleged acts or omissions. CITY may in its discretion participate in the defense of any such
legal action.
8.4 Environment Assurances. DEVELOPER shall indemnify and hold CITY, its
officers, agents, and employees free and harmless from any liability, based or asserted, upon any
act or omission of DEVELOPER, its officers, agents, employees, subcontractors, successors,
assigns and independent contractors (but not predecessors in interest) for any violation of any
federal, state or local law, ordinance or regulation relating to industrial hygiene or to
environmental conditions on, under or about the Property, including, but not limited to, soil and
groundwater conditions, and DEVELOPER shall defend, at its expense, including attorneys’
fees, CITY, its officers, agents and employees in any action based or asserted upon any such
alleged act or omission. CITY may in its discretion participate in the defense of any such action.
8.5 Reservation of Rights. With respect to Sections 8.2, 8.3 and 8.4 herein, CITY
reserves the right to either (1) approve the attorney(s) which DEVELOPER selects, hires or
otherwise engages to defend CITY hereunder, which approval shall not be unreasonably
withheld, or (2) conduct its own defense, provided, however, that DEVELOPER shall reimburse
CITY forthwith for any and all reasonable expenses incurred for such defense, including
attorneys’ fees, upon billing and accounting therefor.
8.6 Survival. The provisions of this Sections 8.1 through 8.6, inclusive, shall survive
the termination of this Agreement.
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9. MORTGAGEE PROTECTION.
The parties hereto agree that this Agreement shall not prevent or limit DEVELOPER, in
any manner, at DEVELOPER’s sole discretion, from encumbering the Property or any portion
thereof or any improvement thereon by any mortgage, deed of trust or other security device
securing financing with respect to the Property. CITY acknowledges that the lenders providing
such financing may require certain Agreement interpretations and modifications and agrees upon
request, from time to time, to meet with DEVELOPER and representatives of such lenders to
negotiate in good faith any such request for interpretation or modification. CITY will not
unreasonably withhold its consent to any such requested interpretation or modification provided
such interpretation or modification is consistent with the intent and purposes of this Agreement.
Any Mortgagee of the Property shall be entitled to the following rights and privileges:
(a) Neither entering into this Agreement nor a breach of this Agreement shall defeat,
render invalid, diminish or impair the lien of any mortgage on the Property made in good faith
and for value, unless otherwise required by law.
(b) The Mortgagee of any mortgage or deed of trust encumbering the Property, or any
part thereof, which Mortgagee, has submitted a request in writing to the CITY in the manner
specified herein for giving notices, shall be entitled to receive written notification from CITY of
any default by DEVELOPER in the performance of DEVELOPER’s obligations under this
Agreement.
(c) If CITY timely receives a request from a mortgagee requesting a copy of any
notice of default given to DEVELOPER under the terms of this Agreement, CITY shall provide
a copy of that notice to the Mortgagee within ten (10) days of sending the notice of default to
DEVELOPER. The Mortgagee shall have the right, but not the obligation, to cure the default
during the remaining cure period allowed such party under this Agreement.
(d) Any Mortgagee who comes into possession of the Property, or any part thereof,
pursuant to foreclosure of the mortgage or deed of trust, or deed in lieu of such foreclosure, shall
take the Property, or part thereof, subject to the terms of this Agreement. Notwithstanding any
other provision of this Agreement to the contrary, no Mortgagee shall have an obligation or duty
under this Agreement to perform any of DEVELOPER’s obligations or other affirmative
covenants of DEVELOPER hereunder, or to guarantee such performance; provided, however,
that to the extent that any covenant to be performed by DEVELOPER is a condition precedent to
the performance of a covenant by CITY, the performance thereof shall continue to be a condition
precedent to CITY’s performance hereunder, and further provided that any sale, transfer or
assignment by any Mortgagee in possession shall be subject to the provisions of Section 2.4 of
this Agreement.
10. MISCELLANEOUS PROVISIONS.
10.1 Recordation of Agreement. This Agreement and any amendment or cancellation
thereof shall be recorded with the County Recorder by the City Clerk within the period required
by Section 65868.5 of the Government Code.
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10.2 Entire Agreement. This Agreement sets forth and contains the entire
understanding and agreement of the parties, and there are no oral or written representations,
understandings or ancillary covenants, undertakings or agreements which are not contained or
expressly referred to herein. No testimony or evidence of any such representations,
understandings or covenants shall be admissible in any proceeding of any kind or nature to
interpret or determine the terms or conditions of this Agreement.
