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10 October 17, 2019 CommissionComments are welcomed by the Commission. If you wish to provide comments to the Commission, please complete and submit a Speaker Card to the Clerk of the Board. MEETING AGENDA TIME/DATE: 9:30 a.m. / Thursday, October 17, 2019 LOCATION: BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside Hyatt Regency, Harbor A Meeting Room 200 S. Pine Ave., Long Beach, CA 90802 COMMISSIONERS Chair – Chuck Washington Vice Chair – Ben J. Benoit Second Vice Chair – Jan Harnik Kevin Jeffries, County of Riverside, District 1 Karen Spiegel, County of Riverside, District 2 Chuck Washington, County of Riverside, District 3 V. Manuel Perez, County of Riverside, District 4 Jeff Hewitt, County of Riverside, District 5 Art Welch / Daniela Andrade, City of Banning Lloyd White / Julio Martinez, City of Beaumont Joseph DeConinck / Johnny Rodriguez, City of Blythe Larry Smith / Linda Molina, City of Calimesa Randall Bonner / Jeremy Smith, City of Canyon Lake Raymond Gregory / Mark Carnevale, City of Cathedral City Steven Hernandez / Megan Beaman Jacinto, City of Coachella Wes Speake / Jim Steiner, City of Corona Scott Matas / Russell Betts, City of Desert Hot Springs Clint Lorimore / Todd Rigby, City of Eastvale Linda Krupa / Russ Brown, City of Hemet Dana Reed / To Be Appointed, City of Indian Wells Waymond Fermon / Oscar Ortiz, City of Indio Brian Berkson / Chris Barajas, City of Jurupa Valley Kathleen Fitzpatrick / Robert Radi, City of La Quinta Bob Magee / Natasha Johnson, City of Lake Elsinore Bill Zimmerman / Dean Deines, City of Menifee Victoria Baca / Carla Thornton, City of Moreno Valley Scott Vinton / To Be Appointed, City of Murrieta Berwin Hanna / Ted Hoffman, City of Norco Jan Harnik / Kathleen Kelly, City of Palm Desert Lisa Middleton / Jon R. Roberts, City of Palm Springs Michael M. Vargas / Rita Rogers, City of Perris Ted Weill / Charles Townsend, City of Rancho Mirage Rusty Bailey / Andy Melendrez, City of Riverside Andrew Kotyuk / Russ Utz, City of San Jacinto Michael S. Naggar / Maryann Edwards, City of Temecula Ben J. Benoit / Joseph Morabito, City of Wildomar Mike Beauchamp, Governor’s Appointee Caltrans District 8 RIVERSIDE COUNTY TRANSPORTATION COMMISSION www.rctc.org MEETING AGENDA* *Actions may be taken on any item listed on the agenda 9:30 a.m. Thursday, October 17, 2019 BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside, CA Hyatt Regency, Harbor A Meeting Room 200 S Pine Ave., Long Beach, CA 90802 In compliance with the Brown Act and Government Code Section 54957.5, agenda materials distributed 72 hours prior to the meeting, which are public records relating to open session agenda items, will be available for inspection by members of the public prior to the meeting at the Commission office, 4080 Lemon Street, Third Floor, Riverside, CA, and on the Commission’s website, www.rctc.org. In compliance with the Americans with Disabilities Act, Government Code Section 54954.2, and the Federal Transit Administration Title VI, please contact the Clerk of the Board at (951) 787-7141 if special assistance is needed to participate in a Commission meeting, including accessibility and translation services. Assistance is provided free of charge. Notification of at least 48 hours prior to the meeting time will assist staff in assuring reasonable arrangements can be made to provide assistance at the meeting. 1. CALL TO ORDER 2. ROLL CALL 3. PLEDGE OF ALLEGIANCE 4. PUBLIC COMMENTS – Each individual speaker is limited to speak three (3) continuous minutes or less. The Commission may, either at the direction of the Chair or by majority vote of the Commission, waive this three-minute time limitation. Depending on the number of items on the Agenda and the number of speakers, the Chair may, at his/her discretion, reduce the time of each speaker to two (2) continuous minutes. In addition, the maximum time for public comment for any individual item or topic is thirty (30) minutes. Also, the Commission may terminate public comments if such comments become repetitious. Speakers may not yield their time to others without the consent of the Chair. Any written documents to be distributed or presented to the Commission shall be submitted to the Clerk of the Board. This policy applies to Public Comments and comments on Agenda Items. Under the Brown Act, the Commission should not take action on or discuss matters raised during public comment portion of the agenda that are not listed on the agenda. Commission members may refer such matters to staff for factual information or to be placed on the subsequent agenda for consideration. Riverside County Transportation Commission Meeting Agenda October 17, 2019 Page 2 5. ADDITIONS / REVISIONS – The Commission may add an item to the Agenda after making a finding that there is a need to take immediate action on the item and that the item came to the attention of the Commission subsequent to the posting of the agenda. An action adding an item to the agenda requires 2/3 vote of the Commission. If there are less than 2/3 of the Commission members present, adding an item to the agenda requires a unanimous vote. Added items will be placed for discussion at the end of the agenda. 6. APPROVAL OF MINUTES – SEPTEMBER 11, 2019 7. CONSENT CALENDAR – All matters on the Consent Calendar will be approved in a single motion unless a Commissioner(s) requests separate action on specific item(s). Items pulled from the Consent Calendar will be placed for discussion at the end of the agenda. 7A. QUARTERLY SALES TAX ANALYSIS Page 1 Overview This item is for the Commission to receive and file the sales tax analysis for Quarter 1, 2019. 7B. QUARTERLY FINANCIAL STATEMENTS Page 10 Overview This item is for the Commission to receive and file the Quarterly Financial Statements for the year ended June 30, 2019. 7C. QUARTERLY INVESTMENT REPORT Page 21 Overview This item is for the Commission to receive and file the Quarterly Investment Report for the quarter ended June 30, 2019. 7D. ECONOMIC IMPACT STUDY Page 114 Overview This item is for the Commission to: 1) Approve Agreement No. 20-19-012-00 to University of California, Riverside (UCR) School of Business, Center for Economic Forecasting & Development (UCR Center) to perform an economic impacts analysis related to the investment of an additional sales tax for transportation improvements in Riverside County in an amount not to exceed $199,500; and Riverside County Transportation Commission Meeting Agenda October 17, 2019 Page 3 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission. 7E. CITY OF WILDOMAR FUNDING REQUEST FOR CONSTRUCTION OF BUNDY CANYON ROAD WIDENING PROJECT Page 148 Overview This item is for the Commission to: 1) Approve programming $3,516,000 of Measure A Regional Arterial (MARA) funds for the city of Wildomar’s Bundy Canyon Road Widening – Segment 1 project; 2) Approve Agreement No. 20-72-011-00 between the Commission and the city of Wildomar for the programming of $3,516,000 of MARA for the construction phase of the Bundy Canyon Road Widening – Segment 1 project; and 3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement. 7F. NEXT GENERATION RAIL CORRIDORS ANALYSIS REPORT Page 160 Overview This item is for the Commission to accept the Next Generation Rail Corridors Analysis Report. 7G. COUNTYWIDE TRANSPORTATION IMPROVEMENT & TRAFFIC RELIEF PLAN: VISION, GOALS, AND OBJECTIVES Page 237 Overview This item is for the Commission to: 1) Receive background information on the Traffic Relief Strategy Committee; and 2) Discuss the vision, goals, and objectives of the Countywide Transportation Improvement & Traffic Relief Plan. Riverside County Transportation Commission Meeting Agenda October 17, 2019 Page 4 7H. APPROVAL OF UTILITY AGREEMENT AMENDMENT WITH SOUTHERN CALIFORNIA GAS FOR STATE ROUTE 71/STATE ROUTE 91 INTERCHANGE PROJECT Page 276 Overview This item is for the Commission to: 1) Approve Agreement No. 18-31-103-01, Amendment No. 1 to Agreement No. 18-31-103-00, with Southern California Gas (SCG) for construction of utility relocations for the State Route 71/SR-91 Interchange (71/91 IC) project in the amount of $338,255, plus a contingency amount of $33,825, for an additional amount of $372,080, and a total amount not to exceed $3,552,115; 2) Authorize the Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Authorize the Executive Director or designee to approve the use of the contingency amount as may be required for this utility relocation agreement. 8. 2020 STATE TRANSPORTATION IMPROVEMENT PROGRAM ADOPTED FUND ESTIMATE AND PROJECT RECOMMENDATIONS Page 282 Overview This item is for the Commission to: 1) Approve programming $16,376,513 of 2020 State Transportation Improvement Program (STIP) Western Riverside County and Palo Verde Valley funding capacity and $50 million made available from the STIP AB 3090 replacement placeholder for a total of $66,376,513 to the State Route 71/State Route 91 (71/91) Direct Connector project, and forward to the California Transportation Commission (CTC); 2) Include programming $4,472,007 of 2020 STIP Coachella Valley funding capacity based on the project recommendation by the Coachella Valley Association of Governments (CVAG) and forward to the CTC; 3) Include programming Planning, Programming, and Monitoring (PPM) funds (2 percent of STIP programming capacity) in the amount of $425,480 in Fiscal Year 2022/23; 4) Submit the 2020 STIP submittal to CTC by the statutory deadline of December 15, 2019; 5) Forward the Riverside County 2020 STIP project recommendations to the Southern California Association of Governments (SCAG) to conduct regional performance measures analysis as required by the CTC STIP guidelines; 6) Approve Agreement No. 07-71-028-03, Amendment No. 3 to Agreement No. 07-71-028-00, with the city of Blythe (Blythe) to trade $89,649 of Palo Verde Valley STIP funds with Measure A Western Riverside County Highway funds to facilitate delivery of local arterial projects; 7) Authorize the Executive Director, pursuant to legal counsel review, to execute Agreement No. 07-71-028-03 on behalf of the Commission upon CTC adoption of the 2020 STIP in March 2020; and Riverside County Transportation Commission Meeting Agenda October 17, 2019 Page 5 8) Authorize the Executive Director to seek and pursue competitive funding opportunities for the 71/91 Interchange project. 9. STATE AND FEDERAL LEGISLATIVE UPDATE Page 286 Overview This item is for the Commission to receive and file an update on state and federal legislation. 10. STATE ROUTE 60 TRUCK LANES PROJECT UPDATE Overview This item is for the Commission to receive an oral report for the State Route 60 Truck Lanes Project. 11. ITEM(S) PULLED FROM CONSENT CALENDAR AGENDA 12. COMMISSIONERS / EXECUTIVE DIRECTOR REPORT Overview This item provides the opportunity for the Commissioners and the Executive Director to report on attended meetings/conferences and any other items related to Commission activities. 13. CLOSED SESSION 13A. CONFERENCE WITH REAL PROPERTY NEGOTIATORS Pursuant to Government Code Section 54956.8 Agency Negotiator: Executive Director or Designee Item APN(s) Property Owner Buyer(s) 1 102-092-030, 102-092-031, 102-101-002, 102-101-033, 102-101-035, 102-101-037 RCTC MG Hospitality 14. ADJOURNMENT The next meeting of the Commission is scheduled to be held on Wednesday, November 13, 2019, Board Room, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. AGENDA ITEM 6 MINUTES RIVERSIDE COUNTY TRANSPORTATION COMMISSION MEETING MINUTES Wednesday, September 11, 2019 1. CALL TO ORDER The Riverside County Transportation Commission was called to order by Chair Chuck Washington at 9:30 a.m. in the Board Room at the County of Riverside Administrative Center, 4080 Lemon Street, First Floor, Riverside, California, 92501. 2. ROLL CALL Commissioners/Alternates Present Commissioners Absent Victoria Baca* Lisa Middleton Waymond Fermon Rusty Bailey* Michael Naggar Andrew Kotyuk Ben J. Benoit V. Manuel Perez Ted Weill Brian Berkson Syad Raza Randall Bonner Dana Reed Joseph DeConinck Wes Speake Kathleen Fitzpatrick Karen Spiegel* Raymond Gregory Larry Smith Berwin Hanna Michael M. Vargas Jan Harnik Scott Vinton Steven Hernandez Chuck Washington Jeff Hewitt* Art Welch Kevin Jeffries Lloyd White Linda Krupa Bill Zimmerman Clint Lorimore Bob Magee Scott Matas *Arrived after the meeting was called to order 3. PLEDGE OF ALLEGIANCE Chair Washington led the Commission in a flag salute and a moment of silence in remembrance of the 9/11 attacks. At this time, Commissioners Jeff Hewitt and Karen Spiegel joined the meeting. Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 2 4. PUBLIC COMMENTS Anne Mayer, Executive Director, presented service awards to Multimodal Services Director Lorelle Moe Luna with a 5-year service award, Planning and Programming Manager Jillian Guizado with a 10-year service award, Rail Manager Sheldon Peterson with a 15-year service award, Accounting Technician Towa Demorst 20-year service award, and Deputy Director of Finance Michele Cisneros with a 20-year service award. At this time, Commissioner Rusty Bailey joined the meeting. Arnold San Miguel, Southern California Association of Governments (SCAG), announced the Regional Housing allocation process has a determination number of 1.34 million units and if that number holds next October, the communities will need to prepare their housing elements for that number, which is by October 2021. Comments are being received about the methodology for the Regional Housing assessment allocation until September 23. There will be a preview of the SCAG staff recommended Regional Housing needs allocation methodology on September 23. On October 7 SCAG staff is planning to present the methodology to the Regional Housing Arena Sub-Committee on the recommendation that will be made to the CEHD Committee. Then a special SCAG CEHD Committee meeting on October 21 and that goes to the November 7 Regional Council meeting. Dale Ploung, Corona resident, expressed strong concern in prioritizing the repairs of the failure of SR-91 due to severe traffic issues. He also expressed concern for the Commission taking excess toll revenue and redistribute it to other projects, as all the citizens need to be represented since this affects more citizens in Riverside County than any other area. Mr. Ploung suggested the Commission should review its priorities. Amie Kinney, a Temescal Valley resident, expressed strong concern regarding the Commission’s vote at its July Commission meeting to change the way the Commission will operate in regards to the excess toll revenues in the future. She expressed how dozens of constituents came to the Commission meeting including herself to request to put this on hold to provide time for questions and to get reassurances. Ms. Kinney stated one question she has yet to get an answer is about the lane drops on I-15 south between Magnolia Avenue and Cajalco Road. She expressed strong concern about the lane drops and shifting in that area, how this area was not studied as part of the I-15 Express Lanes project, and the reason cited for not studying it was there was a possible Caltrans project in that area. Ms. Kinney expressed the Commission’s vote on the 2019-2029 Western Riverside County Delivery Plan does not include looking at this area. She suggested the excess toll revenue could be justified for the I-15 Express Lanes project yet no one is discussing it. She expressed this is their quality of life and Corona did receive a huge project however it is not completely smoothed out yet. Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 3 Michele Wentworth, Corona resident, expressed strong concern that citizens on their own time have been coming to the Commission meetings to speak publically over the past year and point out the issues on SR-91, I-15, and the engineering problems. The citizens are continuing to come to the Commission and to Caltrans expressing concern for the severe traffic at Green River and stated Caltrans told them that should have been a straight fly onto the freeway and they are aware there are huge problems. Ms. Wentworth explained the citizens are here again begging for more time to consider those lane drops on I-15 and the egress and ingress on I-15 south at Ontario that creates a pinch point. She expressed the Commission borrowed against the excess toll revenue, which those revenues should be spent on the rest of the 91. She expressed the Commission cannot keep raising the toll rates because there is no capacity inside the toll and concurred the Commission has many projects and understands the pressure that is on the eastside of the county, but the majority of the residents are on the west side of the county and they are paying for this. She expressed appreciation to Commissioner Spiegel and Jeffries in their stand and suggested the Commissioners need to pause as they are divided and conquered looking for each other projects and looking at your own communities. 5. ADDITIONS / REVISIONS There were no additions or revisions to the agenda. 6. APPROVAL OF MINUTES – JULY 10, 2019 M/S/C (Benoit/Jeffries) to approve the July 10, 2019 minutes as submitted. Abstain: Bonner 7. CONSENT CALENDAR Commissioner Wes Speake requested to pull Agenda Item 7C, “Conflict of Interest Consultant Policy for Ballot Measures”, for further discussion. M/S/C (Gregory/Zimmerman) to approve the following Consent Calendar items. 7A. SINGLE SIGNATURE AUTHORITY REPORT Receive and file the Single Signature Authority report for the fourth quarter ended June 30, 2019. Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 4 7B. REVISIONS TO THE PROCUREMENT POLICY MANUAL 1) Approve the revised Riverside County Transportation Commission Procurement Policy Manual (PPM) for the procurement and contracting activities undertaken by the Commission, pursuant to legal counsel review as to conformance to state and federal law; and 2) Adopt Resolution No. 19-008, “Resolution of the Riverside County Transportation Commission Regarding the Revised Procurement Policy Manual”. 7D. QUARTERLY PUBLIC ENGAGEMENT METRICS REPORT, APRIL – JUNE 2019 Receive and file the Quarterly Public Engagement Metrics Report for April – June 2019. 7E. STATE AND FEDERAL LEGISLATIVE UPDATE Receive and file an update on state and federal legislation. 7F. FISCAL YEAR 2019/20 ANNUAL LOCAL TRANSPORTATION FUND PLANNING ALLOCATIONS TO WESTERN RIVERSIDE COUNCIL OF GOVERNMENTS AND COACHELLA VALLEY ASSOCIATION OF GOVERNMENTS Approve an allocation of Local Transportation Fund (LTF) funds for planning in the amount of $800,250 for Western Riverside Council of Governments (WRCOG) and $436,500 for the Coachella Valley Association of Governments (CVAG) for efforts identified in each agency’s Fiscal Year 2019/20 LTF Program Objectives/Work Plan (Work Plan) that supports transportation planning programs and functions consistent with regional and subregional plans, programs, and requirements. 7G. 91 EXPRESS LANES MONTHLY STATUS REPORTS Receive and file the 91 Express Lanes Monthly Reports for the quarter ended June 30, 2019. 7H. AMENDMENT TO THE 91 EXPRESS LANES OPERATOR AGREEMENT 1) Approve Agreement No. 13-31-105-04, Amendment No. 4 to the 91 Express Lanes Operator Agreement No. 13-31-105-00 (commonly referred to as the ORCOA), among the Orange County Transportation Authority (OCTA), the Commission, and Cofiroute USA, LLC (Cofiroute), to extend the agreement for an additional six months in the amount of $3,180,851 for a total amount not to exceed $36,007,044; and Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 5 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the amendment on behalf of the Commission. 7I. CHANGE ORDER TO AMEND THE INTERSTATE 15 EXPRESS LANES PROJECT DESIGN-BUILD CONTRACT WITH SKANSKA-AMES, A JOINT VENTURE, FOR THE INTERSTATE 15/STATE ROUTE 91 EXPRESS LANES CONNECTOR PROJECT 1) Approve Change Order No. 50 to Agreement No. 16-31-057-00 for the Interstate 15 Express Lanes Project (I-15 ELP) with Skanska-Ames, a Joint Venture (Skanska-Ames), to perform limited construction for the Interstate 15/State Route 91 Express Lanes Connector (15/91 ELC) associated improvements in the amount of $1.7 million, plus a contingency amount of $170,000, for a total amount not to exceed $1,870,000; 2) Authorize the Executive Director to negotiate and execute the change order amendment, pursuant to legal counsel review, for an amount not to exceed $1,870,000; and 3) Authorize the Executive Director or designee to approve contingency work up to the total amount not to exceed as required for the project. 7J. AMENDMENT TO AGREEMENT WITH NOSSAMAN LLP FOR ON-CALL STRATEGIC PARTNERSHIP ADVISOR SERVICES FOR THE INTERSTATE 15/STATE ROUTE 91 EXPRESS LANES CONNECTOR PROJECT 1) Approve Agreement No. 06-66-028-14, Amendment No. 11 to Agreement No. 06-66-028-00, with Nossaman LLP (Nossaman) for the on-call strategic partnership advisor services to support the Interstate 15/State Route 91 Express Lanes Connector (15/91 ELC), extend the contract term to December 31, 2023, and augment the agreement in the amount of $1.5 million, plus a contingency amount of $150,000, for an additional amount of $1.65 million, and a total amount not to exceed $16,002,935; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Authorize the Executive Director or designee to approve the use of the contingency amount as may be required for the project. 7K. AMENDMENT TO AGREEMENT WITH T.Y. LIN INTERNATIONAL FOR FINAL DESIGN SERVICES RELATED TO THE MID COUNTY PARKWAY INTERSTATE 215/PLACENTIA AVENUE INTERCHANGE IMPROVEMENT PROJECT 1) Approve Agreement No. 16-31-066-03, Amendment No. 3 to Agreement No. 16-31-066-00, with T.Y. Lin International (T.Y. Lin) to finish final design services and prepare the Interstate 215/Placentia Avenue interchange improvement (I-215/Placentia Avenue) project for advertising and award, Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 6 for an additional amount of $629,416, plus a contingency amount of $62,942, for an additional amount of $692,358, and a total amount not to exceed $4,761,021; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements on behalf of the Commission; and 3) Authorize the Executive Director or designee to approve the use of the contingency amount as may be required for the project. 7L. FISCAL YEAR 2019/20 STATE OF GOOD REPAIR PROGRAM ALLOCATIONS 1) Approve Resolution No. 19-009, “Resolution of the Riverside County Transportation Commission Approving the FY 2019/20 Project List for the California State of Good Repair Program”; 2) Approve an allocation of $3,910,756 related to Fiscal Year 2019/20 State of Good Repair (SGR) program funds to eligible Riverside County transit operators; 3) Authorize the Executive Director, or designee, to review, approve and submit projects to Caltrans which are consistent with SGR program guidelines and to execute and submit required documents for the SGR program, including the Authorized Agent Form; and 4) Authorize the Executive Director, or designee, to approve administrative amendments to the FY 2019/20 Short Range Transit Plans for incorporation of the SGR funds, as necessary. 8. STATE ROUTE 60 TRUCK LANES PROJECT UPDATE Bryce Johnson, Capital Project Manager, presented an update on the State Route 60 Truck Lanes Project, highlighting the following areas: • Construction began June 10, 2019, the contractor began almost immediately pioneering roads up to the top of the hills to begin excavating the dirt • Background: o Adding eastbound truck climbing lane and westbound truck descending lane o Widening shoulders to standards – 12’ outside shoulders and 11’ inside shoulders o Flattening roadway curves o Increasing median barrier height o Creating wildlife crossings • Westbound lane closure video that is used at Public Outreach events that explains the six month, at this time the video played for the Commission • Early October – 40 Hour Closure: o Beginning on a Saturday at 4:00 a.m. to Sunday, 8:00 p.m. Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 7 o Westbound full closure, eastbound single lane closure o Daytime work required for safety of passing motorists and crews as they remove large rocks • Innovations: o Balance earthwork (reducing 30,000 off-site truck trips o Pavement design (time/cost savings) o Modified drainage design (time/cost savings) • The project requires moving a lot of dirt and to visualize 2.1 million cubic yards it is about the size of a football field by the height of the Empire State Buildings • Coordination: o Emergency responders o Freeway Service Patrol o Public Outreach • Challenges: o Active bird nests o Maternity bat colonies o Continually improving safety – Vehicle speeds, 55 mph and slope stability o Traffic management o Schedule o Fire danger • Much of the work that impacts the traffic lanes must be done at night and there are a few photos that depicts the night work • Ariel drone footage of the project, at this time the video played for the Commissioners • Looking ahead upcoming stages – After the 6 month westbound closure there will be four lanes open to traffic again. This view is looking east. In stage 2B building the pavement of the north side of the road and in stage 3 move the westbound traffic to the new pavement and then build the center part of the freeway • Stay connected as a public outreach through various ways of communication In response to Commissioner Dana Reed’s clarification about the 40-hour closure and if this is a one-time event, Bryce Johnston replied it is during the month of October 2019 and staff needs to get final confirmation from Caltrans as to the date. He stated in negotiations with Caltrans’ contract when the design package was put together there are allowances to do two full time westbound closures if needed. He explained due to the steepness of the slopes and the safety issues every precaution is being taken so that when the contractors excavate the most steep slopes one of those closures will be utilized. Anne Mayer stated the 40-hour complete westbound closure will happen during one weekend in October and there are continuing conversations with the California Highway Patrol (CHP) as there are significant concerns about public safety in the construction zone. Staff will continue to keep the Commission apprised of the actions that may occur. Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 8 Bryce Johnston discussed how the westbound full closure will work and how staff is trying to keep the eastbound lane open. In response to Commissioner Brian Berkson’s request for the major traffic delay that occurred in that section of SR-60, how it was handled, and how long the delay was, Mr. Johnston replied the emergency response plans have been used. The communication was very good with CHP and Cal Fire and he noted there was a four-acre fire that was put out within 30 minutes; it did cause a backup and a closure for about 30 minutes. He stated the second incident was a very significant accident that occurred on September 5 and CHP closed the entire freeway in both directions, which was a three-hour event. In response to Commissioner Berkson’s inquiry if there are message signs that would be located on I-10 just prior to the on ramp for SR-60 going east through the San Gorgonio Pass, Mr. Johnston replied yes. He explained staff works with the Caltrans Traffic Management Center (TMC) and there are three or four major overhead signboards going all the way to Indio and to the Banning/Beaumont area. He stated as soon as an incident occurs the TMC puts the messages up that SR-60 is closed. Commissioner Berkson referred to the video that explains the westbound full closure and requested the Commission provide it to all the Commissioners to present at their city council meetings. In response to Commissioner Karen Spiegel’s question regarding updates to the public, Bryce Johnson stated there are different ways the Commission is reaching out to the community for updates, the Commission has an email list, and anyone interested can be added to that list. Anne Mayer requested to display the Stay Connected slide, which has all the contact information so anyone that is interested in signing up for the mailing list can do so. Commissioner Jeff Hewitt stated this is a big project and there has already been a fire and a double fatality. He expressed appreciation for the handling of the project with the shut downs, the single lane, and thousands of vehicles still going through SR-60 with millions of cubic yards of dirt being moved. He drives through there as much as possible and expressed gratitude at how well it is running even when issues arise and to keep up the good work. At this time, Commissioner Victoria Baca joined the meeting. Chair Washington referred to the partnership as it relates to Caltrans and CHP and stated that SR-74 was damaged to a point of complete shutdown because of heavy rains on February 14 as well as SR-243. He stated the project was to rebuild SR-74 and SR-243, which is a challenge and expressed how the partnership with Caltrans, Riverside County Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 9 Transportation Department, and the San Gorgonio Pass CHP station was amazing. He then discussed the joint public outreach that was used for the public about how to get up to the mountain communities. 9. COOPERATIVE AGREEMENT WITH THE CALIFORNIA DEPARTMENT OF TRANSPORTATION, DISTRICT 8 FOR PROJECT INITIATION DOCUMENT PHASE FOR THE RIVERSIDE COUNTY NEXT GENERATION EXPRESS LANES PROJECT Michael Blomquist, Toll Program Director, presented the agreement with Caltrans for the project initiation document phase for the Riverside County Next Generation Express Lanes Project, highlighting the following: • Project background: o January 2018: Commission approves the contract to conduct the Next Generation Toll Feasibility Study o January 2019: Commission authorizes staff to proceed with a Project Initiation Document for the three recommended Next Generation Express Lanes o July 2019: Commission approves the contract award for the Project Initiation Document work for the Next Generation Express Lanes o September 11, 2019: Consider approval of Caltrans Cooperative Agreement for the Project Initiation Document work for the Next Generation Express Lanes • A project map of the future express lane corridors that were approved for planning by the Commission In response to Commissioner Spiegel’s clarification that none of this will add capacity this is strictly converting carpool lanes to toll lanes, Michael Blomquist referred to the project map slide. He replied there are three projects, and discussed the various alternatives for the SR-91 downtown express lanes, the SR-60 corridor, and the portion between the SR-60/SR-91/I-215 interchange going east to the eastern split of SR-60/I-215. In response to Commissioner Spiegel’s inquiry the Commission could be studying turning express lanes with no capacity, Michael Blomquist replied yes. In response to Commissioner Wes Speake’s inquiry about the differences that were described and what are the areas of potential effect that Caltrans will be studying for the environmental, Michael Blomquist replied the purpose of the project study report (PSR), which is this first stage of project development is to identify a range of feasible alternatives. He explained this is not to actually evaluate the environmental impacts that would occur at the next phase of work. The environmental approval in this case the Commission is the lead of the study so it would be the Commission’s work along with Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 10 Caltrans oversight. He stated that area of potential effect determination would not occur until the next stage of project development once it got through this first stage. In response to Commissioner Speake’s clarification in the area of potential effect at this point the Commission is looking at that very narrow focused area, Michael Blomquist replied the projects he just described would involve additional widening to the outside. They would be looking at that widening as what would that impact be to right of way and to environmental resources. He explained each of those projects he described, which has capacity widening aspects would have an accompanying area potential effect, which will formally be established at the next phase of work. Commissioner Speake stated he understands and wanted to ensure he gets that concept but also wanted to point out that the Commission has a very narrow view of what is going to be studied at the next level. Michael Blomquist replied the Commission could direct staff to study anything the Commission wants to. Anne Mayer clarified for both SR-60 and SR-91 one of the alternatives being considered reflects conversion of a carpool lane and adding another lane of traffic. Commissioner Speake replied he understands what is being discussed about adding capacity. He expressed making it clear the places that are being discussed a strict conversion the Commission is not studying anything outside of the area just in the middle of the freeway. Commissioner Rusty Bailey referred to the project map slide and stated it is his understanding that San Bernardino County Transportation Authority (SBCTA) is also working on toll lanes and where are they located. Michael Blomquist replied correct and stated SBCTA has an express lane program and their first express lane is on I-10 and it is currently in the final design and construction phase. SBCTA’s second project that they are anticipating going forward with is the I-15 Express Lanes project, which would extend towards the County Line. In response to Commissioner Bailey’s clarification this would be matching up at least on I-15 with what SBCTA is doing, Michael Blomquist replied the Commission’s current I-15 Express Lanes project under construction goes roughly to SR-60 so those would be expected to match in some way in the future. Anne Mayer explained SBCTA’s third project after the I-15 Express Lanes project will be an extension on I-10 to Ford Street in Redlands. Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 11 In response to Commissioner Lisa Middleton’s inquiry if the Commission has past precedence where the Commission converted lanes to express lanes without adding any additional capacity, Michael Blomquist replied the Commission does not here in the County. The 91 Project that opened two years ago was a single lane conversion plus the addition of capacity. He stated the current I-15 Express Lanes project under construction is brand new capacity in the median. Commissioner Brian Berkson asked if the Commission is aware of what the maximum additional capacity along the SR-91 segment could be; Michael Blomquist referenced the blue project on the project map slide for the Downtown Riverside area. He replied many drive that and it is a fully built out section of SR-91 currently adding an additional widening to the outside would have definite added impacts to property and right of way. He stated it is a significantly more impactful project and more costly project but that is one of the two alternatives that would be evaluated. Commissioner Berkson stated he understood there was an issue on the width and noted there is a building that sits almost right on the freeway across from the County building. Michael Blomquist replied in a rough comparison to the recent 91 Project through Corona in terms of that was a similar type of situation with extensive build out adjacent to the freeway it would be pretty impactful. Commissioner Bailey stated representing the city with the largest effects and potential improvements and SBCTA has a similar project that is moving forward. He expressed as a region it is vital the Commission makes transportation policy decisions based on what is best for economic development, mobility, and quality and believes that is the intent behind the Commission. Commissioner Bailey suggested the study, which explores multiple options is a conversation that must be done, but without the study the Commission does not have the information to make an informed decision. He expressed the reality is that this item has become politicized as the Board of Supervisors and the city of Riverside City Council have voted on this. Given the concerns raised by the Board of Supervisors and the city council, and given that Caltrans has plans to do similar mobility analysis suggested this is not the best use of the Commission’s limited resources at this time. He then moved to take formal action to place this agenda item on hold until Caltrans has concluded its analysis or until Commission staff determines it is essential for this item to come back to the Commission for discussion again. Commissioner Spiegel concurred with Commissioner Bailey’s comments and she seconded Commissioner Bailey’s motion. Steve DeBaun, Legal Counsel, stated under Roberts Rules of Order a motion on the table is not debatable and the Commission has not adopted Roberts Rules of Order but it has Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 12 been used as a guide in the past. Therefore, it is up to the Chair as the Chair has the authority to preside over the meeting. Chair Washington stated his preference would be to hear more comments and he would request the Commissioners be respectful of that motion that is on the table waiting for the Commissioners to vote on. Commissioner Kevin Jeffries expressed gratitude to staff for the presentation, as it was the most enlightened detailed presentation of the complications of the SR-91 expansion that the Commission has heard to date. He expressed concern being told the estimate to widen SR-91 to add capacity is over $1 billion and would potentially take part of California Baptist University and their facilities. Commissioner Jeffries stated this is politically unpalatable and it is unprecedented to have the largest city in the County and the Board of Supervisors oppose this and he concurred with Commissioner Baily’s motion. Commissioner Berkson explained addressing this at the August Western Riverside County Programs and Projects Committee meeting since that time there has been a tremendous amount of outreach from his local constituents about this issue. He expressed he was in support of it at that time however he is not in support of eliminating an HOV lane without adding capacity. He supports Commissioner Bailey’s motion to put this on hold and regroup when there is additional information. Commissioner Michael Naggar stated the Commission is dealing with a crisis countywide and every city represented here is doing their part and putting something off indefinitely certainly does not lead the Commission to solving a problem. He discussed how the city of Temecula is spending their General Fund to handle regional transportation issues. Commissioner Naggar understands what Commissioners Bailey and Jeffries are eluding to and expressed to put this off indefinitely would not serve the entire County. He stated the public speakers indicated that, as they want the Commission to look at everything countywide as well. He stated he could support Commissioner Bailey’s motion if that motion was amended to work on it over the next six weeks and bring it back to the Commission in two months. Commissioner Bob Magee concurred with Commissioner Bailey’s motion, stated with regard to Commissioner Naggar the next item on the agenda deals with setting up of a new committee to develop a plan and schedule, and suggested that this task would be appropriate for that new committee. It does not provide the timing Commissioner Naggar is looking for but this new committee can take on that task and bring it back to the Commission for discussion. Commissioner Jeffries expressed asking for an extension time to study something is exactly what was asked for over a month ago and this Commission ignored the Commissioners and the citizens who spoke. Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 13 Commissioner Bailey stated the intent again is to allow Caltrans to do their study to better inform the Commission’s process so until Caltrans is done with their study and analysis, and passes it on to the Commission to get a better understanding of the regional impacts he suggested the Commission does not move forward. Chair Washington suggested Commissioner Bailey choose a future date. Anne Mayer stated if the intent is to wait until Caltrans completes their Manage Lane Study it will take two years and staff can come back to the Commission when Caltrans is done in two years. Commissioner Bailey concurred to come back to the Commission with the study in two years unless staff has other information that leads the Commissioners to believe they could make an informed decision beyond Caltrans study and the analysis of managing lanes such as the ones the Commission would be imposing. Anne Mayer replied if Caltrans completes their study sooner then staff will bring that forward to the Commission. In response to Commissioner Naggar’s inquiry if someone other than Caltrans could do the study, as two years is a long time and regarding Commissioners Bailey and Jeffries’ comments, he suggested the Commission is trying to show deference in listening to the Commissioners. Anne Mayer replied Caltrans is the owner and operator of the system and it is their responsibility to analyze the carpool lanes and the entire system in Riverside and San Bernardino Counties. In response to Commissioner Naggar’s suggestion to request Caltrans to hire a subcontractor to move it forward, Anne Mayer replied Caltrans has a consultant working on it. She stated it is an extensive study and if it is done sooner than staff can bring it back to the Commission for discussion. In response to Commissioner Scott Vinton’s inquiry, Anne Mayer explained the Commission was going to prepare a PSR, which is a preliminary engineering report that would specifically look at these corridors and she discussed the various tasks needed for this report. Caltrans is doing a district wide, which includes Riverside and San Bernardino Counties, planning study that will look at the recommendations for what a carpool system would be and for the expansion of express lanes. Commissioner Wes Speake expressed support for Commissioner Bailey’s motion and stated the Commission should be looking holistically as there are problems where projects are not finished or have starts and stops. The Commission should look at the Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 14 entire system to ensure it works right and wait for Caltrans to complete the study. He expressed the 91 Project is an example of how there were great intentions and it has transported several commuters but it also has many problems as it was not coordinated well. He concurred with Commissioner Jeffries’ comments to hold off and allow Caltrans to do their work, bring it back, and as Commissioner Magee suggested make it part of the newly formed committee for discussion. Chair Washington opened up the voting and stated Commissioner Bailey’s motion is to table this agenda item also with the knowledge that the Caltrans study could take as long as two years to complete with Commissioner Spiegel seconding the motion. M/S/C (Bailey/Berkson) to table this agenda item also with the knowledge that the Caltrans study could take as long as two years to complete. No: Baca, Gregory, Hernandez, Naggar, and Washington 10. TRANSPORTATION IMPROVEMENT PLAN DEVELOPMENT SCHEDULE AND PROCESS Commissioner Jan Harnik provided an overview of the Future Funding Initiatives Ad Hoc Committee’s final actions, about the comments made at the last Commission meeting, the focus of how to go forward, and about the goals to set a transparent path to welcome public input in order to develop the best countywide transportation improvement plan. At this time, Commissioner Harnik called on Aaron Hake, External Affairs Manager to present the action being recommended. Aaron Hake, Legislative Director, presented the ad hoc committee recommendations and the proposed schedule, highlighting the following areas: • Disband Future Funding Initiatives Ad Hoc Committee • Officers appoint new committee to oversee development of Transportation Improvement Plan o Diversity of membership, viewpoints o Public meetings, transparency • Set schedule • Proposed schedule – Development of Transportation Improvement Plan and Ordinance Aaron Hake explained should the Commission adopt the ad hoc committee recommendations and create a new policy committee that Commissioners express their interest in serving on this committee as soon as possible to Chair Washington or to Lisa Mobley, Clerk of the Board so the Committee can be appointed and start its work. Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 15 Commissioner Harnik expressed the importance of this new committee and encouraged those Commissioners interested in working together as a County to create the best Transportation Improvement Plan to contact Chair Washington. Commissioner Naggar expressed he was a member of the Future Funding Initiatives Ad Hoc Committee, it was a good and hard working committee and he made the motion to adopt staff recommendations. M/S/C (Baca/Benoit) to: 1) Approve disbanding the Future Funding Initiatives Ad Hoc Committee (Ad Hoc Committee) and the formation of a new standing committee singularly focused on developing a Countywide Transportation Improvement & Traffic Relief Plan (Plan) and implementation ordinance (Ordinance); 2) Approve the schedule and development process for the Plan and Ordinance; 3) Direct staff to develop the Plan and Ordinance in publicly-noticed Brown Act compliant meetings; and 4) Authorize the Chair to appoint the members of the new committee in consultation with the First Vice Chair and Second Vice Chair. No: Hewitt and Jeffries At this time, Commissioner Naggar left the meeting. 11. ITEM(S) PULLED FROM CONSENT CALENDAR FOR DISCUSSION 7C. CONFLICT OF INTEREST CONSULTANT POLICY FOR BALLOT MEASURES Commissioner Speake referred to the bullet under the Purpose and Goals of Policy: Prohibit improper collaboration between the Commission and a Campaign Committee established to support or oppose passage of a transportation Ballot Measure and asked if this limits any of the Commissioners from participating. Steve DeBaun replied no it does not as this applies to consultants. Chair Washington clarified if someone is being paid to do this work even if it is a Commissioner then that person would be potentially conflicted out. Steve DeBaun stated yes if it is a Commissioner who is also a consultant. At this time, Commissioner Speake made the motion. Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 16 M/S/C (Baca/Reed) to approve the Conflict of Interest (COI) Consultant Policy for Ballot Measures. 12. COMMISSIONERS/EXECUTIVE DIRECTOR’S REPORT 12A. Commissioner Speake expressed gratitude to the public speaking residents from Corona and Temescal Valley that came to the Commission meeting. He used the SR-60 Truck Lanes project with the 40-hour closure coming up and dealing with detours as an example for the Corona residents that sit in severe traffic every single day and this project is not going to end in 40 hours it is every single day. He explained that is why the Corona residents come to these Commission meetings, as they have a valid concern. He suggested that this should be considered as part of the new policy committee and expressed gratitude to staff for suggesting making that policy committee open to the public. He then referred to the comments from Ms. Kinney about I-15 south, expressed about asking staff numerous times about any Caltrans projects, and used some Commission projects as an example. Commissioner Speake wanted to know which project was being mentioned in the ELP as being the potential project in that area as those lane drops are devastating for the commuters that travels that corridor. He then discussed the heavy traffic on I-15, the lane drop issues at El Cerrito, the inputs from the 91 Project, the toll lane that ends just at Ontario that creates blockage, and expressed strong concern this is not included in the 2019-2029 Delivery Plan. 12B. Commissioner Harnik announced September is Pedestrian Safety Month and October is Walktober, and explained that up until 2012 the rate of fatalities has been diminishing. After 2012, it increased both for vehicles and pedestrians, but the pedestrian and bicyclist fatalities are much higher than the percentage of trips taken every day. SCAG is offering safety kits to the cities and communities and suggested to get in touch with SCAG to help with directing traffic and keeping people’s attention in order to be cognizant of safety on the roads. 12C. Commissioner Spiegel expressed appreciation to Commissioner Bailey for being late for the Commission meeting as he was attending a ceremony memorializing 9/11. It was 18 years ago today that changed the history of this Country and the world and expressed concern that this is slowly becoming a distant memory. She read an excerpt about missing the America of 9/12. She suggested raising a flag in honor of 9/11 through 9/12 to bring back the care of patriotism and those that had served this country in order to have the discussions the Commission has. 12D. Commissioner Berwin Hanna announced on August 30 he met with Caltrans and Commission staff, and traveled to the Santa Ana River Bridge on the I-15 to watch them bring in a 177-foot girder that came in from Perris and put it in place. He expressed gratitude to staff for showing how this is done, as it helps since he Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 17 receives several questions weekly about the construction on I-15 and he shows the video at the city council meetings so people can see what is going on. 12E. Commissioner Berkson announced the city of Jurupa Valley’s State of the City Address will be held on September 24 at Patriot High School. He stated agencies will be highlighted including the Commission as he worked closely with the Commission crews on the I-15 at night and there will be a video coming soon. 12F. Commissioner Vinton announced the city of Murrieta is holding a 9/11 Tribute Ceremony at the Town Square Park tonight at 7:00 p.m. 12G. Anne Mayer announced: • Regarding the I-15 Corridor operations, Caltrans has done studies along I- 15 from Cajalco south to the County Line looking at the ability to construct auxiliary lanes. Caltrans identified several potential projects and now SB 1 puts money into their operations program. In the 2020 State Highway Operations and Protection Program Caltrans District 8 has nominated an auxiliary in Temecula for $53 million as a direct result from the coordination between the I-15 Task Force and Caltrans. Additional auxiliary lanes on I-15 will be submitted in the next round for the 2022 SHOPP. • The 2019-2029 Delivery Plan the Commission adopted at its July Commission meeting there is the I-15 Corridor Operations project, which is a southbound project at Cajalco Road heading south to alleviate the congestion. This is an interim project until the Commission is able to move forward with the ultimate widening project. She clarified in that delivery plan the fully funded projects at the top of the list are the 71/91 Connector project, the 91 Corridor Operations project, and the 15/91 Express Lane Connector project that are currently scheduled to receive surplus toll revenue. She explained once those projects are complete and if there is additional surplus revenue the Commission approved to authorize using surplus revenue on I-15 from Cajalco to SR-74, and on SR-91 through the city of Riverside. She explained how the Commission could decide how to use the surplus revenue on the I-15 Corridor Operation project and/or the deferred segment of the ultimate 91 Project from I-15 to Pierce Street. Anne Mayer clarified this action was only at the appropriate time if there is surplus revenue to spend it on projects directly adjacent to the existing 91 Corridor. Riverside County Transportation Commission Meeting Minutes September 11, 2019 Page 18 13. CLOSED SESSION 13A. CONFERENCE WITH LEGAL COUNSEL – EXISTING LITIGATION Pursuant to Government Code Section 54956.8 Agency Negotiator: Executive Director or Designee Item APN(s) Property Owner Buyer(s) 1 117-041-016 RCTC Sabih Syed 2 117-041-012 RCTC Sabih Syed 3 117-042-023 RCTC Sabih Syed 13B. CONFERENCE WITH REAL PROPERTY NEGOTIATORS Pursuant to Government Code Section 54956.8 Agency Negotiator: Executive Director or Designee Item APN(s) Property Owner Buyer(s) 1 101-140-029 Green River Development RCTC 2 115-353-015 Tram N. Vo RCTC There were no announcements from the Closed Session Items. 14. ADJOURNMENT There being no further business for consideration by the Riverside County Transportation Commission, Chair Washington adjourned the meeting at 11:05 a.m. The next Commission meeting is scheduled to be held at 9:30 a.m., Thursday, October 17, 2019, Board Chambers, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. Respectfully submitted, Lisa Mobley Clerk of the Board AGENDA ITEM 7A Agenda Item 7A RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 17, 2019 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Michele Cisneros, Deputy Director of Finance THROUGH: Anne Mayer, Executive Director SUBJECT: Quarterly Sales Tax Analysis BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to receive and file the sales tax analysis for Quarter 1, 2019. BACKGROUND INFORMATION: At its December 2007 meeting, the Commission awarded an agreement with MuniServices, LLC (MuniServices), an Avenu Company, for quarterly sales tax reporting services plus additional fees contingent on additional sales tax revenues generated from the transactions and use tax (sales tax) audit services. As part of the recurring contracts process in June 2018, the Commission approved a five-year extension through June 30, 2023. The services performed under this agreement pertain to only the Measure A sales tax revenues. Since the commencement of these services, MuniServices submitted audits, which reported findings and submitted to the California Department of Tax and Fee Administration (CDTFA), for review and determination of errors in sales tax reporting related to 1,015 businesses. Through 1Q 2019, the CDTFA approved 600 of these accounts for a cumulative sales tax recovery of $9,991,363. If CDTFA concurs with the errors(s) for the remaining claims, the Commission will receive additional revenues; however, the magnitude of the value of the remaining findings was not available. It is important to note that while the recoveries of additional revenues will be tangible, it will not be sufficient to alter the overall trend of sales tax revenues. MuniServices provided the Commission with the Quarterly Sales Tax Digest Summary report for 1Q 2019. Most of the 1Q 2019 Measure A sales tax revenues were received in the second quarter of calendar year 2019, during April 2019 June 2019, due to a lag in the sales tax calendar. The summary section of the 1Q 2019 report is attached and includes an overview of California’s economic outlook, local results, historical cash collections analysis by quarter, top 25 sales/use tax contributors, historical sales tax amounts, annual sales tax by business category, and five-year economic trend for significant business category (general retail). Taxable transactions for the top 25 contributors in Riverside County 24.7 percent of taxable sales for the benchmark year ended 1Q 2019, slightly higher than the 23.1 percent for the 1 Agenda Item 7A benchmark year ended 1Q 2018. The top 100 tax contributors generated 39.3 percent, slightly higher than the 37.8 percent for the benchmark year ended 1Q 2018. In the Economic Category Analysis below, all six categories experienced new highs in the 1Q 2019 benchmark year compared to the prior eight benchmark years. The Miscellaneous category is significantly higher than previous benchmark year quarters and is due to the Department of Motor Vehicles (DMV) change to sales taxes being reported using a unique transaction code rather than historically as a sales tax permit. The DMV sales tax reporting change is reflected correctly in 1Q 2019. % of Total / % Change RCTC State Wide Orange County San Bernardino County S.F. Bay Area Sacramento Valley Central Valley South Coast North Coast Central Coast General Retail 28.3 / 6.8 27.8 / 3.4 28.2 / 2.5 27.3 / 7.8 25.1 / 1.7 27.8 / 6.7 31.5 / 4.7 28.3 / 2.7 31.9 / 12.9 28.6 / -2.4 Food Products 17.9 / 4.5 20.5 / 0.5 19.5 / 0.2 15.3 / 2.7 21.5 / 0.8 17 / -0.8 16.1 / 1.5 22.0 / 0.2 21.1 / -2.5 31.6 / 1.2 Transportation 24.4 / 4.3 23.3 / 3.1 22.6 / 4.5 25.9 / 0.4 22.1 / 7.7 27.8 / 0.9 24.6 / 1.1 22.4 / 2.7 25.9 / -3.7 21.8 / -6.0 Construction 10.8 / 6.7 9.6 / -2.7 8.5 / -6.6 8.8 / -1.8 9.9 / -0.1 12.7 / -1.6 12.0 / -0.2 8.4 / -5.1 16.8 / -5.1 8.9 / 2.3 Business to Business 16.1 / 0.7 16.5 / 4.0 19.3 / 22.1 19.3 / 1.8 18.8 / 0.7 12.7 / -1 13.5 / 8.3 16.7 / 6.8 2.7 / -4.3 6.4 / 7.7 Miscellaneous 2.5 / 10.3 2.3 / 73.3 1.9 / 90.4 3.4 / 48.8 2.6 / 85.8 2.0 / 72.4 2.3 / 50.4 2.2 / 76.0 1.5 / 79.9 2.7 / 133.0 Total 100.0 / 4.8 100.0 / 3.2 100.0 /5.8 100.0 / 3.9 100.0 / 3.6 100.0 / 2.4 100.0 / 3.8 100.0 / 3.0 100.0 / 1.8 100.0 / 8.4 General Retail: Apparel Stores, Department Stores, Furniture/Appliances, Drug Stores, Recreation Products, Florist/Nursery, and Misc. Retail Food Products: Restaurants, Food Markets, Liquor Stores, and Food Processing Equipment Construction: Building Materials Retail and Building Materials Wholesale Transportation: Auto Parts/Repair, Auto Sales - New, Auto Sales - Used, Service Stations, and Misc. Vehicle Sales Business to Business: Office Equip., Electronic Equip., Business Services, Energy Sales, Chemical Products, Heavy Industry, Light Industry, Leasing, Biotechnology, I.T. Infrastructure, and Green Energy Miscellaneous: Health & Government, Miscellaneous Other, and Closed Account Adjustments ECONOMIC CATEGORY ANALYSIS An analysis of sales tax performance through 1Q 2019 is attached and illustrates fairly consistent cycles for sales tax performance for most of the economic categories since 1Q 2014. For 9 of the top 10 segments (restaurants, auto sales-new, department stores, miscellaneous retail, building materials-wholesale, food markets, apparel stores, building materials-retail, and heavy industry) during the last eight benchmark year quarters, sales tax receipts reached a new high point. The segments represent 65.7 percent of the total sales tax receipts. Service stations representing 7.6 percent was higher than the last four benchmark year quarters since 1Q 2014. The top 10 segments represents 73.3 percent of the total sales tax receipts. For the other 21 segments representing 26.7 percent of the total sales tax receipts, 12 segments representing 16.9 percent of the total sales tax receipts reached new high points in the benchmark year 1Q 2019. In the Economic Segments Analysis below, auto sales-new and departments stores have been in the top three economic segments. Restaurants replaced service stations in the top three economic segments beginning in 1Q 2014. The service stations segments high occurred in 1Q 2012 and declined through 1Q 2017 due to lower fuel prices; the 1Q 2019 benchmark year quarter for service stations reflects an increase over the last four benchmark year quarters since 1Q 2014 due to higher fuel prices. 2 Agenda Item 7A RCTC State Wide Orange County San Bernardino County S.F. Bay Area Sacramento Valley Central Valley South Coast North Coast Central Coast Largest Segment Restaurants Restaurants Restaurants Department Stores Restaurants Auto Sales - New Department Stores Restaurants Department Stores Restaurants % of Total / % Change 11.3 / 4.4 14.6 / 0.5 14.3 / 0.5 10.3 / 3.7 15.6 / 0.8 11.7 / -2.4 12.8 / 1.4 16.1 / 0.5 14.7 / 39.6 22.2 / 1.5 2nd Largest Segment Auto Sales - New Auto Sales - New Auto Sales - New Restaurants Auto Sales - New Restaurants Restaurants Auto Sales - New Service Stations Auto Sales - New % of Total / % Change 11.0 / 0.7 11 / 2.7 11.7 / 7.2 10 / 0.4 11.9 / 9.2 11.3 / 0.1 10.6 / 0.8 10.9 / 2.5 12.5 / -6.1 10.5 / -8.5 3rd Largest Segment Department Stores Department Stores Misc Retail Service Stations Department Stores Department Stores Auto Sales - New Department Stores Restaurants Misc Retail % of Total / % Change 9.7 / 4.6 9 / 1.5 8.7 / 10.2 9.3 / 4.7 7.2 / 0.0 11.2 / 8.6 10.1 / -2.1 8.7 / 0.3 12.1 / -4.4 10.2 / 2.2 ECONOMIC SEGMENT ANALYSIS As reported in the 3Q 2018 Sales Tax Analysis Report, staff notified the Commission of a reporting error by one of the top 25 sales/use tax contributors related to a misallocation of the district tax to the Commission during 2Q 2018 through 4Q 2018, resulting in an overpayment to the Commission estimated in the amount of $2.5 million. Staff is not certain in which period the misallocation correction will be completed; however, the Fiscal Year 2020 sales tax revenues after the correction are expected to continue to reflect an increase over the FY 2019 revenues. Information regarding sales tax comparison by city and change in economic segments (two highest gains and two highest losses) from 1Q 2018 to 1Q 2019 is attached. Staff continues to monitor sales tax receipts and other available economic data to determine the need for any adjustments to the revenue projections. Staff will utilize the forecast scenarios with the complete report and receipt trends in assessing such projections. Attachments: 1) Sales Tax Digest Summary 1Q 2019 2) Sales Tax Performance Analysis by Quarter 1Q 2019 3) Quarterly Sales Tax Comparison by City for 1Q 2018 to 1Q 2019 3 Riverside County Transportation Commission Sales Tax Digest Summary Collections through March 2019 Sales through December 2018 (2019Q1) www.avenuinsights.com (800) 800-8181 Page 1 CALIFORNIA’S ECONOMIC OUTLOOK California sales tax receipts increased by 14.7% over the same quarter from the previous year, with Northern California reporting a 14.2% increase compared to 15.0% for Southern California. Receipts for the RCTC increased by 14.6% over the same periods. Unprecedented increases were due to the California Department of Tax and Fee Administration implementation of a new reporting system and delay in the processing of many sales tax returns filed for the same quarter from the previous year. GDP: California remained the 5th largest economy in the world in 2018, behind Germany and ahead of the United Kingdom. California’s GDP growth was 3.5% in 2018 compared to 2.9% for the nation. California GDP grew 2.7% from the previous quarter (BEA & CADoF). California Tourism: In 2018 the California travel industry grew for the eighth consecutive year since 2010. Travel-generated state and local tax revenue was $11.8 billion in 2018, an increase of 7.3% over the preceding year (https://industry.visitcalifornia.com). LOCAL RESULTS Net Cash Receipts Analysis Local Collections 47,975,004 Share of County Pool 0.0% 0 Share of State Pool 0.0% 0 SBE Net Collections 47,975,004 Less: Amount Due County 0.0% .00 Less: Cost of Administration (515,630) Net 1Q2019 Receipts 47,459,374 Net 4Q2017 Receipts 41,411,577 Actual Percentage Change 14.6% Business Activity Performance Analysis Local Collections – Economic Basis 1Q2019 $46,608,802 Local Collections – Economic Basis 1Q2018 $46,079,665 Quarter over Quarter Change 529,136 Quarter over Quarter Percentage Change 1.1% Avenu Insights & Analytics’ On-Going Audit Results Total Recovered Year to Date $10,791,025 ATTACHMENT 1 4 RCTC www.avenuinsights.com (800) 800-8181 Page 2 HISTORICAL CASH COLLECTIONS ANALYSIS BY QUARTER $- $100 $200 $300 $400 $500 $600 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 (in thousands of $) Net Receipts CDTFA Admin Fees Due TOP 25 SALES/USE TAX CONTRIBUTORS The following list identifies RCTC’s Top 25 Sales/Use Tax contributors. The list is in alphabetical order and represents sales from April 2018 to March 2019. The Top 25 Sales/Use Tax contributors generate 24.7% of RCTC’s total sales and use tax revenue. 7-ELEVEN FOOD STORES LOWE’S HOME CENTERS AMAZON.COM MACY’S DEPARTMENT STORE ARCO AM/PM MINI MARTS MCDONALD'S RESTAURANTS BEST BUY STORES RALPH'S GROCERY COMPANY CARMAX THE AUTO SUPERSTORE ROSS STORES CHEVRON SERVICE STATIONS SAM'S CLUB CIRCLE K FOOD STORES SHELL SERVICE STATIONS COSTCO WHOLESALE STATER BROS MARKETS DEPARTMENT OF MOTOR VEHICLES TARGET STORES FERGUSON ENTERPRISES TESLA FOOD 4 LESS VERIZON WIRELESS HOME DEPOT WAL MART STORES KOHL'S DEPARTMENT STORES HISTORICAL SALES TAX AMOUNTS The following chart shows the sales tax level from annual sales through March 2019, the highs, and the lows for each segment over the last two years in thousands of $. 5 RCTC www.avenuinsights.com (800) 800-8181 Page 3 ANNUAL SALES TAX BY BUSINESS CATEGORY FIVE-YEAR ECONOMIC TREND: General Retail 6 RCTC www.avenuinsights.com (800) 800-8181 Page 4 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 2Q20143Q20144Q20141Q20152Q20153Q20154Q20151Q20162Q20163Q20164Q20161Q20172Q20173Q20174Q20171Q20182Q20183Q20184Q20181Q2019(in thousands of $) 7 RCTC:  Sales Tax Performance Analysis by QuarterTOTALEconomicTOTAL2019Q1 QoQ %∆QoQ $∆YoY %∆YoY $∆$46,608,802 1.1% $529,136 5.0% $9,214,545GENERAL RETAIL2019Q1 QoQ %∆QoQ $∆YoY %∆YoY $∆$12,480,744 0.8% $101,421 6.8% $3,459,61526.8%FOOD PRODUCTS2019Q1 QoQ %∆QoQ $∆YoY %∆YoY $∆$9,041,776 3.2% $279,196 4.5% $1,468,646% of Total: 19.4%TRANSPORTATION2019Q1 QoQ %∆QoQ $∆YoY %∆YoY $∆$11,106,435‐0.7%‐$72,8434.3% $1,924,230% of Total: 23.8%CONSTRUCTION2019Q1 QoQ %∆QoQ $∆YoY %∆YoY $∆$4,806,693 2.8% $132,600 6.7% $1,289,580% of Total: 10.3%BUSINESS TO BUSINESS2019Q1 QoQ %∆QoQ $∆YoY %∆YoY $∆$7,555,989‐1.1%‐$80,3370.7% $211,414% of Total: 16.2%Q2 Q3 Q4 Q1TOTALCATEGORY% of 2019Q1 Total:QoQ = 19Q1 / 18Q1 YoY = YE 19Q1 / YE 18Q1$0$2,000,000$4,000,000$6,000,000$8,000,000$10,000,000$12,000,000$14,000,000$16,000,000$18,000,000$0$10,000,000$20,000,000$30,000,000$40,000,000$50,000,000$60,000,000MuniServices / Avenu Insights & AnalyticsATTACHMENT 28 Quarterly Comparison of 2018Q1 and 2019Q1 (January through March Sales)General RetailFood ProductsTransportationConstructionBusiness To BusinessMiscellaneousJan ‐ Mar 2019 (2019Q1)Jan ‐ Mar 2018 (2018Q1)% Chg GainGainDeclineDeclineBANNING10.9%‐8.0%‐7.5%‐35.8%‐16.6% 2305.5%542,559573,180‐5.3%Closed Acct‐Adjustmt Miscellaneous Retail Auto Sales ‐ New Bldg.Matls‐WhsleBEAUMONT16.3%‐8.5%‐2.1%‐40.5%‐29.3% 2161.7%1,064,8321,177,875‐9.6%Closed Acct‐Adjustmt Apparel Stores Bldg.Matls‐Retail Light IndustryBLYTHE 1.1% 3.5%‐8.0% 0.9% 11771.9%1265.1%341,089309,26510.3%Light Industry Restaurants Auto Sales ‐ New Energy SalesCALIMESA 8.1% 6.4%‐4.1%‐12.8%‐27.9% 28.0%190,954189,2260.9%Restaurants Miscellaneous Retail Service Stations Light IndustryCANYON LAKE‐19.3%‐22.1% 450.4% 6.0% 37.1%‐3515.2%115,26256,301104.7%Auto Parts/Repair Closed Acct‐Adjustmt Restaurants Miscellaneous RetailCATHEDRAL CITY‐4.2%‐9.3% 4.8% 2.8% 2.5% 227.9%2,161,2112,118,8782.0%Auto Sales ‐ New Miscellaneous Retail Food Markets Furniture/ApplianceCOACHELLA4.0%‐18.1%‐3.5% 2.6%‐61.1% 296.7%805,287918,571‐12.3%Closed Acct‐Adjustmt Florist/Nursery Food Markets Energy SalesCORONA‐2.1%‐1.6%‐11.7%‐10.5%‐8.4% 211.8%8,704,7979,357,627‐7.0%Closed Acct‐Adjustmt Light Industry Bldg.Matls‐Retail Heavy IndustryCOUNTY OF RIVERSIDE‐0.1%‐10.0%‐13.9%‐17.4% 14.5% 19.0%6,332,3266,723,934‐5.8%Miscellaneous Retail Energy Sales Bldg.Matls‐Whsle Apparel StoresDESERT HOT SPRINGS10.2%‐4.5%‐8.0%‐88.0% 104.7% 112.6%393,849393,7630.0%Miscellaneous Retail Closed Acct‐Adjustmt Service Stations Department StoresEASTVALE 42.7%‐29.0%‐9.9%‐34.0%‐22.1% 69.2%1,791,8912,010,488‐10.9%Department Stores Closed Acct‐Adjustmt Food Markets Bldg.Matls‐RetailHEMET‐5.3%‐5.5%‐7.0%‐37.8% 0.6% 628.0%2,456,2912,695,905‐8.9%Closed Acct‐Adjustmt Service Stations Bldg.Matls‐Retail Auto Sales ‐ NewINDIAN WELLS47.9%‐11.3% 0.0% 1092.6% 15.7% 421.5%526,427473,41111.2%Miscellaneous Retail Closed Acct‐Adjustmt Restaurants Recreation ProductsINDIO 9.1%‐12.7%‐11.0%‐19.1% 4.3% 316.4%2,651,0052,820,879‐6.0%Closed Acct‐Adjustmt Miscellaneous Retail Bldg.Matls‐Retail Service StationsJURUPA VALLEY‐14.9%‐4.2%‐1.0% 4.8% 12.4% 359.3%2,471,7222,428,1031.8%Auto Parts/Repair Light Industry Service Stations Department StoresLA QUINTA11.1% 2.9%‐35.3%‐38.0%‐11.0% 333.5%2,331,4202,427,561‐4.0%Miscellaneous Retail Closed Acct‐Adjustmt Bldg.Matls‐Retail Auto Parts/RepairLAKE ELSINORE8.3%‐5.9%‐15.4%‐33.6% 15.7% 420.3%2,021,7102,133,985‐5.3%Miscellaneous Retail Closed Acct‐Adjustmt Bldg.Matls‐Retail Auto Sales ‐ NewMENIFEE 10.4%‐7.7%‐2.2%‐4.5%‐12.6% 384.4%1,786,4731,746,5512.3%Miscellaneous Retail Closed Acct‐Adjustmt Bldg.Matls‐Retail Service StationsMORENO VALLEY10.6%‐13.7%‐2.3%‐35.5%‐18.6% 335.9%4,267,8764,555,061‐6.3%Miscellaneous Retail Auto Sales ‐ New Food Markets Bldg.Matls‐RetailMURRIETA‐2.5%‐6.8%‐5.6%‐34.3%‐9.2% 157.3%3,691,0273,992,374‐7.5%Closed Acct‐Adjustmt Auto Sales ‐ Used Bldg.Matls‐Retail Service StationsNORCO33.3%‐6.7%‐8.6%‐39.8% 8.8% 125.3%1,512,1531,497,8521.0%Miscellaneous Retail Closed Acct‐Adjustmt Auto Sales ‐ New Bldg.Matls‐WhslePALM DESERT‐0.7%‐5.6%‐3.0% 4.5%‐19.3% 259.1%4,880,3764,915,218‐0.7%Miscellaneous Retail Closed Acct‐Adjustmt Apparel Stores Food MarketsPALM SPRINGS‐2.5%‐2.1% 6.0% 6.6% 9.6%‐30.9%3,680,7653,630,1081.4%Auto Sales ‐ New LeasingFood Markets Miscellaneous RetailPERRIS37.8%‐24.2%‐28.8%‐42.3%‐34.1% 40.0%4,481,5044,768,347‐6.0%Furniture/Appliance Miscellaneous Retail Bldg.Matls‐Retail Service StationsRANCHO MIRAGE‐3.9% 2.6%‐0.9%‐42.7% 26.6% 103.7%1,537,7151,564,992‐1.7%Closed Acct‐Adjustmt LeasingBldg.Matls‐Retail Furniture/ApplianceRIVERSIDE‐4.2%‐5.0%‐7.1%‐17.5%‐4.5% 33.2%13,212,31914,121,010‐6.4%Closed Acct‐Adjustmt Business Services Bldg.Matls‐Retail Service StationsSAN JACINTO2.4%‐7.4%‐10.0%‐4.1% 22.9% 337.6%649,316659,014‐1.5%Closed Acct‐Adjustmt Department Stores Food Markets Auto Sales ‐ UsedTEMECULA‐1.8%‐0.1%‐7.7%‐26.2%‐2.6% 287.5%7,586,3687,943,589‐4.5%Closed Acct‐Adjustmt Light Industry Bldg.Matls‐Retail Service StationsWILDOMAR110.3%‐7.1%‐9.9% 8.8%‐34.1% 304.6%416,018407,9532.0%Miscellaneous Retail Closed Acct‐Adjustmt Service Stations Food MarketsRIVERSIDE COUNTYNon‐ConfidentialMuniServices / Avenu Insights & AnalyticsATTACHMENT 39 AGENDA ITEM 7B Agenda Item 7B RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 17, 2019 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Michele Cisneros, Deputy Director of Finance THROUGH: Anne Mayer, Executive Director SUBJECT: Quarterly Financial Statements BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to receive and file the Quarterly Financial Statements for the year ended June 30, 2019. BACKGROUND INFORMATION: During the fiscal year, staff monitored the revenues and expenditures/expenses for the Commission. The attached preliminary, unaudited financial statements present the revenues and expenditures/expenses for the Fiscal Year 2018/19. Many accrual adjustments for revenues and expenditures/expenses have been made for the year ended June 30, 2019, and are reflected in these financial statements; however, staff will continue to make year-end accrual adjustments depending upon materiality through the completion of the audit in October 2019. The financial statements show the sales tax revenues comprised of Measure A, Local Transportation Fund (LTF), and State Transit Assistance for the fourth quarter at 107 percent of the budget. Measure A and LTF revenues of $305 million exceeded the budget by 5 percent and 8 percent, respectively, primarily as a result of the resolution of processing issues encountered by the California Department of Tax and Fee Administration and its implementation of a new centralized revenue opportunity system. On a cash basis, the Measure A and LTF sales tax receipts through the fourth quarter are 9.61 and 9.52 percent higher, respectively, than the same period last fiscal year. Additionally, State Transit Assistance revenues of $27 million, including State of Good Repair, exceeds the budget by 17 percent. Staff will continue to monitor the trends in the sales taxes and report to the Commission any necessary adjustments. Federal, state, and local reimbursements are generally on a reimbursement basis. The Commission receives these revenues as eligible project costs are incurred and invoiced to the respective agencies. Significant federal and state reimbursements are related to the 71/91 Interchange project, Interstate 15 Express Lanes project, 15/91 Express Lanes Connector project, Pachappa Underpass project, State Route 60 Truck Lanes project, Senate Bill 132 funded local jurisdiction projects, Riverside Layover Facility, 91/Perris Valley Line operations, Coachella Valley 10 Agenda Item 7B rail station development, and other station improvements. The following is an analysis of federal and state reimbursements reflected in this quarterly report: Staff will continue to prepare year-end reimbursement accrual adjustments in connection with the year-end closing and audit process. During the FY 2018/19 budget process, the Commission’s conservative approach estimated the Transportation Uniform Mitigation Fee (TUMF) revenues passed through from the Western Riverside Council of Governments (WRCOG) at $24 million. TUMF revenues are 16 percent above the budget amount. The budgeted balance of $1.9 million relates to the TUMF zone reimbursement from WRCOG for the I-15 interchange at Railroad Canyon in the city of Lake Elsinore; no reimbursements were received during FY 2018/19. Toll revenues budgeted at $32 million represents projected toll transactions for the RCTC 91 Express Lanes operations based on estimated toll transactions and current traffic and revenue data. The operating statement shows toll revenues at 156 percent of the budget and toll violations and fee revenues at 174 percent of the budget. The RCTC 91 Express Lanes toll transactions have exceeded initial expectations; accordingly, the Commission’s traffic consultant recently updated the investment grade traffic and revenue study, which will be used in subsequent budgets. The operating statement shows other revenues at 575 percent of the $539,000 budget and reflects the sale of highway property and the reimbursement of property drainage improvements on Commission-owned properties. Budget Actual Budget Actual Highways 71/91 Interchange $ 549,600 $ - $ 2,000,000 $ - I-15 Express Lanes 15,119,000 47,842,902 - - 15/91 Express Lanes Connector - - 55,809,800 16,022,939 Pachappa Underpass 9,129,000 - 4,272,000 - SR-60 Truck Lanes - - 26,800,000 1,808,780 SB 132 Funded Projects - - 67,174,600 37,641,752 Other 872,500 241,569 1,000,000 55,783 Total 25,670,100 48,084,471 157,056,400 55,529,254 Rail Coachella Valley Rail Station Development 2,000,000 1,224,943 - - Perris Valley Line Operations 3,000,000 4,148,867 861,100 2,357,834 Riverside Layover Facility 5,332,400 60,283 - - Other Station Improvements 20,168,000 11,341,636 2,152,413 - Total 30,500,400 16,775,729 3,013,513 2,357,834 Other 2,935,200 2,892,477 6,520,200 5,766,407 Total $ 59,105,700 $ 67,752,677 $ 166,590,113 $ 63,653,495 Federal Reimbursements State Reimbursements 11 Agenda Item 7B The Commission took a conservative approach in estimating investment income for FY 2018/19. Investment income is higher primarily as a result of rising investment yields and investment of sales tax revenue bond proceeds. The expenditures/expenses and other financing sources/uses categories are in line overall with the expectations of the budget with the following exceptions: • Salaries and benefits are under budget due to unfilled Commission full-time equivalents in the Capital Project Development and Delivery, Planning and Programming, Public and Specialized Transit, and Administration departments; • Professional services are under budget due to unused budget authority for rail operations and development activities, highway general legal and other professional services, toll operations, and financial consultant and service fees; • Support costs are under budget due to unused budget authority for rail operations and commuter assistance advertising and marketing, rail station maintenance, and toll operations; • Program operations are under budget due to unused budget authority for the I-15 Express Lanes, 15/91 Express Lanes Connector, I-15 Express Lanes – southern extension, Pachappa Underpass, and Santa Ana River Trail projects; toll operations; motorist and commuter assistance program operations; highway and rail program management; and station security; • The status of significant Commission capital projects (engineering, construction, design-build, and right of way/land) with budget amounts exceeding $5 million is discussed in the attachment; • Operating and capital disbursements are made as claims are submitted to the Commission by transit operators; • Special studies unused budget authority relates to feasibilities studies; • Local streets and roads expenditures are related to Measure A sales tax revenues. These financial statements reflect the turnback payments through June 2019; • Regional arterial expenditures primarily represent expenditures for the highways and regional arterial program administered by Coachella Valley Association of Governments (CVAG). CVAG requests reimbursements from the Commission based on available funds and sufficient budget authority; • Debt service principal payments are made annually on June 1, while debt service interest payments are made semiannually on December 1 and June 1. On a quarterly basis in the RCTC 91 Express Lanes Enterprise Fund accounting records, the Commission records accrued interest including compounded interest on the 91 Project Transportation Infrastructure Finance and Innovation Act (TIFIA) loan and accreted interest on the 2013 Toll Revenue Bonds Series B (capital appreciation). However, $20.8 million of the $71.5 million interest costs for the year was not paid and therefore not included in the FY 2018/19 budget; • Payment to escrow agent relates to $20 million of excess properties sales proceeds and toll surplus revenues deposited to the 2013 TIFIA loan reserve fund as required by 12 Agenda Item 7B June 30, 2019, under the TIFIA loan agreement. Due to the differences in basis of accounting, actual transfer of cash between the operating and restricted cash with custodian accounts will not be reflected as an expense; • Capital outlay expenditures are under budget due to unused budget authority for office and property improvements for the I-15 Express Lanes project; station rehabilitation and security; toll operations office improvements and transponders; and Commission office, network, hardware, and software improvements; • Depreciation is recorded as part of the accrual adjustment in the RCTC 91 Express Lanes Enterprise Fund accounting records; however, such depreciation is not a cash-related item and therefore is not included in the FY 2018/19 budget; • Loss on sale of land is recorded as part of the RCTC 91 Express Lanes Enterprise Fund accounting records and reflects the loss on sale of excess land purchased for the 91 Project. Loss on sale of land is not a cash-related item and, therefore, is not included in the FY 2018/19 budget; • The Commission entered into a loan agreement with the U.S. Department of Transportation for a $152.2 million TIFIA loan to pay eligible I-15 Express Lanes project costs. Proceeds of the TIFIA loan may be drawn upon after certain conditions have been met. Through the fourth quarter, the Commission drew down $14.9 million in TIFIA loan proceeds. During construction of the I-15 Express Lanes project and for a period of up to five years following substantial completion, interest is compounded and added to the TIFIA loan. TIFIA debt service payments are expected to commence June 2025, which is approximately five years after substantial completion of the I-15 Express Lanes project, through 2055. Attachments: 1) Quarterly Project Status – June 2019 2) Quarterly Financial Statements – June 2019 13 RIVERSIDE COUNTY TRANSPORTATION COMMISSION QUARTERLY PROJECT STATUS 4TH QUARTER FOR TWELVE MONTHS ENDED 6/30/2019 FY 2018/19 BUDGET EXPENDITURES THROUGH 4TH QUARTER Project Description Project Status 91 Project (P003028) $28,686,920 $8,246,502 The under run of the FY 2018/19 budget at the fourth quarter is due to future right of way (ROW) settlement costs that have not yet occurred ($17.3 million) and Commission’s agreed-to share of a city of Corona project at Ontario Avenue that is currently only in the design stage ($1.5 million). The project connects with Orange County Transportation Authority’s tolled express lanes at the Orange County/Riverside County line and continues approximately eight miles to the Interstate (I)-15/State Route (SR)-91 interchange. The project involves widening pavement on the outside of the existing highway to reposition general purpose lanes and repurposing the existing high occupancy vehicle lanes to accommodate two-tolled express lanes in the median in each direction. The 91 Project also involves constructing one new general purpose lane in each direction from SR-71 to I-15, ultimately providing two- tolled express lanes and five general purpose lanes in each direction. 91 Project development activities began in September 2007, construction work related to roadway and structures began in July 2014, and the toll lanes opened in March 2017. The total cost of the 91 Project is estimated at $1.4 billion, including capitalized interest, debt service reserves, contingency, and cost of issuance. I-15 Express Lanes project (P003027) 152,774,000 97,935,568 The under run of the FY 2018/19 budget at the fourth quarter is due to the design-builder not completing as much work as planned ($36.3 million) and not using design-builder contingency. There were also under runs in the toll services provider contract ($7.6 million); project and construction management (PCM) contract ($4.7 million); flagging, utility relocation, and railroad relocation ($1.3 million); Caltrans oversight ($0.8 million); and traffic and revenue consulting ($0.8 million). The project will generally add two tolled express lanes in each direction from SR-60 to Cajalco Road in Corona. Project development activities began in April 2008, and lanes are expected to open to traffic in 2020. The total project cost is estimated at $472 million, which includes $42 million of contingency. ATTACHMENT 1 14 FY 2018/19 BUDGET EXPENDITURES THROUGH 4TH QUARTER Project Description Project Status 15/91 Express Lanes Connector (P003039) 55,889,700 16,665,124 The under run of the FY 2018/19 budget at the fourth quarter is due to a delay in the competitive procurement for a design-build contract ($29.0 million), the corresponding delays of Caltrans oversight ($2.4 million), and PCM support ($2.2 million). The 15/91 Express Lane Connector (ELC) project constructs an express lanes median direct connector from southbound I-15 to westbound SR-91 and from eastbound SR-91 to northbound I-15 in the city of Corona. The project also adds tolled express lanes in each direction of I-15 from the 15/91 ELC to Hidden Valley Parkway; adds a tolled express lane in each direction of SR-91 from east of Lincoln Avenue to the 15/91 ELC; extends the tolled express lane along eastbound SR-91 from I-15 to west of Promenade Avenue; and extends an eastbound auxiliary lane along SR-91 from west of I-15 to west of Promenade Avenue. The project also includes the addition of a toll collection system infrastructure along I-15 and SR-91. The estimated project cost is $220 million and the project is partially funded by state funds allocated under Senate Bill (SB) 132 legislation. The connector is expected to open to traffic in 2022. I-15 Express Lanes Southern Extension (P003044) 5,001,300 340,189 The under run of the FY 2018/19 budget at the fourth quarter is primarily due to a slower than anticipated start to the project approval/environmental documentation work ($3.8 million). The project will add express lanes between SR-74 and Cajalco Road. The estimated project cost is $544 million with the Project Approval and Environmental Document (PA/ED) phase of work funded by federal Congestion Mitigation and Air Quality (CMAQ) funds and Measure A. 91 Corridor Operations Project (P623046) 2,600,000 2,625,051 The FY 2018/19 budget at the fourth quarter reflects a slight over run of the PCM contract ($0.6 million) offset by under runs in other professional services ($0.5 million) and design-build contract ($0.2 million). The project will construct a SR-91 westbound general purpose lane from Green River Road to the Orange county line. The estimated project cost is $6 million for environmental and design and $36 million for construction. Initial project activities are funded by surplus toll revenues. 15 FY 2018/19 BUDGET EXPENDITURES THROUGH 4TH QUARTER Project Description Project Status Mid County Parkway (MCP) (P002302, P612302, P002320, & P002317) 35,402,500 7,032,044 The under run of the FY 2018/19 budget at the fourth quarter is primarily due to the following for each project: MCP: Only $0.5 million was incurred against the $1.0 million budget for preliminary engineering by Jacobs due to delays and non-utilization of annual contingency. No costs were incurred against the $2.4 million budget for final design (being performed under separate projects). The $0.5 million budget for construction management and the $0.1 million budget for landscape management will begin in the second quarter of FY 2019/20 and will be transferred to other projects. Budget authority for the $1.0 million budget for ROW has not been used. MCP Placentia: Construction mobilization was delayed into FY 2019/20 and ROW acquisitions and support were only $3.3 million of the $20.5 million budget. MCP Mitigation: Final design and engineering support were originally budgeted to finish in FY 2018/19 and slipped into the first quarter of FY 2019/20. Construction and construction management were expected to start in the fourth quarter of FY 2018/19 and slipped into FY 2019/20. The environmental document for a new corridor from I- 215 to SR-79 was approved in April 2015. The first design package is anticipated to be completed in FY 2018/2019. Construction of this new facility will be completed over many years as funding becomes available; the total project cost is estimated at $1.3 to $1.6 billion. Pachappa Underpass project (P003038) 14,453,400 478,563 The under run of the FY 2018/19 budget at the fourth quarter was due to the delay in the start of construction that was projected for January 2019 that did not occur ($13.5 million). The project will remove the Pachappa shoofly structure and associated retaining walls and construct a retaining wall, drainage, and track bed for the permanent Pachappa underpass. Track relocation will be performed by Union Pacific Railroad. The project construction cost is estimated at $16 million. SR-60 Truck Lanes (P003029) 26,863,220 3,714,715 The under run of the FY 2018/19 budget at the fourth quarter was mainly due to the delay in the start of construction that was projected for January 2019 and was pushed out to June 2019. A total of $22.6 million for construction, construction support, and fees were not spent. The project will construct eastbound climbing and westbound descending truck lanes from Gilman Springs Road to west of Jack Rabbit trail and upgrade existing shoulders to standard widths. The estimated project cost is $138 million and the project is funded by CMAQ, State Transportation Improvement Program/Regional Improvement Program, State Highway Operation and Protection Program, and 2009 Measure A highway funds. 71/91 Connector Project (P003021) 9,462,400 419,353 The under run of the FY 2018/19 budget at the fourth quarter was due primarily to lower spending for ROW acquisition and ROW support ($5.0 million) and final design ($3.6 million). The project includes ROW acquisition, utility relocation, and environmental revalidation work for improvements to the 71/91 connector. The estimated project cost is $118 million. 16 FY 2018/19 BUDGET EXPENDITURES THROUGH 4TH QUARTER Project Description Project Status Riverside Layover Facility (P653822) 4,797,500 343,508 The under run of the FY 2018/19 budget at the fourth quarter is primarily due to delays in final design and the procurements for construction and construction management, which were planned to start in FY 2018/19 but were delayed into FY 2019/20. The project includes increased capacity and maintenance service improvements to Metrolink’s West Layover Facility, north of the Riverside Downtown station. The improvements include expansion of the facility to accommodate three storage tracks with an overall storage capacity of three 6-train sets. The estimated project cost is $5.3 million. The project is funded by Federal Transit Administration Section 5307. This list discusses the significant capital projects (i.e., total budgeted costs in excess of $5 million) and related status. Capital project expenditures are generally affected by lags in invoices submitted by contractors and consultants, as well as issues encountered during certain phases of the projects. The capital projects budgets tend to be based on aggressive project schedules. 17 Revenues Sales tax 311,203,600$ 332,226,225$ 21,022,625$ 107% Federal reimbursements 59,105,700 67,752,677 8,646,977 115% State reimbursements 166,590,113 63,653,495 (102,936,618)38% Local reimbursements 24,037,900 9,863,622 (14,174,278)41% Transportation Uniform Mitigation Fee 25,922,200 29,970,342 4,048,142 116% Toll revenues 31,681,800 49,291,419 17,609,619 156% Toll violations and fee revenues 5,258,700 9,129,152 3,870,452 174% Other revenues 539,000 3,101,461 2,562,461 575% Investment income 3,408,000 19,133,894 15,725,894 561% Total revenues 627,747,013 584,122,287 (43,624,726)93% Expenditures/Expenses Salaries and benefits 10,354,700 9,342,929 1,011,771 90% Professional and support Professional services 20,391,300 11,636,508 8,754,792 57% Support costs 12,019,900 7,996,524 4,023,376 67% Total Professional and support costs 32,411,200 19,633,032 12,778,168 61% Projects and operations Program operations - general 27,890,200 22,283,790 5,606,410 80% Engineering 36,582,900 13,547,422 23,035,478 37% Construction 133,466,900 53,145,615 80,321,285 40% Design Build 184,906,346 107,589,317 77,317,029 58% Right of way/land 92,332,400 19,680,648 72,651,752 21% Operating and capital disbursements 225,160,985 143,122,538 82,038,447 64% Special studies 1,899,800 1,328,041 571,759 70% Local streets and roads 58,479,500 61,069,260 (2,589,760)104% Regional arterials 30,547,000 19,203,886 11,343,114 63% Total projects and operations 791,266,031 440,970,517 350,295,514 56% Debt service Principal 25,965,000 25,977,460 (12,460) 100% Interest 50,710,600 71,552,560 (20,841,960) 141% Payment to escrow agent 20,000,000 - 20,000,000 N/A Total debt service 96,675,600 97,530,020 (854,420) 101% Capital outlay 10,713,017 6,007,044 4,705,973 56% Depreciation - 10,680,681 (10,680,681) N/A Loss on sale of land - 3,707,333 (3,707,333) N/A Total Expenditures/Expenses 941,420,548 587,871,556 353,548,992 62% Excess revenues over (under) expenditures/expenses (313,673,535) (3,749,269) 376,584,470 1% Other financing sources/(uses) Transfer in 182,214,300 139,401,894 (42,812,406) 77% Transfer out (182,214,300) (139,401,894) 42,812,406 77% TIFIA loan proceeds 106,081,000 14,946,136 (91,134,864) 14% Total financing sources/(uses)106,081,000 14,946,136 91,134,864 14% Net change in fund balances (207,592,535) 11,196,867 467,719,334 -5% Fund balance July 1, 2018 789,451,200 498,270,206 (291,180,994) 63% Fund balance June 30, 2019 581,858,665$ 509,467,073$ 176,538,340$ 88% RIVERSIDE COUNTY TRANSPORTATION COMMISSION QUARTERLY BUDGET TO ACTUAL FY 2018/19 BUDGET 4TH QUARTER ACTUAL PERCENT UTILIZATION REMAINING BALANCE FOR TWELVE MONTHS ENDED 6/30/2019 4TH QUARTER 18 STATE OF GOOD REPAIR OTHER AGENCY PROJECTS SB132 Revenues Sales tax -$ -$ 156,934,682$ 43,238,756$ 1,031,557$ 103,819,440$ 23,497,584$ 3,704,206$ -$ -$ -$ -$ Federal reimbursements 4,955,538 - 58,774,974 - - - - - - 1,224,943 - - State reimbursements 3,228,649 4,895,592 1,864,563 - - - - - - - - 53,664,691 Local reimbursements 153,393 175,232 4,015,330 - - - - - 4,999,813 - 515,765 - Transportation Uniform Mitigation Fee - - - - - - - - 29,970,342 - - - Toll revenues - - - - - - - - - - - - Toll violations and fee revenues - - - - - - - - - - - - Other revenues 18,616 - 3,064,845 - - - - - 18,000 - - - Investment income 455,920 165,000 4,363,830 1,217,058 3 1,389,116 2,116,989 103,054 2,201,387 61,562 9,926 9 Total revenues 8,812,116 5,235,824 229,018,224 44,455,814 1,031,560 105,208,556 25,614,573 3,807,260 37,189,542 1,286,505 525,691 53,664,700 Expenditures/Expenses Salaries and benefits 4,920,779 125,839 3,152,273 1,494 - - - - 261,997 8,885 34,716 258,580 Professional and support Professional services 3,319,072 322,955 3,235,168 8,672 - - 16,810 - 136,087 1,749,015 - 1,821,060 Support costs 3,820,439 148,040 775,668 111 - - - - 15,857 243 259 785 Total Professional and support costs 7,139,511 470,995 4,010,836 8,783 - - 16,810 - 151,944 1,749,258 259 1,821,845 Projects and operations Program operations - general 2,624,906 3,581,607 8,735,623 - - - - - 357,232 - 146,641 58,445 Engineering - - 2,558,221 - - - - - 3,263,712 - 435,876 7,289,613 Construction - - 21,850,897 - - - - - 988,134 - - 30,306,584 Design Build - - 95,068,948 - - - - - - - - 12,520,369 Right of way/land - - 16,587,246 - - - - - 525,203 - (29,885) 2,598,084 Operating and capital disbursements 21,078,335 - 9,617,473 6,000,000 - 99,799,191 6,520,179 107,360 - - - - Special studies 1,300,183 - 27,858 - - - - - - - - - Local streets and roads - - 45,127,138 14,955,465 986,657 - - - - - - - Regional arterials - - - 19,203,886 - - - - - - - - Total projects and operations 25,003,424 3,581,607 199,573,404 40,159,351 986,657 99,799,191 6,520,179 107,360 5,134,281 - 552,632 52,773,095 Debt service Principal 12,460 - - - - - - - - - - - Interest 5,031 - - - - - - - - - - - Cost of issuance - - - - - - - - - - - - Payment to escrow agent - - - - - - - - - - - - Total debt service 17,491 - - - - - - - - - - - Capital outlay 612,119 - 4,995,989 - - - - - - - - - Depreciation - - - - - - - - - - - - Loss on sale of land - - - - - - - - - - - - Total Expenditures/Expenses 37,693,324 4,178,441 211,732,502 40,169,628 986,657 99,799,191 6,536,989 107,360 5,548,222 1,758,143 587,607 54,853,520 Excess revenues over (under) expenditures/expenses (28,881,208) 1,057,383 17,285,722 4,286,186 44,903 5,409,365 19,077,584 3,699,900 31,641,320 (471,638) (61,916) (1,188,820) Other financing sources/(uses) Transfer in 33,992,100 3,600,000 28,734,535 151,098 - 1,170,000 - - 186,206 350,000 - 1,213,732 Transfer out (2,208,600) (3,820,400) (85,607,072) (534,800) (44,900) (26,203,200) (500,700) (757,884) (1,425,845) (95,900) - (1,020,700) Debt proceeds - - - - - - - - - - - - TIFIA loan proceeds - - 14,946,136 - - - - - - - - - Total financing sources/(uses)31,783,500 (220,400) (41,926,401) (383,702) (44,900) (25,033,200) (500,700) (757,884) (1,239,639) 254,100 - 193,032 Net change in fund balances 2,902,292 836,983 (24,640,679) 3,902,484 3 (19,623,835) 18,576,884 2,942,016 30,401,681 (217,538) (61,916) (995,788) Fund balance July 1, 2018 26,040,494 9,238,957 276,997,302 52,068,076 557 110,435,854 88,143,341 3,699,392 78,409,987 3,266,323 3,142 (268,754) Fund balance June 30, 2019 28,942,786$ 10,075,940$ 252,356,623$ 55,970,560$ 560$ 90,812,019$ 106,720,225$ 6,641,408$ 108,811,668$ 3,048,785$ (58,774)$ (1,264,542)$ MEASURE A SALES TAX TRANSPORTATION UNIFORM MITIGATION FEE (TUMF)GENERAL FUND FSP/ SAFE WESTERN COUNTY PALO VERDE VALLEY COACHELLA VALLEY TRANSPORTATION DEVELOPMENT ACT RIVERSIDE COUNTY TRANSPORTATION COMMISSION QUARTERLY BUDGET TO ACTUAL BY FUND 4TH QUARTER FOR TWELVE MONTHS ENDED 6/30/2019 COACHELLA VALLEY RAIL STATE TRANSIT ASSISTANCE LOCAL TRANSPORTATION FUND SPECIAL REVENUE FUNDS ATTACHMENT 2 19 Revenues Sales tax Federal reimbursements State reimbursements Local reimbursements Transportation Uniform Mitigation Fee Toll revenues Toll violations and fee revenues Other revenues Investment income Total revenues Expenditures/Expenses Salaries and benefits Professional and support Professional services Support costs Total Professional and support costs Projects and operations Program operations - general Engineering Construction Design Build Right of way/land Operating and capital disbursements Special studies Local streets and roads Regional arterials Total projects and operations Debt service Principal Interest Cost of issuance Payment to escrow agent Total debt service Capital outlay Depreciation Loss on sale of land Total Expenditures/Expenses Excess revenues over (under) expenditures/expenses Other financing sources/(uses) Transfer in Transfer out Debt proceeds TIFIA loan proceeds Total financing sources/(uses) Net change in fund balances Fund balance July 1, 2018 Fund balance June 30, 2019 ENTERPRISE FUND TOLL OPERATIONS -$ -$ -$ -$ 332,226,225$ - - - 2,797,222 67,752,677 - - - - 63,653,495 4,089 - - - 9,863,622 - - - - 29,970,342 49,291,419 - - - 49,291,419 9,129,152 - - - 9,129,152 - - - - 3,101,461 2,482,753 1,498,907 2,558,621 509,759 19,133,894 60,907,413 1,498,907 2,558,621 3,306,981 584,122,287 578,366 - - - 9,342,929 1,027,669 - - - 11,636,508 3,235,122 - - - 7,996,524 4,262,791 - - - 19,633,032 6,779,336 - - - 22,283,790 - - - - 13,547,422 - - - - 53,145,615 - - - - 107,589,317 - - - - 19,680,648 - - - - 143,122,538 - - - - 1,328,041 - - - - 61,069,260 - - - - 19,203,886 6,779,336 - - - 440,970,517 - - - 25,965,000 25,977,460 27,956,791 - - 43,590,738 71,552,560 - - - - - - - - - - 27,956,791 - - 69,555,738 97,530,020 398,936 - - - 6,007,044 10,680,681 - - - 10,680,681 3,707,333 - - - 3,707,333 54,364,234 - - 69,555,738 587,871,556 6,543,179 1,498,907 2,558,621 (66,248,757) (3,749,269) - - 500,000 69,504,223 139,401,894 (4,309,273) - (9,924,300) (2,948,320) (139,401,894) - - - - - - - - - 14,946,136 (4,309,273) - (9,424,300) 66,555,903 14,946,136 2,233,906 1,498,907 (6,865,679) 307,146 11,196,867 (277,767,334) 21,576,316 95,343,644 11,082,909 498,270,206 (275,533,428)$ 23,075,223$ 88,477,965$ 11,390,055$ 509,467,073$ COMBINED TOTAL CAPITAL PROJECTS FUNDS COMMERCIAL PAPER RIVERSIDE COUNTY TRANSPORTATION COMMISSION QUARTERLY BUDGET TO ACTUAL BY FUND 4TH QUARTER FOR TWELVE MONTHS ENDED 6/30/2019 SALES TAX BONDS DEBT SERVICE 20 AGENDA ITEM 7C Agenda Item 7C RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 17, 2019 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Megan Kavand, Senior Financial Analyst Michele Cisneros, Deputy Finance Director THROUGH: Anne Mayer, Executive Director SUBJECT: Quarterly Investment Report BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to receive and file the Quarterly Investment Report for the quarter ended June 30, 2019. BACKGROUND INFORMATION: Prior to Fiscal Year 2013/14, the Commission’s quarterly investment reports reflected investments primarily concentrated in the Riverside County Pooled Investment Fund. Other investments included the state Local Agency Investment Fund and mutual funds. As a result of significant project financings such as the State Route 91 Corridor Improvement Project (91 Project or 91 CIP) and the Interstate 15 Express Lanes Project (I-15 ELP), the Commission determined it would be prudent to engage an investment manager for the bond proceeds and other required funds. Additionally, the Commission desired to engage an investment manager to provide investment advisory and management services related to the Commission’s operating funds. In May 2013, following a competitive procurement, the Commission awarded two investment management services agreements to Logan Circle Partners, L.P. (Logan) for the 91 Project’s proceeds generated from the issuance of sales tax revenue bonds and toll revenue bonds and to Payden & Rygel Investment Management (Payden & Rygel) for Commission operating funds. At its April 2017 meeting and based on a competitive procurement, the Commission awarded an investment management services agreement to Logan related to the issuance of the sales tax revenue bonds for the I-15 ELP. Commencing in July 2013, Logan invested the 91 Project debt proceeds and subsequent 91 Project equity contributions in separate accounts of the Short-Term Actively Managed Program (STAMP). Consistent with financing expectations, the Commission expended substantially all of the 91 Project debt proceeds and equity contributions, except for the toll revenue bonds debt service reserve, and subsequent to commencement of operations, established other required 21 Agenda Item 7C accounts. The Commission authorized Payden & Rygel to make specific investments for the Commission’s operating funds beginning with the third quarter of FY 2014/15. In July 2017, the I-15 ELP project and 91 Project completion financing (2017 Financing) was completed and sales tax bond proceeds approximating $154.6 million were received. Logan invested the 2017 Financing debt proceeds in accounts of a separate STAMP portfolio during the first quarter of FY 2017/18. The quarterly investment report for the fourth quarter of FY 2018/19, as required by state law and Commission policy, reflects the investment activities resulting from the 91 Project, 2017 Financing, and available operating cash. The quarterly investment report includes the following information: • Investment Portfolio Report; • 91 CIP STAMP Portfolio by Investment Category; • 91 CIP STAMP Portfolio by Account; • 91 CIP STAMP Portfolio Transaction Report by Account; • 91 CIP STAMP Portfolio Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 91 CIP STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 91 CIP STAMP Portfolio TIFIA Reserve Fund Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio by Investment Category; • 2017 Financing STAMP Portfolio by Account; • 2017 Financing STAMP Portfolio Transaction Report by Account; • 2017 Financing STAMP Portfolio Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio I-15 ELP Sales Tax Senior Lien TIFIA Project Fund Summary of investments by credit rating, industry group, asset class, security type, and market sector; • 2017 Financing STAMP Portfolio Ramp Up Fund Summary of investments by credit rating, industry group, asset class, security type, and market sector; • Logan Circle Partners, L.P. Short Duration Second Quarter 2019 Review; • Payden & Rygel Operating Portfolio by Investment Category; • Payden & Rygel Operating Portfolio Transaction Report; • Payden & Rygel Operating Portfolio Second Quarter 2019 Review; and • County of Riverside Investment Report for the Quarter Ended June 30, 2019. The Commission’s investments were in full compliance with the Commission’s investment policy adopted on March 13, 2019 and investments securities permitted under the indenture for the 22 Agenda Item 7C Commission’s sales tax revenue bonds and the master indentures for the Commission’s toll revenue bonds. Additionally, the Commission has adequate cash flows for the next six months. Attachments: 1) Investment Portfolio Report 2) 91 CIP STAMP Portfolio by Investment Category 3) 91 CIP STAMP Portfolio by Account 4) 91 CIP STAMP Portfolio Transaction Report by Account 5) 91 CIP STAMP Portfolio Summary of Investments 6) 91 CIP STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of Investments 7) 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of Investments 8) 91 CIP STAMP Portfolio TIFIA Reserve Fund Summary of Investments 9) 2017 Financing STAMP Portfolio by Investment Category 10) 2017 Financing STAMP Portfolio by Account 11) 2017 Financing STAMP Portfolio Transaction Report by Account 12) 2017 Financing STAMP Portfolio Summary of Investments 13) 2017 Financing STAMP Portfolio I-15 ELP Sales Tax Senior Lien TIFIA Project Fund Summary of Investments 14) 2017 Financing STAMP Portfolio Ramp Up Fund Summary of Investments 15) Payden & Rygel Operating Portfolio by Investment Category 16) Payden & Rygel Operating Portfolio Transaction Report 17) Logan Circle Partners, L.P. Short Duration Quarterly Review 18) Payden & Rygel Operating Portfolio Quarterly Review 19) County of Riverside Investment Report 23 Riverside County Transportation Commission Investment Portfolio Report Period Ended: June 30, 2019 FAIR VALUE RATING MOODYS / S&P COUPON RATE PAR VALUE PURCHASE DATE MATURITY DATE YIELD TO MATURITY PURCHASE COST MARKET VALUE UNREALIZED GAIN (LOSS) OPERATING FUNDS City National Bank Deposits 11,157,040 A3/BBB+N/A N/A County Treasurer's Pooled Investment Fund 443,782,876 Aaa-bf/AAA-V1 N/A 2.35% Local Agency Investment Fund (LAIF)3,800,672 N/A N/A N/A Subtotal Operating Funds 458,740,588 FUNDS HELD IN TRUST County Treasurer's Pooled Investment Fund: Local Transportation Fund 53,084,510 Aaa-bf/AAA-V1 N/A 2.35% Subtotal Funds Held in Trust 53,084,510 COMMISSION MANAGED PORTFOLIO US Bank Payden & Rygel Operating 53,113,466 First American Government Obligation Fund 27,192,931 N/A N/A N/A Subtotal Commission Managed Portfolio 80,306,397 STAMP PORTFOLIO for 91 CIP Series A & Series B Reserve Fund 18,230,211 Residual Fund Required Retained Balance 21,062,840 TIFIA Reserve Fund 19,975,564 Subtotal STAMP Portfolio - 91 CIP 59,268,615 STAMP PORTFOLIO for 2017 Financing Sales Tax I15 ELP Project Revenue Fund 67,069,236 Sales Tax Revenue Fund - Ramp Up Fund 8,201,648 Subtotal STAMP Portfolio - 2017 Financing 75,270,883 TOTAL All Cash and Investments 726,670,992$ See attached report for details See attached report for details See attached report for details See attached report for details See attached report for details See attached report for details See attached report for details 2.51%2.90%2.75% 9.23%11.05% 7.31% 63.13% $- $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 $350,000,000 $400,000,000 $450,000,000 $500,000,000 STAMP Portfolio for 91 CIP Reserve STAMP Portfolio for 91 CIP Residual Fund STAMP Portfolio for 91 CIP TIFIA Reserve Fund STAMP Portfolio for 2017 Financing I15 ELP Project Revenue Fund STAMP Portfolio for 2017 Financing Ramp Up Fund Commission Managed Portfolio Trust Funds Operating Funds Nature of Investments 3.74% Mutual Funds 69.92% County Pool/Cash 0.52% LAIF 25.35% Fixed Income 0.47% Money Market Funds ATTACHMENT 1 24 25 Page 2 of 37 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 256350023 MIM-Sr Lien Reserve Fund-1 3137EADB2 Agency Federal Home Loan Mortgage Corporation 01/13/2022 ---950,000.00 942,921.50 ---964,031.50 14,308.39 2.375 1.778 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137EADR7 Agency Federal Home Loan Mortgage Corporation 05/01/2020 05/15/2015 475,000.00 471,527.75 ---472,287.75 (2,109.38)1.375 2.062 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3135G0D75 Agency Federal National Mortgage Association, Inc.06/22/2020 05/06/2015 600,000.00 593,490.00 ---596,940.00 (1,776.04)1.500 2.026 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3134G9V38 Agency Federal Home Loan Mortgage Corporation 07/27/2021 08/28/2018 250,000.00 245,225.00 07/27/2019 249,242.50 2,642.95 1.500 2.247 AAA 256350021 MIM-RCTC 2013 Residual Fund 3134GTAE3 Agency Freddie Mac 09/27/2021 04/30/2019 550,000.00 550,165.00 09/27/2019 550,671.00 573.55 2.700 2.189 AAA 256350021 MIM-RCTC 2013 Residual Fund 3134GTBJ1 Agency Freddie Mac 04/01/2021 03/29/2019 500,000.00 499,950.00 ---500,000.00 43.88 2.600 2.584 AAA 256350021 MIM-RCTC 2013 Residual Fund 3130AGE68 Agency Federal Home Loan Banks Office of Finance 11/09/2021 05/08/2019 750,000.00 749,812.50 08/09/2019 750,217.50 394.48 2.625 2.536 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3135G0D75 Agency Federal National Mortgage Association, Inc.06/22/2020 06/07/2019 650,000.00 646,269.00 ---646,685.00 207.04 1.500 2.026 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137EADR7 Agency Federal Home Loan Mortgage Corporation 05/01/2020 06/07/2019 500,000.00 496,885.00 ---497,145.00 61.25 1.375 2.062 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137EADB2 Agency Federal Home Loan Mortgage Corporation 01/13/2022 06/06/2019 500,000.00 505,766.50 ---507,385.00 1,759.95 2.375 1.778 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3134GTBJ1 Agency Freddie Mac 04/01/2021 06/11/2019 600,000.00 600,027.60 ---600,000.00 0.00 2.600 2.584 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136G4TH6 Agency Federal National Mortgage Association, Inc.01/30/2020 06/13/2019 300,000.00 300,289.38 ---300,276.00 8.01 2.660 2.474 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3130AFEN3 Agency Council of Federal Home Loan Banks 05/08/2020 06/13/2019 600,000.00 599,734.20 ---599,712.00 (35.93)2.385 2.222 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3130AG5X9 Agency Federal Home Loan Banks Office of Finance 10/09/2020 06/13/2019 500,000.00 500,300.00 10/09/2019 500,365.00 108.59 2.520 2.246 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 313384JQ3 Agency Federal Home Loan Banks Office of Finance 07/26/2019 06/28/2019 1,000,000.00 998,475.69 ---998,470.00 (5.69)0.000 1.998 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137ABFH9 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2021 ---149,000.00 152,765.01 ---152,920.19 233.71 3.989 2.331 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AH6C7 Agency CMO Federal Home Loan Mortgage Corporation 07/25/2021 06/07/2019 350,000.00 356,193.36 ---356,979.00 942.54 3.230 2.061 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136A5KR6 Agency CMO Federal National Mortgage Association, Inc.10/25/2022 06/10/2019 222,957.13 221,284.95 ---221,478.92 192.24 1.750 2.332 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136ADFF1 Agency CMO Federal National Mortgage Association, Inc.04/25/2023 06/10/2019 155,392.21 153,158.45 ---153,491.76 348.15 1.500 2.312 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AS7D0 Agency CMO Federal Home Loan Mortgage Corporation 04/15/2039 06/14/2019 220,291.57 218,639.38 ---221,223.40 2,597.88 2.000 1.729 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38376PRM4 Agency CMO Government National Mortgage Association 05/20/2038 06/18/2019 50,136.30 50,386.98 ---50,523.85 122.54 4.000 2.489 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31397ALN1 Agency CMO Federal Home Loan Mortgage Corporation 04/15/2032 06/18/2019 224,638.13 224,497.74 ---224,725.74 226.41 2.744 2.708 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378BXQ7 Agency CMO Government National Mortgage Association 01/16/2036 06/17/2019 264,645.53 261,999.08 ---262,155.22 219.25 1.537 3.259 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B6DF5 Agency CMO Federal Home Loan Mortgage Corporation 11/15/2026 06/18/2019 201,257.02 199,165.83 ---201,218.78 2,078.94 2.000 1.981 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136AGFQ0 Agency CMO Federal National Mortgage Association, Inc.12/25/2038 06/18/2019 207,188.54 209,802.68 ---209,875.78 29.34 3.500 2.561 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38374C4J7 Agency CMO Government National Mortgage Association 07/20/2020 06/14/2019 97,927.85 99,090.75 ---99,323.32 195.25 5.500 2.139 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B3HX9 Agency CMO Federal Home Loan Mortgage Corporation 07/15/2038 06/20/2019 120,119.69 119,744.32 ---120,684.25 939.67 2.844 2.587 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38377YTL4 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 05/20/2040 06/17/2019 237,037.86 234,148.96 ---233,591.33 (522.49)2.000 2.506 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378WUY7 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 06/20/2041 06/12/2019 202,314.38 202,630.50 ---203,637.52 1,000.90 2.500 2.097 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378BCG2 Agency CMO Government National Mortgage Association 03/16/2037 06/25/2019 152,398.94 151,446.44 ---151,295.57 (122.80)2.105 2.686 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B1UG5 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2023 06/25/2019 200,000.00 204,101.56 ---203,668.00 (423.62)2.637 2.037 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378BSZ3 Agency CMO Government National Mortgage Association 04/16/2040 06/25/2019 255,171.63 253,736.29 ---253,558.95 (144.45)2.141 2.517 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137BDKF2 Agency CMO Federal Home Loan Mortgage Corporation 09/15/2040 06/25/2019 25,363.26 25,824.96 ---26,035.38 200.20 3.500 2.150 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AJMF8 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2021 06/07/2019 332,874.26 338,127.43 ---338,656.28 660.05 2.968 2.032 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378CNY9 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 11/20/2038 06/25/2019 200,000.00 202,593.75 ---202,582.00 2.66 3.500 2.573 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136AGZA3 Agency CMO Federal National Mortgage Association, Inc.09/25/2030 06/25/2019 34,127.98 34,355.95 ---34,541.61 178.60 3.000 2.206 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AUPE3 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2022 06/28/2019 200,000.00 201,773.44 ---201,652.00 (121.44)2.396 2.050 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AXHP1 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2022 06/28/2019 150,000.00 152,232.42 ---152,214.00 (18.42)2.573 2.040 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corporation 05/25/2022 06/28/2019 300,000.00 302,496.09 ---302,151.00 (345.09)2.373 2.056 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137A2B26 Agency CMO Federal Home Loan Mortgage Corporation 08/25/2020 06/13/2019 221,997.19 224,633.41 ---224,443.60 (90.78)3.808 2.383 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137A6B27 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2020 06/27/2019 249,167.73 254,657.20 ---254,432.65 (224.55)4.333 2.280 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377RVK8 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 04/20/2039 ---101,812.96 103,844.22 ---102,955.30 245.27 3.000 2.488 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137AJMF8 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2021 08/05/2015 28,532.08 29,519.56 ---29,027.68 165.06 2.968 2.032 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38375XCM4 Agency CMO Government National Mortgage Association 11/16/2037 05/14/2019 70,118.31 72,104.08 ---72,474.28 391.72 5.000 2.917 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38376GB33 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 10/16/2044 01/23/2015 116,259.19 119,336.02 ---116,494.03 (211.66)3.500 2.648 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2021 07/03/2013 33,505.53 32,742.49 ---33,371.51 (35.01)1.459 2.538 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corporation 05/25/2022 ---282,110.00 278,085.13 ---284,132.73 5,087.86 2.373 2.056 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137AUPE3 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2022 ---379,000.00 366,344.03 ---382,130.54 7,632.51 2.396 2.050 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377RSZ9 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 06/16/2039 ---43,304.22 44,663.48 ---43,847.69 (55.50)4.500 2.287 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136A72D3 Agency CMO Federal National Mortgage Association, Inc.04/25/2022 07/03/2013 289,408.36 274,937.94 ---291,769.93 6,487.15 2.482 2.052 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136A5KR6 Agency CMO Federal National Mortgage Association, Inc.10/25/2022 01/25/2019 74,021.77 73,003.96 ---73,531.00 375.17 1.750 2.332 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137AXHP1 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2022 09/29/2017 140,000.00 142,089.06 ---142,066.40 786.34 2.573 2.040 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378B7F0 Agency CMO Government National Mortgage Association 12/16/2042 ---450,000.00 427,324.22 ---429,489.00 (7,349.10)2.273 3.301 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378CRT6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 10/20/2040 05/22/2014 47,105.41 45,486.16 ---47,258.97 1,327.71 2.000 1.874 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378HXH4 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 09/16/2027 03/08/2019 16,834.78 16,326.91 ---16,472.49 125.57 1.250 2.184 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377JZ89 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 10/20/2039 07/05/2013 45,714.90 47,113.13 ---46,892.51 178.27 3.500 2.338 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378TAF7 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 07/20/2041 07/05/2013 116,501.50 116,519.06 ---117,427.68 1,041.18 2.500 2.170 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38375KCX8 Agency CMO Government National Mortgage Association 01/20/2037 09/18/2018 882.42 888.90 ---881.41 (1.01)5.500 2.623 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377F2N0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 06/20/2038 09/28/2018 78.07 77.93 ---77.97 (0.09)3.000 2.383 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137B4HD1 Agency CMO Federal Home Loan Mortgage Corporation 12/15/2042 03/20/2019 45,038.16 46,515.98 ---47,347.26 847.12 4.500 2.587 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377LQT8 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 12/20/2037 ---10,791.72 10,795.58 ---10,788.70 12.11 3.000 2.339 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31398QTP2 Agency CMO Federal Home Loan Mortgage Corporation 05/15/2038 06/26/2018 62,750.13 63,978.17 ---63,405.87 8.44 4.500 2.950 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 01/15/2021 ---86,850.53 86,860.35 ---87,045.94 243.90 2.500 2.212 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38376T5Z1 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 01/16/2039 01/26/2015 71,126.87 74,309.79 ---72,547.98 (681.47)3.000 2.148 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38376WA62 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 10/20/2039 ---199,689.93 204,713.32 ---208,536.20 3,416.04 4.000 2.546 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38375CBH2 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/16/2035 03/19/2019 37,435.52 37,207.40 ---37,294.76 4.27 1.250 2.895 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38380AZ34 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 04/20/2046 11/28/2016 134,902.24 138,680.57 ---137,434.36 (570.28)3.000 2.640 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378CDK0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/20/2035 03/16/2018 16,646.24 16,724.27 ---16,687.86 21.53 3.000 2.390 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378AWX5 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 01/20/2036 03/28/2018 72,456.35 72,846.93 ---72,845.44 225.27 3.000 2.321 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378DDC6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 04/20/2038 06/20/2018 98,124.98 98,788.08 ---98,435.05 59.15 3.500 2.772 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38379HLE3 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 05/20/2043 10/18/2018 109,154.38 109,000.88 ---111,831.93 2,867.12 3.500 2.445 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378VC45 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 12/16/2041 11/23/2018 145,530.42 140,277.69 ---144,824.60 4,069.14 2.250 2.391 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377JM59 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 10/20/2039 11/21/2018 81,124.70 79,096.58 ---80,819.67 1,489.13 2.500 2.618 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137B5A60 Agency CMO Federal Home Loan Mortgage Corporation 10/15/2028 03/20/2019 25,090.68 24,808.42 ---25,185.78 373.43 2.500 2.284 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136ADFF1 Agency CMO Federal National Mortgage Association, Inc.04/25/2023 06/10/2019 146,759.31 144,649.65 ---144,964.44 328.81 1.500 2.312 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137A1N90 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2020 06/26/2018 65,000.00 65,594.14 ---65,514.15 319.32 3.531 2.348 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137ABFH9 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2021 03/15/2019 206,000.00 209,846.41 ---211,419.86 2,066.21 3.989 2.331 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137APP53 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2020 05/18/2018 7,018.27 6,931.91 ---6,988.16 22.84 1.781 2.374 AAA 256350021 MIM-RCTC 2013 Residual Fund 38378BXQ7 Agency CMO Government National Mortgage Association 01/16/2036 06/17/2019 196,033.73 194,073.39 ---194,189.05 162.41 1.537 3.259 AAA 256350021 MIM-RCTC 2013 Residual Fund 31397LUK3 Agency CMO Federal National Mortgage Association, Inc.06/25/2023 10/10/2018 162,355.98 165,628.46 ---166,093.41 1,654.02 4.500 2.231 AAA 256350021 MIM-RCTC 2013 Residual Fund 3136A5KR6 Agency CMO Federal National Mortgage Association, Inc.10/25/2022 01/25/2019 113,708.13 112,144.64 ---112,954.25 576.32 1.750 2.332 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137A2PV7 Agency CMO Federal Home Loan Mortgage Corporation 09/15/2022 06/03/2019 32,624.14 32,053.21 ---32,676.99 619.53 1.500 1.380 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137A1LC5 Agency CMO Federal Home Loan Mortgage Corporation 08/15/2020 01/17/2018 5,967.88 5,948.30 ---5,946.93 (7.62)2.000 2.800 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 01/15/2021 01/30/2018 31,047.36 31,124.98 ---31,117.22 38.64 2.500 2.212 AAA 256350021 MIM-RCTC 2013 Residual Fund 38375CBH2 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/16/2035 03/19/2019 65,672.93 65,272.74 ---65,426.00 7.49 1.250 2.895 AAA 256350021 MIM-RCTC 2013 Residual Fund 38378CDK0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/20/2035 01/30/2018 29,963.24 30,239.46 ---30,038.14 (19.91)3.000 2.390 AAA 91 CIP STAMP Portfolio by Investment Category for quarter ended June 30, 2019 ATTACHMENT 2 26 Page 3 of 37 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 91 CIP STAMP Portfolio by Investment Category for quarter ended June 30, 2019 256350021 MIM-RCTC 2013 Residual Fund 38378AWX5 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 01/20/2036 01/30/2018 24,152.12 24,386.09 ---24,281.81 19.96 3.000 2.321 AAA 256350021 MIM-RCTC 2013 Residual Fund 31358TPC7 Agency CMO Federal National Mortgage Association, Inc.02/25/2023 02/11/2019 112,038.85 112,383.07 ---112,389.53 81.49 3.254 3.037 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 06/10/2019 238,091.68 246,759.71 ---247,093.93 297.84 4.000 2.063 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3620AFYR2 Agency MBS Government National Mortgage Association 12/15/2024 06/12/2019 115,409.68 119,165.01 ---119,731.77 530.24 4.000 2.012 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3620C4SU5 Agency MBS Government National Mortgage Association 09/15/2025 06/12/2019 107,932.02 111,924.66 ---112,011.85 49.28 4.000 2.202 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3620A9T35 Agency MBS Government National Mortgage Association 11/15/2024 06/13/2019 198,662.26 205,134.30 ---206,108.12 910.78 4.000 1.986 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 36297GCD0 Agency MBS Government National Mortgage Association 02/15/2025 06/12/2019 110,521.45 115,171.13 ---113,861.41 (1,353.93)4.500 2.904 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378KW47 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 08/16/2035 06/13/2019 314,976.30 313,204.56 ---313,379.37 192.74 2.150 2.699 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31397UPF0 Agency MBS Federal National Mortgage Association, Inc.06/25/2021 06/10/2019 316,124.31 321,310.73 ---321,934.67 737.88 3.763 2.183 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137FGZN8 Agency MBS Federal Home Loan Mortgage Corporation Multi Class Mortgage Participation Certificate Agre 02/25/2023 06/18/2019 334,906.72 334,749.74 ---334,226.86 (526.66)2.631 2.850 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31381R5T7 Agency MBS Federal National Mortgage Association, Inc.09/01/2021 06/20/2019 101,000.00 103,840.63 ---104,491.57 673.47 3.770 2.084 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3138EJRP5 Agency MBS Federal National Mortgage Association, Inc.06/01/2021 06/18/2019 151,574.41 156,146.87 ---156,612.74 480.28 4.356 2.155 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AWQG3 Agency MBS Federal Home Loan Mortgage Corporation 04/25/2022 06/07/2019 337,553.15 333,808.42 ---334,613.06 779.74 1.583 2.122 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 01/25/2023 06/27/2019 375,000.00 378,618.16 ---378,063.75 (554.41)2.522 2.185 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137F4D41 Agency MBS Federal Home Loan Mortgage Corporation Multi Class Mortgage Participation Certificate Agre 01/25/2028 06/27/2019 150,000.00 163,248.05 ---162,687.00 (561.05)3.600 2.482 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B1BS0 Agency MBS Federal Home Loan Mortgage Corporation 11/25/2022 06/27/2019 250,000.00 253,398.44 ---253,647.50 249.06 2.510 2.008 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137BM6P6 Agency MBS Federal Home Loan Mortgage Corporation 08/25/2022 06/28/2019 200,000.00 205,437.50 ---205,234.00 (203.50)3.090 2.116 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137F4CY6 Agency MBS Federal Home Loan Mortgage Corporation Multi Class Mortgage Participation Certificate Agre 09/25/2024 06/28/2019 190,000.00 195,907.81 ---195,933.70 25.89 2.920 2.242 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137FBAJ5 Agency MBS Federal Home Loan Mortgage Corporation 08/25/2027 06/26/2019 200,000.00 211,593.75 ---210,864.00 (729.75)3.281 2.526 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31419AM53 Agency MBS Federal National Mortgage Association, Inc.08/01/2024 06/28/2019 129,220.16 133,985.15 ---133,932.53 (52.62)5.500 2.382 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136AHAE0 Agency MBS Federal National Mortgage Association, Inc.04/25/2023 06/28/2019 136,101.74 137,357.96 ---138,449.50 1,091.54 2.622 1.682 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137BSRZ8 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 06/28/2019 203,987.61 208,011.58 ---207,494.15 (517.43)2.838 2.183 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378NWU3 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 06/16/2048 06/27/2019 166,626.63 168,969.82 ---170,070.80 1,100.98 2.540 2.769 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378KWU9 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 11/16/2041 06/27/2019 63,058.96 60,329.69 ---60,513.90 184.21 1.400 3.355 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381PEB0 Agency MBS Federal National Mortgage Association, Inc.11/01/2020 09/26/2014 248,491.72 261,654.01 ---251,033.79 235.92 3.370 2.305 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138NJAE8 Agency MBS Federal National Mortgage Association, Inc.12/01/2020 09/13/2018 17,885.99 18,092.80 ---17,868.29 (194.45)3.630 3.885 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381N7G2 Agency MBS Federal National Mortgage Association, Inc.10/01/2020 09/25/2018 18,012.83 18,078.97 ---18,157.47 72.78 3.270 2.346 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381SVJ8 Agency MBS Federal National Mortgage Association, Inc.11/01/2021 02/22/2019 106,960.27 107,495.08 ---109,494.16 2,107.46 3.330 2.198 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31417YKF3 Agency MBS Federal National Mortgage Association, Inc.01/01/2030 ---133,171.94 139,558.00 ---141,772.19 2,879.12 4.500 2.289 AAA 256350023 MIM-Sr Lien Reserve Fund-1 36202F2H8 Agency MBS Ginnie Mae II 01/20/2027 ---155,441.69 160,215.68 ---158,920.48 (451.22)3.000 2.093 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381R5T7 Agency MBS Federal National Mortgage Association, Inc.09/01/2021 08/29/2018 130,000.00 132,747.27 ---134,494.10 2,597.75 3.770 2.084 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136AC7J4 Agency MBS Federal National Mortgage Association, Inc.03/25/2023 02/21/2018 50,216.36 49,390.54 ---50,982.66 1,370.88 2.607 2.113 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138L33G8 Agency MBS Federal National Mortgage Association, Inc.06/01/2020 11/12/2015 100,000.00 99,875.00 ---99,656.00 (183.78)2.010 2.235 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31418AU48 Agency MBS Federal National Mortgage Association, Inc.07/01/2023 05/21/2019 62,584.44 62,325.30 ---63,209.66 889.09 2.500 1.789 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 01/25/2023 08/29/2016 380,000.00 394,917.97 ---383,104.60 (4,349.47)2.522 2.185 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378KWU9 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 11/16/2041 ---163,696.32 155,549.00 ---157,089.53 (394.90)1.400 3.355 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378KXW4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 02/16/2037 12/11/2014 102,042.30 101,548.03 ---101,024.94 (811.53)1.705 2.495 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138L1W62 Agency MBS Federal National Mortgage Association, Inc.12/01/2022 02/21/2019 165,434.11 164,451.85 ---164,894.80 404.95 2.500 2.576 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138EKXL4 Agency MBS Federal National Mortgage Association, Inc.03/01/2023 ---257,446.87 253,787.39 ---259,205.23 4,335.19 2.353 2.121 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136AHAE0 Agency MBS Federal National Mortgage Association, Inc.04/25/2023 10/28/2016 113,931.13 116,387.77 ---115,896.44 298.12 2.707 1.682 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378B6A2 Agency MBS Government National Mortgage Association 11/16/2052 01/22/2015 113,075.20 109,510.68 ---108,041.09 (3,090.27)1.826 3.339 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136A7MN9 Agency MBS Federal National Mortgage Association, Inc.05/25/2022 08/29/2016 289,220.87 297,490.79 ---290,548.39 (2,229.19)2.349 2.136 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378KSL4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 12/16/2046 ---425,000.00 415,829.11 ---412,598.50 (6,065.98)2.814 3.246 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381Q6B7 Agency MBS Federal National Mortgage Association, Inc.06/01/2021 07/15/2016 181,995.11 201,843.96 ---189,089.28 (831.33)4.295 2.105 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378KRS0 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 07/16/2043 05/08/2015 450,000.00 434,460.94 ---437,323.50 (4,456.09)2.389 3.138 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378XP62 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 05/16/2055 05/14/2015 262,676.21 265,918.62 ---258,570.58 (6,695.73)2.500 2.852 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38379KDN5 Agency MBS Government National Mortgage Association 09/16/2055 08/05/2015 149,975.58 146,144.17 ---145,921.74 (2,408.41)2.130 3.049 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381T4E7 Agency MBS Federal National Mortgage Association, Inc.03/01/2022 10/25/2016 258,120.48 269,685.50 ---262,314.94 (1,077.67)2.670 1.900 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138EJPZ5 Agency MBS Federal National Mortgage Association, Inc.07/01/2022 08/29/2016 269,719.66 286,482.32 ---274,412.79 (4,207.74)2.973 2.281 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 06/10/2019 119,045.84 123,379.85 ---123,546.96 148.92 4.000 2.063 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137FBAJ5 Agency MBS Federal Home Loan Mortgage Corporation 08/25/2027 06/26/2019 200,000.00 211,593.75 ---210,864.00 (729.75)3.281 2.526 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137F4D41 Agency MBS Federal Home Loan Mortgage Corporation Multi Class Mortgage Participation Certificate Agre 01/25/2028 04/01/2019 35,000.00 36,714.84 ---37,960.30 1,289.46 3.600 2.482 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381QB54 Agency MBS Federal National Mortgage Association, Inc.03/01/2021 11/07/2018 130,217.41 132,913.33 ---133,862.20 1,726.21 4.410 2.293 AAA 256350021 MIM-RCTC 2013 Residual Fund 31416BVR6 Agency MBS Federal National Mortgage Association, Inc.12/01/2020 01/17/2018 20,478.50 20,939.26 ---20,953.19 283.32 5.000 -0.598 AAA 256350021 MIM-RCTC 2013 Residual Fund 31381RLL6 Agency MBS Federal National Mortgage Association, Inc.07/01/2021 11/02/2018 52,747.04 53,530.01 ---54,233.97 902.72 3.840 2.090 AAA 256350021 MIM-RCTC 2013 Residual Fund 31381SVJ8 Agency MBS Federal National Mortgage Association, Inc.11/01/2021 02/22/2019 85,568.21 85,996.06 ---87,595.32 1,685.97 3.330 2.198 AAA 256350021 MIM-RCTC 2013 Residual Fund 3128MMPP2 Agency MBS Federal Home Loan Mortgage Corporation 03/01/2027 05/10/2019 247,221.12 246,139.53 ---249,547.47 3,420.39 2.500 2.145 AAA 256350021 MIM-RCTC 2013 Residual Fund 3128MMPY3 Agency MBS Federal Home Loan Mortgage Corporation 06/01/2027 05/10/2019 223,910.08 222,930.48 ---226,032.75 3,105.01 2.500 2.149 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137B2GW4 Agency MBS Federal Home Loan Mortgage Corporation 03/25/2020 06/29/2018 96,422.80 95,797.56 ---96,255.99 155.76 2.313 2.359 AAA 256350021 MIM-RCTC 2013 Residual Fund 31418AU48 Agency MBS Federal National Mortgage Association, Inc.07/01/2023 05/21/2019 70,176.64 69,886.07 ---70,877.71 996.94 2.500 1.789 AAA 256350021 MIM-RCTC 2013 Residual Fund 38378KW47 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 08/16/2035 06/13/2019 121,729.97 121,045.24 ---121,112.80 74.49 2.150 2.699 AAA 256350021 MIM-RCTC 2013 Residual Fund 3138L1W62 Agency MBS Federal National Mortgage Association, Inc.12/01/2022 02/21/2019 126,508.44 125,757.29 ---126,096.02 309.67 2.500 2.576 AAA 256350021 MIM-RCTC 2013 Residual Fund 31381RZ23 Agency MBS Federal National Mortgage Association, Inc.08/01/2021 11/02/2018 60,853.62 61,756.91 ---62,553.87 1,013.56 3.840 2.205 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137AXHN6 Agency MBS Federal Home Loan Mortgage Corporation 02/25/2022 01/25/2018 26,785.03 26,416.75 ---26,639.32 122.27 1.749 2.075 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137AWQG3 Agency MBS Federal Home Loan Mortgage Corporation 04/25/2022 ---52,742.68 51,761.99 ---52,283.29 324.55 1.583 2.122 AAA 256350021 MIM-RCTC 2013 Residual Fund 31397UPF0 Agency MBS Federal National Mortgage Association, Inc.06/25/2021 03/15/2019 158,062.16 160,334.30 ---160,967.34 932.47 3.763 2.183 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137B1UF7 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 01/25/2018 15,480.30 15,252.93 ---15,408.00 97.99 1.785 2.022 AAA 256350021 MIM-RCTC 2013 Residual Fund 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 06/10/2019 77,975.02 80,813.80 ---80,923.26 97.54 4.000 2.063 AAA 256350021 MIM-RCTC 2013 Residual Fund 3138L2GH4 Agency MBS Federal National Mortgage Association, Inc.07/01/2021 12/19/2018 91,333.42 88,850.30 ---91,168.11 1,783.53 1.870 1.915 AAA 256350021 MIM-RCTC 2013 Residual Fund 31381QB54 Agency MBS Federal National Mortgage Association, Inc.03/01/2021 11/07/2018 99,833.36 101,900.22 ---102,627.69 1,323.43 4.410 2.293 AAA 256350021 MIM-RCTC 2013 Residual Fund 3138L8H23 Agency MBS Federal National Mortgage Association, Inc.12/01/2021 05/02/2019 68,683.02 68,468.46 ---68,563.52 91.01 2.730 2.742 AAA 256350021 MIM-RCTC 2013 Residual Fund 161571FK5 Asset Backed Chase Issuance Trust 08/15/2019 01/25/2018 115,000.00 113,827.54 ---114,881.55 (24.19)1.580 2.382 AAA 256350021 MIM-RCTC 2013 Residual Fund 02587AAJ3 Asset Backed American Express Credit Account Master Trust 02/18/2020 ---221,000.00 218,887.00 ---220,549.16 629.86 1.930 2.262 AAA 256350021 MIM-RCTC 2013 Residual Fund 055657AC4 Asset Backed Bmw Vehicle Lease Trust 2017-1 05/20/2020 01/29/2018 24,522.76 24,449.96 ---24,510.99 (5.44)1.980 2.345 AAA 256350021 MIM-RCTC 2013 Residual Fund 43814TAD4 Asset Backed Honda Auto Receivables 2007-1 Owner Trust 06/21/2023 10/11/2018 200,000.00 196,375.00 ---199,756.00 2,386.67 2.050 2.128 AAA 256350021 MIM-RCTC 2013 Residual Fund 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 04/15/2020 ---28,805.52 28,700.46 ---28,790.83 16.24 1.910 2.406 AAA 256350021 MIM-RCTC 2013 Residual Fund 05584PAD9 Asset Backed BMW Vehicle Lease Trust 2017-2 02/20/2020 10/11/2018 144,276.26 142,980.03 ---144,071.39 222.19 2.070 2.516 AAA 256350021 MIM-RCTC 2013 Residual Fund 65478HAD0 Asset Backed NAROT_17-C 04/18/2022 09/25/2018 70,000.00 68,908.98 ---69,980.40 621.24 2.120 2.156 AAA 256350021 MIM-RCTC 2013 Residual Fund 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 05/16/2022 06/29/2018 85,000.00 84,561.72 ---85,443.70 686.88 2.650 2.223 AAA 256350021 MIM-RCTC 2013 Residual Fund 47789JAB2 Asset Backed John Deere Owner Trust 2019 10/15/2021 03/05/2019 105,000.00 104,995.21 ---105,618.45 621.97 2.850 2.160 AAA 256350021 MIM-RCTC 2013 Residual Fund 31680YAB3 Asset Backed Fifth Third Auto Trust 2019-1 05/16/2022 04/30/2019 155,000.00 154,991.46 ---155,674.25 681.66 2.660 2.259 AAA 256350021 MIM-RCTC 2013 Residual Fund 51500VCC1 CD Landesbank Hessen-Thuringen Girozentrale 07/08/2019 06/18/2019 500,000.00 500,030.52 ---500,020.00 8.13 2.550 2.387 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 06/24/2019 24,440.71 24,429.25 ---24,478.11 48.73 2.869 2.687 AAA 256350023 MIM-Sr Lien Reserve Fund-1 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 01/22/2019 99,120.66 99,155.51 ---99,272.31 125.70 2.917 2.687 AAA 256350021 MIM-RCTC 2013 Residual Fund 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 ---148,002.07 148,056.19 ---148,228.51 181.91 2.917 2.687 AAA 256350021 MIM-RCTC 2013 Residual Fund 62888UAB6 CMO NCUA Guaranteed Notes Trust 2010-R2 11/05/2020 03/15/2019 169,716.21 169,968.14 ---169,840.10 (84.15)2.937 2.345 AAA 27 Page 4 of 37 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 91 CIP STAMP Portfolio by Investment Category for quarter ended June 30, 2019 256350021 MIM-RCTC 2013 Residual Fund 38141EA58 Corporate The Goldman Sachs Group, Inc.03/15/2020 ---200,000.00 208,651.00 ---204,116.00 713.07 5.375 2.444 A 256350021 MIM-RCTC 2013 Residual Fund 06051GEC9 Corporate Bank of America Corporation 07/01/2020 ---200,000.00 207,806.00 ---206,476.00 1,865.94 5.625 2.356 A 256350021 MIM-RCTC 2013 Residual Fund 46625HHS2 Corporate JPMorgan Chase & Co.07/22/2020 ---140,000.00 142,963.00 ---143,108.00 1,396.21 4.400 2.280 A 256350021 MIM-RCTC 2013 Residual Fund 61747WAF6 Corporate Morgan Stanley 01/25/2021 ---200,000.00 213,237.00 ---210,066.00 1,269.21 5.750 2.471 A 256350021 MIM-RCTC 2013 Residual Fund 637432MU6 Corporate National Rural Utilities Cooperative Finance Corporation 06/15/2020 06/21/2019 200,000.00 199,972.00 05/15/2020 200,118.00 145.52 2.350 2.282 A 256350021 MIM-RCTC 2013 Residual Fund 89114QAS7 Corporate The Toronto-Dominion Bank 07/02/2019 ---200,000.00 199,006.00 ---200,000.00 3.23 2.125 2.103 AA 256350021 MIM-RCTC 2013 Residual Fund 254010AC5 Corporate Dignity Health 11/01/2019 03/15/2018 24,000.00 23,897.52 ---23,974.08 (4.48)2.637 2.944 A 256350021 MIM-RCTC 2013 Residual Fund 40428HPN6 Corporate HSBC USA Inc.11/13/2019 06/29/2018 100,000.00 99,140.00 ---99,973.00 207.32 2.375 2.440 A 256350021 MIM-RCTC 2013 Residual Fund 46625HKA7 Corporate JPMorgan Chase & Co.01/23/2020 01/25/2018 100,000.00 99,577.00 12/23/2019 99,969.00 90.56 2.250 2.304 A 256350021 MIM-RCTC 2013 Residual Fund 084659AB7 Corporate Berkshire Hathaway Energy Company 02/01/2020 04/22/2019 250,000.00 249,475.00 01/01/2020 249,897.50 294.84 2.400 2.468 A 256350021 MIM-RCTC 2013 Residual Fund 06051GFN4 Corporate Bank of America Corporation 04/21/2020 01/25/2018 100,000.00 99,537.00 ---99,983.00 152.66 2.250 2.269 A 256350021 MIM-RCTC 2013 Residual Fund 05531FAU7 Corporate BB&T Corporation 06/29/2020 04/15/2019 250,000.00 249,642.50 05/29/2020 250,515.00 807.64 2.625 2.398 A 256350021 MIM-RCTC 2013 Residual Fund 94974BGM6 Corporate Wells Fargo & Company 07/22/2020 04/15/2019 200,000.00 199,590.00 ---200,658.00 999.28 2.600 2.285 A 256350021 MIM-RCTC 2013 Residual Fund 375558BB8 Corporate Gilead Sciences, Inc.09/01/2020 ---135,000.00 133,439.10 ---135,396.90 1,341.08 2.550 2.294 A 256350021 MIM-RCTC 2013 Residual Fund 780082AC7 Corporate Royal Bank of Canada 10/14/2020 ---200,000.00 196,622.00 ---200,096.00 2,098.15 2.100 2.061 AAA 256350021 MIM-RCTC 2013 Residual Fund 06416CAC2 Corporate The Bank of Nova Scotia 04/26/2021 ---200,000.00 194,126.00 ---199,310.00 3,187.10 1.875 2.068 AAA 256350021 MIM-RCTC 2013 Residual Fund 06406FAB9 Corporate The Bank of New York Mellon Corporation 05/03/2021 10/11/2018 200,000.00 193,708.00 04/03/2021 199,596.00 4,185.17 2.050 2.161 A 256350021 MIM-RCTC 2013 Residual Fund 49327M2P8 Corporate KeyBank National Association 08/22/2019 10/11/2018 250,000.00 247,367.50 ---249,695.00 140.15 1.600 2.403 A 256350021 MIM-RCTC 2013 Residual Fund 13607RAB6 Corporate Canadian Imperial Bank of Commerce 09/06/2019 ---200,000.00 197,801.00 ---199,698.00 47.51 1.600 2.391 AA 256350021 MIM-RCTC 2013 Residual Fund 17275RBG6 Corporate Cisco Systems, Inc.09/20/2019 06/29/2018 150,000.00 147,883.50 ---149,677.50 64.50 1.400 2.340 AA 256350021 MIM-RCTC 2013 Residual Fund 172967LC3 Corporate Citigroup Inc.12/08/2021 ---450,000.00 449,617.50 11/08/2021 454,666.50 5,013.23 2.900 2.445 A 256350021 MIM-RCTC 2013 Residual Fund 06367TPX2 Corporate Bank of Montreal 12/12/2019 ---200,000.00 197,898.00 ---199,776.00 506.39 2.100 2.346 AA 256350021 MIM-RCTC 2013 Residual Fund 86787EAS6 Corporate SunTrust Bank 01/31/2020 01/25/2018 100,000.00 100,644.00 12/31/2019 100,179.00 10.88 3.113 2.542 A 256350021 MIM-RCTC 2013 Residual Fund 0258M0EE5 Corporate American Express Credit Corporation 03/03/2020 ---260,000.00 257,588.40 02/01/2020 259,727.00 954.70 2.200 2.354 A 256350021 MIM-RCTC 2013 Residual Fund 69353RFC7 Corporate PNC Bank, National Association 05/19/2020 10/10/2018 250,000.00 245,222.50 04/19/2020 249,335.00 1,993.84 2.000 2.302 A 256350021 MIM-RCTC 2013 Residual Fund 55279HAN0 Corporate Manufacturers and Traders Trust Company 08/17/2020 10/11/2018 250,000.00 244,707.50 07/17/2020 249,537.50 2,821.29 2.050 2.215 A 256350021 MIM-RCTC 2013 Residual Fund 31677QBK4 Corporate Fifth Third Bank 10/30/2020 06/21/2019 200,000.00 199,810.00 09/30/2020 199,788.00 (24.38)2.200 2.280 A 256350021 MIM-RCTC 2013 Residual Fund 17401QAN1 Corporate Citizens Bank, National Association 10/30/2020 04/15/2019 250,000.00 247,950.00 ---249,512.50 1,291.12 2.250 2.398 A 256350021 MIM-RCTC 2013 Residual Fund 69353RFH6 Corporate PNC Bank, National Association 01/22/2021 04/22/2019 250,000.00 249,005.00 12/22/2020 250,837.50 1,724.63 2.500 2.269 A 256350021 MIM-RCTC 2013 Residual Fund 90331HNP4 Corporate U.S. Bank National Association 04/26/2021 10/11/2018 250,000.00 249,395.00 03/26/2021 254,535.00 4,973.45 3.150 2.085 AA 256350021 MIM-RCTC 2013 Residual Fund 69371RP34 Corporate PACCAR Financial Corp.05/10/2021 04/30/2019 200,000.00 200,250.00 ---200,264.00 34.30 2.805 2.529 A 256350021 MIM-RCTC 2013 Residual Fund 369550BA5 Corporate General Dynamics Corporation 05/11/2020 ---225,000.00 224,409.50 ---226,116.00 1,431.01 2.875 2.294 A 256350021 MIM-RCTC 2013 Residual Fund 14913Q2X6 Corporate Caterpillar Financial Services Corporation 05/17/2021 05/14/2019 120,000.00 120,000.00 ---120,289.20 289.20 2.915 2.603 A 256350021 MIM-RCTC 2013 Residual Fund 86787EBD8 Corporate SunTrust Bank 05/17/2022 05/14/2019 50,000.00 50,000.00 04/17/2022 50,078.00 78.00 3.115 2.871 A 256350021 MIM-RCTC 2013 Residual Fund 025816CE7 Corporate American Express Company 05/20/2022 05/15/2019 100,000.00 100,000.00 04/19/2022 100,395.00 395.00 3.140 2.813 A 256350021 MIM-RCTC 2013 Residual Fund 46640QU82 CP J.P. Morgan Securities LLC 07/08/2019 06/18/2019 375,000.00 374,508.33 ---374,827.50 (0.42)0.000 1.656 AAA 256350021 MIM-RCTC 2013 Residual Fund 69350BUB0 CP PPG Industries, Inc.07/11/2019 06/10/2019 325,000.00 324,272.36 ---324,785.50 20.22 0.000 1.828 AA 256350021 MIM-RCTC 2013 Residual Fund 97684HU82 CP Wisconsin Public Service Corporation 07/08/2019 06/11/2019 375,000.00 374,341.88 ---374,827.50 4.69 0.000 1.656 AAA 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Currency UNITED STATES OF AMERICA 06/30/2019 ---0.00 489.16 ---489.16 0.00 0.000 0.000 AAA 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Currency UNITED STATES OF AMERICA 06/30/2019 ---0.00 (5,029,416.31)---(5,029,416.31)0.00 0.000 0.000 AAA 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Currency UNITED STATES OF AMERICA 06/30/2019 ---0.00 5,324.53 ---5,324.53 0.00 0.000 0.000 AAA 256350023 MIM-Sr Lien Reserve Fund-1 CCYUSD Currency UNITED STATES OF AMERICA 06/30/2019 ---0.00 (231,218.46)---(231,218.46)0.00 0.000 0.000 AAA 256350023 MIM-Sr Lien Reserve Fund-1 CCYUSD Currency UNITED STATES OF AMERICA 06/30/2019 ---0.00 (211,593.75)---(211,593.75)0.00 0.000 0.000 AAA 256350023 MIM-Sr Lien Reserve Fund-1 CCYUSD Currency UNITED STATES OF AMERICA 06/30/2019 ---0.00 728.94 ---728.94 0.00 0.000 0.000 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31846V401 MM Fund First American Funds, Inc.06/30/2019 ---0.00 5,093,730.60 ---5,093,730.60 0.00 1.610 1.860 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31846V401 MM Fund First American Funds, Inc.06/30/2019 ---0.00 322,791.18 ---322,791.18 0.00 1.840 1.860 AAA 256350021 MIM-RCTC 2013 Residual Fund 31846V401 MM Fund First American Funds, Inc.06/30/2019 ---0.00 48,056.65 ---48,056.65 0.00 1.860 1.830 AAA 256350021 MIM-RCTC 2013 Residual Fund 459058GK3 Non-US Gov International Bank for Reconstruction and Development 08/21/2020 ---315,000.00 315,116.40 ---315,103.95 26.87 2.720 2.656 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 912828UH1 TIPS Treasury, United States Department of 01/15/2023 06/06/2019 664,158.00 660,075.45 ---660,398.87 248.69 0.125 0.285 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 9128285W6 TIPS Treasury, United States Department of 01/15/2029 06/25/2019 121,425.60 127,929.84 ---127,807.73 (114.70)0.875 0.315 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 912828V49 TIPS Treasury, United States Department of 01/15/2027 06/25/2019 306,738.80 309,133.95 ---308,833.83 (296.66)0.375 0.283 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828SA9 TIPS Treasury, United States Department of 01/15/2022 ---468,481.05 470,783.70 ---465,534.30 (4,261.27)0.125 0.372 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828UH1 TIPS Treasury, United States Department of 01/15/2023 02/05/2018 193,712.75 191,214.67 ---192,616.34 699.27 0.125 0.285 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828V49 TIPS Treasury, United States Department of 01/15/2027 ---296,161.60 294,818.75 ---298,184.38 3,074.80 0.375 0.283 AAA 256350023 MIM-Sr Lien Reserve Fund-1 9128285W6 TIPS Treasury, United States Department of 01/15/2029 05/23/2019 101,188.00 104,239.15 ---106,506.44 2,299.55 0.875 0.315 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828SA9 TIPS Treasury, United States Department of 01/15/2022 06/29/2018 203,196.60 199,850.62 ---201,918.49 1,125.79 0.125 0.372 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828UH1 TIPS Treasury, United States Department of 01/15/2023 ---99,623.70 97,753.38 ---99,059.83 870.41 0.125 0.285 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 912828Y53 US Gov Treasury, United States Department of 07/31/2020 06/06/2019 800,000.00 799,735.75 ---799,152.00 (598.85)2.139 2.274 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 912828L99 US Gov Treasury, United States Department of 10/31/2020 06/25/2019 1,300,000.00 1,292,179.69 ---1,291,576.00 (666.65)1.375 1.866 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 912828B58 US Gov Treasury, United States Department of 01/31/2021 06/26/2019 1,500,000.00 1,506,269.53 ---1,506,855.00 627.09 2.125 1.832 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 9128282T6 US Gov Treasury, United States Department of 08/31/2019 06/28/2019 1,000,000.00 998,398.44 ---998,280.00 (118.44)1.250 2.234 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828VV9 US Gov Treasury, United States Department of 08/31/2020 07/14/2017 100,000.00 101,667.97 ---100,234.00 (398.40)2.125 1.921 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828B58 US Gov Treasury, United States Department of 01/31/2021 ---1,375,000.00 1,405,890.24 ---1,381,283.75 (3,488.43)2.125 1.832 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828G38 US Gov Treasury, United States Department of 11/15/2024 04/18/2017 1,350,000.00 1,369,037.11 ---1,381,428.00 17,615.98 2.250 1.794 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828XB1 US Gov Treasury, United States Department of 05/15/2025 ---1,125,000.00 1,143,342.78 ---1,143,990.00 7,875.51 2.125 1.821 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828L57 US Gov Treasury, United States Department of 09/30/2022 ---1,400,000.00 1,386,564.45 ---1,400,980.00 9,321.58 1.750 1.728 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828L99 US Gov Treasury, United States Department of 10/31/2020 ---800,000.00 793,775.39 ---794,816.00 (2,742.94)1.375 1.866 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828UF5 US Gov Treasury, United States Department of 12/31/2019 ---970,000.00 955,677.54 ---965,305.20 2,029.61 1.125 2.092 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828VA5 US Gov Treasury, United States Department of 04/30/2020 ---925,000.00 901,532.23 ---918,210.50 5,270.85 1.125 2.010 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828VV9 US Gov Treasury, United States Department of 08/31/2020 ---1,060,000.00 1,047,463.28 ---1,062,480.40 9,939.11 2.125 1.921 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828B58 US Gov Treasury, United States Department of 01/31/2021 ---550,000.00 541,754.30 ---552,513.50 7,990.96 2.125 1.832 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828L57 US Gov Treasury, United States Department of 09/30/2022 06/29/2018 100,000.00 96,167.97 ---100,070.00 3,033.64 1.750 1.728 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828Y53 US Gov Treasury, United States Department of 07/31/2020 ---1,400,000.00 1,399,880.28 ---1,398,516.00 (1,349.52)2.139 2.274 AAA 256350021 MIM-RCTC 2013 Residual Fund 9128285H9 US Gov Treasury, United States Department of 10/31/2020 ---900,000.00 899,672.81 ---898,677.00 (1,068.22)2.141 2.291 AAA 256350021 MIM-RCTC 2013 Residual Fund 658886DZ6 VRDN North Dakota Housing Finance Agency 07/01/2038 06/29/2018 100,000.00 100,000.00 ---100,000.00 0.00 2.360 2.360 AA 256350021 MIM-RCTC 2013 Residual Fund 56052FHZ1 VRDN Maine State Housing Authority 11/15/2052 06/29/2018 100,000.00 100,000.00 07/30/2019 100,000.00 0.00 2.400 2.400 AA 58,999,442.54 59,091,502.36 59,268,614.72 162,069.92 28 29 Page 5 of 37 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 256350018 MIM-RCTC 91 TIFIA Reserve 3135G0D75 Agency Federal National Mortgage Association, Inc.06/22/2020 06/07/2019 650,000.00 646,269.00 ---646,685.00 207.04 1.500 2.026 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137EADR7 Agency Federal Home Loan Mortgage Corporation 05/01/2020 06/07/2019 500,000.00 496,885.00 ---497,145.00 61.25 1.375 2.062 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137EADB2 Agency Federal Home Loan Mortgage Corporation 01/13/2022 06/06/2019 500,000.00 505,766.50 ---507,385.00 1,759.95 2.375 1.778 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3134GTBJ1 Agency Freddie Mac 04/01/2021 06/11/2019 600,000.00 600,027.60 ---600,000.00 0.00 2.600 2.584 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136G4TH6 Agency Federal National Mortgage Association, Inc.01/30/2020 06/13/2019 300,000.00 300,289.38 ---300,276.00 8.01 2.660 2.474 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3130AFEN3 Agency Council of Federal Home Loan Banks 05/08/2020 06/13/2019 600,000.00 599,734.20 ---599,712.00 (35.93)2.385 2.222 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3130AG5X9 Agency Federal Home Loan Banks Office of Finance 10/09/2020 06/13/2019 500,000.00 500,300.00 10/09/2019 500,365.00 108.59 2.520 2.246 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 313384JQ3 Agency Federal Home Loan Banks Office of Finance 07/26/2019 06/28/2019 1,000,000.00 998,475.69 ---998,470.00 (5.69)0.000 1.998 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137ABFH9 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2021 ---149,000.00 152,765.01 ---152,920.19 233.71 3.989 2.331 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AH6C7 Agency CMO Federal Home Loan Mortgage Corporation 07/25/2021 06/07/2019 350,000.00 356,193.36 ---356,979.00 942.54 3.230 2.061 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136A5KR6 Agency CMO Federal National Mortgage Association, Inc.10/25/2022 06/10/2019 222,957.13 221,284.95 ---221,478.92 192.24 1.750 2.332 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136ADFF1 Agency CMO Federal National Mortgage Association, Inc.04/25/2023 06/10/2019 155,392.21 153,158.45 ---153,491.76 348.15 1.500 2.312 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AS7D0 Agency CMO Federal Home Loan Mortgage Corporation 04/15/2039 06/14/2019 220,291.57 218,639.38 ---221,223.40 2,597.88 2.000 1.729 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38376PRM4 Agency CMO Government National Mortgage Association 05/20/2038 06/18/2019 50,136.30 50,386.98 ---50,523.85 122.54 4.000 2.489 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31397ALN1 Agency CMO Federal Home Loan Mortgage Corporation 04/15/2032 06/18/2019 224,638.13 224,497.74 ---224,725.74 226.41 2.744 2.708 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378BXQ7 Agency CMO Government National Mortgage Association 01/16/2036 06/17/2019 264,645.53 261,999.08 ---262,155.22 219.25 1.537 3.259 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B6DF5 Agency CMO Federal Home Loan Mortgage Corporation 11/15/2026 06/18/2019 201,257.02 199,165.83 ---201,218.78 2,078.94 2.000 1.981 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136AGFQ0 Agency CMO Federal National Mortgage Association, Inc.12/25/2038 06/18/2019 207,188.54 209,802.68 ---209,875.78 29.34 3.500 2.561 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38374C4J7 Agency CMO Government National Mortgage Association 07/20/2020 06/14/2019 97,927.85 99,090.75 ---99,323.32 195.25 5.500 2.139 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B3HX9 Agency CMO Federal Home Loan Mortgage Corporation 07/15/2038 06/20/2019 120,119.69 119,744.32 ---120,684.25 939.67 2.844 2.587 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38377YTL4 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 05/20/2040 06/17/2019 237,037.86 234,148.96 ---233,591.33 (522.49)2.000 2.506 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378WUY7 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 06/20/2041 06/12/2019 202,314.38 202,630.50 ---203,637.52 1,000.90 2.500 2.097 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378BCG2 Agency CMO Government National Mortgage Association 03/16/2037 06/25/2019 152,398.94 151,446.44 ---151,295.57 (122.80)2.105 2.686 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B1UG5 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2023 06/25/2019 200,000.00 204,101.56 ---203,668.00 (423.62)2.637 2.037 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378BSZ3 Agency CMO Government National Mortgage Association 04/16/2040 06/25/2019 255,171.63 253,736.29 ---253,558.95 (144.45)2.141 2.517 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137BDKF2 Agency CMO Federal Home Loan Mortgage Corporation 09/15/2040 06/25/2019 25,363.26 25,824.96 ---26,035.38 200.20 3.500 2.150 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AJMF8 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2021 06/07/2019 332,874.26 338,127.43 ---338,656.28 660.05 2.968 2.032 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378CNY9 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 11/20/2038 06/25/2019 200,000.00 202,593.75 ---202,582.00 2.66 3.500 2.573 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136AGZA3 Agency CMO Federal National Mortgage Association, Inc.09/25/2030 06/25/2019 34,127.98 34,355.95 ---34,541.61 178.60 3.000 2.206 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AUPE3 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2022 06/28/2019 200,000.00 201,773.44 ---201,652.00 (121.44)2.396 2.050 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AXHP1 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2022 06/28/2019 150,000.00 152,232.42 ---152,214.00 (18.42)2.573 2.040 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corporation 05/25/2022 06/28/2019 300,000.00 302,496.09 ---302,151.00 (345.09)2.373 2.056 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137A2B26 Agency CMO Federal Home Loan Mortgage Corporation 08/25/2020 06/13/2019 221,997.19 224,633.41 ---224,443.60 (90.78)3.808 2.383 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137A6B27 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2020 06/27/2019 249,167.73 254,657.20 ---254,432.65 (224.55)4.333 2.280 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 06/10/2019 238,091.68 246,759.71 ---247,093.93 297.84 4.000 2.063 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3620AFYR2 Agency MBS Government National Mortgage Association 12/15/2024 06/12/2019 115,409.68 119,165.01 ---119,731.77 530.24 4.000 2.012 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3620C4SU5 Agency MBS Government National Mortgage Association 09/15/2025 06/12/2019 107,932.02 111,924.66 ---112,011.85 49.28 4.000 2.202 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3620A9T35 Agency MBS Government National Mortgage Association 11/15/2024 06/13/2019 198,662.26 205,134.30 ---206,108.12 910.78 4.000 1.986 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 36297GCD0 Agency MBS Government National Mortgage Association 02/15/2025 06/12/2019 110,521.45 115,171.13 ---113,861.41 (1,353.93)4.500 2.904 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378KW47 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 08/16/2035 06/13/2019 314,976.30 313,204.56 ---313,379.37 192.74 2.150 2.699 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31397UPF0 Agency MBS Federal National Mortgage Association, Inc.06/25/2021 06/10/2019 316,124.31 321,310.73 ---321,934.67 737.88 3.763 2.183 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137FGZN8 Agency MBS Federal Home Loan Mortgage Corporation Multi Class Mortgage Participation Certificate Agre 02/25/2023 06/18/2019 334,906.72 334,749.74 ---334,226.86 (526.66)2.631 2.850 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31381R5T7 Agency MBS Federal National Mortgage Association, Inc.09/01/2021 06/20/2019 101,000.00 103,840.63 ---104,491.57 673.47 3.770 2.084 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3138EJRP5 Agency MBS Federal National Mortgage Association, Inc.06/01/2021 06/18/2019 151,574.41 156,146.87 ---156,612.74 480.28 4.356 2.155 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137AWQG3 Agency MBS Federal Home Loan Mortgage Corporation 04/25/2022 06/07/2019 337,553.15 333,808.42 ---334,613.06 779.74 1.583 2.122 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 01/25/2023 06/27/2019 375,000.00 378,618.16 ---378,063.75 (554.41)2.522 2.185 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137F4D41 Agency MBS Federal Home Loan Mortgage Corporation Multi Class Mortgage Participation Certificate Agre 01/25/2028 06/27/2019 150,000.00 163,248.05 ---162,687.00 (561.05)3.600 2.482 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137B1BS0 Agency MBS Federal Home Loan Mortgage Corporation 11/25/2022 06/27/2019 250,000.00 253,398.44 ---253,647.50 249.06 2.510 2.008 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137BM6P6 Agency MBS Federal Home Loan Mortgage Corporation 08/25/2022 06/28/2019 200,000.00 205,437.50 ---205,234.00 (203.50)3.090 2.116 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137F4CY6 Agency MBS Federal Home Loan Mortgage Corporation Multi Class Mortgage Participation Certificate Agre 09/25/2024 06/28/2019 190,000.00 195,907.81 ---195,933.70 25.89 2.920 2.242 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137FBAJ5 Agency MBS Federal Home Loan Mortgage Corporation 08/25/2027 06/26/2019 200,000.00 211,593.75 ---210,864.00 (729.75)3.281 2.526 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31419AM53 Agency MBS Federal National Mortgage Association, Inc.08/01/2024 06/28/2019 129,220.16 133,985.15 ---133,932.53 (52.62)5.500 2.382 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3136AHAE0 Agency MBS Federal National Mortgage Association, Inc.04/25/2023 06/28/2019 136,101.74 137,357.96 ---138,449.50 1,091.54 2.622 1.682 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 3137BSRZ8 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 06/28/2019 203,987.61 208,011.58 ---207,494.15 (517.43)2.838 2.183 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378NWU3 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 06/16/2048 06/27/2019 166,626.63 168,969.82 ---170,070.80 1,100.98 2.540 2.769 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 38378KWU9 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 11/16/2041 06/27/2019 63,058.96 60,329.69 ---60,513.90 184.21 1.400 3.355 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 06/24/2019 24,440.71 24,429.25 ---24,478.11 48.73 2.869 2.687 AAA 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Currency UNITED STATES OF AMERICA 06/30/2019 ---0.00 489.16 ---489.16 0.00 0.000 0.000 AAA 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Currency UNITED STATES OF AMERICA 06/30/2019 ---0.00 (5,029,416.31)---(5,029,416.31)0.00 0.000 0.000 AAA 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Currency UNITED STATES OF AMERICA 06/30/2019 ---0.00 5,324.53 ---5,324.53 0.00 0.000 0.000 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 31846V401 MM Fund First American Funds, Inc.06/30/2019 ---0.00 5,093,730.60 ---5,093,730.60 0.00 1.610 1.860 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 912828UH1 TIPS Treasury, United States Department of 01/15/2023 06/06/2019 664,158.00 660,075.45 ---660,398.87 248.69 0.125 0.285 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 9128285W6 TIPS Treasury, United States Department of 01/15/2029 06/25/2019 121,425.60 127,929.84 ---127,807.73 (114.70)0.875 0.315 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 912828V49 TIPS Treasury, United States Department of 01/15/2027 06/25/2019 306,738.80 309,133.95 ---308,833.83 (296.66)0.375 0.283 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 912828Y53 US Gov Treasury, United States Department of 07/31/2020 06/06/2019 800,000.00 799,735.75 ---799,152.00 (598.85)2.139 2.274 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 912828L99 US Gov Treasury, United States Department of 10/31/2020 06/25/2019 1,300,000.00 1,292,179.69 ---1,291,576.00 (666.65)1.375 1.866 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 912828B58 US Gov Treasury, United States Department of 01/31/2021 06/26/2019 1,500,000.00 1,506,269.53 ---1,506,855.00 627.09 2.125 1.832 AAA 256350018 MIM-RCTC 91 TIFIA Reserve 9128282T6 US Gov Treasury, United States Department of 08/31/2019 06/28/2019 1,000,000.00 998,398.44 ---998,280.00 (118.44)1.250 2.234 AAA 19,781,517.38 19,963,587.84 19,975,563.79 12,191.68 256350021 MIM-RCTC 2013 Residual Fund 3134GTAE3 Agency Freddie Mac 09/27/2021 04/30/2019 550,000.00 550,165.00 09/27/2019 550,671.00 573.55 2.700 2.189 AAA 256350021 MIM-RCTC 2013 Residual Fund 3134GTBJ1 Agency Freddie Mac 04/01/2021 03/29/2019 500,000.00 499,950.00 ---500,000.00 43.88 2.600 2.584 AAA 256350021 MIM-RCTC 2013 Residual Fund 3130AGE68 Agency Federal Home Loan Banks Office of Finance 11/09/2021 05/08/2019 750,000.00 749,812.50 08/09/2019 750,217.50 394.48 2.625 2.536 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137A1N90 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2020 06/26/2018 65,000.00 65,594.14 ---65,514.15 319.32 3.531 2.348 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137ABFH9 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2021 03/15/2019 206,000.00 209,846.41 ---211,419.86 2,066.21 3.989 2.331 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137APP53 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2020 05/18/2018 7,018.27 6,931.91 ---6,988.16 22.84 1.781 2.374 AAA 256350021 MIM-RCTC 2013 Residual Fund 38378BXQ7 Agency CMO Government National Mortgage Association 01/16/2036 06/17/2019 196,033.73 194,073.39 ---194,189.05 162.41 1.537 3.259 AAA 256350021 MIM-RCTC 2013 Residual Fund 31397LUK3 Agency CMO Federal National Mortgage Association, Inc.06/25/2023 10/10/2018 162,355.98 165,628.46 ---166,093.41 1,654.02 4.500 2.231 AAA 256350021 MIM-RCTC 2013 Residual Fund 3136A5KR6 Agency CMO Federal National Mortgage Association, Inc.10/25/2022 01/25/2019 113,708.13 112,144.64 ---112,954.25 576.32 1.750 2.332 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137A2PV7 Agency CMO Federal Home Loan Mortgage Corporation 09/15/2022 06/03/2019 32,624.14 32,053.21 ---32,676.99 619.53 1.500 1.380 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137A1LC5 Agency CMO Federal Home Loan Mortgage Corporation 08/15/2020 01/17/2018 5,967.88 5,948.30 ---5,946.93 (7.62)2.000 2.800 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 01/15/2021 01/30/2018 31,047.36 31,124.98 ---31,117.22 38.64 2.500 2.212 AAA 256350021 MIM-RCTC 2013 Residual Fund 38375CBH2 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/16/2035 03/19/2019 65,672.93 65,272.74 ---65,426.00 7.49 1.250 2.895 AAA 256350021 MIM-RCTC 2013 Residual Fund 38378CDK0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/20/2035 01/30/2018 29,963.24 30,239.46 ---30,038.14 (19.91)3.000 2.390 AAA 256350021 MIM-RCTC 2013 Residual Fund 38378AWX5 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 01/20/2036 01/30/2018 24,152.12 24,386.09 ---24,281.81 19.96 3.000 2.321 AAA 91 CIP STAMP Portfolio by Account for quarter ended June 30, 2019 ATTACHMENT 3 30 Page 6 of 37 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 91 CIP STAMP Portfolio by Account for quarter ended June 30, 2019 256350021 MIM-RCTC 2013 Residual Fund 31358TPC7 Agency CMO Federal National Mortgage Association, Inc.02/25/2023 02/11/2019 112,038.85 112,383.07 ---112,389.53 81.49 3.254 3.037 AAA 256350021 MIM-RCTC 2013 Residual Fund 31416BVR6 Agency MBS Federal National Mortgage Association, Inc.12/01/2020 01/17/2018 20,478.50 20,939.26 ---20,953.19 283.32 5.000 -0.598 AAA 256350021 MIM-RCTC 2013 Residual Fund 31381RLL6 Agency MBS Federal National Mortgage Association, Inc.07/01/2021 11/02/2018 52,747.04 53,530.01 ---54,233.97 902.72 3.840 2.090 AAA 256350021 MIM-RCTC 2013 Residual Fund 31381SVJ8 Agency MBS Federal National Mortgage Association, Inc.11/01/2021 02/22/2019 85,568.21 85,996.06 ---87,595.32 1,685.97 3.330 2.198 AAA 256350021 MIM-RCTC 2013 Residual Fund 3128MMPP2 Agency MBS Federal Home Loan Mortgage Corporation 03/01/2027 05/10/2019 247,221.12 246,139.53 ---249,547.47 3,420.39 2.500 2.145 AAA 256350021 MIM-RCTC 2013 Residual Fund 3128MMPY3 Agency MBS Federal Home Loan Mortgage Corporation 06/01/2027 05/10/2019 223,910.08 222,930.48 ---226,032.75 3,105.01 2.500 2.149 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137B2GW4 Agency MBS Federal Home Loan Mortgage Corporation 03/25/2020 06/29/2018 96,422.80 95,797.56 ---96,255.99 155.76 2.313 2.359 AAA 256350021 MIM-RCTC 2013 Residual Fund 31418AU48 Agency MBS Federal National Mortgage Association, Inc.07/01/2023 05/21/2019 70,176.64 69,886.07 ---70,877.71 996.94 2.500 1.789 AAA 256350021 MIM-RCTC 2013 Residual Fund 38378KW47 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 08/16/2035 06/13/2019 121,729.97 121,045.24 ---121,112.80 74.49 2.150 2.699 AAA 256350021 MIM-RCTC 2013 Residual Fund 3138L1W62 Agency MBS Federal National Mortgage Association, Inc.12/01/2022 02/21/2019 126,508.44 125,757.29 ---126,096.02 309.67 2.500 2.576 AAA 256350021 MIM-RCTC 2013 Residual Fund 31381RZ23 Agency MBS Federal National Mortgage Association, Inc.08/01/2021 11/02/2018 60,853.62 61,756.91 ---62,553.87 1,013.56 3.840 2.205 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137AXHN6 Agency MBS Federal Home Loan Mortgage Corporation 02/25/2022 01/25/2018 26,785.03 26,416.75 ---26,639.32 122.27 1.749 2.075 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137AWQG3 Agency MBS Federal Home Loan Mortgage Corporation 04/25/2022 ---52,742.68 51,761.99 ---52,283.29 324.55 1.583 2.122 AAA 256350021 MIM-RCTC 2013 Residual Fund 31397UPF0 Agency MBS Federal National Mortgage Association, Inc.06/25/2021 03/15/2019 158,062.16 160,334.30 ---160,967.34 932.47 3.763 2.183 AAA 256350021 MIM-RCTC 2013 Residual Fund 3137B1UF7 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 01/25/2018 15,480.30 15,252.93 ---15,408.00 97.99 1.785 2.022 AAA 256350021 MIM-RCTC 2013 Residual Fund 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 06/10/2019 77,975.02 80,813.80 ---80,923.26 97.54 4.000 2.063 AAA 256350021 MIM-RCTC 2013 Residual Fund 3138L2GH4 Agency MBS Federal National Mortgage Association, Inc.07/01/2021 12/19/2018 91,333.42 88,850.30 ---91,168.11 1,783.53 1.870 1.915 AAA 256350021 MIM-RCTC 2013 Residual Fund 31381QB54 Agency MBS Federal National Mortgage Association, Inc.03/01/2021 11/07/2018 99,833.36 101,900.22 ---102,627.69 1,323.43 4.410 2.293 AAA 256350021 MIM-RCTC 2013 Residual Fund 3138L8H23 Agency MBS Federal National Mortgage Association, Inc.12/01/2021 05/02/2019 68,683.02 68,468.46 ---68,563.52 91.01 2.730 2.742 AAA 256350021 MIM-RCTC 2013 Residual Fund 161571FK5 Asset Backed Chase Issuance Trust 08/15/2019 01/25/2018 115,000.00 113,827.54 ---114,881.55 (24.19)1.580 2.382 AAA 256350021 MIM-RCTC 2013 Residual Fund 02587AAJ3 Asset Backed American Express Credit Account Master Trust 02/18/2020 ---221,000.00 218,887.00 ---220,549.16 629.86 1.930 2.262 AAA 256350021 MIM-RCTC 2013 Residual Fund 055657AC4 Asset Backed Bmw Vehicle Lease Trust 2017-1 05/20/2020 01/29/2018 24,522.76 24,449.96 ---24,510.99 (5.44)1.980 2.345 AAA 256350021 MIM-RCTC 2013 Residual Fund 43814TAD4 Asset Backed Honda Auto Receivables 2007-1 Owner Trust 06/21/2023 10/11/2018 200,000.00 196,375.00 ---199,756.00 2,386.67 2.050 2.128 AAA 256350021 MIM-RCTC 2013 Residual Fund 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 04/15/2020 ---28,805.52 28,700.46 ---28,790.83 16.24 1.910 2.406 AAA 256350021 MIM-RCTC 2013 Residual Fund 05584PAD9 Asset Backed BMW Vehicle Lease Trust 2017-2 02/20/2020 10/11/2018 144,276.26 142,980.03 ---144,071.39 222.19 2.070 2.516 AAA 256350021 MIM-RCTC 2013 Residual Fund 65478HAD0 Asset Backed NAROT_17-C 04/18/2022 09/25/2018 70,000.00 68,908.98 ---69,980.40 621.24 2.120 2.156 AAA 256350021 MIM-RCTC 2013 Residual Fund 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 05/16/2022 06/29/2018 85,000.00 84,561.72 ---85,443.70 686.88 2.650 2.223 AAA 256350021 MIM-RCTC 2013 Residual Fund 47789JAB2 Asset Backed John Deere Owner Trust 2019 10/15/2021 03/05/2019 105,000.00 104,995.21 ---105,618.45 621.97 2.850 2.160 AAA 256350021 MIM-RCTC 2013 Residual Fund 31680YAB3 Asset Backed Fifth Third Auto Trust 2019-1 05/16/2022 04/30/2019 155,000.00 154,991.46 ---155,674.25 681.66 2.660 2.259 AAA 256350021 MIM-RCTC 2013 Residual Fund 51500VCC1 CD Landesbank Hessen-Thuringen Girozentrale 07/08/2019 06/18/2019 500,000.00 500,030.52 ---500,020.00 8.13 2.550 2.387 AAA 256350021 MIM-RCTC 2013 Residual Fund 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 ---148,002.07 148,056.19 ---148,228.51 181.91 2.917 2.687 AAA 256350021 MIM-RCTC 2013 Residual Fund 62888UAB6 CMO NCUA Guaranteed Notes Trust 2010-R2 11/05/2020 03/15/2019 169,716.21 169,968.14 ---169,840.10 (84.15)2.937 2.345 AAA 256350021 MIM-RCTC 2013 Residual Fund 38141EA58 Corporate The Goldman Sachs Group, Inc.03/15/2020 ---200,000.00 208,651.00 ---204,116.00 713.07 5.375 2.444 A 256350021 MIM-RCTC 2013 Residual Fund 06051GEC9 Corporate Bank of America Corporation 07/01/2020 ---200,000.00 207,806.00 ---206,476.00 1,865.94 5.625 2.356 A 256350021 MIM-RCTC 2013 Residual Fund 46625HHS2 Corporate JPMorgan Chase & Co.07/22/2020 ---140,000.00 142,963.00 ---143,108.00 1,396.21 4.400 2.280 A 256350021 MIM-RCTC 2013 Residual Fund 61747WAF6 Corporate Morgan Stanley 01/25/2021 ---200,000.00 213,237.00 ---210,066.00 1,269.21 5.750 2.471 A 256350021 MIM-RCTC 2013 Residual Fund 637432MU6 Corporate National Rural Utilities Cooperative Finance Corporation 06/15/2020 06/21/2019 200,000.00 199,972.00 05/15/2020 200,118.00 145.52 2.350 2.282 A 256350021 MIM-RCTC 2013 Residual Fund 89114QAS7 Corporate The Toronto-Dominion Bank 07/02/2019 ---200,000.00 199,006.00 ---200,000.00 3.23 2.125 2.103 AA 256350021 MIM-RCTC 2013 Residual Fund 254010AC5 Corporate Dignity Health 11/01/2019 03/15/2018 24,000.00 23,897.52 ---23,974.08 (4.48)2.637 2.944 A 256350021 MIM-RCTC 2013 Residual