10.3 Severability. If any term, provision, covenant or condition of this Agreement shall
be determined invalid, void or unenforceable, the remainder of this Agreement shall not be
affected thereby to the extent such remaining provisions are not rendered impractical to perform
taking into consideration the purposes of this Agreement. Notwithstanding the foregoing, the
provision of the Public Benefits set forth in Section 4 of this Agreement, including the payment
of the fees set forth therein, are essential elements of this Agreement and CITY would not have
entered into this Agreement but for such provisions, and therefore in the event such provisions
are determined to be invalid, void or unenforceable, this entire Agreement shall be null and void
and of no force and effect whatsoever.
10.4 Interpretation and Governing Law. This Agreement and any dispute arising
hereunder shall be governed and interpreted in accordance with the laws of the State of
California. This Agreement shall be construed as a whole according to its fair language and
common meaning to achieve the objectives and purposes of the parties hereto, and the rule of
construction to the effect that ambiguities are to be resolved against the drafting party shall not
be employed in interpreting this Agreement, all parties having been represented by counsel in the
negotiation and preparation hereof.
10.5 Section Headings. All section headings and subheadings are inserted for
convenience only and shall not affect any construction or interpretation of this Agreement.
10.6 Singular and Plural. As used herein, the singular of any word includes the plural.
10.7 Joint and Several Obligations. If at any time during the term of this Agreement
the Property is owned, in whole or in part, by more than one DEVELOPER, all obligations of
such DEVELOPERS under this Agreement shall be joint and several, and the default of any such
DEVELOPER shall be the default of all such DEVELOPERS. Notwithstanding the foregoing, no
DEVELOPER of a single lot which has been finally subdivided and sold to such DEVELOPER
as a member of the general public or otherwise as an ultimate user shall have any obligation
under this Agreement except as provided under Section 4 hereof.
10.8 Time of Essence. Time is of the essence in the performance of .the provisions of
this Agreement as to which time is an element.
10.9 Waiver. Failure by a party to insist upon the strict performance of any of the
provisions of this Agreement by the other party, or the failure by a party to exercise its rights
upon the default of the other party, shall not constitute a waiver of such party’s right to insist and
demand strict compliance by the other party with the terms of this Agreement thereafter.
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10.10 No Third Party Beneficiaries. This Agreement is made and entered into for the
sole protection and benefit of the parties and their successors and assigns. No other person shall
have any right of action based upon any provision of this Agreement.
10.11 Force Majeure. Neither party shall be deemed to be in default where failure or
delay in performance of any of its obligations under this Agreement is caused by floods,
earthquakes, other Acts of God, fires, wars, riots or similar hostilities, strikes and other labor
difficulties beyond the party’s control, (including the party’s employment force), government
regulations, court actions (such as restraining orders or injunctions), or other causes beyond the
party’s control. If any such events shall occur, the term of this Agreement and the time for
performance by either party of any of its obligations hereunder may be extended by the written
agreement of the parties for the period of time that such events prevented such performance,
provided that the term of this Agreement shall not be extended under any circumstances for more
than five (5) years.
10.12 Mutual Covenants. The covenants contained herein are mutual covenants and also
constitute conditions to the concurrent or subsequent performance by the party benefited thereby
of the covenants to be performed hereunder by such benefited party.
10.13 Successors in Interest. The burdens of this Agreement shall be binding upon, and
the benefits of this Agreement shall inure to, all successors in interest to the parties to this
Agreement. All provisions of this Agreement shall be enforceable as equitable servitudes and
constitute covenants running with the land. Each covenant to do or refrain from doing some act
hereunder with regard to development of the Property: (a) is for the benefit of and is a burden
upon every portion of the Property; (b) runs with the Property and each portion thereof; and, (c)
is binding upon each party and each successor in interest during ownership of the Property or any
portion thereof.
10.14 Counterparts. This Agreement may be executed by the parties in counterparts,
which counterparts shall be construed together and have the same effect as if all of the parties
had executed the same instrument.
10.15 Jurisdiction and Venue. Any action at law or in equity arising under this
Agreement or brought by a party hereto for the purpose of enforcing, construing or determining
the validity of any provision of this Agreement shall be filed and tried in the Superior Court of
the County of Riverside, State of California, and the parties hereto waive all provisions of law
providing for the filing, removal or change of venue to any other court.
10.16 Project as a Private Undertaking. It is specifically understood and agreed by and
between the parties hereto that the development of the Project is a private development, that
neither party is acting as the agent of the other in any respect hereunder, and that each party is an
independent contracting entity with respect to the terms, covenants and conditions contained in
this Agreement. No partnership, joint venture or other association of any kind is formed by this
Agreement. The only relationship between CITY and DEVELOPER is that of a government
entity regulating the development of private property and the owner of such property.