Fund 40428HPN6 Corporate HSBC USA Inc.11/13/2019 06/29/2018 100,000.00 99,140.00 ---99,973.00 207.32 2.375 2.440 A 256350021 MIM-RCTC 2013 Residual Fund 46625HKA7 Corporate JPMorgan Chase & Co.01/23/2020 01/25/2018 100,000.00 99,577.00 12/23/2019 99,969.00 90.56 2.250 2.304 A 256350021 MIM-RCTC 2013 Residual Fund 084659AB7 Corporate Berkshire Hathaway Energy Company 02/01/2020 04/22/2019 250,000.00 249,475.00 01/01/2020 249,897.50 294.84 2.400 2.468 A 256350021 MIM-RCTC 2013 Residual Fund 06051GFN4 Corporate Bank of America Corporation 04/21/2020 01/25/2018 100,000.00 99,537.00 ---99,983.00 152.66 2.250 2.269 A 256350021 MIM-RCTC 2013 Residual Fund 05531FAU7 Corporate BB&T Corporation 06/29/2020 04/15/2019 250,000.00 249,642.50 05/29/2020 250,515.00 807.64 2.625 2.398 A 256350021 MIM-RCTC 2013 Residual Fund 94974BGM6 Corporate Wells Fargo & Company 07/22/2020 04/15/2019 200,000.00 199,590.00 ---200,658.00 999.28 2.600 2.285 A 256350021 MIM-RCTC 2013 Residual Fund 375558BB8 Corporate Gilead Sciences, Inc.09/01/2020 ---135,000.00 133,439.10 ---135,396.90 1,341.08 2.550 2.294 A 256350021 MIM-RCTC 2013 Residual Fund 780082AC7 Corporate Royal Bank of Canada 10/14/2020 ---200,000.00 196,622.00 ---200,096.00 2,098.15 2.100 2.061 AAA 256350021 MIM-RCTC 2013 Residual Fund 06416CAC2 Corporate The Bank of Nova Scotia 04/26/2021 ---200,000.00 194,126.00 ---199,310.00 3,187.10 1.875 2.068 AAA 256350021 MIM-RCTC 2013 Residual Fund 06406FAB9 Corporate The Bank of New York Mellon Corporation 05/03/2021 10/11/2018 200,000.00 193,708.00 04/03/2021 199,596.00 4,185.17 2.050 2.161 A 256350021 MIM-RCTC 2013 Residual Fund 49327M2P8 Corporate KeyBank National Association 08/22/2019 10/11/2018 250,000.00 247,367.50 ---249,695.00 140.15 1.600 2.403 A 256350021 MIM-RCTC 2013 Residual Fund 13607RAB6 Corporate Canadian Imperial Bank of Commerce 09/06/2019 ---200,000.00 197,801.00 ---199,698.00 47.51 1.600 2.391 AA 256350021 MIM-RCTC 2013 Residual Fund 17275RBG6 Corporate Cisco Systems, Inc.09/20/2019 06/29/2018 150,000.00 147,883.50 ---149,677.50 64.50 1.400 2.340 AA 256350021 MIM-RCTC 2013 Residual Fund 172967LC3 Corporate Citigroup Inc.12/08/2021 ---450,000.00 449,617.50 11/08/2021 454,666.50 5,013.23 2.900 2.445 A 256350021 MIM-RCTC 2013 Residual Fund 06367TPX2 Corporate Bank of Montreal 12/12/2019 ---200,000.00 197,898.00 ---199,776.00 506.39 2.100 2.346 AA 256350021 MIM-RCTC 2013 Residual Fund 86787EAS6 Corporate SunTrust Bank 01/31/2020 01/25/2018 100,000.00 100,644.00 12/31/2019 100,179.00 10.88 3.113 2.542 A 256350021 MIM-RCTC 2013 Residual Fund 0258M0EE5 Corporate American Express Credit Corporation 03/03/2020 ---260,000.00 257,588.40 02/01/2020 259,727.00 954.70 2.200 2.354 A 256350021 MIM-RCTC 2013 Residual Fund 69353RFC7 Corporate PNC Bank, National Association 05/19/2020 10/10/2018 250,000.00 245,222.50 04/19/2020 249,335.00 1,993.84 2.000 2.302 A 256350021 MIM-RCTC 2013 Residual Fund 55279HAN0 Corporate Manufacturers and Traders Trust Company 08/17/2020 10/11/2018 250,000.00 244,707.50 07/17/2020 249,537.50 2,821.29 2.050 2.215 A 256350021 MIM-RCTC 2013 Residual Fund 31677QBK4 Corporate Fifth Third Bank 10/30/2020 06/21/2019 200,000.00 199,810.00 09/30/2020 199,788.00 (24.38)2.200 2.280 A 256350021 MIM-RCTC 2013 Residual Fund 17401QAN1 Corporate Citizens Bank, National Association 10/30/2020 04/15/2019 250,000.00 247,950.00 ---249,512.50 1,291.12 2.250 2.398 A 256350021 MIM-RCTC 2013 Residual Fund 69353RFH6 Corporate PNC Bank, National Association 01/22/2021 04/22/2019 250,000.00 249,005.00 12/22/2020 250,837.50 1,724.63 2.500 2.269 A 256350021 MIM-RCTC 2013 Residual Fund 90331HNP4 Corporate U.S. Bank National Association 04/26/2021 10/11/2018 250,000.00 249,395.00 03/26/2021 254,535.00 4,973.45 3.150 2.085 AA 256350021 MIM-RCTC 2013 Residual Fund 69371RP34 Corporate PACCAR Financial Corp.05/10/2021 04/30/2019 200,000.00 200,250.00 ---200,264.00 34.30 2.805 2.529 A 256350021 MIM-RCTC 2013 Residual Fund 369550BA5 Corporate General Dynamics Corporation 05/11/2020 ---225,000.00 224,409.50 ---226,116.00 1,431.01 2.875 2.294 A 256350021 MIM-RCTC 2013 Residual Fund 14913Q2X6 Corporate Caterpillar Financial Services Corporation 05/17/2021 05/14/2019 120,000.00 120,000.00 ---120,289.20 289.20 2.915 2.603 A 256350021 MIM-RCTC 2013 Residual Fund 86787EBD8 Corporate SunTrust Bank 05/17/2022 05/14/2019 50,000.00 50,000.00 04/17/2022 50,078.00 78.00 3.115 2.871 A 256350021 MIM-RCTC 2013 Residual Fund 025816CE7 Corporate American Express Company 05/20/2022 05/15/2019 100,000.00 100,000.00 04/19/2022 100,395.00 395.00 3.140 2.813 A 256350021 MIM-RCTC 2013 Residual Fund 46640QU82 CP J.P. Morgan Securities LLC 07/08/2019 06/18/2019 375,000.00 374,508.33 ---374,827.50 (0.42)0.000 1.656 AAA 256350021 MIM-RCTC 2013 Residual Fund 69350BUB0 CP PPG Industries, Inc.07/11/2019 06/10/2019 325,000.00 324,272.36 ---324,785.50 20.22 0.000 1.828 AA 256350021 MIM-RCTC 2013 Residual Fund 97684HU82 CP Wisconsin Public Service Corporation 07/08/2019 06/11/2019 375,000.00 374,341.88 ---374,827.50 4.69 0.000 1.656 AAA 256350021 MIM-RCTC 2013 Residual Fund 31846V401 MM Fund First American Funds, Inc.06/30/2019 ---0.00 48,056.65 ---48,056.65 0.00 1.860 1.830 AAA 256350021 MIM-RCTC 2013 Residual Fund 459058GK3 Non-US Gov International Bank for Reconstruction and Development 08/21/2020 ---315,000.00 315,116.40 ---315,103.95 26.87 2.720 2.656 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828SA9 TIPS Treasury, United States Department of 01/15/2022 06/29/2018 203,196.60 199,850.62 ---201,918.49 1,125.79 0.125 0.372 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828UH1 TIPS Treasury, United States Department of 01/15/2023 ---99,623.70 97,753.38 ---99,059.83 870.41 0.125 0.285 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828UF5 US Gov Treasury, United States Department of 12/31/2019 ---970,000.00 955,677.54 ---965,305.20 2,029.61 1.125 2.092 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828VA5 US Gov Treasury, United States Department of 04/30/2020 ---925,000.00 901,532.23 ---918,210.50 5,270.85 1.125 2.010 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828VV9 US Gov Treasury, United States Department of 08/31/2020 ---1,060,000.00 1,047,463.28 ---1,062,480.40 9,939.11 2.125 1.921 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828B58 US Gov Treasury, United States Department of 01/31/2021 ---550,000.00 541,754.30 ---552,513.50 7,990.96 2.125 1.832 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828L57 US Gov Treasury, United States Department of 09/30/2022 06/29/2018 100,000.00 96,167.97 ---100,070.00 3,033.64 1.750 1.728 AAA 256350021 MIM-RCTC 2013 Residual Fund 912828Y53 US Gov Treasury, United States Department of 07/31/2020 ---1,400,000.00 1,399,880.28 ---1,398,516.00 (1,349.52)2.139 2.274 AAA 256350021 MIM-RCTC 2013 Residual Fund 9128285H9 US Gov Treasury, United States Department of 10/31/2020 ---900,000.00 899,672.81 ---898,677.00 (1,068.22)2.141 2.291 AAA 256350021 MIM-RCTC 2013 Residual Fund 658886DZ6 VRDN North Dakota Housing Finance Agency 07/01/2038 06/29/2018 100,000.00 100,000.00 ---100,000.00 0.00 2.360 2.360 AA 256350021 MIM-RCTC 2013 Residual Fund 56052FHZ1 VRDN Maine State Housing Authority 11/15/2052 06/29/2018 100,000.00 100,000.00 07/30/2019 100,000.00 0.00 2.400 2.400 AA 20,966,237.16 20,925,850.20 21,062,840.18 97,607.49 256350023 MIM-Sr Lien Reserve Fund-1 3137EADB2 Agency Federal Home Loan Mortgage Corporation 01/13/2022 ---950,000.00 942,921.50 ---964,031.50 14,308.39 2.375 1.778 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137EADR7 Agency Federal Home Loan Mortgage Corporation 05/01/2020 05/15/2015 475,000.00 471,527.75 ---472,287.75 (2,109.38)1.375 2.062 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3135G0D75 Agency Federal National Mortgage Association, Inc.06/22/2020 05/06/2015 600,000.00 593,490.00 ---596,940.00 (1,776.04)1.500 2.026 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3134G9V38 Agency Federal Home Loan Mortgage Corporation 07/27/2021 08/28/2018 250,000.00 245,225.00 07/27/2019 249,242.50 2,642.95 1.500 2.247 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377RVK8 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 04/20/2039 ---101,812.96 103,844.22 ---102,955.30 245.27 3.000 2.488 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137AJMF8 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2021 08/05/2015 28,532.08 29,519.56 ---29,027.68 165.06 2.968 2.032 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38375XCM4 Agency CMO Government National Mortgage Association 11/16/2037 05/14/2019 70,118.31 72,104.08 ---72,474.28 391.72 5.000 2.917 AAA 31 Page 7 of 37 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 91 CIP STAMP Portfolio by Account for quarter ended June 30, 2019 256350023 MIM-Sr Lien Reserve Fund-1 38376GB33 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 10/16/2044 01/23/2015 116,259.19 119,336.02 ---116,494.03 (211.66)3.500 2.648 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2021 07/03/2013 33,505.53 32,742.49 ---33,371.51 (35.01)1.459 2.538 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corporation 05/25/2022 ---282,110.00 278,085.13 ---284,132.73 5,087.86 2.373 2.056 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137AUPE3 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2022 ---379,000.00 366,344.03 ---382,130.54 7,632.51 2.396 2.050 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377RSZ9 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 06/16/2039 ---43,304.22 44,663.48 ---43,847.69 (55.50)4.500 2.287 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136A72D3 Agency CMO Federal National Mortgage Association, Inc.04/25/2022 07/03/2013 289,408.36 274,937.94 ---291,769.93 6,487.15 2.482 2.052 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136A5KR6 Agency CMO Federal National Mortgage Association, Inc.10/25/2022 01/25/2019 74,021.77 73,003.96 ---73,531.00 375.17 1.750 2.332 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137AXHP1 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2022 09/29/2017 140,000.00 142,089.06 ---142,066.40 786.34 2.573 2.040 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378B7F0 Agency CMO Government National Mortgage Association 12/16/2042 ---450,000.00 427,324.22 ---429,489.00 (7,349.10)2.273 3.301 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378CRT6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 10/20/2040 05/22/2014 47,105.41 45,486.16 ---47,258.97 1,327.71 2.000 1.874 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378HXH4 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 09/16/2027 03/08/2019 16,834.78 16,326.91 ---16,472.49 125.57 1.250 2.184 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377JZ89 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 10/20/2039 07/05/2013 45,714.90 47,113.13 ---46,892.51 178.27 3.500 2.338 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378TAF7 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 07/20/2041 07/05/2013 116,501.50 116,519.06 ---117,427.68 1,041.18 2.500 2.170 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38375KCX8 Agency CMO Government National Mortgage Association 01/20/2037 09/18/2018 882.42 888.90 ---881.41 (1.01)5.500 2.623 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377F2N0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 06/20/2038 09/28/2018 78.07 77.93 ---77.97 (0.09)3.000 2.383 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137B4HD1 Agency CMO Federal Home Loan Mortgage Corporation 12/15/2042 03/20/2019 45,038.16 46,515.98 ---47,347.26 847.12 4.500 2.587 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377LQT8 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 12/20/2037 ---10,791.72 10,795.58 ---10,788.70 12.11 3.000 2.339 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31398QTP2 Agency CMO Federal Home Loan Mortgage Corporation 05/15/2038 06/26/2018 62,750.13 63,978.17 ---63,405.87 8.44 4.500 2.950 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 01/15/2021 ---86,850.53 86,860.35 ---87,045.94 243.90 2.500 2.212 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38376T5Z1 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 01/16/2039 01/26/2015 71,126.87 74,309.79 ---72,547.98 (681.47)3.000 2.148 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38376WA62 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 10/20/2039 ---199,689.93 204,713.32 ---208,536.20 3,416.04 4.000 2.546 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38375CBH2 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/16/2035 03/19/2019 37,435.52 37,207.40 ---37,294.76 4.27 1.250 2.895 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38380AZ34 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 04/20/2046 11/28/2016 134,902.24 138,680.57 ---137,434.36 (570.28)3.000 2.640 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378CDK0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/20/2035 03/16/2018 16,646.24 16,724.27 ---16,687.86 21.53 3.000 2.390 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378AWX5 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 01/20/2036 03/28/2018 72,456.35 72,846.93 ---72,845.44 225.27 3.000 2.321 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378DDC6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 04/20/2038 06/20/2018 98,124.98 98,788.08 ---98,435.05 59.15 3.500 2.772 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38379HLE3 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 05/20/2043 10/18/2018 109,154.38 109,000.88 ---111,831.93 2,867.12 3.500 2.445 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378VC45 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 12/16/2041 11/23/2018 145,530.42 140,277.69 ---144,824.60 4,069.14 2.250 2.391 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38377JM59 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 10/20/2039 11/21/2018 81,124.70 79,096.58 ---80,819.67 1,489.13 2.500 2.618 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137B5A60 Agency CMO Federal Home Loan Mortgage Corporation 10/15/2028 03/20/2019 25,090.68 24,808.42 ---25,185.78 373.43 2.500 2.284 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136ADFF1 Agency CMO Federal National Mortgage Association, Inc.04/25/2023 06/10/2019 146,759.31 144,649.65 ---144,964.44 328.81 1.500 2.312 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381PEB0 Agency MBS Federal National Mortgage Association, Inc.11/01/2020 09/26/2014 248,491.72 261,654.01 ---251,033.79 235.92 3.370 2.305 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138NJAE8 Agency MBS Federal National Mortgage Association, Inc.12/01/2020 09/13/2018 17,885.99 18,092.80 ---17,868.29 (194.45)3.630 3.885 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381N7G2 Agency MBS Federal National Mortgage Association, Inc.10/01/2020 09/25/2018 18,012.83 18,078.97 ---18,157.47 72.78 3.270 2.346 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381SVJ8 Agency MBS Federal National Mortgage Association, Inc.11/01/2021 02/22/2019 106,960.27 107,495.08 ---109,494.16 2,107.46 3.330 2.198 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31417YKF3 Agency MBS Federal National Mortgage Association, Inc.01/01/2030 ---133,171.94 139,558.00 ---141,772.19 2,879.12 4.500 2.289 AAA 256350023 MIM-Sr Lien Reserve Fund-1 36202F2H8 Agency MBS Ginnie Mae II 01/20/2027 ---155,441.69 160,215.68 ---158,920.48 (451.22)3.000 2.093 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381R5T7 Agency MBS Federal National Mortgage Association, Inc.09/01/2021 08/29/2018 130,000.00 132,747.27 ---134,494.10 2,597.75 3.770 2.084 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136AC7J4 Agency MBS Federal National Mortgage Association, Inc.03/25/2023 02/21/2018 50,216.36 49,390.54 ---50,982.66 1,370.88 2.607 2.113 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138L33G8 Agency MBS Federal National Mortgage Association, Inc.06/01/2020 11/12/2015 100,000.00 99,875.00 ---99,656.00 (183.78)2.010 2.235 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31418AU48 Agency MBS Federal National Mortgage Association, Inc.07/01/2023 05/21/2019 62,584.44 62,325.30 ---63,209.66 889.09 2.500 1.789 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 01/25/2023 08/29/2016 380,000.00 394,917.97 ---383,104.60 (4,349.47)2.522 2.185 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378KWU9 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 11/16/2041 ---163,696.32 155,549.00 ---157,089.53 (394.90)1.400 3.355 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378KXW4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 02/16/2037 12/11/2014 102,042.30 101,548.03 ---101,024.94 (811.53)1.705 2.495 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138L1W62 Agency MBS Federal National Mortgage Association, Inc.12/01/2022 02/21/2019 165,434.11 164,451.85 ---164,894.80 404.95 2.500 2.576 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138EKXL4 Agency MBS Federal National Mortgage Association, Inc.03/01/2023 ---257,446.87 253,787.39 ---259,205.23 4,335.19 2.353 2.121 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136AHAE0 Agency MBS Federal National Mortgage Association, Inc.04/25/2023 10/28/2016 113,931.13 116,387.77 ---115,896.44 298.12 2.707 1.682 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378B6A2 Agency MBS Government National Mortgage Association 11/16/2052 01/22/2015 113,075.20 109,510.68 ---108,041.09 (3,090.27)1.826 3.339 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3136A7MN9 Agency MBS Federal National Mortgage Association, Inc.05/25/2022 08/29/2016 289,220.87 297,490.79 ---290,548.39 (2,229.19)2.349 2.136 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378KSL4 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 12/16/2046 ---425,000.00 415,829.11 ---412,598.50 (6,065.98)2.814 3.246 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381Q6B7 Agency MBS Federal National Mortgage Association, Inc.06/01/2021 07/15/2016 181,995.11 201,843.96 ---189,089.28 (831.33)4.295 2.105 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378KRS0 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 07/16/2043 05/08/2015 450,000.00 434,460.94 ---437,323.50 (4,456.09)2.389 3.138 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38378XP62 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 05/16/2055 05/14/2015 262,676.21 265,918.62 ---258,570.58 (6,695.73)2.500 2.852 AAA 256350023 MIM-Sr Lien Reserve Fund-1 38379KDN5 Agency MBS Government National Mortgage Association 09/16/2055 08/05/2015 149,975.58 146,144.17 ---145,921.74 (2,408.41)2.130 3.049 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381T4E7 Agency MBS Federal National Mortgage Association, Inc.03/01/2022 10/25/2016 258,120.48 269,685.50 ---262,314.94 (1,077.67)2.670 1.900 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3138EJPZ5 Agency MBS Federal National Mortgage Association, Inc.07/01/2022 08/29/2016 269,719.66 286,482.32 ---274,412.79 (4,207.74)2.973 2.281 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 06/10/2019 119,045.84 123,379.85 ---123,546.96 148.92 4.000 2.063 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137FBAJ5 Agency MBS Federal Home Loan Mortgage Corporation 08/25/2027 06/26/2019 200,000.00 211,593.75 ---210,864.00 (729.75)3.281 2.526 AAA 256350023 MIM-Sr Lien Reserve Fund-1 3137F4D41 Agency MBS Federal Home Loan Mortgage Corporation Multi Class Mortgage Participation Certificate Agre 01/25/2028 04/01/2019 35,000.00 36,714.84 ---37,960.30 1,289.46 3.600 2.482 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31381QB54 Agency MBS Federal National Mortgage Association, Inc.03/01/2021 11/07/2018 130,217.41 132,913.33 ---133,862.20 1,726.21 4.410 2.293 AAA 256350023 MIM-Sr Lien Reserve Fund-1 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 01/22/2019 99,120.66 99,155.51 ---99,272.31 125.70 2.917 2.687 AAA 256350023 MIM-Sr Lien Reserve Fund-1 CCYUSD Currency UNITED STATES OF AMERICA 06/30/2019 ---0.00 (231,218.46)---(231,218.46)0.00 0.000 0.000 AAA 256350023 MIM-Sr Lien Reserve Fund-1 CCYUSD Currency UNITED STATES OF AMERICA 06/30/2019 ---0.00 (211,593.75)---(211,593.75)0.00 0.000 0.000 AAA 256350023 MIM-Sr Lien Reserve Fund-1 CCYUSD Currency UNITED STATES OF AMERICA 06/30/2019 ---0.00 728.94 ---728.94 0.00 0.000 0.000 AAA 256350023 MIM-Sr Lien Reserve Fund-1 31846V401 MM Fund First American Funds, Inc.06/30/2019 ---0.00 322,791.18 ---322,791.18 0.00 1.840 1.860 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828SA9 TIPS Treasury, United States Department of 01/15/2022 ---468,481.05 470,783.70 ---465,534.30 (4,261.27)0.125 0.372 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828UH1 TIPS Treasury, United States Department of 01/15/2023 02/05/2018 193,712.75 191,214.67 ---192,616.34 699.27 0.125 0.285 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828V49 TIPS Treasury, United States Department of 01/15/2027 ---296,161.60 294,818.75 ---298,184.38 3,074.80 0.375 0.283 AAA 256350023 MIM-Sr Lien Reserve Fund-1 9128285W6 TIPS Treasury, United States Department of 01/15/2029 05/23/2019 101,188.00 104,239.15 ---106,506.44 2,299.55 0.875 0.315 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828VV9 US Gov Treasury, United States Department of 08/31/2020 07/14/2017 100,000.00 101,667.97 ---100,234.00 (398.40)2.125 1.921 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828B58 US Gov Treasury, United States Department of 01/31/2021 ---1,375,000.00 1,405,890.24 ---1,381,283.75 (3,488.43)2.125 1.832 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828G38 US Gov Treasury, United States Department of 11/15/2024 04/18/2017 1,350,000.00 1,369,037.11 ---1,381,428.00 17,615.98 2.250 1.794 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828XB1 US Gov Treasury, United States Department of 05/15/2025 ---1,125,000.00 1,143,342.78 ---1,143,990.00 7,875.51 2.125 1.821 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828L57 US Gov Treasury, United States Department of 09/30/2022 ---1,400,000.00 1,386,564.45 ---1,400,980.00 9,321.58 1.750 1.728 AAA 256350023 MIM-Sr Lien Reserve Fund-1 912828L99 US Gov Treasury, United States Department of 10/31/2020 ---800,000.00 793,775.39 ---794,816.00 (2,742.94)1.375 1.866 AAA 18,251,688.01 18,202,064.32 18,230,210.75 52,270.74 58,999,442.54 59,091,502.36 59,268,614.72 162,069.92 32 33 Page 8 of 37 Source Account Account Identifier Description Beginning Base Market Value Base Purchases Base Sales Base Maturities and Redemptions Base Paydowns Net Total Realized Gain/Loss Base Amortization/A ccretion Base Change In Net Unrealized Gain/Loss Ending Base Market Value Ending Accrued Income Balance 256350018 MIM-RCTC 91 TIFIA Reserve 3137AH6C7 FHMS K015 A2 - 356,193.36 - - - - (156.90) 942.54 356,979.00 942.08 256350018 MIM-RCTC 91 TIFIA Reserve 3137EADB2 FREDDIE MAC - 505,766.50 - - - - (141.45) 1,759.95 507,385.00 5,541.67 256350018 MIM-RCTC 91 TIFIA Reserve 3137AJMF8 FHMS K016 A2 - 338,127.43 - - - - (131.19) 660.05 338,656.28 823.20 256350018 MIM-RCTC 91 TIFIA Reserve 31397UPF0 FNA 11M1 A3 - 321,310.73 - - - - (113.93) 737.88 321,934.67 991.31 256350018 MIM-RCTC 91 TIFIA Reserve 3137A2B26 FHMS K009 A2 - 224,633.41 - - - - (99.03) (90.78) 224,443.60 704.47 256350018 MIM-RCTC 91 TIFIA Reserve 38378BXQ7 GNR 1289 A - 261,999.08 - - - - (63.11) 219.25 262,155.22 338.97 256350018 MIM-RCTC 91 TIFIA Reserve 3137ABFH9 FHMS KAIV A2 - 83,075.63 - - - - (54.77) 110.25 83,131.11 269.26 256350018 MIM-RCTC 91 TIFIA Reserve 3130AG5X9 FEDERAL HOME LOAN BANKS - 500,300.00 - - - - (43.59) 108.59 500,365.00 2,870.00 256350018 MIM-RCTC 91 TIFIA Reserve 912828B58 UNITED STATES TREASURY - 1,506,269.53 - - - - (41.62) 627.09 1,506,855.00 13,295.93 256350018 MIM-RCTC 91 TIFIA Reserve 38377YTL4 GNR 11136D GA - 234,148.96 - - - - (35.14) (522.49) 233,591.33 395.06 256350018 MIM-RCTC 91 TIFIA Reserve 38378BSZ3 GNR 1253A A - 253,736.29 - - - - (32.89) (144.45) 253,558.95 455.31 256350018 MIM-RCTC 91 TIFIA Reserve 38378BCG2 GNR 122 AB - 151,446.44 - - - - (28.07) (122.80) 151,295.57 267.35 256350018 MIM-RCTC 91 TIFIA Reserve 3134GTBJ1 FEDERAL HOME LOAN MORTGAGE CORP - 600,027.60 - - - - (27.60) - 600,000.00 3,900.00 256350018 MIM-RCTC 91 TIFIA Reserve 3137B6DF5 FHR 4272E YG - 199,165.83 - - - - (25.99) 2,078.94 201,218.78 335.43 256350018 MIM-RCTC 91 TIFIA Reserve 3137ABFH9 FHMS KAIV A2 - 69,689.38 - - - - (23.76) 123.46 69,789.08 226.04 256350018 MIM-RCTC 91 TIFIA Reserve 31381R5T7 FN 468958 - 103,840.63 - - - - (22.53) 673.47 104,491.57 317.31 256350018 MIM-RCTC 91 TIFIA Reserve 3136G4TH6 FEDERAL NATIONAL MORTGAGE ASSOCIATION - 300,289.38 - - - - (21.39) 8.01 300,276.00 1,329.83 256350018 MIM-RCTC 91 TIFIA Reserve 38378KW47 GNR 13138 A - 313,204.56 - - - - (17.93) 192.74 313,379.37 564.33 256350018 MIM-RCTC 91 TIFIA Reserve 3136ADFF1 FNR 1336D KC - 153,158.45 - - - - (14.84) 348.15 153,491.76 194.24 256350018 MIM-RCTC 91 TIFIA Reserve 38378CNY9 GNR 127E MD - 202,593.75 - - - - (14.41) 2.66 202,582.00 583.33 256350018 MIM-RCTC 91 TIFIA Reserve 3138EJRP5 FN AL2293 - 156,146.87 - - - - (14.40) 480.28 156,612.74 550.22 256350018 MIM-RCTC 91 TIFIA Reserve 3137AS7D0 FHR 4084A TC - 218,639.38 - - - - (13.85) 2,597.88 221,223.40 367.15 256350018 MIM-RCTC 91 TIFIA Reserve 3137B1UG5 FHMS K027 A2 - 204,101.56 - - - - (9.94) (423.62) 203,668.00 439.50 256350018 MIM-RCTC 91 TIFIA Reserve 31846V401 FIRST AMER:GVT OBLG D - 20,139,569.21 (15,045,838.61) - - - - - 5,093,730.60 - 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Cash - - - - - - - - 489.16 - 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Payable - - - - - - - - (5,029,416.31) - 256350018 MIM-RCTC 91 TIFIA Reserve CCYUSD Receivable - - - - - - - - 5,324.53 - 256350018 MIM-RCTC 91 TIFIA Reserve 3137B1U75 FHMS KS01 A2 - 378,618.16 - - - - - (554.41) 378,063.75 26.27 256350018 MIM-RCTC 91 TIFIA Reserve 3137F4D41 FHMS K074 A2 - 163,248.05 - - - - - (561.05) 162,687.00 15.00 256350018 MIM-RCTC 91 TIFIA Reserve 3137B1BS0 FHMS K026 A2 - 253,398.44 - - - - - 249.06 253,647.50 17.43 256350018 MIM-RCTC 91 TIFIA Reserve 3137AUPE3 FHMS K021 A2 - 201,773.44 - - - - - (121.44) 201,652.00 26.62 256350018 MIM-RCTC 91 TIFIA Reserve 313384JQ3 FEDERAL HOME LOAN BANKS - 998,475.69 - - - - - (5.69) 998,470.00 - 256350018 MIM-RCTC 91 TIFIA Reserve 3137AXHP1 FHMS K024 A2 - 152,232.42 - - - - - (18.42) 152,214.00 21.44 256350018 MIM-RCTC 91 TIFIA Reserve 9128282T6 UNITED STATES TREASURY - 998,398.44 - - - - - (118.44) 998,280.00 4,177.99 256350018 MIM-RCTC 91 TIFIA Reserve 3137BM6P6 FHMS K721 A2 - 205,437.50 - - - - - (203.50) 205,234.00 34.33 256350018 MIM-RCTC 91 TIFIA Reserve 3137F4CY6 FHMS KBX1 A1 - 195,907.81 - - - - - 25.89 195,933.70 30.82 256350018 MIM-RCTC 91 TIFIA Reserve 3137ATRW4 FHMS K020 A2 - 302,496.09 - - - - - (345.09) 302,151.00 39.55 256350018 MIM-RCTC 91 TIFIA Reserve 3137FBAJ5 FHMS KIR3 A2 - 211,593.75 - - - - - (729.75) 210,864.00 - 256350018 MIM-RCTC 91 TIFIA Reserve 31419AM53 FN AE0379 - 133,985.15 - - - - - (52.62) 133,932.53 39.48 256350018 MIM-RCTC 91 TIFIA Reserve 3136AHAE0 FNA 13M14 APT - 137,357.96 - - - - - 1,091.54 138,449.50 20.47 256350018 MIM-RCTC 91 TIFIA Reserve 3137BSRZ8 FHMS KJ09 A2 - 208,011.58 - - - - - (517.43) 207,494.15 32.16 256350018 MIM-RCTC 91 TIFIA Reserve 38378NWU3 GNR 1417A AM - 168,969.82 - - - - - 1,100.98 170,070.80 11.76 256350018 MIM-RCTC 91 TIFIA Reserve 38378KWU9 GNR 1396 A - 60,329.69 - - - - - 184.21 60,513.90 2.45 256350018 MIM-RCTC 91 TIFIA Reserve 3137A6B27 FHMS K010 A2 - 254,657.20 - - - - - (224.55) 254,432.65 29.99 256350018 MIM-RCTC 91 TIFIA Reserve 62888VAA6 NGN 10R1 1A - 24,429.25 - - - - 0.12 48.73 24,478.11 46.74 256350018 MIM-RCTC 91 TIFIA Reserve 3137B3HX9 FHR 4231C FB - 119,744.32 - - - - 0.26 939.67 120,684.25 151.84 256350018 MIM-RCTC 91 TIFIA Reserve 31397ALN1 FHR 3196C FA - 224,497.74 - - - - 1.58 226.41 224,725.74 273.98 256350018 MIM-RCTC 91 TIFIA Reserve 3136A5KR6 FNR 1231G AD - 221,284.95 - - - - 1.73 192.24 221,478.92 325.15 256350018 MIM-RCTC 91 TIFIA Reserve 3137FGZN8 FHMS KI02 A - 360,129.14 - - (25,391.31) 11.79 3.90 (526.66) 334,226.86 146.83 256350018 MIM-RCTC 91 TIFIA Reserve 38378WUY7 GNR 13124F CP - 202,630.50 - - - - 6.11 1,000.90 203,637.52 421.49 256350018 MIM-RCTC 91 TIFIA Reserve 3136AGZA3 FNR 13101E A - 34,355.95 - - - - 7.07 178.60 34,541.61 85.32 256350018 MIM-RCTC 91 TIFIA Reserve 3137BDKF2 FHR 4384A LA - 25,824.96 - - - - 10.23 200.20 26,035.38 73.98 256350018 MIM-RCTC 91 TIFIA Reserve 3130AFEN3 FEDERAL HOME LOAN BANKS - 599,734.20 - - - - 13.73 (35.93) 599,712.00 2,146.50 256350018 MIM-RCTC 91 TIFIA Reserve 38376PRM4 GNR 09118C YE - 50,386.98 - - - - 14.34 122.54 50,523.85 167.12 256350018 MIM-RCTC 91 TIFIA Reserve 912828Y53 UNITED STATES TREASURY - 799,735.75 - - - - 15.10 (598.85) 799,152.00 3,231.18 256350018 MIM-RCTC 91 TIFIA Reserve 3137AWQG3 FHMS K023 A1 - 333,808.42 - - - - 24.90 779.74 334,613.06 445.29 256350018 MIM-RCTC 91 TIFIA Reserve 3620ARB67 GN 737261 - 246,759.71 - - - - 36.38 297.84 247,093.93 793.64 256350018 MIM-RCTC 91 TIFIA Reserve 3620AFYR2 GN 728920 - 119,165.01 - - - - 36.52 530.24 119,731.77 384.70 256350018 MIM-RCTC 91 TIFIA Reserve 38374C4J7 GNR 0385G TW - 99,090.75 - - - - 37.32 195.25 99,323.32 448.84 256350018 MIM-RCTC 91 TIFIA Reserve 3620C4SU5 GN 748531 - 111,924.66 - - - - 37.91 49.28 112,011.85 359.77 256350018 MIM-RCTC 91 TIFIA Reserve 3136AGFQ0 FNR 1392B A - 209,802.68 - - - - 43.76 29.34 209,875.78 604.30 256350018 MIM-RCTC 91 TIFIA Reserve 36297GCD0 GN 711168 - 115,171.13 - - - - 44.20 (1,353.93) 113,861.41 414.46 256350018 MIM-RCTC 91 TIFIA Reserve 9128285W6 UNITED STATES TREASURY - 127,866.24 - - - - 56.19 (114.70) 127,807.73 490.15 256350018 MIM-RCTC 91 TIFIA Reserve 912828L99 UNITED STATES TREASURY - 1,292,179.69 - - - - 62.96 (666.65) 1,291,576.00 3,011.55 256350018 MIM-RCTC 91 TIFIA Reserve 3620A9T35 GN 723370 - 205,134.30 - - - - 63.05 910.78 206,108.12 662.21 256350018 MIM-RCTC 91 TIFIA Reserve 912828V49 UNITED STATES TREASURY - 308,974.45 - - - - 156.04 (296.66) 308,833.83 530.65 256350018 MIM-RCTC 91 TIFIA Reserve 3137EADR7 FREDDIE MAC - 496,885.00 - - - - 198.75 61.25 497,145.00 1,145.83 256350018 MIM-RCTC 91 TIFIA Reserve 3135G0D75 FEDERAL NATIONAL MORTGAGE ASSOCIATION - 646,269.00 - - - - 208.96 207.04 646,685.00 243.75 256350018 MIM-RCTC 91 TIFIA Reserve 912828UH1 UNITED STATES TREASURY - 657,393.45 - - - - 2,756.72 248.69 660,398.87 382.99 0.00 40,055,503.38 (15,045,838.61)0.00 (25,391.31)11.79 2,689.49 12,191.68 19,975,563.79 57,216.02 256350021 MIM-RCTC 2013 Residual Fund 61747WAF6 MORGAN STANLEY 105,017.00 - - - - - (699.99) 715.99 105,033.00 2,491.67 256350021 MIM-RCTC 2013 Residual Fund 38141EA58 GOLDMAN SACHS GROUP INC 102,330.00 - - - - - (670.23) 398.23 102,058.00 1,582.64 256350021 MIM-RCTC 2013 Residual Fund 06051GEC9 BANK OF AMERICA CORP 103,516.00 - - - - - (566.14) 288.14 103,238.00 2,812.50 256350021 MIM-RCTC 2013 Residual Fund 06051GEC9 BANK OF AMERICA CORP 103,516.00 - - - - - (564.91) 286.91 103,238.00 2,812.50 256350021 MIM-RCTC 2013 Residual Fund 61747WAF6 MORGAN STANLEY - 104,868.00 - - - - (550.97) 715.97 105,033.00 2,491.67 256350021 MIM-RCTC 2013 Residual Fund 38141EA58 GOLDMAN SACHS GROUP INC 102,330.00 - - - - - (508.79) 236.79 102,058.00 1,582.64 256350021 MIM-RCTC 2013 Residual Fund 31397LUK3 FNR 0845C DB 188,321.84 - - - (22,456.28) (341.09) (448.00) 1,016.94 166,093.41 608.83 256350021 MIM-RCTC 2013 Residual Fund 3137ABFH9 FHMS KAIV A2 210,505.22 - - - - - (435.35) 1,349.99 211,419.86 684.78 256350021 MIM-RCTC 2013 Residual Fund 3130AFC54 FEDERAL HOME LOAN BANKS - 700,413.00 - (700,000.00) - - (413.00) - - - 256350021 MIM-RCTC 2013 Residual Fund 46625HHS2 JPMORGAN CHASE & CO 102,244.00 - - - - - (279.14) 255.14 102,220.00 1,943.33 256350021 MIM-RCTC 2013 Residual Fund 31397UPF0 FNA 11M1 A3 172,742.51 - - - (11,454.46) (149.69) (273.35) 102.34 160,967.34 495.66 256350021 MIM-RCTC 2013 Residual Fund 31381QB54 FN 467260 103,788.06 - - - (556.50) (8.94) (224.88) (370.05) 102,627.69 366.89 256350021 MIM-RCTC 2013 Residual Fund 46625HHS2 JPMORGAN CHASE & CO 40,897.60 - - - - - (118.47) 108.87 40,888.00 777.33 256350021 MIM-RCTC 2013 Residual Fund 51489N5L2 Landesbank Hessen-Thuringen Girozentrale - 700,115.89 - (700,000.00) - - (115.89) - - - 256350021 MIM-RCTC 2013 Residual Fund 3137A1N90 FHMS K008 A2 65,359.45 - - - - - (100.41) 255.11 65,514.15 191.26 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2019 ATTACHMENT 4 34 Page 9 of 37 Source Account Account Identifier Description Beginning Base Market Value Base Purchases Base Sales Base Maturities and Redemptions Base Paydowns Net Total Realized Gain/Loss Base Amortization/A ccretion Base Change In Net Unrealized Gain/Loss Ending Base Market Value Ending Accrued Income Balance 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2019 256350021 MIM-RCTC 2013 Residual Fund 86787EAS6 SUNTRUST BANK 100,304.00 - - - - - (83.60) (41.40) 100,179.00 536.08 256350021 MIM-RCTC 2013 Residual Fund 02582JGN4 AMXCA 141 A 100,041.00 - - - (100,000.00) - (75.37) 34.37 - - 256350021 MIM-RCTC 2013 Residual Fund 31381RZ23 FN 468861 62,508.94 - - - (331.29) (3.95) (75.17) 455.34 62,553.87 194.73 256350021 MIM-RCTC 2013 Residual Fund 31381SVJ8 FN 469617 87,382.72 - - - (546.05) (2.52) (72.20) 833.37 87,595.32 237.45 256350021 MIM-RCTC 2013 Residual Fund 31381RLL6 FN 468431 54,396.57 - - - (267.96) (3.17) (70.03) 178.56 54,233.97 168.79 256350021 MIM-RCTC 2013 Residual Fund 3134GTAE3 FEDERAL HOME LOAN MORTGAGE CORP - 550,165.00 - - - - (67.55) 573.55 550,671.00 3,877.50 256350021 MIM-RCTC 2013 Residual Fund 31358TPC7 FNR G935 F 123,838.65 - - - (11,406.01) (32.59) (64.49) 53.97 112,389.53 60.77 256350021 MIM-RCTC 2013 Residual Fund 05522RCV8 BACCT 161 A 100,040.00 - - - (100,000.00) - (50.42) 10.42 - - 256350021 MIM-RCTC 2013 Residual Fund 38378BXQ7 GNR 1289 A - 194,073.39 - - - - (46.75) 162.41 194,189.05 251.09 256350021 MIM-RCTC 2013 Residual Fund 38378CDK0 GNR 11169G AK 36,761.79 - - - (6,770.27) (29.13) (46.14) 121.90 30,038.14 74.91 256350021 MIM-RCTC 2013 Residual Fund 31416BVR6 FN 995324 29,730.72 - - - (8,599.43) (88.55) (45.85) (43.70) 20,953.19 85.33 256350021 MIM-RCTC 2013 Residual Fund 62888UAB6 NGN 10R2 2A 177,577.70 - - - (7,712.46) (10.54) (39.05) 24.45 169,840.10 332.32 256350021 MIM-RCTC 2013 Residual Fund 38378AWX5 GNR 11157E QA 27,814.59 - - - (3,600.86) (20.46) (34.82) 123.37 24,281.81 60.38 256350021 MIM-RCTC 2013 Residual Fund 69371RP34 PACCAR FINANCIAL CORP - 200,250.00 - - - - (20.30) 34.30 200,264.00 810.37 256350021 MIM-RCTC 2013 Residual Fund 51500VCC1 Landesbank Hessen-Thüringen Girozentrale - 500,030.52 - - - - (18.65) 8.13 500,020.00 4,072.92 256350021 MIM-RCTC 2013 Residual Fund 912828Y53 UNITED STATES TREASURY 344,679.15 - - - - - (18.32) (26.53) 344,634.30 1,393.45 256350021 MIM-RCTC 2013 Residual Fund 3128MMPP2 FH G18429 - 253,312.50 - - (7,204.49) 31.66 (12.58) 3,420.39 249,547.47 515.04 256350021 MIM-RCTC 2013 Residual Fund 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 219,967.00 - - - - - (10.61) 116.21 220,072.60 654.56 256350021 MIM-RCTC 2013 Residual Fund 3137A5FP4 FHR 3791E DA 34,049.88 - - - (3,099.50) (3.74) (8.86) 179.43 31,117.22 64.68 256350021 MIM-RCTC 2013 Residual Fund 38378KW47 GNR 13138 A - 121,045.24 - - - - (6.93) 74.49 121,112.80 218.10 256350021 MIM-RCTC 2013 Residual Fund 912828Y53 UNITED STATES TREASURY 299,721.00 - - - - - (5.70) (33.30) 299,682.00 1,211.69 256350021 MIM-RCTC 2013 Residual Fund 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 64,990.25 - - - - - (5.46) 36.66 65,021.45 193.39 256350021 MIM-RCTC 2013 Residual Fund 31418AU48 FN MA1502 - 72,569.36 - - (2,694.45) 11.26 (5.39) 996.94 70,877.71 146.20 256350021 MIM-RCTC 2013 Residual Fund 62888VAA6 NGN 10R1 1A 84,318.86 - - - (8,117.84) (2.36) (4.12) (40.45) 76,154.10 154.04 256350021 MIM-RCTC 2013 Residual Fund 3128MMPY3 FH G18438 - 227,333.16 - - (4,422.03) 19.39 (2.79) 3,105.01 226,032.75 466.48 256350021 MIM-RCTC 2013 Residual Fund 65479AAD4 NALT 17A A3 - 15,869.23 - - (5,100.70) 12.75 (2.64) 17.92 10,796.56 9.17 256350021 MIM-RCTC 2013 Residual Fund 62888VAA6 NGN 10R1 1A - 32,654.69 - - (1,409.59) (0.62) (1.60) 34.69 31,277.57 63.26 256350021 MIM-RCTC 2013 Residual Fund 62888VAA6 NGN 10R1 1A - 42,586.42 - - (1,838.60) (0.55) (1.23) 50.79 40,796.84 82.52 256350021 MIM-RCTC 2013 Residual Fund 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 14,997.75 - - - - - (0.75) 7.95 15,004.95 44.63 256350021 MIM-RCTC 2013 Residual Fund 86958JL72 Svenska Handelsbanken AB 300,003.00 - - (300,000.00) - - (0.50) (2.50) - - 256350021 MIM-RCTC 2013 Residual Fund 31846V401 FIRST AMER:GVT OBLG D 546,304.86 13,103,033.14 (13,601,281.35) - - - - - 48,056.65 - 256350021 MIM-RCTC 2013 Residual Fund 56052FHZ1 MAINE ST HSG AUTH MTG PUR 100,000.00 - - - - - - - 100,000.00 309.07 256350021 MIM-RCTC 2013 Residual Fund 658886DZ6 NORTH DAKOTA ST HSG FIN AGY MTG REV 100,000.00 - - - - - - - 100,000.00 1,198.59 256350021 MIM-RCTC 2013 Residual Fund 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 14,997.75 - - - - - - 7.20 15,004.95 44.63 256350021 MIM-RCTC 2013 Residual Fund 86787EBD8 SUNTRUST BANK - 50,000.00 - - - - - 78.00 50,078.00 194.70 256350021 MIM-RCTC 2013 Residual Fund 14913Q2X6 CATERPILLAR FINANCIAL SERVICES CORP - 120,000.00 - - - - - 289.20 120,289.20 437.27 256350021 MIM-RCTC 2013 Residual Fund 025816CE7 AMERICAN EXPRESS CO - 100,000.00 - - - - - 395.00 100,395.00 366.33 256350021 MIM-RCTC 2013 Residual Fund 637432MU6 NATIONAL RURAL UTILITIES COOP FINANCE CORP - 199,972.00 - - - - 0.48 145.52 200,118.00 208.89 256350021 MIM-RCTC 2013 Residual Fund 55379WGM2 MUFG Bank, Ltd.300,009.00 - - (300,000.00) - - 0.89 (9.89) - - 256350021 MIM-RCTC 2013 Residual Fund 31680YAB3 FITAT 191 A2A - 154,991.46 - - - - 1.13 681.66 155,674.25 183.24 256350021 MIM-RCTC 2013 Residual Fund 47789JAB2 JDOT 2019 A2 105,179.55 - - - - - 1.16 437.74 105,618.45 133.00 256350021 MIM-RCTC 2013 Residual Fund 3137A1LC5 FHR 3710F AB 8,974.95 - - - (3,052.53) 7.12 1.64 15.76 5,946.93 9.95 256350021 MIM-RCTC 2013 Residual Fund 9128285H9 UNITED STATES TREASURY 549,208.00 - (49,915.54) - - (83.47) 2.00 54.01 499,265.00 2,021.21 256350021 MIM-RCTC 2013 Residual Fund 06406HCU1 BANK OF NEW YORK MELLON CORP 99,934.00 - - (100,000.00) - - 2.32 63.68 - - 256350021 MIM-RCTC 2013 Residual Fund 31677QBK4 FIFTH THIRD BANK (OHIO)- 199,810.00 - - - - 2.38 (24.38) 199,788.00 745.56 256350021 MIM-RCTC 2013 Residual Fund 3138L8H23 FN AM7448 - 68,591.24 - - (123.17) 0.39 4.05 91.01 68,563.52 156.25 256350021 MIM-RCTC 2013 Residual Fund 3137A2PV7 FHR 3760D BA - 32,053.21 - - - - 4.25 619.53 32,676.99 40.78 256350021 MIM-RCTC 2013 Residual Fund 3134GTBJ1 FEDERAL HOME LOAN MORTGAGE CORP 499,850.50 - - - - - 6.12 143.38 500,000.00 3,250.00 256350021 MIM-RCTC 2013 Residual Fund 3137APP53 FHMS K018 A1 8,667.70 - - - (1,712.37) 13.35 6.15 13.34 6,988.16 10.42 256350021 MIM-RCTC 2013 Residual Fund 3137AWQG3 FHMS K023 A1 - 20,783.91 - - - - 6.21 123.20 20,913.32 27.83 256350021 MIM-RCTC 2013 Residual Fund 110122BX5 BRISTOL-MYERS SQUIBB CO - 119,810.40 (121,006.80) - - 1,186.54 9.86 - - - 256350021 MIM-RCTC 2013 Residual Fund 3130AGE68 FEDERAL HOME LOAN BANKS - 749,812.50 - - - - 10.52 394.48 750,217.50 2,843.75 256350021 MIM-RCTC 2013 Residual Fund 3137B1UF7 FHMS K027 A1 16,457.79 - - - (1,185.65) 13.53 10.69 111.64 15,408.00 23.03 256350021 MIM-RCTC 2013 Residual Fund 369550BA5 GENERAL DYNAMICS CORP 25,082.75 - - - - - 11.03 30.22 25,124.00 99.83 256350021 MIM-RCTC 2013 Residual Fund 65479AAD4 NALT 17A A3 43,913.99 - - - (25,984.44) 15.89 11.65 37.18 17,994.27 15.28 256350021 MIM-RCTC 2013 Residual Fund 055657AC4 BMWLT 171 A3 63,128.92 - - - (38,707.33) 13.56 11.87 63.97 24,510.99 14.84 256350021 MIM-RCTC 2013 Residual Fund 3620ARB67 GN 737261 - 80,813.80 - - - - 11.91 97.54 80,923.26 259.92 256350021 MIM-RCTC 2013 Residual Fund 254010AC5 DIGNITY HEALTH 23,988.24 - - - - - 15.88 (30.04) 23,974.08 105.48 256350021 MIM-RCTC 2013 Residual Fund 172967LC3 CITIGROUP INC - 249,837.50 - - - - 17.11 2,737.89 252,592.50 463.19 256350021 MIM-RCTC 2013 Residual Fund 172967LC3 CITIGROUP INC - 199,780.00 - - - - 18.66 2,275.34 202,074.00 370.56 256350021 MIM-RCTC 2013 Residual Fund 3137AXHN6 FHMS K024 A1 28,773.77 - - - (2,352.37) 24.51 18.80 174.62 26,639.32 39.04 256350021 MIM-RCTC 2013 Residual Fund 3138L1W62 FN AM1568 126,671.39 - - - (584.90) 3.42 22.01 (15.90) 126,096.02 263.56 256350021 MIM-RCTC 2013 Residual Fund 3137AWQG3 FHMS K023 A1 33,722.68 - - - (2,594.09) 40.79 33.84 166.76 31,369.97 41.75 256350021 MIM-RCTC 2013 Residual Fund 31677QBB4 FIFTH THIRD BANK 199,964.00 - - (200,000.00) - - 39.04 (3.04) - - 256350021 MIM-RCTC 2013 Residual Fund 0258M0EE5 AMERICAN EXPRESS CREDIT CORP 19,907.20 - - - - - 40.66 31.14 19,979.00 144.22 256350021 MIM-RCTC 2013 Residual Fund 0258M0EE5 AMERICAN EXPRESS CREDIT CORP 19,907.20 - - - - - 40.94 30.86 19,979.00 144.22 256350021 MIM-RCTC 2013 Residual Fund 0258M0EE5 AMERICAN EXPRESS CREDIT CORP 19,907.20 - - - - - 41.12 30.68 19,979.00 144.22 256350021 MIM-RCTC 2013 Residual Fund 912828Y53 UNITED STATES TREASURY - 754,716.29 - - - - 44.67 (561.26) 754,199.70 3,049.43 256350021 MIM-RCTC 2013 Residual Fund 9128285H9 UNITED STATES TREASURY 399,424.00 - - - - - 45.68 (57.68) 399,412.00 1,616.97 256350021 MIM-RCTC 2013 Residual Fund 375558BB8 GILEAD SCIENCES INC 34,953.80 - - - - - 47.65 101.45 35,102.90 297.50 256350021 MIM-RCTC 2013 Residual Fund 65478DAD9 NAROT 18A A3 85,072.25 - - - - - 49.26 322.19 85,443.70 100.11 256350021 MIM-RCTC 2013 Residual Fund 06051GFN4 BANK OF AMERICA CORP 99,472.00 - - - - - 51.86 459.14 99,983.00 437.50 256350021 MIM-RCTC 2013 Residual Fund 46625HKA7 JPMORGAN CHASE & CO 99,635.00 - - - - - 53.90 280.10 99,969.00 987.50 256350021 MIM-RCTC 2013 Residual Fund 90331HNP4 US BANK NA 252,347.50 - - - - - 58.16 2,129.34 254,535.00 1,421.88 256350021 MIM-RCTC 2013 Residual Fund 80414L2C8 SAUDI ARABIAN OIL CO - 198,278.00 (201,682.00) - - 3,343.42 60.58 - - - 256350021 MIM-RCTC 2013 Residual Fund 05531FAU7 BB&T CORP - 249,642.50 - - - - 64.86 807.64 250,515.00 36.46 256350021 MIM-RCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 29,710.50 - - - - - 67.51 76.79 29,854.80 0.92 256350021 MIM-RCTC 2013 Residual Fund 94974BGM6 WELLS FARGO & CO - 199,590.00 - - - - 68.72 999.28 200,658.00 2,296.67 256350021 MIM-RCTC 2013 Residual Fund 369550BA5 GENERAL DYNAMICS CORP 200,662.00 - - - - - 78.66 251.34 200,992.00 798.61 256350021 MIM-RCTC 2013 Residual Fund 3137B2GW4 FHMS K713 A2 96,581.55 - - - (543.69) 2.11 79.69 136.34 96,255.99 185.86 256350021 MIM-RCTC 2013 Residual Fund 0258M0EE5 AMERICAN EXPRESS CREDIT CORP - 99,639.00 - - - - 83.69 172.31 99,895.00 721.11 256350021 MIM-RCTC 2013 Residual Fund 43357MR51 Hitachi Capital America Corp.274,923.00 - - (275,000.00) - - 84.03 (7.03) - - 256350021 MIM-RCTC 2013 Residual Fund 912828VV9 UNITED STATES TREASURY 49,836.00 - - - - - 84.16 196.84 50,117.00 355.13 256350021 MIM-RCTC 2013 Residual Fund 780082AC7 ROYAL BANK OF CANADA 99,289.00 - - - - - 104.47 654.53 100,048.00 449.17 256350021 MIM-RCTC 2013 Residual Fund 69353RFH6 PNC BANK NA - 249,005.00 - - - - 107.87 1,724.63 250,837.50 2,760.42 256350021 MIM-RCTC 2013 Residual Fund 50000ER89 Koch Industries, Inc.249,877.50 - - (250,000.00) - - 119.58 2.92 - - 35 Page 10 of 37 Source Account Account Identifier Description Beginning Base Market Value Base Purchases Base Sales Base Maturities and Redemptions Base Paydowns Net Total Realized Gain/Loss Base Amortization/A ccretion Base Change In Net Unrealized Gain/Loss Ending Base Market Value Ending Accrued Income Balance 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2019 256350021 MIM-RCTC 2013 Residual Fund 084659AB7 BERKSHIRE HATHAWAY ENERGY CO - 249,475.00 - - - - 127.66 294.84 249,897.50 2,500.00 256350021 MIM-RCTC 2013 Residual Fund 69350BR81 PPG Industries, Inc.249,877.50 - - (250,000.00) - - 129.79 (7.29) - - 256350021 MIM-RCTC 2013 Residual Fund 02587AAJ3 AMXCA 171 A - 120,371.37 - - - - 132.11 249.68 120,753.16 103.79 256350021 MIM-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 39,459.20 - - - - - 140.44 106.76 39,706.40 75.82 256350021 MIM-RCTC 2013 Residual Fund 89114QAS7 TORONTO-DOMINION BANK 99,873.00 - - - - - 144.89 (17.89) 100,000.00 1,056.60 256350021 MIM-RCTC 2013 Residual Fund 65478HAD0 NAROT 17C A3 69,629.00 - - - - - 147.68 203.72 69,980.40 65.96 256350021 MIM-RCTC 2013 Residual Fund 375558BB8 GILEAD SCIENCES INC 99,868.00 - - - - - 148.16 277.84 100,294.00 850.00 256350021 MIM-RCTC 2013 Residual Fund 89114QAS7 TORONTO-DOMINION BANK 99,873.00 - - - - - 148.76 (21.76) 100,000.00 1,056.60 256350021 MIM-RCTC 2013 Residual Fund 40428HPN6 HSBC USA INC (NEW)99,747.00 - - - - - 158.05 67.95 99,973.00 316.67 256350021 MIM-RCTC 2013 Residual Fund 13607RAB6 CANADIAN IMPERIAL BANK OF COMMERCE 99,552.00 - - - - - 171.85 125.15 99,849.00 511.11 256350021 MIM-RCTC 2013 Residual Fund 07274MRA5 Bayerische Landesbank 279,823.60 - - (280,000.00) - - 178.50 (2.10) - - 256350021 MIM-RCTC 2013 Residual Fund 50000ES21 Koch Industries, Inc.- 449,538.75 (449,722.13) - - (1.12) 184.50 - - - 256350021 MIM-RCTC 2013 Residual Fund 06416CAC2 BANK OF NOVA SCOTIA 98,523.00 - - - - - 189.98 942.02 99,655.00 338.54 256350021 MIM-RCTC 2013 Residual Fund 38375CBH2 GNR 1257F LD 107,891.58 - - - (42,898.32) 244.87 190.96 (3.09) 65,426.00 68.41 256350021 MIM-RCTC 2013 Residual Fund 161571FK5 CHAIT 124 A 114,557.25 - - - - - 191.08 133.22 114,881.55 80.76 256350021 MIM-RCTC 2013 Residual Fund 07274MRA5 Bayerische Landesbank 299,811.00 - - (300,000.00) - - 192.00 (3.00) - - 256350021 MIM-RCTC 2013 Residual Fund 06367TPX2 BANK OF MONTREAL 99,681.00 - - - - - 200.00 7.00 99,888.00 110.83 256350021 MIM-RCTC 2013 Residual Fund 06367TPX2 BANK OF MONTREAL 99,681.00 - - - - - 202.39 4.61 99,888.00 110.83 256350021 MIM-RCTC 2013 Residual Fund 3136A5KR6 FNR 1231G AD 128,170.66 - - - (15,937.90) 208.00 206.01 307.48 112,954.25 165.82 256350021 MIM-RCTC 2013 Residual Fund 912828L57 UNITED STATES TREASURY 98,367.00 - - - - - 217.10 1,485.90 100,070.00 439.89 256350021 MIM-RCTC 2013 Residual Fund 0258M0EE5 AMERICAN EXPRESS CREDIT CORP 99,536.00 - - - - - 222.04 136.96 99,895.00 721.11 256350021 MIM-RCTC 2013 Residual Fund 02587AAJ3 AMXCA 171 A 99,392.00 - - - - - 227.57 176.43 99,796.00 85.78 256350021 MIM-RCTC 2013 Residual Fund 74456DRB3 Public Service Electric and Gas Company 319,776.00 - - (320,000.00) - - 240.89 (16.89) - - 256350021 MIM-RCTC 2013 Residual Fund 3138L2GH4 FN AM1999 90,609.39 - - - (587.69) 13.68 253.51 879.22 91,168.11 142.33 256350021 MIM-RCTC 2013 Residual Fund 05584PAD9 BMWLT 172 A3 149,430.00 - - - (5,723.74) 17.57 265.48 82.09 144,071.39 91.25 256350021 MIM-RCTC 2013 Residual Fund 26055BT53 The Dow Chemical Company - 249,730.21 - (250,000.00) - - 269.79 - - - 256350021 MIM-RCTC 2013 Residual Fund 17401QAN1 Citizens Bk PA - 247,950.00 - - - - 271.38 1,291.12 249,512.50 953.13 256350021 MIM-RCTC 2013 Residual Fund 780082AC7 ROYAL BANK OF CANADA 99,289.00 - - - - - 275.01 483.99 100,048.00 449.17 256350021 MIM-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 69,053.60 - - - - - 275.70 156.90 69,486.20 132.68 256350021 MIM-RCTC 2013 Residual Fund 34108BS63 Florida Power & Light Company - 319,699.56 - (320,000.00) - - 300.44 - - - 256350021 MIM-RCTC 2013 Residual Fund 912828B58 UNITED STATES TREASURY 264,099.00 - - - - - 301.73 1,810.32 266,211.05 2,348.95 256350021 MIM-RCTC 2013 Residual Fund 13607RAB6 CANADIAN IMPERIAL BANK OF COMMERCE 99,552.00 - - - - - 302.85 (5.85) 99,849.00 511.11 256350021 MIM-RCTC 2013 Residual Fund 97684HSG7 Wisconsin Public Service Corporation - 499,688.75 - (500,000.00) - - 311.25 - - - 256350021 MIM-RCTC 2013 Residual Fund 46640QU82 J.P. Morgan Securities LLC - 374,508.33 - - - - 319.59 (0.42) 374,827.50 - 256350021 MIM-RCTC 2013 Residual Fund 06416CAC2 BANK OF NOVA SCOTIA 98,523.00 - - - - - 325.26 806.74 99,655.00 338.54 256350021 MIM-RCTC 2013 Residual Fund 43814TAD4 HAROT 171 A4 198,316.00 - - - - - 347.80 1,092.20 199,756.00 113.89 256350021 MIM-RCTC 2013 Residual Fund 912796UY3 UNITED STATES TREASURY - 499,575.42 - (500,000.00) - - 424.58 - - - 256350021 MIM-RCTC 2013 Residual Fund 17275RBG6 CISCO SYSTEMS INC 149,172.00 - - - - - 434.77 70.73 149,677.50 589.17 256350021 MIM-RCTC 2013 Residual Fund 21201CS15 Continental Rubber of America, Corp.- 449,527.50 - (450,000.00) - - 472.50 - - - 256350021 MIM-RCTC 2013 Residual Fund 912828VV9 UNITED STATES TREASURY 458,491.20 - - - - - 476.03 2,109.17 461,076.40 3,267.19 256350021 MIM-RCTC 2013 Residual Fund 97684HU82 Wisconsin Public Service Corporation - 374,341.88 - - - - 480.93 4.69 374,827.50 - 256350021 MIM-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 133,174.80 - - - - - 491.46 342.84 134,009.10 255.88 256350021 MIM-RCTC 2013 Residual Fund 69350BUB0 PPG Industries, Inc.- 324,272.36 - - - - 492.92 20.22 324,785.50 - 256350021 MIM-RCTC 2013 Residual Fund 97684HS28 Wisconsin Public Service Corporation - 449,496.00 - (450,000.00) - - 504.00 - - - 256350021 MIM-RCTC 2013 Residual Fund 912828UH1 UNITED STATES TREASURY 32,338.96 - - - - - 516.40 164.59 33,019.94 19.15 256350021 MIM-RCTC 2013 Residual Fund 71112KS36 The Peoples Gas Light And Coke Company - 449,480.00 - (450,000.00) - - 520.00 - - - 256350021 MIM-RCTC 2013 Residual Fund 92780KS25 Virginia Electric and Power Company - 449,474.00 - (450,000.00) - - 526.00 - - - 256350021 MIM-RCTC 2013 Residual Fund 912828B58 UNITED STATES TREASURY 284,031.00 - - - - - 545.36 1,726.09 286,302.45 2,526.23 256350021 MIM-RCTC 2013 Residual Fund 06406FAB9 BANK OF NEW YORK MELLON CORP 197,408.00 - - - - - 600.26 1,587.74 199,596.00 660.56 256350021 MIM-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 197,296.00 - - - - - 670.16 565.84 198,532.00 379.08 256350021 MIM-RCTC 2013 Residual Fund 55279HAN0 MANUFACTURERS AND TRADERS TRUST CO 247,952.50 - - - - - 715.14 869.86 249,537.50 1,907.64 256350021 MIM-RCTC 2013 Residual Fund 69350BSA5 PPG Industries, Inc.- 324,268.75 - (325,000.00) - - 731.25 - - - 256350021 MIM-RCTC 2013 Residual Fund 69353RFC7 PNC BANK NA 248,395.00 - - - - - 737.88 202.12 249,335.00 583.33 256350021 MIM-RCTC 2013 Residual Fund 62479MS95 MUFG Bank, Ltd.- 499,236.11 - (500,000.00) - - 763.89 - - - 256350021 MIM-RCTC 2013 Residual Fund 26055BSD7 The Dow Chemical Company - 299,235.00 - (300,000.00) - - 765.00 - - - 256350021 MIM-RCTC 2013 Residual Fund 49327M2P8 KEYBANK NA 248,927.50 - - - - - 779.01 (11.51) 249,695.00 1,433.33 256350021 MIM-RCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 232,732.25 - - - - - 785.15 345.20 233,862.60 7.18 256350021 MIM-RCTC 2013 Residual Fund 74456DS30 Public Service Electric and Gas Company - 649,186.60 - (650,000.00) - - 813.40 - - - 256350021 MIM-RCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY - 421,314.45 - - - - 918.06 710.49 422,943.00 12.99 256350021 MIM-RCTC 2013 Residual Fund 912828VV9 UNITED STATES TREASURY 548,196.00 - - - - - 993.98 2,097.02 551,287.00 3,906.42 256350021 MIM-RCTC 2013 Residual Fund 912828UH1 UNITED STATES TREASURY 64,677.92 - - - - - 1,068.45 293.52 66,039.89 38.30 256350021 MIM-RCTC 2013 Residual Fund 912828UF5 UNITED STATES TREASURY 277,298.00 - - - - - 1,121.58 225.22 278,644.80 8.56 256350021 MIM-RCTC 2013 Residual Fund 69350BTA4 PPG Industries, Inc.- 498,850.42 - (500,000.00) - - 1,149.58 - - - 256350021 MIM-RCTC 2013 Residual Fund 92780KTC2 Virginia Electric and Power Company - 498,670.00 - (500,000.00) - - 1,330.00 - - - 256350021 MIM-RCTC 2013 Residual Fund 912828VA5 UNITED STATES TREASURY 473,510.40 - - - - - 1,982.82 983.58 476,476.80 909.78 256350021 MIM-RCTC 2013 Residual Fund 912828SA9 UNITED STATES TREASURY 198,561.64 - - - - - 3,263.52 93.33 201,918.49 117.17 16,354,150.75 29,613,336.81 (14,423,607.82) (10,120,000.00) (449,576.96) 4,441.31 27,878.26 56,217.83 21,062,840.18 95,008.87 256350023 MIM-Sr Lien Reserve Fund-1 31381Q6B7 FN 468066 188,707.54 - - - (853.95) (40.48) (1,046.10) 2,322.27 189,089.28 651.39 256350023 MIM-Sr Lien Reserve Fund-1 912828XB1 UNITED STATES TREASURY 1,187,484.00 - (226,977.54) - - (1,661.91) (732.73) 33,346.18 991,458.00 2,646.14 256350023 MIM-Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 727,518.00 - - - - - (681.00) 6,499.10 733,336.10 6,470.68 256350023 MIM-Sr Lien Reserve Fund-1 3137B1U75 FHMS KS01 A2 377,195.60 - - - - - (671.32) 6,580.32 383,104.60 798.63 256350023 MIM-Sr Lien Reserve Fund-1 912828G38 UNITED STATES TREASURY 1,347,367.50 - - - - - (604.98) 34,665.48 1,381,428.00 3,879.42 256350023 MIM-Sr Lien Reserve Fund-1 3138EJPZ5 FN AL2239 273,754.12 - - - (1,673.33) (56.57) (503.09) 2,891.65 274,412.79 668.23 256350023 MIM-Sr Lien Reserve Fund-1 31381PEB0 FN 466430 252,566.92 - - - (1,213.59) (12.53) (437.16) 130.15 251,033.79 697.85 256350023 MIM-Sr Lien Reserve Fund-1 3137EADB2 FREDDIE MAC 200,556.00 - - - - - (351.60) 2,749.60 202,954.00 2,216.67 256350023 MIM-Sr Lien Reserve Fund-1 3136A7MN9 FNA 12M8 A2 294,216.81 - - - (7,476.32) (99.36) (314.95) 4,222.22 290,548.39 566.24 256350023 MIM-Sr Lien Reserve Fund-1 31381QB54 FN 467260 135,375.72 - - - (725.88) (11.65) (293.32) (482.67) 133,862.20 478.55 256350023 MIM-Sr Lien Reserve Fund-1 3137EADB2 FREDDIE MAC 200,556.00 - - - - - (268.97) 2,666.97 202,954.00 2,216.67 256350023 MIM-Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 234,201.00 - - - - - (265.32) 2,138.27 236,073.95 2,083.03 256350023 MIM-Sr Lien Reserve Fund-1 31381T4E7 FN 470721 260,418.77 - - - (1,654.05) (34.28) (260.21) 3,844.70 262,314.94 574.32 256350023 MIM-Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 99,660.00 - - - - - (249.02) 1,046.02 100,457.00 886.40 256350023 MIM-Sr Lien Reserve Fund-1 31381R5T7 FN 468958 133,251.30 - - - - - (247.09) 1,489.89 134,494.10 408.42 256350023 MIM-Sr Lien Reserve Fund-1 31417YKF3 FN MA0293 71,326.38 - - - (3,348.81) (165.41) (235.72) 1,540.77 69,117.21 243.47 256350023 MIM-Sr Lien Reserve Fund-1 36202F2H8 G2 005276 136,545.32 - - - (9,408.95) (307.68) (229.69) 1,721.88 128,320.89 313.78 256350023 MIM-Sr Lien Reserve Fund-1 38377RVK8 GNR 10166F GP 55,274.39 - - - (3,682.85) (51.46) (189.42) 705.39 52,056.05 128.70 36 Page 11 of 37 Source Account Account Identifier Description Beginning Base Market Value Base Purchases Base Sales Base Maturities and Redemptions Base Paydowns Net Total Realized Gain/Loss Base Amortization/A ccretion Base Change In Net Unrealized Gain/Loss Ending Base Market Value Ending Accrued Income Balance 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2019 256350023 MIM-Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 144,507.00 - - - - - (179.27) 1,334.92 145,662.65 1,285.27 256350023 MIM-Sr Lien Reserve Fund-1 38377RVK8 GNR 10166F GP 33,164.63 - - - (2,209.71) (55.72) (174.95) 509.38 31,233.63 77.22 256350023 MIM-Sr Lien Reserve Fund-1 38380AZ34 GNR 16147C DA 140,926.82 - - - (5,188.23) (125.82) (172.18) 1,993.77 137,434.36 337.26 256350023 MIM-Sr Lien Reserve Fund-1 3136AHAE0 FNA 13M14 APT 116,620.26 - - - (2,125.10) (33.94) (161.95) 1,597.17 115,896.44 257.01 256350023 MIM-Sr Lien Reserve Fund-1 38378DDC6 GNR 1216E GB 121,293.85 - - - (22,909.87) (84.42) (145.14) 280.63 98,435.05 286.20 256350023 MIM-Sr Lien Reserve Fund-1 912828VV9 UNITED STATES TREASURY 99,672.00 - - - - - (132.80) 694.80 100,234.00 710.26 256350023 MIM-Sr Lien Reserve Fund-1 3137AXHP1 FHMS K024 A2 140,018.20 - - - - - (118.24) 2,166.44 142,066.40 300.18 256350023 MIM-Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 114,609.00 - - - - - (109.70) 1,026.25 115,525.55 1,019.35 256350023 MIM-Sr Lien Reserve Fund-1 3137AUPE3 FHMS K021 A2 143,352.00 - - - - - (100.81) 1,938.25 145,189.44 287.52 256350023 MIM-Sr Lien Reserve Fund-1 31417YKF3 FN MA0293 74,977.22 - - - (3,520.22) (144.80) (92.00) 1,434.77 72,654.97 255.93 256350023 MIM-Sr Lien Reserve Fund-1 31381SVJ8 FN 469617 109,228.41 - - - (682.56) (3.15) (90.25) 1,041.71 109,494.16 296.81 256350023 MIM-Sr Lien Reserve Fund-1 38376T5Z1 GNR 104A PD 76,528.39 - - - (4,784.37) (144.47) (69.50) 1,017.93 72,547.98 177.82 256350023 MIM-Sr Lien Reserve Fund-1 38376GB33 GNR 116 BA 121,405.41 - - - (5,039.48) (20.03) (68.79) 216.92 116,494.03 339.09 256350023 MIM-Sr Lien Reserve Fund-1 38378AWX5 GNR 11157E QA 83,443.76 - - - (10,802.58) (32.32) (66.78) 303.35 72,845.44 181.14 256350023 MIM-Sr Lien Reserve Fund-1 3137B4HD1 FHR 4247A AK 51,321.39 - - - (4,041.75) (135.15) (52.99) 255.77 47,347.26 168.89 256350023 MIM-Sr Lien Reserve Fund-1 38376WA62 GNR 1015C PD 149,235.39 - - - (10,471.40) (182.90) (52.97) 1,204.66 139,732.78 446.02 256350023 MIM-Sr Lien Reserve Fund-1 31398QTP2 FHR 3747C HW 74,915.94 - - - (11,183.24) (116.36) (45.36) (165.11) 63,405.87 235.31 256350023 MIM-Sr Lien Reserve Fund-1 912828B58 UNITED STATES TREASURY 49,830.00 - - - - - (44.20) 442.70 50,228.50 443.20 256350023 MIM-Sr Lien Reserve Fund-1 38377RSZ9 GNR 10162D PQ 42,030.86 - - - (6,943.05) (84.62) (40.91) 13.50 34,975.78 129.53 256350023 MIM-Sr Lien Reserve Fund-1 3137AJMF8 FHMS K016 A2 29,718.09 - - - (972.40) (11.91) (38.70) 332.60 29,027.68 70.56 256350023 MIM-Sr Lien Reserve Fund-1 3137F4D41 FHMS K074 A2 - 31,502.34 - - - - (38.52) 1,073.58 32,537.40 90.00 256350023 MIM-Sr Lien Reserve Fund-1 38376WA62 GNR 1015C PD 37,154.04 - - - (2,606.99) (167.00) (38.01) 446.21 34,788.24 111.04 256350023 MIM-Sr Lien Reserve Fund-1 3138NJAE8 FN FN0004 19,352.23 - - - (1,147.43) (11.65) (31.25) (293.61) 17,868.29 54.11 256350023 MIM-Sr Lien Reserve Fund-1 38378XP62 GNR 14166 PL 263,495.85 - - - (10,986.21) (109.42) (29.22) 6,199.59 258,570.58 547.24 256350023 MIM-Sr Lien Reserve Fund-1 31381N7G2 FN 466295 18,242.17 - - - (100.73) (0.49) (22.01) 38.53 18,157.47 49.09 256350023 MIM-Sr Lien Reserve Fund-1 38375KCX8 GNR 0726C MA 23,645.09 - - - (22,726.55) (15.18) (21.95) (0.00) 881.41 4.04 256350023 MIM-Sr Lien Reserve Fund-1 38375XCM4 GNR 0847B PC - 74,581.60 - - (2,409.28) (68.98) (20.77) 391.72 72,474.28 292.16 256350023 MIM-Sr Lien Reserve Fund-1 38376WA62 GNR 1015C PD 36,328.39 - - - (2,549.05) (84.91) (18.10) 338.84 34,015.17 108.57 256350023 MIM-Sr Lien Reserve Fund-1 38378CDK0 GNR 11169G AK 20,423.22 - - - (3,761.27) (7.18) (15.67) 48.76 16,687.86 41.62 256350023 MIM-Sr Lien Reserve Fund-1 3137A5FP4 FHR 3791E DA 56,958.33 - - - (5,184.81) (6.25) (14.82) 300.15 52,052.60 108.20 256350023 MIM-Sr Lien Reserve Fund-1 3136ADFF1 FNR 1336D KC - 144,649.65 - - - - (14.02) 328.81 144,964.44 183.45 256350023 MIM-Sr Lien Reserve Fund-1 38379HLE3 GNR 14184H WK 116,604.28 - - - (5,327.41) 8.76 (10.13) 556.43 111,831.93 318.37 256350023 MIM-Sr Lien Reserve Fund-1 3137F4D41 FHMS K074 A2 - 5,212.50 - - - - (5.48) 215.88 5,422.90 15.00 256350023 MIM-Sr Lien Reserve Fund-1 62888VAA6 NGN 10R1 1A 109,915.67 - - - (10,582.19) (3.07) (5.37) (52.73) 99,272.31 200.80 256350023 MIM-Sr Lien Reserve Fund-1 31418AU48 FN MA1502 - 64,718.29 - - (2,402.94) 10.03 (4.81) 889.09 63,209.66 130.38 256350023 MIM-Sr Lien Reserve Fund-1 36202F2H8 G2 005276 32,560.80 - - - (2,243.67) (1.40) (4.54) 288.40 30,599.59 74.82 256350023 MIM-Sr Lien Reserve Fund-1 38377RSZ9 GNR 10162D PQ 10,661.49 - - - (1,761.17) (34.96) (4.30) 10.84 8,871.91 32.86 256350023 MIM-Sr Lien Reserve Fund-1 38378TAF7 GNR 1371A GA 123,744.77 - - - (7,650.49) 7.32 (4.05) 1,330.14 117,427.68 242.71 256350023 MIM-Sr Lien Reserve Fund-1 38377LQT8 GNR 10128D KE 14,701.32 - - - (6,472.55) 6.95 (3.64) (3.40) 8,228.67 20.58 256350023 MIM-Sr Lien Reserve Fund-1 3137ATRW4 FHMS K020 A2 124,393.75 - - - - - (1.76) 1,504.26 125,896.25 247.19 256350023 MIM-Sr Lien Reserve Fund-1 38377LQT8 GNR 10128D KE 4,573.74 - - - (2,013.68) 2.70 (0.62) (2.12) 2,560.03 6.40 256350023 MIM-Sr Lien Reserve Fund-1 31395EZP5 FHR 2835G MD 615.29 - - - (614.04) (1.12) (0.16) 0.03 - - 256350023 MIM-Sr Lien Reserve Fund-1 31846V401 FIRST AMER:GVT OBLG D 31,571.29 1,450,140.19 (1,158,920.30) - - - - - 322,791.18 - 256350023 MIM-Sr Lien Reserve Fund-1 CCYUSD Cash - - - - - - - - (231,218.46) - 256350023 MIM-Sr Lien Reserve Fund-1 CCYUSD Payable - - - - - - - - (211,593.75) - 256350023 MIM-Sr Lien Reserve Fund-1 CCYUSD Receivable 12,294.80 - - - - - - - 728.94 - 256350023 MIM-Sr Lien Reserve Fund-1 3137FBAJ5 FHMS KIR3 A2 - 211,593.75 - - - - - (729.75) 210,864.00 - 256350023 MIM-Sr Lien Reserve Fund-1 38377F2N0 GNR 1073E LN 5,116.43 - - - (5,043.70) 10.09 0.60 (5.44) 77.97 0.20 256350023 MIM-Sr Lien Reserve Fund-1 3138L33G8 FN AM3498 99,124.00 - - - - - 0.64 531.36 99,656.00 167.50 256350023 MIM-Sr Lien Reserve Fund-1 3137A5FP4 FHR 3791E DA 38,291.31 - - - (3,485.59) 10.29 5.01 172.32 34,993.34 72.74 256350023 MIM-Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A 14,118.90 - - - (131.59) 1.24 5.44 286.88 14,280.87 17.36 256350023 MIM-Sr Lien Reserve Fund-1 38378KXW4 GNR 13105 A 107,711.77 - - - (8,435.85) 17.34 7.67 1,724.01 101,024.94 144.99 256350023 MIM-Sr Lien Reserve Fund-1 3137B5A60 FHR 4257G EK 27,071.16 - - - (2,179.28) 24.68 8.62 260.59 25,185.78 52.27 256350023 MIM-Sr Lien Reserve Fund-1 3620ARB67 GN 737261 - 123,379.85 - - - - 18.19 148.92 123,546.96 396.82 256350023 MIM-Sr Lien Reserve Fund-1 3138EKXL4 FN AL3382 14,841.42 - - - (979.45) 32.06 18.61 98.44 14,011.09 27.29 256350023 MIM-Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A 52,945.87 - - - (493.47) 5.72 21.75 1,073.39 53,553.25 65.11 256350023 MIM-Sr Lien Reserve Fund-1 3138EKXL4 FN AL3382 18,551.78 - - - (1,224.31) 33.23 22.83 130.34 17,513.87 34.11 256350023 MIM-Sr Lien Reserve Fund-1 38377JZ89 GNR 10117A GK 49,995.26 - - - (3,466.41) (73.13) 22.86 413.93 46,892.51 133.34 256350023 MIM-Sr Lien Reserve Fund-1 38378HXH4 GNR 12119 KB 17,904.50 0.17 - - (1,302.51) 39.02 23.11 (191.80) 16,472.49 17.54 256350023 MIM-Sr Lien Reserve Fund-1 38377RVK8 GNR 10166F GP 20,881.43 - - - (1,391.30) 19.77 26.82 128.89 19,665.62 48.62 256350023 MIM-Sr Lien Reserve Fund-1 3138L1W62 FN AM1568 165,647.21 - - - (764.88) 4.49 28.78 (20.79) 164,894.80 344.65 256350023 MIM-Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A - 35,004.86 - - (109.93) 6.78 31.50 768.96 35,702.17 43.40 256350023 MIM-Sr Lien Reserve Fund-1 912828L99 UNITED STATES TREASURY 147,732.00 - - - - - 38.22 1,257.78 149,028.00 347.49 256350023 MIM-Sr Lien Reserve Fund-1 3136AC7J4 FNA 13M6 2A 50,720.33 - - - (598.50) 7.46 41.34 812.03 50,982.66 109.10 256350023 MIM-Sr Lien Reserve Fund-1 38378B6A2 GNR 1312A AB 105,683.37 - - - (675.36) 11.79 50.24 2,971.05 108,041.09 172.06 256350023 MIM-Sr Lien Reserve Fund-1 3137ASNH3 FHMS K019 A1 64,908.69 - - - (31,894.97) 132.01 55.95 169.83 33,371.51 40.74 256350023 MIM-Sr Lien Reserve Fund-1 38378KSL4 GNR 1374 AL 208,100.25 - - - - - 57.37 10,276.88 218,434.50 527.71 256350023 MIM-Sr Lien Reserve Fund-1 38379KDN5 GNR 1529 AD 142,568.06 - - - (732.21) 8.32 94.19 3,983.39 145,921.74 266.22 256350023 MIM-Sr Lien Reserve Fund-1 38378B7F0 GNR 1333 B 183,350.00 - - - - - 103.44 7,430.56 190,884.00 378.83 256350023 MIM-Sr Lien Reserve Fund-1 38375CBH2 GNR 1257F LD 61,501.41 - - - (24,453.31) 139.57 108.86 (1.76) 37,294.76 39.00 256350023 MIM-Sr Lien Reserve Fund-1 38378KSL4 GNR 1374 AL 184,978.00 - - - - - 120.85 9,065.15 194,164.00 469.08 256350023 MIM-Sr Lien Reserve Fund-1 3136A5KR6 FNR 1231G AD 83,436.58 - - - (10,375.25) 135.40 134.11 200.16 73,531.00 107.95 256350023 MIM-Sr Lien Reserve Fund-1 38377JM59 GNR 10111F PE 85,949.43 - - - (6,137.14) 146.79 166.90 693.70 80,819.67 169.01 256350023 MIM-Sr Lien Reserve Fund-1 912828XB1 UNITED STATES TREASURY 148,435.50 - - - - - 176.36 3,920.14 152,532.00 407.10 256350023 MIM-Sr Lien Reserve Fund-1 3137EADR7 FREDDIE MAC 469,618.25 - - - - - 178.40 2,491.10 472,287.75 1,088.54 256350023 MIM-Sr Lien Reserve Fund-1 38378CRT6 GNR 1213E EG 49,009.12 - - - (2,680.37) 76.53 180.74 672.94 47,258.97 78.51 256350023 MIM-Sr Lien Reserve Fund-1 38378KWU9 GNR 1396 A 52,945.86 - - - (493.47) 29.38 200.11 871.36 53,553.25 65.11 256350023 MIM-Sr Lien Reserve Fund-1 912828L57 UNITED STATES TREASURY 541,018.50 - - - - - 207.47 9,159.03 550,385.00 2,419.40 256350023 MIM-Sr Lien Reserve Fund-1 3137ATRW4 FHMS K020 A2 156,348.02 - - - - - 221.67 1,666.79 158,236.48 310.69 256350023 MIM-Sr Lien Reserve Fund-1 3138EKXL4 FN AL3382 241,173.14 - - - (15,916.02) 136.15 249.00 2,038.01 227,680.27 443.41 256350023 MIM-Sr Lien Reserve Fund-1 38378KRS0 GNR 1378 AG 423,288.00 - - - - - 289.29 13,746.21 437,323.50 895.72 256350023 MIM-Sr Lien Reserve Fund-1 38378B7F0 GNR 1333 B 229,187.50 - - - - - 306.56 9,110.94 238,605.00 473.54 256350023 MIM-Sr Lien Reserve Fund-1 3135G0D75 FEDERAL NATIONAL MORTGAGE ASSOCIATION 593,544.00 - - - - - 324.94 3,071.06 596,940.00 225.00 256350023 MIM-Sr Lien Reserve Fund-1 38378VC45 GNR 13116D MA 151,194.39 - - - (8,425.96) 294.41 341.13 1,420.62 144,824.60 272.87 256350023 MIM-Sr Lien Reserve Fund-1 3134G9V38 FEDERAL HOME LOAN MORTGAGE CORP 248,007.50 - - - - - 408.77 826.23 249,242.50 1,604.17 256350023 MIM-Sr Lien Reserve Fund-1 912828L57 UNITED STATES TREASURY 836,119.50 - - - - - 411.21 14,064.29 850,595.00 3,739.07 37 Page 12 of 37 Source Account Account Identifier Description Beginning Base Market Value Base Purchases Base Sales Base Maturities and Redemptions Base Paydowns Net Total Realized Gain/Loss Base Amortization/A ccretion Base Change In Net Unrealized Gain/Loss Ending Base Market Value Ending Accrued Income Balance 91 CIP STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2019 256350023 MIM-Sr Lien Reserve Fund-1 3137AUPE3 FHMS K021 A2 233,942.50 - - - - - 421.92 2,576.68 236,941.10 469.22 256350023 MIM-Sr Lien Reserve Fund-1 3136A72D3 FNA 12M9 A2 296,321.51 - - - (8,019.59) 120.23 462.32 2,885.46 291,769.93 598.59 256350023 MIM-Sr Lien Reserve Fund-1 9128285W6 UNITED STATES TREASURY - 103,578.15 - - - - 628.74 2,299.55 106,506.44 408.46 256350023 MIM-Sr Lien Reserve Fund-1 3137EADB2 FREDDIE MAC 551,529.00 - - - - - 636.36 5,958.14 558,123.50 6,095.83 256350023 MIM-Sr Lien Reserve Fund-1 912828L99 UNITED STATES TREASURY 1,083,368.00 - (446,923.83) - - (1,516.93) 685.07 10,175.70 645,788.00 1,505.77 256350023 MIM-Sr Lien Reserve Fund-1 912828V49 UNITED STATES TREASURY 56,785.12 - - - - - 852.30 934.51 58,571.93 100.64 256350023 MIM-Sr Lien Reserve Fund-1 912828SA9 UNITED STATES TREASURY 182,014.84 - - - - - 2,715.09 362.02 185,091.95 107.41 256350023 MIM-Sr Lien Reserve Fund-1 912828UH1 UNITED STATES TREASURY 188,643.94 - - - - - 3,012.31 960.09 192,616.34 111.71 256350023 MIM-Sr Lien Reserve Fund-1 912828V49 UNITED STATES TREASURY 232,302.78 - - - - - 3,592.03 3,717.64 239,612.45 411.71 256350023 MIM-Sr Lien Reserve Fund-1 912828SA9 UNITED STATES TREASURY 275,780.06 - - - - - 4,135.72 526.57 280,442.35 162.74 18,341,716.69 2,244,361.35 (1,832,821.67) - (350,862.57) (4,240.10) 12,003.01 274,432.12 18,230,210.75 62,300.08 34,695,867.44 71,913,201.53 (31,302,268.10)(10,120,000.00)(825,830.84)212.99 42,570.75 342,841.64 59,268,614.72 214,524.96 38 39 *Negative cash reflects securities in transit at month end 91 CIP STAMP Portfolio Summary of Investments for quarter ended June 30, 2019 Credit Rating Industry Group Asset Class Security Type Market Sector ATTACHMENT 5 40 41 *Negative cash reflects securities in transit at month end 91 CIP STAMP Portfolio Series A & Series B Reserve Fund Summary of Investments for quarter ended June 30, 2019 Credit Rating Industry Group Asset Class Security Type Market Sector ATTACHMENT 6 42 43 *Negative cash reflects securities in transit at month end 91 CIP STAMP Portfolio Residual Fund Required Retained Balance Summary of Investments for quarter ended June 30, 2019 Credit Rating Industry Group Asset Class Security Type Market Sector ATTACHMENT 7 44 45 *Negative cash reflects securities in transit at month end 91 CIP STAMP Portfolio TIFIA Reserve Fund Summary of Investments for quarter ended June 30, 2019 Credit Rating Industry Group Asset Class Security Type Market Sector ATTACHMENT 8 46 47 Page 17 of 37 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 240907004 MIM-RCTC Toll Revenue: - I-15 3130ABQH2 Agency Federal Home Loan Banks Office of Finance 07/05/2019 03/22/2019 1,500,000.00 1,500,112.50 ---1,500,030.00 25.59 2.435 2.319 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3135G0U68 Agency Federal National Mortgage Association, Inc.10/30/2019 10/25/2018 375,000.00 375,000.00 ---375,082.50 82.50 2.570 2.423 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3134GTAE3 Agency Freddie Mac 09/27/2021 04/30/2019 1,000,000.00 1,000,300.00 09/27/2019 1,001,220.00 1,042.82 2.700 2.189 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3134GTBJ1 Agency Freddie Mac 04/01/2021 06/11/2019 2,500,000.00 2,500,115.00 ---2,500,000.00 0.00 2.600 2.584 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3130AG5X9 Agency Federal Home Loan Banks Office of Finance 10/09/2020 06/13/2019 1,700,000.00 1,701,020.00 10/09/2019 1,701,241.00 369.21 2.520 2.246 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3130AGE68 Agency Federal Home Loan Banks Office of Finance 11/09/2021 05/08/2019 2,000,000.00 1,999,500.00 08/09/2019 2,000,580.00 1,051.94 2.625 2.536 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3130AGHC2 Agency Federal Home Loan Banks Office of Finance 05/28/2020 05/21/2019 2,000,000.00 2,000,000.00 08/28/2019 2,001,560.00 1,560.00 2.510 2.316 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3130AECJ7 Agency Federal Home Loan Banks Office of Finance 05/28/2020 07/03/2018 350,000.00 350,150.50 ---351,858.50 1,782.39 2.625 2.036 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3134GTAE3 Agency Freddie Mac 09/27/2021 04/30/2019 175,000.00 175,052.50 09/27/2019 175,213.50 182.49 2.700 2.189 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3134GTBJ1 Agency Freddie Mac 04/01/2021 03/29/2019 125,000.00 124,987.50 ---125,000.00 10.97 2.600 2.584 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3130AGHC2 Agency Federal Home Loan Banks Office of Finance 05/28/2020 05/21/2019 100,000.00 100,000.00 08/28/2019 100,078.00 78.00 2.510 2.316 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AH6C7 Agency CMO Federal Home Loan Mortgage Corporation 07/25/2021 11/29/2018 100,000.00 100,179.69 ---101,994.00 1,854.26 3.230 2.061 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AJMF8 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2021 11/29/2018 95,106.93 94,791.15 ---96,758.94 1,952.70 2.968 2.032 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375XCM4 Agency CMO Government National Mortgage Association 11/16/2037 05/14/2019 30,877.78 31,752.26 ---31,915.28 172.50 5.000 2.917 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 383742C76 Agency CMO Government National Mortgage Association 08/16/2037 01/31/2018 70,685.97 72,453.12 ---72,747.88 719.41 4.000 2.557 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375JCJ2 Agency CMO Government National Mortgage Association 12/16/2037 01/31/2018 10,280.76 10,312.89 ---10,283.33 (0.91)5.305 3.297 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378BXQ7 Agency CMO Government National Mortgage Association 01/16/2036 06/17/2019 19,603.37 19,407.34 ---19,418.91 16.24 1.537 3.259 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376YPU9 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 12/20/2038 05/10/2019 30,700.70 30,489.64 ---30,675.22 181.06 2.500 2.467 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corporation 05/25/2022 09/26/2018 100,000.00 97,238.28 ---100,717.00 2,948.73 2.373 2.056 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ASR97 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2022 02/27/2018 28,040.41 27,409.50 ---27,827.30 235.49 1.573 2.060 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31397QWZ7 Agency CMO Federal National Mortgage Association, Inc.09/25/2029 09/28/2018 53,612.04 54,081.15 ---53,999.12 257.58 4.000 2.682 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378HXH4 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 09/16/2027 03/08/2019 7,652.17 7,254.55 ---7,487.50 217.21 1.250 2.184 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375KCX8 Agency CMO Government National Mortgage Association 01/20/2037 09/18/2018 2,899.38 2,920.67 ---2,896.07 (3.31)5.500 2.623 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31392J6N4 Agency CMO Federal National Mortgage Association, Inc.04/25/2023 12/05/2017 413,671.06 450,024.83 ---429,568.44 (10,692.78)5.500 2.678 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38377F2N0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 06/20/2038 09/28/2018 390.33 389.65 ---389.86 (0.47)3.000 2.383 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B84S3 Agency CMO Federal Home Loan Mortgage Corporation 02/15/2029 01/31/2018 107,257.07 105,916.35 ---107,109.05 927.53 2.000 2.042 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 01/15/2021 01/30/2018 53,245.05 53,378.16 ---53,364.85 66.26 2.500 2.212 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375CBH2 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/16/2035 03/19/2019 16,622.99 16,521.70 ---16,560.49 1.90 1.250 2.895 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31398N2K9 Agency CMO Federal National Mortgage Association, Inc.11/25/2025 01/31/2018 484.85 486.67 ---484.22 (0.61)3.500 2.841 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378CDK0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/20/2035 01/30/2018 69,914.22 70,558.74 ---70,089.00 (46.46)3.000 2.390 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378AWX5 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 01/20/2036 01/30/2018 120,760.58 121,930.44 ---121,409.06 99.80 3.000 2.321 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378DDC6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 04/20/2038 06/20/2018 58,874.99 59,272.85 ---59,061.03 35.49 3.500 2.772 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376PJ35 Agency CMO Government National Mortgage Association 05/16/2037 10/30/2018 27,617.24 27,712.17 ---27,621.93 13.58 4.000 2.804 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38379HLE3 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 05/20/2043 10/18/2018 77,967.42 77,857.78 ---79,879.96 2,047.94 3.500 2.445 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378VC45 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 12/16/2041 11/23/2018 65,237.78 62,883.10 ---64,921.37 1,824.10 2.250 2.391 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38377JM59 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 10/20/2039 11/21/2018 36,447.32 35,536.15 ---36,310.28 669.02 2.500 2.618 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ARBX3 Agency CMO Federal Home Loan Mortgage Corporation 03/15/2039 03/14/2019 44,063.26 43,436.74 ---43,961.04 514.91 2.744 2.854 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376YFF3 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/20/2039 06/03/2019 10,501.32 10,580.07 ---10,639.20 61.55 4.000 2.561 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3137B2GW4 Agency MBS Federal Home Loan Mortgage Corporation 03/25/2020 06/29/2018 578,536.82 574,785.37 ---577,535.95 934.59 2.313 2.359 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31283K5N4 Agency MBS Federal Home Loan Mortgage Corporation 08/01/2020 12/05/2017 295,680.05 302,339.95 ---302,666.97 (992.29)5.000 -0.291 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620A9WV9 Agency MBS Government National Mortgage Association 12/15/2024 05/23/2018 12,195.56 12,462.34 ---12,618.50 199.41 4.000 2.151 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3138NJAE8 Agency MBS Federal National Mortgage Association, Inc.12/01/2020 09/13/2018 31,797.32 32,164.99 ---31,765.84 (345.68)3.630 3.885 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381N7G2 Agency MBS Federal National Mortgage Association, Inc.10/01/2020 09/25/2018 36,025.66 36,157.95 ---36,314.95 145.56 3.270 2.346 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381RLL6 Agency MBS Federal National Mortgage Association, Inc.07/01/2021 11/02/2018 45,471.58 46,146.56 ---46,753.43 778.20 3.840 2.090 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381SVJ8 Agency MBS Federal National Mortgage Association, Inc.11/01/2021 02/22/2019 42,784.11 42,998.03 ---43,797.67 842.99 3.330 2.198 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136AC7J4 Agency MBS Federal National Mortgage Association, Inc.03/25/2023 02/21/2018 41,846.97 41,158.78 ---42,485.55 1,142.40 2.607 2.113 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31418AU48 Agency MBS Federal National Mortgage Association, Inc.07/01/2023 05/21/2019 27,701.30 27,586.61 ---27,978.04 393.52 2.500 1.789 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 01/25/2023 02/27/2018 120,000.00 117,965.63 ---120,980.40 2,471.38 2.522 2.185 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378KWU9 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 11/16/2041 05/03/2019 37,203.71 34,901.73 ---35,702.17 768.96 1.400 3.355 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B3NW4 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 09/26/2018 88,910.93 88,146.86 ---89,767.14 1,550.50 2.778 2.079 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378KW47 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 08/16/2035 06/13/2019 60,864.98 60,522.62 ---60,556.39 37.24 2.150 2.699 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AXHN6 Agency MBS Federal Home Loan Mortgage Corporation 02/25/2022 01/25/2018 63,872.01 62,993.77 ---63,524.55 291.56 1.749 2.075 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31418ASD1 Agency MBS Federal National Mortgage Association, Inc.04/01/2023 01/31/2018 61,122.51 60,528.89 ---60,922.64 327.69 2.000 2.134 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136AMM48 Agency MBS Federal National Mortgage Association, Inc.07/25/2022 09/26/2018 87,882.73 86,569.36 ---88,594.58 1,793.14 2.509 2.111 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B1UF7 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 01/25/2018 33,172.07 32,684.86 ---33,017.16 209.99 1.785 2.022 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 05/23/2018 26,190.08 26,812.10 ---27,180.32 474.58 4.000 2.063 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136A96F0 Agency MBS Federal National Mortgage Association, Inc.11/25/2022 02/27/2018 63,513.02 61,560.49 ---63,695.30 1,601.34 2.184 2.072 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137FGZN8 Agency MBS Federal Home Loan Mortgage Corporation Multi Class Mortgage Participation Certificate Agre 02/25/2023 06/18/2019 50,236.01 50,212.46 ---50,134.03 (79.00)2.681 2.850 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381QB54 Agency MBS Federal National Mortgage Association, Inc.03/01/2021 11/07/2018 56,427.55 57,595.78 ---58,006.96 748.03 4.410 2.293 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 161571HJ6 Asset Backed Chase Issuance Trust 01/15/2020 03/23/2018 500,000.00 501,347.66 ---500,575.00 (182.95)2.694 2.508 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 02587AAJ3 Asset Backed American Express Credit Account Master Trust 02/18/2020 06/29/2018 650,000.00 640,351.56 ---648,674.00 2,471.22 1.930 2.262 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 58769DAD2 Asset Backed Mercedes-Benz Auto Lease Trust 2017-A 03/16/2020 ---90,961.80 91,026.30 ---90,921.78 (34.38)1.790 2.738 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 04/15/2020 01/25/2018 306,058.67 304,659.88 ---305,902.58 (28.59)1.910 2.406 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65478GAC4 Asset Backed Nissan Auto Receivables 2017-B Owner Trust 05/15/2020 06/29/2018 2,827.65 2,827.10 ---2,827.71 0.04 2.494 2.488 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 05/16/2022 06/29/2018 600,000.00 596,906.25 ---603,132.00 4,848.55 2.650 2.223 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 47789JAB2 Asset Backed John Deere Owner Trust 2019 10/15/2021 03/05/2019 530,000.00 529,975.83 ---533,121.70 3,139.47 2.850 2.160 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65479PAA7 Asset Backed Nissan Auto Lease Trust, 2019-A 04/15/2020 04/09/2019 462,979.20 462,979.20 ---463,113.46 134.26 2.599 2.512 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 31680YAA5 Asset Backed Fifth Third Auto Trust 2019-1 05/15/2020 04/30/2019 323,664.66 323,664.66 ---323,726.15 61.50 2.576 2.570 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 51500VCC1 CD Landesbank Hessen-Thuringen Girozentrale 07/08/2019 ---2,650,000.00 2,650,200.09 ---2,650,106.00 45.38 2.550 2.387 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65602VJW7 CD The Norinchukin Bank 07/03/2019 06/11/2019 1,500,000.00 1,500,135.59 ---1,500,030.00 17.67 2.570 2.411 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 89114MC70 CD The Toronto-Dominion Bank 07/09/2019 06/18/2019 1,500,000.00 1,500,120.50 ---1,500,075.00 29.10 2.570 2.393 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 01/22/2019 381,546.65 381,680.80 ---382,130.42 483.86 2.917 2.687 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 62888UAB6 CMO NCUA Guaranteed Notes Trust 2010-R2 11/05/2020 03/15/2019 254,574.32 254,952.21 ---254,760.16 (126.22)2.937 2.345 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 ---92,331.57 92,457.60 ---92,472.84 75.56 2.917 2.687 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 38141EA58 Corporate The Goldman Sachs Group, Inc.03/15/2020 07/26/2017 500,000.00 540,800.00 ---510,290.00 (1,013.35)5.375 2.444 A 240907004 MIM-RCTC Toll Revenue: - I-15 89114QAS7 Corporate The Toronto-Dominion Bank 07/02/2019 07/27/2017 1,000,000.00 1,007,670.00 ---1,000,000.00 (11.31)2.125 2.103 AA 240907004 MIM-RCTC Toll Revenue: - I-15 90261XHE5 Corporate UBS AG 08/14/2019 07/25/2017 850,000.00 857,505.50 ---849,881.00 (578.66)2.375 2.463 AA 240907004 MIM-RCTC Toll Revenue: - I-15 06416CAA6 Corporate The Bank of Nova Scotia 09/11/2019 10/04/2018 1,525,000.00 1,514,645.25 ---1,524,329.00 1,535.79 2.125 2.328 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 40428HPN6 Corporate HSBC USA Inc.11/13/2019 07/26/2017 1,000,000.00 1,010,720.00 ---999,730.00 (2,040.42)2.375 2.440 A 240907004 MIM-RCTC Toll Revenue: - I-15 17401QAB7 Corporate Citizens Bank, National Association 12/04/2019 07/26/2017 1,000,000.00 1,008,450.00 11/04/2019 999,950.00 (1,373.06)2.450 2.458 A 240907004 MIM-RCTC Toll Revenue: - I-15 46625HKA7 Corporate JPMorgan Chase & Co.01/23/2020 07/25/2017 500,000.00 503,005.00 12/23/2019 499,845.00 (771.41)2.250 2.304 A 240907004 MIM-RCTC Toll Revenue: - I-15 61747YDW2 Corporate Morgan Stanley 01/27/2020 07/25/2017 500,000.00 506,130.00 ---500,570.00 (879.50)2.650 2.449 A 240907004 MIM-RCTC Toll Revenue: - I-15 780082AA1 Corporate Royal Bank of Canada 02/05/2020 07/26/2017 1,500,000.00 1,497,390.00 ---1,496,190.00 (3,173.52)1.875 2.300 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 172967JJ1 Corporate Citigroup Inc.02/18/2020 07/25/2017 500,000.00 503,600.00 ---500,000.00 (919.52)2.400 2.398 A 240907004 MIM-RCTC Toll Revenue: - I-15 06051GFN4 Corporate Bank of America Corporation 04/21/2020 12/04/2017 1,000,000.00 997,850.00 ---999,830.00 568.16 2.250 2.269 A 240907004 MIM-RCTC Toll Revenue: - I-15 49327M2P8 Corporate KeyBank National Association 08/22/2019 07/24/2017 1,000,000.00 995,550.00 ---998,780.00 (901.84)1.600 2.403 A 240907004 MIM-RCTC Toll Revenue: - I-15 24422ETJ8 Corporate John Deere Capital Corporation 10/09/2019 07/26/2017 1,125,000.00 1,114,650.00 ---1,122,108.75 (1,568.62)1.250 2.166 A 240907004 MIM-RCTC Toll Revenue: - I-15 17275RBG6 Corporate Cisco Systems, Inc.09/20/2019 06/29/2018 1,050,000.00 1,035,184.50 ---1,047,742.50 451.48 1.400 2.340 AA 240907004 MIM-RCTC Toll Revenue: - I-15 06367TPX2 Corporate Bank of Montreal 12/12/2019 07/26/2017 1,000,000.00 1,005,160.00 ---998,880.00 (2,126.47)2.100 2.346 AA 240907004 MIM-RCTC Toll Revenue: - I-15 14912L6Y2 Corporate Caterpillar Financial Services Corporation 01/10/2020 07/26/2017 1,000,000.00 1,008,020.00 ---998,880.00 (2,889.83)2.100 2.312 A 2017 Financing STAMP Portfolio by Investment Category for quarter ended June 30, 2019 ATTACHMENT 9 48 Page 18 of 37 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 2017 Financing STAMP Portfolio by Investment Category for quarter ended June 30, 2019 240907004 MIM-RCTC Toll Revenue: - I-15 0258M0EE5 Corporate American Express Credit Corporation 03/03/2020 07/25/2017 500,000.00 503,990.00 02/01/2020 499,475.00 (1,484.36)2.200 2.354 A 240907004 MIM-RCTC Toll Revenue: - I-15 46640QU82 CP J.P. Morgan Securities LLC 07/08/2019 06/18/2019 850,000.00 848,885.56 ---849,609.00 (0.95)0.000 1.656 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 02360SU89 CP Ameren Corporation 07/08/2019 06/05/2019 1,500,000.00 1,496,425.00 ---1,499,310.00 68.33 0.000 1.656 AA 240907004 MIM-RCTC Toll Revenue: - I-15 69350BUB0 CP PPG Industries, Inc.07/11/2019 06/10/2019 1,500,000.00 1,496,641.67 ---1,499,010.00 93.33 0.000 1.828 AA 240907004 MIM-RCTC Toll Revenue: - I-15 97684HU82 CP Wisconsin Public Service Corporation 07/08/2019 06/11/2019 1,500,000.00 1,497,367.50 ---1,499,310.00 18.75 0.000 1.656 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 78355BUP5 CP Ryder System, Inc.07/23/2019 06/21/2019 1,500,000.00 1,496,600.00 ---1,497,825.00 162.50 0.000 2.088 AA 240907004 MIM-RCTC Toll Revenue: - I-15 92780KUA4 CP Virginia Electric and Power Company 07/10/2019 06/24/2019 1,350,000.00 1,348,488.00 ---1,349,203.50 54.00 0.000 1.770 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 31846V203 MM Fund First American Funds, Inc.06/30/2019 ---0.00 314,888.54 ---314,888.54 0.00 2.010 1.980 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31846V203 MM Fund First American Funds, Inc.06/30/2019 ---0.00 61,060.21 ---61,060.21 0.00 2.010 1.980 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 70914PPD8 Muni Pennsylvania, Commonwealth of 07/15/2019 09/18/2018 305,000.00 308,080.50 07/15/2019 305,222.65 76.15 4.050 2.457 AA 240907004 MIM-RCTC Toll Revenue: - I-15 392274A89 Muni Greater Orlando Aviation Authority 10/01/2019 07/26/2017 700,000.00 724,094.00 ---701,911.00 (957.23)3.483 2.399 AA 240907004 MIM-RCTC Toll Revenue: - I-15 64972HV66 Muni New York City Transitional Finance Authority 07/15/2019 10/17/2018 665,000.00 664,507.90 ---665,172.90 199.10 2.900 2.318 AA 240907004 MIM-RCTC Toll Revenue: - I-15 459058GK3 Non-US Gov International Bank for Reconstruction and Development 08/21/2020 ---1,510,000.00 1,510,367.00 ---1,510,498.30 279.71 2.720 2.656 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828SA9 TIPS Treasury, United States Department of 01/15/2022 ---327,372.30 325,011.28 ---325,313.13 (548.23)0.125 0.372 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UH1 TIPS Treasury, United States Department of 01/15/2023 02/05/2018 83,019.75 81,949.14 ---82,549.86 299.69 0.125 0.285 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 912828UF5 US Gov Treasury, United States Department of 12/31/2019 06/29/2018 3,700,000.00 3,627,156.25 ---3,682,092.00 6,493.66 1.125 2.092 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 9128282T6 US Gov Treasury, United States Department of 08/31/2019 03/26/2019 2,000,000.00 1,989,687.50 ---1,996,560.00 592.45 1.250 2.234 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 912828Y53 US Gov Treasury, United States Department of 07/31/2020 ---6,050,000.00 6,051,328.49 ---6,043,587.00 (7,194.96)2.139 2.274 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 9128285H9 US Gov Treasury, United States Department of 10/31/2020 12/06/2018 5,300,000.00 5,299,852.27 ---5,292,209.00 (7,687.12)2.141 2.291 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UF5 US Gov Treasury, United States Department of 12/31/2019 ---435,000.00 426,695.70 ---432,894.60 427.82 1.125 2.092 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828VA5 US Gov Treasury, United States Department of 04/30/2020 ---665,000.00 648,627.54 ---660,118.90 2,821.71 1.125 2.010 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828VV9 US Gov Treasury, United States Department of 08/31/2020 ---775,000.00 766,685.54 ---776,813.50 6,593.44 2.125 1.921 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828B58 US Gov Treasury, United States Department of 01/31/2021 07/05/2018 320,000.00 316,212.50 ---321,462.40 3,823.39 2.125 1.832 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828F62 US Gov Treasury, United States Department of 10/31/2019 02/20/2019 700,000.00 695,132.81 ---698,551.00 898.63 1.500 2.109 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828Y53 US Gov Treasury, United States Department of 07/31/2020 ---525,000.00 525,025.13 ---524,443.50 (553.77)2.139 2.274 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 9128285H9 US Gov Treasury, United States Department of 10/31/2020 12/06/2018 500,000.00 499,986.06 ---499,265.00 (725.20)2.141 2.291 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 64986U4H7 VRDN New York State Housing Finance Agency 11/01/2048 07/02/2018 1,400,000.00 1,400,000.00 07/15/2019 1,400,000.00 0.00 2.400 2.400 AA 74,894,286.52 75,231,670.33 75,270,883.40 22,545.99 49 Page 19 of 37 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 240907004 MIM-RCTC Toll Revenue: - I-15 3130ABQH2 Agency Federal Home Loan Banks Office of Finance 07/05/2019 03/22/2019 1,500,000.00 1,500,112.50 ---1,500,030.00 25.59 2.435 2.319 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3135G0U68 Agency Federal National Mortgage Association, Inc.10/30/2019 10/25/2018 375,000.00 375,000.00 ---375,082.50 82.50 2.570 2.423 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3134GTAE3 Agency Freddie Mac 09/27/2021 04/30/2019 1,000,000.00 1,000,300.00 09/27/2019 1,001,220.00 1,042.82 2.700 2.189 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3134GTBJ1 Agency Freddie Mac 04/01/2021 06/11/2019 2,500,000.00 2,500,115.00 ---2,500,000.00 0.00 2.600 2.584 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3130AG5X9 Agency Federal Home Loan Banks Office of Finance 10/09/2020 06/13/2019 1,700,000.00 1,701,020.00 10/09/2019 1,701,241.00 369.21 2.520 2.246 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3130AGE68 Agency Federal Home Loan Banks Office of Finance 11/09/2021 05/08/2019 2,000,000.00 1,999,500.00 08/09/2019 2,000,580.00 1,051.94 2.625 2.536 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3130AGHC2 Agency Federal Home Loan Banks Office of Finance 05/28/2020 05/21/2019 2,000,000.00 2,000,000.00 08/28/2019 2,001,560.00 1,560.00 2.510 2.316 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 3137B2GW4 Agency MBS Federal Home Loan Mortgage Corporation 03/25/2020 06/29/2018 578,536.82 574,785.37 ---577,535.95 934.59 2.313 2.359 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 161571HJ6 Asset Backed Chase Issuance Trust 01/15/2020 03/23/2018 500,000.00 501,347.66 ---500,575.00 (182.95)2.694 2.508 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 02587AAJ3 Asset Backed American Express Credit Account Master Trust 02/18/2020 06/29/2018 650,000.00 640,351.56 ---648,674.00 2,471.22 1.930 2.262 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 58769DAD2 Asset Backed Mercedes-Benz Auto Lease Trust 2017-A 03/16/2020 ---90,961.80 91,026.30 ---90,921.78 (34.38)1.790 2.738 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65479AAD4 Asset Backed Nissan Auto Lease Trust 2017-A 04/15/2020 01/25/2018 306,058.67 304,659.88 ---305,902.58 (28.59)1.910 2.406 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65478GAC4 Asset Backed Nissan Auto Receivables 2017-B Owner Trust 05/15/2020 06/29/2018 2,827.65 2,827.10 ---2,827.71 0.04 2.494 2.488 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65478DAD9 Asset Backed Nissan Auto Receivables 2018-A Owner Trust 05/16/2022 06/29/2018 600,000.00 596,906.25 ---603,132.00 4,848.55 2.650 2.223 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 47789JAB2 Asset Backed John Deere Owner Trust 2019 10/15/2021 03/05/2019 530,000.00 529,975.83 ---533,121.70 3,139.47 2.850 2.160 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65479PAA7 Asset Backed Nissan Auto Lease Trust, 2019-A 04/15/2020 04/09/2019 462,979.20 462,979.20 ---463,113.46 134.26 2.599 2.512 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 31680YAA5 Asset Backed Fifth Third Auto Trust 2019-1 05/15/2020 04/30/2019 323,664.66 323,664.66 ---323,726.15 61.50 2.576 2.570 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 51500VCC1 CD Landesbank Hessen-Thuringen Girozentrale 07/08/2019 ---2,650,000.00 2,650,200.09 ---2,650,106.00 45.38 2.550 2.387 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 65602VJW7 CD The Norinchukin Bank 07/03/2019 06/11/2019 1,500,000.00 1,500,135.59 ---1,500,030.00 17.67 2.570 2.411 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 89114MC70 CD The Toronto-Dominion Bank 07/09/2019 06/18/2019 1,500,000.00 1,500,120.50 ---1,500,075.00 29.10 2.570 2.393 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 01/22/2019 381,546.65 381,680.80 ---382,130.42 483.86 2.917 2.687 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 62888UAB6 CMO NCUA Guaranteed Notes Trust 2010-R2 11/05/2020 03/15/2019 254,574.32 254,952.21 ---254,760.16 (126.22)2.937 2.345 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 38141EA58 Corporate The Goldman Sachs Group, Inc.03/15/2020 07/26/2017 500,000.00 540,800.00 ---510,290.00 (1,013.35)5.375 2.444 A 240907004 MIM-RCTC Toll Revenue: - I-15 89114QAS7 Corporate The Toronto-Dominion Bank 07/02/2019 07/27/2017 1,000,000.00 1,007,670.00 ---1,000,000.00 (11.31)2.125 2.103 AA 240907004 MIM-RCTC Toll Revenue: - I-15 90261XHE5 Corporate UBS AG 08/14/2019 07/25/2017 850,000.00 857,505.50 ---849,881.00 (578.66)2.375 2.463 AA 240907004 MIM-RCTC Toll Revenue: - I-15 06416CAA6 Corporate The Bank of Nova Scotia 09/11/2019 10/04/2018 1,525,000.00 1,514,645.25 ---1,524,329.00 1,535.79 2.125 2.328 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 40428HPN6 Corporate HSBC USA Inc.11/13/2019 07/26/2017 1,000,000.00 1,010,720.00 ---999,730.00 (2,040.42)2.375 2.440 A 240907004 MIM-RCTC Toll Revenue: - I-15 17401QAB7 Corporate Citizens Bank, National Association 12/04/2019 07/26/2017 1,000,000.00 1,008,450.00 11/04/2019 999,950.00 (1,373.06)2.450 2.458 A 240907004 MIM-RCTC Toll Revenue: - I-15 46625HKA7 Corporate JPMorgan Chase & Co.01/23/2020 07/25/2017 500,000.00 503,005.00 12/23/2019 499,845.00 (771.41)2.250 2.304 A 240907004 MIM-RCTC Toll Revenue: - I-15 61747YDW2 Corporate Morgan Stanley 01/27/2020 07/25/2017 500,000.00 506,130.00 ---500,570.00 (879.50)2.650 2.449 A 240907004 MIM-RCTC Toll Revenue: - I-15 780082AA1 Corporate Royal Bank of Canada 02/05/2020 07/26/2017 1,500,000.00 1,497,390.00 ---1,496,190.00 (3,173.52)1.875 2.300 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 172967JJ1 Corporate Citigroup Inc.02/18/2020 07/25/2017 500,000.00 503,600.00 ---500,000.00 (919.52)2.400 2.398 A 240907004 MIM-RCTC Toll Revenue: - I-15 06051GFN4 Corporate Bank of America Corporation 04/21/2020 12/04/2017 1,000,000.00 997,850.00 ---999,830.00 568.16 2.250 2.269 A 240907004 MIM-RCTC Toll Revenue: - I-15 49327M2P8 Corporate KeyBank National Association 08/22/2019 07/24/2017 1,000,000.00 995,550.00 ---998,780.00 (901.84)1.600 2.403 A 240907004 MIM-RCTC Toll Revenue: - I-15 24422ETJ8 Corporate John Deere Capital Corporation 10/09/2019 07/26/2017 1,125,000.00 1,114,650.00 ---1,122,108.75 (1,568.62)1.250 2.166 A 240907004 MIM-RCTC Toll Revenue: - I-15 17275RBG6 Corporate Cisco Systems, Inc.09/20/2019 06/29/2018 1,050,000.00 1,035,184.50 ---1,047,742.50 451.48 1.400 2.340 AA 240907004 MIM-RCTC Toll Revenue: - I-15 06367TPX2 Corporate Bank of Montreal 12/12/2019 07/26/2017 1,000,000.00 1,005,160.00 ---998,880.00 (2,126.47)2.100 2.346 AA 240907004 MIM-RCTC Toll Revenue: - I-15 14912L6Y2 Corporate Caterpillar Financial Services Corporation 01/10/2020 07/26/2017 1,000,000.00 1,008,020.00 ---998,880.00 (2,889.83)2.100 2.312 A 240907004 MIM-RCTC Toll Revenue: - I-15 0258M0EE5 Corporate American Express Credit Corporation 03/03/2020 07/25/2017 500,000.00 503,990.00 02/01/2020 499,475.00 (1,484.36)2.200 2.354 A 240907004 MIM-RCTC Toll Revenue: - I-15 46640QU82 CP J.P. Morgan Securities LLC 07/08/2019 06/18/2019 850,000.00 848,885.56 ---849,609.00 (0.95)0.000 1.656 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 02360SU89 CP Ameren Corporation 07/08/2019 06/05/2019 1,500,000.00 1,496,425.00 ---1,499,310.00 68.33 0.000 1.656 AA 240907004 MIM-RCTC Toll Revenue: - I-15 69350BUB0 CP PPG Industries, Inc.07/11/2019 06/10/2019 1,500,000.00 1,496,641.67 ---1,499,010.00 93.33 0.000 1.828 AA 240907004 MIM-RCTC Toll Revenue: - I-15 97684HU82 CP Wisconsin Public Service Corporation 07/08/2019 06/11/2019 1,500,000.00 1,497,367.50 ---1,499,310.00 18.75 0.000 1.656 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 78355BUP5 CP Ryder System, Inc.07/23/2019 06/21/2019 1,500,000.00 1,496,600.00 ---1,497,825.00 162.50 0.000 2.088 AA 240907004 MIM-RCTC Toll Revenue: - I-15 92780KUA4 CP Virginia Electric and Power Company 07/10/2019 06/24/2019 1,350,000.00 1,348,488.00 ---1,349,203.50 54.00 0.000 1.770 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 31846V203 MM Fund First American Funds, Inc.06/30/2019 ---0.00 314,888.54 ---314,888.54 0.00 2.010 1.980 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 70914PPD8 Muni Pennsylvania, Commonwealth of 07/15/2019 09/18/2018 305,000.00 308,080.50 07/15/2019 305,222.65 76.15 4.050 2.457 AA 240907004 MIM-RCTC Toll Revenue: - I-15 392274A89 Muni Greater Orlando Aviation Authority 10/01/2019 07/26/2017 700,000.00 724,094.00 ---701,911.00 (957.23)3.483 2.399 AA 240907004 MIM-RCTC Toll Revenue: - I-15 64972HV66 Muni New York City Transitional Finance Authority 07/15/2019 10/17/2018 665,000.00 664,507.90 ---665,172.90 199.10 2.900 2.318 AA 240907004 MIM-RCTC Toll Revenue: - I-15 459058GK3 Non-US Gov International Bank for Reconstruction and Development 08/21/2020 ---1,510,000.00 1,510,367.00 ---1,510,498.30 279.71 2.720 2.656 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 912828UF5 US Gov Treasury, United States Department of 12/31/2019 06/29/2018 3,700,000.00 3,627,156.25 ---3,682,092.00 6,493.66 1.125 2.092 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 9128282T6 US Gov Treasury, United States Department of 08/31/2019 03/26/2019 2,000,000.00 1,989,687.50 ---1,996,560.00 592.45 1.250 2.234 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 912828Y53 US Gov Treasury, United States Department of 07/31/2020 ---6,050,000.00 6,051,328.49 ---6,043,587.00 (7,194.96)2.139 2.274 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 9128285H9 US Gov Treasury, United States Department of 10/31/2020 12/06/2018 5,300,000.00 5,299,852.27 ---5,292,209.00 (7,687.12)2.141 2.291 AAA 240907004 MIM-RCTC Toll Revenue: - I-15 64986U4H7 VRDN New York State Housing Finance Agency 11/01/2048 07/02/2018 1,400,000.00 1,400,000.00 07/15/2019 1,400,000.00 0.00 2.400 2.400 AA 66,786,149.77 67,076,350.92 67,069,235.55 (9,053.16) 240907020 RCTC I-15 Prj RAMP UP RESERVE 3130AECJ7 Agency Federal Home Loan Banks Office of Finance 05/28/2020 07/03/2018 350,000.00 350,150.50 ---351,858.50 1,782.39 2.625 2.036 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3134GTAE3 Agency Freddie Mac 09/27/2021 04/30/2019 175,000.00 175,052.50 09/27/2019 175,213.50 182.49 2.700 2.189 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3134GTBJ1 Agency Freddie Mac 04/01/2021 03/29/2019 125,000.00 124,987.50 ---125,000.00 10.97 2.600 2.584 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3130AGHC2 Agency Federal Home Loan Banks Office of Finance 05/28/2020 05/21/2019 100,000.00 100,000.00 08/28/2019 100,078.00 78.00 2.510 2.316 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AH6C7 Agency CMO Federal Home Loan Mortgage Corporation 07/25/2021 11/29/2018 100,000.00 100,179.69 ---101,994.00 1,854.26 3.230 2.061 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AJMF8 Agency CMO Federal Home Loan Mortgage Corporation 10/25/2021 11/29/2018 95,106.93 94,791.15 ---96,758.94 1,952.70 2.968 2.032 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375XCM4 Agency CMO Government National Mortgage Association 11/16/2037 05/14/2019 30,877.78 31,752.26 ---31,915.28 172.50 5.000 2.917 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 383742C76 Agency CMO Government National Mortgage Association 08/16/2037 01/31/2018 70,685.97 72,453.12 ---72,747.88 719.41 4.000 2.557 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375JCJ2 Agency CMO Government National Mortgage Association 12/16/2037 01/31/2018 10,280.76 10,312.89 ---10,283.33 (0.91)5.305 3.297 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378BXQ7 Agency CMO Government National Mortgage Association 01/16/2036 06/17/2019 19,603.37 19,407.34 ---19,418.91 16.24 1.537 3.259 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376YPU9 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 12/20/2038 05/10/2019 30,700.70 30,489.64 ---30,675.22 181.06 2.500 2.467 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ATRW4 Agency CMO Federal Home Loan Mortgage Corporation 05/25/2022 09/26/2018 100,000.00 97,238.28 ---100,717.00 2,948.73 2.373 2.056 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ASR97 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2022 02/27/2018 28,040.41 27,409.50 ---27,827.30 235.49 1.573 2.060 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31397QWZ7 Agency CMO Federal National Mortgage Association, Inc.09/25/2029 09/28/2018 53,612.04 54,081.15 ---53,999.12 257.58 4.000 2.682 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378HXH4 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 09/16/2027 03/08/2019 7,652.17 7,254.55 ---7,487.50 217.21 1.250 2.184 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375KCX8 Agency CMO Government National Mortgage Association 01/20/2037 09/18/2018 2,899.38 2,920.67 ---2,896.07 (3.31)5.500 2.623 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31392J6N4 Agency CMO Federal National Mortgage Association, Inc.04/25/2023 12/05/2017 413,671.06 450,024.83 ---429,568.44 (10,692.78)5.500 2.678 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38377F2N0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 06/20/2038 09/28/2018 390.33 389.65 ---389.86 (0.47)3.000 2.383 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B84S3 Agency CMO Federal Home Loan Mortgage Corporation 02/15/2029 01/31/2018 107,257.07 105,916.35 ---107,109.05 927.53 2.000 2.042 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137A5FP4 Agency CMO Federal Home Loan Mortgage Corporation 01/15/2021 01/30/2018 53,245.05 53,378.16 ---53,364.85 66.26 2.500 2.212 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375CBH2 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/16/2035 03/19/2019 16,622.99 16,521.70 ---16,560.49 1.90 1.250 2.895 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31398N2K9 Agency CMO Federal National Mortgage Association, Inc.11/25/2025 01/31/2018 484.85 486.67 ---484.22 (0.61)3.500 2.841 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378CDK0 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/20/2035 01/30/2018 69,914.22 70,558.74 ---70,089.00 (46.46)3.000 2.390 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378AWX5 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 01/20/2036 01/30/2018 120,760.58 121,930.44 ---121,409.06 99.80 3.000 2.321 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378DDC6 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 04/20/2038 06/20/2018 58,874.99 59,272.85 ---59,061.03 35.49 3.500 2.772 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376PJ35 Agency CMO Government National Mortgage Association 05/16/2037 10/30/2018 27,617.24 27,712.17 ---27,621.93 13.58 4.000 2.804 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38379HLE3 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 05/20/2043 10/18/2018 77,967.42 77,857.78 ---79,879.96 2,047.94 3.500 2.445 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378VC45 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 12/16/2041 11/23/2018 65,237.78 62,883.10 ---64,921.37 1,824.10 2.250 2.391 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38377JM59 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 10/20/2039 11/21/2018 36,447.32 35,536.15 ---36,310.28 669.02 2.500 2.618 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ARBX3 Agency CMO Federal Home Loan Mortgage Corporation 03/15/2039 03/14/2019 44,063.26 43,436.74 ---43,961.04 514.91 2.744 2.854 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376YFF3 Agency CMO The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 03/20/2039 06/03/2019 10,501.32 10,580.07 ---10,639.20 61.55 4.000 2.561 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31283K5N4 Agency MBS Federal Home Loan Mortgage Corporation 08/01/2020 12/05/2017 295,680.05 302,339.95 ---302,666.97 (992.29)5.000 -0.291 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620A9WV9 Agency MBS Government National Mortgage Association 12/15/2024 05/23/2018 12,195.56 12,462.34 ---12,618.50 199.41 4.000 2.151 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3138NJAE8 Agency MBS Federal National Mortgage Association, Inc.12/01/2020 09/13/2018 31,797.32 32,164.99 ---31,765.84 (345.68)3.630 3.885 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381N7G2 Agency MBS Federal National Mortgage Association, Inc.10/01/2020 09/25/2018 36,025.66 36,157.95 ---36,314.95 145.56 3.270 2.346 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381RLL6 Agency MBS Federal National Mortgage Association, Inc.07/01/2021 11/02/2018 45,471.58 46,146.56 ---46,753.43 778.20 3.840 2.090 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381SVJ8 Agency MBS Federal National Mortgage Association, Inc.11/01/2021 02/22/2019 42,784.11 42,998.03 ---43,797.67 842.99 3.330 2.198 AAA 2017 Financing STAMP Portfolio by Account for quarter ended June 30, 2019 ATTACHMENT 10 50 Page 20 of 37 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Next Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Yield Summarized Credit Rating 2017 Financing STAMP Portfolio by Account for quarter ended June 30, 2019 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136AC7J4 Agency MBS Federal National Mortgage Association, Inc.03/25/2023 02/21/2018 41,846.97 41,158.78 ---42,485.55 1,142.40 2.607 2.113 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31418AU48 Agency MBS Federal National Mortgage Association, Inc.07/01/2023 05/21/2019 27,701.30 27,586.61 ---27,978.04 393.52 2.500 1.789 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B1U75 Agency MBS Federal Home Loan Mortgage Corporation 01/25/2023 02/27/2018 120,000.00 117,965.63 ---120,980.40 2,471.38 2.522 2.185 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378KWU9 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 11/16/2041 05/03/2019 37,203.71 34,901.73 ---35,702.17 768.96 1.400 3.355 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B3NW4 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 09/26/2018 88,910.93 88,146.86 ---89,767.14 1,550.50 2.778 2.079 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378KW47 Agency MBS The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities 08/16/2035 06/13/2019 60,864.98 60,522.62 ---60,556.39 37.24 2.150 2.699 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AXHN6 Agency MBS Federal Home Loan Mortgage Corporation 02/25/2022 01/25/2018 63,872.01 62,993.77 ---63,524.55 291.56 1.749 2.075 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31418ASD1 Agency MBS Federal National Mortgage Association, Inc.04/01/2023 01/31/2018 61,122.51 60,528.89 ---60,922.64 327.69 2.000 2.134 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136AMM48 Agency MBS Federal National Mortgage Association, Inc.07/25/2022 09/26/2018 87,882.73 86,569.36 ---88,594.58 1,793.14 2.509 2.111 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B1UF7 Agency MBS Federal Home Loan Mortgage Corporation 09/25/2022 01/25/2018 33,172.07 32,684.86 ---33,017.16 209.99 1.785 2.022 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620ARB67 Agency MBS Government National Mortgage Association 05/15/2025 05/23/2018 26,190.08 26,812.10 ---27,180.32 474.58 4.000 2.063 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136A96F0 Agency MBS Federal National Mortgage Association, Inc.11/25/2022 02/27/2018 63,513.02 61,560.49 ---63,695.30 1,601.34 2.184 2.072 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137FGZN8 Agency MBS Federal Home Loan Mortgage Corporation Multi Class Mortgage Participation Certificate Agre 02/25/2023 06/18/2019 50,236.01 50,212.46 ---50,134.03 (79.00)2.681 2.850 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381QB54 Agency MBS Federal National Mortgage Association, Inc.03/01/2021 11/07/2018 56,427.55 57,595.78 ---58,006.96 748.03 4.410 2.293 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 62888VAA6 CMO NCUA Guaranteed Notes Trust 2011-R1 10/07/2020 ---92,331.57 92,457.60 ---92,472.84 75.56 2.917 2.687 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 31846V203 MM Fund First American Funds, Inc.06/30/2019 ---0.00 61,060.21 ---61,060.21 0.00 2.010 1.980 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828SA9 TIPS Treasury, United States Department of 01/15/2022 ---327,372.30 325,011.28 ---325,313.13 (548.23)0.125 0.372 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UH1 TIPS Treasury, United States Department of 01/15/2023 02/05/2018 83,019.75 81,949.14 ---82,549.86 299.69 0.125 0.285 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UF5 US Gov Treasury, United States Department of 12/31/2019 ---435,000.00 426,695.70 ---432,894.60 427.82 1.125 2.092 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828VA5 US Gov Treasury, United States Department of 04/30/2020 ---665,000.00 648,627.54 ---660,118.90 2,821.71 1.125 2.010 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828VV9 US Gov Treasury, United States Department of 08/31/2020 ---775,000.00 766,685.54 ---776,813.50 6,593.44 2.125 1.921 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828B58 US Gov Treasury, United States Department of 01/31/2021 07/05/2018 320,000.00 316,212.50 ---321,462.40 3,823.39 2.125 1.832 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828F62 US Gov Treasury, United States Department of 10/31/2019 02/20/2019 700,000.00 695,132.81 ---698,551.00 898.63 1.500 2.109 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828Y53 US Gov Treasury, United States Department of 07/31/2020 ---525,000.00 525,025.13 ---524,443.50 (553.77)2.139 2.274 AAA 240907020 RCTC I-15 Prj RAMP UP RESERVE 9128285H9 US Gov Treasury, United States Department of 10/31/2020 12/06/2018 500,000.00 499,986.06 ---499,265.00 (725.20)2.141 2.291 AAA 8,108,136.75 8,155,319.40 8,201,647.85 31,599.15 Total 74,894,286.52 75,231,670.33 75,270,883.40 22,545.99 117 51 Page 21 of 37 Source Account Account Identifier Description Beginning Base Market Value Base Purchases Base Sales Base Maturities and Redemptions Base Paydowns Net Total Realized Gain/Loss Base Amortization/A ccretion Base Change In Net Unrealized Gain/Loss Ending Base Market Value Ending Accrued Income Balance 240907004 MIM-RCTC Toll Revenue: - I-15 38141EA58 GOLDMAN SACHS GROUP INC 511,650.00 - - - - - (3,926.56) 2,566.56 510,290.00 7,913.19 240907004 MIM-RCTC Toll Revenue: - I-15 392274A89 GREATER ORLANDO AVIATION AUTH ORLANDO FLA ARPT FAC 702,800.00 - - - - - (2,837.05) 1,948.05 701,911.00 6,095.25 240907004 MIM-RCTC Toll Revenue: - I-15 46625HHL7 JPMORGAN CHASE & CO 1,001,940.00 - - (1,000,000.00) - - (2,706.10) 766.10 - - 240907004 MIM-RCTC Toll Revenue: - I-15 3130AFC54 FEDERAL HOME LOAN BANKS - 3,001,770.00 - (3,000,000.00) - - (1,770.00) - - - 240907004 MIM-RCTC Toll Revenue: - I-15 40428HPN6 HSBC USA INC (NEW)997,470.00 - - - - - (1,197.29) 3,457.29 999,730.00 3,166.67 240907004 MIM-RCTC Toll Revenue: - I-15 89114QAS7 TORONTO-DOMINION BANK 998,730.00 - - - - - (1,029.40) 2,299.40 1,000,000.00 10,565.97 240907004 MIM-RCTC Toll Revenue: - I-15 17401QAB7 CITIZENS BANK NA 997,580.00 - - - - - (957.08) 3,327.08 999,950.00 1,837.50 240907004 MIM-RCTC Toll Revenue: - I-15 70914PPD8 PENNSYLVANIA (COMMONWEALTH OF)306,189.50 - - - - - (952.23) (14.62) 305,222.65 5,695.88 240907004 MIM-RCTC Toll Revenue: - I-15 90261XHE5 UBS AG (STAMFORD BRANCH)849,133.00 - - - - - (950.67) 1,698.67 849,881.00 7,682.47 240907004 MIM-RCTC Toll Revenue: - I-15 14912L6Y2 CATERPILLAR FINANCIAL SERVICES CORP 995,690.00 - - - - - (840.61) 4,030.61 998,880.00 9,975.00 240907004 MIM-RCTC Toll Revenue: - I-15 22546QAN7 CREDIT SUISSE AG (NEW YORK BRANCH)999,490.00 - - (1,000,000.00) - - (826.23) 1,336.23 - - 240907004 MIM-RCTC Toll Revenue: - I-15 61747YDW2 MORGAN STANLEY 499,440.00 - - - - - (631.32) 1,761.32 500,570.00 5,668.06 240907004 MIM-RCTC Toll Revenue: - I-15 06367TPX2 BANK OF MONTREAL 996,810.00 - - - - - (556.77) 2,626.77 998,880.00 1,108.33 240907004 MIM-RCTC Toll Revenue: - I-15 161571HJ6 CHAIT 171 A 500,680.00 - - - - - (505.71) 400.71 500,575.00 523.88 240907004 MIM-RCTC Toll Revenue: - I-15 0258M0EE5 AMERICAN EXPRESS CREDIT CORP 497,680.00 - - - - - (403.96) 2,198.96 499,475.00 3,605.56 240907004 MIM-RCTC Toll Revenue: - I-15 05522RCV8 BACCT 161 A 750,300.00 - - - (750,000.00) - (378.15) 78.15 - - 240907004 MIM-RCTC Toll Revenue: - I-15 172967JJ1 CITIGROUP INC 498,060.00 - - - - - (362.38) 2,302.38 500,000.00 4,433.33 240907004 MIM-RCTC Toll Revenue: - I-15 51489N5L2 Landesbank Hessen-Thuringen Girozentrale - 2,000,331.12 - (2,000,000.00) - - (331.12) - - - 240907004 MIM-RCTC Toll Revenue: - I-15 46625HKA7 JPMORGAN CHASE & CO 498,175.00 - - - - - (323.23) 1,993.23 499,845.00 4,937.50 240907004 MIM-RCTC Toll Revenue: - I-15 912828Y53 UNITED STATES TREASURY 4,196,094.00 - - - - - (256.23) (289.77) 4,195,548.00 16,963.71 240907004 MIM-RCTC Toll Revenue: - I-15 02582JGN4 AMXCA 141 A 252,103.32 - - - (252,000.00) - (189.93) 86.61 - - 240907004 MIM-RCTC Toll Revenue: - I-15 60700A6H2 Mizuho Bank, Ltd.- 1,500,186.47 - (1,500,000.00) - - (186.47) - - - 240907004 MIM-RCTC Toll Revenue: - I-15 3130AG5X9 FEDERAL HOME LOAN BANKS - 1,701,020.00 - - - - (148.21) 369.21 1,701,241.00 9,758.00 240907004 MIM-RCTC Toll Revenue: - I-15 65602VJW7 Norinchukin Bank NY Branch - 1,500,135.59 - - - - (123.26) 17.67 1,500,030.00 9,530.42 240907004 MIM-RCTC Toll Revenue: - I-15 3134GTAE3 FEDERAL HOME LOAN MORTGAGE CORP - 1,000,300.00 - - - - (122.82) 1,042.82 1,001,220.00 7,050.00 240907004 MIM-RCTC Toll Revenue: - I-15 172967HM6 CITIGROUP INC 999,960.00 - - (1,000,000.00) - - (118.31) 158.31 - - 240907004 MIM-RCTC Toll Revenue: - I-15 60710A3P5 Mizuho Bank, Ltd.- 1,500,116.43 - (1,500,000.00) - - (116.43) - - - 240907004 MIM-RCTC Toll Revenue: - I-15 3134GTBJ1 FEDERAL HOME LOAN MORTGAGE CORP - 2,500,115.00 - - - - (115.00) - 2,500,000.00 16,250.00 240907004 MIM-RCTC Toll Revenue: - I-15 3130ABQH2 FEDERAL HOME LOAN BANKS 1,499,925.00 - - - - - (100.37) 205.37 1,500,030.00 8,826.88 240907004 MIM-RCTC Toll Revenue: - I-15 375558BQ5 GILEAD SCIENCES INC 900,378.00 - (900,729.00) - - 356.88 (95.07) 89.19 - - 240907004 MIM-RCTC Toll Revenue: - I-15 51500VCC1 Landesbank Hessen-Thüringen Girozentrale - 1,400,123.78 - - - - (92.84) 25.06 1,400,056.00 11,404.17 240907004 MIM-RCTC Toll Revenue: - I-15 60700A5L4 Mizuho Bank, Ltd.1,500,150.00 - - (1,500,000.00) - - (79.14) (70.86) - - 240907004 MIM-RCTC Toll Revenue: - I-15 02582JGN4 AMXCA 141 A 215,088.15 - - - (215,000.00) - (76.69) (11.46) - - 240907004 MIM-RCTC Toll Revenue: - I-15 89114MC70 Toronto-Dominion Bank, New York Branch - 1,500,120.50 - - - - (74.60) 29.10 1,500,075.00 8,887.92 240907004 MIM-RCTC Toll Revenue: - I-15 62888UAB6 NGN 10R2 2A 266,366.56 - - - (11,568.68) (15.82) (58.57) 36.68 254,760.16 498.48 240907004 MIM-RCTC Toll Revenue: - I-15 51500VCC1 Landesbank Hessen-Thüringen Girozentrale - 1,250,076.31 - - - - (46.63) 20.32 1,250,050.00 10,182.29 240907004 MIM-RCTC Toll Revenue: - I-15 3130AEL40 FEDERAL HOME LOAN BANKS - 2,000,027.00 - (2,000,000.00) - - (27.00) - - - 240907004 MIM-RCTC Toll Revenue: - I-15 58769DAD2 MBALT 17A A3 654,446.95 - - - (569,917.64) (10.68) (26.52) 1,107.42 85,599.53 68.13 240907004 MIM-RCTC Toll Revenue: - I-15 912828Y53 UNITED STATES TREASURY 449,581.50 - - - - - (25.01) (33.49) 449,523.00 1,817.54 240907004 MIM-RCTC Toll Revenue: - I-15 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 499,925.00 - - - - - (24.02) 264.02 500,165.00 1,487.64 240907004 MIM-RCTC Toll Revenue: - I-15 62888VAA6 NGN 10R1 1A 423,100.06 - - - (40,734.18) (11.83) (20.65) (202.97) 382,130.42 772.93 240907004 MIM-RCTC Toll Revenue: - I-15 65478GAC4 NAROT 17B A2B 127,991.76 - - - (125,164.13) (28.45) (18.82) 47.34 2,827.71 2.74 240907004 MIM-RCTC Toll Revenue: - I-15 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 299,955.00 - - - - - (14.47) 158.47 300,099.00 892.58 240907004 MIM-RCTC Toll Revenue: - I-15 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 184,972.25 - - - - - (9.21) 98.01 185,061.05 550.43 240907004 MIM-RCTC Toll Revenue: - I-15 86958JL72 Svenska Handelsbanken AB 1,500,015.00 - - (1,500,000.00) - - (2.49) (12.51) - - 240907004 MIM-RCTC Toll Revenue: - I-15 31846V203 FIRST AMER:GVT OBLG Y 5,124,099.35 65,938,253.01 (70,747,463.82) - - - - - 314,888.54 - 240907004 MIM-RCTC Toll Revenue: - I-15 375558BQ5 GILEAD SCIENCES INC 595,249.90 - (595,481.95) - - 481.95 - (249.90) - - 240907004 MIM-RCTC Toll Revenue: - I-15 36225B5Y0 GN 781763 221.65 - - - (221.94) (0.06) - 0.35 - - 240907004 MIM-RCTC Toll Revenue: - I-15 64986U4H7 NEW YORK ST HSG FIN AGY REV 1,400,000.00 - - - - - - - 1,400,000.00 2,529.59 240907004 MIM-RCTC Toll Revenue: - I-15 459058GK3 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 524,921.25 - - - - - - 252.00 525,173.25 1,562.02 240907004 MIM-RCTC Toll Revenue: - I-15 3135G0U68 FEDERAL NATIONAL MORTGAGE ASSOCIATION 375,075.00 - - - - - - 7.50 375,082.50 1,602.50 240907004 MIM-RCTC Toll Revenue: - I-15 65479PAA7 NALT 19A A1 - 645,000.00 - - (182,020.80) (0.01) - 134.26 463,113.46 467.91 240907004 MIM-RCTC Toll Revenue: - I-15 31680YAA5 FITAT 191 A1 - 500,000.00 - - (176,335.34) (0.00) - 61.50 323,726.15 324.19 240907004 MIM-RCTC Toll Revenue: - I-15 3130AGHC2 FEDERAL HOME LOAN BANKS - 2,000,000.00 - - - - - 1,560.00 2,001,560.00 4,601.67 240907004 MIM-RCTC Toll Revenue: - I-15 47789JAB2 JDOT 2019 A2 530,906.30 - - - - - 5.88 2,209.52 533,121.70 671.33 240907004 MIM-RCTC Toll Revenue: - I-15 65478AAD5 NAROT 15C A3 85,375.08 - - - (85,485.35) 35.29 10.84 64.13 - - 240907004 MIM-RCTC Toll Revenue: - I-15 58769DAD2 MBALT 17A A3 - 15,344.18 - - (10,074.93) 28.44 19.32 5.24 5,322.25 4.24 240907004 MIM-RCTC Toll Revenue: - I-15 9128285H9 UNITED STATES TREASURY 5,292,368.00 - - - - - 19.37 (178.37) 5,292,209.00 21,424.84 240907004 MIM-RCTC Toll Revenue: - I-15 3130AGE68 FEDERAL HOME LOAN BANKS - 1,999,500.00 - - - - 28.06 1,051.94 2,000,580.00 7,583.33 240907004 MIM-RCTC Toll Revenue: - I-15 161571HC1 CHAIT 162 A 12,965.81 - - - (13,000.00) 0.85 32.26 1.08 - - 240907004 MIM-RCTC Toll Revenue: - I-15 912828Y53 UNITED STATES TREASURY 1,398,698.00 - - - - - 101.55 (283.55) 1,398,516.00 5,654.57 240907004 MIM-RCTC Toll Revenue: - I-15 64972HV66 NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID R 665,678.30 - - - - - 170.27 (675.67) 665,172.90 13,178.08 240907004 MIM-RCTC Toll Revenue: - I-15 31677QBB4 FIFTH THIRD BANK 999,820.00 - - (1,000,000.00) - - 195.20 (15.20) - - 240907004 MIM-RCTC Toll Revenue: - I-15 65479AAD4 NALT 17A A3 746,537.76 - - - (441,735.38) 270.07 198.00 632.12 305,902.58 259.81 240907004 MIM-RCTC Toll Revenue: - I-15 92780KS25 Virginia Electric and Power Company - 1,499,787.50 - (1,500,000.00) - - 212.50 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 92780KR34 Virginia Electric and Power Company 1,499,790.00 - - (1,500,000.00) - - 217.50 (7.50) - - 240907004 MIM-RCTC Toll Revenue: - I-15 06051GFN4 BANK OF AMERICA CORP 994,720.00 - - - - - 225.75 4,884.25 999,830.00 4,375.00 240907004 MIM-RCTC Toll Revenue: - I-15 780082AA1 ROYAL BANK OF CANADA 1,490,355.00 - - - - - 265.98 5,569.02 1,496,190.00 11,406.25 240907004 MIM-RCTC Toll Revenue: - I-15 07330NAL9 BRANCH BANKING AND TRUST CO 998,720.00 - - (1,000,000.00) - - 289.03 990.97 - - 240907004 MIM-RCTC Toll Revenue: - I-15 65478DAD9 NAROT 18A A3 600,510.00 - - - - - 347.69 2,274.31 603,132.00 706.67 240907004 MIM-RCTC Toll Revenue: - I-15 43357MR51 Hitachi Capital America Corp.1,199,664.00 - - (1,200,000.00) - - 366.67 (30.67) - - 240907004 MIM-RCTC Toll Revenue: - I-15 3137B2GW4 FHMS K713 A2 579,489.27 - - - (3,262.19) 12.71 478.10 818.06 577,535.95 1,115.13 240907004 MIM-RCTC Toll Revenue: - I-15 161571HC1 CHAIT 162 A 748,027.50 - - - (750,000.00) 13.04 494.23 1,465.23 - - 240907004 MIM-RCTC Toll Revenue: - I-15 49327M2P8 KEYBANK NA 995,710.00 - - - - - 556.78 2,513.22 998,780.00 5,733.33 240907004 MIM-RCTC Toll Revenue: - I-15 97684HS85 Wisconsin Public Service Corporation - 999,440.00 - (1,000,000.00) - - 560.00 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 97684HSG7 Wisconsin Public Service Corporation - 999,377.50 - (1,000,000.00) - - 622.50 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 92780KUA4 Virginia Electric and Power Company 0.00 1,348,488.00 0.00 0.00 0.00 0.00 661.50 54.00 1,349,203.50 0.00 240907004 MIM-RCTC Toll Revenue: - I-15 07274MRA5 Bayerische Landesbank 1,099,307.00 0.00 0.00 (1,100,000.00)0.00 0.00 704.00 (11.00)0.00 0.00 240907004 MIM-RCTC Toll Revenue: - I-15 50000ER89 Koch Industries, Inc.1,499,265.00 - - (1,500,000.00) - - 717.50 17.50 - - 240907004 MIM-RCTC Toll Revenue: - I-15 46640QU82 J.P. Morgan Securities LLC - 848,885.56 - - - - 724.39 (0.95) 849,609.00 - 240907004 MIM-RCTC Toll Revenue: - I-15 04056BTB6 Arizona Public Service Company - 1,499,273.75 - (1,500,000.00) - - 726.25 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 04056BSL5 Arizona Public Service Company - 1,499,265.00 - (1,500,000.00) - - 735.00 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 04056BSD3 Arizona Public Service Company - 1,499,256.26 - (1,500,000.00) - - 743.74 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 23336KS11 DTE Electric Company - 1,499,253.33 - (1,500,000.00) - - 746.67 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 64587BS78 New Jersey Natural Gas Company - 1,499,230.01 - (1,500,000.00) - - 769.99 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 07274MRA5 Bayerische Landesbank 1,219,231.40 - - (1,220,000.00) - - 777.75 (9.15) - - 240907004 MIM-RCTC Toll Revenue: - I-15 69350BR81 PPG Industries, Inc.1,499,265.00 - - (1,500,000.00) - - 778.75 (43.75) - - 240907004 MIM-RCTC Toll Revenue: - I-15 21201CS15 Continental Rubber of America, Corp.- 1,499,218.34 - (1,500,000.00) - - 781.66 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 50000ETQ7 Koch Industries, Inc.- 1,349,022.37 - (1,350,000.00) - - 977.63 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 93884FTE2 Washington Gas Light Company - 1,498,958.33 - (1,500,000.00) - - 1,041.67 - - - 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2019 ATTACHMENT 11 52 Page 22 of 37 Source Account Account Identifier Description Beginning Base Market Value Base Purchases Base Sales Base Maturities and Redemptions Base Paydowns Net Total Realized Gain/Loss Base Amortization/A ccretion Base Change In Net Unrealized Gain/Loss Ending Base Market Value Ending Accrued Income Balance 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2019 240907004 MIM-RCTC Toll Revenue: - I-15 23336KSP8 DTE Electric Company - 1,498,937.51 - (1,500,000.00) - - 1,062.49 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 78355BUP5 Ryder System, Inc.- 1,496,600.00 - - - - 1,062.50 162.50 1,497,825.00 - 240907004 MIM-RCTC Toll Revenue: - I-15 74456DRB3 Public Service Electric and Gas Company 1,498,950.00 - - (1,500,000.00) - - 1,129.17 (79.17) - - 240907004 MIM-RCTC Toll Revenue: - I-15 24422ETJ8 JOHN DEERE CAPITAL CORP 1,116,652.50 - - - - - 1,203.29 4,252.96 1,122,108.75 3,203.13 240907004 MIM-RCTC Toll Revenue: - I-15 50000ET46 Koch Industries, Inc.- 1,498,795.01 - (1,500,000.00) - - 1,204.99 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 34108BS71 Florida Power & Light Company - 1,498,705.01 - (1,500,000.00) - - 1,294.99 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 50000ERP1 Koch Industries, Inc.- 1,498,683.75 - (1,500,000.00) - - 1,316.25 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 63743DT68 National Rural Utilities Cooperative Finance Corpo - 1,498,600.01 - (1,500,000.00) - - 1,399.99 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 02587AAJ3 AMXCA 171 A 646,048.00 - - - - - 1,479.22 1,146.78 648,674.00 557.56 240907004 MIM-RCTC Toll Revenue: - I-15 97684HTL5 Wisconsin Public Service Corporation - 1,498,450.01 - (1,500,000.00) - - 1,549.99 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 26055BT53 The Dow Chemical Company - 1,498,381.25 - (1,500,000.00) - - 1,618.75 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 0220X1S97 Altria Group, Inc.- 1,498,325.00 - (1,500,000.00) - - 1,675.00 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 97684HU82 Wisconsin Public Service Corporation - 1,497,367.50 - - - - 1,923.75 18.75 1,499,310.00 - 240907004 MIM-RCTC Toll Revenue: - I-15 26055BTC8 The Dow Chemical Company - 1,497,965.42 - (1,500,000.00) - - 2,034.58 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 69350BUB0 PPG Industries, Inc.- 1,496,641.67 - - - - 2,275.00 93.33 1,499,010.00 - 240907004 MIM-RCTC Toll Revenue: - I-15 912796VE6 UNITED STATES TREASURY - 1,997,377.56 - (2,000,000.00) - - 2,622.44 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 02360SSQ2 Ameren Corporation - 1,497,218.75 - (1,500,000.00) - - 2,781.25 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 06416CAA6 BANK OF NOVA SCOTIA 1,521,477.25 - - - - - 2,789.14 62.61 1,524,329.00 9,901.91 240907004 MIM-RCTC Toll Revenue: - I-15 02360SU89 Ameren Corporation - 1,496,425.00 - - - - 2,816.67 68.33 1,499,310.00 - 240907004 MIM-RCTC Toll Revenue: - I-15 21687BTM3 Coöperatieve Rabobank U.A., New York Branch - 1,497,176.67 - (1,500,000.00) - - 2,823.33 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 17275RBG6 CISCO SYSTEMS INC 1,044,204.00 - - - - - 3,043.42 495.08 1,047,742.50 4,124.17 240907004 MIM-RCTC Toll Revenue: - I-15 43357MSW1 Hitachi Capital America Corp.- 1,496,687.50 - (1,500,000.00) - - 3,312.50 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 69350BSA5 PPG Industries, Inc.- 1,496,625.00 - (1,500,000.00) - - 3,375.00 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 912796UY3 UNITED STATES TREASURY - 3,996,603.39 - (4,000,000.00) - - 3,396.61 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 69350BTA4 PPG Industries, Inc.- 1,496,551.25 - (1,500,000.00) - - 3,448.75 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 26055BSD7 The Dow Chemical Company - 1,496,175.00 - (1,500,000.00) - - 3,825.00 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 92780KTC2 Virginia Electric and Power Company - 1,496,010.00 - (1,500,000.00) - - 3,990.00 - - - 240907004 MIM-RCTC Toll Revenue: - I-15 9128282T6 UNITED STATES TREASURY 1,989,680.00 - - - - - 6,015.63 864.38 1,996,560.00 8,355.98 240907004 MIM-RCTC Toll Revenue: - I-15 912796UZ0 UNITED STATES TREASURY 4,990,350.00 - - (5,000,000.00) - - 9,545.83 104.17 - - 240907004 MIM-RCTC Toll Revenue: - I-15 912828UF5 UNITED STATES TREASURY 3,664,295.00 - - - - - 12,184.38 5,612.62 3,682,092.00 113.11 75,219,497.37 145,436,177.60 (72,243,674.77)(77,870,000.00)(3,626,520.56)1,132.39 80,849.23 71,774.29 67,069,235.55 287,608.75 240907020 RCTC I-15 Prj RAMP UP RESERVE 31283K5N4 FH G11753 411,141.08 - - - (109,413.00) (3,327.92) (2,032.22) 6,299.03 302,666.97 1,232.00 240907020 RCTC I-15 Prj RAMP UP RESERVE 31392J6N4 FNR 0323B EQ 474,781.55 - - - (45,800.88) (3,074.59) (1,790.82) 5,453.18 429,568.44 1,895.99 240907020 RCTC I-15 Prj RAMP UP RESERVE 31397QWZ7 FNR 1115F VB 65,036.15 - - - (10,954.71) (57.69) (176.37) 151.74 53,999.12 178.71 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378AWX5 GNR 11157E QA 139,072.93 - - - (18,004.30) (102.30) (174.11) 616.83 121,409.06 301.90 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381QB54 FN 467260 58,662.82 - - - (314.55) (5.05) (127.11) (209.16) 58,006.96 207.37 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378CDK0 GNR 11169G AK 85,777.52 - - - (15,797.30) (67.98) (107.67) 284.43 70,089.00 174.79 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378DDC6 GNR 1216E GB 72,776.31 - - - (13,745.92) (50.66) (87.08) 168.38 59,061.03 171.72 240907020 RCTC I-15 Prj RAMP UP RESERVE 383742C76 GNR 0832B PA 77,198.50 - - - (4,831.51) (95.47) (80.53) 556.89 72,747.88 235.62 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375KCX8 GNR 0726C MA 77,691.02 - - - (74,672.95) (49.87) (72.11) (0.02) 2,896.07 13.29 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381RLL6 FN 468431 46,893.59 - - - (231.00) (2.73) (60.37) 153.93 46,753.43 145.51 240907020 RCTC I-15 Prj RAMP UP RESERVE 3138NJAE8 FN FN0004 34,403.96 - - - (2,039.86) (20.73) (55.55) (521.97) 31,765.84 96.19 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381N7G2 FN 466295 36,484.35 - - - (201.47) (0.96) (44.03) 77.06 36,314.95 98.17 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376PJ35 GNR 09116C NH 54,530.40 - - - (26,873.38) (10.91) (42.78) 18.61 27,621.93 92.06 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620ARB67 GN 737261 28,896.01 - - - (1,881.20) (39.37) (39.81) 244.70 27,180.32 87.30 240907020 RCTC I-15 Prj RAMP UP RESERVE 31381SVJ8 FN 469617 43,691.37 - - - (273.02) (1.26) (36.10) 416.68 43,797.67 118.73 240907020 RCTC I-15 Prj RAMP UP RESERVE 3134GTAE3 FEDERAL HOME LOAN MORTGAGE CORP - 175,052.50 - - - - (21.49) 182.49 175,213.50 1,233.75 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828Y53 UNITED STATES TREASURY 399,628.00 - - - - - (21.25) (30.75) 399,576.00 1,615.59 240907020 RCTC I-15 Prj RAMP UP RESERVE 3130AECJ7 FEDERAL HOME LOAN BANKS 350,756.00 - - - - - (20.63) 1,123.13 351,858.50 842.19 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AH6C7 FHMS K015 A2 101,252.00 - - - - - (17.40) 759.40 101,994.00 269.17 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137A5FP4 FHR 3791E DA 58,394.26 - - - (5,315.52) (6.41) (15.19) 307.72 53,364.85 110.93 240907020 RCTC I-15 Prj RAMP UP RESERVE 3620A9WV9 GN 723460 13,833.92 - - - (1,219.67) (23.29) (12.63) 40.17 12,618.50 40.65 240907020 RCTC I-15 Prj RAMP UP RESERVE 62888VAA6 NGN 10R1 1A 37,642.35 - - - (3,624.04) (5.94) (10.36) (4.65) 33,997.36 68.77 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375XCM4 GNR 0847B PC - 32,843.27 - - (1,060.97) (30.38) (9.15) 172.50 31,915.28 128.66 240907020 RCTC I-15 Prj RAMP UP RESERVE 38379HLE3 GNR 14184H WK 83,288.78 - - - (3,805.30) 6.27 (7.23) 397.45 79,879.96 227.41 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378BXQ7 GNR 1289 A - 19,407.34 - - - - (4.67) 16.24 19,418.91 25.11 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378KW47 GNR 13138 A - 60,522.62 - - - - (3.46) 37.24 60,556.39 109.05 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375JCJ2 GNR 0668 D 14,412.67 - - - (4,121.97) (1.52) (3.01) (2.83) 10,283.33 45.45 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376YFF3 GNR 1046E CH - 10,580.07 - - - - (2.42) 61.55 10,639.20 35.00 240907020 RCTC I-15 Prj RAMP UP RESERVE 62888VAA6 NGN 10R1 1A 48,182.21 - - - (4,638.77) (1.35) (2.35) (23.11) 43,516.63 88.02 240907020 RCTC I-15 Prj RAMP UP RESERVE 31418AU48 FN MA1502 - 28,645.80 - - (1,063.60) 4.44 (2.13) 393.52 27,978.04 57.71 240907020 RCTC I-15 Prj RAMP UP RESERVE 31398N2K9 FNR 10123B DL 1,633.05 - - - (1,151.83) (0.11) (0.58) 3.68 484.22 1.41 240907020 RCTC I-15 Prj RAMP UP RESERVE 62888VAA6 NGN 10R1 1A - 15,615.02 - - (674.15) (0.20) (0.45) 18.63 14,958.84 30.26 240907020 RCTC I-15 Prj RAMP UP RESERVE 31846V203 FIRST AMER:GVT OBLG Y 139,699.86 560,294.25 (638,933.90) - - - - - 61,060.21 - 240907020 RCTC I-15 Prj RAMP UP RESERVE 3130AGHC2 FEDERAL HOME LOAN BANKS - 100,000.00 - - - - - 78.00 100,078.00 230.08 240907020 RCTC I-15 Prj RAMP UP RESERVE 31418ASD1 FN MA1415 1,057.17 - - - (114.42) 1.13 0.16 7.87 951.92 1.59 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137FGZN8 FHMS KI02 A - 54,019.37 - - (3,808.70) 1.77 0.59 (79.00) 50,134.03 22.44 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378HXH4 GNR 12119 KB 8,138.42 (7,995.44) - - - - 1.28 (144.26) - - 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AJMF8 FHMS K016 A2 99,060.30 - - - (3,241.33) 10.12 1.47 928.38 96,758.94 235.20 240907020 RCTC I-15 Prj RAMP UP RESERVE 3134GTBJ1 FEDERAL HOME LOAN MORTGAGE CORP 124,962.63 - - - - - 1.53 35.84 125,000.00 812.50 240907020 RCTC I-15 Prj RAMP UP RESERVE 9128285H9 UNITED STATES TREASURY 549,208.00 - (49,964.72) - - (34.20) 1.91 54.01 499,265.00 2,021.21 240907020 RCTC I-15 Prj RAMP UP RESERVE 38377F2N0 GNR 1073E LN 25,582.17 - - - (25,218.48) 50.42 2.98 (27.22) 389.86 0.98 240907020 RCTC I-15 Prj RAMP UP RESERVE 38376YPU9 GNR 1050D EA - 31,979.04 - - (1,499.71) 10.37 4.47 181.06 30,675.22 63.96 240907020 RCTC I-15 Prj RAMP UP RESERVE 31397SE83 FNR 1136C PA 7,794.21 - - - (7,807.36) 0.95 4.95 7.25 - - 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ARBX3 FHR 4061C CF 46,606.68 - - - (2,679.43) 37.41 7.69 (11.32) 43,961.04 53.74 240907020 RCTC I-15 Prj RAMP UP RESERVE 31418ASD1 FN MA1415 66,601.90 - - - (7,208.57) 61.85 8.00 507.54 59,970.72 100.28 240907020 RCTC I-15 Prj RAMP UP RESERVE 912796UV9 UNITED STATES TREASURY 174,987.75 - - (175,000.00) - - 11.72 0.53 - - 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378HXH4 GNR 12119 KB - 7,815.84 - - (592.05) 30.51 15.99 217.21 7,487.50 7.97 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828Y53 UNITED STATES TREASURY 124,883.75 - - - - - 21.87 (38.12) 124,867.50 504.87 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B3NW4 FHMS K031 A1 95,206.64 - - - (6,385.29) 50.46 22.01 873.32 89,767.14 205.83 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B1UF7 FHMS K027 A1 35,266.70 - - - (2,540.69) 29.01 22.90 239.24 33,017.16 49.34 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378KWU9 GNR 1396 A - 35,004.86 - - (109.93) 6.78 31.50 768.96 35,702.17 43.40 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ASR97 FHMS K020 A1 29,993.10 - - - (2,402.33) 40.20 33.95 162.39 27,827.30 36.76 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136AC7J4 FNA 13M6 2A 42,266.94 - - - (498.74) 6.21 34.45 676.70 42,485.55 90.91 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137AXHN6 FHMS K024 A1 68,614.37 - - - (5,609.49) 58.45 44.83 416.39 63,524.55 93.09 240907020 RCTC I-15 Prj RAMP UP RESERVE 38375CBH2 GNR 1257F LD 27,309.29 - - - (10,858.33) 61.98 48.34 (0.78) 16,560.49 17.32 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136A96F0 FNA 12M17 A2 68,804.27 - - - (6,179.84) 136.65 56.71 877.51 63,695.30 115.59 240907020 RCTC I-15 Prj RAMP UP RESERVE 3136AMM48 FNA 15M4B AV2 93,903.91 - - - (6,242.38) 78.63 60.83 793.59 88,594.58 183.75 240907020 RCTC I-15 Prj RAMP UP RESERVE 38377JM59 GNR 10111F PE 38,614.95 - - - (2,757.27) 65.95 74.98 311.66 36,310.28 75.93 53 Page 23 of 37 Source Account Account Identifier Description Beginning Base Market Value Base Purchases Base Sales Base Maturities and Redemptions Base Paydowns Net Total Realized Gain/Loss Base Amortization/A ccretion Base Change In Net Unrealized Gain/Loss Ending Base Market Value Ending Accrued Income Balance 2017 Financing STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2019 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B1U75 FHMS KS01 A2 119,114.40 - - - - - 103.89 1,762.11 120,980.40 252.20 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137B84S3 FHR 4305A CT 117,413.18 - - - (11,441.62) 129.24 150.15 858.10 107,109.05 178.76 240907020 RCTC I-15 Prj RAMP UP RESERVE 38378VC45 GNR 13116D MA 67,776.80 - - - (3,777.15) 131.97 152.92 636.83 64,921.37 122.32 240907020 RCTC I-15 Prj RAMP UP RESERVE 3137ATRW4 FHMS K020 A2 99,515.00 - - - - - 176.35 1,025.65 100,717.00 197.75 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828B58 UNITED STATES TREASURY 318,912.00 - - - - - 365.85 2,184.55 321,462.40 2,836.46 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UF5 UNITED STATES TREASURY 188,166.50 - - - - - 458.91 454.99 189,080.40 5.81 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828VV9 UNITED STATES TREASURY 473,442.00 - - - - - 491.56 2,177.94 476,111.50 3,373.73 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828VV9 UNITED STATES TREASURY 299,016.00 - - - - - 504.99 1,181.01 300,702.00 2,130.77 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828VA5 UNITED STATES TREASURY 162,769.20 - - - - - 600.67 419.03 163,788.90 312.74 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UF5 UNITED STATES TREASURY 242,635.75 - - - - - 806.80 371.65 243,814.20 7.49 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828SA9 UNITED STATES TREASURY 77,218.42 - - - - - 1,223.29 82.15 78,523.86 45.57 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828SA9 UNITED STATES TREASURY 77,218.42 - - - - - 1,229.35 76.09 78,523.86 45.57 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828UH1 UNITED STATES TREASURY 80,847.40 - - - - - 1,290.99 411.47 82,549.86 47.87 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828VA5 UNITED STATES TREASURY 493,240.00 - - - - - 1,675.40 1,414.60 496,330.00 947.69 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828F62 UNITED STATES TREASURY 696,087.00 - - - - - 1,758.77 705.23 698,551.00 1,769.02 240907020 RCTC I-15 Prj RAMP UP RESERVE 912828SA9 UNITED STATES TREASURY 165,468.04 - - - - - 2,574.03 223.35 168,265.41 97.65 8,363,463.89 1,123,784.54 (688,898.62)(175,000.00)(462,683.98)(6,000.12)8,997.94 37,984.20 8,201,647.85 27,316.61 83,582,961.26 146,559,962.14 (72,932,573.39) (78,045,000.00) (4,089,204.54) (4,867.73) 89,847.17 109,758.49 75,270,883.40 314,925.36 54 55 *Negative cash reflects securities in transit at month end 2017 Financing STAMP Portfolio Summary of Investments for quarter ended June 30, 2019 Credit Rating Industry Group Asset Class Security Type Market Sector ATTACHMENT 12 56 57 2017 Financing STAMP Portfolio Sales Tax I15 ELP Project Revenue Fund Summary of Investments for quarter ended December 31, 2018 Credit Rating Industry Group Asset Class Security Type Market Sector ATTACHMENT 13 58 59 *Negative cash reflects securities in transit at month end 2017 Financing STAMP Portfolio Ramp Up Fund Summary of Investments for quarter ended June 30, 2019 Credit Rating Industry Group Asset Class Security Type Market Sector ATTACHMENT 14 60 61 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM CUSIP Security Type Category Issuer Final Maturity Trade Date Next Call Date Original Cost Base Market Value Unrealized Gain/Loss Accrued Income Coupon Yield Credit Rating 3130AF5B9 Agencies F H L B DEB 3.000% 10/12/21 10/12/2021 10/12/2018 619,597.00 636,516.80 16,919.80 4,081.67 3 2.908019348 AA+ 3134GBTL6 Agencies F H L M C M T N 2.100% 6/29/22 06/29/2022 06/29/2017 09/29/2019 484,720.00 500,320.00 15,600.00 5,308.33 2.1 2.098719781 AA+ 3134GTRY1 Agencies F H L M C M T N 2.625% 6/06/22 06/06/2022 06/06/2019 09/06/2019 260,000.00 260,057.20 57.20 473.96 2.63 2.624186502 AA+ 3134GTVK6 Agencies F H L M C 2.550% 6/20/22 06/20/2022 06/20/2019 09/20/2019 265,000.00 265,047.70 47.70 206.48 2.55 2.548547328 AA+ 911759MU9 Agencies U S DEPT HSG & URB 2.570% 8/01/21 08/01/2021 03/28/2019 100,000.00 101,013.00 1,013.00 663.92 2.57 2.534366803 N/A 05582QAD9 Asset-Backed BMW VEHICLE OWNER 1.160% 11/25/20 11/25/2020 07/20/2016 67,357.09 67,207.87 -149.22 13.02 1.16 1.161184408 N/A 05584PAD9 Asset-Backed BMW VEHICLE LEASE 2.070% 10/20/20 10/20/2020 10/25/2017 96,184.10 96,047.60 -136.50 60.84 2.07 2.071014797 N/A 17305EGB5 Asset-Backed CITIBANK CREDIT 1.920% 4/07/22 04/07/2022 04/11/2017 229,933.74 229,517.00 -416.74 1,030.40 1.92 1.921594924 AAA 41284WAC4 Asset-Backed HARLEY DAVIDSON 2.340% 2/15/24 02/15/2024 06/26/2019 589,954.33 589,952.80 -1.53 191.75 2.34 2.323964644 N/A 43814PAC4 Asset-Backed HONDA AUTO 1.790% 9/20/21 09/20/2021 09/29/2017 130,670.81 130,334.72 -336.09 84.47 1.79 1.792743297 AAA 47787XAC1 Asset-Backed JOHN DEERE OWNER 1.780% 4/15/21 04/15/2021 03/02/2017 145,448.34 145,176.66 -271.68 115.08 1.78 1.782227785 N/A 47789JAD8 Asset-Backed JOHN DEERE OWNER 2.910% 7/17/23 07/17/2023 03/13/2019 259,968.05 264,721.60 4,753.55 336.27 2.91 2.844241145 N/A 58769DAD2 Asset-Backed MERCEDES BENZ AUTO 1.790% 4/15/20 04/15/2020 04/26/2017 32,834.24 32,820.54 -13.70 26.12 1.79 1.790143211 N/R 65478BAD3 Asset-Backed NISSAN AUTO LEASE 3.250% 9/15/21 09/15/2021 10/24/2018 199,982.52 202,642.00 2,659.48 288.89 3.25 3.208608945 AAA 65478NAD7 Asset-Backed NISSAN AUTO 3.220% 6/15/23 06/15/2023 12/12/2018 449,913.78 460,296.00 10,382.22 644.00 3.22 3.138768667 AAA 65479BAD2 Asset-Backed NISSAN AUTO LEASE 2.050% 9/15/20 09/15/2020 10/10/2017 219,961.57 219,892.20 -69.37 200.44 2.05 2.050840845 N/A 65479KAD2 Asset-Backed NISSAN AUTO 2.900% 10/16/23 10/16/2023 02/13/2019 319,951.52 325,676.80 5,725.28 412.44 2.9 2.834134709 N/A 89190BAD0 Asset-Backed TOYOTA AUTO 1.760% 7/15/21 07/15/2021 05/17/2017 379,170.74 378,130.48 -1,040.26 296.62 1.76 1.762820513 AAA 89238MAD0 Asset-Backed TOYOTA AUTO 1.730% 2/16/21 02/16/2021 03/15/2017 187,997.80 187,578.08 -419.72 144.57 1.73 1.732546844 AAA 89239AAD5 Asset-Backed TOYOTA AUTO 2.910% 7/17/23 07/17/2023 02/13/2019 339,938.05 345,079.60 5,141.55 439.73 2.91 2.851208089 AAA 90290AAC1 Asset-Backed USAA AUTO OWNER 1.700% 5/17/21 05/17/2021 09/20/2017 78,405.38 78,247.40 -157.98 59.25 1.7 1.702758469 AAA 31846V203 Cash FIRST AM GOVT OB FD CL Y 208,224.79 208,224.79 0.00 467.37 0 1.751598500 037833BS8 Credit APPLE INC 2.250% 2/23/21 02/23/2021 02/23/2016 01/23/2021 495,675.00 501,785.00 6,110.00 4,000.00 2.25 2.236113734 AA+ 037833CS7 Credit APPLE INC 1.800% 5/11/20 05/11/2020 05/11/2017 484,505.30 483,821.45 -683.85 1,212.50 1.8 1.802306953 AA+ 053015AD5 Credit AUTOMATIC DATA 2.250% 9/15/20 09/15/2020 09/15/2015 08/15/2020 452,969.04 450,283.50 -2,685.54 2,981.25 2.25 2.242398270 AA 06050TMJ8 Credit BANK OF AMERICA MTN 3.335% 1/25/23 01/25/2023 01/25/2019 01/25/2022 520,000.00 533,317.20 13,317.20 7,514.87 3.34 3.240254945 A+ 06406FAA1 Credit BANK OF NY MTN 2.500% 4/15/21 04/15/2021 02/19/2016 03/15/2021 755,648.77 754,125.00 -1,523.77 3,958.33 2.5 2.477553366 A 084664CK5 Credit BERKSHIRE HATHAWAY 1.300% 8/15/19 08/15/2019 08/15/2016 159,844.80 159,811.20 -33.60 785.78 1.3 1.300000000 AA 084670BQ0 Credit BERKSHIRE HATHAWAY 2.200% 3/15/21 03/15/2021 03/15/2016 02/15/2021 466,436.01 472,304.67 5,868.66 3,051.03 2.2 2.187487571 AA 166764AN0 Credit CHEVRON CORP 2.193% 11/15/19 11/15/2019 11/18/2014 500,969.72 499,880.00 -1,089.72 1,401.08 2.19 2.192780722 AA 166764AU4 Credit CHEVRON CORP 3.11094% 3/03/22 03/03/2022 03/03/2015 503,482.88 503,665.00 182.12 1,209.81 3.05 3.088705222 AA 17275RAX0 Credit CISCO SYSTEMS INC 2.450% 6/15/20 06/15/2020 06/17/2015 599,952.00 601,542.00 1,590.00 653.33 2.45 2.441162990 AA- 17275RBG6 Credit CISCO SYSTEMS INC 1.400% 9/20/19 09/20/2019 09/20/2016 39,955.60 39,914.00 -41.60 157.11 1.4 1.401176989 AA- 17325FAY4 Credit CITIBANK NA 2.844% 5/20/22 05/20/2022 05/22/2019 05/20/2021 260,000.00 261,983.80 1,983.80 801.06 2.84 2.811304528 A+ 30231GAV4 Credit EXXON MOBIL 2.222% 3/01/21 03/01/2021 03/03/2016 02/01/2021 495,685.00 501,385.00 5,700.00 3,703.33 2.22 2.210439402 AA+ 46647PBB1 Credit JPMORGAN CHASE CO 3.207% 4/01/23 04/01/2023 03/22/2019 04/01/2022 1,050,000.00 1,071,619.50 21,619.50 9,260.21 3.21 3.129116295 A- 478160CH5 Credit JOHNSON JOHNSON 1.950% 11/10/20 11/10/2020 11/10/2017 249,732.50 250,215.00 482.50 690.63 1.95 1.942269766 AAA 594918BV5 Credit MICROSOFT CORP 1.850% 2/06/20 02/06/2020 02/06/2017 499,665.00 498,930.00 -735.00 3,725.69 1.85 1.851870389 AAA 717081EM1 Credit PFIZER INC 3.000% 9/15/21 09/15/2021 09/07/2018 249,662.50 255,002.50 5,340.00 2,208.33 3 2.931978108 AA- 742718EZ8 Credit PROCTER GAMBLE CO 1.750% 10/25/19 10/25/2019 10/25/2017 149,947.50 149,740.50 -207.00 481.25 1.75 1.751418649 AA- 857477AS2 Credit STATE STREET CORP 2.550% 8/18/20 08/18/2020 08/18/2015 792,421.15 791,498.72 -922.43 7,423.62 2.55 2.536303959 A 88579YBF7 Credit 3M COMPANY MTN 2.750% 3/01/22 03/01/2022 02/22/2019 02/01/2022 249,882.50 254,115.00 4,232.50 2,463.54 2.75 2.690933999 AA- 90331HNG4 Credit US BANK NA MTN 2.050% 10/23/20 10/23/2020 10/24/2017 09/23/2020 249,950.00 249,565.00 -385.00 968.06 2.05 2.047399802 AA- 90331HPA5 Credit US BANK NA MTN 3.000% 2/04/21 02/04/2021 02/04/2019 01/04/2021 519,578.80 526,302.40 6,723.60 6,370.00 3 2.957005145 AA- 91159HHQ6 Credit US BANCORP MTN 3.22113% 1/24/22 01/24/2022 01/24/2017 12/23/2021 251,634.45 251,342.50 -291.95 1,521.09 3.22 3.204052003 A+ 931142DY6 Credit WALMART STORES INC 1.750% 10/09/19 10/09/2019 10/20/2017 294,994.10 294,498.50 -495.60 1,175.90 1.75 1.751033110 AA 931142EA7 Credit WALMART STORES INC 1.900% 12/15/20 12/15/2020 10/20/2017 489,760.00 499,100.00 9,340.00 422.22 1.9 1.898045014 AA 931142EJ8 Credit WALMART INC 3.125% 6/23/21 06/23/2021 06/27/2018 129,993.50 132,836.60 2,843.10 90.28 3.13 3.049702837 AA 94988J5Q6 Credit WELLS FARGO MTN 3.0915% 7/23/21 07/23/2021 07/23/2018 07/23/2020 500,000.00 500,525.00 525.00 3,136.03 3.09 3.086838873 A+ 94988J5T0 Credit WELLS FARGO MTN 3.625% 10/22/21 10/22/2021 10/23/2018 09/21/2021 529,941.70 544,972.50 15,030.80 3,682.40 3.63 3.512222534 A+ 3136B1XP4 Mortgage-Backed F N M A GTD REMIC 3.560% 9/25/21 09/25/2021 04/01/2018 164,801.97 165,857.73 1,055.76 482.56 3.56 3.489580270 N/A 3137B1U75 Mortgage-Backed F H L M C MLTCL MTG 2.522% 1/25/23 01/25/2023 05/07/2013 160,800.00 161,307.20 507.20 336.27 2.52 2.490077605 N/A 3137BNN26 Mortgage-Backed F H L M C MLTCL MT 1.77998% 7/25/19 07/25/2019 04/01/2016 1,076.40 1,074.28 -2.12 1.60 1.78 1.779981500 N/A 3137FGZN8 Mortgage-Backed F H L M C MLTCL 2.6305% 2/25/23 02/25/2023 08/14/2018 160,755.22 160,428.89 -326.33 74.21 2.63 2.634451878 N/A Payden & Rygel Operating Portfolio by Investment Category for Quarter ended June 30, 2019 ATTACHMENT 15 62 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM CUSIP Security Type Category Issuer Final Maturity Trade Date Next Call Date Original Cost Base Market Value Unrealized Gain/Loss Accrued Income Coupon Yield Credit Rating Payden & Rygel Operating Portfolio by Investment Category for Quarter ended June 30, 2019 3137FJXN4 Mortgage-Backed F H L M C MLTCL 2.6805% 2/25/23 02/25/2023 10/31/2018 179,676.20 179,448.01 -228.19 84.49 2.68 2.682593023 N/A 3137FJYA1 Mortgage-Backed F H L M C MLTCL MTG 3.454% 5/25/23 05/25/2023 11/01/2018 301,275.30 309,963.43 8,688.13 867.19 3.45 3.348715970 N/A 010831DN2 Taxable Muni ALAMEDA CNTY CA JT 2.866% 6/01/21 06/01/2021 04/24/2018 255,000.00 258,850.50 3,850.50 609.03 2.87 2.813058244 AA+ 13063BFS6 Taxable Muni CALIFORNIA ST BUILD 6.650% 3/01/22 03/01/2022 04/01/2010 474,067.48 467,325.75 -6,741.73 9,420.83 6.65 6.064198432 AA- 13063DGA0 Taxable Muni CALIFORNIA ST 2.800% 4/01/21 04/01/2021 04/25/2018 500,008.42 507,805.00 7,796.58 3,500.00 2.8 2.757588292 AA- 13066YTY5 Taxable Muni CALIFORNIA ST DEPT 1.713% 5/01/21 05/01/2021 09/28/2016 102,868.78 103,554.62 685.84 296.68 1.71 1.710263578 AA 13077CT38 Taxable Muni CALIFORNIA ST 1.982% 11/01/19 11/01/2019 08/05/2015 130,110.80 129,899.90 -210.90 429.43 1.98 1.981702745 AA- 156549AA5 Taxable Muni CENTURY HOUSING CORP 3.824% 11/01/20 11/01/2020 02/07/2019 110,000.00 110,792.00 792.00 701.07 3.82 3.768007410 AA- 20772JKP6 Taxable Muni CONNECTICUT ST 2.401% 10/15/21 10/15/2021 11/16/2012 120,216.00 120,103.20 -112.80 608.25 2.4 2.379041447 A 20772KGM5 Taxable Muni CONNECTICUT ST SER A 2.921% 4/15/23 04/15/2023 04/11/2019 301,695.00 306,171.00 4,476.00 1,947.33 2.92 2.835426819 A 419792YL4 Taxable Muni HAWAII ST SER FX 2.770% 1/01/22 01/01/2022 02/21/2019 190,000.00 193,002.00 3,002.00 1,900.53 2.77 2.706108772 AA+ 45750TAG8 Taxable Muni INLAND VLY CA DEV 3.627% 3/01/20 03/01/2020 05/15/2014 231,523.54 231,943.50 419.96 2,780.70 3.63 3.598606991 AA 544445AZ2 Taxable Muni LOS ANGELES CA DEPT 2.092% 5/15/20 05/15/2020 12/06/2016 98,788.00 100,036.00 1,248.00 267.31 2.09 2.090641083 AA 54465AGK2 Taxable Muni LOS ANGELES CA 1.125% 9/01/19 09/01/2019 08/25/2016 266,868.00 269,597.70 2,729.70 1,012.50 1.13 1.125281320 AA 649791EJ5 Taxable Muni NEW YORK ST REF SER 3.600% 9/01/19 09/01/2019 03/30/2011 504,884.94 500,920.00 -3,964.94 6,000.00 3.6 3.598416697 AA+ 697379UD5 Taxable Muni PALO ALTO CA 2.291% 8/01/20 08/01/2020 08/14/2012 321,873.50 326,056.25 4,182.75 3,102.40 2.29 2.280827509 AAA 78607QAT2 Taxable Muni SACRAMENTO CA 2.712% 11/01/19 11/01/2019 05/30/2018 130,000.00 130,132.60 132.60 587.60 2.71 2.709236579 AA+ 797299LR3 Taxable Muni SAN DIEGO CA PUBLIC 2.698% 10/15/19 10/15/2019 06/21/2018 500,000.00 500,630.00 630.00 2,847.89 2.7 2.695304695 AA- 797299LT9 Taxable Muni SAN DIEGO CA PUBLIC 2.994% 10/15/21 10/15/2021 06/21/2018 200,000.00 204,500.00 4,500.00 1,264.13 2.99 2.914010414 AA- 797669XT0 Taxable Muni SAN FRANCISCO CA 2.169% 7/01/20 07/01/2020 12/28/2017 100,000.00 100,047.00 47.00 1,084.50 2.17 2.164994760 AA+ 79770GGM2 Taxable Muni SAN FRANCISCO CITY 2.000% 8/01/20 08/01/2020 11/30/2017 299,607.00 299,886.00 279.00 2,500.00 2 1.997483171 AA- 798170AC0 Taxable Muni SAN JOSE CA REDEV 2.259% 8/01/20 08/01/2020 12/21/2017 190,000.00 190,571.90 571.90 1,788.38 2.26 2.250470716 AA 79876CBQ0 Taxable Muni SAN MARCOS CA REDEV 2.000% 10/01/20 10/01/2020 12/14/2017 109,256.40 109,683.20 426.80 550.00 2 2.001200720 AA- 801096AP3 Taxable Muni SANTA ANA CA CMNTY 3.346% 9/01/21 09/01/2021 11/08/2018 240,000.00 246,494.40 6,494.40 2,676.80 3.35 3.244543136 AA 80136PCY7 Taxable Muni SANTA BARBARA CA 3.300% 12/01/21 12/01/2021 11/28/2018 125,000.00 128,383.75 3,383.75 343.75 3.3 3.197023861 AA 80168FMA1 Taxable Muni SANTA CLARA VLY CA 2.387% 6/01/21 06/01/2021 03/30/2016 397,756.00 402,388.00 4,632.00 795.67 2.39 2.359021999 N/A 882723UC1 Taxable Muni TEXAS ST REF WTR 2.036% 8/01/20 08/01/2020 02/05/2015 250,869.67 250,215.00 -654.67 2,120.83 2.04 2.031226617 AAA 91412G2R5 Taxable Muni UNIV OF CALIFORNIA 1.877% 5/15/20 05/15/2020 09/28/2017 90,000.00 89,774.10 -225.90 215.86 1.88 1.879179849 AA- 91412G2S3 Taxable Muni UNIV OF CALIFORNIA 2.112% 5/15/21 05/15/2021 09/28/2017 140,000.00 140,057.40 57.40 377.81 2.11 2.093576527 AA- 91412HDJ9 Taxable Muni UNIV OF CA 3.283% 5/15/22 05/15/2022 06/05/2018 285,890.41 293,960.40 8,069.99 1,195.56 3.28 3.142348482 AA- 9128284P2 Treasuries U S TREASURY NT 2.625% 5/15/21 05/15/2021 05/15/2018 888,550.98 903,732.70 14,355.74 2,983.80 2.63 2.577572663 N/A 9128284T4 Treasuries U S TREASURY NT 2.625% 6/15/21 06/15/2021 06/15/2018 6,596,273.44 6,608,420.00 12,146.56 7,459.02 2.63 2.575094665 N/A 9128284W7 Treasuries U S TREASURY NT 2.750% 8/15/21 08/15/2021 08/15/2018 1,937,444.55 1,974,977.10 37,532.55 19,991.44 2.75 2.684970026 N/A 9128285A4 Treasuries U S TREASURY NT 2.750% 9/15/21 09/15/2021 09/15/2018 507,948.05 521,316.90 13,368.85 4,116.03 2.75 2.681095837 N/A 9128285F3 Treasuries U S TREASURY NT 2.875% 10/15/21 10/15/2021 10/15/2018 1,026,577.07 1,056,192.90 29,615.83 6,229.95 2.88 2.793486076 N/A 9128285L0 Treasuries U S TREASURY NT 2.875% 11/15/21 11/15/2021 11/15/2018 1,036,078.03 1,062,251.55 26,173.52 3,800.39 2.88 2.789880739 N/A 9128285Z9 Treasuries U S TREASURY NT 2.500% 1/31/24 01/31/2024 01/31/2019 260,898.05 269,563.41 8,665.36 2,721.75 2.5 2.391886720 N/A 9128286M7 Treasuries U S TREASURY NT 2.250% 4/15/22 04/15/2022 04/15/2019 1,828,797.02 1,855,803.00 27,005.98 8,662.50 2.25 2.205536386 N/A 9128286U9 Treasuries U S TREASURY NT 2.125% 5/15/22 05/15/2022 05/15/2019 2,512,869.90 2,518,012.50 5,142.60 6,757.85 2.13 2.088287899 N/A 9128286V7 Treasuries U S TREASURY NT 2.125% 5/31/21 05/31/2021 05/31/2019 6,619,603.51 6,634,812.00 15,208.49 11,861.10 2.13 2.103398101 N/A 9128286Y1 Treasuries U S TREASURY NT 1.750% 6/15/22 06/15/2022 06/17/2019 3,737,334.38 3,740,266.35 2,931.97 2,500.20 1.75 1.735215960 N/A 912828W71 Treasuries U S TREASURY NT 2.125% 3/31/24 03/31/2024 03/31/2017 257,623.44 264,347.20 6,723.76 1,388.80 2.13 2.062486048 N/A 912828Y20 Treasuries U S TREASURY NT 2.625% 7/15/21 07/15/2021 07/16/2018 249,619.14 254,327.50 4,708.36 3,027.45 2.63 2.572344116 N/A 52,701,788.26 53,113,466.20 410,851.96 224,865.79 63 Page 29 of 37 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date Trade Date Settlement Date CUSIP Description Units Price Commissions SEC Fees Miscellaneous Fees Net Cash Amount Federal Tax Cost Amount Short Term Gain/Loss Amount Long Term Gain/Loss Amount 04/01/2019 13063DGA0 INTEREST EARNED ON CALIFORNIA ST 2.800% 4/01/21 $1 PV ON 500000.0000 SHARES DUE 4/1/2019 - - - - - 7,000.00 - - - 04/01/2019 04/01/2019 04/01/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 37,456.25 1.00 - - - (37,456.25) 37,456.25 - - 04/01/2019 31846V203 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 SHARES DUE 3/31/2019 INTEREST FROM 3/1/19 TO 3/31/19 - - - - - 551.06 - - - 04/01/2019 79876CBQ0 INTEREST EARNED ON SAN MARCOS CA REDEV 2.000% 10/01/20 $1 PV ON 110000.0000 SHARES DUE 4/1/2019 - - - - - 1,100.00 - - - 04/01/2019 9128285B2 INTEREST EARNED ON U S TREASURY NT 2.750% 9/30/20 $1 PV ON 2135000.0000 SHARES DUE 3/31/2019 - - - - - 29,356.25 - - - 04/02/2019 43557 43557 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 551.06 1.00 - - - (551.06) 551.06 - - 04/03/2019 04/03/2019 04/03/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 38,255.39 1.00 - - - (38,255.39) 38,255.39 - - 04/03/2019 43556 43558 9128285X4 SOLD PAR VALUE OF U S TREASURY NT 2.500% 1/31/21 /CITIGROUP GLOBAL MARKETS INC./4,729,000 PAR VALUE AT 100.26250011 %(4,729,000.00) 1.00 - - - 4,741,413.63 (4,727,422.18) 13,991.45 - 04/03/2019 04/03/2019 9128285X4 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.500% 1/31/21 - - - - - 20,248.48 - - - 04/03/2019 43556 43558 912828C57 PURCHASED PAR VALUE OF U S TREASURY NT 2.250% 3/31/21 /CITIGROUP GLOBAL MARKETS INC./4,729,000 PAR VALUE AT 99.86328124 %4,729,000.00 1.00 - - - (4,722,534.57) 4,722,534.57 - - 04/03/2019 43558 912828C57 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.250% 3/31/21 - - - - - (872.15) - - - 04/05/2019 04/05/2019 04/05/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 3,668.20 1.00 - - - (3,668.20) 3,668.20 - - 04/05/2019 9128286D7 ACCREDITED DISCOUNT ON U S TREASURY NT 2.500% 2/28/21 CURRENT YEAR OID - - - - - - 788.66 - - 04/05/2019 9128286D7 ACCREDITED DISCOUNT ON U S TREASURY NT 2.500% 2/28/21 CURRENT YEAR ACQ. PREMIUM OID - - - - - - (788.14) - - 04/05/2019 43558 43560 9128286D7 SOLD PAR VALUE OF U S TREASURY NT 2.500% 2/28/21 /BMO CAPITAL MARKETS CORP/BONDS/260,000 PAR VALUE AT 100.28125 %(260,000.00) 1.00 - - - 260,731.25 (259,888.34) 842.91 - 04/05/2019 04/05/2019 9128286D7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.500% 2/28/21 - - - - - 635.87 - - - 04/05/2019 43558 43560 912828W71 PURCHASED PAR VALUE OF U S TREASURY NT 2.125% 3/31/24 /BMO CAPITAL MARKETS CORP/BONDS/260,000 PAR VALUE AT 99.08593846 %260,000.00 0.99 - - - (257,623.44) 257,623.44 - - 04/05/2019 43560 912828W71 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.125% 3/31/24 - - - - - (75.48) - - - 04/08/2019 17305EGB5 INTEREST EARNED ON CITIBANK CREDIT 1.920% 4/07/22 $1 PV ON 2208.0000 SHARES DUE 4/7/2019 $0.00960/PV ON 230,000.00 PV DUE 4/ 7/19 - - - - - 2,208.00 - - - 04/08/2019 43563 43563 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 2,208.00 1.00 - - - (2,208.00) 2,208.00 - - 04/09/2019 43564 43564 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 19,622.57 1.00 - - - (19,622.57) 19,622.57 - - 04/09/2019 04/05/2019 04/09/2019 9128285V8 SOLD PAR VALUE OF U S TREASURY NT 2.500% 1/15/22 /BMO CAPITAL MARKETS CORP/BONDS/2,490,000 PAR VALUE AT 100.4843751 %(2,490,000.00) 1.00 - - - 2,502,060.94 (2,484,430.86) 17,630.08 - 04/09/2019 43564 9128285V8 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.500% 1/15/22 - - - - - 14,444.75 - - - 04/09/2019 04/05/2019 04/09/2019 9128286H8 PURCHASED PAR VALUE OF U S TREASURY NT 2.375% 3/15/22 /BMO CAPITAL MARKETS CORP/BONDS/2,490,000 PAR VALUE AT 100.2187502 %2,490,000.00 1.00 - - - (2,495,446.88) 2,495,446.88 - - 04/09/2019 43564 9128286H8 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.375% 3/15/22 - - - - - (4,017.49) - - - 04/09/2019 931142DY6 INTEREST EARNED ON WALMART STORES INC 1.750% 10/09/19 $1 PV ON 295000.0000 SHARES DUE 4/9/2019 - - - - - 2,581.25 - - - 04/11/2019 43553 04/11/2019 20772KGM5 PURCHASED PAR VALUE OF CONNECTICUT ST SER A 2.921% 4/15/23 /BARCLAYS CAPITAL INC. FIXED IN/200,000 PAR VALUE AT 100 %200,000.00 1.00 - - - (200,000.00) 200,000.00 - - 04/11/2019 04/11/2019 04/11/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (200,000.00) 1.00 - - - 200,000.00 (200,000.00) - - 04/12/2019 3130AF5B9 INTEREST EARNED ON F H L B DEB 3.000% 10/12/21 $1 PV ON 620000.0000 SHARES DUE 4/12/2019 - - - - - 9,300.00 - - - 04/12/2019 04/12/2019 04/12/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 9,300.00 1.00 - - - (9,300.00) 9,300.00 - - 04/15/2019 06406FAA1 INTEREST EARNED ON BANK OF NY MTN 2.500% 4/15/21 $1 PV ON 750000.0000 SHARES DUE 4/15/2019 - - - - - 9,375.00 - - - 04/15/2019 06406FAA1 AMORTIZED PREMIUM ON BANK OF NY MTN 2.500% 4/15/21 CURRENT YEAR AMORTIZATION - - - - - - (817.44) - - 04/15/2019 43570 04/15/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 206,830.32 1.00 - - - (206,830.32) 206,830.32 - - 04/15/2019 47787XAC1 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV ON 306.7200 SHARES DUE 4/15/2019 $0.00148/PV ON 206,779.40 PV DUE 4/15/19 - - - - - 306.72 - - - 04/15/2019 43570 43570 47787XAC1 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.780% 4/15/21 (20,450.20) - - - - 20,450.20 (20,447.29) - 2.91 04/15/2019 47789JAD8 INTEREST EARNED ON JOHN DEERE OWNER 2.910% 7/17/23 $1 PV ON 672.5300 SHARES DUE 4/15/2019 $0.00259/PV ON 260,000.00 PV DUE 4/15/19 - - - - - 672.53 - - - Payden & Rygel Operating Portfolio Transaction Report Quarter ended June 30, 2019 ATTACHMENT 16 64 Page 30 of 37 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date Trade Date Settlement Date CUSIP Description Units Price Commissions SEC Fees Miscellaneous Fees Net Cash Amount Federal Tax Cost Amount Short Term Gain/Loss Amount Long Term Gain/Loss Amount Payden & Rygel Operating Portfolio Transaction Report Quarter ended June 30, 2019 04/15/2019 58769DAD2 INTEREST EARNED ON MERCEDES BENZ AUTO 1.790% 4/15/20 $1 PV ON 374.9400 SHARES DUE 4/15/2019 $0.00149/PV ON 251,352.63 PV DUE 4/15/19 - - - - - 374.94 - - - 04/15/2019 04/15/2019 04/15/2019 58769DAD2 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 1.790% 4/15/20 (74,181.01) - - - - 74,181.01 (74,179.32) - 1.69 04/15/2019 65478BAD3 INTEREST EARNED ON NISSAN AUTO LEASE 3.250% 9/15/21 $1 PV ON 541.6700 SHARES DUE 4/15/2019 $0.00271/PV ON 200,000.00 PV DUE 4/15/19 - - - - - 541.67 - - - 04/15/2019 65478NAD7 INTEREST EARNED ON NISSAN AUTO 3.220% 6/15/23 $1 PV ON 1207.5000 SHARES DUE 4/15/2019 $0.00268/PV ON 450,000.00 PV DUE 4/15/19 - - - - - 1,207.50 - - - 04/15/2019 65479BAD2 INTEREST EARNED ON NISSAN AUTO LEASE 2.050% 9/15/20 $1 PV ON 375.8300 SHARES DUE 4/15/2019 $0.00171/PV ON 220,000.00 PV DUE 4/15/19 - - - - - 375.83 - - - 04/15/2019 65479KAD2 INTEREST EARNED ON NISSAN AUTO 2.900% 10/16/23 $1 PV ON 773.3300 SHARES DUE 4/15/2019 $0.00242/PV ON 320,000.00 PV DUE 4/15/19 - - - - - 773.33 - - - 04/15/2019 797299LR3 INTEREST EARNED ON SAN DIEGO CA PUBLIC 2.698% 10/15/19 $1 PV ON 500000.0000 SHARES DUE 4/15/2019 - - - - - 6,745.00 - - - 04/15/2019 797299LT9 INTEREST EARNED ON SAN DIEGO CA PUBLIC 2.994% 10/15/21 $1 PV ON 200000.0000 SHARES DUE 4/15/2019 - - - - - 2,994.00 - - - 04/15/2019 89190BAD0 INTEREST EARNED ON TOYOTA AUTO 1.760% 7/15/21 $1 PV ON 706.1900 SHARES DUE 4/15/2019 $0.00147/PV ON 481,494.86 PV DUE 4/15/19 - - - - - 706.19 - - - 04/15/2019 43570 04/15/2019 89190BAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.760% 7/15/21 (34,849.57) - - - - 34,849.57 (34,846.90) - 2.67 04/15/2019 89238MAD0 INTEREST EARNED ON TOYOTA AUTO 1.730% 2/16/21 $1 PV ON 376.6500 SHARES DUE 4/15/2019 $0.00144/PV ON 261,259.67 PV DUE 4/15/19 - - - - - 376.65 - - - 04/15/2019 04/15/2019 04/15/2019 89238MAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.730% 2/16/21 (24,999.13) - - - - 24,999.13 (24,996.19) - 2.94 04/15/2019 89239AAD5 INTEREST EARNED ON TOYOTA AUTO 2.910% 7/17/23 $1 PV ON 824.5000 SHARES DUE 4/15/2019 $0.00243/PV ON 340,000.00 PV DUE 4/15/19 - - - - - 824.50 - - - 04/15/2019 90290AAC1 INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21 $1 PV ON 161.7800 SHARES DUE 4/15/2019 $0.00142/PV ON 114,200.91 PV DUE 4/15/19 - - - - - 161.78 - - - 04/15/2019 43570 04/15/2019 90290AAC1 PAID DOWN PAR VALUE OF USAA AUTO OWNER 1.700% 5/17/21 (12,108.52) - - - - 12,108.52 (12,107.24) - 1.28 04/15/2019 9128285F3 INTEREST EARNED ON U S TREASURY NT 2.875% 10/15/21 $1 PV ON 1030000.0000 SHARES DUE 4/15/2019 - - - - - 14,806.25 - - - 04/18/2019 3130AF4M6 INTEREST EARNED ON F H L B DEB 3.360% 10/18/22 $1 PV ON 255000.0000 SHARES DUE 4/18/2019 - - - - - 4,284.00 - - - 04/18/2019 3130AF4M6 ACCREDITED DISCOUNT ON F H L B DEB 3.360% 10/18/22 CURRENT YEAR MARKET DISCOUNT - - - - - - 382.50 - - 04/18/2019 43573 04/18/2019 3130AF4M6 FULL CALL PAR VALUE OF F H L B DEB 3.360% 10/18/22 /CALLS/(255,000.00) 1.00 - - - 255,000.00 (255,000.00) - - 04/18/2019 43573 43573 3134GSQ57 FULL CALL PAR VALUE OF F H L M C M T N 3.000% 1/18/22 /CALLS/(260,000.00) 1.00 - - - 260,000.00 (260,000.00) - - 04/18/2019 3134GSQ57 INTEREST EARNED ON F H L M C M T N 3.000% 1/18/22 $1 PV ON 260000.0000 SHARES DUE 4/18/2019 - - - - - 1,950.00 - - - 04/18/2019 43573 04/18/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,950.00 1.00 - - - (1,950.00) 1,950.00 - - 04/18/2019 04/18/2019 04/18/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (133,645.13) 1.00 - - - 133,645.13 (133,645.13) - - 04/18/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 223.7500 SHARES DUE 4/18/2019 $0.00149/PV ON 150,000.00 PV DUE 4/18/19 - - - - - 223.75 - - - 04/18/2019 43567 43573 9128286M7 PURCHASED PAR VALUE OF U S TREASURY NT 2.250% 4/15/22 /NATWEST MKTS SECS/FIXED INCOME/655,000 PAR VALUE AT 99.6995542 %655,000.00 1.00 - - - (653,032.08) 653,032.08 - - 04/18/2019 43573 9128286M7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.250% 4/15/22 - - - - - (120.80) - - - 04/22/2019 05584PAD9 INTEREST EARNED ON BMW VEHICLE LEASE 2.070% 10/20/20 $1 PV ON 172.5000 SHARES DUE 4/20/2019 $0.00173/PV ON 100,000.00 PV DUE 4/20/19 - - - - - 172.50 - - - 04/22/2019 04/22/2019 04/22/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 9,725.38 1.00 - - - (9,725.38) 9,725.38 - - 04/22/2019 94988J5T0 INTEREST EARNED ON WELLS FARGO MTN 3.625% 10/22/21 $1 PV ON 530000.0000 SHARES DUE 4/22/2019 - - - - - 9,552.88 - - - 04/23/2019 43578 43578 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 6,652.98 1.00 - - - (6,652.98) 6,652.98 - - 04/23/2019 90331HNG4 INTEREST EARNED ON US BANK NA MTN 2.050% 10/23/20 $1 PV ON 250000.0000 SHARES DUE 4/23/2019 - - - - - 2,562.50 - - - 04/23/2019 94988J5Q6 INTEREST EARNED ON WELLS FARGO MTN 3.27238% 7/23/21 $1 PV ON 500000.0000 SHARES DUE 4/23/2019 - - - - - 4,090.48 - - - 04/24/2019 04/24/2019 04/24/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 2,137.03 1.00 - - - (2,137.03) 2,137.03 - - 04/24/2019 91159HHQ6 INTEREST EARNED ON US BANCORP MTN 3.41925% 1/24/22 $1 PV ON 250000.0000 SHARES DUE 4/24/2019 - - - - - 2,137.03 - - - 65 Page 31 of 37 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date Trade Date Settlement Date CUSIP Description Units Price Commissions SEC Fees Miscellaneous Fees Net Cash Amount Federal Tax Cost Amount Short Term Gain/Loss Amount Long Term Gain/Loss Amount Payden & Rygel Operating Portfolio Transaction Report Quarter ended June 30, 2019 04/24/2019 91159HHQ6 AMORTIZED PREMIUM ON US BANCORP MTN 3.41925% 1/24/22 CURRENT YEAR AMORTIZATION - - - - - - (135.56) - - 04/25/2019 TRUST FEES COLLECTED CHARGED FOR PERIOD 03/01/2019 THRU 03/31/2019 COLLECTED BY DISBURSEMENT - - - - - (544.85) - - - 04/25/2019 05582QAD9 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 128.9300 SHARES DUE 4/25/2019 $0.00097/PV ON 133,378.84 PV DUE 4/25/19 - - - - - 128.93 - - - 04/25/2019 43580 43580 05582QAD9 PAID DOWN PAR VALUE OF BMW VEHICLE OWNER 1.160% 11/25/20 (23,329.63) - - - - 23,329.63 (23,329.52) - 0.11 04/25/2019 3136B1XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 500.7700 SHARES DUE 4/25/2019 $0.00297/PV ON 168,800.19 PV DUE 4/25/19 - - - - - 500.77 - - - 04/25/2019 3136B1XP4 AMORTIZED PREMIUM ON F N M A GTD REMIC 3.560% 9/25/21 CURRENT YEAR AMORTIZATION - - - - - - (83.67) - - 04/25/2019 04/25/2019 04/25/2019 3136B1XP4 PAID DOWN PAR VALUE OF F N M A GTD REMIC 3.560% 9/25/21 (3,231.74) - - - - 3,231.74 (3,277.42) - (45.68) 04/25/2019 3136B1XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 168800.1900 SHARES DUE 4/25/2019 PEN PAYMENT - - - - - 9.02 - - - 04/25/2019 3137BNN26 INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $1 PV ON 36.2900 SHARES DUE 4/25/2019 $0.00148/PV ON 24,463.91 PV DUE 4/25/19 - - - - - 36.29 - - - 04/25/2019 3137BNN26 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 CURRENT YEAR AMORTIZATION - - - - - - (6.40) - - 04/25/2019 04/25/2019 04/25/2019 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 (11,542.50) 86.70 - - - 11,542.50 (11,551.36) - (8.86) 04/25/2019 3137FGZN8 INTEREST EARNED ON F H L M C MLTCL 2.78006% 2/25/23 $1 PV ON 429.5000 SHARES DUE 4/25/2019 $0.00232/PV ON 185,391.78 PV DUE 4/25/19 - - - - - 429.50 - - - 04/25/2019 43580 04/25/2019 3137FGZN8 PAID DOWN PAR VALUE OF F H L M C MLTCL 2.78006% 2/25/23 (12,448.73) - - - - 12,448.73 (12,448.73) - - 04/25/2019 3137FJXN4 INTEREST EARNED ON F H L M C MLTCL 2.83173% 2/25/23 $1 PV ON 471.9500 SHARES DUE 4/25/2019 $0.00236/PV ON 200,000.00 PV DUE 4/25/19 - - - - - 471.95 - - - 04/25/2019 3137FJYA1 INTEREST EARNED ON F H L M C MLTCL MTG 3.454% 5/25/23 $1 PV ON 1876.7600 SHARES DUE 4/25/2019 $0.00535/PV ON 350,597.22 PV DUE 4/25/19 - - - - - 1,876.76 - - - 04/25/2019 43580 04/25/2019 3137FJYA1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.454% 5/25/23 (31,349.84) 0.08 - - - 31,349.84 (31,348.99) 0.85 - 04/25/2019 04/25/2019 04/25/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 44,814.41 1.00 - - - (44,814.41) 44,814.41 - - 04/25/2019 43580 43580 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 41,308.90 1.00 - - - (41,308.90) 41,308.90 - - 04/25/2019 742718EZ8 INTEREST EARNED ON PROCTER GAMBLE CO 1.750% 10/25/19 $1 PV ON 150000.0000 SHARES DUE 4/25/2019 - - - - - 1,312.50 - - - 04/30/2019 04/30/2019 04/30/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (363,721.99) 1.00 - - - 363,721.99 (363,721.99) - - 04/30/2019 04/25/2019 04/30/2019 9128283H1 PURCHASED PAR VALUE OF U S TREASURY NT 1.750% 11/30/19 /CITIGROUP GLOBAL MARKETS INC./370,000 PAR VALUE AT 99.57812432 %370,000.00 1.00 - - - (368,439.06) 368,439.06 - - 04/30/2019 43585 9128283H1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.750% 11/30/19 - - - - - (2,686.06) - - - 04/30/2019 9128285G1 INTEREST EARNED ON U S TREASURY NT 2.875% 10/31/20 $1 PV ON 515000.0000 SHARES DUE 4/30/2019 - - - - - 7,403.13 - - - 04/30/2019 9128285G1 AMORTIZED PREMIUM ON U S TREASURY NT 2.875% 10/31/20 CURRENT YEAR AMORTIZATION - - - - - - (43.41) - - 05/01/2019 13066YTY5 INTEREST EARNED ON CALIFORNIA ST DEPT 1.713% 5/01/21 $1 PV ON 908.9300 SHARES DUE 5/1/2019 $0.00857/PV ON 106,121.11 PV DUE 5/ 1/19 - - - - - 908.93 - - - 05/01/2019 43586 43586 13066YTY5 PAID DOWN PAR VALUE OF CALIFORNIA ST DEPT 1.713% 5/01/21 (2,205.90) - - - - 2,205.90 (2,183.69) - 22.21 05/01/2019 13077CT38 INTEREST EARNED ON CALIFORNIA ST 1.982% 11/01/19 $1 PV ON 130000.0000 SHARES DUE 5/1/2019 - - - - - 1,288.30 - - - 05/01/2019 13077CT38 AMORTIZED PREMIUM ON CALIFORNIA ST 1.982% 11/01/19 CURRENT YEAR AMORTIZATION - - - - - - (72.02) - - 05/01/2019 156549AA5 INTEREST EARNED ON CENTURY HOUSING CORP 3.824% 11/01/20 $1 PV ON 110000.0000 SHARES DUE 5/1/2019 - - - - - 981.49 - - - 05/01/2019 05/01/2019 05/01/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 7,147.42 1.00 - - - (7,147.42) 7,147.42 - - 05/01/2019 31846V203 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 SHARES DUE 4/30/2019 INTEREST FROM 4/1/19 TO 4/30/19 - - - - - 673.90 - - - 05/01/2019 78607QAT2 INTEREST EARNED ON SACRAMENTO CA 2.712% 11/01/19 $1 PV ON 130000.0000 SHARES DUE 5/1/2019 - - - - - 1,762.80 - - - 05/02/2019 05/02/2019 05/02/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 673.90 1.00 - - - (673.90) 673.90 - - 05/06/2019 43591 05/06/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 47,235.86 1.00 - - - (47,235.86) 47,235.86 - - 05/06/2019 43587 43591 9128282Q2 SOLD PAR VALUE OF U S TREASURY NT 1.500% 8/15/20 /CITIGROUP GLOBAL MARKETS INC./1,458,000 PAR VALUE AT 98.86718724 %(1,458,000.00) 0.99 - - - 1,441,483.59 (1,457,105.41) - (15,621.82) 05/06/2019 05/06/2019 9128282Q2 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.500% 8/15/20 - - - - - 4,833.15 - - - 05/06/2019 9128283H1 ACCREDITED DISCOUNT ON U S TREASURY NT 1.750% 11/30/19 MARKET DISCOUNT - - - - - - 43.76 - - 66 Page 32 of 37 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date Trade Date Settlement Date CUSIP Description Units Price Commissions SEC Fees Miscellaneous Fees Net Cash Amount Federal Tax Cost Amount Short Term Gain/Loss Amount Long Term Gain/Loss Amount Payden & Rygel Operating Portfolio Transaction Report Quarter ended June 30, 2019 05/06/2019 05/02/2019 05/06/2019 9128283H1 SOLD PAR VALUE OF U S TREASURY NT 1.750% 11/30/19 /CITIGROUP GLOBAL MARKETS INC./370,000 PAR VALUE AT 99.60937568 %(370,000.00) 1.00 - - - 368,554.69 (368,482.82) 71.87 - 05/06/2019 05/06/2019 9128283H1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 1.750% 11/30/19 - - - - - 2,792.79 - - - 05/06/2019 43587 43591 9128284Y3 SOLD PAR VALUE OF U S TREASURY NT 2.625% 8/31/20 /NATWEST MKTS SECS/FIXED INCOME/3,820,000 PAR VALUE AT 100.27734372 %(3,820,000.00) 1.00 - - - 3,830,594.53 (3,816,830.08) 13,764.45 - 05/06/2019 05/06/2019 9128284Y3 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.625% 8/31/20 - - - - - 18,256.59 - - - 05/06/2019 9128286C9 AMORTIZED PREMIUM ON U S TREASURY NT 2.500% 2/15/22 CURRENT YEAR AMORTIZATION - - - - - - (42.11) - - 05/06/2019 43586 43591 9128286C9 SOLD PAR VALUE OF U S TREASURY NT 2.500% 2/15/22 /MLPFS INC/FIXED INCOME/1,175,000 PAR VALUE AT 100.71874979 %(1,175,000.00) 1.01 - - - 1,183,445.31 (1,174,933.67) 8,511.64 - 05/06/2019 05/06/2019 9128286C9 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.500% 2/15/22 - - - - - 6,491.71 - - - 05/06/2019 43586 43591 9128286M7 PURCHASED PAR VALUE OF U S TREASURY NT 2.250% 4/15/22 /MLPFS INC/FIXED INCOME/1,175,000 PAR VALUE AT 100.06510128 %1,175,000.00 1.00 - - - (1,175,764.94) 1,175,764.94 - - 05/06/2019 05/06/2019 9128286M7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.250% 4/15/22 - - - - - (1,516.91) - - - 05/06/2019 05/02/2019 05/06/2019 912828WG1 PURCHASED PAR VALUE OF U S TREASURY NT 2.250% 4/30/21 /NOMURA SECURITIES/FIX INCOME/5,640,000 PAR VALUE AT 99.82031259 %5,640,000.00 1.00 - - - (5,629,865.63) 5,629,865.63 - - 05/06/2019 05/06/2019 912828WG1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.250% 4/30/21 - - - - - (2,069.02) - - - 05/10/2019 43595 05/10/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 2,437.50 1.00 - - - (2,437.50) 2,437.50 - - 05/10/2019 478160CH5 INTEREST EARNED ON JOHNSON JOHNSON 1.950% 11/10/20 $1 PV ON 250000.0000 SHARES DUE 5/10/2019 - - - - - 2,437.50 - - - 05/13/2019 037833CS7 INTEREST EARNED ON APPLE INC 1.800% 5/11/20 $1 PV ON 485000.0000 SHARES DUE 5/11/2019 - - - - - 4,365.00 - - - 05/13/2019 05/13/2019 05/13/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 16,826.67 1.00 - - - (16,826.67) 16,826.67 - - 05/13/2019 9128286D7 ACCREDITED DISCOUNT ON U S TREASURY NT 2.500% 2/28/21 CURRENT YEAR OID - - - - - - 803.03 - - 05/13/2019 9128286D7 ACCREDITED DISCOUNT ON U S TREASURY NT 2.500% 2/28/21 CURRENT YEAR ACQ. PREMIUM OID - - - - - - (802.45) - - 05/13/2019 43593 05/13/2019 9128286D7 SOLD PAR VALUE OF U S TREASURY NT 2.500% 2/28/21 /CITIGROUP GLOBAL MARKETS INC./1,530,000 PAR VALUE AT 100.30829608 %(1,530,000.00) 1.00 - - - 1,534,716.93 (1,528,908.27) 5,808.66 - 05/13/2019 05/13/2019 9128286D7 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.500% 2/28/21 - - - - - 7,691.58 - - - 05/13/2019 43593 05/13/2019 912828WG1 PURCHASED PAR VALUE OF U S TREASURY NT 2.250% 4/30/21 /CITIGROUP GLOBAL MARKETS INC./1,530,000 PAR VALUE AT 99.91704183 %1,530,000.00 1.00 - - - (1,528,730.74) 1,528,730.74 - - 05/13/2019 43598 912828WG1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.250% 4/30/21 - - - - - (1,216.10) - - - 05/15/2019 06406HBM0 AMORTIZED PREMIUM ON BANK NY MELLON MTN 5.450% 5/15/19 CURRENT YEAR AMORTIZATION - - - - - - (3,229.45) - - 05/15/2019 43600 43600 06406HBM0 MATURED PAR VALUE OF BANK NY MELLON MTN 5.450% 5/15/19 242,000 PAR VALUE AT 100 %(242,000.00) 1.00 - - - 242,000.00 (242,000.00) - - 05/15/2019 06406HBM0 INTEREST EARNED ON BANK NY MELLON MTN 5.450% 5/15/19 $1 PV ON 242000.0000 SHARES DUE 5/15/2019 INTEREST ON 5/15/19 MATURITY - - - - - 6,594.50 - - - 05/15/2019 166764AN0 INTEREST EARNED ON CHEVRON CORP 2.193% 11/15/19 $1 PV ON 500000.0000 SHARES DUE 5/15/2019 - - - - - 5,482.50 - - - 05/15/2019 166764AN0 AMORTIZED PREMIUM ON CHEVRON CORP 2.193% 11/15/19 