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10.17 Further Actions and Instruments. Each of the parties shall cooperate with and
provide reasonable assistance to the other to the extent contemplated hereunder in the
performance of all obligations under this Agreement and the satisfaction of the conditions of this
Agreement. Upon the request of either party at any time, the other party shall promptly execute,
with acknowledgment or affidavit if reasonably required, and file or record such required
instruments and writings and take any actions as may be reasonably necessary under the terms of
this Agreement to carry out the intent and to fulfill the provisions of this Agreement or to
evidence or consummate the transactions contemplated by this Agreement.
10.18 Eminent Domain. No provision of this Agreement shall be construed to limit or
restrict the exercise by CITY of its power of eminent domain.
10.19 Agent for Service of Process. In the event DEVELOPER is not a resident of the
State of California or it is an association, partnership or joint venture without a member, partner
or joint venturer resident of the State of California, or it is a foreign corporation, then in any such
event, DEVELOPER shall file with the Planning Director, upon its execution of this Agreement,
a designation of a natural person residing in the State of California, giving his or her name,
residence and business addresses, as its agent for the purpose of service of process in any court
action arising out of or based upon this Agreement, and the delivery to such agent of a copy of
any process in any such action shall constitute valid service upon DEVELOPER. If for any
reason service of such process upon such agent is not feasible, then in such event DEVELOPER
may be personally served with such process out of this County and such service shall constitute
valid service upon DEVELOPER. DEVELOPER is amenable to the process so served, submits
to the jurisdiction of the Court so obtained and waives any and all objections and protests
thereto. DEVELOPER for itself, assigns and successors hereby waives the provisions of the
Hague Convention (Convention on the Service Abroad of Judicial and Extra Judicial Documents
in Civil or Commercial Matters, 20 U.S.T. 361, T.I.A.S. No. 6638).
10.20 Authority to Execute. The person or persons executing this Agreement on behalf
of DEVELOPER warrants and represents that he or she/they have the authority to execute this
Agreement on behalf of his or her/their corporation, partnership or business entity and warrants
and represents that he or she/they has/have the authority to bind DEVELOPER to the
performance of its obligations hereunder.
(SIGNATURES CONTAINED ON FOLLOWING PAGE)
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IN WITNESS WHEREOF, the parties hereto have executed this Development
Agreement 2-14 as of the date first written above.
“CITY”
CITY OF SAN JACINTO, a California
municipal corporation
By: ______________________________
Alonso Ledezma
Mayor
Date: _____________________________
“DEVELOPER”
TOWER INVESTMENTS, LLC, a
Delaware limited liability company
By: ______________________________
Its: ______________________________
Date: _____________________________
ATTEST:
By: ______________________________
Rick Miller
City Clerk
Date: _____________________________
By: ______________________________
Its: ______________________________
Date: _____________________________
APPROVED AS TO FORM:
BEST BEST & KRIEGER LLP
__________________________________
Jeffrey S. Ballinger, City Attorney
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EXHIBIT A
24438.10071\9253889.5
EXHIBIT A
TO
DEVELOPMENT AGREEMENT NO. 2-14
LEGAL DESCRIPTION OF PROPERTY
All that certain real property in the City of San Jacinto, County of Riverside, State of
California, described as follows:
PARCELS 1, 2, 6, 8 AND 9 OF PARCEL MAP 20795 AS RECORDED IN BOOK 131,
PAGES 60 THROUGH 63, INCLUSIVE, IN THE OFFICIAL RECORDS OF
RIVERSIDE COUNTY, CALIFORNIA.
APNS: 433-160-024, 433-160-027, 433-160-028, 433-160-029, 433-160-032, 433-160-033,
433-160-034 and 433-160-039
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EXHIBIT B
24438.10071\9253889.5
EXHIBIT B
TO
DEVELOPMENT AGREEMENT NO. 2-14
MAP OF PROPERTY
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EXHIBIT C
24438.10071\9253889.5
EXHIBIT C
TO
DEVELOPMENT AGREEMENT NO. 2-14
EXISTING DEVELOPMENT APPROVALS
None
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EXHIBIT D
24438.10071\9253889.5
EXHIBIT D
TO
DEVELOPMENT AGREEMENT NO. 2-14
EXISTING LAND USE REGULATIONS
City of San Jacinto General Plan, as of the Effective Date
City of San Jacinto General Plan Land Use Map, as of the Effective Date
City of San Jacinto Zoning/Development Code, as of the Effective Date
City of San Jacinto Zoning Map, as of the Effective Date
City of San Jacinto Municipal Code, as of the Effective Date
City of San Jacinto Landscape Design Guidelines, as of the Effective Date
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EXHIBIT E
24438.10071\9253889.5
EXHIBIT E
TO
DEVELOPMENT AGREEMENT NO. 2-14
DEVELOPMENT IMPACT FEES
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COMMUNITY DEVELOPMENT DEPARTMENT
PLANNING DIVISION
CONDITIONS OF APPROVAL
December 2, 2014
Development Agreement No. 2-14
Applicant: Tower Investments, LLC, a Delaware limited liability company
General Conditions
1. The applicant agrees to indemnify, hold harmless, and defend the City, its
officials, officers, agents and employees, from any and all liability, claims,
actions or proceedings that may be brought arising out of its approval of
this permit, and any approvals associated with the project, including,
without limitation, any CEQA review or approval, except to the extent
caused by the negligence of the City.