CURRENT YEAR AMORTIZATION - - - - - - (711.50) - - 05/15/2019 05/15/2019 05/15/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 464,167.96 1.00 - - - (464,167.96) 464,167.96 - - 05/15/2019 43600 05/15/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 6,594.50 1.00 - - - (6,594.50) 6,594.50 - - 05/15/2019 47787XAC1 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV ON 276.3900 SHARES DUE 5/15/2019 $0.00148/PV ON 186,329.20 PV DUE 5/15/19 - - - - - 276.39 - - - 05/15/2019 05/15/2019 05/15/2019 47787XAC1 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.780% 4/15/21 (22,806.59) - - - - 22,806.59 (22,803.34) - 3.25 05/15/2019 47789JAD8 INTEREST EARNED ON JOHN DEERE OWNER 2.910% 7/17/23 $1 PV ON 630.5000 SHARES DUE 5/15/2019 $0.00243/PV ON 260,000.00 PV DUE 5/15/19 - - - - - 630.50 - - - 05/15/2019 544445AZ2 INTEREST EARNED ON LOS ANGELES CA DEPT 2.092% 5/15/20 $1 PV ON 100000.0000 SHARES DUE 5/15/2019 - - - - - 1,046.00 - - - 05/15/2019 58769DAD2 INTEREST EARNED ON MERCEDES BENZ AUTO 1.790% 4/15/20 $1 PV ON 264.2800 SHARES DUE 5/15/2019 $0.00149/PV ON 177,171.62 PV DUE 5/15/19 - - - - - 264.28 - - - 05/15/2019 05/15/2019 05/15/2019 58769DAD2 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 1.790% 4/15/20 (82,207.89) - - - - 82,207.89 (82,206.02) - 1.87 67 Page 33 of 37 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date Trade Date Settlement Date CUSIP Description Units Price Commissions SEC Fees Miscellaneous Fees Net Cash Amount Federal Tax Cost Amount Short Term Gain/Loss Amount Long Term Gain/Loss Amount Payden & Rygel Operating Portfolio Transaction Report Quarter ended June 30, 2019 05/15/2019 65478BAD3 INTEREST EARNED ON NISSAN AUTO LEASE 3.250% 9/15/21 $1 PV ON 541.6700 SHARES DUE 5/15/2019 $0.00271/PV ON 200,000.00 PV DUE 5/15/19 - - - - - 541.67 - - - 05/15/2019 65478NAD7 INTEREST EARNED ON NISSAN AUTO 3.220% 6/15/23 $1 PV ON 1207.5000 SHARES DUE 5/15/2019 $0.00268/PV ON 450,000.00 PV DUE 5/15/19 - - - - - 1,207.50 - - - 05/15/2019 65479BAD2 INTEREST EARNED ON NISSAN AUTO LEASE 2.050% 9/15/20 $1 PV ON 375.8300 SHARES DUE 5/15/2019 $0.00171/PV ON 220,000.00 PV DUE 5/15/19 - - - - - 375.83 - - - 05/15/2019 65479KAD2 INTEREST EARNED ON NISSAN AUTO 2.900% 10/16/23 $1 PV ON 773.3300 SHARES DUE 5/15/2019 $0.00242/PV ON 320,000.00 PV DUE 5/15/19 - - - - - 773.33 - - - 05/15/2019 89190BAD0 INTEREST EARNED ON TOYOTA AUTO 1.760% 7/15/21 $1 PV ON 655.0800 SHARES DUE 5/15/2019 $0.00147/PV ON 446,645.29 PV DUE 5/15/19 - - - - - 655.08 - - - 05/15/2019 43600 43600 89190BAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.760% 7/15/21 (34,596.61) - - - - 34,596.61 (34,593.96) - 2.65 05/15/2019 89238MAD0 INTEREST EARNED ON TOYOTA AUTO 1.730% 2/16/21 $1 PV ON 340.6100 SHARES DUE 5/15/2019 $0.00144/PV ON 236,260.54 PV DUE 5/15/19 - - - - - 340.61 - - - 05/15/2019 05/15/2019 05/15/2019 89238MAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.730% 2/16/21 (24,239.63) - - - - 24,239.63 (24,236.78) - 2.85 05/15/2019 89239AAD5 INTEREST EARNED ON TOYOTA AUTO 2.910% 7/17/23 $1 PV ON 824.5000 SHARES DUE 5/15/2019 $0.00243/PV ON 340,000.00 PV DUE 5/15/19 - - - - - 824.50 - - - 05/15/2019 90290AAC1 INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21 $1 PV ON 144.6300 SHARES DUE 5/15/2019 $0.00142/PV ON 102,092.39 PV DUE 5/15/19 - - - - - 144.63 - - - 05/15/2019 43600 43600 90290AAC1 PAID DOWN PAR VALUE OF USAA AUTO OWNER 1.700% 5/17/21 (12,193.71) - - - - 12,193.71 (12,192.42) - 1.29 05/15/2019 9128284P2 INTEREST EARNED ON U S TREASURY NT 2.625% 5/15/21 $1 PV ON 890000.0000 SHARES DUE 5/15/2019 - - - - - 11,681.25 - - - 05/15/2019 9128285L0 INTEREST EARNED ON U S TREASURY NT 2.875% 11/15/21 $1 PV ON 1035000.0000 SHARES DUE 5/15/2019 - - - - - 14,878.13 - - - 05/15/2019 9128285L0 AMORTIZED PREMIUM ON U S TREASURY NT 2.875% 11/15/21 CURRENT YEAR AMORTIZATION - - - - - - (133.19) - - 05/15/2019 91412G2R5 INTEREST EARNED ON UNIV OF CALIFORNIA 1.877% 5/15/20 $1 PV ON 90000.0000 SHARES DUE 5/15/2019 - - - - - 844.65 - - - 05/15/2019 91412G2S3 INTEREST EARNED ON UNIV OF CALIFORNIA 2.112% 5/15/21 $1 PV ON 140000.0000 SHARES DUE 5/15/2019 - - - - - 1,478.40 - - - 05/15/2019 91412HDJ9 INTEREST EARNED ON UNIV OF CA 3.283% 5/15/22 $1 PV ON 285000.0000 SHARES DUE 5/15/2019 - - - - - 4,678.28 - - - 05/15/2019 91412HDJ9 AMORTIZED PREMIUM ON UNIV OF CA 3.283% 5/15/22 CURRENT YEAR AMORTIZATION - - - - - - (97.73) - - 05/20/2019 05584PAD9 INTEREST EARNED ON BMW VEHICLE LEASE 2.070% 10/20/20 $1 PV ON 172.5000 SHARES DUE 5/20/2019 $0.00173/PV ON 100,000.00 PV DUE 5/20/19 - - - - - 172.50 - - - 05/20/2019 43605 43605 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 9,642.26 1.00 - - - (9,642.26) 9,642.26 - - 05/20/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 223.7500 SHARES DUE 5/18/2019 $0.00149/PV ON 150,000.00 PV DUE 5/18/19 - - - - - 223.75 - - - 05/20/2019 43603 05/20/2019 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.790% 9/20/21 (9,246.01) - - - - 9,246.01 (9,245.01) - 1.00 05/21/2019 05/21/2019 05/21/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (315,662.85) 1.00 - - - 315,662.85 (315,662.85) - - 05/21/2019 43605 05/21/2019 912828WG1 PURCHASED PAR VALUE OF U S TREASURY NT 2.250% 4/30/21 /NOMURA SECURITIES/FIX INCOME/315,000 PAR VALUE AT 100.08203175 %315,000.00 1.00 - - - (315,258.40) 315,258.40 - - 05/21/2019 05/21/2019 912828WG1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.250% 4/30/21 - - - - - (404.45) - - - 05/22/2019 43600 05/22/2019 17325FAY4 PURCHASED PAR VALUE OF CITIBANK NA 2.844% 5/20/22 /CITIGROUP GLOBAL MARKETS INC./260,000 PAR VALUE AT 100 %260,000.00 1.00 - - - (260,000.00) 260,000.00 - - 05/22/2019 43607 43607 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (260,000.00) 1.00 - - - 260,000.00 (260,000.00) - - 05/24/2019 TRUST FEES COLLECTED CHARGED FOR PERIOD 04/01/2019 THRU 04/30/2019 COLLECTED BY DISBURSEMENT - - - - - (546.54) - - - 05/24/2019 05/24/2019 05/24/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (546.54) 1.00 - - - 546.54 (546.54) - - 05/28/2019 05582QAD9 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 106.3800 SHARES DUE 5/25/2019 $0.00097/PV ON 110,049.21 PV DUE 5/25/19 - - - - - 106.38 - - - 05/28/2019 05/25/2019 05/28/2019 05582QAD9 PAID DOWN PAR VALUE OF BMW VEHICLE OWNER 1.160% 11/25/20 (21,713.48) - - - - 21,713.48 (21,713.38) - 0.10 05/28/2019 3136B1XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 491.1900 SHARES DUE 5/25/2019 $0.00297/PV ON 165,568.45 PV DUE 5/25/19 - - - - - 491.19 - - - 05/28/2019 3136B1XP4 AMORTIZED PREMIUM ON F N M A GTD REMIC 3.560% 9/25/21 CURRENT YEAR AMORTIZATION - - - - - - (79.42) - - 05/28/2019 43610 43613 3136B1XP4 PAID DOWN PAR VALUE OF F N M A GTD REMIC 3.560% 9/25/21 (2,319.74) - - - - 2,319.74 (2,351.42) - (31.68) 68 Page 34 of 37 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date Trade Date Settlement Date CUSIP Description Units Price Commissions SEC Fees Miscellaneous Fees Net Cash Amount Federal Tax Cost Amount Short Term Gain/Loss Amount Long Term Gain/Loss Amount Payden & Rygel Operating Portfolio Transaction Report Quarter ended June 30, 2019 05/28/2019 3136B1XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 165568.4500 SHARES DUE 5/25/2019 PEN PAYMENT - - - - - 8.37 - - - 05/28/2019 3137BNN26 INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $1 PV ON 19.1700 SHARES DUE 5/25/2019 $0.00148/PV ON 12,921.41 PV DUE 5/25/19 - - - - - 19.17 - - - 05/28/2019 3137BNN26 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 CURRENT YEAR AMORTIZATION - - - - - - (3.27) - - 05/28/2019 43610 05/28/2019 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 (9,863.87) 34.68 - - - 9,863.87 (9,868.95) - (5.08) 05/28/2019 3137FGZN8 INTEREST EARNED ON F H L M C MLTCL 2.6945% 2/25/23 $1 PV ON 388.3300 SHARES DUE 5/25/2019 $0.00225/PV ON 172,943.05 PV DUE 5/25/19 - - - - - 388.33 - - - 05/28/2019 3137FJXN4 INTEREST EARNED ON F H L M C MLTCL 2.7445% 2/25/23 $1 PV ON 457.4200 SHARES DUE 5/25/2019 $0.00229/PV ON 200,000.00 PV DUE 5/25/19 - - - - - 457.42 - - - 05/28/2019 3137FJYA1 INTEREST EARNED ON F H L M C MLTCL MTG 3.454% 5/25/23 $1 PV ON 918.9000 SHARES DUE 5/25/2019 $0.00288/PV ON 319,247.38 PV DUE 5/25/19 - - - - - 918.90 - - - 05/28/2019 05/25/2019 05/28/2019 3137FJYA1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.454% 5/25/23 (844.11) - - - - 844.11 (844.09) 0.02 - 05/28/2019 43613 43613 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 12,500.17 1.00 - - - (12,500.17) 12,500.17 - - 05/28/2019 43613 43613 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 24,630.79 1.00 - - - (24,630.79) 24,630.79 - - 06/03/2019 010831DN2 INTEREST EARNED ON ALAMEDA CNTY CA JT 2.866% 6/01/21 $1 PV ON 255000.0000 SHARES DUE 6/1/2019 - - - - - 3,654.15 - - - 06/03/2019 166764AU4 INTEREST EARNED ON CHEVRON CORP 3.11094% 3/03/22 $1 PV ON 500000.0000 SHARES DUE 6/3/2019 - - - - - 3,975.10 - - - 06/03/2019 166764AU4 AMORTIZED PREMIUM ON CHEVRON CORP 3.11094% 3/03/22 CURRENT YEAR AMORTIZATION - - - - - - (302.30) - - 06/03/2019 43619 43619 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 266,312.63 1.00 - - - (266,312.63) 266,312.63 - - 06/03/2019 31846V203 INTEREST EARNED ON FIRST AM GOVT OB FD CL Y UNIT ON 0.0000 SHARES DUE 5/31/2019 INTEREST FROM 5/1/19 TO 5/31/19 - - - - - 395.13 - - - 06/03/2019 717081DU4 INTEREST EARNED ON PFIZER INC 1.450% 6/03/19 $1 PV ON 250000.0000 SHARES DUE 6/3/2019 - - - - - 1,812.50 - - - 06/03/2019 06/03/2019 06/03/2019 717081DU4 MATURED PAR VALUE OF PFIZER INC 1.450% 6/03/19 250,000 PAR VALUE AT 100 %(250,000.00) 1.00 - - - 250,000.00 (249,715.00) - 285.00 06/03/2019 80136PCY7 INTEREST EARNED ON SANTA BARBARA CA 3.300% 12/01/21 $1 PV ON 125000.0000 SHARES DUE 6/1/2019 - - - - - 2,096.88 - - - 06/03/2019 80168FMA1 INTEREST EARNED ON SANTA CLARA VLY CA 2.387% 6/01/21 $1 PV ON 400000.0000 SHARES DUE 6/1/2019 - - - - - 4,774.00 - - - 06/04/2019 06/04/2019 06/04/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 395.13 1.00 - - - (395.13) 395.13 - - 06/06/2019 05/29/2019 06/06/2019 3134GTRY1 PURCHASED PAR VALUE OF F H L M C M T N 2.625% 6/06/22 /NOMURA SECURITIES/FIX INCOME/260,000 PAR VALUE AT 100 %260,000.00 1.00 - - - (260,000.00) 260,000.00 - - 06/06/2019 05/25/2019 05/28/2019 3137BNN26 PAID DOWN-RV PAR VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 RATE ADJUSTMENT 9,863.87 34.68 - - - (9,863.87) 9,868.95 - 5.08 06/06/2019 3137BNN26 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 RATE ADJUSTMENT - - - - - - 3.27 - - 06/06/2019 3137BNN26 INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $1 PV ON 19.1700 SHARES DUE 5/25/2019 RATE ADJUSTMENT - - - - - (19.17) - - - 06/06/2019 3137BNN26 INTEREST EARNED ON F H L M C MLTCL MTG 1.780% 7/25/19 $1 PV ON 19.1700 SHARES DUE 5/25/2019 $0.00148/PV ON 12,921.41 PV DUE 5/25/19 - - - - - 19.17 - - - 06/06/2019 3137BNN26 AMORTIZED PREMIUM ON F H L M C MLTCL MTG 1.780% 7/25/19 CURRENT YEAR AMORTIZATION - - - - - - (3.27) - - 06/06/2019 43610 43622 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 1.780% 7/25/19 (11,841.70) - - - - 11,841.70 (11,847.79) - (6.09) 06/06/2019 43622 43622 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 1,977.83 1.00 - - - (1,977.83) 1,977.83 - - 06/06/2019 43622 43622 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (260,000.00) 1.00 - - - 260,000.00 (260,000.00) - - 06/10/2019 43622 43626 20772KGM5 PURCHASED PAR VALUE OF CONNECTICUT ST SER A 2.921% 4/15/23 /BARCLAYS CAPITAL INC. FIXED IN/100,000 PAR VALUE AT 101.695 %100,000.00 1.02 - - - (101,695.00) 101,695.00 - - 06/10/2019 06/10/2019 20772KGM5 PAID ACCRUED INTEREST ON PURCHASE OF CONNECTICUT ST SER A 2.921% 4/15/23 - - - - - (478.72) - - - 06/10/2019 43626 43626 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (76,043.40) 1.00 - - - 76,043.40 (76,043.40) - - 06/10/2019 9128286H8 AMORTIZED PREMIUM ON U S TREASURY NT 2.375% 3/15/22 CURRENT YEAR AMORTIZATION - - - - - - (326.59) - - 06/10/2019 43621 43626 9128286H8 SOLD PAR VALUE OF U S TREASURY NT 2.375% 3/15/22 /CITIGROUP GLOBAL MARKETS INC./2,490,000 PAR VALUE AT 101.55653494 %(2,490,000.00) 1.02 - - - 2,528,757.72 (2,495,120.29) 33,637.43 - 06/10/2019 43626 9128286H8 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.375% 3/15/22 - - - - - 13,980.88 - - - 06/10/2019 43621 43626 9128286U9 PURCHASED PAR VALUE OF U S TREASURY NT 2.125% 5/15/22 /CITIGROUP GLOBAL MARKETS INC./2,490,000 PAR VALUE AT 100.91846988 %2,490,000.00 1.01 - - - (2,512,869.90) 2,512,869.90 - - 06/10/2019 43626 9128286U9 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.125% 5/15/22 - - - - - (3,738.38) - - - 06/11/2019 43627 43627 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 51,159.77 1.00 - - - (51,159.77) 51,159.77 - - 69 Page 35 of 37 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date Trade Date Settlement Date CUSIP Description Units Price Commissions SEC Fees Miscellaneous Fees Net Cash Amount Federal Tax Cost Amount Short Term Gain/Loss Amount Long Term Gain/Loss Amount Payden & Rygel Operating Portfolio Transaction Report Quarter ended June 30, 2019 06/11/2019 9128284Y3 ACCREDITED DISCOUNT ON U S TREASURY NT 2.625% 8/31/20 MARKET DISCOUNT - - - - - - 1,009.55 - - 06/11/2019 43626 06/11/2019 9128284Y3 SOLD PAR VALUE OF U S TREASURY NT 2.625% 8/31/20 /J.P. MORGAN SECURITIES LLC/1,280,000 PAR VALUE AT 100.72265625 %(1,280,000.00) 1.01 - - - 1,289,250.00 (1,277,140.41) 12,109.59 - 06/11/2019 43627 9128284Y3 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.625% 8/31/20 - - - - - 9,404.35 - - - 06/11/2019 9128285B2 ACCREDITED DISCOUNT ON U S TREASURY NT 2.750% 9/30/20 MARKET DISCOUNT - - - - - - 909.80 - - 06/11/2019 06/10/2019 06/11/2019 9128285B2 SOLD PAR VALUE OF U S TREASURY NT 2.750% 9/30/20 /J.P. MORGAN SECURITIES LLC/2,135,000 PAR VALUE AT 100.94531241 %(2,135,000.00) 1.01 - - - 2,155,182.42 (2,131,271.72) 23,910.70 - 06/11/2019 06/11/2019 9128285B2 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.750% 9/30/20 - - - - - 11,550.00 - - - 06/11/2019 9128285G1 AMORTIZED PREMIUM ON U S TREASURY NT 2.875% 10/31/20 CURRENT YEAR AMORTIZATION - - - - - - (28.46) - - 06/11/2019 43626 06/11/2019 9128285G1 SOLD PAR VALUE OF U S TREASURY NT 2.875% 10/31/20 /HSBC SECURITIES, INC./515,000 PAR VALUE AT 101.17578058 %(515,000.00) 1.01 - - - 521,055.27 (515,229.84) 5,825.43 - 06/11/2019 06/11/2019 9128285G1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.875% 10/31/20 - - - - - 1,689.84 - - - 06/11/2019 43626 06/11/2019 9128286V7 PURCHASED PAR VALUE OF U S TREASURY NT 2.125% 5/31/21 /MLPFS INC/FIXED INCOME/6,590,000 PAR VALUE AT 100.449219 %6,590,000.00 1.00 - - - (6,619,603.51) 6,619,603.51 - - 06/11/2019 06/11/2019 9128286V7 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.125% 5/31/21 - - - - - (4,208.78) - - - 06/11/2019 06/10/2019 06/11/2019 912828C57 SOLD PAR VALUE OF U S TREASURY NT 2.250% 3/31/21 /MLPFS INC/FIXED INCOME/2,660,000 PAR VALUE AT 100.56640639 %(2,660,000.00) 1.01 - - - 2,675,066.41 (2,656,363.28) 18,703.13 - 06/11/2019 06/11/2019 912828C57 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.250% 3/31/21 - - - - - 11,773.77 - - - 06/17/2019 17275RAX0 INTEREST EARNED ON CISCO SYSTEMS INC 2.450% 6/15/20 $1 PV ON 600000.0000 SHARES DUE 6/15/2019 - - - - - 7,350.00 - - - 06/17/2019 43629 06/17/2019 20772JKP6 PURCHASED PAR VALUE OF CONNECTICUT ST 2.401% 10/15/21 /UBS FINANCIAL SERVICES INC./120,000 PAR VALUE AT 100.18 %120,000.00 1.00 - - - (120,216.00) 120,216.00 - - 06/17/2019 06/17/2019 20772JKP6 PAID ACCRUED INTEREST ON PURCHASE OF CONNECTICUT ST 2.401% 10/15/21 - - - - - (496.21) - - - 06/17/2019 43628 06/17/2019 3137B1U75 PURCHASED PAR VALUE OF F H L M C MLTCL MTG 2.522% 1/25/23 /RAYMOND JAMES/FI/160,000 PAR VALUE AT 100.5 %160,000.00 1.01 - - - (160,800.00) 160,800.00 - - 06/17/2019 06/17/2019 3137B1U75 PAID ACCRUED INTEREST ON PURCHASE OF F H L M C MLTCL MTG 2.522% 1/25/23 - - - - - (179.34) - - - 06/17/2019 43633 43633 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 64,162.80 1.00 - - - (64,162.80) 64,162.80 - - 06/17/2019 06/17/2019 06/17/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (150.00) 1.00 - - - 150.00 (150.00) - - 06/17/2019 47787XAC1 INTEREST EARNED ON JOHN DEERE OWNER 1.780% 4/15/21 $1 PV ON 242.5600 SHARES DUE 6/15/2019 $0.00148/PV ON 163,522.61 PV DUE 6/15/19 - - - - - 242.56 - - - 06/17/2019 06/15/2019 06/17/2019 47787XAC1 PAID DOWN PAR VALUE OF JOHN DEERE OWNER 1.780% 4/15/21 (18,053.56) - - - - 18,053.56 (18,050.99) - 2.57 06/17/2019 47789JAD8 INTEREST EARNED ON JOHN DEERE OWNER 2.910% 7/17/23 $1 PV ON 630.5000 SHARES DUE 6/15/2019 $0.00243/PV ON 260,000.00 PV DUE 6/15/19 - - - - - 630.50 - - - 06/17/2019 58769DAD2 INTEREST EARNED ON MERCEDES BENZ AUTO 1.790% 4/15/20 $1 PV ON 141.6500 SHARES DUE 6/15/2019 $0.00149/PV ON 94,963.73 PV DUE 6/15/19 - - - - - 141.65 - - - 06/17/2019 43631 43633 58769DAD2 PAID DOWN PAR VALUE OF MERCEDES BENZ AUTO 1.790% 4/15/20 (62,128.74) - - - - 62,128.74 (62,127.32) - 1.42 06/17/2019 65478BAD3 INTEREST EARNED ON NISSAN AUTO LEASE 3.250% 9/15/21 $1 PV ON 541.6700 SHARES DUE 6/15/2019 $0.00271/PV ON 200,000.00 PV DUE 6/15/19 - - - - - 541.67 - - - 06/17/2019 65478NAD7 INTEREST EARNED ON NISSAN AUTO 3.220% 6/15/23 $1 PV ON 1207.5000 SHARES DUE 6/15/2019 $0.00268/PV ON 450,000.00 PV DUE 6/15/19 - - - - - 1,207.50 - - - 06/17/2019 65479BAD2 INTEREST EARNED ON NISSAN AUTO LEASE 2.050% 9/15/20 $1 PV ON 375.8300 SHARES DUE 6/15/2019 $0.00171/PV ON 220,000.00 PV DUE 6/15/19 - - - - - 375.83 - - - 06/17/2019 65479KAD2 INTEREST EARNED ON NISSAN AUTO 2.900% 10/16/23 $1 PV ON 773.3300 SHARES DUE 6/15/2019 $0.00242/PV ON 320,000.00 PV DUE 6/15/19 - - - - - 773.33 - - - 06/17/2019 89190BAD0 INTEREST EARNED ON TOYOTA AUTO 1.760% 7/15/21 $1 PV ON 604.3400 SHARES DUE 6/15/2019 $0.00147/PV ON 412,048.68 PV DUE 6/15/19 - - - - - 604.34 - - - 06/17/2019 06/15/2019 06/17/2019 89190BAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.760% 7/15/21 (32,848.86) - - - - 32,848.86 (32,846.34) - 2.52 06/17/2019 89238MAD0 INTEREST EARNED ON TOYOTA AUTO 1.730% 2/16/21 $1 PV ON 305.6600 SHARES DUE 6/15/2019 $0.00144/PV ON 212,020.91 PV DUE 6/15/19 - - - - - 305.66 - - - 06/17/2019 43631 43633 89238MAD0 PAID DOWN PAR VALUE OF TOYOTA AUTO 1.730% 2/16/21 (24,000.98) - - - - 24,000.98 (23,998.15) - 2.83 06/17/2019 89239AAD5 INTEREST EARNED ON TOYOTA AUTO 2.910% 7/17/23 $1 PV ON 824.5000 SHARES DUE 6/15/2019 $0.00243/PV ON 340,000.00 PV DUE 6/15/19 - - - - - 824.50 - - - 70 Page 36 of 37 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date Trade Date Settlement Date CUSIP Description Units Price Commissions SEC Fees Miscellaneous Fees Net Cash Amount Federal Tax Cost Amount Short Term Gain/Loss Amount Long Term Gain/Loss Amount Payden & Rygel Operating Portfolio Transaction Report Quarter ended June 30, 2019 06/17/2019 90290AAC1 INTEREST EARNED ON USAA AUTO OWNER 1.700% 5/17/21 $1 PV ON 127.3600 SHARES DUE 6/15/2019 $0.00142/PV ON 89,898.68 PV DUE 6/15/19 - - - - - 127.36 - - - 06/17/2019 43631 43633 90290AAC1 PAID DOWN PAR VALUE OF USAA AUTO OWNER 1.700% 5/17/21 (11,485.04) - - - - 11,485.04 (11,483.83) - 1.21 06/17/2019 9128284T4 INTEREST EARNED ON U S TREASURY NT 2.625% 6/15/21 $1 PV ON 640000.0000 SHARES DUE 6/15/2019 - - - - - 8,400.00 - - - 06/17/2019 06/14/2019 06/17/2019 912828C57 SOLD PAR VALUE OF U S TREASURY NT 2.250% 3/31/21 /MLPFS INC/FIXED INCOME/169,000 PAR VALUE AT 100.652009 %(169,000.00) 1.01 - - - 170,101.90 (168,768.95) 1,332.95 - 06/17/2019 43633 912828C57 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.250% 3/31/21 - - - - - 810.37 - - - 06/17/2019 931142EA7 INTEREST EARNED ON WALMART STORES INC 1.900% 12/15/20 $1 PV ON 500000.0000 SHARES DUE 6/15/2019 - - - - - 4,750.00 - - - 06/18/2019 43634 43634 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 10,278.99 1.00 - - - (10,278.99) 10,278.99 - - 06/18/2019 43814PAC4 INTEREST EARNED ON HONDA AUTO 1.790% 9/20/21 $1 PV ON 209.9600 SHARES DUE 6/18/2019 $0.00149/PV ON 140,753.99 PV DUE 6/18/19 - - - - - 209.96 - - - 06/18/2019 06/18/2019 06/18/2019 43814PAC4 PAID DOWN PAR VALUE OF HONDA AUTO 1.790% 9/20/21 (10,069.03) - - - - 10,069.03 (10,067.94) - 1.09 06/19/2019 43635 43635 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 496,061.70 1.00 - - - (496,061.70) 496,061.70 - - 06/19/2019 76116FAE7 ACCREDITED DISCOUNT ON RESOLUTION FD CORP STRIP 10/15/20 CURRENT YEAR TAXABLE OID - - - - - - 6,835.24 - - 06/19/2019 43634 43635 76116FAE7 SOLD PAR VALUE OF RESOLUTION FD CORP STRIP 10/15/20 /AMHERST PIERPONT SECURITIES/510,000 PAR VALUE AT 97.267 %(510,000.00) 0.97 - - - 496,061.70 (489,918.67) 6,143.03 - 06/20/2019 05584PAD9 INTEREST EARNED ON BMW VEHICLE LEASE 2.070% 10/20/20 $1 PV ON 172.5000 SHARES DUE 6/20/2019 $0.00173/PV ON 100,000.00 PV DUE 6/20/19 - - - - - 172.50 - - - 06/20/2019 43636 43636 05584PAD9 PAID DOWN PAR VALUE OF BMW VEHICLE LEASE 2.070% 10/20/20 (3,815.82) - - - - 3,815.82 (3,815.82) - - 06/20/2019 06/17/2019 06/20/2019 3134GTVK6 PURCHASED PAR VALUE OF F H L M C 2.550% 6/20/22 /NOMURA SECURITIES/FIX INCOME/265,000 PAR VALUE AT 100 %265,000.00 1.00 - - - (265,000.00) 265,000.00 - - 06/20/2019 43636 06/20/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (261,011.68) 1.00 - - - 261,011.68 (261,011.68) - - 06/21/2019 06/21/2019 06/21/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 304,124.58 1.00 - - - (304,124.58) 304,124.58 - - 06/21/2019 43636 06/21/2019 912828C57 SOLD PAR VALUE OF U S TREASURY NT 2.250% 3/31/21 /BONY/TORONTO DOMINION SECURITI/300,000 PAR VALUE AT 100.87076 %(300,000.00) 1.01 - - - 302,612.28 (299,589.84) 3,022.44 - 06/21/2019 06/21/2019 912828C57 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.250% 3/31/21 - - - - - 1,512.30 - - - 06/24/2019 43640 06/24/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 2,031.25 1.00 - - - (2,031.25) 2,031.25 - - 06/24/2019 931142EJ8 INTEREST EARNED ON WALMART INC 3.125% 6/23/21 $1 PV ON 130000.0000 SHARES DUE 6/23/2019 - - - - - 2,031.25 - - - 06/25/2019 TRUST FEES COLLECTED CHARGED FOR PERIOD 05/01/2019 THRU 05/31/2019 COLLECTED BY DISBURSEMENT - - - - - (550.26) - - - 06/25/2019 05582QAD9 INTEREST EARNED ON BMW VEHICLE OWNER 1.160% 11/25/20 $1 PV ON 85.3900 SHARES DUE 6/25/2019 $0.00097/PV ON 88,335.73 PV DUE 6/25/19 - - - - - 85.39 - - - 06/25/2019 06/25/2019 06/25/2019 05582QAD9 PAID DOWN PAR VALUE OF BMW VEHICLE OWNER 1.160% 11/25/20 (20,978.33) - - - - 20,978.33 (20,978.24) - 0.09 06/25/2019 3136B1XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 484.3000 SHARES DUE 6/25/2019 $0.00297/PV ON 163,248.71 PV DUE 6/25/19 - - - - - 484.30 - - - 06/25/2019 3136B1XP4 AMORTIZED PREMIUM ON F N M A GTD REMIC 3.560% 9/25/21 CURRENT YEAR AMORTIZATION - - - - - - (80.92) - - 06/25/2019 06/25/2019 06/25/2019 3136B1XP4 PAID DOWN PAR VALUE OF F N M A GTD REMIC 3.560% 9/25/21 (587.28) - - - - 587.28 (595.01) - (7.73) 06/25/2019 3136B1XP4 INTEREST EARNED ON F N M A GTD REMIC 3.560% 9/25/21 $1 PV ON 163248.7100 SHARES DUE 6/25/2019 PENALTY PAYMENT - - - - - 0.66 - - - 06/25/2019 3137BNN26 INTEREST EARNED ON F H L M C MLTCL MT 1.77998% 7/25/19 $1 PV ON 1.6000 SHARES DUE 6/25/2019 $0.00148/PV ON 1,079.71 PV DUE 6/25/19 - - - - - 1.60 - - - 06/25/2019 3137BNN26 AMORTIZED PREMIUM ON F H L M C MLTCL MT 1.77998% 7/25/19 CURRENT YEAR AMORTIZATION - - - - - - (0.28) - - 06/25/2019 43641 43641 3137BNN26 PAID DOWN PAR VALUE OF F H L M C MLTCL MT 1.77998% 7/25/19 (3.59) - - - - 3.59 (3.59) - - 06/25/2019 3137FGZN8 INTEREST EARNED ON F H L M C MLTCL 2.76985% 2/25/23 $1 PV ON 399.1900 SHARES DUE 6/25/2019 $0.00231/PV ON 172,943.05 PV DUE 6/25/19 - - - - - 399.19 - - - 06/25/2019 43641 43641 3137FGZN8 PAID DOWN PAR VALUE OF F H L M C MLTCL 2.76985% 2/25/23 (12,187.83) - - - - 12,187.83 (12,187.83) - - 06/25/2019 3137FJXN4 INTEREST EARNED ON F H L M C MLTCL 2.82152% 2/25/23 $1 PV ON 470.2500 SHARES DUE 6/25/2019 $0.00235/PV ON 200,000.00 PV DUE 6/25/19 - - - - - 470.25 - - - 06/25/2019 43641 43641 3137FJXN4 PAID DOWN PAR VALUE OF F H L M C MLTCL 2.82152% 2/25/23 (20,323.80) - - - - 20,323.80 (20,323.80) - - 06/25/2019 3137FJYA1 INTEREST EARNED ON F H L M C MLTCL MTG 3.454% 5/25/23 $1 PV ON 1115.3400 SHARES DUE 6/25/2019 $0.00350/PV ON 318,403.27 PV DUE 6/25/19 - - - - - 1,115.34 - - - 06/25/2019 43641 43641 3137FJYA1 PAID DOWN PAR VALUE OF F H L M C MLTCL MTG 3.454% 5/25/23 (17,119.82) - - - - 17,119.82 (17,119.36) 0.46 - 06/25/2019 06/25/2019 06/25/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 5.85 1.00 - - - (5.85) 5.85 - - 71 Page 37 of 37 Account Number: 001050990415 Name: RIVERSIDE COUNTY TRANS COMM Transaction Date Trade Date Settlement Date CUSIP Description Units Price Commissions SEC Fees Miscellaneous Fees Net Cash Amount Federal Tax Cost Amount Short Term Gain/Loss Amount Long Term Gain/Loss Amount Payden & Rygel Operating Portfolio Transaction Report Quarter ended June 30, 2019 06/25/2019 06/25/2019 06/25/2019 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 73,201.27 1.00 - - - (73,201.27) 73,201.27 - - 06/26/2019 06/26/2019 06/26/2019 31846V203 SOLD UNITS OF FIRST AM GOVT OB FD CL Y (589,954.33) 1.00 - - - 589,954.33 (589,954.33) - - 06/26/2019 43635 43642 41284WAC4 PURCHASED PAR VALUE OF HARLEY DAVIDSON 2.340% 2/15/24 /BARCLAYS CAPITAL INC. FIXED IN/590,000 PAR VALUE AT 99.99225932 %590,000.00 1.00 - - - (589,954.33) 589,954.33 - - 06/28/2019 06/27/2019 06/28/2019 3137EAEL9 SOLD PAR VALUE OF F H L M C M T N 2.375% 2/16/21 /JEFFERIES LLC/510,000 PAR VALUE AT 100.822 %(510,000.00) 1.01 - - - 514,192.20 (508,653.60) - 5,538.60 06/28/2019 43644 3137EAEL9 RECEIVED ACCRUED INTEREST ON SALE OF F H L M C M T N 2.375% 2/16/21 - - - - - 4,441.25 - - - 06/28/2019 43644 43644 31846V203 PURCHASED UNITS OF FIRST AM GOVT OB FD CL Y 9,316.39 1.00 - - - (9,316.39) 9,316.39 - - 06/28/2019 06/27/2019 06/28/2019 9128284T4 PURCHASED PAR VALUE OF U S TREASURY NT 2.625% 6/15/21 /MLPFS INC/FIXED INCOME/5,860,000 PAR VALUE AT 101.64843754 %5,860,000.00 1.02 - - - (5,956,598.44) 5,956,598.44 - - 06/28/2019 06/28/2019 9128284T4 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 2.625% 6/15/21 - - - - - (5,463.73) - - - 06/28/2019 06/27/2019 06/28/2019 9128286Y1 PURCHASED PAR VALUE OF U S TREASURY NT 1.750% 6/15/22 /NOMURA SECURITIES/FIX INCOME/3,735,000 PAR VALUE AT 100.06250013 %3,735,000.00 1.00 - - - (3,737,334.38) 3,737,334.38 - - 06/28/2019 06/28/2019 9128286Y1 PAID ACCRUED INTEREST ON PURCHASE OF U S TREASURY NT 1.750% 6/15/22 - - - - - (2,321.62) - - - 06/28/2019 06/27/2019 06/28/2019 912828C57 SOLD PAR VALUE OF U S TREASURY NT 2.250% 3/31/21 /HSBC SECURITIES, INC./1,600,000 PAR VALUE AT 100.75 %(1,600,000.00) 1.01 - - - 1,612,000.00 (1,597,812.50) 14,187.50 - 06/28/2019 06/28/2019 912828C57 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.250% 3/31/21 - - - - - 8,754.10 - - - 06/28/2019 912828WG1 AMORTIZED PREMIUM ON U S TREASURY NT 2.250% 4/30/21 CURRENT YEAR AMORTIZATION - - - - - - (15.83) - - 06/28/2019 06/27/2019 06/28/2019 912828WG1 SOLD PAR VALUE OF U S TREASURY NT 2.250% 4/30/21 /HSBC SECURITIES, INC./7,485,000 PAR VALUE AT 100.79687495 %(7,485,000.00) 1.01 - - - 7,544,646.09 (7,473,838.94) 70,807.15 - 06/28/2019 06/28/2019 912828WG1 RECEIVED ACCRUED INTEREST ON SALE OF U S TREASURY NT 2.250% 4/30/21 - - - - - 27,000.92 - - - Total - - - 0.00 623,595.74 250,301.74 (9,839.71) 72 Riverside County Transportation Commission SHORT DURATION FIXED INCOME Portfolio Review July 22, 2019 Contents Firm Highlights Market Review & Outlook Portfolio Review ATTACHMENT 17 73 MetLife Investment Management Overview 74 3 1 Assets under management include assets managed by MetLife Investment Management (“MIM”), MetLife, Inc.’s institutional investment management business, on behalf of MetLife’s general accounts, separate accounts and unaffiliated / third party investors as of March 31, 2019. See Appendix for non-GAAP financial information, definitions and / or reconciliations. 2 Subsidiaries of MetLife, Inc. that provide investment management services include Metropolitan Life Insurance Company, MetLife Investment Management, LLC, MetLife Investment Management Limited, MetLife Investments Limited, MetLife Investments Asia Limited, MetLife Latin America Asesorias e Inversiones Limitada, MetLife Asset Management Corp. (Japan), and MIM I LLC. Overview MetLife Investment Management (MIM) is a leading global asset manager specializing in public fixed income, private debt and real estate investment solutions for institutional investors world-wide. Firm Highlights • Assets under management totaling $606 billion 1 • Separate accounts, proprietary funds and client-specific solutions • 900 employees globally 3 • Deep fundamental research • Backed by the strength, resources and stability of MetLife, Inc. Global Presence2 Whippany Santiago London Hong Kong Philadelphia Investment OfficesRegional Offices Tokyo 75 Market Review & Outlook 76 5 •GDP - While early-year U.S. economic strength was not as robust as the headline GDP figure indicated, we believe full-year U.S. real GDP growth will be above the 2% long-term trend driven by the healthy labor market and strength of the U.S. consumer. Trade frictions between the U.S./China/EU/Japan have negatively impacted consumer and business sentiment and are driving lower growth expectations. The pace of business fixed investment has slowed, but the potential for a second-half upside surprise exists as trade tensions abate. The boost from fiscal stimulus will continue to wane, although we expect government spending increase as the 2020 election approaches. A more accommodative Federal Reserve policy will weaken the U.S. dollar and stimulate export growth. •Business - Notwithstanding global manufacturing PMIs evidencing weakness, we believe their declines will prove transitory and lay the foundation for a second-half rebound. Forward momentum continues, albeit at a reduced pace due to tariffs and sanctions which have raised input costs and disrupted supply chains. With the clouded earnings outlook given some of the trade-related headwinds, we expect domestically-focused companies to continue to outperform their more internationally-oriented counterparts. The move lower in interest rates will pressure bank earnings, however, bank fundamentals remain solid given disciplined balance sheet growth, sound asset quality and healthy capital levels. The Fed’s more dovish posture will serve to extend the business cycle and support the credit environment. •Consumer - Healthy consumer balance sheets, wage growth and a solid savings rate leave the consumer well-positioned to support consumption growth. Purchases of big- ticket items or consumer durables such as homes, autos and appliances will benefit from the reset lower in interest rates. The main impact of unsettled trade-related issues on consumer confidence has been seen through a fall in the expectations component while the present conditions component has remained solid. •Employment - Despite an easing pace of job growth over first-half 2019, the U.S. labor market remains tight (50-year low in the unemployment rate) and will continue underpinning the economy. Average hourly earnings and the Employment Cost Index continue to offer evidence of growth in real wages. Employers remain somewhat challenged in finding qualified candidates to fill open positions while the quits rate remains at a post-recession high, pointing to further upward pressure on real wages, which have rebounded from early-year weakness. We believe the unemployment rate will remain historically low even with a slower pace of job creation. •U.S. Monetary & Fiscal Policy - The Federal Reserve’s move away from patience to emphasizing their willingness to act as appropriate to sustain economic expansion has led markets to price in four rate cuts before mid-year 2020. Given our view that U.S. economic growth remains on an above-trend track and inflation will eventually gain more traction, we see the market’s implicit rate cut forecast as an overshoot despite the likelihood of an upcoming pre-emptive or “insurance” cut, whether or not supported by the data. Fiscal policy remains stimulative with the annual federal deficit climbing toward $1 trillion and will likely remain a source of support, especially if infrastructure spending increases, as the 2020 election moves closer. •Central Banks / International - Many major central banks have taken a dovish turn, reflecting disappointing economic growth, renewed fears of deflation, political worries (e.g. Brexit) and lingering fears over trade. As inflation remains below target, more restrictive monetary policies appear to have been shelved in an effort to prolong the cycle. ECB President Draghi’s recent dovish pivot is emblematic of some of the stresses being experienced as fiscal policy levers have largely taken a backseat. China’s stimulus policies, including allowing increased local government borrowing to support infrastructure spending,corporate tax cuts, stepped-up lending to middle-market companies, and weakening the yuan vs. the dollar, are key to producing a pickup in global growth. •Inflation - Inflation measures remain below the Federal Reserve’s 2% symmetrical target, which has drawn increased attention among Fed members, despite continued growth in wages. While some of the factors weighing on inflation will prove transitory, we believe the tight labor market’s bearing on wages as well as pass-through of tariffs and recent dollar weakness will translate into gradual upward pressure on inflation. Any monetary easing by the Fed, continued solid U.S. economic growth and increase in energy prices will support a move higher in inflation expectations. •Residential / Commercial Real Estate - Slowing house price appreciation and lower mortgage rates together with rising real incomes improve affordability, which may be constrained, particularly for higher-end homes due to tightened lending standards and limitations on property tax deductibility. Lower price properties and rental housing should be the direct beneficiaries. With completions slowing, low vacancy rates for multifamily properties should persist. Lower interest rates, stable NOI and low vacancies continue to support low cap rates and commercial real estate prices. However, retail properties continue to face challenges from e-commerce. A renewed focus on GSE reform in Washington presents some headline risk for mortgage spreads. Lower mortgage rates bring heightened prepayments, concentrated in recently originated vintages. The views present are MetLife Investment Management’s only, are subject to change, and may not reflect the manager’s current views. Past performance is not indicative of future results. There can be no assurance that the views expressed above will prove accurate and should not be relied upon as a reliable indicator of future events. Any securities mentioned are for informational purposes only and do not represent a recommendation or an offer to buy, hold or sell any securities, and may not be held in client portfolios. Any performance or portfolio holdings cited here were current as of the date stated and are subject to change. Current Themes 77 6 Yields (%) as of June 30, 2019 Source: Bloomberg 2.34 1.92 2.53 2.74 2.86 2.40 2.20 2.82 2.95 3.06 2.81 2.36 2.49 2.51 2.69 2.60 2.39 2.26 2.23 2.41 2.32 2.09 1.76 1.77 2.01 1.00% 1.50% 2.00% 2.50% 3.00% 3-Month LIBOR U.S. Treasury 3-Month U.S. Treasury 2-Year U.S. Treasury 5-Year U.S. Treasury 10-Year 6/30/2018 9/30/2018 12/31/2018 3/29/2019 6/28/2019 78 7 Fed Expectations vs. Fed Funds Futures Rate as of June 30, 2019 Source: Federal Reserve, Bloomberg 1.000 1.500 2.000 2.500 3.000 3.500 2019 2019 2020 2020 2021 2021 2022 2022 2023Interest Rate (%)FOMC Vote Median FOMC Estimate Fed Fund Futures Contracts (as of 9/30/18) Fed Fund Futures Contracts (as of 12/31/18) Fed Fund Futures Contracts (as of 6/30/19) Longer Run 0.67% difference 0.81% difference 1.03% difference 79 8 Source: Federal Reserve Federal Reserve 2019 2020 2021 Real GDP December-17 Projection 2.1%2.0%N/A March-18 Projection 2.4%2.0%N/A June-18 Projection 2.4%2.0%N/A September-18 Projection 2.5%2.0%1.8% December-18 Projection 2.3%2.0%1.8% March-19 Projection 2.1%1.9%1.8% June-19 Projection 2.1%2.0%1.8% Unemployment Rate December-17 Projection 3.9%4.0%N/A March-18 Projection 3.6%3.6%N/A June-18 Projection 3.5%3.5%N/A September-18 Projection 3.5%3.5%3.7% December-18 Projection 3.5%3.6%3.8% March-19 Projection 3.7%3.8%3.9% June-19 Projection 3.6%3.7%3.8% PCE Inflation December-17 Projection 2.0%2.0%N/A March-18 Projection 2.0%2.1%N/A June-18 Projection 2.1%2.1%N/A September-18 Projection 2.0%2.1%2.1% December-18 Projection 1.9%2.1%2.1% March-19 Projection 1.8%2.0%2.0% June-19 Projection 1.5%1.9%2.0% 80 9 Yield Curves as of June 30, 2019 Source: Bloomberg 5-Year less 2-Year 10-Year less 3-Month 1 -25 0 25 50 75 100 125 150 175 Basis Points5-Year Less 2-Year Fed Tightening Recession 5-Year Less 2-Year Avg. -8 -100 -50 0 50 100 150 200 250 300 350 400 Basis Points10-Year Less 3-Month Fed Tightening Recession 10-Year Less 3-Month Avg. 81 Portfolio Review 82 11 Portfolio Performance1 Portfolio Performance1 - 2017 Toll Revenue I-15 Project Fund as of June 30, 2019 1 Past performance is not indicative of future results. The Since Inception performance returns of the portfolio is as of the first full month following the funding date. The performance benchmark shown for the Riverside County I-15 Express Lanes 2017 Toll Revenue Project Portfolio is the ICE BofAML 0-2 Year U.S. Treasury Index, which is a broad-based index consisting of U.S. Treasury securities with an outstanding par greater than or equal to $1 billion and a maturity range from zero to two years, reflecting total return. Portfolio Characteristics 3/31/19 Yield to Maturity 2.61% Duration 0.27 Years Average Quality (Moody’s) Aa2 Portfolio Market Value $70,510,557 Asset Allocation Corporate 31% Municipal 4% Agency 5% RMBS 1% CMBS 1%ABS 10%Treasury 31% CP 13% CD 4% Q2 YTD 1-Year Since Inception Annualized (8/1/2017) 2017 Toll Revenue I-15 Project Fund (Gross of Fees)0.69%1.46% 2.68%2.00% 2017 Toll Revenue I-15 Project Fund (Net of Fees)0.67%1.41% 2.58%1.90% FTSE 6-Month Treasury Bill 0.63%1.25% 2.37%1.90% FTSE 3-Month Treasury Bill 0.61%1.21% 2.30%1.85% 6/30/19 Yield to Maturity 2.36% Duration 0.20 Years Average Quality (Moody’s) Aa2 Portfolio Market Value $67,375,685 Corporate 23%Municipal 5% Agency 19% RMBS 1% CMBS 1%ABS 5% Treasury 25% CP 12% CD 9% 83 12 Portfolio Performance1 Portfolio Performance1 - 2013 SR-91 Project Residual as of June 30, 2019 1 Past performance is not indicative of future results. Inception date 1/4/18. Performance returns are calculated as of the first full month following the funding date. The performance benchmark shown for the Riverside County 2013 Residual Fund Portfolio is the ICE BofAML 1-3 Year U.S. Treasury Index, which is a broad-based index consisting of U.S. Treasury securities with an outstanding par greater than or equal to $1 billion and a maturity range from one to three years, reflecting total return. Portfolio Characteristics Asset Allocation Corporate 27% Municipal 1% Agency 5% RMBS 6% CMBS 7%ABS 7%Treasury 33% CP 10% CD 4% 3/31/19 Yield to Maturity 2.57% Duration 0.83 Years Average Quality (Moody’s) Aa2 Portfolio Market Value $16,019,549 6/30/19 Yield to Maturity 2.29% Duration 0.78 Years Average Quality (Moody’s) Aa2 Portfolio Market Value $21,166,003 Q2 YTD 1-Year Since Inception Annualized (2/1/2018) Riverside County 2013 SR-91 Project Residual Fund (Gross of Fees)0.97%1.97% 3.28% 2.71% Riverside County 2013 SR-91 Project Residual Fund (Net of Fees)0.95%1.92% 3.18% 2.61% ICE BofAML U.S. Treasury Index 0-2 Year 0.99%1.79% 3.04% 2.54% FTSE 6-Month Treasury Bill 0.63%1.25% 2.37% 2.15% Corporate 32% Municipal 1% Agency 10% RMBS 7%CMBS 7% ABS 6% Treasury 30% CP 5%CD 2% 84 13 Portfolio Performance1 Portfolio Performance1 - 2017 Toll Revenue I-15 Ramp Up Reserve as of June 30, 2019 1 Past performance is not indicative of future results. Inception date 12/5/17. Performance returns are calculated as of the first full month following the funding date. The performance benchmark shown for the Riverside County I-15 Express Lanes Toll Revenue Reserve Portfolio is the ICE BofAML 1-3 Year U.S. Treasury Index, which is a broad-based index consisting of U.S. Treasury securities with an outstanding par greater than or equal to $1 billion and a maturity range from one to three years, reflecting total return. Portfolio Characteristics Asset Allocation Agency 9% RMBS 30% CMBS 14% Treasury 47% 3/31/19 Yield to Maturity 2.52% Duration 1.16 Years Average Quality (Moody’s) Aaa Portfolio Market Value $8,140,875 6/30/19 Yield to Maturity 2.06% Duration 0.99 Years Average Quality (Moody’s) Aaa Portfolio Market Value $8,231,324 Q2 YTD 1-Year Since Inception Annualized (1/1/2018) 2017 Toll Revenue I-15 Ramp Up Reserve (Gross of Fees)1.11%2.02% 3.27% 2.80% 2017 Toll Revenue I-15 Ramp Up Reserve (Net of Fees)1.09%1.97% 3.17% 2.70% ICE BofAML U.S. Treasury Index 0-2 Year 0.99%1.79% 3.04% 2.39% Agency 9% RMBS 23% CMBS 15% Treasury 53% 85 14 Portfolio Performance1 Portfolio Performance1 - Debt Reserve Fund as of June 30, 2019 1 Past performance is not indicative of future results. Performance returns for periods greater than one year are annualized. The performance benchmark shown for the Riverside County Debt Reserve Fund is the ICE BofAML US Treasury 3-7 Year, which is a broad-based index consisting of U.S. Treasury securities with an outstanding par greater or equal to $1 billion and a maturity range from three to seven years, inclusive, reflecting total return. Portfolio Characteristics Asset Allocation Agency 14%RMBS 11% CMBS 33% Treasury 42% 3/31/19 Yield to Maturity 2.06% Duration 3.01 Years Average Quality (Moody’s) Aaa Portfolio Market Value $18,406,380 6/30/19 Yield to Maturity 2.14% Duration 2.93 Years Average Quality (Moody’s) Aaa Portfolio Market Value $18,291,668 Q2 YTD 1-Year Since Inception Annualized (8/1/2013) Total Debt Service Fund (Gross of Fees)2.09%3.44% 5.39% 2.37% Total Debt Service Fund (Net of Fees)2.07%3.39% 5.28% 2.27% ICE BofAML U.S. Treasury Index 1-3 Year 1.44%2.44% 3.96% 1.14% ICE BofAML U.S. Treasury Index 3-7 Year 2.72%4.57% 7.10% 2.23% Agency 13%RMBS 14% CMBS 33% Treasury 40% 86 15 Portfolio Performance1 - 91 Subordinate Reserve Account as of June 30, 2019 1 Past performance is not indicative of future results. Performance returns for periods greater than one year are annualized. The performance benchmark shown for the Riverside County 91 Subordinate Reserve Account is the ICE BofAML US Treasury 3-7 Year, which is a broad-based index consisting of U.S. Treasury securities with an outstanding par greater or equal to $1 billion and a maturity range from three to seven years, inclusive, reflecting total return. Portfolio Characteristics Asset Allocation Agency 18% RMBS 16% CMBS 32% Treasury 29% 5% Agency Discount Notes 6/30/19 Yield to Maturity 2.18% Duration 1.58 Years Average Quality (Moody’s) Aaa Portfolio Market Value $20,027,098 87 16 RCTC PORTFOLIOS Portfolio Beginning Market Value (7/24/2017) Net Flows Market Value (6/30/2019) Change in Market Value 2017 Toll Revenue I-15 Project Fund $98,562,718 ($34,189,549)$67,375,685 $3,002,517 Beginning Market Value (12/5/2017) 2017 Toll Revenue I-15 Ramp Up Reserve $7,723,487 $166,500 $8,231,324 $341,337 Total Project $106,286,205 ($34,023,049)$75,607,009 $3,343,853 2017 I-15 Project 2013 SR 91 Reserve and Residual Funds Portfolio Beginning Market Value (7/3/2013) Net Flows Market Value (6/30/2019) Change in Market Value Debt Service Reserve Fund $17,667,869 ($1,774,770)$18,291,668 $2,398,569 Portfolio Beginning Market Value (7/3/2013) Net Flows Market Value (6/30/2019) Change in Market Value 2013 SR-91 Project Residual Fund $3,292,782 +$14,091,641 $21,166,003 $3,781,580 Portfolio Beginning Market Value (6/6/2019) Net Flows Market Value (6/30/2019) Change in Market Value Subordinate Reserve Account $0 +$20,000,000 +$20,027,098 $27,098 88 17 This document is being provided to you at your specific request. This document has been prepared by Logan Circle Partners, L.P., a U.S. Securities Exchange Commission- registered investment adviser. Logan Circle Partners, L.P. is a subsidiary of MetLife, Inc. and part of MetLife Investment Management.1 For investors in the EEA, this document is being distributed by MetLife Investment Management Limited (“MIML”), authorised and regulated by the UK Financial Conduct Authority (FCA reference number 623761), registered address Level 34 1 Canada Square London E14 5AA United Kingdom. This document is approved by MIML as a financial promotion for distribution in the UK. This document is only intended for, and may only be distributed to, investors in the EEA who qualify as a Professional Client as defined under the EEA's Markets in Financial Instruments Directive, as implemented in the relevant EEA jurisdiction. The investment strategy described herein is intended to be structured as an investment management agreement between MIML (or its affiliates, as the case may be) and a client, although alternative structures more suitable for a particular client can be discussed. For investors in Japan, this document is being distributed by MetLife Asset Management Corp. (Japan) (“MAM”), a registered Financial Instruments Business Operator (“FIBO”) conducting Investment Advisory Business, Investment Management Business and Type II Financial Instruments Business under the registration entry “Director General of the Kanto Local Finance Bureau (Financial Instruments Business Operator) No. 2414” pursuant to the Financial Instruments and Exchange Act of Japan (“FIEA”), and a regular member of the Japan Investment Advisers Association and the Type II Financial Instruments Firms Association of Japan. In its capacity as a discretionary investment manager registered under the FIEA, MAM provides investment management services and also sub-delegates a part of its investment management authority to other foreign investment management entities within MetLife Investment Management in accordance with the FIEA. This document is only being provided to investors in Japan who are Qualified Institutional Investors (tekikaku kikan toshika) as defined in Article 10 of Cabinet Office Ordinance on Definitions Provided in Article 2 of the FIEA. It is the responsibility of each prospective investor to satisfy themselves as to full compliance with the applicable laws and regulations of any relevant territory, including obtaining any requisite governmental or other consent and observing any other formality presented in such territory. MetLife, Inc. provides investment management services to affiliates and unaffiliated/third party clients through various subsidiaries.1 MetLife Investment Management (“MIM”), MetLife, Inc.’s institutional investment management business, has more than 900 investment professionals located around the globe. MIM is responsible for investments in a range of asset sectors, public and privately sourced, including corporate and infrastructure private placement debt, real estate equity, commercial mortgage loans, customized index strategies, structured finance, emerging market debt, and high yield debt. The information contained herein is intended to provide you with an understanding of the depth and breadth of MIM’s investment management services and investment management experience. This document has been provided to you solely for informational purposes and does not constitute a recommendation regarding any investments or the provision of any investment advice, or constitute or form part of any advertisement of, offer for sale or subscription of, solicitation or invitation of any offer or recommendation to purchase or subscribe for any securities or investment advisory services. Unless otherwise specified, the information and opinions presented or contained in this document are provided as of the quarter end noted herein. It should be understood that subsequent developments may affect the information contained in this document materially, and MIM shall not have any obligation to update, revise or affirm. It is not MIM’s intention to provide, and you may not rely on this document as providing, a complete or comprehensive analysis of MIM’s investment portfolio, investment strategies or investment recommendations. No money, securities or other consideration is being solicited. No invitation is made by this document or the information contained herein to enter into, or offer to enter into, any agreement to purchase, acquire, dispose of, subscribe for or underwrite any securities or structured products, and no offer is made of any shares in or debentures of a company for purchase or subscription. Prospective clients are encouraged to seek advice from their legal, tax and financial advisors prior to making any investment. Confidentiality. By accepting receipt or reading any portion of this Presentation, you agree that you will treat the Presentation confidentially. This reminder should not be read to limit, in any way, the terms of any confidentiality agreement you or your organization may have in place with Logan Circle. This document and the information contained herein is strictly confidential (and by receiving such information you agree to keep such information confidential) and are being furnished to you solely for your information and may not be used or relied upon by any other party, or for any other purpose, and may not, directly or indirectly, be forwarded, published, reproduced, disseminated or quoted to any other person for any purpose without the prior written consent of MIM. Any forwarding, publication, distribution or reproduction of this document in whole or in part is unauthorized. Any failure to comply with this restriction may constitute a violation of applicable securities laws. Past performance is not indicative of future results. No representation is being made that any investment will or is likely to achieve profits or losses or that significant losses will be avoided. There can be no assurance that investments similar to those described in this document will be available in the future and no representation is made that future investments managed by MIM will have similar returns to those presented herein. No offer to purchase or sell securities. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any security and may not be relied upon in connection with the purchase or sale of any security. No reliance, no update and use of information. You may not rely on this Presentation as the basis upon which to make an investment decision. To the extent that you rely on this Presentation in connection with any investment decision, you do so at your own risk. This Presentation is being provided in summary fashion and does not purport to be complete. The information in the Presentation is provided to you as of the dates indicated and MIM does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate. Certain information contained in this Presentation, includes performance and characteristics of MIM’s by independent third parties, or have been prepared internally and have not been audited or verified. Use of different methods for preparing, calculating or presenting information may lead to different results for the information presented, compared to publicly quoted information, and such differences may be material. Risk of loss. An investment in the strategy described herein is speculative and there can be no assurance that the strategy’s investment objectives will be achieved. Investors must be prepared to bear the risk of a total loss of their investment. No tax, legal or accounting advice. This Presentation is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Any statements of U.S. federal tax consequences contained in this Presentation were not intended to be used and cannot be used to avoid penalties under the U.S. Internal Revenue Code or to promote, market or recommend to another party any tax-related matters addressed herein. Forward-Looking Statements. This document may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words and terms such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” and other words and terms of similar meaning, or are tied to future periods in connection with a discussion of future performance. Forward-looking statements are based MIM’s assumptions and current expectations, which may be inaccurate, and on the current economic environment which may change. These statements are not guarantees of future performance. They involve a number of risks and uncertainties that are difficult to predict. Results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties and other factors that might cause such differences include, but are not limited to: (1) difficult conditions in the global capital markets; (2) changes in general economic conditions, including changes in interest rates or fiscal policies; (3) changes in the investment environment; (4) changed conditions in the securities or real estate markets; and (5) regulatory, tax and political changes. MIM does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that such statement is not likely to be achieved. 1 Subsidiaries of MetLife, Inc. that provide investment management services include Metropolitan Life Insurance Company, MetLife Investment Advisors, LLC, MetLife Investment Management Limited, MetLife Investments Limited, MetLife Investments Asia Limited, MetLife Latin America Asesorias e Inversiones Limitada, MetLife Asset Management Corp. (Japan), Logan Circle Partners, L.P. and Logan Circle Partners, I LLC. Disclaimers L0719516495[exp0120][All States] 89 18 Notes 90 metlife.com/investmentmanagement Whippany, NJ | Philadelphia, PA | London | Tokyo | ICG@metlife.com © 2019 METLIFE, INC 91 PAYDEN.COM LOS ANGELES | BOSTON | LONDON | MILAN 2nd Quarter 2019 QUARTERLY PORTFOLIO REVIEWQUARTERLY PORTFOLIO REVIEW ATTACHMENT 18 92 July 2019 At the halfway mark of 2019, I think you will agree it is an interesting time for financial markets. The U.S. stock market is near record highs, credit spreads are somewhat tight, and more than $12 trillion worth of global bonds trade with negative yields. What does this mean for our clients and portfolios? First and foremost, we are ever vigilant of the unexpected. We manage your portfolios with diversification and liquidity always in mind to protect against significant changes in the direction of these markets. The most challenging question is the future of global economic activity. Although economic conditions in the U.S. continue to be favorable, this is a challenging question globally. Indicators of global growth slowed in the first half of the year. Trade policy remains unclear. And for bond investors, both the European Central Bank and the U.S. Federal Reserve have opened the door to lower interest rates. However, we remain optimistic! We are nearing our 36th year as a private corporation, and our culture and ownership structure have not veered from our original objectives set forth in September 1983. My best wishes, Joan A. Payden President & CEO LETTER FROM THE CEO 93 Riverside County Transportation Commission 2812 Portfolio Review and Market Update - 2nd Quarter 2019 PORTFOLIO CHARACTERISTICS (As of 6/30/2019) $53.3 millionPortfolio Market Value AA+Weighted Average Credit Quality 1.82 yearsWeighted Average Duration 1.98%Weighted Average Yield to Maturity DURATION DISTRIBUTION 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 - 1 1 - 2 2 - 3 3+ Years SECTOR ALLOCATION 0% 10% 20% 30% 40% 50% 60%TreasuriesCreditRevenueAsset-BackedGOAgenciesMortgage-BackedPORTFOLIO RETURNS - Periods Ending 6/30/2019 Since Inception (3/1/15) 2019 YTD Trailing 1 Yr 2nd Quarter RCTC Operating Portfolio 1.43% 2.58% 4.11% 1.51% ICE BofAML 1-3 Year US Treasury Index 1.44% 2.44% 3.96% 1.28% Periods over one year are annualized Payden & Rygel • 333 South Grand Avenue • Los Angeles, California 90071 • (213) 625-1900 • www.payden.com94 Portfolio Review and Market Update - 2nd Quarter 2019 2812 MARKET THEMES It was a strong quarter for fixed income, as yields continued to fall while credit spreads were contained. The Federal Open Market Committee maintained its targeted range for the Fed Funds rate at 2.25% - 2.50%, given solid growth and jobs fundamentals. However, the Fed indicated that the potential for rate cuts has increased given global uncertainties including unknown trade outcomes, and that they will closely monitor incoming data. The easier policy stance was supportive for credit, and spreads moved in a narrow range over the quarter. Despite falling front-end interest rates, the yield curve remained mostly inverted as market expectations for future rate cuts have increased. Geopolitical risks continue to drive markets, as uncertainty over the United States’ relationship with China and Iran, populism in Europe, and Brexit remain as headwinds. STRATEGY The portfolio continued to hold a diversified mix of non-government sectors for income generation.n We continued to extend our duration over the course of Q2 2019 via Treasuries.n We maintained a bias toward a shorter average maturity profile in credit sectors to limit the portfolio’s sensitivity to changes in credit risk premia while maintaining a yield advantage. n Securitized bonds continue serving as a diversifier and source of high-quality income.n INTEREST RATES Front-end interest rates fell as the three-month U.S. Treasury bill yield declined by 0.29% to 2.09%, while the two-year note fell by 0.51% to 1.76%. n One-month LIBOR fell by 0.09% to 2.40% and three-month LIBOR decreased by 0.28% to 2.32%.n SECTORS Corporate bonds outperformed Treasuries during the quarter as spreads didn't move much.n High-quality asset-backed securities outperformed Treasuries as well, producing returns in line with corporate bonds. n Payden & Rygel • 333 South Grand Avenue • Los Angeles, California 90071 • (213) 625-1900 • www.payden.com95 MARKET PERSPECTIVE In the second quarter of 2019, the Federal Reserve elected to hold their policy rate steady. The big news, though, was that the median Federal Open Market Committee member expects interest rates to be 0.25% lower by the end of 2020 as trade policy “crosscurrents” weighed on the outlook. Was a cut in June warranted? Will cuts inevitably arrive in July? While we can’t rule it out, we still don’t think the U.S. economic backdrop warrants monetary easing. If the Fed were setting policy only by their economic forecasts, cuts would not be under discussion. Fed officials forecasted GDP to grow 2.0% in 2020, which was higher than their previously forecasted 1.9%. Market participants expecting dovish “shock and awe” signals from the Fed in June were disappointed. The Conference Board’s Leading Economic Index (LEI) rose 2.5% year-over-year during June 2019. If history is any guide, such a reading on the LEI would hardly warrant rate cuts. While upcoming trade policy “crosscurrents” could change the macro landscape, for now we believe the U.S. economy can handle the current monetary policy setting. Globally, central banks are easing. With a weaker global economic backdrop, the Reserve Bank of Australia cut the policy rate by 25 basis points to 1.25%. The Reserve Bank of India also delivered its third rate cut of the year, lowering its key policy rate by 25 basis points to 5.75%. Despite still-sluggish euro area growth, we see signs of stabilization in hard data. Nevertheless, the European Central Bank has also reaffirmed its commitment to accommodative actions as needed. Cutting Through Crosscurrents: Leading Economic Index versus Change in Fed Funds Rate Source: The Conference Board, Federal Reserve, NBER, Payden Calculations -20 -16 -12 -8 -4 0 4 8 12 16 -125 -100 -75 -50 -25 0 25 50 75 100 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 Change In Fed Funds Rate (Left Axis) Leading Economic Indicators Index (Right Axis) 1-Month Change in Fed Funds Rate (Basis Points) % Change Year-Over-Year 96 LOS ANGELES 333 South Grand Avenue Los Angeles, California 90071 213 625-1900 BOSTON 265 Franklin Street Boston, Massachusetts 02110 617 807-1990 LONDON 1 Bartholmew Lane London EC2N 2AX UK +44 (0) 20-7621-3000 MILAN Corso Matteotti, 1 20121 Milan, Italy +39 02 76067111 OUR STRATEGIES Multi-Sector Short Maturity Bonds U.S. Core Bond Absolute Return Fixed Income Strategic Income Global Fixed Income Liability Driven Investing For more information about Payden & Rygel’s strategies, contact us at a location listed below. PAYDEN.COM LOS ANGELES |BOSTON |LONDON |MILAN OVER 35 YEARS OF INSPIRING CONFIDENCE WITH AN UNWAVERING COMMITMENT TO OUR CLIENTS’ NEEDS. Available in: Separate Accounts – Mutual Funds (U.S. and UCITS) Collective Trusts (“CITs”) – Customized Solutions Sector-Specific Emerging Markets Debt Government/Sovereign High Yield Bonds & Loans Inflation-Linked/TIPS Investment Grade Corporate Bonds Municipal Bonds (U.S.) Securitized Bonds Income-Focused Equities Equity Income 97 County of Riverside Treasurer’s Pooled Investment Fund June 2019 ATTACHMENT 19 98 Contents COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 1 2| Treasurer’s Pooled Investment Fund 3| Economy 4| Market Data 6| Portfolio Data 8| Compliance Report 9| Month End Holdings Federal Reserve Chair Jerome Powell during the May 1 FOMC press conference. Digital Image. Federal Reserve Board. https://www.youtube.com/user/FedReserveBoard See the digital copy of our monthly TPIF report at countytreasurer.org to view video of the Federal Open Market Committee’s June 19 press conference. 99 COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 2 The Treasurer’s Pooled Investment Fund is comprised of contributions from the county, schools, special districts, and other discretionary depositors throughout the County of Riverside. The primary objective of the treasurer shall be to safeguard the principal of the funds under the Treasurer's control, meet the liquidity needs of the depositor, and to maximize a return on the funds within the given parameters. The Treasurer-Tax Collector and the Capital Markets team are committed to maintaining the highest credit ratings. The Treasurer’s Pooled Investment Fund is currently rated Aaa-bf by Moody’s Investor Service and AAAf/S1 by Fitch Ratings, two of the nation’s most trusted bond credit rating services. Since its inception, the Treasurer’s Pooled Investment Fund has been in full compliance with the Treasurer’s Statement of Investment Policy, which is more restrictive than California Government Code 53646. Treasurer’s Statement Capital Markets Team Jon Christensen Treasurer-Tax Collector Giovane Pizano Chief Investment Manager Steve Faeth Senior Investment Manager Isela Licea Assistant Investment Manager Jake Nieto Administrative Services Assistant Treasurer’s Pooled Investment Fund 6-Month Pool Performance June began with markets nervously waiting to see if the trade war was going to escalate, but concluded with a sigh of relief following the G20 summit, where the U.S. and China announced a freeze in their trade dispute. On the economic front, indicators pointed to a strong U.S. econo- my, with some gathering storms. Deutsche Bank, the beleaguered German bank, is believed to pose a risk to the global financial system due to its underwhelming finan- cial metrics and the interconnection of its $49 trillion derivatives portfolio. Fears of Deutsche Bank failing intensified when it recently an- nounced layoffs of 15K of its global workforce. On June 27, the Federal Reserve announced the result of its stress test, which demonstrated the ability of U.S. banks to remain solvent under dire economic circumstances, including Deutsche Bank’s U.S. branch. Geopolitical tensions spiked with attacks on two oil tankers in the Strait of Hormuz and a U.S. drone being shot down by Iran. However, corpo- rations and consumers will benefit from the U.S. withholding on the implementation of 25% tariffs on an additional $300 billion worth of Chinese imports. With September rapidly approaching, markets will be more concerned over the debt ceiling crisis. Congress has yet to finalize a deal and the U.S. national debt sits north of $22 trillion. The U.S. Treasury Department is estimated to run out of funds sometime in September of this year. U.S. economic growth was strong with real GDP for 1Q19 at 3.1%, mainly driven by robust consumer spending and government spending. Meanwhile, global economic activity slowed. The IMF is forecasting near-recession growth rates for the Euro Area. Despite nonfarm payrolls coming in far below market expectations at 75K, the U.S. labor market appeared strong in May. Initial jobless claims remained at a multi-decade low and the U6 rate, which accounts for unemployed persons plus "marginally attached workers and those working part-time for economic reasons," was the lowest since 2000 at 7.1%. However, the Consumer Confidence Index decreased more than expected in June to 121.5, down from 131.3 in May. Industrial activity also showed signs of slowing as the manufacturing PMI fell to a 10-year low at 50.1. The national housing market continued to show signs of a slowdown in May. Existing home sales fell 1.1% YoY while new home sales fell 3.7% YoY. This contrasts Riverside County’s housing market, where data from CoreLogic showed a 2.6% YoY increase in home sales in May. Technology and information companies like Facebook and Google have recently been sub- ject to scrutiny from U.S. politicians and European regulatory agencies for their potential violations of consumer privacy. Government intervention could be consequential for how technology and information companies generate revenue by using consumer data to market to advertisers. Higher tariffs would result in increased prices for consumers, and reduce revenues and profits margins for U.S. retailers like Walmart. However, Walmart has less exposure to tariffs than its com- petitors, such as Target, due to its scale, pricing power with vendors, and significant groceries sales. Adverse Midwestern weather and U.S.-China trade have compressed margins and reduced demand for vegetable oils and protein meals for Archer-Daniels-Midlands and its competitors in the agricultural processing industry, which is ex- pected to decrease profits and revenues for the quarter ending June 30, 2019. The effects of heightened risks to corporations stemming from trade, the slowdown in the global economy, industrial disruptions, etc. have been mostly speculative. They will become observable in mid-July to late August when corporations report their earnings. The combination of rising tensions with Iran, the weakening global economy, and our ongo- ing trade battle with China caused the Federal Reserve to change their policy stance at their mid-month meeting and openly hint at a funds rate decrease as early as July. This new Fed stance brought rates down further, with the 2- year Treasury yield ending the month at 1.75 from a start at 1.82 and the 5-year Treasury yield end- ing the month at 1.76 from a start at 1.83. Jon Christensen Treasurer-Tax Collector Monthly Commentary Trade Solstice Month End Market Value ($)* Month End Book Value ($) Paper Gain or Loss ($) Paper Gain or Loss (%) Book Yield (%) WAM (Yrs) Jun-19 6,838,812,308.82 6,811,213,591.28 27,598,717.54 0.41% 2.32 1.06 May-19 7,583,793,753.68 7,563,023,912.99 20,769,840.69 0.27% 2.35 1.09 Apr-19 8,177,376,431.91 8,168,198,799.92 9,177,631.99 0.11% 2.36 1.09 Mar-19 7,525,389,587.99 7,522,791,418.69 2,598,169.30 0.35% 2.35 1.04 Feb-19 6,837,521,658.62 6,846,174,413.16 (8,652,754.54) -0.13% 2.32 1.06 Jan-19 6,985,230,147.03 6,993,292,063.97 (8,061,916.94) -0.12% 2.31 1.05 *Market values do not include accrued interest. 100 COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 3 Key Economic Indicators National Economy Economy CA added 19.4K jobs in May, falling short of year-to-date (24.7K) and 2018 (23.2K) monthly averages. [BLS; 06/28/2019]  U.S.-China trade dispute caused exports from CA to China to fall 0.5% in 2018, corresponding with state GDP growth falling from 3.5% in 2018 to 2% in 1Q19. [CNBC; 06/28/2019]  CA housing market improved in May, with home sales rising above 400K for the first time in 10 months. [CAR; 06/28/2019]  Inland Empire job growth increased 1.7% YoY in May 2019 , up from February’s growth of 1.2% YoY. [FRED; 06/28/2019] State Economy U.S. Housing Starts U.S. Durable Goods Orders Nonfarm Jobs Added - Y/Y Job growth slowed in May, with 75k payrolls added com- pared to expectations for 180K. [Econoday; 06/28/2019]  Durable goods orders have trended downward since 3Q18, consistent with other key industrial indexes. [FRED; 06/28/2019]  Housing starts were solid this May with 1.27MM SAAR, but home sales measures still lagged May 2018. [FRED; 06/28/2019]  The Consumer Confidence and Consumer Sentiment indexes fell in June from May levels, pulled down by expectations of lower inflation. [Econoday; 06/28/2019] U of M Consumer Sentiment Release Date Indicator Actual Consensus Difference 06/27/2019 Real GDP - Q/Q Change - SAAR - 1Q19 (3rd estimate) 3.10% 3.10% 0.00% 06/07/2019 Unemployment Rate - Seasonally Adjusted 3.60% 3.70% -0.10% 06/07/2019 Non-Farm Payrolls - M/M Change 75,000 180,000 -105,000 06/12/2019 CPI - Y/Y Change 1.80% 2.10% 1.90% 06/12/2019 CPI Ex Food and Energy - Y/Y Change 2.00% 2.10% -0.10% 06/05/2019 ISM Non-Manufacturing Index (> 50 indicates growth) 56.9 55.8 1.10 06/25/2019 New Home Sales - SAAR - Thousands of units 626 680 -54 06/04/2019 Factory Orders - M/M Change -0.80% -0.80% 0.00% 06/26/2019 Durable Goods Orders - New Orders - M/M Change -1.30% -0.10% -1.20% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Percent United States California Inland Empire 200 225 250 275 Millions, USD 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 80 85 90 95 100 105 Percent Points Index Points U of M Consumer Sentiment (LHS) U of M Inflation Expectations (RHS) 400 600 800 1,000 1,200 1,400 (000's)Recession Housing Starts 5 Mo. Mvg. Avg. 101 COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 4 U.S. Treasury Curve The US Treasury Curve and its forecasted values are subject to frequent change and will be updated monthly with each issued TPIF report. Market Data Fed Funds Target Rate (Upper Limit) FOMC Meeting 06/19/2019  The FOMC stated that data received since their last meeting in May “indicates that the labor market remains strong and that economic activity rose at a moderate rate.”  The Federal Open Market Committee maintained the Fed Funds Target Rate at 2.25—2.50%.  “The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and in- flation near the Committee’s symmetric 2 percent objective as the most likely outcomes, but uncertainties about this outlook have increased,” stated the FOMC in their June 19 press release. 1.50 2.00 2.50 0 5 10 15 20 25 30Yield (%)Years 06/03/2019 06/28/2019 Treasury Curve Differentials 3 Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr 10 Yr 30 Yr 06/28/2019 - 06/03/2019 -0.23 -0.22 -0.19 -0.07 -0.08 -0.07 -0.07 -0.01 06/28/2019 2.12 2.09 1.92 1.75 1.71 1.76 2.00 2.52 06/03/2019 2.35 2.31 2.11 1.82 1.79 1.83 2.07 2.53 1.00% 1.50% 2.00% 2.50% 3.00% 102 * Values listed on this page are in US dollars and are based on the final business day of each month. COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 5 Market Data cont’d Commodities Stocks 100.00 120.00 140.00 160.00 180.00 Precious Metals Industrial Metals 0 2 4 6 8 10 12 14 16 18 Percent 2-Yr. Treasury Constant Maturity Rate *Note: Shaded areas indicate U.S. recessions. 2.00 2.50 3.00 3.50 4.00 4.50 5.00 45.00 55.00 65.00 75.00 Nymex Crude (LHS)Nymex Nat Gas (RHS) 2,500.00 2,750.00 3,000.00 20,000.00 25,000.00 30,000.00 Dow Jones (LHS)S&P 500 (RHS) 103 The County of Riverside’s Treasurer’s Pooled Investment Fund is currently rated AAA-bf by Moody’s Investor Service and AAAf/S1 by Fitch Ratings. Aaa 74% Aa1 5% Aa2 4%Aa3 3% NR 14% AAA 5% AA+ 74% AA 4%AA- 3% NR 14% Moody’s Asset Rating (000’s) S&P Asset Rating (000’s) COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 6 Portfolio Data Based on historic and current financial conditions within the County, the Pool is expected to maintain sufficient liquidity o f funds to cover County expenses for the next twelve months. * Values listed in Cash Flow Table are in millions of USD. 12-Month Projected Cash Flow Book MKT/Book % Book Yield Aaa 5,046,122.74 100.41% 74.09% 2.24% Aa1 364,091.59 100.60% 5.35% 2.57% Aa2 264,367.51 100.51% 3.88% 2.50% Aa3 173,547.25 101.75% 2.55% 2.76% NR 963,084.50 100.05% 14.14% 2.50% Totals: 6,811,213.59 100.41% 100.00% 2.32% Book MKT/Book % Book Yield AAA 361,074.03 100.62% 5.30% 2.41% AA+ 5,014,140.30 100.41% 73.62% 2.25% AA 283,614.61 100.75% 4.16% 2.56% AA- 189,300.15 101.20% 2.78% 2.73% NR 963,084.50 100.05% 14.14% 2.50% Totals: 6,811,213.59 100.41% 100.00% 2.32% Month Monthly Receipts Monthly Disbursements Difference Required Matured Investments Balance Actual Investments Maturing Available to Invest > 1 Year 07/2019 128.80 07/2019 969.28 1,250.00 (280.72) 151.92 - 1,596.95 08/2019 900.00 1,200.00 (300.00) 300.00 - 586.38 09/2019 1,100.00 1,200.00 (100.00) 100.00 - 534.61 10/2019 1,100.00 1,300.00 (200.00) 200.00 - 404.28 11/2019 1,300.00 1,200.00 100.00 100.00 380.00 12/2019 2,375.13 1,200.00 1,175.13 1,275.13 5.00 01/2020 1,100.00 2,200.00 (1,100.00) 175.13 162.50 02/2020 1,100.00 1,500.00 (400.00) 224.87 - 115.33 03/2020 1,350.00 1,200.00 150.00 150.00 123.29 04/2020 1,350.00 1,200.00 150.00 300.00 265.65 05/2020 1,700.00 1,700.00 - 300.00 142.66 06/2020 1,000.00 1,736.13 (736.13) 436.13 - 80.43 TOTALS 15,344.41 16,886.13 (1,541.72) 1,412.92 2,429.06 4,397.07 5,398.29 20.74%64.56%79.26% 104 Asset Maturity Distribution (Par Value, 000’s) Portfolio Data cont’d TIMMI The Treasurer’s Institutional Money Market Index (TIMMI) is a composite index of four AAA rated prime institutional money market funds. Their average yield is compared to the yield of the Treasurer’s Pooled Investment Fund in the above graph. Asset Allocation (000’s) COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 7 20.56% 1,406,945.94 16.05% 1,098,485.00 26.98% 1,846,288.00 13.79% 943,864.00 13.27% 908,290.00 9.33% 638,538.00 - 500,000 1,000,000 1,500,000 2,000,000 0-1 Mos 1-3 Mos 3-12 Mos 1-2 Yr 2-3 Yr 3-5 Yr Assets Scheduled Book Scheduled Market Mkt/Book Yield WAL (Yr.) Mat (Yr.) TREAS 584,231.55 588,210.70 100.68% 2.46% 0.31 0.31 AGENCIES 3,865,922.36 3,878,985.00 100.34% 2.18% 1.22 1.65 MMKT 107,000.00 107,000.00 100.00% 2.30% 0.00 0.00 CASH 778,000.00 778,000.00 100.00% 2.52% 0.00 0.00 CALTRUST FND 4,023.98 4,023.98 100.00% 2.64% 0.00 0.00 COMM PAPER 914,812.22 920,200.11 100.59% 2.51% 0.16 0.16 NCDS 35,000.00 35,000.00 100.00% 3.00% 0.13 0.13 MEDIUM TERM NOTES 288,841.41 292,355.70 101.22% 2.60% 0.58 0.60 MUNI 233,302.07 234,956.83 100.71% 2.48% 1.34 1.34 LOCAL AGCY OBLIG 80.00 80.00 100.00% 2.85% 0.96 0.96 Totals: 6,811,213.59 6,838,812.31 100.41% 2.32% 0.81 1.05 * For details on the Pool’s composition see Month End Portfolio Holdings, pages 9 to 13. 1.88%1.92%1.96%2.01%2.09% 2.18%2.27%2.30%2.32%2.35%2.36%2.35%2.32%2.08%2.07%2.06%2.17% 2.27%2.33% 2.53%2.53%2.52%2.53%2.51%2.46%2.42% 1.50% 2.00% 2.50% Pool Yield TIMMI 105 Compliance Status: Full Compliance The Treasurer’s Pooled Investment Fund was in full compliance with the County of Riverside’s Treasurer’s State- ment of Investment Policy. The County’s Statement of Investment Policy is more restrictive than California Gov- ernment Code 53646. The County’s Investment Policy is reviewed annually by the County of Riverside’s Over- sight Committee and approved by the Board of Supervisors. 1 Money Market Mutual Funds maturity may be interpreted as a weighted average maturity not exceeding 60 days. THIS COMPLETES THE REPORT REQUIREMENTS OF CALIFORNIA GOVERNMENT CODE 53646. COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 8 Compliance Report GOVERNMENT CODE COUNTY INVESTMENT POLICY Investment Category Maximum Remaining Maturity Authorized % Limit S&P/ Moody's Maximum Remaining Maturity Authorized % Limit S&P/ Moody's Actual % MUNICIPAL BONDS (MUNI) 5 YEARS NO LIMIT NA 4 YEARS 15% AA-/Aa3/AA- 3.41% U.S. TREASURIES 5 YEARS NO LIMIT NA 5 YEARS 100% NA 8.62% LOCAL AGENCY OBLIGATIONS (LAO) 5 YEARS NO LIMIT NA 3 YEARS 2.50% INVESTMENT GRADE <0.01% FEDERAL AGENCIES 5 YEARS NO LIMIT AAA 5 YEARS 100% NA 56.69% COMMERCIAL PAPER (CP) 270 DAYS 40% A1/P1 270 DAYS 40% A1/P1/F1 13.50% CERTIFICATE & TIME DEPOSITS (NCD & TCD) 5 YEARS 30% NA 1 YEAR 25% Combined A1/P1/F1 0.51% INT'L BANK FOR RECON- STRUCTION AND DEVEL- OPMENT AND INT'L FI- NANCE CORPORATION NA NA NA 4 YEARS 20% AA/Aa/AA 0.00% REPURCHASE AGREEMENTS (REPO) 1 YEARS NO LIMIT NA 45 DAYS 40% max, 25% in term repo over 7 days A1/P1/F1 0.00% REVERSE REPOS 92 DAYS 20% NA 60 DAYS 10% NA 0.00% MEDIUM TERM NOTES (MTNO) 5 YEARS 30% A 3 YEARS 20% AA/Aa2/AA 4.28% CALTRUST SHORT TERM FUND NA NA NA DAILY LIQUIDITY 1.00% NA 0.06% MONEY MARKET MUTUAL FUNDS (MMF) 60 DAYS(1) 20% AAA/Aaa (2) DAILY LIQUIDITY 20% AAA by 2 Of 3 RATINGS AGC. 1.56% LOCAL AGENCY INVESTMENT FUND (LAIF) NA NA NA DAILY LIQUIDITY Max $50 million NA 0.00% CASH/DEPOSIT ACCOUNT NA NA NA NA NA NA 11.37% 106 Description Maturity Date Coupon Par Value Book Value Market Price Market Value Unrealized Gain/Loss FIDELITY GOV 07/01/2019 2.300 102,000,000.00 102,000,000.00 100.000000 102,000,000.00 0.00 FEDERATED GOV 07/01/2019 2.283 1,000,000.00 1,000,000.00 100.000000 1,000,000.00 0.00 GOLDMAN SACHS GOV 07/01/2019 2.293 3,000,000.00 3,000,000.00 100.000000 3,000,000.00 0.00 WELLS FARGO GOV 07/01/2019 2.295 1,000,000.00 1,000,000.00 100.000000 1,000,000.00 0.00 2.300 107,000,000.00 107,000,000.00 100.000000 107,000,000.00 0.00 CALTRUST SHT TERM FUND 07/01/2019 2.656 4,015,944.14 4,023,976.03 100.200000 4,023,976.03 0.00 2.656 4,015,944.14 4,023,976.03 100.200000 4,023,976.03 0.00 BANK OF THE WEST 07/01/2019 2.546 300,000,000.00 300,000,000.00 100.000000 300,000,000.00 0.00 2.546 300,000,000.00 300,000,000.00 100.000000 300,000,000.00 0.00 UB MANAGED RATE 07/01/2019 2.431 138,000,000.00 138,000,000.00 100.000000 138,000,000.00 0.00 PACIFIC PREMIER BANK 07/01/2019 2.426 40,000,000.00 40,000,000.00 100.000000 40,000,000.00 0.00 FIRST REPUBLIC BANK 07/01/2019 2.543 300,000,000.00 300,000,000.00 100.000000 300,000,000.00 0.00 UB EXCEPTION RATE 07/01/2019 2.488 0.00 0.00 .000000 0.00 0.00 2.501 478,000,000.00 478,000,000.00 100.000000 478,000,000.00 0.00 US DIST COURTHOUSE 06/15/2020 2.845 80,000.00 80,000.00 100.000000 80,000.00 0.00 2.845 80,000.00 80,000.00 100.000000 80,000.00 0.00 U.S. TREASURY BILL 08/29/2019 2.458 40,000,000.00 39,503,038.80 99.656000 39,862,400.00 359,361.20 2.458 40,000,000.00 39,503,038.80 99.656000 39,862,400.00 359,361.20 U.S. TREASURY BOND 07/31/2019 1.375 25,000,000.00 24,975,585.94 99.927000 24,981,750.00 6,164.06 U.S. TREASURY BOND 07/31/2019 1.375 25,000,000.00 24,980,468.75 99.927000 24,981,750.00 1,281.25 U.S. TREASURY BOND 07/31/2019 1.375 25,000,000.00 24,811,523.44 99.927000 24,981,750.00 170,226.56 U.S. TREASURY BOND 07/31/2019 .875 25,000,000.00 24,736,328.13 99.886000 24,971,500.00 235,171.87 U.S. TREASURY BOND 11/15/2019 1.000 75,000,000.00 73,939,453.13 99.578000 74,683,500.00 744,046.87 U.S. TREASURY BOND 10/31/2019 1.250 50,000,000.00 49,449,218.75 99.703000 49,851,500.00 402,281.25 U.S. TREASURY BOND 08/31/2019 1.000 50,000,000.00 49,480,468.75 99.787000 49,893,500.00 413,031.25 U.S. TREASURY BOND 10/31/2019 1.500 50,000,000.00 49,611,328.13 99.793000 49,896,500.00 285,171.87 U.S. TREASURY BOND 11/30/2019 1.000 40,000,000.00 39,528,125.00 99.535000 39,814,000.00 285,875.00 U.S. TREASURY BOND 10/15/2019 1.000 45,000,000.00 44,569,335.94 99.680000 44,856,000.00 286,664.06 U.S. TREASURY BOND 11/15/2019 1.000 40,000,000.00 39,565,625.00 99.578000 39,831,200.00 265,575.00 U.S. TREASURY BOND 11/15/2019 1.000 35,000,000.00 34,652,734.38 99.578000 34,852,300.00 199,565.62 U.S. TREASURY BOND 01/31/2020 1.375 50,000,000.00 49,539,062.50 99.594000 49,797,000.00 257,937.50 U.S. TREASURY BOND 03/15/2020 1.625 15,000,000.00 14,889,257.81 99.707000 14,956,050.00 66,792.19 1.165 550,000,000.00 544,728,515.65 99.699691 548,348,300.00 3,619,784.35 FHLMC 1YrNc9MoE 04/08/2020 2.460 25,000,000.00 24,996,250.00 100.146000 25,036,500.00 40,250.00 FHLMC 5YrNc3MoE 06/17/2024 2.300 25,000,000.00 25,000,000.00 99.779000 24,944,750.00 -55,250.00 2.380 50,000,000.00 49,996,250.00 99.962500 49,981,250.00 -15,000.00 FHLMC 3.5YrNc6MoE 10/11/2019 1.500 15,000,000.00 15,000,000.00 99.794000 14,969,100.00 -30,900.00 FHLMC 3YrNc3MoB 07/26/2019 1.250 10,000,000.00 10,000,000.00 99.931000 9,993,100.00 -6,900.00 FHLMC 3.5YrNc1YrE 02/25/2020 1.250 10,000,000.00 10,000,000.00 99.469000 9,946,900.00 -53,100.00 FHLMC 3.5YrNc1YrE 05/08/2020 1.200 15,000,000.00 15,000,000.00 99.398000 14,909,700.00 -90,300.00 FHLMC 4YrNc6MoE 11/25/2020 1.370 25,000,000.00 25,000,000.00 99.282000 24,820,500.00 -179,500.00 FHLMC 4YrNc1YrE 11/30/2020 1.440 10,000,000.00 10,000,000.00 99.372000 9,937,200.00 -62,800.00 FHLMC 2.25YrNc6MoB 09/27/2019 1.500 6,250,000.00 6,248,750.00 99.841000 6,240,062.50 -8,687.50 FHLMC 2YrNc3MoB 07/26/2019 1.600 5,000,000.00 5,000,000.00 99.960000 4,998,000.00 -2,000.00 FHLMC 3YrNc3MoB 09/29/2020 1.800 15,000,000.00 15,000,000.00 99.789000 14,968,350.00 -31,650.00 FHLMC 2.75Yr 01/17/2020 1.500 25,000,000.00 24,942,750.00 99.646000 24,911,500.00 -31,250.00 FHLMC 2.75YrNc2MoB 06/29/2020 1.750 20,000,000.00 19,983,860.00 99.679000 19,935,800.00 -48,060.00 FHLMC 2YrNc5MoB 09/27/2019 1.500 20,000,000.00 19,953,600.00 99.849000 19,969,800.00 16,200.00 FHLMC 2YrNc6MoB 09/27/2019 1.500 25,000,000.00 24,942,500.00 99.849000 24,962,250.00 19,750.00 FHLMC 2.5YrNc3MoB 08/10/2020 1.450 10,000,000.00 9,769,000.00 99.413000 9,941,300.00 172,300.00 FHLMC 4.5YrNc7MoB 11/14/2022 2.300 12,628,000.00 12,381,754.00 100.039000 12,632,924.92 251,170.92 FHLMC 5YrNc3YrE 05/26/2023 3.000 15,000,000.00 15,000,000.00 101.668000 15,250,200.00 250,200.00 FHLMC 5YrNc2YrE 06/29/2023 3.100 5,000,000.00 5,000,000.00 101.081000 5,054,050.00 54,050.00 FHLMC 3YrNc1YrE 10/29/2021 3.100 5,000,000.00 5,000,000.00 100.385000 5,019,250.00 19,250.00 FHLMC 3YrNc1YrE 11/15/2021 3.150 10,000,000.00 10,000,000.00 100.443000 10,044,300.00 44,300.00 FHLMC 3YrNc1YrE 11/15/2021 3.150 5,000,000.00 5,000,000.00 100.443000 5,022,150.00 22,150.00 FHLMC 3YrNc1YrE 11/15/2021 3.150 5,000,000.00 5,000,000.00 100.443000 5,022,150.00 22,150.00 FHLMC 3YrNc1YrE 11/26/2021 3.150 25,000,000.00 25,000,000.00 100.490000 25,122,500.00 122,500.00 FHLMC 3YrNc1YrE 11/26/2021 3.160 10,000,000.00 10,000,000.00 100.503000 10,050,300.00 50,300.00 FHLMC 1.6YrNc1Yr 07/13/2020 1.850 15,000,000.00 14,758,950.00 99.745000 14,961,750.00 202,800.00 FHLMC 3.75YrNc6MoB 12/27/2022 2.850 10,000,000.00 10,000,000.00 100.135000 10,013,500.00 13,500.00 FHLMC 1.08YrNc3MoB 05/01/2020 2.550 25,000,000.00 25,000,000.00 100.002000 25,000,500.00 500.00 FHLMC 3YrNc3MoB 04/12/2022 2.750 25,000,000.00 25,000,000.00 100.014000 25,003,500.00 3,500.00 FHLMC 3.5YrNc6MoQ 10/17/2022 2.625 25,000,000.00 25,000,000.00 100.171000 25,042,750.00 42,750.00 FHLMC 5YrNc6MoE 04/22/2024 2.570 15,000,000.00 15,000,000.00 100.131000 15,019,650.00 19,650.00 FHLMC 2.75YrNc9MoE 01/24/2022 2.500 5,000,000.00 5,000,000.00 100.291000 5,014,550.00 14,550.00 FHLMC 5YrNc1YrE 04/24/2024 2.625 15,000,000.00 15,000,000.00 100.417000 15,062,550.00 62,550.00 FHLMC 5YrNc1YrE 04/24/2024 2.610 15,000,000.00 15,000,000.00 100.393000 15,058,950.00 58,950.00 FHLMC 5YrNc1YrE 04/24/2024 2.610 15,000,000.00 15,000,000.00 100.393000 15,058,950.00 58,950.00 FHLMC 5YrNc2YrB 05/03/2024 2.600 10,000,000.00 10,000,000.00 101.036000 10,103,600.00 103,600.00 FHLMC 1YrNc3MoB 05/29/2020 2.530 15,000,000.00 15,000,000.00 100.034000 15,005,100.00 5,100.00 FHLMC 3YrNc3MoB 05/09/2022 2.750 15,000,000.00 15,000,000.00 100.016000 15,002,400.00 2,400.00 FHLMC 3YrNc1YrE 06/10/2022 2.400 5,000,000.00 5,000,000.00 100.297000 5,014,850.00 14,850.00 FHLMC 5YrNc6MoE 06/20/2024 2.250 15,000,000.00 15,000,000.00 99.858000 14,978,700.00 -21,300.00 2.204 528,878,000.00 527,981,164.00 100.034921 529,062,687.42 1,081,523.42 FHLMC 5YrNc6MoB 10/29/2020 2.000 15,000,000.00 15,000,000.00 99.953000 14,992,950.00 -7,050.00 FHLMC 5YrNc6MoB 02/26/2021 1.500 10,000,000.00 10,000,000.00 99.884000 9,988,400.00 -11,600.00 FHLMC 5YrNc6MoB 02/26/2021 1.500 10,000,000.00 10,000,000.00 99.930000 9,993,000.00 -7,000.00 FHLMC 5YrNc3MoB 06/09/2021 1.750 15,000,000.00 15,000,000.00 99.628000 14,944,200.00 -55,800.00 FHLMC 5YrNc3MoB 05/25/2021 1.625 20,000,000.00 20,000,000.00 99.660000 19,932,000.00 -68,000.00 FHLMC 5YrNc3MoB 06/16/2021 2.000 15,000,000.00 14,997,000.00 100.014000 15,002,100.00 5,100.00 FHLMC 5YrNc3MoB 06/30/2021 1.625 15,000,000.00 15,000,000.00 99.684000 14,952,600.00 -47,400.00 FHLMC 5YrNc6MoB 06/30/2021 1.700 15,000,000.00 15,000,000.00 99.869000 14,980,350.00 -19,650.00 FHLMC 5YrNc3MoB 06/30/2021 2.000 10,000,000.00 10,000,000.00 99.829000 9,982,900.00 -17,100.00 FHLMC 5YrNc6MoB 07/13/2021 1.750 15,000,000.00 15,000,000.00 99.999000 14,999,850.00 -150.00 FHLMC 4YrNc6MoB 07/27/2020 1.500 15,000,000.00 15,000,000.00 99.673000 14,950,950.00 -49,050.00 3134GTUA9 3134G8TG4 1465: FHLMC-STEP%-S30/360 3134G7S77 3134GSA96 3134GSA96 3137EAEE5 3134GBX80 LAO 1300: U.S. TREASURY BILL 912796SF7 1310: U.S. TREASURY BOND 1420: FHLMC-Fxd-Q 30/360 912828T59 912828U32 912828U32 1065: CLTR-A/365-6 CLTR 1080: MGD RATE-A/365-6 CASH 1170: MGD RATE-A/360 CASH CASH 3134GSD44 3134GTTX1 3134GBXV9 3134GSC45 3134GTHV8 3134G8KU2 9128282K5 912828TH3 912828TN0 3134GTEB5 CASH 3134GABZ6 3134GSMF9 3134GSB53 3134GTFF5 1.500 1.058 1.0773134G9S40 2.000 1.958 2.003 3134G9XA0 1.750 1.988 2.038 3134G9UX3 1.625 1.962 2.003 3134G9VA2 1.700 1.964 2.003 3134G9UM7 1.625 1.865 1.904 2.010 1.919 1.964 1.500 1.625 1.663 3134G9JX6 1.750 1.901 1.945 3134G8L31 2.000 1.309 1.334 1.500 1.625 1.663 2.280 2.038 2.152 2.400 2.823 2.948 2.250 4.677 4.978 4.822 2.530 .896 .915 2.750 2.721 2.860 2.460 2.573 2.610 4.478 4.822 2.600 4.504 4.847 2.610 4.478 2.625 4.476 4.822 2.750 2.647 2.786 2.570 4.478 4.816 2.500 2.625 3.123 3.301 2.850 3.320 3.496 2.550 .819 .838 3.160 2.293 2.411 2.870 1.008 1.038 3.150 2.263 2.381 3.150 2.293 2.411 3.150 2.263 2.381 3.150 2.263 2.381 3.100 3.732 4.000 3.100 2.221 2.334 2.755 3.210 3.378 3.000 3.650 3.907 1.621 .242 .244 2.421 1.087 1.115 1.780 .984 1.000 1.800 1.223 1.620 .242 .244 1.600 .071 .071 1.252 1.602 .539 .551 1.440 1.396 1.422 1.509 .242 .244 1.200 .847 .858 1.370 1.383 1.408 1.250 .071 .071 1.250 .646 .658 1.500 .280 .282 2.300 4.675 4.970 2.388 2.713 2.869 2.475 .758 .775 2.449 .696 .710 2.458 .317 .322 2.524 .373 .378 2.462 .573 .589 2.529 .289 .293 2.534 .373 .378 .333 .337 2.541 .414 .419 912828F62 912828UB4 2.557 .373 .378 2.606 .332 .337 2.603 .168 .170 2.628 .084 .085 2.608 .084 .085 2.601 .084 .085 1.418 .160 .164 1.428 .084 .085 2.488 .450 .962 2.488 .160 .164 2.845 2.488 .000 2.845 .450 .962 .003 .003 .003 2.501 .003 .003 2.543 2.431 .003 .003 2.426 .003 .003 2.546 .003 .003 2.546 .003 .003 .003 .0032.644 2.300 .003 .003 2.644 .003 .003 FGTXX 2.293 .003 .003 GOFXX 2.295 .003 .003WFFXX FRGXX 2.300 .003 .003 2.283 .003 .003 1060: MMKT ACCTS-A/365-6 Yield To Mat Modified Duration Years To Maturity CUSIP 3134GBTX0 912828UL2 3134GBYS5 912828U32 Month End Portfolio Holdings Fund: 1 POOL FUND 912828W63 3134GSA96 3134GBG30 3134GBG30 3134GTDQ3 3134GTED1 3134GTCP6 3134GTGX5 3134GTKG7 3134GTLZ4 CASH 3134G9JW8 9128282K5 9128282K5 3134GTLU5 3134GTSF1 3134GSQL2 3134GS5Y7 3134GTGX5 3134G9NU7 1175: LAO-SINKING FND-A/360 1425: FHLMC-Fxd-S 30/360 3134G9Q75 3134GAVF8 3134GAXZ2 3134GBK35 3134GAYK4 3134GBWH1 912828TV2 3134G9W37 3134GTHH9 COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 9107 Description Maturity Date Coupon Par Value Book Value Market Price Market Value Unrealized Gain/Loss Yield To Mat Modified Duration Years To Maturity CUSIP Month End Portfolio Holdings FHLMC 5YrNc3MoB 08/10/2021 1.500 15,000,000.00 15,000,000.00 99.432000 14,914,800.00 -85,200.00 FHLMC 4YrNc6MoB 08/10/2020 1.500 15,000,000.00 15,000,000.00 99.630000 14,944,500.00 -55,500.00 FHLMC 5YrNc3MoB 08/10/2021 1.500 10,000,000.00 10,000,000.00 99.750000 9,975,000.00 -25,000.00 FHLMC 5YrNc3MoB 08/25/2021 1.500 15,000,000.00 15,000,000.00 99.655000 14,948,250.00 -51,750.00 FHLMC 5YrNc3MoB 08/25/2021 1.500 10,000,000.00 10,000,000.00 99.581000 9,958,100.00 -41,900.00 FHLMC 5YrNc3MoB 08/25/2021 1.375 15,000,000.00 15,000,000.00 99.523000 14,928,450.00 -71,550.00 FHLMC 4.25YrNc3MoB 12/08/2020 1.500 20,000,000.00 20,000,000.00 99.605000 19,921,000.00 -79,000.00 FHLMC 5YrNc6MoB 08/24/2021 1.500 20,000,000.00 20,000,000.00 99.932000 19,986,400.00 -13,600.00 FHLMC 5YrNc3MoB 09/13/2021 1.500 16,500,000.00 16,500,000.00 99.631000 16,439,115.00 -60,885.00 FHLMC 5YrNc3MoB 09/30/2021 1.500 20,000,000.00 20,000,000.00 99.555000 19,911,000.00 -89,000.00 FHLMC 5YrNc6MoB 09/30/2021 1.450 15,000,000.00 15,000,000.00 99.722000 14,958,300.00 -41,700.00 FHLMC 5YrNc6MoB 09/30/2021 1.500 15,000,000.00 15,000,000.00 99.765000 14,964,750.00 -35,250.00 FHLMC 5YrNc3MoB 10/25/2021 1.500 10,000,000.00 10,000,000.00 99.587000 9,958,700.00 -41,300.00 FHLMC 5YrNc3MoB 10/25/2021 1.500 6,705,000.00 6,705,000.00 99.587000 6,677,308.35 -27,691.65 FHLMC 5YrNc3MoB 10/27/2020 1.500 10,000,000.00 10,000,000.00 99.811000 9,981,100.00 -18,900.00 FHLMC 5YrNc6MoB 10/27/2021 1.400 15,000,000.00 15,000,000.00 99.434000 14,915,100.00 -84,900.00 FHLMC 5YrNc6MoB 10/27/2021 1.400 15,000,000.00 15,000,000.00 99.434000 14,915,100.00 -84,900.00 FHLMC 5YrNc6MoB 10/28/2021 1.500 10,000,000.00 10,000,000.00 99.955000 9,995,500.00 -4,500.00 FHLMC 5YrNc3MoB 10/27/2021 1.500 15,000,000.00 15,000,000.00 99.505000 14,925,750.00 -74,250.00 FHLMC 5YrNc3MoB 10/27/2021 1.500 15,000,000.00 15,000,000.00 99.505000 14,925,750.00 -74,250.00 FHLMC 5YrNc3MoB 10/27/2021 1.500 10,000,000.00 10,000,000.00 99.730000 9,973,000.00 -27,000.00 FHLMC 5YrNc3MoB 11/10/2021 1.550 17,000,000.00 17,000,000.00 99.434000 16,903,780.00 -96,220.00 FHLMC 5YrNc3MoB 10/27/2021 1.500 14,000,000.00 14,000,000.00 99.730000 13,962,200.00 -37,800.00 FHLMC 5YrNc3MoB 11/30/2021 1.500 4,500,000.00 4,500,000.00 99.125000 4,460,625.00 -39,375.00 FHLMC 5YrNc3MoB 11/26/2021 1.550 20,000,000.00 20,000,000.00 99.401000 19,880,200.00 -119,800.00 FHLMC 5YrNc3MoB 12/09/2021 1.750 10,000,000.00 10,000,000.00 99.904000 9,990,400.00 -9,600.00 FHLMC 5YrNc3MoB 12/09/2021 1.650 20,000,000.00 20,000,000.00 99.997000 19,999,400.00 -600.00 FHLMC 5YrNc3MoB 12/30/2021 1.900 10,000,000.00 10,000,000.00 99.953000 9,995,300.00 -4,700.00 FHLMC 5YrNc3MoB 12/30/2021 1.900 10,000,000.00 10,000,000.00 99.953000 9,995,300.00 -4,700.00 FHLMC 3.5Yr 10/29/2020 2.000 7,125,000.00 7,108,968.75 99.953000 7,121,651.25 12,682.50 FHLMC 3.5YrNc6MoB 10/27/2020 2.500 15,000,000.00 15,000,000.00 100.057000 15,008,550.00 8,550.00 FHLMC 3YrNc3MoB 04/27/2020 2.000 10,000,000.00 10,000,000.00 100.001000 10,000,100.00 100.00 FHLMC 3YrNc3MoB 04/27/2020 1.650 20,000,000.00 20,000,000.00 99.758000 19,951,600.00 -48,400.00 FHLMC 3YrNc3MoB 05/22/2020 2.000 10,000,000.00 10,000,000.00 99.972000 9,997,200.00 -2,800.00 FHLMC 3YrNc6MoB 05/22/2020 1.900 20,000,000.00 20,000,000.00 99.934000 19,986,800.00 -13,200.00 FHLMC 4YrNc6MoB 02/24/2021 1.875 15,000,000.00 15,000,000.00 100.019000 15,002,850.00 2,850.00 FHLMC 3YrNc6MoB 11/24/2020 1.875 15,000,000.00 15,000,000.00 99.979000 14,996,850.00 -3,150.00 FHLMC 5YrNc3MoB 06/29/2022 2.050 20,000,000.00 20,000,000.00 100.047000 20,009,400.00 9,400.00 FHLMC 5YrNc6MoB 06/22/2022 2.000 15,000,000.00 15,000,000.00 100.009000 15,001,350.00 1,350.00 FHLMC 5YrNc3MoB 07/05/2022 2.000 20,000,000.00 20,000,000.00 100.002000 20,000,400.00 400.00 FHLMC 3.5YrNc3MoB 01/20/2021 1.750 10,000,000.00 10,000,000.00 99.998000 9,999,800.00 -200.00 FHLMC 5YrNc3MoB 07/27/2022 2.050 20,000,000.00 20,000,000.00 100.007000 20,001,400.00 1,400.00 FHLMC 5YrNc3MoB 07/27/2022 2.100 20,000,000.00 20,000,000.00 100.018000 20,003,600.00 3,600.00 FHLMC 5YrNc3MoB 08/08/2023 1.500 5,000,000.00 4,790,170.00 99.341000 4,967,050.00 176,880.00 FHLMC 5YrNc2MoB 07/27/2022 2.250 3,000,000.00 2,946,600.00 100.014000 3,000,420.00 53,820.00 FHLMC3YrNc2MoB 06/15/2022 2.250 10,000,000.00 9,799,500.00 99.858000 9,985,800.00 186,300.00 1.702 788,830,000.00 788,347,238.75 99.775401 787,058,299.60 -1,288,939.15 FNMA 3.5YrNc6MoB 12/16/2019 1.500 5,000,000.00 5,000,000.00 99.744000 4,987,200.00 -12,800.00 FNMA 4YrNc6MoE 07/13/2020 1.350 10,000,000.00 10,000,000.00 99.378000 9,937,800.00 -62,200.00 FNMA 3.25YrNc6MoB 09/30/2019 1.250 7,500,000.00 7,500,000.00 99.800000 7,485,000.00 -15,000.00 FNMA 3YrNc6MoE 07/26/2019 1.000 10,000,000.00 10,000,000.00 99.913000 9,991,300.00 -8,700.00 FNMA 3YrNc6MoE 07/26/2019 1.000 10,000,000.00 10,000,000.00 99.913000 9,991,300.00 -8,700.00 FNMA 3YrNc1YrE 07/26/2019 1.050 15,000,000.00 15,000,000.00 99.914000 14,987,100.00 -12,900.00 FNMA 3.5YrNc1YrE 07/26/2019 1.125 25,000,000.00 25,000,000.00 99.915000 24,978,750.00 -21,250.00 FNMA 3Yr 10/24/2019 1.000 10,000,000.00 9,973,200.00 99.631000 9,963,100.00 -10,100.00 FNMA 3YrNc6MoB 11/25/2019 1.400 10,000,000.00 10,000,000.00 99.694000 9,969,400.00 -30,600.00 FNMA 3Yr 07/30/2020 1.500 10,000,000.00 9,969,700.00 99.501000 9,950,100.00 -19,600.00 FNMA 2Yr 08/28/2019 1.500 10,000,000.00 10,019,600.00 99.881000 9,988,100.00 -31,500.00 FNMA 2.16Yr2MoB 01/27/2020 1.650 5,000,000.00 4,983,850.00 99.711000 4,985,550.00 1,700.00 FNMA 2Yr 01/21/2020 1.625 15,000,000.00 14,910,900.00 99.741000 14,961,150.00 50,250.00 FNMA 2.25Yr 03/06/2020 1.750 11,082,000.00 11,042,326.44 99.779000 11,057,508.78 15,182.34 FNMA 4.83Yr 10/05/2022 2.000 15,000,000.00 14,782,200.00 100.700000 15,105,000.00 322,800.00 FNMA 5Yr 01/19/2023 2.375 10,000,000.00 9,944,100.00 101.966000 10,196,600.00 252,500.00 FNMA 8Mo 08/28/2019 1.000 28,799,000.00 28,472,995.32 99.810000 28,744,281.90 271,286.58 FNMA 3YrNc6MoB 04/29/2022 2.650 30,000,000.00 29,992,500.00 100.163000 30,048,900.00 56,400.00 FNMA 4.41Yr 09/12/2023 2.875 30,000,000.00 30,670,500.00 104.149000 31,244,700.00 574,200.00 1.678 267,381,000.00 267,261,871.76 100.445746 268,572,840.68 1,310,968.92 FNMA 4.25YrNc6MoB 09/09/2020 1.750 15,000,000.00 15,000,000.00 99.538000 14,930,700.00 -69,300.00 1.750 15,000,000.00 15,000,000.00 99.538000 14,930,700.00 -69,300.00 FNMA 4YrNc6MoB 03/09/2020 2.000 15,000,000.00 15,000,000.00 99.987000 14,998,050.00 -1,950.00 FNMA 5YrNc6MoB 03/30/2021 2.000 15,000,000.00 15,000,000.00 99.700000 14,955,000.00 -45,000.00 FNMA 5YrNc6MoB 06/09/2021 1.625 15,000,000.00 15,000,000.00 99.814000 14,972,100.00 -27,900.00 FNMA 4YrNc6MoB 06/30/2020 1.750 20,000,000.00 20,000,000.00 99.856000 19,971,200.00 -28,800.00 FNMA 5YrNc6MoB 07/27/2021 1.400 15,000,000.00 15,000,000.00 99.359000 14,903,850.00 -96,150.00 FNMA 5YrNc6MoB 07/27/2021 1.375 20,000,000.00 20,000,000.00 99.551000 19,910,200.00 -89,800.00 FNMA 4YrNc6MoB 11/24/2020 1.375 15,000,000.00 15,000,000.00 99.597000 14,939,550.00 -60,450.00 1.639 115,000,000.00 115,000,000.00 99.695609 114,649,950.00 -350,050.00 FHLB DISC NTE 07/26/2019 2.530 25,000,000.00 24,615,229.17 99.847000 24,961,750.00 346,520.83 FHLB 2YrNc3MoB 08/28/2019 1.550 5,000,000.00 5,000,000.00 99.883000 4,994,150.00 -5,850.00 FHLB 2.5Yr 05/29/2020 1.613 10,000,000.00 9,950,500.00 99.610000 9,961,000.00 10,500.00 FHLB 2.58YrNc1MoB 06/29/2020 1.650 5,350,000.00 5,321,270.50 99.797000 5,339,139.50 17,869.00 FHLB 4.5 Yr 06/10/2022 2.125 7,975,000.00 7,955,620.75 100.870000 8,044,382.50 88,761.75 FHLB 3Yr 01/25/2021 2.200 15,000,000.00 14,994,900.00 100.462000 15,069,300.00 74,400.00 FHLB 3Yr 03/12/2021 2.375 10,000,000.00 9,968,000.00 100.766000 10,076,600.00 108,600.00 FHLB 3Yr 03/12/2021 2.375 10,000,000.00 9,966,500.00 100.766000 10,076,600.00 110,100.00 FHLB 4.08Yr 03/11/2022 2.500 10,000,000.00 9,954,700.00 101.817000 10,181,700.00 227,000.00 FHLB 2.83YrNc1.33YrE 01/29/2021 2.250 20,000,000.00 19,833,600.00 100.018000 20,003,600.00 170,000.00 FHLB 2.75YrNc1.25YrE 01/29/2021 2.250 10,000,000.00 9,928,600.00 100.018000 10,001,800.00 73,200.00 FHLB 4.9Yr 03/10/2023 2.125 11,750,000.00 11,432,397.50 101.149000 11,885,007.50 452,610.00 FHLB 3Yr 05/07/2021 2.700 7,650,000.00 7,644,492.00 101.591000 7,771,711.50 127,219.50 FHLB 3Yr 05/07/2021 2.700 10,000,000.00 9,999,100.00 101.591000 10,159,100.00 160,000.00 FHLB 4.17Yr 09/29/2022 1.650 15,730,000.00 14,940,354.00 99.519000 15,654,338.70 713,984.70 FHLB 4.9YrNc1Mo 07/28/2023 1.800 3,700,000.00 3,504,196.00 99.629000 3,686,273.00 182,077.00 1560: FNMA-STEP%-Q 30/360 3136G3DV4 3136G3PB5 1700: FHLB-DISC NOTE 3136G3SY2 3135G0T94 3135G0V42 3135G0U43 3134GAQV9 3134GBYN6 3134G92T3 3135G0T78 3134GBKC5 3134GBMP4 3135G0P49 3134GBTE2 1525: FNMA-Fxd-S 30/360 3136G3WC5 3134GAUA0 3136G0YK1 3135G0S46 3135G0UU5 3134GAQV9 3134GBGB2 3134GBHN5 3134GBSE3 3136G3BX2 313382AX1 3130ADG48 2.965 3.858 4.079 1.855 2.929 3.115 3.252 2.703 1.789 3.696 2.725 1.789 1.855 2.716 3.501 1.586 2.513 1.528 1.586 2.553 1.528 2.484 1.645 1.701 1.701 2.619 2.572 2.699 2.489 1.645 2.182 2.836 2.948 2.212 1.520 1.575 1.813 .902 .915 1.861 .984 1.000 1.550 .160 .162 1.640 1.530 1.562 2.570 .069 .071 1.400 2.030 2.077 1.375 2.030 2.077 1.197 1.375 1.382 1.405 1.750 .988 1.003 2.000 2.000 1.712 1.751 .693.682 .162 2.659 2.698 2.833 1.625 1.903 1.945 1.750 1.851 1.178 1.197 2.333 3.912 4.205 1.287 1.356 1.750 1.178 1.604 1.064 1.085 1.800 .566 1.913 .673 2.655 .159 .162 3.125 3.268 2.495 3.350 3.559 .685 2.322 1.911 .549 .562 1.091 .316 .318 .578 1.400 .160 1.400 .402 .405 1.050 .071 .071 1.125 .071 .071 1.000 .071 .071 1.000 .071 .071 1.350 1.019 1.038 1.250 .250 .252 1.500 .459 .463 1.720 2.019 2.076 2.732 2.919 3.077 2.953 2.940 3.077 2.100 2.937 3.077 2.846 2.962 3.924 4.1102.399 3.016 2.050 2.893 1.750 1.520 1.562 2.050 1.875 1.375 1.405 3.000 2.000 2.876 2.981 2.000 2.883 1.900 .882 .896 1.875 1.610 1.658 .813 .827 1.650 .815 .827 2.000 .882 .896 2.000 2.153 1.308 1.334 2.500 1.298 1.329 1.900 2.430 2.504 1.900 2.430 2.504 1.750 2.384 2.447 1.650 2.381 2.447 1.500 2.362 2.422 1.550 2.349 2.411 1.550 2.305 2.367 3134GATA2 1.500 2.273 2.329 3134GATB0 1.500 2.271 2.329 3134GASF2 3134GASF2 1.500 2.273 2.3293134GATA2 1.500 2.280 2.332 1.500 2.271 2.329 1.400 2.275 2.329 1.400 2.275 2.329 1.500 2.268 2.323 3134GAPA6 1.500 1.306 1.329 3134GAPM0 1.500 2.200 2.255 3134GAPM0 1.500 2.268 2.323 3134GANB6 1.500 2.197 2.2553134GAET7 3134GAKY9 1.450 2.198 2.255 1.500 2.103 2.153 3134GADP6 1.500 2.150 2.208 3134GAEG5 1.375 2.104 2.156 3134GAEB6 1.500 1.419 1.444 3134G96A0 1.500 2.100 2.156 3134G95W3 1.500 2.100 2.156 3134G9U47 1.500 1.094 1.115 3134G9T23 1.500 2.065 2.115 3134G9S57 3134G9R66 1.500 2.065 2.115 3136G3ZW8 3130AC3J1 3134GAYR9 3130ABY34 3134GBSD5 3134GBRW4 3136G3RL1 3134GBPJ5 3134G7S77 3134GBYK2 3134GARL0 3134GAYF5 3134GAYG3 3134GBTD4 3134GAA87 3134GAA87 3130A9M40 3130ADFW7 3130A0XD7 3134GBZQ8 3130A0XD7 313379Q69 3134GBWD0 3134GBWS7 3135G0M26 3135G0M26 3135G0R39 3136G3TG0 3136G3XT7 3136G3Y74 313384JQ3 3130ADG48 3130ACBD5 3130A8R54 3136G3A62 3136G3P25 1565: FNMA-STEP%-S 30/360 3136G4GU1 3135G0T60 3135G0A78 3136G3SG1 3130AE6U9 3130AE6U9 313378WG2 COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 10108 Description Maturity Date Coupon Par Value Book Value Market Price Market Value Unrealized Gain/Loss Yield To Mat Modified Duration Years To Maturity CUSIP Month End Portfolio Holdings FHLB 11MoB 09/26/2019 1.000 20,180,000.00 19,877,300.00 99.710000 20,121,478.00 244,178.00 FHLB 3YrNc1YrE 11/26/2021 3.125 10,000,000.00 9,992,900.00 100.402000 10,040,200.00 47,300.00 FHLB 4.5Yr 06/09/2023 2.050 10,000,000.00 9,540,100.00 100.001000 10,000,100.00 460,000.00 FHLB 1.75YrNc6MoB 12/11/2020 2.600 21,135,000.00 21,135,000.00 100.090000 21,154,021.50 19,021.50 FHLB 2YrNc6MoB 03/26/2021 2.650 10,000,000.00 10,000,000.00 100.145000 10,014,500.00 14,500.00 FHLB 1YrNc3MoB 04/03/2020 2.550 10,000,000.00 10,000,000.00 100.001000 10,000,100.00 100.00 FHLB 1YrNc3MoB 04/03/2020 2.550 10,000,000.00 10,000,000.00 100.001000 10,000,100.00 100.00 FHLB 1YrNc3MoB 04/03/2020 2.550 25,000,000.00 25,000,000.00 100.001000 25,000,250.00 250.00 FHLB 1YrNc3MoB 04/03/2020 2.550 10,000,000.00 10,000,000.00 100.001000 10,000,100.00 100.00 FHLB 1YrNc3MoB 04/03/2020 2.550 10,000,000.00 10,000,000.00 100.001000 10,000,100.00 100.00 FHLB 1YrNc3MoB 04/03/2020 2.550 10,000,000.00 10,000,000.00 100.001000 10,000,100.00 100.00 FHLB 1YrNc3MoB 04/03/2020 2.550 10,000,000.00 10,000,000.00 100.001000 10,000,100.00 100.00 FHLB 1YrNc3MoB 04/03/2020 2.550 10,000,000.00 10,000,000.00 100.001000 10,000,100.00 100.00 FHLB 11Mo 03/30/2020 2.375 47,210,000.00 47,186,395.00 100.290000 47,346,909.00 160,514.00 FHLB 2.91Yr 03/11/2022 2.500 30,000,000.00 30,158,100.00 101.817000 30,545,100.00 387,000.00 FHLB 2.5YrNc3MoB 11/09/2021 2.625 10,000,000.00 9,998,500.00 100.029000 10,002,900.00 4,400.00 FHLB 4Mo 09/23/2019 2.450 29,450,000.00 29,448,880.90 100.042000 29,462,369.00 13,488.10 FHLB 1YrNc3MoB 05/28/2020 2.510 15,000,000.00 15,000,000.00 100.078000 15,011,700.00 11,700.00 2.198 520,130,000.00 517,737,356.65 100.250434 521,432,580.20 3,695,223.55 FHLB 5YrNc3MoB 09/30/2021 1.750 15,000,000.00 15,000,000.00 99.912000 14,986,800.00 -13,200.00 FHLB 5YrNc3MoB 09/30/2021 1.750 15,000,000.00 15,000,000.00 99.906000 14,985,900.00 -14,100.00 FHLB 5YrNc6MoB 12/09/2021 1.600 10,000,000.00 10,000,000.00 99.682000 9,968,200.00 -31,800.00 FHLB 5YrNc6MoB 12/09/2021 1.600 10,000,000.00 10,000,000.00 99.682000 9,968,200.00 -31,800.00 FHLB 5YrNc1YrB 12/08/2021 1.700 15,000,000.00 15,000,000.00 99.959000 14,993,850.00 -6,150.00 FHLB 5YrNc6MoB 07/26/2022 2.000 15,000,000.00 15,000,000.00 100.011000 15,001,650.00 1,650.00 FHLB 5YrNc6MoB 02/09/2022 1.850 20,000,000.00 20,000,000.00 100.015000 20,003,000.00 3,000.00 FHLB 5YrNc3MoB 08/24/2022 2.000 10,000,000.00 10,000,000.00 100.002000 10,000,200.00 200.00 FHLB 5YrNc3MoB 08/24/2022 2.000 15,000,000.00 15,000,000.00 100.003000 15,000,450.00 450.00 FHLB 5YrNc3MoB 05/24/2022 2.000 20,000,000.00 20,000,000.00 100.039000 20,007,800.00 7,800.00 FHLB 3.4YrNc2MoB 11/08/2021 1.500 10,000,000.00 9,690,500.00 99.693000 9,969,300.00 278,800.00 FHLB 4.16YrNc2MoB 11/25/2022 1.750 5,100,000.00 4,967,400.00 99.670000 5,083,170.00 115,770.00 1.817 160,100,000.00 159,657,900.00 99.917876 159,968,520.00 310,620.00 FHLB 4Yr 09/22/2020 2.554 10,000,000.00 10,000,000.00 100.155000 10,015,500.00 15,500.00 FHLB 4Yr 09/22/2020 2.554 15,000,000.00 15,000,000.00 100.155000 15,023,250.00 23,250.00 FHLB 4Yr 09/28/2020 2.552 10,000,000.00 10,000,000.00 100.148000 10,014,800.00 14,800.00 FHLB 4Yr 09/28/2020 2.552 15,000,000.00 15,000,000.00 100.148000 15,022,200.00 22,200.00 2.553 50,000,000.00 50,000,000.00 100.151500 50,075,750.00 75,750.00 FHLB 3Yr 07/01/2020 2.717 25,000,000.00 25,000,000.00 100.230000 25,057,500.00 57,500.00 2.717 25,000,000.00 25,000,000.00 100.230000 25,057,500.00 57,500.00 FFCB DISC NTE 09/30/2019 2.570 75,000,000.00 73,511,541.67 99.454000 74,590,500.00 1,078,958.33 FFCB DISC NTE 09/19/2019 2.570 25,000,000.00 24,525,263.89 99.520000 24,880,000.00 354,736.11 FFCB DISC NTE 08/28/2019 2.440 24,000,000.00 23,736,480.00 99.644000 23,914,560.00 178,080.00 2.545 124,000,000.00 121,773,285.56 99.504081 123,385,060.00 1,611,774.44 FFCB 4YrNc1YrA 04/27/2020 1.420 7,700,000.00 7,700,000.00 99.546000 7,665,042.00 -34,958.00 FFCB 4YrNc1YrA 08/24/2020 1.320 10,000,000.00 10,000,000.00 99.286000 9,928,600.00 -71,400.00 FFCB 4YrNc1YrA 09/21/2020 1.350 10,000,000.00 10,000,000.00 99.156000 9,915,600.00 -84,400.00 FFCB 4YrNc1YrA 10/13/2020 1.340 15,000,000.00 15,000,000.00 99.369000 14,905,350.00 -94,650.00 FFCB 4YrNc3MoA 11/02/2020 1.380 10,000,000.00 10,000,000.00 99.035000 9,903,500.00 -96,500.00 FFCB 4YrNc1YrA 12/07/2020 1.770 10,000,000.00 10,000,000.00 99.905000 9,990,500.00 -9,500.00 FFCB 3YrNc1YrE 02/27/2020 1.710 10,000,000.00 10,000,000.00 99.823000 9,982,300.00 -17,700.00 FFCB 2.5Yr 01/17/2020 1.520 10,000,000.00 10,000,000.00 99.746000 9,974,600.00 -25,400.00 FFCB 3Yr 08/10/2020 1.550 5,000,000.00 5,000,000.00 99.464000 4,973,200.00 -26,800.00 FFCB 2Yr 08/28/2019 1.400 5,000,000.00 5,000,000.00 99.889000 4,994,450.00 -5,550.00 FFCB 2Yr 08/28/2019 1.400 10,000,000.00 9,998,000.00 99.889000 9,988,900.00 -9,100.00 FFCB 3Yr 03/20/2020 1.450 20,000,000.00 19,970,400.00 99.621000 19,924,200.00 -46,200.00 FFCB 3Yr 10/26/2020 1.750 20,000,000.00 19,994,000.00 99.796000 19,959,200.00 -34,800.00 FFCB 2Yr 11/06/2019 1.600 25,000,000.00 24,967,247.50 99.838000 24,959,500.00 -7,747.50 FFCB 4Yr 01/12/2022 2.200 10,000,000.00 9,938,000.00 100.979000 10,097,900.00 159,900.00 FFCB 3Yr 03/01/2021 2.500 10,000,000.00 9,999,700.00 101.130000 10,113,000.00 113,300.00 FFCB 2.8Yr 02/12/2021 2.350 15,000,000.00 14,948,670.00 100.647000 15,097,050.00 148,380.00 FFCB 5Yr 04/11/2023 2.700 10,000,000.00 9,990,300.00 102.917000 10,291,700.00 301,400.00 FFCB 3Yr 05/10/2021 2.700 10,000,000.00 9,986,600.00 101.668000 10,166,800.00 180,200.00 FFCB 4.5Yr 04/11/2023 2.400 5,000,000.00 4,839,900.00 100.002000 5,000,100.00 160,200.00 FFCB 5Yr 10/02/2023 3.050 10,000,000.00 9,979,300.00 104.530000 10,453,000.00 473,700.00 FFCB4 4YrNc1YrA 11/01/2022 3.330 5,000,000.00 5,000,000.00 100.404000 5,020,200.00 20,200.00 FFCB 4.4YrA 04/03/2023 2.280 21,000,000.00 20,237,490.00 100.002000 21,000,420.00 762,930.00 FFCB 2.9Yr 11/15/2021 3.050 10,000,000.00 10,035,700.00 102.877000 10,287,700.00 252,000.00 FFCB 4.2YrNc1WKA 03/01/2023 2.200 10,000,000.00 9,660,530.00 100.002000 10,000,200.00 339,670.00 FFCB 3.8YrNc1WKA 10/05/2022 2.050 10,000,000.00 9,640,870.00 100.001000 10,000,100.00 359,230.00 FFCB 1.5Yr 06/24/2020 2.750 10,000,000.00 9,999,000.00 100.639000 10,063,900.00 64,900.00 FFCB 1Yr 02/27/2020 2.520 10,000,000.00 9,996,600.00 100.346000 10,034,600.00 38,000.00 FFCB 4.75YrA 12/26/2023 2.830 20,000,000.00 20,000,000.00 100.127000 20,025,400.00 25,400.00 FFCB 4.75YrNc6MoA 12/26/2023 2.830 32,880,000.00 32,909,592.00 100.127000 32,921,757.60 12,165.60 FFCB 4.75YrNc6MoA 12/26/2023 2.830 38,000,000.00 38,035,112.00 100.127000 38,048,260.00 13,148.00 FFCB 4.75YrNc6MoA 12/26/2023 2.830 19,750,000.00 19,763,825.00 100.127000 19,775,082.50 11,257.50 FFCB 3.6YrNc2MoA 02/22/2023 2.590 10,000,000.00 10,000,000.00 100.014000 10,001,400.00 1,400.00 FFCB 3.5YrNc3MoA 12/05/2022 2.570 5,000,000.00 5,000,000.00 100.022000 5,001,100.00 1,100.00 FFCB 5YrNc2YrA 06/21/2024 2.220 10,000,000.00 10,000,000.00 100.179000 10,017,900.00 17,900.00 2.220 449,330,000.00 447,590,836.50 100.256496 450,482,512.10 2,891,675.60 FFCB 5Yr 10/10/2019 2.482 15,000,000.00 15,000,000.00 100.022000 15,003,300.00 3,300.00 FFCB 5Yr 10/10/2019 2.482 25,000,000.00 25,000,000.00 100.022000 25,005,500.00 5,500.00 FFCB 5Yr 10/10/2019 2.482 10,000,000.00 9,997,560.00 100.022000 10,002,200.00 4,640.00 FFCB 4Yr 04/01/2020 2.675 25,000,000.00 25,000,000.00 100.173000 25,043,250.00 43,250.00 FFCB 4Yr 04/13/2020 2.656 50,000,000.00 50,000,000.00 100.177000 50,088,500.00 88,500.00 FFCB 5Yr 05/25/2021 2.674 10,000,000.00 10,000,000.00 100.328000 10,032,800.00 32,800.00 FFCB 5Yr 05/25/2021 2.674 10,000,000.00 10,000,000.00 100.328000 10,032,800.00 32,800.00 FFCB 3Yr 10/11/2019 2.592 15,000,000.00 15,000,000.00 100.058000 15,008,700.00 8,700.00 FFCB 3Yr 10/24/2019 2.584 15,000,000.00 15,000,000.00 100.051000 15,007,650.00 7,650.00 FFCB 3Yr 11/14/2019 2.571 15,000,000.00 15,000,000.00 100.067000 15,010,050.00 10,050.00 FFCB 3Yr 11/14/2019 2.571 15,000,000.00 15,000,000.00 100.067000 15,010,050.00 10,050.00 FFCB 3.9Yr 01/18/2022 2.622 15,000,000.00 15,139,095.00 100.126000 15,018,900.00 -120,195.00 3133EHRK1 3133EHZN6 3133EHJ95 3133EHWN9 1930: FFCB-Var-M A/360 3130AA5Y0 1767: FHLB-Var-M A/360 1770: FHLB-Var-Q A/360 3130AC6H2 3130AFCU9 313378WG2 3130AG7E9 3130A9FU0 3130A8NF6 1900: FFCB-DISC NOTE 3133EDXQ0 313312MJ6 3133EHFD0 3133EHUL5 3133EGXX8 3133EGC94 3133EHAJ2 3133EH6X6 3130AA2T4 3133EKRP3 3133EDXQ0 3133EGF67 3130AG7E9 3130AFZ67 3133EGVK8 3130A9TV3 3133EF5D5 313312KZ2 1925: FFCB-Fxd-S 30/360 3133EGSA4 3130A9FM8 3130A9FR7 3130A9FR7 2.482 3.2583133EKPA8 3130AFY50 3133EHP98 4.213 .782 1.886 .277 2.656 2.556 2.571 .371 .375 2.571 2.252 2.486 1.904 .371 .375 2.592 .280 .282 2.584 .316 .318 2.674 .789 2.674 1.886 1.904 2.555 .277 .279 2.675 .749 .756 .279 3.436 2.220 4.683 4.981 2.482 .277 .279 2.326 2.403 2.537 4.493 2.815 4.213 4.493 2.590 3.519 3.652 4.4932.810 2.555 .644 .663 2.757 .963 2.830 4.213 4.493 3.268 2.922 2.268 .986 3.050 3.110 3.166 3.545 3.762 2.381 3.060 3.464 3.160 3.559 3.784 3.671 3.095 3.933 4.260 3.330 3.117 3.342 2.721 3.551 3.784 2.747 1.797 1.863 .353 2.501 1.613 1.671 2.474 1.563 1.625 .160 .162 1.760 1.298 1.326 2.365 2.424 2.540 1.667 .350 1.511 .713 .723 1.520 .539 .551 1.400 .160 .162 1.410 1.770 1.411 1.550 1.091 1.115 1.441 1.710 .649 .663 1.340 1.268 1.290 1.380 1.320 1.345 1.320 1.133 1.153 1.350 1.207 1.230 1.420 .816 .827 2.467 .158 .162 2.592 .222 .229 2.622 .245 .252 2.620 .216 .222 .991 1.0052.717 1.241 2.717 .991 1.005 2.553 1.228 1.233 2.552 1.237 1.249 2.552 1.237 1.249 2.554 1.220 2.683 2.554 1.220 1.233 1.906 2.593 2.806 2.901 2.579 2.295 2.362 2.436 3.290 3.408 2.000 3.018 3.153 2.000 3.018 3.153 2.000 2.941 3.074 1.850 2.521 2.616 2.000 1.600 2.383 2.447 1.700 2.377 2.444 2.197 2.255 1.750 2.197 2.255 1.600 2.383 2.447 1.356 .230 .233 2.631 .751 2.308 2.577 2.699 2.510 .894 .912 2.364 .762 2.550 .743 .762 .743 2.550 .762 2.550 .743 .762 .743 .762 .762 2.550 .743 2.550 2.550 .743 .762 2.600 1.416 1.452 .762 2.650 1.678 1.740 2.550 2.294 2.411 3.147 3.740 3.945 3.150 2.687 .238 .241 2.810 4.213 2.570 2.550 .743 .743 2.456 2.265 2.429 .735 2.371 1.307 1.750 3130ABZW9 3130AA2T4 3130ADUJ9 3130AC4T8 3130A9DH1 3133EGZS7 3130ABVZ6 3130AG7E9 3130AG7E9 3133EHWN9 3130AG7E9 3133EFE86 3133EGR49 3133EJT74 3133EKBU9 3133EKDY9 3133EKDY9 3130AGE68 3130AGC52 3130A9EP2 3130AG7E9 3130A8CK7 3130AG7E9 3130AG7E9 3133EKDY9 3133EHB85 3133EG4C6 3133EGF67 3133EF2Z9 3133EGYA7 3130A9DA6 3133EJEM7 3133EJKN8 313312LX6 3133EKDY9 3133EKMK9 3133EJCE7 3133EGCE3 3130AA5A2 3130ABQV1 3130AGHC2 1765: FHLB-STEP%-S 30/360 3133EJNS4 3133EJD48 3133EJP52 3133EFX44 3133EJ3L1 3133EGCE3 3133EDXQ0 3133EFT56 COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 11109 Description Maturity Date Coupon Par Value Book Value Market Price Market Value Unrealized Gain/Loss Yield To Mat Modified Duration Years To Maturity CUSIP Month End Portfolio Holdings FFCB 5Yr 02/21/2023 2.453 15,000,000.00 15,000,000.00 99.369000 14,905,350.00 -94,650.00 FFCB 3.5Yr 10/04/2021 2.456 15,000,000.00 15,000,000.00 100.000000 15,000,000.00 0.00 2.580 250,000,000.00 250,136,655.00 100.067620 250,169,050.00 32,395.00 FAMCA 2Yr 08/20/2019 1.440 5,000,000.00 4,999,800.00 99.889000 4,994,450.00 -5,350.00 FAMCA 2Yr 09/26/2019 1.420 10,000,000.00 10,000,000.00 99.839000 9,983,900.00 -16,100.00 FAMCA 2.08Yr 02/03/2020 1.970 15,000,000.00 15,000,000.00 99.765000 14,964,750.00 -35,250.00 FAMCA 1.58Yr 01/02/2020 2.530 20,000,000.00 20,000,000.00 100.070000 20,014,000.00 14,000.00 FAMCA 4.9Yr 06/30/2023 2.850 10,000,000.00 9,947,900.00 103.339000 10,333,900.00 386,000.00 FAMCA 2.91Yr 07/23/2021 2.840 10,000,000.00 9,993,300.00 101.437000 10,143,700.00 150,400.00 FAMCA 1.16Yr 03/16/2020 2.640 15,000,000.00 15,000,000.00 100.200000 15,030,000.00 30,000.00 FAMCA 1.08Yr 05/29/2020 2.430 25,000,000.00 25,000,000.00 100.104000 25,026,000.00 26,000.00 2.353 110,000,000.00 109,941,000.00 100.446091 110,490,700.00 549,700.00 FAMCA 2.5 Yr 06/02/2020 2.580 25,000,000.00 25,063,500.00 100.149000 25,037,250.00 -26,250.00 FAMCA 3Yr 04/23/2021 2.454 25,000,000.00 25,000,000.00 99.934000 24,983,500.00 -16,500.00 FAMCA 3Yr 05/10/2021 2.432 10,000,000.00 10,000,000.00 99.871000 9,987,100.00 -12,900.00 2.503 60,000,000.00 60,063,500.00 100.013083 60,007,850.00 -55,650.00 FAMCA 3Yr 07/26/2019 2.726 15,000,000.00 15,000,000.00 100.020000 15,003,000.00 3,000.00 2.726 15,000,000.00 15,000,000.00 100.020000 15,003,000.00 3,000.00 STATE OF CALIFORNIA 09/16/2019 2.350 12,675,000.00 12,675,000.00 100.008000 12,676,014.00 1,014.00 STATE OF CALIFORNIA 09/16/2019 2.350 10,750,000.00 10,750,000.00 100.008000 10,750,860.00 860.00 2.350 23,425,000.00 23,425,000.00 100.008000 23,426,874.00 1,874.00 TEXAS STATE 10/01/2019 1.497 5,000,000.00 5,000,000.00 99.839000 4,991,950.00 -8,050.00 HAWAII STATE 04/01/2020 1.660 5,055,000.00 5,055,000.00 99.594000 5,034,476.70 -20,523.30 RHODE ISLAND STATE 05/01/2020 1.625 2,660,000.00 2,670,719.80 99.369000 2,643,215.40 -27,504.40 GEORGIA STATE 07/01/2020 3.000 6,825,000.00 7,254,770.25 100.991000 6,892,635.75 -362,134.50 GEORGIA STATE 07/01/2019 3.000 6,580,000.00 6,943,874.00 100.000000 6,580,000.00 -363,874.00 HAWAII STATE 10/01/2019 1.151 2,250,000.00 2,253,262.50 99.747000 2,244,307.50 -8,955.00 HAWAII STATE 10/01/2020 1.370 2,250,000.00 2,254,320.00 99.026000 2,228,085.00 -26,235.00 WASHINGTON STATE 08/01/2019 1.500 8,745,000.00 8,738,703.60 99.950000 8,740,627.50 1,923.90 STATE OF CALIFORNIA 04/01/2021 2.625 14,400,000.00 14,688,720.00 101.261000 14,581,584.00 -107,136.00 ALAMEDA COUNTY G.O.08/01/2020 2.562 17,600,000.00 17,600,000.00 100.538000 17,694,688.00 94,688.00 RHODE ISLAND ST & PROV PLANT 04/01/2020 2.750 3,065,000.00 3,082,378.55 100.433000 3,078,271.45 -4,107.10 RHODE ISLAND ST & PROV PLANT 04/01/2021 2.750 3,150,000.00 3,167,766.00 101.458000 3,195,927.00 28,161.00 STATE OF CALIFORNIA 04/01/2021 2.800 16,000,000.00 16,000,640.00 101.561000 16,249,760.00 249,120.00 STATE OF CALIFORNIA 04/01/2021 2.625 1,795,000.00 1,784,301.80 101.261000 1,817,634.95 33,333.15 STATE OF CALIFORNIA 04/01/2022 2.367 1,500,000.00 1,468,800.00 101.156000 1,517,340.00 48,540.00 CITY OF LOS ANGELES 09/01/2021 4.000 8,915,000.00 9,200,993.20 103.889000 9,261,704.35 60,711.15 WASHINGTON STATE 08/01/2019 2.630 10,085,000.00 10,085,000.00 100.040000 10,089,034.00 4,034.00 STATE OF CALIFORNIA 04/01/2022 2.367 17,695,000.00 17,256,340.95 101.156000 17,899,554.20 643,213.25 STATE OF CALIFORNIA 04/01/2022 2.367 25,000,000.00 24,275,250.00 101.156000 25,289,000.00 1,013,750.00 STATE OF CALIFORNIA 04/01/2021 2.800 10,825,000.00 10,852,170.75 101.561000 10,993,978.25 141,807.50 STATE OF HAWAII 01/01/2021 3.250 12,745,000.00 12,864,165.75 101.706000 12,962,429.70 98,263.95 STATE OF HAWAII 01/01/2022 2.770 3,500,000.00 3,500,000.00 101.580000 3,555,300.00 55,300.00 STATE OF HAWAII 01/01/2020 2.650 7,500,000.00 7,500,000.00 100.205000 7,515,375.00 15,375.00 STATE OF CALIFORNIA 04/01/2020 1.800 14,830,000.00 14,729,897.50 99.896000 14,814,576.80 84,679.30 GAVILAN CMNTY CLG GO 08/01/2020 2.470 1,650,000.00 1,650,000.00 100.515000 1,658,497.50 8,497.50 2.517 209,620,000.00 209,877,074.65 100.911150 211,529,953.05 1,652,878.40 DEXIA (GUARANTEE)07/05/2019 2.790 50,000,000.00 49,066,125.00 99.973556 49,986,778.00 920,653.00 NATL SEC CLEARING CORP 09/06/2019 2.950 25,000,000.00 24,450,972.22 99.555194 24,888,798.50 437,826.28 APPLE 07/18/2019 2.560 50,000,000.00 49,523,555.56 99.887611 49,943,805.50 420,249.94 APPLE 08/07/2019 2.570 35,000,000.00 34,620,211.11 99.755389 34,914,386.15 294,175.04 CHEVRON 11/08/2019 2.440 100,000,000.00 98,468,222.22 99.136944 99,136,944.00 668,721.78 APPLE 09/30/2019 2.520 90,000,000.00 88,828,200.00 99.400917 89,460,825.30 632,625.30 APPLE 11/06/2019 2.510 25,000,000.00 24,620,013.89 99.150222 24,787,555.50 167,541.61 EXXON MOBIL 07/16/2019 2.490 35,000,000.00 34,748,233.33 99.900833 34,965,291.55 217,058.22 EXXON MOBIL 07/08/2019 2.480 35,000,000.00 34,783,000.00 99.953722 34,983,802.70 200,802.70 CHEVRON 07/08/2019 2.440 30,000,000.00 29,819,033.33 99.953722 29,986,116.60 167,083.27 APPLE 07/23/2019 2.480 30,000,000.00 29,785,066.67 99.854556 29,956,366.80 171,300.13 NATL SEC CLEARING CORP 07/09/2019 2.480 21,350,000.00 21,224,983.89 99.947111 21,338,708.20 113,724.31 NATL SEC CLEARING CORP 07/19/2019 2.490 25,000,000.00 24,837,458.33 99.881000 24,970,250.00 132,791.67 NATL SEC CLEARING CORP 08/01/2019 2.470 25,000,000.00 24,840,479.17 99.795056 24,948,764.00 108,284.83 NATL SEC CLEARING CORP 07/31/2019 2.470 50,000,000.00 49,684,388.89 99.801667 49,900,833.50 216,444.61 NATL SEC CLEARING CORP 08/14/2019 2.450 40,000,000.00 39,765,888.80 99.709111 39,883,644.40 117,755.60 APPLE 01/15/2020 2.430 30,000,000.00 29,518,050.00 98.696500 29,608,950.00 90,900.00 CHEVRON 08/14/2019 2.400 40,000,000.00 39,792,000.00 99.709111 39,883,644.40 91,644.40 EXXON MOBIL 08/28/2019 2.370 32,340,000.00 32,165,417.90 99.616556 32,215,994.21 50,576.31 EXXON MOBIL 09/30/2019 2.340 40,000,000.00 39,701,000.00 99.400917 39,760,366.80 59,366.80 NATL SEC CLEARING CORP 07/30/2019 2.390 40,000,000.00 39,853,944.44 99.808278 39,923,311.20 69,366.76 EXXON MOBIL 08/14/2019 2.320 50,000,000.00 49,819,555.56 99.709111 49,854,555.50 34,999.94 CHEVRON 08/30/2019 2.260 25,000,000.00 24,896,416.67 99.601667 24,900,416.75 4,000.08 2.481 923,690,000.00 914,812,216.98 99.622179 920,200,109.56 5,387,892.58 MICROSOFT CORP 02/06/2020 1.850 6,350,000.00 6,297,739.50 99.786000 6,336,411.00 38,671.50 MICROSOFT CORP 02/06/2020 1.850 6,000,000.00 5,951,100.00 99.786000 5,987,160.00 36,060.00 MICROSOFT CORP 11/03/2020 2.000 25,000,000.00 24,649,750.00 99.960000 24,990,000.00 340,250.00 MICROSOFT CORP 02/06/2020 1.850 3,000,000.00 2,971,440.00 99.786000 2,993,580.00 22,140.00 MICROSOFT CORP 02/06/2020 1.850 4,097,000.00 4,057,013.28 99.786000 4,088,232.42 31,219.14 MICROSOFT CORP 02/06/2020 1.850 8,000,000.00 7,920,160.00 99.786000 7,982,880.00 62,720.00 MICROSOFT CORP 08/08/2019 1.100 10,000,000.00 9,835,600.00 99.881000 9,988,100.00 152,500.00 MICROSOFT CORP 02/06/2020 1.850 16,000,000.00 15,832,480.00 99.786000 15,965,760.00 133,280.00 JOHNSON & JOHNSON 03/01/2021 1.650 12,000,000.00 11,663,160.00 99.423000 11,930,760.00 267,600.00 MICROSOFT CORP 02/06/2020 1.850 10,000,000.00 9,887,000.00 99.786000 9,978,600.00 91,600.00 JOHNSON & JOHNSON 03/01/2021 1.650 12,969,000.00 12,617,410.41 99.423000 12,894,168.87 276,758.46 MICROSOFT CORP 08/08/2019 1.100 14,772,000.00 14,527,818.84 99.881000 14,754,421.32 226,602.48 MICROSOFT CORP 08/08/2019 1.100 20,000,000.00 19,697,600.00 99.881000 19,976,200.00 278,600.00 MICROSOFT CORP 02/12/2020 1.850 16,880,000.00 16,654,820.80 99.804000 16,846,915.20 192,094.40 MICROSOFT CORP 08/08/2019 1.100 10,154,000.00 10,001,690.00 99.881000 10,141,916.74 140,226.74 APPLE 08/02/2019 1.100 12,500,000.00 12,339,000.00 99.900000 12,487,500.00 148,500.00 MICROSOFT CORP 08/08/2019 1.100 4,982,000.00 4,916,735.80 99.881000 4,976,071.42 59,335.62 WALMART 10/09/2019 1.750 25,000,000.00 24,752,750.00 99.830000 24,957,500.00 204,750.00 WALMART 10/09/2019 1.750 22,029,000.00 21,812,234.64 99.830000 21,991,550.70 179,316.06 APPLE 09/12/2019 1.500 12,803,000.00 12,662,038.97 99.822000 12,780,210.66 118,171.69 76222RWU2 13063DGA0 419792NF9 03785DAF3 3130: CORP-Fxd-S 30/360 1965: FMAC-Var-M A/360 3132X0EV9 3132X0WY3 3132X0C74 3132X04F5 31422BBR0 594918BN3 30229BWW3 478160BS2 63763QV12 63763QUX3 63763QUK1 594918BV5 594918BV5 594918BN3 2301: MUNIS CP-Mat A/365-6 2350: MUNIS-S 30/360 03785EUP7 63763QU96 3733845L6 3733845K8 13063DAC2 010878AL0 2.399 2.543 1.310 931142DY6 16677KVW0 63763QUW5 3020: COMMERCIAL PAPER 63763QVE4 419792YJ9 3132X0WK3 16677KVE0 30229BVE4 13063DGA0 13063DAD0 13063DAD0 544351MM8 3133EJDG1 13068CDR3 1975: FMAC-Var-Q A/360 3132X03B5 882723A33 76222RUM2 594918BN3 13063DAD0 03785EV76 93974DV39 2.726 .273 .107 .604 .622 .273 2.568 2.373 .107 .605 .105 .605 2.400 .605 1.623 .605 .167 .277 .105 .107 2.570 .089 .090 2.824 .277 .605 1.348 .605 .605 2.328 2.273 2.506 .123 .155 .163 2.770 .253 1.319 2.269 1.110 1.968 .159 .071 1.520 .212 2.864 .974 .214 1.370 2.562 1.054 1.090 2.011 1.697 .212 .088 1.756 .087 .255 1.258 1.101 1.234 .003 .003 1.541 1.497 .253 .255 1.005 1.660 .756 .838.826 .742 .214 .071 2.350 .212 .214 2.350 2.350 2.396 1.425 1.452 2.726 .071 .071 2.454 1.778 1.816 2.432 1.823 1.863 2.323 .914 .926 2.430 .897 .915 2.368 1.025 1.070 2.066 2.640 .695 .712 .597 2.530 .493 .510 2.964 3.753 4.003 .139 .140 1.420 .239 .241 1.442 .5811.970 1.030 2.456 2.206 2.266 2.561 1.010 2.453 3.523 3.649 2.850 1.690 1.688 .737 2.551 1.691 2.799 1.756 2.451 .756 1.756 2.624 2.756 .088 2.756 1.756 2.175 2.378 2.510 1.510 3.290 2.960 2.627 .086 2.7562.622 2.680 1.689 1.756 2.733 1.442 2.630 2.919 2.045 3.120 1.474 2.650 .492 .507 2.501 .739 .756 2.843 .013 .014 2.470 1.055 1.090 2.503 1.412 .181 .186 2.585 .048 .049 2.598 .101 .104 2.478 .350 .359 2.498 2.553 .246 .252 2.549 .344 .353 .043 .044 2.495 .021 .022 2.455 .021 .022 .123 .162 2.358 .246 .252 .061 .063 .088 2.486 .083 .123 2.470 .532 2.464 .052 .085 2.413 .545 .025 2.506 .080 .082 2.486 .120 .085 2.495 .589 2.277 2.508 3.016 .024 2.383 .158 .589 .120 30229BVU8 93974D5L8 13063DAC2 25214PMS9 419792YK6 .051 3132X0AT8 03785EY65 2.288 .106 .107 .107 .106 1.6232.625 1.671 1.671 .120 .105 594918BN3 3132X02Y6 419792YL4 594918BV5 2.481 594918BV5 76222RWT5 16677KU84 594918BV5 594918BN3 2.469 2.354 2.646 .588 .588 2.414 .588 .588 2.388 .588 2.838 2.691 2.494 037833CB4 594918AY0 2.823 .200 .203 419792JH0 419792NE2 478160BS2 594918BV5 3132X0S77 3132X0U90 13068BEE3 30229BU88 931142DY6 037833CZ1 03785EUJ1 1950: FMAC-Fxd-S 30/360 30229BUG0 31422BEP1 3133EJJE0 13063CSQ4 368079HQ5 63763QW60 16677KY80 03785EWW0 594918BV5 594918BG8 COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 12110 Description Maturity Date Coupon Par Value Book Value Market Price Market Value Unrealized Gain/Loss Yield To Mat Modified Duration Years To Maturity CUSIP Month End Portfolio Holdings JOHNSON & JOHNSON 03/01/2021 1.650 10,295,000.00 9,955,059.10 99.423000 10,235,597.85 280,538.75 MICROSOFT CORP 11/03/2020 2.000 10,100,000.00 9,929,411.00 99.960000 10,095,960.00 166,549.00 MICROSOFT CORP 08/08/2019 1.100 20,000,000.00 19,909,400.00 99.881000 19,976,200.00 66,800.00 1.576 292,931,000.00 288,841,412.34 99.803604 292,355,696.18 3,514,283.84 TORONTO DOMINION 08/16/2019 3.000 35,000,000.00 35,000,000.00 100.000000 35,000,000.00 0.00 3.000 35,000,000.00 35,000,000.00 100.000000 35,000,000.00 0.00 2.132 6,842,410,944.14 6,811,213,591.28 99.947407 6,838,812,308.82 27,598,717.54 2.132 6,842,410,944.14 6,811,213,591.28 99.947407 6,838,812,308.82 27,598,717.54Grand Total 594918BN3 4500: NCD-Mat A/360 1.619 .125 .105 1.016 1.057 .579 2.320 1.016 1.057 3.000 .595 .129 2.320 1.348 3.149 2.912 1.308 2.598 Total Fund 478160BS2 594918BG8 .129 2.512 1.671 .107 3.000 .12589114MMK0 COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR 13111 COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR The Mission Inn, Downtown Riverside. Digital Image. The Mission Inn. http://www.missioninn.com/about-en.html. 112 COUNTY OF RIVERSIDE TREASURER-TAX COLLECTOR CAPITAL MARKETS COUNTY ADMINISTRATIVE CENTER 4080 LEMON STREET, 4TH FLOOR, RIVERSIDE, CA 92502-2205 WWW.COUNTYTREASURER.ORG 113 AGENDA ITEM 7D Agenda Item 7D RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 17, 2019 TO: Riverside County Transportation Commission FROM: Traffic Relief Strategy Committee Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: Economic Impact Study TRAFFIC RELIEF STRATEGY COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Approve Agreement No. 20-19-012-00 to University of California, Riverside (UCR) School of Business, Center for Economic Forecasting & Development (UCR Center) to perform an economic impacts analysis related to the investment of an additional sales tax for transportation improvements in Riverside County in an amount not to exceed $199,500; and 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission. BACKGROUND INFORMATION: At its Annual Workshop in January, many RCTC Commissioners expressed a strong desire for the county’s transportation system to support economic growth within Riverside County. In particular, Commissioners spoke of the need for the region to attract more employers so that Riverside County residents could work closer to home without needing a long commute. Commissioners’ dialogue reflected a belief that transportation and the economy are connected. Therefore, as the Commission develops a Countywide Transportation Improvement & Traffic Relief Plan (Plan), staff recommends the Commission analyze the economic impact of implementing such a plan. Such an analysis will provide Commissioners with data upon which to base decisions about the contents of the plan and whether it should be funded through a sales tax ordinance submitted to voters. Pursuant to the Commission’s responsibility as a public agency to provide a fair presentation of facts, staff recommends the economic analysis consider not only the potential benefits of investing public funds on infrastructure but also the costs of raising a tax to provide that investment. Furthermore, staff believes that such an economic analysis should be conducted by a credible, independent third party with intimate knowledge of Riverside County and transportation infrastructure. Toward those ends, the UCR Center provides a resource that fits the above criteria. Several years ago, UCR’s School of Business created the UCR Center to be a leading economic research and 114 Agenda Item 7D consulting center for the Inland Empire. Through a partnership with Beacon Economics (Beacon), the UCR Center’s team has extensive economic analysis and forecasting experience and is led by Dr. Christopher Thornberg, a founder of Beacon. The UCR Center now provides the long-term sales tax forecasting services for the Commission. Additionally, the UCR Center has presented an annual economic conference that includes its Inland Empire analysis and forecasts in addition to the national and state forecasts. As a result of the UCR Center’s experience and understanding of the Inland Empire, it is a vital community partner and resource to businesses and local governments. Beacon has performed long-term sales tax forecasting services for the Commission since 2013. The Commission also obtained economic impacts studies from Beacon related to the State Route 91 Corridor Improvement Project and the I-15 Express Lanes Project that were included in federal Transportation Infrastructure Finance and Innovation Act loan submittals and competitive grant applications to the U.S. Department of Transportation. Based on the UCR Center and Beacon’s history of work with the Commission, understanding of the Inland Empire region, and overall credibility, staff has conducted a sole source procurement with the UCR Center to perform an economic impact study related to the investments from an additional sales tax for transportation improvements in Riverside County. Over the past few months, staff negotiated a scope of work with the UCR Center to provide a balanced analysis of economic impacts in order to present the Commission with unbiased, objective information. DISCUSSION: The UCR Center’s economic impact analysis is comprised of four phases: • Phase 1: Modeling the cumulative and project specific economic impacts (output, employment, compensation, and revenues) on the local Riverside economy from direct expenditures of eight examples of major capital transportation projects and four programmatic expenditure categories; staff intends to provide estimates of recent projects to the UCR Center to model the expenditure assessments. The examples analyzed by the UCR Center will reflect potential projects and expenditure categories evaluated by the Commission as it develops the Plan. Every project in the Plan cannot be analyzed due to time and cost constraints; however, the analysis will provide illustrative data that the Commission can use to craft the Plan; • Phase 2: Analyzing the longer-term community impacts from infrastructure improvements, including development patterns, housing types, employment mix, transit accessibility, percentage of trips by non-car modes of transportation, and vehicle miles traveled per household. This is the analysis that speaks to the Commission’s desire to use transportation investment as a long-term economic development tool; • Phase 3: Analyzing the impact on consumers and businesses of raising the sales tax; and • Phase 4: Providing public information of the results and findings through public presentations and/or facilitated discussions to the Commission, other government agencies, community organizations, and the media. 115 Agenda Item 7D Upon approval of an agreement with the UCR Center, Phase 1 and Phase 2 work would begin. In Phase 1, the UCR Center will build the economic model and collect, review, and analyze the project expenditure data such that the results of this effort will be completed and presented to the Commission in early 2020. Phase 2 efforts related to the long-term community impact are similar in terms of model building and data collection, review and analysis; however, this effort will be completed in late February/early March for presentation to the Commission. Should the Commission request additional project or program scenarios based on changes to the draft Plan in 2020, there would be an additional cost that is not included in the fee proposal. Phase 3 and Phase 4 work regarding the sales tax analysis and forecast and public information will commence after the Commission’s annual workshop. The sales tax information will be completed and presented to the Commission in spring 2020. Phase 4 public information will continue through June and may continue through November 2020 should the Commission adopt the final Plan and implementing ordinance. Should the Commission request additional project or program scenarios based on changes in the final transportation expenditure plan, there would be an additional cost that is not included in the fee proposal. Fiscal Impact Summary The UCR Center is affiliated with a local university that understands the Inland Empire region as a result of its economic research and forecasting experience. A balanced economic impact report on the Plan for the county’s future transportation system, founded in the academic integrity is in the public’s interest, regardless of whether that plan is ultimately submitted to voters. Staff recommends approval of the agreement with the UCR Center to perform an economic impact study related to transportation improvements and investments in the amount of $199,500. Should new transportation scenarios be needed, staff will return to the Commission to seek an amendment to the agreement. Based on the UCR Center’s proposal, staff estimates the cost of a full set of new scenarios at approximately $106,000. Financial Information In Fiscal Year Budget: Yes Year: FY 2019/20 Amount: $199,500 Source of Funds: Local Transportation Funds Budget Adjustment: No GL/Project Accounting No.: 002325 65520 00130 0000 106 67 65520 Fiscal Procedures Approved: Date: 09/17/2019 Attachment: Draft Agreement No. 20-19-012-00 with UCR Center 116 Agreement No. 20-19-012-00 RIVERSIDE COUNTY TRANSPORTATION COMMISSION AGREEMENT FOR ECONOMIC IMPACT STUDY WITH UCR FORECAST, LLC DBA UCR’S SCHOOL OF BUSINESS CENTER FOR ECONOMIC FORECASTING & DEVELOPMENT 1. PARTIES AND DATE. This Agreement is made and entered into this day of , 2019, by and between the RIVERSIDE COUNTY TRANSPORTATION COMMISSION ("the Co- mmission") and UCR FORECAST, LLC DBA UCR’S SCHOOL OF BUSINESS CENTER FOR ECONOMIC FORECASTING & DEVELOPMENT ("Consultant"), a limited liability company. 2. RECITALS. 2.1 Consultant desires to perform and assume responsibility for the provision of certain professional consulting services required by Commission on the terms and conditions set forth in this Agreement. Consultant represents that it is a professional consultant, experienced in providing economic impact studies to public clients, is licensed in the State of California, and is familiar with the plans of Commission. 2.2 Commission desires to engage Consultant to render certain consulting services for an economic impact study ("Project") as set forth herein. 3. TERMS. 3.1 General Scope of Services. Consultant promises and agrees to furnish to Commission all labor materials, tools, equipment, services, and incidental and customary work necessary to fully and adequately provide professional consulting services and advice on various issues affecting the decisions of Commission regarding the Project and on other programs and matters affecting Commission, hereinafter referred to as "Services". The Services are more particularly described in Exhibit "A" attached hereto and incorporated herein by reference. All Services shall be subject to, and performed in accordance with, this Agreement, the exhibits attached hereto and incorporated herein by reference, and all applicable local, state, and federal laws, rules and regulations. 3.2 Term. The term of this Agreement shall be from the date first specified above to December 31, 2020, unless earlier terminated as provided herein. 117 17336.00000\31287373.1 2 3.3 Schedule of Services. Consultant shall perform the Services expeditiously, within the term of this Agreement, and in accordance with the Schedule of Services set forth in Exhibit "A" attached hereto and incorporated herein by reference. Consultant represents that it has the professional and technical personnel required to perform the Services in conformance with such conditions. In order to facilitate Consultant's conformance with the Schedule, the Commission shall respond to Consultant's submittals in a timely manner. Upon request of the Commission, Consultant shall provide a more detailed schedule of anticipated performance to meet the Schedule of Services. 3.4 Independent Contractor; Control and Payment of Subordinates. The Services shall be performed by Consultant under its supervision. Consultant will determine the means, method and details of performing the Services subject to the requirements of this Agreement. Commission retains Consultant on an independent contractor basis and Consultant is not an employee of Commission. Consultant retains the right to perform similar or different services for others during the term of this Agreement. Any additional personnel performing the Services under this Agreement on behalf of Consultant shall not be employees of Commission and shall at all times be under Consultant's exclusive direction and control. Consultant shall pay all wages, salaries, and other amounts due such personnel in connection with their performance of Services under this Agreement and as required by law. Consultant shall be responsible for all reports and obligations respecting such additional personnel, including, but not limited to: social security taxes, income tax withholding, unemployment insurance, and workers' compensation insurance. 3.5 Conformance to Applicable Requirements. All work prepared by Consultant shall be subject to the approval of Commission. 3.6 Substitution of Key Personnel. Consultant has represented to Commission that certain key personnel will perform and coordinate the Services under this Agreement. Should one or more of such personnel become unavailable, Consultant may substitute other personnel of at least equal competence and experience upon written approval of Commission. In the event that Commission and Consultant cannot agree as to the substitution of key personnel, Commission shall be entitled to terminate this Agreement for cause, pursuant to provisions of Section 3.16 of this Agreement. The key personnel for performance of this Agreement are as follows: Dr. Chris Thornberg, Senior Advisor, and Adam Fowler, Project Manager. 3.7 Commission’s Representative. Commission hereby designates Executive Director, or his or her designee, to act as its representative for the performance of this Agreement ("Commission’s Representative"). Commission's representative shall have the power to act on behalf of Commission for all purposes under this Agreement. Consultant shall not accept direction from any person other than Commission's Representative or his or her designee. 118 17336.00000\31287373.1 3 3.8 Consultant’s Representative. Consultant hereby designates Sherif Hanna, or his or her designee, to act as its representative for the performance of this Agreement ("Consultant’s Representative"). Consultant’s Representative shall have full authority to represent and act on behalf of the Consultant for all purposes under this Agreement. The Consultant’s Representative shall supervise and direct the Services, using his or her best skill and attention, and shall be responsible for all means, methods, techniques, sequences and procedures and for the satisfactory coordination of all portions of the Services under this Agreement. 3.9 Coordination of Services. Consultant agrees to work closely with Commission staff in the performance of Services and shall be available to Commission's staff, consultants and other staff at all reasonable times. 3.10 Standard of Care; Licenses. Consultant shall perform the Services under this Agreement in a skillful and competent manner, consistent with the standard generally recognized as being employed by professionals in the same discipline in the State of California. Consultant represents and maintains that it is skilled in the professional calling necessary to perform the Services. Consultant warrants that all employees and subcontractors shall have sufficient skill and experience to perform the Services assigned to them. Finally, Consultant represents that it, its employees and subcontractors have all licenses, permits, qualifications and approvals of whatever nature that are legally required to perform the Services and that such licenses and approvals shall be maintained throughout the term of this Agreement. Consultant shall perform, at its own cost and expense and without reimbursement from Commission, any Services necessary to correct errors or omissions which are caused by the Consultant’s failure to comply with the standard of care provided for herein, and shall be fully responsible to the Commission for all damages and other liabilities provided for in the indemnification provisions of this Agreement arising from the Consultant’s errors and omissions. 3.11 Laws and Regulations. Consultant shall keep itself fully informed of and in compliance with all local, state and federal laws, rules and regulations in any manner affecting the performance of the Project or the Services, including all Cal/OSHA requirements, and shall give all notices required by law. Consultant shall be liable for all violations of such laws and regulations in connection with Services. If the Consultant performs any work knowing it to be contrary to such laws, rules and regulations and without giving written notice to Commission, Consultant shall be solely responsible for all costs arising therefrom. Consultant shall defend, indemnify and hold Commission, its officials, directors, officers, employees and agents free and harmless, pursuant to the indemnification provisions of this Agreement, from any claim or liability arising out of any failure or alleged failure to comply with such laws, rules or regulations. 119 17336.00000\31287373.1 4 3.12 Insurance. 3.12.1 Time for Compliance. Consultant shall not commence work under this Agreement until it has provided evidence satisfactory to the Commission that it has secured all insurance required under this section, in a form and with insurance companies acceptable to the Commission. In addition, Consultant shall not allow any subcontractor to commence work on any subcontract until it has secured all insurance required under this section. 3.12.2 Minimum Requirements. Consultant shall, at its expense, procure and maintain for the duration of the Agreement insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the Agreement by the Consultant, its agents, representatives, employees or subcontractors. Consultant shall also require all of its subcontractors to procure and maintain the same insurance for the duration of the Agreement. Such insurance shall meet at least the following minimum levels of coverage: (A) Minimum Scope of Insurance. Coverage shall be at least as broad as the latest version of the following: (1) General Liability: Insurance Services Office Commercial General Liability coverage (occurrence form CG 0001 or exact equivalent); (2) Automobile Liability: Insurance Services Office Business Auto Coverage (form CA 0001, code 1 (any auto) or exact equivalent); and (3) Workers’ Compensation and Employer’s Liability: Workers’ Compensation insurance as required by the State of California and Employer’s Liability Insurance. (B) Minimum Limits of Insurance. Consultant shall maintain limits no less than: (1) General Liability: $2,000,000 per occurrence for bodily injury, personal injury and property damage. If Commercial General Liability Insurance or other form with general aggregate limit is used, either the general aggregate limit shall apply separately to this Agreement/location or the general aggregate limit shall be twice the required occurrence limit; (2) Automobile Liability: $1,000,000 per accident for bodily injury and property damage; and (3) if Consultant has an employees, Workers’ Compensation and Employer’s Liability: Workers’ Compensation limits as required by the Labor Code of the State of California. Employer’s Practices Liability limits of $1,000,000 per accident. 3.12.3 Professional Liability. Consultant shall procure and maintain, and require its sub-consultants to procure and maintain, for a period of five (5) years following completion of the Project, errors and omissions liability insurance appropriate to their profession. Such insurance shall be in an amount not less than $1,000,000 per claim. This insurance shall be endorsed to include contractual liability applicable to this Agreement and shall be written on a policy form coverage specifically designed to protect against acts, errors or omissions of the Consultant. “Covered Professional Services” as designated in the policy must specifically include work performed under this Agreement. The policy must “pay on behalf of” the insured and must include a provision establishing the insurer's duty to defend. 120 17336.00000\31287373.1 5 3.12.4 Insurance Endorsements. The insurance policies shall contain the following provisions, or Consultant shall provide endorsements on forms approved by the Commission to add the following provisions to the insurance policies: (A) General Liability. (i) Commercial General Liability Insurance must include coverage for (1) bodily Injury and property damage; (2) personal Injury/advertising Injury; (3) premises/operations liability; (4) products/completed operations liability; (5) aggregate limits that apply per Project; (6) explosion, collapse and underground (UCX) exclusion deleted; (7) contractual liability with respect to this Agreement; (8) broad form property damage; and (9) independent consultants coverage. (ii) The policy shall contain no endorsements or provisions limiting coverage for (1) contractual liability; (2) cross liability exclusion for claims or suits by one insured against another; or (3) contain any other exclusion contrary to this Agreement. (iii) The policy shall give the Commission, its directors, officials, officers, employees, and agents insured status using ISO endorsement forms 20 10 10 01 and 20 37 10 01, or endorsements providing the exact same coverage. (iv) The additional insured coverage under the policy shall be “primary and non-contributory” and will not seek contribution from the Commission’s insurance or self-insurance and shall be at least as broad as CG 20 01 04 13, or endorsements providing the exact same coverage. (B) Automobile Liability. The automobile liability policy shall be endorsed to state that: (1) the Commission, its directors, officials, officers, employees and agents shall be covered as additional insureds with respect to the ownership, operation, maintenance, use, loading or unloading of any auto owned, leased, hired or borrowed by the Consultant or for which the Consultant is responsible; and (2) the insurance coverage shall be primary insurance as respects the Commission, its directors, officials, officers, employees and agents, or if excess, shall stand in an unbroken chain of coverage excess of the Consultant’s scheduled underlying coverage. Any insurance or self-insurance maintained by the Commission, its directors, officials, officers, employees and agents shall be excess of the Consultant’s insurance and shall not be called upon to contribute with it in any way. (C) Workers’ Compensation and Employers Liability Coverage. (i) Consultant certifies that he/she is aware of the provisions of Section 3700 of the California Labor Code which requires every employer to be insured against liability for workers’ compensation or to undertake self-insurance in accordance with the provisions of that code, and he/she will comply with such provisions before commencing work under this Agreement. 121 17336.00000\31287373.1 6 (ii) The insurer shall agree to waive all rights of subrogation against the Commission, its directors, officials, officers, employees and agents for losses paid under the terms of the insurance policy which arise from work performed by the Consultant. (D) All Coverages. (i) Defense costs shall be payable in addition to the limits set forth hereunder. (ii) Requirements of specific coverage or limits contained in this section are not intended as a limitation on coverage, limits, or other requirement, or a waiver of any coverage normally provided by any insurance. It shall be a requirement under this Agreement that any available insurance proceeds broader than or in excess of the specified minimum insurance coverage requirements and/or limits set forth herein shall be available to the Commission, its directors, officials, officers, employees and agents as additional insureds under said policies. Furthermore, the requirements for coverage and limits shall be (1) the minimum coverage and limits specified in this Agreement; or (2) the broader coverage and maximum limits of coverage of any insurance policy or proceeds available to the named insured; whichever is greater. (iii) The limits of insurance required in this Agreement may be satisfied by a combination of primary and umbrella or excess insurance. Any umbrella or excess insurance shall contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non-contributory basis for the benefit of the Commission (if agreed to in a written contract or agreement) before the Commission’s own insurance or self-insurance shall be called upon to protect it as a named insured. The umbrella/excess policy shall be provided on a “following form” basis with coverage at least as broad as provided on the underlying policy(ies). (iv) Consultant shall provide the Commission at least thirty (30) days prior written notice of cancellation of any policy required by this Agreement, except that the Consultant shall provide at least ten (10) days prior written notice of cancellation of any such policy due to non-payment of premium. If any of the required coverage is cancelled or expires during the term of this Agreement, the Consultant shall deliver renewal certificate(s) including the General Liability Additional Insured Endorsement to the Commission at least ten (10) days prior to the effective date of cancellation or expiration. (v) The retroactive date (if any) of each policy is to be no later than the effective date of this Agreement. Consultant shall maintain such coverage continuously for a period of at least three years after the completion of the work under this Agreement. Consultant shall purchase a one (1) year extended reporting period A) if the retroactive date is advanced past the effective date of this Agreement; B) if the policy is cancelled or not renewed; or C) if the policy is replaced by another claims- made policy with a retroactive date subsequent to the effective date of this Agreement. 122 17336.00000\31287373.1 7 (vi) The foregoing requirements as to the types and limits of insurance coverage to be maintained by Consultant, and any approval of said insurance by the Commission, is not intended to and shall not in any manner limit or qualify the liabilities and obligations otherwise assumed by the Consultant pursuant to this Agreement, including but not limited to, the provisions concerning indemnification. (vii) If at any time during the life of the Agreement, any policy of insurance required under this Agreement does not comply with these specifications or is canceled and not replaced, Commission has the right but not the duty to obtain the insurance it deems necessary and any premium paid by Commission will be promptly reimbursed by Consultant or Commission will withhold amounts sufficient to pay premium from Consultant payments. In the alternative, Commission may cancel this Agreement. The Commission may require the Consultant to provide complete copies of all insurance policies in effect for the duration of the Project. (viii) Neither the Commission nor any of its directors, officials, officers, employees or agents shall be personally responsible for any liability arising under or by virtue of this Agreement. Each insurance policy required by this Agreement shall be endorsed to state that: 3.12.5 Deductibles and Self-Insurance Retentions. Any deductibles or self-insured retentions must be declared to and approved by the Commission. If the Commission does not approve the deductibles or self-insured retentions as presented, Consultant shall guarantee that, at the option of the Commission, either: (1) the insurer shall reduce or eliminate such deductibles or self-insured retentions as respects the Commission, its directors, officials, officers, employees and agents; or, (2) the Consultant shall procure a bond guaranteeing payment of losses and related investigation costs, claims and administrative and defense expenses. 3.12.6 Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M. Best’s rating no less than A:VIII, licensed to do business in California, and satisfactory to the Commission. 3.12.7 Verification of Coverage. Consultant shall furnish Commission with original certificates of insurance and endorsements effecting coverage required by this Agreement on forms satisfactory to the Commission. The certificates and endorsements for each insurance policy shall be signed by a person authorized by that insurer to bind coverage on its behalf. All certificates and endorsements must be received and approved by the Commission before work commences. The Commission reserves the right to require complete, certified copies of all required insurance policies, at any time. 123 17336.00000\31287373.1 8 3.12.8 Subconsultant Insurance Requirements. Consultant shall not allow any subcontractors or subconsultants to commence work on any subcontract until they have provided evidence satisfactory to the Commission that they have secured all insurance required under this section. Policies of commercial general liability insurance provided by such subcontractors or subconsultants shall be endorsed to name the Commission as an additional insured using ISO form CG 20 38 04 13 or an endorsement providing the exact same coverage. If requested by Consultant, the Commission may approve different scopes or minimum limits of insurance for particular subcontractors or subconsultants. 3.13 Safety. Consultant shall execute and maintain its work so as to avoid injury or damage to any person or property. In carrying out its Services, the Consultant shall at all times be in compliance with all applicable local, state and federal laws, rules and regulations, and shall exercise all necessary precautions for the safety of employees appropriate to the nature of the work and the conditions under which the work is to be performed. Safety precautions as applicable shall include, but shall not be limited to: (A) adequate life protection and life saving equipment and procedures; (B) instructions in accident prevention for all employees and subcontractors, such as safe walkways, scaffolds, fall protection ladders, bridges, gang planks, confined space procedures, trenching and shoring, equipment and other safety devices, equipment and wearing apparel as are necessary or lawfully required to prevent accidents or injuries; and (C) adequate facilities for the proper inspection and maintenance of all safety measures. 3.14 Fees and Payment. 3.14.1 Compensation. Consultant shall receive compensation, including authorized reimbursements, for all Services rendered under this Agreement at the rates set forth in Exhibit "B" attached hereto. The total compensation shall not exceed One Hundred Ninety-Nine Thousand and Five Hundred Dollars ($199,500) without written approval of Commission's Executive Director (“Total Compensation”). Extra Work may be authorized, as described below, and if authorized, will be compensated at the rates and manner set forth in this Agreement. 3.14.2 Payment of Compensation. Compensation shall be paid in accordance with the terms of Exhibit “B”. Consultant shall submit invoices to Commission for the amount due Consultant, and Commission shall pay approved invoices within the timeframe set forth in Exhibit “B”. 3.14.3 Reimbursement for Expenses. Consultant shall not be reimbursed for any expenses unless authorized in writing by Commission. 3.14.4 Extra Work. At any time during the term of this Agreement, Commission may request that Consultant perform Extra Work. As used herein, "Extra Work" means any work which is determined by Commission to be necessary for the proper completion of the Project, but which the parties did not reasonably anticipate would be necessary at the execution of this Agreement. Consultant shall not perform, nor be 124 17336.00000\31287373.1 9 compensated for, Extra Work without written authorization from Commission's Executive Director. 3.15 Accounting Records. Consultant shall maintain complete and accurate records with respect to all costs and expenses incurred and fees charged under this Agreement. All such records shall be clearly identifiable. Consultant shall allow a representative of Commission during normal business hours to examine, audit, and make transcripts or copies of such records and any other documents created pursuant to this Agreement. Consultant shall allow inspection of all work, data, documents, proceedings, and activities related to the Agreement for a period of three (3) years from the date of final payment under this Agreement. 3.16 Termination of Agreement. 3.16.1 Grounds for Termination. Commission may, by written notice to Consultant, terminate the whole or any part of this Agreement at any time and without cause by giving written notice to Consultant of such termination, and specifying the effective date thereof. Upon termination, Consultant shall be compensated only for those services which have been fully and adequately rendered to Commission through the effective date of the termination, and Consultant shall be entitled to no further compensation. Consultant may not terminate this Agreement except for cause. 3.16.2 Effect of Termination. If this Agreement is terminated as provided herein, Commission may require Consultant to provide all finished or unfinished Documents and Data, as defined below, and other information of any kind prepared by Consultant in connection with the performance of Services under this Agreement. Consultant shall be required to provide such document and other information within fifteen (15) days of the request. 3.16.3 Additional Services. In the event this Agreement is terminated in whole or in part as provided herein, Commission may procure, upon such terms and in such manner as it may determine appropriate, services similar to those terminated. 3.17 Delivery of Notices. All notices permitted or required under this Agreement shall be given to the respective parties at the following address, or at such other address as the respective parties may provide in writing for this purpose: CONSULTANT: COMMISSION: UCR School of Business, Center of Riverside County Economic Forecasting & Development Transportation Commission 5777 W. Century Blvd Suite 895 4080 Lemon Street, 3rd Floor Los Angeles, CA 90045 Riverside, CA 92501 Attn: Sherif Hanna Attn: Executive Director Such notice shall be deemed made when personally delivered or when mailed, forty-eight (48) hours after deposit in the U.S. Mail, first class postage prepaid 125 17336.00000\31287373.1 10 and addressed to the party at its applicable address. Actual notice shall be deemed adequate notice on the date actual notice occurred, regardless of the method of service. 3.18 Ownership of Materials/Confidentiality. 3.18.1 Documents & Data. This Agreement creates an exclusive and perpetual license for Commission to copy, use, modify, reuse, or sub-license any and all copyrights and designs embodied in plans, specifications, studies, drawings, estimates, materials, data and other documents or works of authorship fixed in any tangible medium of expression, including but not limited to, physical drawings or data magnetically or otherwise recorded on computer diskettes, which are prepared or caused to be prepared by Consultant under this Agreement (“Documents & Data”). Consultant shall require all subcontractors to agree in writing that Commission is granted an exclusive and perpetual license for any Documents & Data the subcontractor prepares under this Agreement. Consultant represents and warrants that Consultant has the legal right to grant the exclusive and perpetual license for all such Documents & Data. Consultant makes no such representation and warranty in regard to Documents & Data which were prepared by design professionals other than Consultant or provided to Consultant by the Commission. Commission shall not be limited in any way in its use of the Documents & Data at any time, provided that any such use not within the purposes intended by this Agreement shall be at Commission’s sole risk. 3.18.2 Intellectual Property. In addition, Commission shall have and retain all right, title and interest (including copyright, patent, trade secret and other proprietary rights) in all plans, specifications, studies, drawings, estimates, materials, data, computer programs or software and source code, enhancements, documents, and any and all works of authorship fixed in any tangible medium or expression, including but not limited to, physical drawings or other data magnetically or otherwise recorded on computer media (“Intellectual Property”) prepared or developed by or on behalf of Consultant under this Agreement as well as any other such Intellectual Property prepared or developed by or on behalf of Consultant under this Agreement. The Commission shall have and retain all right, title and interest in Intellectual Property developed or modified under this Agreement whether or not paid for wholly or in part by Commission, whether or not developed in conjunction with Consultant, and whether or not developed by Consultant. Consultant will execute separate written assignments of any and all rights to the above referenced Intellectual Property upon request of Commission. Consultant shall also be responsible to obtain in writing separate written assignments from any subcontractors or agents of Consultant of any and all right 126 17336.00000\31287373.1 11 to the above referenced Intellectual Property. Should Consultant, either during or following termination of this Agreement, desire to use any of the above-referenced Intellectual Property, it shall first obtain the written approval of the Commission. All materials and documents which were developed or prepared by the Consultant for general use prior to the execution of this Agreement and which are not the copyright of any other party or publicly available and any other computer applications, shall continue to be the property of the Consultant. However, unless otherwise identified and stated prior to execution of this Agreement, Consultant represents and warrants that it has the right to grant the exclusive and perpetual license for all such Intellectual Property as provided herein. Commission further is granted by Consultant a non-exclusive and perpetual license to copy, use, modify or sub-license any and all Intellectual Property otherwise owned by Consultant which is the basis or foundation for any derivative, collective, insurrectional, or supplemental work created under this Agreement. 3.18.3 Confidentiality. All ideas, memoranda, specifications, plans, procedures, drawings, descriptions, computer program data, input record data, written information, and other Documents and Data either created by or provided to Consultant in connection with the performance of this Agreement shall be held confidential by Consultant. Such materials shall not, without the prior written consent of Commission, be used by Consultant for any purposes other than the performance of the Services. Nor shall such materials be disclosed to any person or entity not connected with the performance of the Services or the Project. Nothing furnished to Consultant which is otherwise known to Consultant or is generally known, or has become known, to the related industry shall be deemed confidential. Consultant shall not use Commission's name or insignia, photographs of the Project, or any publicity pertaining to the Services or the Project in any magazine, trade paper, newspaper, television or radio production or other similar medium without the prior written consent of Commission. 3.18.4 Infringement Indemnification. Consultant shall defend, indemnify and hold the Commission, its directors, officials, officers, employees, volunteers and agents free and harmless, pursuant to the indemnification provisions of this Agreement, for any alleged infringement of any patent, copyright, trade secret, trade name, trademark, or any other proprietary right of any person or entity in consequence of the use on the Project by Commission of the Documents & Data, including any method, process, product, or concept specified or depicted. 3.19 Cooperation; Further Acts. The Parties shall fully cooperate with one another, and shall take any additional acts or sign any additional documents as may be necessary, appropriate or convenient to attain the purposes of this Agreement. 3.20 Attorney's Fees. If either party commences an action against the other party, either legal, administrative or otherwise, arising out of or in connection with 127 17336.00000\31287373.1 12 this Agreement, the prevailing party in such litigation shall be entitled to have and recover from the losing party reasonable attorney's fees and costs of such actions. 3.21 Indemnification. Consultant shall defend, indemnify and hold the Commission, its directors, officials, officers, agents, consultants, employees and volunteers free and harmless from any and all claims, demands, causes of action, costs, expenses, liabilities, losses, damages or injuries, in law or in equity, to property or persons, including wrongful death, in any manner arising out of or incident to any alleged negligent acts, omissions or willful misconduct of the Consultant, its officials, officers, employees, agents, consultants, and contractors arising out of or in connection with the performance of the Services, the Project or this Agreement, including without limitation, the payment of all consequential damages, attorneys fees and other related costs and expenses. Consultant shall defend, at Consultant’s own cost, expense and risk, any and all such aforesaid suits, actions or other legal proceedings of every kind that may be brought or instituted against the Commission, its directors, officials, officers, agents, consultants, employees and volunteers. Consultant shall pay and satisfy any judgment, award or decree that may be rendered against the Commission or its directors, officials, officers, agents, consultants, employees and volunteers, in any such suit, action or other legal proceeding. Consultant shall reimburse the Commission and its directors, officials, officers, agents, consultants, employees and volunteers, for any and all legal expenses and costs, including reasonable attorney’s fees, incurred by each of them in connection therewith or in enforcing the indemnity herein provided. Consultant’s obligation to indemnity shall not be restricted to insurance proceeds, if any, received by the Commission or its directors, officials, officers, agents, consultants, employees and volunteers. Notwithstanding the foregoing, to the extent Consultant's Services are subject to Civil Code Section 2782.8, the above indemnity shall be limited, to the extent required by Civil Code Section 2782.8, to claims that arise out of, pertain to, or relate to the negligence, recklessness, or willful misconduct of the Consultant. This Section 3.21 shall survive any expiration or termination of this Agreement. 3.22 Entire Agreement. This Agreement contains the entire Agreement of the parties with respect to the subject matter hereof, and supersedes all prior negotiations, understandings or agreements. This Agreement may only be supplemented, amended, or modified by a writing signed by both parties. 3.23 Governing Law. This Agreement shall be governed by the laws of the State of California. Venue shall be in Riverside County. 3.24 Time of Essence. Time is of the essence for each and every provision of this Agreement. 3.25 Commission's Right to Employ Other Consultants. The Commission reserves the right to employ other consultants in connection with this Project. 3.26 Successors and Assigns. This Agreement shall be binding on the successors and assigns of the parties, and shall not be assigned by Consultant without the prior written consent of Commission. 128 17336.00000\31287373.1 13 3.27 Prohibited Interests and Conflicts. 3.27.1 Solicitation. Consultant maintains and warrants that it has not employed nor retained any company or person, other than a bona fide employee working solely for Consultant, to solicit or secure this Agreement. Further, Consultant warrants that it has not paid nor has it agreed to pay any company or person, other than a bona fide employee working solely for Consultant, any fee, commission, percentage, brokerage fee, gift or other consideration contingent upon or resulting from the award or making of this Agreement. For breach or violation of this warranty, Commission shall have the right to rescind this Agreement without liability. 3.27.2 Conflict of Interest. For the term of this Agreement, no member, officer or employee of Commission, during the term of his or her service with Commission, shall have any direct interest in this Agreement, or obtain any present or anticipated material benefit arising therefrom. 3.27.3 Conflict of Employment. Employment by the Consultant of personnel currently on the payroll of the Commission shall not be permitted in the performance of this Agreement, even though such employment may occur outside of the employee’s regular working hours or on weekends, holidays or vacation time. Further, the employment by the Consultant of personnel who have been on the Commission payroll within one year prior to the date of execution of this Agreement, where this employment is caused by and or dependent upon the Consultant securing this or related Agreements with the Commission, is prohibited. 3.27.4 Employment Adverse to the Commission. Consultant shall notify the Commission, and shall obtain the Commission’s written consent, prior to accepting work to assist with or participate in a third-party lawsuit or other legal or administrative proceeding against the Commission during the term of this Agreement. 3.28 Equal Opportunity Employment. Consultant represents that it is an equal opportunity employer and it shall not discriminate against any employee or applicant for employment because of race, religion, color, national origin, ancestry, sex or age. Such non-discrimination shall include, but not be limited to, all activities related to initial employment, upgrading, demotion, transfer, recruitment or recruitment advertising, layoff or termination. Consultant shall also comply with all relevant provisions of Commission's Disadvantaged Business Enterprise program, Affirmative Action Plan or other related Commission programs or guidelines currently in effect or hereinafter enacted. 3.29 Subcontracting. Consultant shall not subcontract any portion of the work or Services required by this Agreement, except as expressly stated herein, without prior written approval of the Commission. Subcontracts, if any, shall contain a provision making them subject to all provisions stipulated in this Agreement. Beacon Economics, LLC is an approved subconsultant of Consultant. 129 17336.00000\31287373.1 14 3.30 Prevailing Wages. By its execution of this Agreement, Consultant certified that it is aware of the requirements of California Labor Code Sections 1720 et seq. and 1770 et seq., as well as California Code of Regulations, Title 8, Section 16000 et seq. (“Prevailing Wage Laws”), which require the payment of prevailing wage rates and the performance of other requirements on certain “public works” and “maintenance” projects. If the Services are being performed as part of an applicable “public works” or “maintenance” project, as defined by the Prevailing Wage Laws, and if the total compensation is $1,000 or more, Consultant agrees to fully comply with such Prevailing Wage Laws. The Commission shall provide Consultant with a copy of the prevailing rate of per diem wages in effect at the commencement of this Agreement. Consultant shall make copies of the prevailing rates of per diem wages for each craft, classification or type of worker needed to execute the Services available to interested parties upon request, and shall post copies at the Consultant's principal place of business and at the project site. Consultant shall defend, indemnify and hold the Commission, its elected officials, officers, employees and agents free and harmless from any claims, liabilities, costs, penalties or interest arising out of any failure or alleged failure to comply with the Prevailing Wage Laws. 3.30.1 DIR Registration. Effective March 1, 2015, if the Services are being performed as part of an applicable “public works” or “maintenance” project, then pursuant to Labor Code Sections 1725.5 and 1771.1, the Consultant and all subconsultants must be registered with the Department of Industrial Relations. If applicable, Consultant shall maintain registration for the duration of the Project and require the same of any subconsultants. This Project may also be subject to compliance monitoring and enforcement by the Department of Industrial Relations. It shall be Consultant’s sole responsibility to comply with all applicable registration and labor compliance requirements. 3.31 Employment of Apprentices. This Agreement shall not prevent the employment of properly indentured apprentices in accordance with the California Labor Code, and no employer or labor union shall refuse to accept otherwise qualified employees as indentured apprentices on the work performed hereunder solely on the ground of race, creed, national origin, ancestry, color or sex. Every qualified apprentice shall be paid the standard wage paid to apprentices under the regulations of the craft or trade in which he or she is employed and shall be employed only in the craft or trade to which he or she is registered. If California Labor Code Section 1777.5 applies to the Services, Consultant and any subcontractor hereunder who employs workers in any apprenticeable craft or trade shall apply to the joint apprenticeship council administering applicable standards for a certificate approving Consultant or any sub-consultant for the employment and training of apprentices. Upon issuance of this certificate, Consultant and any sub-consultant shall employ the number of apprentices provided for therein, as well as contribute to the fund to administer the apprenticeship program in each craft or trade in the area of the work hereunder. 130 17336.00000\31287373.1 15 The parties expressly understand that the responsibility for compliance with provisions of this Section and with Sections 1777.5, 1777.6 and 1777.7 of the California Labor Code in regard to all apprenticeable occupations lies with Consultant. 3.32 No Waiver. Failure of Commission to insist on any one occasion upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or condition, nor shall any waiver or relinquishment of any rights or powers hereunder at any one time or more times be deemed a waiver or relinquishment of such other right or power at any other time or times. 3.33 Eight-Hour Law. Pursuant to the provisions of the California Labor Code, eight hours of labor shall constitute a legal day's work, and the time of service of any worker employed on the work shall be limited and restricted to eight hours during any one calendar day, and forty hours in any one calendar week, except when payment for overtime is made at not less than one and one-half the basic rate for all hours worked in excess of eight hours per day ("Eight-Hour Law"), unless Consultant or the Services are not subject to the Eight-Hour Law. Consultant shall forfeit to Commission as a penalty, $50.00 for each worker employed in the execution of this Agreement by him, or by any sub-consultant under him, for each calendar day during which such workman is required or permitted to work more than eight hours in any calendar day and forty hours in any one calendar week without such compensation for overtime violation of the provisions of the California Labor Code, unless Consultant or the Services are not subject to the Eight- Hour Law. 3.34 Subpoenas or Court Orders. Should Consultant receive a subpoena or court order related to this Agreement, the Services or the Project, Consultant shall immediately provide written notice of the subpoena or court order to the Commission. Consultant shall not respond to any such subpoena or court order until notice to the Commission is provided as required herein, and shall cooperate with the Commission in responding to the subpoena or court order. 