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LOCATION MAP
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December 2, 2014
TO: The Honorable Mayor and Members of the City Council
FROM: Tim Hults, City Manager
SUBJECT: Lease Agreement with Family Services Association of Western Riverside
County
RECOMMENDATION:
Staff recommends that the City Council approve the Lease Agreement with Family
Services Association (FSA) of Western Riverside County for the use of the Community
Center.
BACKGROUND:
Since June 2002, FSA has been using the kitchen and dining area at the community
center to operate the senior nutrition program. The senior nutrition program offers a vital
service to our senior population and enhances the programs and services offered at the
Community Center. Its central location on Pico Avenue between Seventh and Sixth
Streets makes the facility readily accessible to the core population of the city.
Due to substantial revenue reductions and the recent failure of Measure CC, the City
Council directed City staff to significantly reduce expenditures. As a result, several staff
were laid off, law enforcement services were reduced, a fire station will be closed as will
several parks and the Community Center. In response, the FSA approached City staff in
regards to taking over the Community Center in order to preserve the senior nutrition
program. Furthermore, the County of Riverside through the efforts of Supervisor Stone
has pledged $54,500 to preserve the program.
In order for the program to be preserved, the FSA will lease the entire Community Center
from the City. The significant terms of lease are as follows:
• No cost to the FSA in monthly or annual lease payments.
• Exclusive use of entire Community Center and parking lot.
• FSA to be responsible for maintaining the building, all equipment and for payment
of all utilities associated with the Center.
• Term of Lease is through the June 30, 2015.
• FSA fully indemnifies the City of San Jacinto.
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ALTERNATIVES:
1. Approve the lease agreement as presented.
2. Do not approve the lease agreement and continue with the closure of the
Community Center.
3. Provide further direction to staff.
FISCAL IMPACT:
The FSA lease will allow for the City to cease all activities and costs associated with the
Community Center while preserving a vital program to the community. The potential
savings to the General Fund for the remainder of the fiscal year are estimated at $77,656.
ATTACHMENTS:
· Lease Agreement
· Press Release
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Riverside County
NEWS RELEASE
From the Office of Supervisor Jeff Stone
Contact: (951) 955-1030
Senior meals program, San Jacinto center would keep operating
under Stone partnership plan
A senior meals program threatened by budget cuts in the City of San Jacinto could continue operating
thanks to a partnership among Riverside County, the city and a non-profit group that prepares the
meals.
The partnership arose after the San Jacinto Community Center was slated to be closed Dec. 19. The
nutrition program provides 200 to 300 meals a day. Most are delivered to homes but about 60 are
served at the center.
“This is the only meal of the day for some seniors, but it’s more than just food,” Stone said. “It’s a time
when some isolated seniors can find help with other needs, or meet with their friends. We just could not
just let that program disappear.”
With the partnership, the community center will remain open. Stone intends to pledge $19,500 in
community improvement district funds to help operations continue. Another $25,000 in federal
community development block grant funds would be directed by Stone into the program. About $10,000
also would be available through the Riverside County Office on Aging. Plans to use the money would
have to be approved by Board of Supervisors.
Michele Haddock, director of the Riverside County Office on Aging, said the program provides a chance
to make sure seniors are healthy and safe, and it helps allow people to grow older in their own homes
with independence.
“Today, there are waiting lists for senior meals in 50 percent of American cities and we are very grateful
for Supervisor Stone and our partners for maintaining this critical service,” Haddock said.
For its part, the City of San Jacinto will look for ways to operate the center as efficiently as possible in
order to keep it open. While what might include reducing hours of operation, the center would remain
open to serve meals and continue other functions. The non-profit group that provides the meals, the
Family Service Association, also will look to works as efficiently as possible and keep the program
running.
For further information, contact Supervisor Jeff Stone’s office at (951) 955-1030 through Nov. 30
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