3.35 Survival. All rights and obligations hereunder that by their nature are to continue after any expiration or termination of this Agreement, including, but not limited to, the indemnification and confidentiality obligations, and the obligations related to receipt of subpoenas or court orders, shall survive any such expiration or termination. 3.36 No Third Party Beneficiaries. There are no intended third party beneficiaries of any right or obligation assumed by the Parties. 3.37 Labor Certification. By its signature hereunder, Consultant certifies that it is aware of the provisions of Section 3700 of the California Labor Code which require every employer to be insured against liability for Workers’ Compensation or to undertake self-insurance in accordance with the provisions of that Code, and agrees to comply with such provisions before commencing the performance of the Services. 131 17336.00000\31287373.1 16 3.38 Counterparts. This Agreement may be signed in counterparts, each of which shall constitute an original. 3.39 Incorporation of Recitals. The recitals set forth above are true and correct and are incorporated into this Agreement as though fully set forth herein. 3.40 Invalidity; Severability. If any portion of this Agreement is declared invalid, illegal, or otherwise unenforceable by a court of competent jurisdiction, the remaining provisions shall continue in full force and effect. 3.41 Conflicting Provisions. In the event that provisions of any attached exhibits conflict in any way with the provisions set forth in this Agreement, the language, terms and conditions contained in this Agreement shall control the actions and obligations of the Parties and the interpretation of the Parties’ understanding concerning the performance of the Services. 3.42 Headings. Article and Section Headings, paragraph captions or marginal headings contained in this Agreement are for convenience only and shall have no effect in the construction or interpretation of any provision herein. 3.43 Assignment or Transfer. Consultant shall not assign, hypothecate, or transfer, either directly or by operation of law, this Agreement or any interest herein, without the prior written consent of the Commission. Any attempt to do so shall be null and void, and any assignees, hypothecates or transferees shall acquire no right or interest by reason of such attempted assignment, hypothecation or transfer. 3.44 Authority to Enter Agreement. Consultant has all requisite power and authority to conduct its business and to execute, deliver, and perform the Agreement. Each Party warrants that the individuals who have signed this Agreement have the legal power, right, and authority to make this Agreement and bind each respective Party. [SIGNATURES ON FOLLOWING PAGE] 132 17336.00000\31287373.1 17 SIGNATURE PAGE TO RIVERSIDE COUNTY TRANSPORTATION COMMISSION AGREEMENT FOR ECONOMIC IMPACT STUDY WITH UCR FORECAST, LLC DBA UCR’S SCHOOL OF BUSINESS CENTER FOR ECONOMIC FORECASTING & DEVELOPMENT IN WITNESS WHEREOF, this Agreement was executed on the date first written above. RIVERSIDE COUNTY CONSULTANT TRANSPORTATION COMMISSION UCR FORECAST, LLC DBA UCR’S SCHOOL OF BUSINESS CENTER FOR ECONOMIC FORECASTING & DEVELOPMENT By: _________________________ By: ____________________________ Anne Mayer Signature Executive Director __________________________ Name __________________________ Title Approved as to Form: Attest: By: ____________________________ By: ________________________ Best Best & Krieger LLP General Counsel Its: ________________________ * A corporation requires the signatures of two corporate officers. One signature shall be that of the chairman of board, the president or any vice president and the second signature (on the attest line) shall be that of the secretary, any assistant secretary, the chief financial officer or any assistant treasurer of such corporation. If the above persons are not the intended signators, evidence of signature authority shall be provided to RCTC. 133 17336.00000\31287373.1 Exhibit “A” SCOPE OF SERVICES AND SCHEDULE [Attached behind this page] 134 900 University Ave | Riverside, CA 92521 | (951) 827-1012 | ucreconomicforecast.org Economic Impact Analysis PROJECT PROPOSAL Economic Impact Analysis: Public Transport and Highway Expansion Projects in Riverside County Introduction It is essential that a region as large as Riverside County has a robust transportation system for people and goods movement. Crippling traffic can be a hindrance to the economic vitality, impinging on the productivity of the county’s population and business activity. The Riverside County Transportation Commission (RCTC) is reviewing plans for major public transport and highway infrastructure projects in Riverside County. These sorts of public transport upgrade projects generate strong local and regional economic development benefits as well as facilitate improved inter and intra-County travel for commuters and visitors alike. Residents and County stakeholders understand that the status quo is not a long-term solution to the region’s transportation woes. In the proposed analysis that follows, the University of California, Riverside’s, Center for Economic Forecasting and Development (“the Center”) will estimate the economic benefits that could be reasonably expected to follow from the proposed public transport infrastructure improvements in Riverside County, resulting from raising transportation funding through an increase in the County sales tax of 0.5%. Scope of Work Based on the Center’s understanding of the needs of the RCTC reflected in multiple conference calls, the Center has put forward a summary table of Objectives, Phases, and Deliverables. The Deliverables column indicates how the Center has determined it can best meet the needs of the RCTC and in what format the Center’s findings will be optimally delivered. Phase 1: Modeling the Economic Impact Phase 2: Analyzing the Community Impact Phase 3: Analyzing a sales tax increase proposal Phase 4: Public Information OBJECTIVE DESCRIPTION PHASE DELIVERABLE(S) 1 To quantify the cumulative economic impact effects from direct expenditures of eight (8) major capital transportation projects and four (4) programmatic expenditure categories on the local economy of Riverside County 1st Kick off Call Client Check-In Call End-of-Phase Workshop Presentation 2 To quantify the project specific economic impact effects from direct expenditures of each of the eight (8) major capital transportation projects and four (4) programmatic expenditure categories on the local economy of Riverside County (i.e. an aggregate economic impact of all projects and expenditure categories). 1st Preliminary Results Deck Client Check-In Call End-of-Phase Workshop Presentation 135 900 University Ave | Riverside, CA 92521 | (951) 827-1012 | ucreconomicforecast.org Economic Impact Analysis Phase 1 | Modeling the Economic and Fiscal Impact Eight (8) Major Capital Transportation Projects; Four (4) Programmatic Spending Categories1 To assess the stimulative effects of potential projects, as part of an overall transportation improvement (expenditure) plan, on the local economy, the Center will model the economic impact for eight major capital transportation projects and perform an economic impact analysis. To complete this analysis the Center will require guidance from the RCTC as to the potential projects that would be undertaken in the County as part of an overall transportation improvement plan, and the estimated expenditures surrounding each of these projects. Task 1.1 Major Capital Transportation Project Specific Economic and Fiscal Impacts Project 1 Prototype: Daily rail service Project 2/3 Prototype: Lane addition(s) to major freeways Project 4 Prototype: New highways 1 Any amendments to the scope of work by the Client (including additions of Transportation Projects or Programmatic Spending Categories to be included above the pre-agreed number) after signature will require a formal Amendment to the Work Agreement and cannot be guaranteed by the Center. 3 To analyze and understand the project specific community impacts from direct expenditures of each of the eight (8) major capital transportation projects and four (4) programmatic expenditure categories on the local economy of Riverside County (i.e. an aggregate community impact of all projects and expenditure categories). 2nd Draft Report Client Check-In Call Final Report End-of-Phase Presentation 4 To analyze and understand positive and negative implications of a sales tax increase proposal in Riverside County. 3rd Briefing Book Client Check-in Call 5 To communicate and present materials for various audiences in Riverside County, highlighting the relevant economic and community impact implications for each respective stakeholder group. 4th Presentation to the RCTC Board (January 2020) Presentation to the RCTC Board (June 2020) Presentation to the Coachella Valley Association of Governments Chamber of Commerce Presentation (x2) 10 Press Calls Editorial Board Meeting 136 900 University Ave | Riverside, CA 92521 | (951) 827-1012 | ucreconomicforecast.org Economic Impact Analysis Project 5 Prototype: Rapid commuter service Project 6 Prototype: Interchange reconstruction Project 7 Prototype: Freeway bypass Project 8 Prototype: Widening of a major highway The total economic impacts will consist of the one-time increases in total output, employment and labor income in Riverside County associated with construction activities, resulting from project prototype expenditures. All of the projects and most of the employment and economic activity will be in Riverside County. Task 1.1 will analyze the short-term effects these projects will have on the County, as funds invested in infrastructure construction stimulate the local economy through labor demand. Workers employed in these projects will spend some of their wages locally, generating demand for local services. Such projects also stimulate demand for the goods and services produced by local firms. Task 1.2 Programmatic Spending Category Specific Economic and Fiscal Impact Programmatic Category 1 Prototype: Interchanges and grade separations Programmatic Category 2 Prototype: Public Transit – Operations, maintenance, expansion, etc. Programmatic Category 3 Prototype: Active Transportation – Sidewalks, bike lanes, etc. Programmatic Category 4 Prototype: Technology – Traffic signal synchronization, ramp metering, etc. As in Task 1.1 the total economic impacts will consist of the one-time increases in total output, employment and labor income in Riverside County associated with construction activities, resulting from project prototype expenditures. Task 1.3 Cumulative Economic Impact: Transportation Projects and Programmatic Spending Task 1.3 will analyze and report out on the aggregate economic impact across the selected transportation projects and programmatic spending categories. Total output, employment and compensation impacts may be disaggregated by industry sector in order to allow an estimation and industry identification of the “follow-on” jobs and business revenues. This analysis will be illustrative of the industry effects and allow the cumulative impact to be communicated out across twenty two digit NAICS industries. While much of the impact resulting from the analysis in Task 1.3 will occur in the construction industry, it will be important to communicate to stakeholders the other industries that will also be significantly impacted, including: retail trade, healthcare and social assistance, professional and scientific services and accommodations and food services. Each of these industries will see an increase in business revenues and in the number of jobs as the effects of the increase in construction activity due to the transportation projects ripple through the County’s economy. 137 900 University Ave | Riverside, CA 92521 | (951) 827-1012 | ucreconomicforecast.org Economic Impact Analysis Task 1.4 Cumulative Fiscal Impact: Transportation Projects and Programmatic Spending The economic activity in Riverside County generated by the transportation projects over the duration of the project construction and programmatic investment period will generate significant state, local and federal tax revenues. Income taxes will be collected on the earnings of workers, both direct and indirect, as are unemployment insurance and disability insu rance taxes. Sales taxes will be generated on the purchases of materials by the construction contractors and of goods and services by all the workers whose earnings are sustained by the transportation projects. Phase 2 | Analyzing the Community Impact Phase 2 of the engagement will consider the longer term benefits to the community from infrastructure improvements. Economists have long considered the economic benefits of infrastructure improvements. Such projects can have short-term effects, as funds invested in infrastructure construction stimulate the local economy as will be captured in Phase 1 of this engagement. The long- term effects of infrastructure improvements are often considered more impactful, if they alleviate bottlenecks and improve local transportation conditions, such as improving local accessibility. Transportation improvements can stimulate land development, increase local business formation and activity, and generate fiscal benefits. Task 2.1 Implications for Transportation Projects and Programmatic Spending The Center will introduce a range of variables to develop several scenarios (including an existing conditions baseline) to estimate the community impacts of the specific set of prototypes modeled and analyzed in Phase 1. The Center will develop and execute a tailored forecasting model to build scenarios, each reflecting varying degrees of community impact on the region. These scenarios will be accompanied by narratives that present implications for residents and businesses over a medium- to long-term time horizon. The Center will report out on existing and future community impacts across a variety of metrics that may include but are not limited to: - developments patterns - housing types - employment mix - transit accessibility - percentage of trips by non-car modes of transportation, and; - vehicle miles traveled per household. Phase 3 | Analyzing a sales tax increase proposal The third phase of the engagement will evaluate the likely impact of an add-on sales tax for consumers and businesses in Riverside County with a particular emphasis on the distributional effects of such a tax on the region’s residents. Task 3.1 Examine historical trends in sales and use tax revenues for Riverside County. Task 3.2 Analyze the share of sale and use taxes are paid by households, businesses, and visitors to the Riverside County. 138 900 University Ave | Riverside, CA 92521 | (951) 827-1012 | ucreconomicforecast.org Economic Impact Analysis Task 3.3 Analyze how the burden of sales and use taxes are currently distributed across income groups in Riverside County. Task 3.4 Model and forecast the revenue stream from a proposed sales tax increase. Phase 4 | Public Information Task 4.1 Public Presentations The Center has strong competencies in public speaking and public presentation. The Center’s staff experts conducted over 250 paid public speaking engagements in 2018. The Center’s staff economists and policy experts have presented before a variety of audiences, from public sector gatherings and academic conferences to industry specific convenings, chambers of commerce events, and various association conventions. The Center is capable of preparing and presenting topical materials for different audiences, highlighting the relevant implications for each respective stakeholder group. The Center has robust experience navigating local policymaking environments, tailoring its work and especially its presentations to not only the audience’s perspective, but also the audience’s general interests or agenda in the context of the broader policy landscape. The Center’s public presentation services in the context of this engagement would serve most directly to achieve Goal 5, general education and awareness building. Task 4.2 Facilitated Discussion and/or Press Interviews In addition to public presentation, The Center has experience facilitating public workshops and discussions pertinent to its topical expertise, whereby the Center offers guidance not only in the way of reporting out on findings but also by structuring and framing informed debate. The Center has facilitated interactive workshops in conjunction with formal presentations and has done so on a range of issues including economic development intervention design, chamber of commerce strategic planning, and local housing policymaking. The Center produces and places content on a wide range of topics annually in major local, regional, and national media outlets. The Center will work with the RCTC to identify the most salient topics for press engagement. In partnership with the RCTC’s staff, the Center’s Director of Communications, Victoria Pike Bond, would lead the Center’s activities around press strategy and sourcing feasible, timely, and relevant press opportunities. 139 900 University Ave | Riverside, CA 92521 | (951) 827-1012 | ucreconomicforecast.org Economic Impact Analysis PROPOSED PROJECT SCHEDULE The tables below summarize the project schedule for Phases 1 through 4 including key activities and deliverables by work stream. Highlighted in yellow are those milestones that reflect events or opportunities for RCTC to provide feedback. This is a sample high-level deliverable schedule. The Center will confirm an official project timeline with RCTC upon commencement of work. PHASES 1-4: October 2019 – April 2020 TASK / MILESTONE 09/19 10/19 11/19 12/19 01/20 02/20 03/20 04/20 Phase 1 Kick-Off Call Client Check in Call Economic Modeling Data Analysis Preliminary Findings Call End-of-Phase Workshop Presentation Phase 2 Draft Report Production Client Check in Call Final Report Production Presentation Production End-of-Phase Workshop Presentation Phase 3 Draft Briefing Book Production Client Check in Call Final Report Production End-of-Phase Presentation Phase 4 Formal Presentation to RCTC Board 140 900 University Ave | Riverside, CA 92521 | (951) 827-1012 | ucreconomicforecast.org Economic Impact Analysis PHASE 4: April – August 2020 TASK / MILESTONE 04/20 05/20 06/20 07/20 08/20 Phase 4 Formal Presentation to RCTC Board* Presentation to the Coachella Valley of Governments* Chamber of Commerce Presentation* Chamber of Commerce Presentation* Press Calls* Editorial Board Meetings* *Final timings of these presentations and meetings are TBD 141 900 University Ave | Riverside, CA 92521 | (951) 827-1012 | ucreconomicforecast.org Economic Impact Analysis Professional Fees The table below puts forward the Center’s proposed budget and associated estimated hours for each component of scope laid out in the Project Scope section above. Terms: Services requested by the Client to be provided by Beacon that are beyond the scope of this Agreement would be billed separately to Client. Beacon will work with Client on such requests to define the additional services and will prepare a budget accordingly for Client to approve before such additional services commence. PHASE 1-2 WORKSTREAMS EFFORT PHASE 3-4 WORKSTREAMS EFFORT Project Inception / Kick-off 5 Hours Economic Impact Modeling – Project and Programmatic • Data Collection • Data Collection Review • Model Building • Data Analysis 140 Hours Sales Tax Proposal Analysis Forecast • Data Collection • Data Collection Review • Model Building • Data Analysis 100 Hours Fiscal Impact Modeling - Project and Programmatic • Data Collection • Data Collection Review • Model Building • Data Analysis 100 Hours Briefing Book Production • Section Narratives • Visualizations • Executive Summary 80 Hours Community Impact Analysis • Data Collection • Data Collection Review • Placed-based Scenario Model Building • Data Analysis 166 Hours Press Engagements • Preparation • Logistics • Facilitation 20 Hours Report Production • Section Narratives x12 • Visualizations x12 • Mapping x12 • Executive Summary 132 Hours Public Presentations • Presentation Preparation • Travel • Logistics • Facilitation 30 Hours Presentation Development 10 Hours Meetings / Presentations 5 Hours Meetings / Calls 10 Hours SUBTOTAL HOURS 563 SUBTOTAL HOURS 235 TOTAL PROJECT HOURS 798 HOURLY RATE $250 TOTAL PROJECT CAP $199,500 142 900 University Ave | Riverside, CA 92521 | (951) 827-1012 | ucreconomicforecast.org Economic Impact Analysis Any amendments to the scope of work by the Client (including additions of Transportation Projects or Programmatic Spending Categories to be included above the pre-agreed number) after signature will require a formal Amendment to the Work Agreement and cannot be guaranteed by the Center. For presentations, in addition to the base fee for the Presentation, the Client will reimburse Beacon for travel-related expenses. Project Changes After Adoption of Transportation Improvement Plan At the request of the client, The Center can provide a cost breakout to the project should there be any new scenarios added after adoption of Transportation Improvement Plan. If these scenarios fall in line with the prototypes outlined above in the scope, UCR can complete the analysis at 75 per cent of the cost of the economic, fiscal and community impact analysis. If the new scenarios fall outside of the current prototypes, the Center would have to reassess the costs in negotiation with the Client. Project Team CHRIS THORNBERG, PHD Founding Partner Role: Senior Advisor Education: Ph.D., Business Economics, UCLA: B.S., Business Administration, State University of New York, Buffalo Experience: Former State Treasurer John Chiang, Council of Economic Advisors, Member; UCLA Anderson Forecast, Senior Economist ADAM FOWLER Director of Research Role: Project Manager Education: ABD, Political Psychology, UCLA; M.A. Political Science, University of Arkansas; B.A., Political Science, Arkansas Tech University Experience: Economic Impact analyses for the L.A. Pride, Los Angeles 2024 Olympic Committee, Delta Air Lines, the Ontario International Airport, and California State University, Long Beach (CSU Long Beach) UDAY RAM Sustainable Growth & Development Manager Role: Research Advisor Education: Master of Urban and Regional Planning, UCLA; M.A., Georgetown University; B.A., Economics, Cornell University. Experience: Resilience Fellow in the Office of Los Angeles Mayor Eric Garcetti, Advisor to the Lower Los Angeles River Working Group, A dvisor to the Abu Dhabi Urban Planning Council. BRIAN VANDERPLAS Senior Research Associate Education: M.A. & B.A., Economics, California State University Long Beach Experience: Economic Impact analyses for the Los Angeles 2024 Olympic Committee, Delta Air Lines, the Electric Daisy Carnival, and Otis College of Art and Design. MAZEN BOU ZEINNEDINE Research Associate : Education: M.A., Economics, University of Southern California; B.A., Economics, State University of New York at Oswego Experience: Authored chapters for the Central Coast Economic Forecast and conducted regional industry and housing market analyses for the East Bay Economic Development Alliance. 143 900 University Ave | Riverside, CA 92521 | (951) 827-1012 | ucreconomicforecast.org Economic Impact Analysis About The Center The UCR School of Business Center for Economic Forecasting and Development is the first world-class university forecasting center in the Inland Empire serving one of the most dynamic regions in the United States. Together, Riverside and San Bernardino Counties make up an economic area that is larger than Seattle, San Diego, or Orange County and twice the size of Silicon Valley. The Center for Economic Forecasting and Development brings the full resources of the University to bear in creating modern, first-rate economic forecasts and economic development products that expand understanding and amplify interest in this vital region, one of the nation’s fastest growing. The Center draws from the business expertise, public policy experience, and deep academic training of its seasoned economists to conduct path breaking research on the regional, state, and national economies—producing economic forecasts, public policy analysis, and economic impact studies for institutions, events, and public and private investments. As a hub of collaboration, innovative economic development ideas and strategies emerge from both researchers and business and government leaders. The Center not only delivers products and services that provide genuine insight into the economy, it also serves as an energetic community partner and resource to business and government leaders as well as the people of the Inland Empire. It is a fertile meeting ground for new product development, original research, and collaboration between industry, government, and the broader community. Economic Impact Analysis Expertise The Center for Economic Forecasting and Development is a leading provider of economic impact studies and analysis. Our researchers specialize in illustrating the economic, fiscal, and social impacts that major sporting and entertainment events, public and private investments, public policies and programs, and institutions have on neighborhoods, cities, or any geographic area. Using proprietary models that are based on careful, realistic methodology, we accurately quantify direct, indirect, and induced economic impacts related to job creation (direct and indirect), tax revenue (local, state, and federal), and household and individual income. Demonstrating a project’s benefits and value through independent quantitative analysis can help garner support from a range of powerful constituencies including government decision makers, investors, the media, and the community at large. Our Approach: - We develop deeply comprehensive studies that identify economic, fiscal, and social impacts. - We include social impacts as part of a holistic and unique approach that captures and quantifies broader less obvious effects, such as the charity work performed by employees of a business or startups and spin offs that result from an industry’s innovation and activities. - We employ proprietary models, apply quantifiable data, and use advanced scientific methodology to reveal economic value. - We identify the direct, indirect, and induced economic impacts related to: o Job creation o Federal, state, and local tax revenue o Household and individual income 144 900 University Ave | Riverside, CA 92521 | (951) 827-1012 | ucreconomicforecast.org Economic Impact Analysis - We implement customized surveys and work hand in hand with our clients to fully understand the unique aspects of each project, business, or organization. - We deliver true results and tell the story of your project’s or business’s impact using polished, easy to digest, visual graphics and clear, compelling narrative. References The references listed below may be contacted to gain greater insight into the nature and caliber of our economic impact research and work: California State University Northridge Contact: Dianne F. Harrison PhD, President 818-677-2121 dianne.harrison@csun.edu  18111 Nordhoff StreetNorthridge, CA 91330 County of Riverside Contact: Ed Corser, County Finance Director 951-955 -1110 ecorser@rceo.org 4080 Lemon Street, 4th FloorRiverside, CA 92501 Metropolitan Water District of Southern California Contact: Margie Wheeler, Executive Strategist 213-217-6121 MWheeler@mwdh2o.com 700 North Alameda StreetLos Angeles, CA 90012 145 17336.00000\31287373.1 Exhibit “B” COMPENSATION [Attached behind this page] 146 FIRM PROJECT TASKS/ROLE COST UCR School of Business, Center for Economic Forecasting & Development Services 199,500.00$ 199,500.00$ TASK NUMBER TASK DESCRIPTION COST Phase 1 and Phase 2 Project and Programmatic Economic Impact and Fiscal Impact Modeling; Community Impact Analysis 140,750.00$ Phase 3 and Phase 4 Sales Tax Proposal Analysis Forecast; Public Education 58,750.00 199,500.00$ EXHIBIT "B" COMPENSATION SUMMARY1 Prime Consultant: TOTAL COSTS TOTAL COSTS 1 Commission authorization pertains to total contract award amount. Compensation adjustments between tasks may occur; however, the maximum total compensation authorized may not be exceeded.DRAFT 147 AGENDA ITEM 7E Agenda Item 7E RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 17, 2019 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee Shirley Medina, Planning and Programming Director THROUGH: Anne Mayer, Executive Director SUBJECT: City of Wildomar Funding Request for Construction of Bundy Canyon Road Widening Project WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE, TECHNICAL ADVISORY COMMITTEE, AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Approve programming $3,516,000 of Measure A Regional Arterial (MARA) funds for the city of Wildomar’s Bundy Canyon Road Widening – Segment 1 project; 2) Approve Agreement No. 20-72-011-00 between the Commission and the city of Wildomar for the programming of $3,516,000 of MARA for the construction phase of the Bundy Canyon Road Widening – Segment 1 project; and 3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement. BACKGROUND INFORMATION: The city of Wildomar (Wildomar) is requesting $3,516,000 to construct the widening of Bundy Canyon Road – Segment 1 in FYs 2019/20 and 2020/21. Bundy Canyon Road is an east-west regional arterial in southwestern Riverside County. The city of Menifee and the County of Riverside are currently constructing the Interstate 215/Scott Road Interchange, which is the eastern limit of Bundy Canyon Road. Wildomar has been working on project development activities to widen Bundy Canyon Road from two to four lanes between I-215 and I-15. Wildomar has split the project into three segments. Segment 1 is from Cherry Street to the Riverside County Flood Control and Water Conservation District’s flood control channel just east of Oak Canyon Drive. The environmental document for all three segments is complete. Design work is 98 percent complete and right of way is 90 percent complete. Construction for Segment 1 is scheduled to start in FY 2019/20. Transportation Uniform Mitigation Fee (TUMF) Zone program funds have been programmed for project development work for all three segments in addition to city funds. The total cost for 148 Agenda Item 7E Segments 1 through 3 is estimated at $40 million. Segment 1 construction costs are estimated at $7.9 million, and the amount of funding needed to complete Segment 1 is $3,516,000. Widening Bundy Canyon Road will improve regional east-west travel, reduce traffic congestion and complement the I-215/Scott Road Interchange project. Wildomar’s strategy to segment the project is an effective strategy to deliver and fund larger projects. In addition, Wildomar has committed local funds and maximized TUMF Zone funds to get the project ready for construction. Since the project is not federalized, staff recommends programming MARA funds to complete the construction funding gap on Segment 1 as Bundy Canyon Road is a regional arterial that qualifies for MARA funding. The project is planned to be advertised and awarded in spring 2020. If approved, MARA funds for the Bundy Canyon Road Widening – Segment 1 project would be budgeted in the Commission’s FY 2020/21 budget. Financial Information In Fiscal Year Budget: N/A Year: FY 2020/21 Amount: $3,516,000 Source of Funds: Measure A Western County Regional Arterial funds Budget Adjustment: N/A GL/Project Accounting No.: 005209 81301 266 72 81301 $3,516,000 Fiscal Procedures Approved: Date: 09/16/2019 Attachment: August 20, 2019 Letter from City of Wildomar 149 150 151 152 153 154 155 156 157 158 159 AGENDA ITEM 7F Agenda Item 7F RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 17, 2019 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee Sheldon Peterson, Rail Manager THROUGH: Anne Mayer, Executive Director SUBJECT: Next Generation Rail Corridors Analysis Report WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to accept the Next Generation Rail Corridors Analysis Report. BACKGROUND INFORMATION: In January 2016, the Commission approved the final recommendations from the 2016 RCTC Strategic Assessment, including direction to staff to conduct a Next Generation Rail Study (Study). This Study serves as one of the modal “building blocks” for an overall Riverside County Long Range Transportation Study and will help the Commission develop a path forward for improving high-capacity regional rail and transit in the county. The study was initiated in early 2017 with HDR as the consultant supporting the effort. The objective of the Study is to review previously identified high-capacity transit corridors, identify potential new corridors, prioritize potential future rail corridors for proceeding into project development, and develop additional information and data needed to initiate planning for the high priority corridors. The goal is also to identify what the best next step would be after the Perris Valley Line Metrolink Extension opened in 2016. The Study includes two tasks: Task 1: Corridors Analysis Report – identifies corridors to be evaluated and technology options available; recommends priority corridors for potential future rail extension and further detailed analysis. Task 2: Detailed Analysis of Priority Corridors – defines the corridors in more detail including ridership estimates and capital and operating costs, a cost-effectiveness analysis, and air quality impacts. 160 Agenda Item 7F Next Generation Rail Corridors Analysis Report The purpose of this report is to document the process used to identify and evaluate potential future regional transit corridors and to present the resulting recommendation of corridors to be planned for future extensions of the regional rail system. The steps of the process are identified below. Through the initial screening process, several regional transit and rail corridors were identified as potential future options. • Coachella Valley Rail – Los Angeles to Indio • Rail Extension – Perris to Temecula • Rail Extension – Perris to Hemet/San Jacinto • Rail Extension – Corona to Temecula • Rail Extension – Temecula to San Diego • Express Bus – San Jacinto to Banning/Beaumont • Express Bus – Lake Elsinore to Perris In addition to the corridors, there was an evaluation of the transportation technology options that might be available and could potentially provide the most public benefit. The various options included: • Express Bus – Limited Stops/Longer Distances • Bus Rapid Transit – High Density/High Frequency corridors • Light Rail Transit – Electric Exclusive Right of Way/High Demand/High Frequencies • Diesel Multiple Units (DMU) – Shared Rail Right of Way/High Demand • Commuter Rail – Longer Train/Longer Distances • Intercity Rail – Regional Service travels further than traditional commuter service. The potential corridors were analyzed with an initial screening using high level evaluation criteria that reviewed the big picture opportunities, which included corridor right of way (ROW), property issues, population and employment density. Several of the corridors initially identified would be good candidates for Intercity Rail or Express Bus alternatives. However, the balance of the study focused on options that would be good for commuter rail or DMU services; therefore, the San Jacinto to Banning/Beaumont and Lake Elsinore to Perris corridors were excluded for further evaluation because it was deemed more appropriate for express bus service. Three corridors Document existing services Review previous studies Identify corridors to evaluate Evaluate technology options Identify evaluation criteria Evaluate corridor alternatives Conduct stakeholder outreach Make recommen- dations 161 Agenda Item 7F (Indio to Los Angeles; Corona to Temecula; Temecula to San Diego) that would be appropriate for rail technology were not recommended for further evaluation for the following reasons: • Indio to Los Angeles (via Fullerton and Riverside) corridor was removed because the planning process for developing this corridor is underway in the Coachella Valley-San Gorgonio Pass Rail Corridor Development Plan and Environmental Impact Report/Environmental Impact Statement. • Corona to Temecula corridor was recommended to be scaled back to Corona to Lake Elsinore for further analysis because of ROW challenges and lack of good alignment for the full corridor. The full corridor could still be evaluated in future studies. • Temecula to San Diego corridor was removed for further evaluation because the majority of the corridor is outside of the county limits and the corridor remains part of the future proposed High-Speed Rail alignment between Los Angeles to San Diego via the Inland Empire. The most viable corridors were narrowed down to the following options: Perris to Temecula, Perris to San Jacinto, and Corona to Lake Elsinore. The evaluation process for the three remaining corridors addressed the following criteria: • Demographics (2012 & 2040) • Travel Demand • Highway Congestion(2012 & 2040) • Land Use Intensities • Corridor Length • ROW Availability • Capital Costs • Operations and Maintenance (O&M) Costs • Potential Number of Stations • Number of Stations per mile • Operating Speed • Travel Time • Integration • Ridership • Transit Accessibility • Connectivity • Greenhouse Gas (GHG) and Emissions Reduction • Cost Effectiveness • Environmental Fatal Flaws • Part of an Adopted Plan • Public or Political Perception • Safety In October 2018, staff and the consultant team conducted a series of stakeholder meetings in Perris and Lake Elsinore that provided high level overviews of these three potential alignments. These meetings were well attended and comments were received from city staff, Metrolink, Riverside Transit Agency, Riverside County and other regional partners. In addition, a presentation was provided to the Commission’s September 17, 2018 Technical Advisory Committee to solicit comments and suggestions. Key Findings The comprehensive analysis identified several factors where certain alignments demonstrated advantages in comparison to others. For example, the Perris to Temecula alignment appeared 162 Agenda Item 7F to have the most ridership potential with higher travel demands and population closer to the alignment; however, there are concerns with capital costs and ROW availability. Perris to San Jacinto stands out for the existing and available Commission-owned ROW, strong political support and high growth potential, although it does show lower ridership and population densities. Corona to Lake Elsinore has extremely high travel demand and good connectivity, yet it has significant ROW challenges and high capital costs. The table below outlines the advantages and disadvantages of these options. Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Advantages • Extension to an existing transit system • Employment centers along the corridor • High travel demand along the corridor • Larger population within a 5- mile catchment area • Highest forecasted ridership • Greater GHG and emissions reductions • Included in an adopted plan • Political support • Greater potential reductions in vehicular accidents • Extension to an existing transit system • Availability of rail ROW • Lowest capital cost per mile • Included in an adopted plan • Political support • Potential high growth corridor • Highest travel demand along the corridor • Connectivity to multiple Metrolink lines (91/PVL and IEOC) Disadvantages • Highest overall capital cost and cost per mile • Less connectivity to Metrolink lines (91/PVL only) • ROW needs to be acquired • Low forecasted population and employment density along the corridor • Lack of employment centers along the corridor • Less connectivity to Metrolink lines (91/PVL only) • Low forecasted population and employment density along the corridor • Lack of employment centers along the corridor • Lowest projected ridership • ROW needs to be acquired • Highest capital cost • Highest annual O&M cost • Not included in adopted plan Based on the findings of this evaluation, all three corridors provide viable future opportunities for rail expansion and are recommended as priority corridors for continued planning. The corridors will also be included in the Long Range Transportation Study and the Southern California Association of Governments’ Regional Transportation Plan/Sustainable Communities Strategies 2020 Update. This will be especially true as regional population growth continues and the ability to expand freeways becomes more constrained. Next Steps Task 2 of the study is underway and includes further analysis of the next generation corridors that extend from the existing 91/Perris Valley Line to both Temecula and Hemet/San Jacinto. The expanded analysis would include more detailed efforts to define the projects and alignments. 163 Agenda Item 7F The follow-up effort will develop a corridor description with Geographic Information Systems plan and profile exhibits, a ridership assessment based on industry standards, refined operating and capital costs estimates, a cost effectiveness review, air quality assessment, and a corridor implementation schedule. These details will be needed to prepare these projects for future grant and funding opportunities. The continuation of this study is included in the FY 2019/20 budget and is anticipated to be completed before summer 2020. Upon completion, staff will return to the Commission for an update and direction. There is no financial impact for accepting the corridors analysis report. Attachment: Task 1: Next Generation Rail Corridors Analysis Report 164 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study Riverside County Transportation Commission September 11, 2019 165 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | i Contents 1 Introduction ........................................................................................................................................................................... 1 2 Identification of Potential Regional Transit Corridors ............................................................................................................ 1 2.1 Existing Transit Corridors and Service ...................................................................................................................... 1 2.2 Corridors Identified in Previous Studies .................................................................................................................... 4 2.3 Additional Corridors Identified ................................................................................................................................... 8 2.4 List of Corridors for Evaluation ................................................................................................................................ 10 3 Evaluation of Technology Options ...................................................................................................................................... 13 3.1 Transit Technology Characteristics ......................................................................................................................... 13 3.2 Transit Technology Comparison ............................................................................................................................. 15 3.3 Corridor Right-of-Way ............................................................................................................................................. 16 3.4 Corridor Population and Employment Density ........................................................................................................ 18 3.5 Corridor Travel Demand ......................................................................................................................................... 19 3.6 Corridor Rail Extension ........................................................................................................................................... 20 3.7 Transit Technology by Corridor ............................................................................................................................... 21 3.8 Corridors Deemed Inappropriate for Rail Technology ............................................................................................ 22 3.9 Corridors Deemed Appropriate for Rail Technology ............................................................................................... 22 4 Evaluation Criteria and Methodologies ............................................................................................................................... 24 4.1 Evaluation Criteria ................................................................................................................................................... 24 5 Evaluation of Corridors........................................................................................................................................................ 31 5.1 Corridor Characteristics .......................................................................................................................................... 31 5.2 Operational Characteristics ..................................................................................................................................... 36 5.3 Effectiveness Characteristics .................................................................................................................................. 39 5.4 Other Characteristics .............................................................................................................................................. 42 6 Conclusions and Recommendations ................................................................................................................................... 44 Tables Table 1. Existing Regional Rail/Transit Corridors ............................................................................................................................. 1 Table 2. Regional Rail/Transit Corridors Identified in Previous Studies ........................................................................................... 4 Table 3. Review of Primary Regional Travel Corridors ..................................................................................................................... 8 Table 4. Potential for Increased Passenger Service on Existing Rail Corridors ............................................................................. 10 Table 5. List of Potential Rail/Transit Corridors for Evaluation ....................................................................................................... 11 Table 6. Types of ROW Potentially Available in each Corridor ....................................................................................................... 16 Table 7. Description of ROW Ownership ........................................................................................................................................ 17 Table 8. Population Density (People per Square Mile) ................................................................................................................... 18 Table 9. Employment Density (Jobs per Square Mile) .................................................................................................................... 19 Table 10. Average Annual Daily Traffic .......................................................................................................................................... 19 Table 11. Qualitative Comparison ................................................................................................................................................... 21 Table 12. Feasible Technologies .................................................................................................................................................... 21 166 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | ii Table 13. Evaluation Criteria Overview ........................................................................................................................................... 24 Table 14. Corridor Characteristics Evaluation Criteria .................................................................................................................... 24 Table 15. Operational Characteristics Evaluation Criteria .............................................................................................................. 26 Table 16. Effectiveness Characteristics Evaluation Criteria ........................................................................................................... 27 Table 17. Other Characteristics Evaluation Criteria ........................................................................................................................ 28 Table 18. Evaluation Criteria, Factors, and Methods ...................................................................................................................... 30 Table 19. Demographics Evaluation ............................................................................................................................................... 31 Table 20. Average Annual Daily Traffic: Perris to Temecula .......................................................................................................... 32 Table 21. Average Annual Daily Traffic: Perris to San Jacinto ....................................................................................................... 32 Table 22. Average Annual Daily Traffic: Corona to Lake Elsinore .................................................................................................. 32 Table 23. Travel Demand Results and Summary ........................................................................................................................... 33 Table 24. Highway Congestion Evaluation ..................................................................................................................................... 33 Table 25. Land Use Intensities ....................................................................................................................................................... 34 Table 26. ROW Availability ............................................................................................................................................................. 34 Table 27. Overall Corridor Characteristics ...................................................................................................................................... 35 Table 28. Capital Costs ................................................................................................................................................................... 36 Table 29. O&M Costs ...................................................................................................................................................................... 37 Table 30. Stations/Stops ................................................................................................................................................................. 37 Table 31. Operating Speeds and Transit Travel Times .................................................................................................................. 37 Table 32. Overall Operational characteristics ................................................................................................................................. 39 Table 33. Ridership ......................................................................................................................................................................... 39 Table 34. Transit Accessibility ........................................................................................................................................................ 39 Table 35. Connectivity .................................................................................................................................................................... 40 Table 36. GHG and Emissions Reductions .................................................................................................................................... 40 Table 37. Cost Effectiveness .......................................................................................................................................................... 41 Table 38. Overall Effectiveness characteristics .............................................................................................................................. 41 Table 39. Safety .............................................................................................................................................................................. 43 Table 40. Corridor Advantages and Disadvantages ....................................................................................................................... 44 167 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | iii Figures Figure 1. Existing Regional Rail/Transit Service ............................................................................................................................... 3 Figure 2. Map of Corridors from Previous Studies ............................................................................................................................ 7 Figure 3. Map of Corridors from Previous Studies ............................................................................................................................ 9 Figure 4. Potential Corridors for Evaluation .................................................................................................................................... 12 Appendices Appendix A: Derivation of Unit Cost Factors ..................................................................................................................................... A Appendix B: Task 1h ROW Memo .................................................................................................................................................... B Appendix C: Notes from Stakeholder Outreach Meetings ................................................................................................................ C 168 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | iv Acronyms AADT Annual Average Daily Traffic APTA American Public Transportation Association ATSF Atchison, Topeka and Santa Fe Railway BRT bus rapid transit DMU diesel multiple unit EMU electric multiple unit GHG greenhouse gas GIS geographic information system HOV high-occupancy vehicle IEOC Inland Empire-Orange County Line LAUS Los Angeles Union Station LRT light rail transit NCTD North County Transit District PVL Perris Valley Line RCTC Riverside County Transportation Commission ROW right-of-way RTA Riverside Transit Agency RTP/SCS Regional Transportation Plan/Sustainable Communities Strategy SANDAG San Diego Association of Governments SBCTA San Bernardino County Transportation Authority SCAG Southern California Association of Governments SCORE Southern California Optimized Rail Expansion SCRRA Southern California Regional Rail Authority SJBL San Jacinto Branch Line UP Union Pacific VMT vehicle miles travelled 169 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 1 1 Introduction The Next Generation Rail Study was identified as a follow-up action in the 2016 Riverside County Transportation Commission (RCTC) Strategic Assessment effort that identified regional transportation needs and challenges. This study will serve as one of the modal “building blocks” for an overall Riverside County Long Range Transportation Study, and will provide guidance to assist the Commission in developing a path forward for improving high-capacity regional rail and transit in the county. The objective of the Next Generation Rail Study is to review previously identified high-capacity transit corridors, identify potential new corridors, prioritize potential future rail corridors for proceeding into project development, and develop additional information and data needed to initiate planning for the high priority corridors. Although the purpose of this report is to identify corridors with the potential to support future rail lines, a future corridor alternatives analysis or environmental study would need to consider a range of transit modes. The process taken in the development of this report is illustrated by the flow chart shown in Figure 1. Figure 1. Next Generation Rail & Transit Study Task 1 Process Document existing services Review previous studies Identify corridors to evaluate Evaluate technology options Identify evaluation criteria Evaluate corridor alternatives Conduct stakeholder outreach Make recommen- dations 170 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 1 2 Identification of Potential Regional Transit Corridors This section identifies all of the potential new regional transit corridors considered in this evaluation. These corridors represent the general travel paths of longer-distance trips through Riverside County or connecting Riverside County with adjacent counties. Potential future regional transit corridors are areas not currently served by high-capacity transit service, either bus or rail. These potential future transit corridors were identified from previous studies and consideration of future regional travel patterns. 2.1 Existing Transit Corridors and Service While the focus of this study is on future corridors and service, it is important to first understand what service is existing so that future regional transit can build on and enhance current services. Current transit operators in Riverside County are identified in the bulleted list below. Table 1 lists and Figure 2 illustrates the existing corridors and services.  Metrolink – Metrolink provides commuter rail service throughout Southern California, and is governed by the Southern California Regional Rail Authority (SCRRA), which is funded through a joint powers authority between the transportation commissions of Los Angeles, Orange, Riverside, San Bernardino, and Ventura counties.  Amtrak – Amtrak is a federally chartered corporation (with the federal government as majority stockholder) that provides passenger rail service throughout the country. Amtrak also provides Thruway intercity bus service to connect Amtrak train stations to areas not served by its railroads.  Greyhound – Greyhound is the largest provider of intercity bus transportation in the nation. Greyhound is privately owned.  Riverside Transit Agency (RTA) – RTA provides local and regional bus service throughout the western Riverside County region. RTA is governed by a board of directors comprised of elected officials from 18 cities in western Riverside County and four members of the County Board of Supervisors.  Pass Transit– Pass Transit is operated by the Cities of Banning and Beaumont, and provides local and express bus service to the communities of Beaumont, Banning, Cherry Valley, Calimesa, and Cabazon.  SunLine Transit Agency – SunLine Transit Agency provides bus service in the Coachella Valley area. SunLine is governed by a board of directors comprised of one county supervisor and elected officials from the nine cities of the Coachella Valley. 171 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 1 Table 1. Existing Regional Rail/Transit Corridors Corridor Alignment Service Levels Technologies/ Service Type Perris to Riverside Metrolink 91/Perris Valley Line, parallel to I-215 6 trains operated per weekday (WB) 6 trains operated per weekday (EB) No weekend service Commuter Rail Riverside to Los Angeles Metrolink 91/Perris Valley Line, parallel to SR 91 via Fullerton 4 trains operated per weekday (WB) 5 trains operated per weekday (EB) 2 trains operated per weekend (WB) 2 trains operated per weekend (EB) Commuter Rail Metrolink Riverside Line, from Riverside to Los Angeles via Ontario 6 trains operated per weekday (WB) 6 trains operated per weekday (EB) No weekend service Commuter Rail San Bernardino to Riverside Metrolink Inland Empire – Orange County Line (IEOC Line), from San Bernardino to Riverside 4 trains operated per weekday (WB) 4 trains operated per weekday (EB) 2 trains operated per weekend (WB) 2 trains operated per weekend (EB) Commuter Rail Riverside to Orange County / Oceanside Metrolink IEOC Line from Riverside to Orange County / Oceanside 8 trains operated per weekday (WB) 8 trains operated per weekday (EB) 2 trains operated per weekend (WB) 2 trains operated per weekend (EB) Commuter Rail Los Angeles to New Orleans Amtrak Sunset Limited 3 round trips per week Intercity Rail Los Angeles to Chicago Amtrak Southwest Chief One daily round trip per day Intercity Rail Fullerton to Palm Springs Amtrak Thruway between Fullerton, Riverside, Cabazon, Palm Springs Downtown, and Palm Springs Airport One round trip per day, only connects passengers to Amtrak rail services Intercity Bus Fullerton to Indio Amtrak Thruway between Fullerton, Riverside, Cabazon, Palm Springs Downtown, Palm Springs Airport, Palm Desert, La Quinta, Indio One round trip per day, only connects passengers to Amtrak rail services Intercity Bus Indio to Los Angeles Greyhound Bus direct service between Los Angeles and Indio. Some trips include stops in Riverside, San Bernardino, Banning, Palm Springs, and Perris. 9 weekday trips from Los Angeles to Indio 8 weekday trips from Indio to Los Angeles Intercity Bus San Bernardino to Anaheim RTA CommuterLink Route 200 between San Bernardino – Riverside - Anaheim 15 AM trips and 20 PM trips per weekday 6 AM trips and 12 PM trips per weekend Express Bus (CommuterLink) Temecula to Oceanside RTA CommuterLink Route 202 between Murrieta – Temecula – Oceanside 6 AM trips and 4 PM trips per weekday No weekend service Express Bus (CommuterLink) Riverside to Montclair RTA CommuterLink Route 204 between Riverside and the Montclair Transit Center 8 AM trips and 10 PM trips per weekday No weekend service Express Bus (CommuterLink) Temecula to Orange RTA CommuterLink Route 205/206 between Temecula – Murrieta – Lake Elsinore – Corona - Orange 12 AM trips and 14 PM trips per weekday No weekend service Express Bus (CommuterLink) Temecula to Riverside RTA CommuterLink Route 208 between Temecula – Murrieta – Perris – Moreno Valley – Downtown Riverside 7 AM trips and 8 PM trips per weekday No weekend service Express Bus (CommuterLink) Riverside to Palm Desert RTA CommuterLink Route 210/SunLine Route 220 between Riverside – Beaumont – Palm Desert 6 AM trips and 4 PM trips per weekday No weekend service Express Bus (CommuterLink) San Jacinto to Riverside RTA CommuterLink Route 212 between San Jacinto – Hemet – Perris – Riverside 7 AM trips and 4 PM trips per weekday No weekend service Express Bus (CommuterLink) 172 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 2 Corridor Alignment Service Levels Technologies/ Service Type San Jacinto to Escondido RTA CommuterLink Route 217 between San Jacinto – Hemet – Temecula – Escondido 9 AM trips and 9 PM trips per weekday No weekend service Express Bus (CommuterLink) Beaumont to San Bernardino Beaumont Pass Transit Commuter Link 120 between Beaumont – Calimesa – Loma Linda – San Bernardino 10 AM trips and 8 PM trips per weekday 4 AM trips and 6 PM trips per Saturday Express Bus (CommuterLink) Note: does not include express bus service operated by agencies outside Riverside County 173 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 3 Figure 2. Existing Regional Rail/Transit Service 174 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 4 2.2 Corridors Identified in Previous Studies In order to compile a list of previously studied corridors and alignments, the team reviewed the following documents:  RCTC Strategic Assessment and Technical Appendices (2016)  Metrolink 10-year Strategic Plan 2015-2025  Metrolink Short Range Transit Plan 2015-2020  RCTC Commuter Rail Feasibility Studies (2005 and 2007)  Riverside Transit Agency Comprehensive Operations Analysis (2015)  Coachella Valley Rail Alternatives Analysis (2016)  California State Rail Plan (2013)  California High Speed Rail Business Plan (2016)  Southern California Association of Governments (SCAG) Regional Transportation Plan/Sustainable Communities Strategy (RTP/SCS) (2016)  Perris Valley Line Growth Study Market Assessment (2017) Table 2 lists the 15 transit corridors identified in these studies. Color coding matches to the corridors shown on the map in Figure 3. Table 2. Regional Rail/Transit Corridors Identified in Previous Studies Corridor Alignment Technologies/ Service Type Connection / Extension Palm Springs to Indio/Coachella Along Highway 111, from Palm Springs to Indio/Coachella BRT/Express Bus Connections to:  RTA CommuterLink Route 210/SunLine Route 220 Indio to Riverside Via UP and BNSF railroad tracks Commuter Rail Connections to:  IEOC Line  Riverside Line  91/PVL Line  RTA CommuterLink o Route 200 o Route 208 o Route210/SunLine 220 o Route 212 Indio to Los Angeles (via Fullerton/Riverside) Uses UP Yuma Subdivision between Indio and Colton, then uses the BNSF San Bernardino Subdivision from Colton through Riverside and Fullerton to reach LAUS Intercity Rail Connections to:  IEOC Line  Riverside Line  91/PVL Line 175 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 5 Corridor Alignment Technologies/ Service Type Connection / Extension Banning to Riverside Via UP and BNSF railroad tracks Commuter Rail Connections to:  IEOC Line  Riverside Line  91/PVL Line  RTA CommuterLink o Route 200 o Route 208 o Route 210/SunLine 220 o Route 212 Along SR 60 Express Bus Perris to San Jacinto Via RCTC-owned San Jacinto Branch Line (SJBL) Commuter Rail or Intracounty Rail Extends Perris Valley Line Along SR 74 from Perris to Hemet Express Bus Connections to:  91/PVL Line  RTA CommuterLink Route 208 Perris to Temecula Via SJBL and an alignment paralleling Winchester Road Commuter Rail or Intracounty Rail Extends Perris Valley Line Via I-215 corridor Riverside to Temecula Along I-215 Express Bus TBD depending on terminus location Los Angeles to San Diego via Inland Empire or From Downtown Los Angeles to San Diego, passing through Los Angeles, Riverside, San Bernardino, and San Diego counties. Alignment alternatives include either I-10 or SR 60 through the San Gabriel Valley, and either I-15 or I- 215 from the Inland Empire to San Diego County. High-Speed Rail, Blended Service Connections to:  RTA CommuterLink o Route 200 o Route 205/206 o Route 208 Corona to Lake Elsinore Corona to Lake Street at Lake Elsinore Commuter Rail Connections to:  IEOC Line  91/PVL Line  RTA CommuterLink o Route 200 o Route 205/206 Corona to Lake Street at Lake Elsinore, with an additional station at Dos Lagos Corona to Temecula Along Santa Fe Branch Line, entering I-15 at Nichols Road at Lake Elsinore Commuter Rail Connections to:  IEOC Line  91/PVL Line 176 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 6 Corridor Alignment Technologies/ Service Type Connection / Extension Along Santa Fe Branch Line, entering I-15 at Nichols Road at Lake Elsinore, with an additional station at Dos Lagos  RTA CommuterLink o Route 200 o Route 205/206 Along Santa Fe Branch Line, entering I-15 at Lake Street at Lake Elsinore I-15 corridor, from Corona to Temecula/Murrieta Express Bus San Bernardino to Temecula San Bernardino to Temecula, entering I-15 at Nichols Road at Lake Elsinore Commuter Rail Connections to:  IEOC Line  91/PVL Line San Bernardino to Temecula, entering I-15 at Nichols Road at Lake Elsinore, with an additional station at Dos Lagos Temecula to San Diego Temecula to downtown San Diego, along the alignment identified for the proposed California High-Speed Rail Commuter Rail (DMUs might be considered for this corridor) Connections to:  RTA CommuterLink Route 217 Temecula to San Jacinto Along SR 79 Express Bus TBD depending on terminus location San Jacinto to Banning/Beaumont Along SR 79 Express Bus TBD depending on terminus location Lake Elsinore to Perris Along SR 74 Express Bus TBD depending on terminus location 177 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 7 Figure 3. Map of Corridors from Previous Studies 178 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 8 2.3 Additional Corridors Identified To ensure that this study considers all corridors in Riverside County with the potential to support future rail lines, the County’s key regional travel flows were mapped in order to identify the primary travel corridors (current and future, intra- county and inter-county). The primary travel corridors are listed in Table 3 and illustrated in Figure 4. These primary travel corridors were then reviewed to determine which are already served by high-capacity rail transit (and are included in Table 1) and which have been identified as potential candidates for future high-capacity transit (and are included in Table 2). As indicated in Table 3, all of the County’s primary travel corridors either have existing Metrolink service or are on the list of potential corridors to be considered for high-capacity transit. Table 3. Review of Primary Regional Travel Corridors Inter- or Intra- County Primary Travel Corridors High Capacity Transit Existing or Potential Inter-county Riverside County – Orange County Metrolink (IEOC, 91/PVL Line) Existing Inter-county Riverside to San Bernardino Metrolink (IEOC) Existing Inter-county Riverside to Los Angeles County Metrolink (IEOC, 91/PVL, Riverside) Existing Inter-county Riverside to San Diego County Commuter Rail Potential Intra-county Corona to Riverside Metrolink (IEOC, 91/PVL Line) Existing Intra-county Riverside to Perris/Moreno Valley Metrolink (91/PVL Line) Existing Intra-county Corona to Perris/Moreno Valley Metrolink (91/PVL Line) Existing Intra-county Perris/Moreno Valley to Hemet/San Jacinto Metrolink Extension Potential Intra-county Perris/Moreno Valley to Temecula Metrolink Extension Potential Intra-county Perris/Moreno Valley to Lake Elsinore Express Bus / BRT Potential Intra-county Murrieta/Temecula to Hemet/San Jacinto Express Bus / BRT Existing Intra-county Murrieta/Temecula to Corona Express Bus / BRT or Rail Existing Intra-county Riverside to Pass Area Express Bus / BRT or Rail Existing Intra-county Hemet/San Jacinto to Pass Area Express Bus / BRT Potential Intra-county Coachella Valley to Riverside Intercity Rail Potential 179 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 9 Figure 4. Map of Corridors from Previous Studies 180 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 10 For some of the corridors with existing Metrolink service, the potential for increasing service is limited by the number of available slots for passenger trains under the operating agreements with the private railroads. Train slots are made available through a Shared Use Agreement with the host railroad BNSF Railway or Union Pacific (UP), there are currently discussions that would allow for future service expansions, potentially based on additional capital improvements. Table 4 shows the potential for increased service in the primary travel corridors with existing Metrolink service under the current terms of the shared use agreements. Additional service to Los Angeles on the BNSF will be available when the Rosecrans/Marquardt grade separation in Los Angeles County is completed, potentially in 2019. For the Riverside – San Bernardino corridor, under the current agreement terms there are only four potential new train slots. Increased service on the IEOC route in this corridor is limited without a renegotiation of RCTC’s Shared Use Agreement with BNSF. Nevertheless, Metrolink is exploring opportunities to increase rail service along existing rail lines. There is also the Southern California Optimized Rail Expansion (SCORE) program that is looking to provide funding for capital improvements needed to increase Metrolink service to 15-30 minute frequencies on certain corridors. Table 4. Potential for Increased Passenger Service on Existing Rail Corridors Primary Travel Corridors Existing Rail Service Track Owner Potential for increased passenger service? Riverside to Orange County Metrolink IEOC BNSF/OCTA There are limited slots available under the current agreement. Metrolink 91/PVL BNSF Additional slots become available with completion of the Rosecrans/ Marquardt grade separation Riverside to San Bernardino Metrolink IEOC BNSF Memorandum of understanding for Colton Crossing provides for the conversion of four non-revenue passenger train movements to revenue train movements between Riverside and San Bernardino Riverside to Los Angeles Metrolink 91/PVL BNSF Additional slots become available with completion of the Rosecrans/Marquardt grade separation Metrolink Riverside Line UP Limited to current service level of six round trips per day Corona to Riverside Metrolink 91/PVL BNSF Additional slots become available with completion of the Rosecrans/ Marquardt grade separation Riverside to Perris Metrolink 91/PVL RCTC Yes, as the Perris Valley Line is owned by RCTC 2.4 List of Corridors for Evaluation Since the primary objective of this study is to identify the next regional rail corridor(s) for development by RCTC, the overall list of 15 potential corridors was simplified and reduced down to seven corridors for evaluation.  Express Bus from Palm Springs to Indio/Coachella was removed because this corridor falls within the longer Coachella Valley Rail corridor and SunLine has existing high frequency service on the 111 route.  Commuter Rail from Indio to Riverside was removed because this corridor falls within the longer Coachella Valley Rail corridor and existing express bus service is currently available in this corridor. 181 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 11  Commuter Rail from Corona to Lake Elsinore as a unique corridor was removed for the initial phase of analysis and incorporated into the longer Corona to Temecula corridor.  Commuter Rail from San Bernardino to Temecula was removed because high-capacity rail already exists between San Bernardino and Corona and the rest of this corridor will be studied as the Corona to Temecula corridor.  High-Speed Rail from Los Angeles to San Diego was removed because it is a statewide service that will be implemented by another agency on a much longer timeline  Express Bus from Riverside to Temecula was removed because high-capacity rail already exists between Riverside and Perris and the rest of this corridor will be studied as the Perris to Temecula corridor.  Express Bus from San Jacinto to Temecula was removed because the service already exists.  Express Bus and Commuter Rail from Banning to Riverside were removed because the express bus service already exists, and the rail service is met by the Indio to Los Angeles Intercity Rail.  Commuter rail between Riverside and San Bernardino was removed because service already exists. The seven corridors listed in Table 5 and illustrated in Figure 5 are the corridors that will move forward for high-level evaluation. Table 5. List of Potential Rail/Transit Corridors for Evaluation Corridor Alignment Connection/Extension Indio to Los Angeles (via Fullerton/Riverside) Uses UP Yuma Subdivision between Indio and Colton, then uses the BNSF San Bernardino Subdivision from Colton through Riverside and Fullerton to reach LAUS Connections to  IEOC Line  Riverside Line  91/PVL Line Perris to Temecula Via I-215 corridor Extends Perris Valley Line Perris to San Jacinto Via RCTC-owned SJBL Extends Perris Valley Line Corona to Temecula Along Santa Fe Branch Line, entering I-15 at Nichols Road at Lake Elsinore Connections to:  IEOC Line  91/PVL Line  RTA CommuterLink o Route 200 o Route 205/206 Temecula to San Diego Along the alignment identified for the proposed California High-Speed Rail; bi- county project Connection to:  RTA CommuterLink Route 217 Lake Elsinore to Perris SR 74 TBD depending on terminus location Hemet/San Jacinto to Banning/Beaumont SR 79 TBD depending on terminus location 182 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 12 Figure 5. Potential Corridors for Evaluation 183 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 13 3 Evaluation of Technology Options This section presents a high-level evaluation of the seven corridors to determine if rail technology is appropriate for each corridor, based on factors such as right-of-way (ROW), population and employment density, travel demand, and extension of an existing rail line. Research was performed on the key characteristics of six types of transit technology, then the factors were applied to the potential corridors. Corridors determined to be appropriate for rail technology were evaluated and prioritized in the subsequent chapters of this report. 3.1 Transit Technology Characteristics This section describes the typical characteristics of transit technologies that are appropriate for regional transit services. They include two types of bus service and four types of rail service. Express Bus Express bus is a bus-based transit service with limited stops, designed to run at high travel speeds to serve commuter trips between suburban areas and urban employment centers/schools. Express bus service operates in mixed traffic on streets and highways (including high-occupancy vehicle or HOV lanes), typically along major travel corridors, which means they can experience congestion. Express buses primarily operate on weekdays during peak commuting hours, although some express bus systems also provide off-peak and weekend service. Express bus has the lowest capital costs of the modes considered herein. A local example of express bus service is Riverside Transit Agency’s (RTA) CommuterLink Express. RTA currently operates nine CommuterLink Express routes, providing service to Riverside, Orange, San Bernardino, and San Diego Counties. CommuterLink Express primarily operates on weekdays during AM and PM peak hours. In 2016, RTA’s express bus operating cost per vehicle revenue mile was $3.58, and its operating cost per passenger trip was $13.73. In 2015, RTA’s farebox recovery ratio for CommuterLink Express service was between 14 - 28%. Bus Rapid Transit (BRT) BRT is a high-quality, high-frequency bus service implemented in corridors with high travel demand, generally considered to be a cost-effective alternative to rail. Typically BRT includes specialized design elements and infrastructure (e.g., dedicated lanes or guideways, intelligent transportation systems (ITS), level boarding, etc.) which can contribute to reduced travel time and delay, and increased safety and reliability. BRT stations are spaced more widely apart than local fixed-route bus services. Because BRT often utilizes existing arterials by converting a traffic lane to a bus lane, it is typically lower in capital cost than a rail line. 184 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 14 A local example of BRT service is Omnitrans’ sbX Green Line, which provides service between the communities of San Bernardino and Loma Linda. Service is provided on weekdays only, with 10-minute headways during peak hours and 15- minute headways during off-peak hours. In 2015, the sbX Green Line operating cost per vehicle revenue mile was $5.38, and its operating cost per passenger trip was $5.54. Omnitrans’ 2015 farebox recovery ratio for sbX service was 15.2%. Light Rail Transit (LRT) LRT is an electrically-powered rail system, usually with two- or three-car trains, that operates on a fixed guideway in exclusive ROW and/or existing street ROW. LRT cannot operate on freight tracks. LRT service is typically provided along high- demand corridors in metropolitan areas. Due to the ROW required, as well as the infrastructure construction costs, LRT has higher capital costs than most other modes. A local example of LRT service is Los Angeles Metro’s Gold Line. The Gold Line operates along a 31-mile alignment with a total of 27 stations. Service is provided daily, with approximately 7-minute headways during peak hours on weekdays, and approximately 12-minute headways during weekends. In 2016, Los Angeles Metro’s light rail operating cost per vehicle revenue mile was $23.15, and its operating cost per passenger trip was $5.13. Metro’s 2016 farebox recovery ratio for light rail was 15%. Diesel Multiple Unit (DMU) A DMU, also known as hybrid rail, is a light rail-type train powered by on-board diesel engines. DMU operates on a fixed guideway completely separated from automobile traffic. Unlike LRT, DMU can operate on corridors that also have freight-rail traffic provided that the DMU rail vehicle meets certain safety criteria. Otherwise, temporal, or time of day, separation between DMU and freight-rail traffic is required. According to the Federal Transit Administration (FTA), DMUs have slightly higher operating costs than other urban transit modes, primarily since DMUs tend to be newer systems. Because DMUs can utilize existing rail corridors in some cases, construction costs can be lower than those of LRT systems. A local example of DMU service is the North County Transit District (NCTD) Sprinter. The Sprinter provides daily service along a 22-mile route between Oceanside, CA and Escondido, CA with a total of 15 stations. This system utilizes temporal separation with the DMU passenger service during the day and limited freight service at night. In 2016, the Sprinter’s operating cost per vehicle revenue mile was $23.80, and its operating cost per passenger trip was $6.09. NCTD’s 2016 farebox recovery ratio for Sprinter service was 18.3%. Also a new system being developed by the San Bernardino County Transportation Authority (SBCTA) will use DMU technology for service from San Bernardino to Redlands starting in 2020. SBCTA is also exploring electric multiple unit (EMU) trains, which are similar to DMUs but are electrically-powered and have less emissions (air quality and noise). 185 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 15 Commuter Rail Commuter rail is an electric- or diesel-powered railway for regional passenger rail service that primarily operates between a central urban location and the surrounding suburbs. Commuter rail service is usually provided on weekdays during peak hours, in order to serve work- or school-related trips, although some systems also provide weekend service. Commuter rail operates on a fixed guideway completely separated from automobile traffic, typically on former or current freight tracks. The shared operations with freight railroads can impact service frequency and limit the potential for increasing passenger service. Capital costs for commuter rail systems can be similar to or slightly higher than those of DMU systems. A local example of commuter rail service is the Metrolink system. The Metrolink system currently consists of seven routes operating in Los Angeles, Orange, Riverside, San Bernardino, Ventura, and San Diego counties. The Perris Valley Line, which extends the 91 Line service from Riverside to South Perris, is a recent extension of the Metrolink system. In FY 2016, Metrolink’s operating cost per vehicle revenue mile was $17.32, and its operating cost per passenger trip was $19.57. The FY 2016 farebox recovery ratio for Metrolink was 37.4%. Intercity Rail Intercity rail is a regional passenger rail service that typically serves travel between cities, covering longer distances than commuter rail. Like both DMU and commuter rail service, intercity rail operates on a fixed guideway completely separated from automobile traffic, and can operate in freight rail corridors. Capital costs for intercity rail systems vary, depending on the potential for using existing facilities. A local example of intercity rail service is Amtrak’s Pacific Surfliner. The Pacific Surfliner provides service along a 351-mile route, with a total of 31 stations across San Diego, Orange, Los Angeles, Ventura, Santa Barbara, and San Luis Obispo counties. The Pacific Surfliner operates 23 one-way trips per day between San Diego and Los Angeles/Santa Barbara/San Luis Obispo. For FY 2015-16, Amtrak’s average unit cost per train mile for the Pacific Surfliner service was $69.66. In FY 2015-16, the operating cost per passenger trip was $34.51. Amtrak’s FY 2015-16 farebox recovery ratio for the Pacific Surfliner service was 78.8%. 3.2 Transit Technology Comparison Each transit technology discussed above offers opportunities and issues depending on the specific alignment, built environment, community, and potential users. Express, or Commuter, Bus is best suited to medium to long distance trips in peak periods for commuters. It is low cost to construct since it utilizes existing freeways and arterials, but is subject to congestion in regular traffic lanes. HOV lanes, if not congested, can increase travel speeds for commuter bus. 186 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 16 BRT is best suited to short to medium distance trips along arterial routes at any time of day, with stations located approximately one mile apart. In order to provide dedicated lanes and a unique BRT brand, there are construction and overhead costs above and beyond those of a typical bus route. LRT, similar to BRT, is best suited to short to medium distance trips at any time of day, with stations located at least one mile apart on an exclusive ROW. Due to the ROW needs and construction requirements, LRT is a relatively high cost system, but has the opportunity to carry higher ridership loads than the lower capacity BRT vehicles. DMU is best suited to short to medium distances with higher frequencies and smaller peak loads. It has lower operating costs compared to commuter rail and similar costs for infrastructure. Commuter rail, similar to express bus, is best suited to medium to long distance trips in peak periods. By sharing track or ROW with freight rail, infrastructure costs can be lower than LRT. Intercity rail is best suited to long distance trips at any time of day. Infrastructure costs are similar to commuter rail and DMU. 3.3 Corridor Right-of-Way As discussed in the previous section, each mode has specific ROW requirements for operations:  Exclusive Rail ROW  Shared Rail ROW  Freeway/street ROW (exclusive or shared) Table 6 illustrates the type of ROW potentially available in each corridor. In some cases, a corridor may have multiple types of ROW, such as the Corona to Temecula corridor. With the existing transportation corridors, the new services may or may not be able to fit within the current configurations and additional adjacent property may be needed. Other than the Indio route, the only corridor with a mostly complete rail alignment is the Perris to San Jacinto corridor along the San Jacinto Branch Line (SJBL). Table 6. Types of ROW Potentially Available in each Corridor Corridor Alignment Right-of-Way Exclusive Rail Shared Rail Freeway/Street Indio to Los Angeles (via Fullerton/Riverside) Uses UP Yuma Subdivision between Indio and Colton, then uses the BNSF San Bernardino Subdivision from Colton through Riverside and Fullerton to Los Angeles, and to reach LAUS uses the SCRRA River Subdivision X Perris to Temecula Via I-215 corridor X X Perris to San Jacinto Via RCTC-owned SJBL X X Corona to Temecula Along a former Santa Fe Branch Line, entering I-15 at Nichols Road in Lake Elsinore X X X Temecula to San Diego Along the alignment identified for the proposed California High-Speed Rail X X 187 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 17 Corridor Alignment Right-of-Way Exclusive Rail Shared Rail Freeway/Street Lake Elsinore to Perris Along SR 74 X X Hemet/San Jacinto to Banning/Beaumont Along SR 79 X X A key question related to ROW is ownership, and what it will take in order to begin operations on that ROW. Is it already owned or does it need to be purchased? Are rights to operate available, or do they need to be purchased/leased? In the case of freeway or street ROW, what agreements are needed in order to operate transit on the existing facility, and is ROW for new transit facilities (ramps, stations, etc.) needed? Table 7 identifies the ownership and availability for service on each of the seven corridors. Table 7. Description of ROW Ownership Corridor Alignment Description of ROW Ownership Indio to Los Angeles (via Fullerton/Riverside) Uses UP Yuma Subdivision between Indio and Colton, then uses the BNSF San Bernardino Subdivision from Colton through Riverside and Fullerton to Los Angeles, and uses the River Subdivision to reach LAUS In order to accommodate additional passenger trains on the UP Yuma Subdivision, a passenger rail agreement would be required along with additional track infrastructure. BNSF San Bernardino Subdivision has existing passenger rail agreements that could allow for additional service. SCRRA River Subdivision would provide a connection from BNSF ROW to LAUS. River Subdivision ROW is owned by Metro. Perris to Temecula Via I-215 corridor A majority of the potential alignment parallels I-215. I-215 is a Caltrans facility consisting of 4-6-lane highway with one HOV lane existing or planned in each direction. A portion of the ROW is on parcels with minimal or no development. Perris to San Jacinto Via RCTC-owned SJBL The SJBL is owned by RCTC. Corona to Temecula Along a former Santa Fe Branch Line, entering I-15 at Nichols Road in Lake Elsinore The Santa Fe Branch Line is abandoned ROW, formerly part of the ATSF Railway. A portion of this old ROW is now covered by part of the Dos Lagos Golf Club, and would need to be purchased. Depending on the selected route, trackage rights may need to be acquired from BNSF for an existing, active BNSF industrial lead known as the Porphyry Spur, which is a 3.5-mile remnant of the former Santa Fe Elsinore Branch. I-15 is a Caltrans facility consisting of an approximately 4-6 lane highway. There are plans for Express Lanes to extend from the Cajalco Road interchange to SR 74 in Lake Elsinore, and then HOV lanes beyond the SR 74 interchange to the junction of I-15 and I-215 in Temecula. There is no excess median on I-15 available for rail transit. 188 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 18 Corridor Alignment Description of ROW Ownership Temecula to San Diego Along the alignment identified for the proposed California High-Speed Rail Potential alignment parallels I-15 but ROW does not yet exist. Most of this corridor would be in San Diego County. Lake Elsinore to Perris Along SR 74 SR 74 is a Caltrans facility consisting of a 4 lane highway. An improvement along this corridor is currently being planned as part of the proposed Ethanac Expressway Project. The Ethanac Expressway Project would provide a new east-west interregional route by extending the existing Ethanac Road westerly to connect to SR 74, thus closing the existing road gap between Ethanac Road and SR 74. There are currently concepts to solicit input on a BRT or bus facility on Ethanac Expressway in addition to consideration of light rail. As of recent public meetings there does not seem to be much local interest in light rail, but extra median area or ROW beyond the travel way may be leveraged. Hemet/San Jacinto to Banning/Beaumont Along SR 79 SR 79 is a Caltrans facility consisting of a four-lane highway. There is not sufficient area available within the median or in the outside ROW for rail transit. Based on the unique characteristics of the Corona to Temecula alignment (partly in a rail ROW, and partly on a Caltrans facility), for the purposes of this evaluation the two components will be shown separately in subsequent tables. 3.4 Corridor Population and Employment Density Existing and forecasted population and employment is a key factor that drives ridership and ultimately, the success of a new transit system. Table 8 and Table 9 show 2012 and 2040 population and employment density for the seven corridors. Year 2012 data was used to represent current conditions since 2012 is the base year for the current SCAG Regional Transportation Model and its demographic data. The data show that the highest population and employment densities are found on the Indio to Los Angeles corridor, due largely to the density of development along the corridor within Los Angeles and Orange Counties. The Temecula to San Diego corridor and Perris to Temecula corridor have the second and third highest densities. Table 8. Population Density (People per Square Mile) Corridor Population Density (ppl / sq mi) 2012 2040 Indio to Los Angeles (via Fullerton/ Riverside) 2,775 3,295 Perris to Temecula 1,600 2,308 Perris to San Jacinto 1,251 1,983 Corona to Temecula Overall corridor: 1,359 Corona to Lake Elsinore: 1,384 Overall corridor: 1,892 Corona to Lake Elsinore: 1,802 189 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 19 Corridor Population Density (ppl / sq mi) 2012 2040 Lake Elsinore to Temecula: 1,328 Lake Elsinore to Temecula: 1,992 Temecula to San Diego 1,803 2,312 Lake Elsinore to Perris 1,170 1,971 Hemet/San Jacinto to Banning/Beaumont 1,106 1,785 Table 9. Employment Density (Jobs per Square Mile) Corridor Employment Density (jobs / sq mi) 2012 2040 Indio to Los Angeles (via Fullerton/ Riverside) 1,192 1,563 Perris to Temecula 369 718 Perris to San Jacinto 206 503 Corona to Temecula Overall corridor: 397 Corona to Lake Elsinore: 428 Lake Elsinore to Temecula: 361 Overall corridor: 698 Corona to Lake Elsinore: 690 Lake Elsinore to Temecula: 705 Temecula to San Diego 601 992 Lake Elsinore to Perris 190 486 Hemet/San Jacinto to Banning/Beaumont 205 493 3.5 Corridor Travel Demand Caltrans measures Average Annual Daily Traffic (AADT) on all of its facilities, which can serve as an indicator of the magnitude of travel demand in a particular corridor. Table 10 lists the AADT on major highways in the seven corridors. Table 10. Average Annual Daily Traffic Corridor Highway / Location AADT Indio to Los Angeles (via Fullerton/ Riverside) I-10, Indio, Monroe Street 64,000 I-10, Banning, Jct. Rte. 243 129,000 I-10, Beaumont, Jct. Rte. 79S 132,000 I-10, San Bernardino, Waterman Avenue 205,000 I-215, San Bernardino, Jct. Rte. 66W 125,000 SR 91, Riverside, Central Avenue 165,000 190 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 20 Corridor Highway / Location AADT SR 91, Corona, Main Street 233,000 Perris to Temecula I-215, Perris, Nuevo Road 103,000 I-215, Murrieta, Murrieta Hot Springs Road 93,000 I-15, Temecula, Rancho California Road 169,000 Perris to San Jacinto SR 74, Hemet, State Street 29,000 SR 74, Menifee, Menifee Road 30,000 Corona to Temecula I-15, Corona, Magnolia Avenue 187,000 I-15, Lake Elsinore, Main Street 125,000 I-15, Murrieta, Murrieta Hot Springs Road 133,000 I-15, Temecula, Rancho California Road 169,000 Temecula to San Diego I-15, Temecula, Rancho California Road 169,000 I-15, San Diego/Riverside County Line 140,000 Lake Elsinore to Perris SR 74, Lake Elsinore, Jct. Rte. 15 31,500 SR 74, Perris, Seventh Street 26,500 Hemet/San Jacinto to Banning/Beaumont SR 79, San Jacinto, Gilman Springs Road 28,300 SR 79, Beaumont, California Avenue 26,500 Based on the data in Table 10, the corridors with higher travel demand include Indio to Los Angeles, Perris to Temecula, Corona to Temecula, and Temecula to San Diego. The corridors with lower travel demand include Perris to San Jacinto, Lake Elsinore to Perris, and Hemet/San Jacinto to Banning/Beaumont. 3.6 Corridor Rail Extension If a potential corridor has a connection to, or could be an extension of, an existing rail system, that corridor is likely to be appropriate for rail technology. As identified previously in Table 5, four of the seven corridors have potential connections to, or are extensions of, an existing rail system: Indio to Los Angeles, Perris to Temecula, Perris to San Jacinto, and Corona to Temecula. The Temecula to San Diego, Lake Elsinore to Perris, and Hemet/San Jacinto to Banning/Beaumont corridors do not have connections to/would not be extensions of an existing rail system. 191 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 21 3.7 Transit Technology by Corridor Table 11 contains a qualitative comparison of five of the key evaluation factors to determine appropriate transit technology. Table 11. Qualitative Comparison Corridor Population Density Employment Density Corridor Demand ROW Availability Rail Extension Indio to Los Angeles (via Fullerton/Riverside) High High High Yes Yes Perris to Temecula Medium Medium High Yes Yes Perris to San Jacinto Low Low Low Yes Yes Corona to Temecula Medium Corona to Lake Elsinore: Medium Lake Elsinore to Temecula: Medium Low Corona to Lake Elsinore: Low Lake Elsinore to Temecula: Low High Corona to Lake Elsinore: High Lake Elsinore to Temecula: High Yes Corona to Lake Elsinore: Yes Lake Elsinore to Temecula: No Yes Corona to Lake Elsinore: Yes Lake Elsinore to Temecula: No Temecula to San Diego Medium Medium High No No Lake Elsinore to Perris Low Low Low No No Hemet/San Jacinto to Banning/Beaumont Low Low Low No No Table 12 lists the technologies that, based on the high-level assessment of technology and alignment characteristics, are appropriate for each corridor. Table 12. Feasible Technologies Corridor Express Bus BRT LRT DMU Commuter Rail Intercity Rail Indio to Los Angeles (via Fullerton/Riverside) X X X Perris to Temecula X X X X Perris to San Jacinto X X X X Corona to Temecula X X X X Corona to Lake Elsinore X X X X Lake Elsinore to Temecula X X Temecula to San Diego X X X X 192 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 22 Corridor Express Bus BRT LRT DMU Commuter Rail Intercity Rail Lake Elsinore to Perris X X Hemet/San Jacinto to Banning/Beaumont X X 3.8 Corridors Deemed Inappropriate for Rail Technology The Lake Elsinore to Perris corridor and Hemet/San Jacinto to Banning/Beaumont corridor were determined to be inappropriate for rail technology for the following combinations of reasons:  Lake Elsinore to Perris corridor: o Low population and employment density along the corridor o Low corridor travel demand o ROW availability for transit service along this corridor is possible, but does not presently exist  Hemet/San Jacinto to Banning/Beaumont corridor: o Low population and employment density along the corridor o Low corridor travel demand o There are currently no plans for this segment of SR 79 to be widened to include provisions for rail services/become a transit-supporting corridor o Lack of connections to the existing rail system These corridors should be planned in coordination with RTA for possible Express Bus or BRT service to meet future regional transit needs. 3.9 Corridors Deemed Appropriate for Rail Technology The following five corridors were determined to be appropriate for rail technology from the standpoint of population/employment density, travel demand, ROW availability, and/or extending an existing rail line:  Indio to Los Angeles (via Fullerton and Riverside)  Perris to Temecula  Perris to San Jacinto  Corona to Temecula  Temecula to San Diego Although these five corridors are appropriate for rail technology, they are not recommended to be further evaluated and prioritized in this study for the following reasons:  Indio to Los Angeles (via Fullerton and Riverside) corridor o This corridor is recommended to be removed from further evaluation in this study because the planning process for developing this corridor is underway in the Coachella Valley – San Gorgonio Pass Rail Corridor Service Development Plan and EIS/EIR.  Corona to Temecula corridor 193 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 23 o The full corridor is recommended to be removed from further evaluation in this study because of ROW challenges and lack of good alignment. o The shorter Corona to Lake Elsinore corridor is recommended for further evaluation. The Corona to Lake Elsinore corridor could potentially utilize existing and former rail ROW until it reaches Nichols Road, and end without needing to use the I-15 ROW. o The Lake Elsinore to Temecula section could be revisited in a future study.  Temecula to San Diego corridor o This corridor is recommended to be removed from further evaluation in this study because the majority of the corridor lies outside RCTC’s jurisdiction in San Diego County, and as of this time SANDAG has not indicated that this corridor is a priority for rail transit. The corridor remains part of the future High Speed Rail Phase II alignment between Los Angeles and San Diego via the Inland Empire. The following corridors are appropriate for DMU or Commuter Rail technologies due particularly to the following factors:  Perris to Temecula o Medium employment and population densities along the corridor o High corridor travel demand o Would connects to and extend the existing Perris Valley Line o Potentially available ROW  Perris to San Jacinto o Would connect to and extend the existing Perris Valley Line o ROW is available o Strong potential for future development along the corridor In summary, the corridors that appear viable for Commuter Rail/DMU service and are recommended for further evaluation and prioritization in this study include:  Perris to Temecula  Perris to San Jacinto  Corona to Lake Elsinore The next chapter describes the criteria, methods, and data sources to be used for further evaluation and prioritization. 194 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 24 4 Evaluation Criteria and Methodologies This section presents the evaluation criteria and methodology used for evaluating the three corridors. The evaluation criteria consider feasibility in terms of corridor-related characteristics, operational characteristics, usage and effectiveness, and other factors. The evaluation results facilitate comparison of the corridors’ benefits and costs, and feasibility and viability can be assessed. 4.1 Evaluation Criteria Four categories of criteria were identified and are shown below in Table 13. Corridor characteristics are focused around the physical corridor itself. Operational characteristics refer to the specific mode attached to the alternative, such as commuter rail, DMU, or LRT. Effectiveness characteristics address factors like ridership, connectivity, and cost effectiveness. Finally, other characteristics relate to issues like political and financial feasibility. The purpose of developing a wide range of qualitative and quantitative criteria is to ensure that each corridor is afforded a full analysis of the benefits and impacts. Each evaluation criteria is described in detail below. Table 13. Evaluation Criteria Overview Characteristics Criteria Corridor Demographics, highway congestion, travel demand, land use intensities, economic development opportunities, length, connectivity, ROW availability Operational Capacity, costs (capital, operating, maintenance), stations/stops, operating speeds, transit travel times, integration, rail network capacity, frequency Effectiveness Ridership, transit accessibility, connectivity to other existing and planned transit, GHG and emissions reductions, cost effectiveness Other Environmental fatal flaw issues, part of an adopted plan, public or political perception, safety Corridor Characteristics Corridor characteristics are centered on the physical corridor itself. Each alignment traverses different areas of the county and as such will serve and impact different communities, demographics, and travel in different ways. Table 14 illustrates the specific criteria within this category, and each criterion is further described below. Table 14. Corridor Characteristics Evaluation Criteria Evaluation Criteria Evaluation Factors Demographics Population density per square mile Employment density per square mile Disadvantaged communities in corridor (census tracts, population) Travel Demand Travel demand along the corridor Highway Congestion Current and future congestion levels on primary highway Land Use Intensities Number of high-employment TAZs adjacent to a new station Corridor Length Length of the corridor ROW Availability Availability of rail ROW Demographics This criterion measures population density, employment density, and the number of disadvantaged communities along the potential rail corridor. Existing and future population and employment density were calculated using socioeconomic data from the SCAG 2016 Regional Transportation Plan/Sustainable Communities Strategy (RTP/SCS). Population 195 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 25 density is expressed in the number of people per square mile. Employment density is expressed in the number of jobs per square mile. Disadvantaged communities refers to low-income and transit-dependent populations. GIS and demographic data from the California Environmental Protection Agency (CalEPA) were utilized to analyze the number of disadvantaged communities within a one-mile buffer of the rail corridors. The disadvantaged communities are expressed in the number of households within one mile of the corridor. The results are compared between the corridors and assigned a comparative low, medium, or high ranking. Travel Demand This criterion considers existing travel demand along the potential corridors. Existing travel demand was identified using 2016 information from Caltrans. Caltrans measures average annual daily traffic (AADT) on all of its facilities, which can serve as an indicator of the relative number of people traveling in a particular corridor. Average AADT and Median AADT for each of the corridors were determined and assigned a comparative low, medium, or high ranking. Highway Congestion Corridor highway congestion is a useful indicator of potential success attracting riders to a regional transit service. This criterion identifies locations along Riverside County’s key highways which are currently over capacity/congested, or will be over capacity/congested in the future. This analysis of current and future congestion was based on the 2015 RCTC Strategic Assessment. The corridors are assigned a comparative low, medium, or high ranking for both current and future congestion levels. Land Use Intensities This criterion considers if transit-supportive land uses are adjacent to potential station areas along the transit corridors. Transportation analysis zones (TAZs) along the potential corridors were analyzed to determine total employment/ employment density adjacent to potential station locations, since transit-supportive land uses, indicated by factors such as concentrated areas of employment, facilitate greater use of public transit. Existing and future employment along each corridor were identified based on data from the SCAG 2016 RTP/SCS. Corridors with a greater number of high- employment TAZs adjacent to a potential station receive a high ranking, whereas corridors with a fewer number of high- employment TAZs adjacent to a station receive a low ranking. Corridor Length This criterion identifies the approximate lengths of each of the potential rail corridors. The length of each corridor is for informational purposes and is not a part of the comparative feasibility analysis. ROW Availability This criterion focuses on whether there is ROW availability for a new rail corridor. The ROW availability is assigned a comparative low, medium, or high ranking. Operational Characteristics Operational characteristics are related to the specific mode attached to the alternative, such as commuter rail, DMU, or LRT. The study team determined that either commuter rail or DMU/hybrid rail could be appropriate rail technologies for each of the three corridors, so the evaluation was conducted for both technology options where applicable. The various transit modes have different capabilities and serve distinct types of trips (i.e., local or regional trips) based on factors such as station spacing, operating speed, and compatibility with existing services. Table 15 illustrates the specific criteria within this category, and each criterion is further described below. 196 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 26 Table 15. Operational Characteristics Evaluation Criteria Evaluation Criteria Evaluation Factors Capacity Maximum number of passengers per hour Capital Costs Estimated total capital cost O&M Costs Estimated O&M costs Station/Stops Number of total stations/stops; Number of stations per mile Operating Speeds Estimated operating speed Transit Travel Times Transit travel time between selected locations Integration Extension of existing transit service Rail Network Capacity Availability of operating slots Frequency Estimated service frequency Capacity This criterion is measured as the maximum number of passengers that can be carried past a single point on a fixed route, in a given period of time. The most common measure of capacity is in terms of passengers per hour. For this analysis, system capacity is determined based on a typical number of seats per vehicle for the technology, combined with the number of vehicles in operation during the peak hours of operation. The mode capacity is reported as the estimated maximum number of passengers per hour, and is assigned a comparative low, medium, or high ranking. Capital Costs Capital costs include track work, signals, ROW, vehicles, and stations. These costs were estimated using information from previous corridor studies and typical unit cost factors based on recent projects in the region. The total estimated capital costs were reported as a range. Appendix A documents the basis of the unit cost factors. The cost is assigned a comparative low, medium or high ranking. Operations and Maintenance (O&M) Costs The purpose of this criterion is to consider ongoing operations and maintenance costs associated with each alternative. O&M costs were developed by using typical operating costs per mile for the particular mode. Appendix A documents the basis of the O&M cost factors. The O&M costs are reported as a total (annual) amount and assigned a comparative low, medium or high ranking. Stations/Stops This criterion will be developed using previous studies and reports. The total number of stations along each alignment, as well as the number of stations per mile, is reported. Operating Speeds The average system speeds for Metrolink service and NCTD Sprinter service were used for this criterion. The estimated average operating speed in miles per hour is reported. Transit Travel Times The estimated amount of time it takes to travel one way along the corridor (end-to-end trip) is calculated using the length of the corridor and the operating speeds reported above. The travel times are reported and assigned a comparative low, medium or high ranking, where lower travel times will receive a high ranking. 197 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 27 Integration The next generation rail corridor must be integrated with the regional rail system, so connectivity is a key component of this analysis. This criterion addresses the component of connectivity, identifying whether or not the alternative is an extension of an existing transit service. The outcome is a yes/no answer. Rail Network Capacity As some of the region’s rail corridors are privately owned and used for freight and commuter purposes, this criterion addresses the availability of operating slots for additional service. The potential for additional operating slots is dependent on ownership of each corridor (if RCTC owns the ROW) and if there is an opportunity to increase the current service levels on the corridor. The outcome is a yes/no answer. Frequency The estimated service frequency (the number of trains per peak hour or per day) is reported based on transit mode and previous reports and studies. Effectiveness Characteristics Effectiveness characteristics indicate ridership potential and the corridor’s potential to improve regional accessibility and mobility and reduce emissions. Cost-effectiveness is an especially important indicator of a corridor’s viability for proceeding into project development. Table 16 illustrates the specific criteria within this category, and each criterion is further described below. Table 16. Effectiveness Characteristics Evaluation Criteria Evaluation Criteria Evaluation Factors Ridership Estimated average daily ridership; estimated total annual ridership Transit Accessibility Number of people within 0.5 miles of a transit station Connectivity Connection to other existing and planned transit GHG and Emissions Reductions Estimated GHG and emissions reductions Cost Effectiveness Cost per opening year rider Ridership The estimated average daily ridership and total annual ridership for each corridor is extracted from previous reports and studies. The ridership is reported as a range, with the projection from previous studies used for the high end of the range and, and the low end estimated by reducing the high end value by a factor of 0.1. The ridership numbers are reported and assigned a comparative low, medium, or high ranking. Transit Accessibility Transit is most successful when stations are located near where the riders live and work. This criterion identifies the number of people within 5 miles of each transit station along the corridors. GIS was utilized to determine the number of people within a 5 mile-buffer around the proposed transit stations. The total number of people is summed within each corridor and reported, and then assigned a comparative low, medium, or high ranking. Connectivity Expanding on the Integration criteria discussed previously, identifying connections to existing and planned transit reflects on systemwide networks and how riders will utilize the corridor. Specifically, the connections are listed and the number of 198 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 28 daily trains or buses at the connection are included. Each corridor receives a ranking of low, medium, or high based on the quality of its connections. GHG and Emissions Reductions Ridership estimates are utilized to approximate vehicle trip reduction in order to estimate GHG and emissions reductions for each corridor. The estimated GHG and emissions reductions were calculated using the following variables:  Estimated weekday ridership  APTA mode shift factor (mode shift factor of 0.47 for a large service area population),  Average vehicle occupancy rate of 1.54  Assuming 255 operating days per year  2040 baseline average work trip length of 15.1 miles from SCAG 2016 RTP/SCS  California Air Resources Board auto vehicle emissions factor (343 gCO2e for a Riverside County project with opening date 2030) Outcomes are reported as a comparative low, medium, or high ranking, where low refers to less reductions in emissions and high refers to more reductions in emissions. Cost Effectiveness The cost effectiveness of each corridor is calculated by utilizing a simple calculation of annualized capital costs, annual O&M costs, and annual trips. The estimated current-year capital costs were annualized assuming a 30-year useful life, then added to the annual O&M costs, and then divided by the number of annual trips. Annual trips were determined by multiplying daily ridership by 255 weekdays. Cost effectiveness is presented as an annualized cost per trip. Results are assigned a comparative low, medium, or high ranking, where the most cost effective corridor achieves a high ranking. Other Characteristics Other characteristics touch on more qualitative issues such as perception, environmental impacts, and grant potential, all of which can influence the overall potential for transit corridor implementation. Table 17 illustrates the specific criteria within this category, and each criteria is further described below. Table 17. Other Characteristics Evaluation Criteria Evaluation Criteria Evaluation Factors Environmental Fatal Flaws Potential impacts that could undermine corridor feasibility Part of an Adopted Plan Included in an adopted plan Public or Political Perception Political support / public opinion regarding the implementation of a rail system along the corridor Safety Reduced vehicle miles traveled (VMT) Environmental Fatal Flaws This qualitative criterion takes into account any known potential “fatal flaw” environmental issues that could make it infeasible or unlikely to develop a rail line within the corridor. Information is based on previous studies and reports as well as inputs provided by local stakeholders during this study’s corridor outreach meetings. The outcome is “yes” if the corridor has a known potential “fatal flaw” environmental issue, and “no” if the corridor does not have a known potential “fatal flaw” environmental issue. 199 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 29 Part of an Adopted Plan To be eligible for state or federal funding, new rail corridors need to be part of the current state or regional rail plan. Corridors or alternatives that are included in an adopted plan, such as the LRTP or RTP, are awarded a “yes”; if the corridor is not included in an adopted plan the outcome is “no.” Public or Political Perception This criterion is intended to gauge the level of public support for or opposition to having a rail line developed in the corridor. Information from the 2017 RCTC Transit Corridor Social Survey, public outreach meetings with stakeholders along the corridor, as well as client and team understanding of the corridors informs this analysis. If there is favorable support, the outcome is “yes”; if unfavorable, the outcome is “no.” Safety Safety benefits, measured by potential for accident reduction, is a key measurement to qualify for grant funding. Potential safety benefits can be estimated based on reduction in vehicle-miles of travel (VMT). By shifting travelers from vehicles to transit, the VMT and thus the number of potential accidents, may be decreased. The estimated VMT reductions were calculated using the following variables:  Estimated weekday ridership  American Public Transportation Association (APTA) mode shift factor (mode shift factor of 0.47 for a large service area population)  Average vehicle occupancy rate of 1.54  Assuming 255 operating days per year  2040 baseline average work trip length of 15.1 miles per SCAG 2016 RTP/SCS The reduction in potential vehicular accidents was estimated using the calculated VMT reduction and an accident rate for Riverside County (average of 0.56 accidents per million VMT per year countywide) obtained from Caltrans’ Performance Measurement System (PeMS). The outcome is reported as a comparative low, medium, or high ranking, where low refers to less estimated reduction in VMT and thus less reductions in potential vehicular accidents, and high refers to greater reductions in VMT and thus greater reductions in potential vehicular accidents. Table 18 provides a summary of the full set of evaluation criteria. 200 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 30 Table 18. Evaluation Criteria, Factors, and Methods Evaluation Criteria Evaluation Factors Basis/Method Evaluation Outcome Corridor Characteristics Demographics Population and employment density per square mile Number of disadvantaged communities Based on SCAG 2016 RTP/SCS and CalEPA data Population and employment density: low, medium, high; Number of disadvantaged communities Travel Demand Travel demand along the corridor Based on Caltrans AADT data Travel demand: low, medium, high Highway Congestion Current and future congestion levels on primary highways Based on 2015 RCTC Strategic Assessment Highway congestion: low, medium, high Land Use Intensities Transit-supportive land uses adjacent to potential station locations Based on SCAG 2016 RTP/SCS data Number of high-employment TAZs adjacent to a new potential station: low, medium, high Corridor Length Length of the corridor Based on previous reports and studies Length of the corridor (miles) ROW Availability Availability of rail ROW Use GIS to determine if there is ROW availability along the potential corridor Percentage of ROW availability: low, medium, high Operational Characteristics Capacity Maximum number of passengers per hour Based on the typical number of seats per vehicle for the technology, combined with the number of vehicles in operation during the peak hours of operation Estimated number of passengers per hour: low, medium, high Capital Costs Estimated per mile capital costs Based on typical unit cost factors based on recent projects in the region Capital cost range (for total cost and per mile cost): low, medium, high O&M Costs Estimated O&M costs Based on typical operating costs per mile for the technology Estimated annual O&M cost: low, medium, high Station/Stops Number of stations/stops and stations per mile Based on previous reports and studies Number of stations; number of stations divided by total length Operating Speeds Estimated operating speed Based on average system speeds for Metrolink and NCTD Sprinter service Operating speed (miles per hour) Transit Travel Times Transit travel time between selected locations Based on estimated operating speeds and a one-way trip from end-to-end of the corridor Total one-way travel time: low, medium, high Integration Extension of existing transit service Determine if the rail corridor is an extension of an existing rail service Yes/no for extension of an existing rail line(s) Rail Network Capacity Availability of operating slots Determine if the rail corridor has available operating slots, if RCTC has ownership of the ROW, or if there is an opportunity to increase service levels on the corridor Yes/no for availability of operating slots along the rail corridor Frequency Number of trains per peak hour or per day Based on previous reports and studies Service frequency in number of trains per day Effectiveness Characteristics Ridership Estimated average daily ridership Based on previous reports and studies Estimated ridership range: low, medium, high Transit Accessibility Number of people within 0.5 miles of a transit station Use GIS to determine the number of people within a 0.5 mile-buffer around the proposed transit stations Number of people within 0.5 miles of a station: low, medium, high Connectivity Connection to other existing and planned transit Identify any potential connections to existing and planned rail lines, and identify the number of daily trains that connect Connections to existing/planned rail: low, medium, high GHG and Emissions Reductions Estimated GHG and emissions reductions Use ridership estimates to approximate vehicle trip reduction GHG and emissions reductions: low, medium, high Cost Effectiveness Annualized cost per trip Takes into consideration annualized capital cost, annual O&M cost, and annual ridership Cost effectiveness: low, medium, high Other Characteristics Environmental Fatal Flaw Issues Potential impacts that could undermine corridor feasibility Based on previous studies and reports as well as inputs provided by local stakeholders during this study’s corridor outreach meetings Yes/no for known potential fatal flaw environmental issues Part of an Adopted Plan Included in an adopted plan Determine if the transit corridor is listed in any adopted plans (such as the LRTP, RTP, etc.) Yes/no, and a list of which plans the corridor is included in Political Support / Public Opinion Political support / public opinion regarding the implementation of a rail system along the corridor Determine what the political situation regarding this corridor is (i.e. is there political support, what is the public opinion, etc.) Yes/no regarding political support/public opinion Safety Potential for accident reduction Based on calculated reductions in VMT and vehicular accident rate in Riverside County Estimated reductions in VMT and potential vehicular accidents: low, medium, high 201 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 31 5 Evaluation of Corridors This section presents the results of the corridor evaluations developed using the evaluation criteria, methodologies, and data sources identified in Section 4. The three corridors evaluated are Perris to Temecula, Perris to San Jacinto, and Corona to Lake Elsinore. Analysis of the Perris to Temecula and Perris to San Jacinto corridors utilized information from the 2005 RCTC Commuter Rail Feasibility Study as a baseline for evaluation, and used updated data to reflect current conditions. Analysis of the Corona to Lake Elsinore corridor utilized information from the 2007 RCTC Commuter Rail Feasibility Study as a baseline for evaluation, and used updated data to reflect current conditions. The evaluation criteria (in the categories of Corridor Characteristics, Operational Characteristics, Effectiveness Characteristics, and Other Characteristics) were applied to the three corridors, and a yes/no or comparative low, medium, and high ranking was determined for each. These are relative rankings for the purpose of this comparison only. The following symbols are used: Low Medium High The results of the evaluation are organized by category (Corridor Characteristics, Operational Characteristics, Effectiveness Characteristics, and Other Characteristics). The results are presented first by individual criteria, then in an overall category summary table at the end of each category section. 5.1 Corridor Characteristics Demographics Demographics for each corridor include calculations of current and future population and employment density, and the number of disadvantaged communities along the potential rail corridor. Table 19 shows the ranking for each of the corridors based on the demographics evaluation; low densities and a low number of disadvantaged communities have a low ranking, whereas high densities and a high number of disadvantaged communities received a high ranking. Table 19. Demographics Evaluation Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore 2012 Population Density per Square Mile (people/square mile) 1,600 1,251 1,384 2040 Forecasted Population Density per Square Mile (people/square mile) 2,308 1,983 1,802 2012 Employment Density per Square Mile (jobs/square mile) 369 206 428 202 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 32 2040 Forecasted Employment Density per Square Mile (jobs/square mile) 718 503 690 Disadvantaged communities in corridor (number of census tracts designated as SB 535 disadvantaged communities within or adjacent to corridor) 1 4 6 Travel Demand Table 20 through Table 22 list the 2016 Caltrans AADT for locations along the major highway in each corridor, and Table 23 shows the average and median traffic volumes for each corridor. Table 20. Average Annual Daily Traffic: Perris to Temecula Alignment Highway / Location AADT Via I-215 corridor I-15 Temecula, North Junction Route 79 190,000 I-215 Murrieta, Junction Route 15 85,000 I-215 Murrieta, Hot Springs Road 93,000 I-215 Murrieta, Los Alamos Road 90,000 I-215 Murrieta, Antelope Road 93,000 I-215 Scott Road 85,000 I-215 Sun City, Newport Road 80,000 I-215 Sun City, McCall Boulevard 74,000 I-215 Perris, Ethanac Road 72,000 I-215 Perris, South Junction Route 74 88,000 I-215 Perris, North Junction Route 74 82,000 Table 21. Average Annual Daily Traffic: Perris to San Jacinto Alignment Highway / Location AADT Via RCTC-owned SJBL Includes volumes from SR 74, SR 79 and I-215 I-215 Perris, South Junction Route 74 88,000 I-215 Perris, North Junction Route 74 82,000 SR 74 Perris, Junction Route 215 25,000 SR 74 Perris, Ethanac Road 24,500 SR 74 Menifee, Menifee Road 30,000 SR 74 Junction Route 79 South 33,000 SR 74 Hemet, Warren Road 28,000 SR 74 Hemet, Lyon Road 30,000 SR 74 Hemet, State Street 29,000 SR 74 Hemet, Junction Route 79 North 27,000 SR 79 Hemet, Junction Route 74 16,500 SR 79 San Jacinto, Menlo Avenue/Main Street 11,800 Table 22. Average Annual Daily Traffic: Corona to Lake Elsinore Alignment Highway / Location AADT Along Santa Fe Branch Line Parallel to I-15 I-15 Lake Elsinore, Junction Route 74 117,000 I-15 Lake Elsinore, Nichols Road 119,000 I-15 Lake Elsinore, Lake Street 126,000 I-15 Indian Trail Road 132,000 203 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 33 Alignment Highway / Location AADT I-15 Temescal Canyon Road 144,000 I-15 Weirick Road 159,000 I-15 Cajalco Road 169,000 I-15 El Cerrito Road 174,000 I-15 Corona, Ontario Avenue 169,000 I-15 Corona, Magnolia Avenue 187,000 I-15 Corona, Junction Route 91 158,000 The average and median highway traffic volumes are assigned a comparative low, medium, or high ranking in Table 23. Low traffic volumes received a low ranking; high traffic volumes received a high ranking. Table 23. Travel Demand Results and Summary Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Average AADT 93,818 35,400 150,364 Median AADT 85,000 28,500 158,000 Highway Congestion Table 24 indicates the congestion level on the primary roadway in each corridor in both 2012 and 2040, which was identified using information from the 2015 RCTC Strategic Assessment. Corridors that are over capacity along the entire corridor received a high ranking since they would see the most congestion relief if a transit service option were implemented along the corridor. Table 24. Highway Congestion Evaluation Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore 2012 Congestion Over capacity along the entire corridor Over capacity on parts of the SR 74 section of the corridor Over capacity along the entire corridor 2040 Congestion Over capacity between Perris and Menifee only Over capacity on most of the SR 74 section of the corridor Over capacity along the entire corridor, except a small portion near SR 74 Land Use Intensities Existing and future employment along each corridor was identified based on data from the SCAG 2016 RTP/SCS. Corridors with a greater number of high-employment TAZs adjacent to a new station received a high ranking, whereas corridors with a fewer number of high-employment TAZs adjacent to a new station received a low ranking (as shown in Table 25). 204 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 34 Table 25. Land Use Intensities Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore 2012 Land Use (number of adjacent TAZs with high employment) 3 0 0 2040 Land Use (number of adjacent TAZs with high employment) 4 2 0 Corridor Length As previously mentioned, the approximate lengths of each of the potential rail corridors are listed based on previously developed information, and is reported for informational purposes (not part of the comparative analysis).  Perris to Temecula: 16.4 miles  Perris to San Jacinto: 15.7 miles  Corona to Lake Elsinore: 18.3 miles ROW Availability Corridors with available ROW are typically less expensive, involve fewer property impacts, and take less time to design and construct. The percentages shown in Table 26 indicate the percentage of available ROW (excluding roadway parcels) that can be preserved for future rail transit purposes. The percentages include railroad-owned parcels with no active rail lines, parcels with minimal development and/or temporary features, and County-owned flood control corridors that may be suitable for shared use with rail transit operations. The amount of street ROW intersecting the corridors is not included in these percentages since it does not represent ROW that can potentially be preserved for future rail transit purposes. See Appendix B for further details regarding the ROW analysis. Table 26. ROW Availability Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Percent of ROW Owned by RCTC 0% 100% 0% Percent of ROW that is not developed (includes parcels with minimal or no development and/or temporary features. Not owned by a railroad or other transportation-related entity) 79% 100% 81% 205 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 35 Corridor Characteristics Summary Based on the criteria evaluated for corridor characteristics, the Perris to Temecula corridor would have characteristics more conducive to rail service in terms of residential density and employment density along the corridor (see corridor characteristics summary shown in Table 27). The Perris to San Jacinto corridor has the advantage in terms of ROW availability since RCTC owns the ROW. Travel demand and highway congestion are highest along the Corona to Lake Elsinore corridor. Table 27. Overall Corridor Characteristics Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Demographics 2012 Population Density per Square Mile (people/square mile) 2040 Forecasted Population Density per Square Mile (people/square mile) 2012 Employment Density per Square Mile (jobs/square mile) 2040 Forecasted Employment Density per Square Mile (jobs/square mile) Disadvantaged communities in corridor (number of census tracts designated as SB 535 disadvantaged communities within or adjacent to corridor) Travel Demand Average AADT Median AADT Highway Congestion 2012 Congestion 2040 Congestion Land Use Intensities 2012 Land Use (number of adjacent TAZs with high employment) 2040 Land Use (number of adjacent TAZs with high employment) ROW Availability ROW Availability 206 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 36 5.2 Operational Characteristics Capacity System capacity was determined based on a typical number of seats per vehicle for the technology, combined with the number of vehicles in operation during the peak hours of operation. For this analysis, system capacity was developed based on existing Metrolink and NCTD Sprinter capacity. Per the Metrolink 2015-2020 Short Range Transit Plan (SRTP) and 2012-2017 Metrolink Fleet Plan, Metrolink train sets generally range from four to six coaches long, and seating capacity varies from 120 to 149 seats per car, depending on fleet and generation. Per the NCTD 2017-2026 Comprehensive Strategic, Operating and Capital Plan, the Sprinter is typically a three-car train set with a maximum capacity of 90 passengers per car. The number of vehicles in operation during peak hours of operation was determined based on the previous studies reviewed. Based on these assumptions, the maximum number of passengers per hour for all corridors would range from 540 to 960 passengers, depending on transit mode. Capital Costs An estimated capital cost was developed by using typical unit cost factors from recent projects (including the Redlands Passenger Rail Project/Arrow and PVL), and is presented as a range. For the Perris to Temecula and Corona to Lake Elsinore corridors, the capital cost was estimated at $25-$35 million per mile. The estimate for the Perris to San Jacinto corridor used a lower unit cost of $21-$30 million per mile, to account for the fact that RCTC already owns the SJBL ROW along this corridor. Table 28. Capital Costs Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Total Capital Cost (in millions) $410 - $574 $333 - $467 $458 - $641 207 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 37 O&M Costs O&M costs were developed by using typical operating costs per train mile for Metrolink or hybrid rail service. The O&M costs are reported as a total annual amount. The estimated O&M cost for the commuter rail options assumes 16 daily trains (six peak-period, peak-direction trains in both the morning and evening, plus two midday round trips), whereas the costs for the hybrid rail options assume 72 daily trains (from 4:00am to 10:00pm, with 30-minute headway). Table 29. O&M Costs Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Commuter Rail Annual O&M Cost (in millions) $2.8 $2.7 $3.1 Hybrid Rail Annual O&M Cost (in millions) $12.0 $11.5 $13.4 Stations/Stops The number of stations or stops (shown in Table 30) was determined using previous studies and reports. This count only includes new station locations. Table 30. Stations/Stops Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Number of New Stations 3 3 3 Number of Stations per Mile One station every 5.5 miles One station every 5.2 miles One station every 6.1 miles Operating Speeds and Transit Travel Times Estimated operating speed was obtained from previous reports and studies. The estimated operating speed in miles per hour is shown in Table 31. The amount of time it takes to travel via transit between selected locations is also shown in Table 31. Table 31. Operating Speeds and Transit Travel Times Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Operating Speed 25-36 mph 25-36 mph 25-36 mph Travel Time 27-39 minutes 26-38 minutes 31-44 minutes 208 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 38 Integration Both the Perris to Temecula and Perris to San Jacinto corridors would be extensions of the existing PVL commuter rail service. The Corona to Lake Elsinore corridor is not an extension of an existing transit service, but might potentially be connected as a branch of the IEOC Line or the 91/PVL Line. If DMU technology is used for these corridors, passengers would be required to transfer to the Metrolink commuter service unless DMU technology is implemented on Metrolink lines in the future. Rail Network Capacity The potential for additional operating slots is dependent on ownership of each corridor when rail service is in operation, and if there is an opportunity to increase the current service levels on the corridor. The bullet points below state whether or not RCTC would have the ability to determine future service levels along the rail corridors:  Perris to Temecula – Yes, the proposed route for this rail corridor is a new alignment parallel to I-215 and would be under RCTC purview  Perris to San Jacinto – Yes, RCTC owns the SJBL, yet BNSF does have operating rights per the original purchase agreement.  Corona to Lake Elsinore – No, depending on the selected route, a portion of this corridor could be owned by BNSF and future service levels would be subject to an operating agreement with BNSF. Frequency The estimated service frequency (number of trains per day) was established based on transit mode and previous reports and studies. As previously mentioned in the calculation of the annual O&M cost estimate, for commuter rail options, the assumption is 16 trains per day (six peak-direction trains in the AM peak-period, two midday round trips, and six peak- direction trains in the PM peak-period). For the hybrid rail options, the assumption is 72 trains per day (service every 30 minutes in both directions between 4:00am and 10:00pm). Operational Characteristics Summary Based on the criteria evaluated for operational characteristics, the Perris to San Jacinto and Perris to Temecula corridors have lower costs in terms of capital cost and annual O&M cost due to their shorter length (see operational characteristics evaluation summary shown in Table 32). Additionally, both the Perris to Temecula and Perris to San Jacinto corridors would have the benefit of potentially being extensions of an existing commuter rail service, though it might be possible for Corona to Lake Elsinore to be operated as a Metrolink extension as well. The Corona to Lake Elsinore corridor has the highest total capital cost and annual O&M cost. 209 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 39 Table 32. Overall Operational characteristics Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Capital and O&M Costs Total Capital Cost (in millions) Annual O&M Cost (in millions) Commuter Rail Hybrid Rail 5.3 Effectiveness Characteristics Ridership The estimated daily ridership (in 2030) for each corridor is presented as a range in Table 33. Table 33. Ridership Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Daily Ridership (in 2030) 295 – 2,166 182 – 1,338 126 – 921 Transit Accessibility GIS analysis of population data from the SCAG 2016 RTP/SCS was used to identify the number of people within five miles of each potential transit station along the corridors. Table 34 presents the number of people within five miles of the potential corridor’s transit stations (for current and future years). Table 34. Transit Accessibility Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Number of People within 5 miles of a transit station (2012) 432,430 337,466 361,694 Number of People within 5 miles of a transit station (2040) 623,687 534,971 470,794 210 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 40 Connectivity Table 35 lists how many connections to existing rail service each of the potential corridors has, as well as the number of daily trains at the connection (which serves as an indication of the quality of the connection). Table 35. Connectivity Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Total Number of Connections 1 Metrolink Line 1 Metrolink Line 2 Metrolink Lines Connection (# daily trains/ buses) 91/PVL 91/PVL 91/PVL 12 trains operated per weekday (six in the eastbound direction, six in the westbound direction), no weekend service 12 trains operated per weekday (six in the eastbound direction, six in the westbound direction), no weekend service 9 trains operated per weekday (four in the westbound direction, five in the eastbound direction), 4 trains operated per Saturday (two in the westbound direction, two in the eastbound direction), 4 trains operated per Sunday (two in the westbound direction, two in the eastbound direction) IEOC 16 trains operated per weekday (eight in the westbound direction, eight in the eastbound direction), 4 trains operated per Saturday (two in the westbound direction, two in the eastbound direction), 4 trains operated per Sunday (two in the westbound direction, two in the eastbound direction) GHG and Emissions Reductions Ridership estimates were used to calculate vehicle trip reduction in order to estimate GHG and emissions reductions. Table 36 shows the estimated range of emissions reductions for each corridor Table 36. GHG and Emissions Reductions Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore GHG and Emissions Reductions (in metric tons of carbon dioxide equivalent) 873.07 MTCO2e - 896.19 MTCO2e 539.32 MTCO2e – 553.60 MTCO2e 371.23 MTCO2e – 381.07 MTCO2e 211 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 41 Cost Effectiveness Estimated annualized capital costs, annual O&M costs, and annual trips were used to calculate the cost effectiveness of each corridor (shown in Table 37). The cost effectiveness is represented as an annualized cost per trip, and is presented as a range, depending on high-end/low-end cost and high-end/low-end ridership. Table 37. Cost Effectiveness Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Cost Effectiveness (annualized capital cost plus annual O&M divided by annual trips) $29.75 – $291.09 per trip $40.29- $392.43 per rtrip $78.14- $761.00 per trip Effectiveness Characteristics Summary Based on the criteria evaluated for effectiveness characteristics, the Perris to Temecula corridor is ranked highest in ridership, transit accessibility, GHG and emissions reductions, and cost effectiveness (see effectiveness characteristics evaluation summary in Table 38). The Corona to Lake Elsinore corridor would have better connectivity to the regional rail system. Table 38. Overall Effectiveness characteristics Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Ridership Ridership (in 2030) Transit Accessibility Number of People within 5 miles of a transit station (2012) Number of People within 5 miles of a transit station (2040) Connectivity Total number of connections to other rail transit service GHG and Emissions Reductions GHG and Emissions Reductions (in metric tons of carbon dioxide equivalent) Cost Effectiveness Cost Effectiveness ($/opening day rider) 212 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 42 5.4 Other Characteristics Environmental Fatal Flaws If there are any known potential “fatal flaw” environmental issues that could make it infeasible or unlikely to develop a rail line within the corridor, that corridor is given a “yes”, if there are no known potential “fatal flaw” environmental issues, that corridor is given a “no”. Based on previous studies and reports, as well as inputs provided by local stakeholders during this study’s corridor outreach meetings:  Perris to Temecula: No  Perris to San Jacinto: No  Corona to Lake Elsinore: No Part of an Adopted Plan As previously mentioned, corridors that are included in an adopted plan are given a “yes”, and corridors that are not included in an adopted plan are given a “no”.  Perris to Temecula – Yes, included in the 2016-2040 SCAG RTP/SCS as a major strategic plan project  Perris to San Jacinto – Yes, included in the 2016-2040 SCAG RTP/SCS as a financially-constrained RTP/SCS project  Corona to Lake Elsinore – No Public or Political Perception The level of public/political support for the three potential transit corridors was determined based on feedback gathered during targeted stakeholder outreach meetings held in the corridors. Meeting attendees included local agency Planning and Public Works staff. The main purpose of the stakeholder outreach meetings was to determine if there are any adopted local plans or ongoing planning activities that would support or conflict with future rail service (e.g. land uses that would support or conflict with rail ridership, actions that have been taken to preserve ROW for a future rail alignment, discussions at the City Council level about potential rail service, etc.). Input regarding public or political perception of the three corridors included the following:  Perris to Temecula o Residents of Temecula would oppose a rail alignment on the east side of I-15. The west side of I-15 is more industrial (less residential) and would therefore be preferred for a potential rail corridor. o The Temecula City Council would be supportive of a new rail corridor. o Murrieta would have concerns about train-related vibrations, particularly near hospitals.  Perris to San Jacinto o The City Councils of Hemet and San Jacinto have had discussions about this potential rail corridor before. Both cities also have plans for more high-density development, which could support future rail service. 213 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 43 o Any impacts to traffic (caused by or related to a new rail corridor) would likely be the biggest concern from the local communities.  Corona to Lake Elsinore o Residents of Lake Elsinore would have concerns about rail-related noise, air quality, and bike/pedestrian safety. o In terms of general support for rail, residents of Lake Elsinore view Metrolink as favorable, and high- speed rail as unfavorable. o Corona has some constituents who would be vocal about their opposition to rail. Additionally, all stakeholders mentioned that funding would be the greatest barrier to future implementation of a new rail corridor. Notes from the stakeholder outreach meetings are provided in Appendix C. Further public outreach would occur when the corridors are studied in more detail. Safety As previously mentioned, a primary objective in grant programs and regional plans is to improve safety. By shifting travelers from vehicles to transit, these potential transit corridors would be contributing to fewer vehicle miles traveled, thus decreasing the likelihood of vehicular accidents. The outcome of this criterion is reported as a comparative low, medium, and high based on estimated reductions in VMT and vehicular accidents. Table 39. Safety Evaluation Criteria Corridor Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Estimated VMT Reduction (annual, in miles) 2,545,381 1,572,354 877,245 Estimated Vehicular Accident Reduction (annual) 1.43 0.88 0.61 214 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 44 6 Conclusions and Recommendations Key findings from the Task 1 corridor evaluation are summarized in Table 40 in terms of the advantages and disadvantages of each corridor. Table 40. Corridor Advantages and Disadvantages Perris to Temecula Perris to San Jacinto Corona to Lake Elsinore Advantages  Extension to an existing transit system  Employment centers along the corridor  High travel demand along the corridor  Larger population within a 5- mile catchment area  Highest forecasted ridership  Greater GHG and emissions reductions  Included in an adopted plan  Political support  Greater potential reductions in vehicular accidents  Extension to an existing transit system  Availability of rail ROW  Lowest capital cost per mile  Included in an adopted plan  Political support  Potential high growth corridor  Highest travel demand along the corridor  Connectivity to multiple Metrolink lines (91/PVL and IEOC) Disadvantages  Highest overall capital cost and cost per mile  Less connectivity to Metrolink lines (91/PVL only)  ROW needs to be acquired  Low forecasted population and employment density along the corridor  Lack of employment centers along the corridor  Less connectivity to Metrolink lines (91/PVL only)  Low forecasted population and employment density along the corridor  Lack of employment centers along the corridor  Lowest projected ridership  ROW needs to be acquired  Highest capital cost  Highest annual O&M cost  Not included in adopted plan Based on the findings from this evaluation, it is recommended that all three corridors be included as potential future rail corridors in RCTC’s Long Range Transportation Study. In terms of near-term potential for corridor development, the Perris to Temecula corridor appears more promising than the Perris to San Jacinto and Corona to Lake Elsinore corridors because it has greater ridership potential (based on corridor population, transit accessibility, and forecast ridership) and better overall cost-effectiveness for rail service. The next step in the corridor evaluation process should involve developing refined estimates of costs, ridership, and cost- effectiveness in order to better understand the corridors’ viability, financial feasibility, and potential to compete for federal funds for corridor development. The refined capital cost estimates need to be based on conceptual design studies and include year of expenditure (YOE) cost estimates. The ridership forecasts need to be developed specifically for each corridor and based on the specific technology and service parameters being planned for the corridor. The O&M costs need to be based on service assumptions that are consistent with the ridership forecasts. The refined estimates of cost 215 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | 45 and ridership can be used to develop a corridor funding and implementation strategy which will be needed when RCTC seeks funding opportunities from the state or federal government. 216 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | A-1 Appendix A: Derivation of Unit Cost Factors 217 RCTC Next Generation Rail & Transit Study Appendix A ‐ Derivation of Unit Cost FactorsCapital Cost Index (from 2005 to 2018)1.43Unit Cost Estimated from 2005/2007 Studies' Cost Estimates Inflated to 20182005/2007(millions $)Miles(rounded)escalated to 2018(millions $)Cost per mile(millions $)Perris ‐ Temecula*2501635822Corona ‐ Lake Elsinore*2621837521Perris ‐ Hemet/San Jacinto**1121616010costs include engineering, construction management, contingencies, etc.*ROW, structures, and earthwork account for approximately 51% of the total cost.** ROW, structures, and earthwork account for approximately 5% of the total cost.Unit Costs of Other Projects in Southern CaliforniaCost(millions $)MilesCost per mile (millions $)Mid‐Coast  987 11 90RPRP 140 9 16PVL 250 24 10The unit cost for these corridors will be more similar to RPRP and PVL than to Mid‐Coast.With inflation increasing recently, the escalated 2018 cost per mile is likely to be conservatively low. Based on the above, assume $25 million per mile as the low‐end cost per mile for Perris‐Temecula and Corona‐ Lake Elsinore. Assume the high‐end of the range is 40% greater than the low‐end.Assume the cost range for Perris ‐ Hemet/San Jacinto is 49% of the cost for the other two corridors to account for expected lower costs for ROW, structures, and earthwork. low‐end cost per milehigh‐end cost per milelow‐end cost per milehigh‐end cost per mileCapital Cost (2018 dollars) $25 million $35 million $12 million $17 millionFor Perris ‐ Temecula and Corona ‐ Lake Elsinore corridors For Perris ‐ Hemet/San Jacinto corridor218 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | B-1 Appendix B: Task 1h ROW Memo 219 hdrinc.com 3230 El Camino Real, Suite 200 Irvine, CA 92602-1377 (714) 730-2300 Task 1h Technical Memorandum Date: Thursday, December 20, 2018 Project: Riverside County Transportation Commission (RCTC) Next Generation Rail & Transit Study To: Sheldon Peterson, RCTC From: JD Douglas, HDR Subject: Task 1h: Identify Potential Rights-of-Way Introduction Background The Next Generation Rail & Transit Study was identified as a follow-up action in the 2016 RCTC (Commission) Strategic Assessment effort that identified regional transportation needs and challenges. This Study will serve as one of the modal “building blocks” for an overall Riverside County Long Term County Transportation Plan, and will provide guidance to assist the Commission in developing a path forward for improving regional rail and transit in the County of Riverside. Project Objectives The objectives of the Study are to review previously identified high-capacity transit corridors, identify potential new corridors, prioritize one rail corridor for proceeding into project development, and develop additional information and data about the high priority corridor. Task Objectives Task 1 of the Study identifies potential future transit corridors in Riverside County and evaluates their costs, benefits, and impacts to identify the highest priority corridor(s) for implementation in the coming years. The top priority corridor will be defined and further evaluated in Task 2. Earlier efforts within Task 1 established a final list of four potential corridors for further study, as listed in Table 1 and depicted on Figure 1. The objective of Task 1h is to review available data to evaluate opportunities and challenges for establishing rail and/or transit service within the four corridors. 220 Page 2 Table 1 - Corridors Evaluated for Right-of-Way Preservation Corridor Route Length Alignment Connection/Extension Corona to Lake Elsinore 18.3 miles The route that follows an existing active BNSF Railway industry lead track in Corona and continues along a historic rail corridor southward to Nichols Road in the City of Lake Elsinore. Connects with existing Metrolink service operating on the BNSF Railway San Bernardino Subdivision:  91/PVL  IEOC South Perris to San Jacinto 15.7 miles Follows the existing RCTC-owned San Jacinto Industrial Lead from Romoland to San Jacinto. Extends 91/Perris Valley Line South Perris to Temecula 16.4 miles Along the I-215 Corridor from a junction with the existing RCTC-owned Perris Valley Subdivision to a location north of Winchester Road in Temecula. Branch route from the 91/Perris Valley Line 221 Page 3 Figure 1 - Three Rail Corridors Studied in Task 1h 222 Page 4 Methodology The methodology for Task 1h consists of a desktop review of available geographic information systems (GIS) databases with the aim of identifying and quantifying existing and potential rights- of-way to support rail transit service within each Corridor. No onsite reviews were performed to verify the findings of this Task. The following steps comprise the methodology of Task 1h: 1. Establish Corridor Routes: Corridor routes were established as polyline features within GIS mapping software. 2. Establish Corridor Right-of-Way Limits by one of the following methods: a. Remnant parcels: select by spatial overlay the corridor line feature with the former rail-route parcels. b. New route; no previous rail parcels: create an 80-ft. buffer polygon representing a new right of way. 3. Parcel Overlay: These corridor linear features were overlaid on the County of Riverside parcel base map. Parcels were selected from the parcel basemap based on a spatial join. 4. Parcel Classification: each intersecting parcel was classified according to its existing land use as determined by an interpretation of the aerial mapping. 5. Rail Line/Parcel intersect: using the “Intersect” GIS tool, divide the corridor line feature into segments according to the parcel overlay locations. The resulting line feature includes the right-of-way status attribute. 6. Calculate Geometry: the length of each intersect line feature in Feet (US). 7. Export Line Features Attribute Table/Calculate Route Mileage: route mileage per R/W Status Category as a pivot table in Excel. Recreating Historic Rail Lines Within two of the three corridors exist the remnants of previous rail routes. The South Perris to Temecula Route along I-215 does not follow a previous rail route. In many instances, these historic corridors were recreated by a digitizing rail line features using geo-referenced digital USGS topographic maps. The following geospatial data sources were used as sources for historical USGS topographic maps:  topoView: https://ngmdb.usgs.gov/topoview/  California Department of Fish and Wildlife Map Service: https://map.dfg.ca.gov/ArcGIS/services  USGS Historical Topographic Map Explorer: http://historicalmaps.arcgis.com/usgs/ The original route was established within the GIS software by tracing rail lines shown in historic USGS topographic maps. Existing rail lines were derived from the National Transportation Atlas Database (NTAD) as downloaded from the Bureau of Transportation Statistics website: 223 Page 5 https://www.bts.gov/geospatial/national-transportation-atlas-database. The NTAD 2017 “Rail Lines” dataset was used for this Task. Parcel Overlay County assessor records identify historic rail rights-of-way or other potential linear rights-of-way that could serve any of the corridors being studied. On the corridor GIS map s, the general location of these rights-of-way (R/W) are indicated as areas where the R/W has been developed for another use or is no longer available for other reasons. For potential corridors where available linear right-of-way constitutes a substantial majority of the corridor length, the analysis identifies the factors/circumstances under which preserving the right-of-way might be a viable strategy in the absence of funding for early acquisition Parcel Classification Those parcels that comprise the route of each corridor were classified according one of six potential statuses as summarized in Table 2. Table 2 - Parcel Classification Definitions Status Definition Examples Active Railroad Right-of-Way Rail-owned property with existing, active rail operations.  BNSF  UP  SCRRA Railroad-Owned, but No Active Rail Use Parcels with railroad ownership, but no active rail lines.  BNSF  UP  SCRRA Preservable Parcels with minimal or no development and/or temporary features. Not owned by a railroad or other transportation- related entity.  Open space  Vacant lots  Golf courses  RCTC-owned parcels  Materials storage areas  Truck trailer parking Developed Properties with permanent structures. Not owned by a railroad or other transportation-related entity.  Industrial  Commercial  Residential Flood Control County-owned flood control corridors that may be suitable for shared use with rail transit operations.  Flood control levees  Flood control maintenance roads Street Right-of-Way Intersecting the Corridor Parcels with the designation “RW” within the County database denoting active or preserved street rights of way.  Local streets  State highways 224 Page 6 Corona to Lake Elsinore Right-of-Way Preservation Evaluation Route Description An approximately 18 mile corridor with a combination of active railroad line and well-preserved former rail rights-of-way. The Corridor consists of the northerly portion of a former Atchison, Topeka and Santa Fe Railway Elsinore District, which was abandoned in 1981 and its rails removed in 1985 (Gustafson and Serpico, 1992. p 138). As per the 2007 I-15 Commuter Rail Feasibility Study, the intended southern terminus of this corridor would be located in the vicinity of Nichols Road. The assumption is that a further extension of rail service would be accomplished within the I-15 right-of-way. There is an additional 3 miles of the Elsinore District south of Nichols Road that extends into the downtown core area of the City of Lake Elsinore that is not a part of this evaluation. Figure 2 provides an overview of the Corona to Lake Elsinore Corridor. Route Status Summary A good majority of the route remains preservable or consists of minor developments. Table 3 provides status categories Table 3 - Corona to Lake Elsinore (Nichols Rd.) R/W Status Summary R/W Status Route Miles Percentage Active Railroad Right-of-Way 2.57 14% Developed 0.73 4% Preservable 12.77 70% Railroad-Owned But No Active Rail Use 0.89 5% Street Right-of-Way 1.31 7% Total 18.28 100% 225 Page 7 Figure 2 - Corona to Lake Elsinore Corridor Overview 226 Page 8 South Perris to San Jacinto Right-of-Way Preservation Evaluation Route Description This route is an approximately 16-mile corridor via the RCTC-owned San Jacinto Branch Line. This route would extend the Metrolink 91/Perris Valley Line from its current terminus at South Perris to San Jacinto, near the intersection of State Street and 7th Street (as per the 2005 RCTC Commuter Rail Feasibility Study). Route Status Summary The route is well-preserved: 98% of the corridor can be preserved for future rail transit purposes, as summarized in Table 4. Table 4 - S. Perris to San Jacinto R/W Status Summary R/W Status Route Miles Percentage Flood Control 2.03 13% RCTC Owned But No Active Rail Use 13.31 85% Street Right-of-Way Intersecting Corridor 0.34 2% Total 15.68 100% 227 Page 9 Figure 3 - South Perris to San Jacinto Corridor Overview 228 Page 10 South Perris to Temecula Right-of-Way Preservation Evaluation Route Description This route provides service between Perris and Temecula along the I-215 corridor (generally on the east side of the freeway). This route would extend the Metrolink 91/Perris Valley Line from its current terminus at South Perris to Temecula, at Winchester Road (as per the 2005 RCTC Commuter Rail Feasibility Study). Route Status Summary Much of this route is within state highway right-of-way, as summarized in Table 5. Table 5 - S. Perris to Temecula R/W Status Summary R/W Status Route Miles Percentage Developed 1.03 13% Flood Control 0.03 - Preservable 4.04 25% RCTC Owned, Active Rail Line 0.06 - Street Right-of-Way Intersecting Corridor 11.20 68% Total 16.36 100% 229 Page 11 Figure 4 - South Perris to Temecula Corridor Overview 230 Page 12 Comparison of Preservation Potential for Each Corridor The three corridors that were evaluated for Task 1h represent opportunities for RCTC to preserve rights-of-way for future rail transit purposes. Table 7 summarizes the availability of preservable right-of-way within each Corridor, excluding street right-of-way. Table 6 - Preservation Potential for Each Studied Corridor PRESERVATION OPPORTUNITIES Corridor Active Railroad Right-of- Way Street Right-of- Way Intersecting the Corridor Developed Railroad- Owned, but No Active Rail Use Preservable Flood Control Preservation Potential (Percentage Excluding Roadway Parcels) Corona to Lake Elsinore 14% 7% 4% 5% 70% - 81% South Perris to San Jacinto - 2% - 85% 13% 100% South Perris to Temecula - 68% 6% - 25% - 79% 231 Page 13 References Gustafson, Lee, and Philip C. Serpico. Coast Lines Depots: Los Angeles Division. Omni Publications, 1992. Wilbur Smith Associates et. al, I-15 Commuter Rail Feasibility Study, June 29, 2007 232 Next Generation Rail Corridors Analysis: Task 1 Report Next Generation Rail Study September 11, 2019 | C-1 Appendix C: Notes from Stakeholder Outreach Meetings 233 Meeting Notes Project: RCTC Next Generation Rail and Transit Study Subject: Task 1d Stakeholder Outreach Meetings Date: Thursday, October 25, 2018 Location: City of Perris Council Chambers (101 North D Street, Perris, CA 92750) Attendees: Sheldon Peterson (RCTC) Cheryl Donahue (RCTC) Ruby Arellano (RCTC) Cheryl Kitzerow (City of Menifee) Jonathan Smith (City of Menifee) Clara Miramontes (City of Perris) Ron Mathieu (SCRRA/Metrolink) Ron Running (City of Hemet) Rob Johnson (City of San Jacinto) JD Douglas (HDR) Gerard Reminiskey (HDR) Crystal Wang (HDR) City of San Jacinto o The City is working on its General Plan 2040 update o The Downtown Specific Plan includes the development of a high-density downtown with a casino and hotel o Mt. San Jacinto College has property available for a potential future rail station o Population density in San Jacinto is currently 2,156 people/square mile o There is currently a lot of growth in San Jacinto; the number of housing is increasing o San Jacinto City Council has had discussions about this potential rail corridor before City of Hemet o The Hemet General Plan identifies potential locations for stations o The area around SR-79 has the potential for more development o Planning for a multimodal transit center with the Riverside Transit Agency o Hemet City Council has had discussions about this potential rail corridor before City of Menifee o Menifee’s economic development corridor is potentially a good location for transit (business park, industrial) o A lot of growth is planned around Ethanac Road Traffic would likely be the biggest concern from the local community Look into consolidation to avoid having multiple consecutive grade crossings Funding is the greatest barrier to implementation of a new rail corridor 234 Meeting Notes Project: RCTC Next Generation Rail and Transit Study Subject: Task 1d Stakeholder Outreach Meetings Date: Thursday, October 25, 2018 Location: City of Perris Council Chambers (101 North D Street, Perris, CA 92750) Attendees: Sheldon Peterson (RCTC) Cheryl Donahue (RCTC) Ruby Arellano (RCTC) Lorelle Moe-Luna (RCTC) Cheryl Kitzerow (City of Menifee) Jonathan Smith (City of Menifee) Amer Attar (City of Temecula) Dale West (City of Temecula) Brandon Rabidou (City of Temecula) Jarrett Ramaiya (City of Murrieta) Ron Mathieu (SCRRA/Metrolink) Ron Running (City of Hemet) Rob Johnson (City of San Jacinto) JD Douglas (HDR) Gerard Reminiskey (HDR) Crystal Wang (HDR)  City of Temecula o The Specific Plans identify new developments that could potentially serve as future transit stops  Uptown Temecula Specific Plan – contains plans for high-density, walkable development west of I-15  New Mt. San Jacinto College facility/campus  Old Town Temecula Specific Plan – contains plans to create a walkable, mixed- use destination  Focus on connectivity between the college campuses o The City is planning for a major general plan update in 2020 o Residents of Temecula would oppose an alignment on the east side of I-15. The west side of I-15 is more industrial, and would be more feasible for a potential rail corridor. o Temecula City Council would be supportive of a new rail corridor, with CEQA exemptions o Reach out to the tribes early on in the planning process o If the messaging for a new rail corridor stresses the vehicular traffic benefits that a train can offer, there might be more public support for the project  City of Murrieta o The City of Murrieta is in the process of their general plan update now o The City has concerns about train-related vibrations, particularly near hospitals  City of Menifee o The proposed rail corridor alignment could have a potential conflict with a planned pedestrian overpass 235 Meeting Notes Project: RCTC Next Generation Rail and Transit Study Subject: Task 1d Stakeholder Outreach Meetings Date: Thursday, October 25, 2018 Location: Lake Elsinore Cultural Center (183 North Main Street, Lake Elsinore, CA 92530) Attendees: Sheldon Peterson (RCTC) Cheryl Donahue (RCTC) Lorelle Moe-Luna (RCTC) Richard MacHott (City of Lake Elsinore) Nicole Dailey (City of Lake Elsinore) Nelson Nelson (City of Corona) Ron Mathieu (SCRRA/Metrolink) JD Douglas (HDR) Gerard Reminiskey (HDR) Crystal Wang (HDR)  City of Lake Elsinore o Lake Elsinore has a 2040 long-range plan in the works, with an expected completion date in Spring 2019. o Plans for new development in the city are detailed in the Alberhill Villages Specific Plan  The Plan includes development of a new high-density, mixed-use community, including 8,000 new residential units, a business park, and a university complex  Development will be located just south of I-15 near Lake Street and Temescal Canyon Road  The Alberhill Villages Specific Plan development would be adjacent to the Alberhill Ranch Specific Plan residential development o Extending the rail alignment further south to the Lake Elsinore Storm baseball stadium could help with ridership o Lake Elsinore needs more bus routes to feed people into the Outlets/transit center. o Regarding the corridor alignment, there is a potential MSHCP issue at the Temescal Wash, a potential conflict with the Alberhill Substation project, and a potential conflict with Southern California Edison’s Valley-Ivyglen Project (which is waiting on approval from the CPUC) o Residents of Lake Elsinore would have concerns about rail-related sound/noise, air quality, and bike/pedestrian safety o HSR is not favorable to the residents of Lake Elsinore, but they are comfortable with Metrolink (in terms of messaging and introducing residents to the idea of potential new rail service)  City of Corona o Corona has some constituents who would be vocal about their opposition to rail o Butterfield Trail should be preserved 236 AGENDA ITEM 7G Agenda Item 7G RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 17, 2019 TO: Riverside County Transportation Commission FROM Traffic Relief Strategy Committee Aaron Hake, External Affairs Director THROUGH: Anne Mayer, Executive Director SUBJECT: Countywide Transportation Improvement & Traffic Relief Plan: Vision, Goals, and Objectives TRAFFIC RELIEF STRATEGY COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Receive background information on the Traffic Relief Strategy Committee; and 2) Discuss the vision, goals, and objectives of the Countywide Transportation Improvement & Traffic Relief Plan. BACKGROUND INFORMATION: The Commission approved the creation of the new Traffic Relief Strategy Committee during its September 11 meeting after disbanding the Future Funding Initiatives Ad Hoc Committee. The Committee will meet in public, be subject to the Brown Act, and approve an established schedule of meetings. The primary responsibility of the Committee will be to develop the Countywide Transportation Improvement & Traffic Relief Plan (Plan) and an implementing ordinance, which the Commission may choose to place before Riverside County voters in November 2020. The Commission will make a final decision on whether or not to submit the Plan and Ordinance to voters in mid-2020. No matter the decision on whether to seek an election, the process of developing the Plan and Ordinance will provide value in evaluating public input and opinion, developing priorities, and considering projects and services for future needs. Exploration since 2016, recent effort started in January For more than three years the Commission has voted to explore the possibility of a ballot measure to provide improved transportation in Riverside County. Such exploration has included numerous stakeholder conversations, public opinion surveys, and successful passage of legislation to authorize the Commission to present a ballot measure to voters. 237 Agenda Item 7G As part of a comprehensive effort to set priorities for next decade, the Commission initiated a focused evaluation of the feasibility of a 2020 ballot measure at its Annual Workshop on January 31. At that meeting, Commission staff provided an insight brief to outline various challenges facing the Commission and offered two strategies to increase overall revenue. The strategies included exploring a new sales tax measure and using innovative financing to deliver priority projects sooner by advancing surplus toll revenue. The insight brief is included as Attachment 1. In order to consider these options in depth, the Commission recommended and the Chair created and appointed the Future Funding Initiatives Ad Hoc Committee. The Committee adopted a number of recommendations in June and forwarded the actions to the Commission. On July 10, 2019, the Commission approved the Future Funding Initiatives Ad Hoc Committee’s recommendation to authorize staff to develop a Countywide Transportation Improvement & Traffic Relief Plan and Ordinance for potential presentation to Riverside County voters in November 2020. On September 11, 2019, the Commission approved the schedule and development process for the Plan and Ordinance, as shown below: Milestone Committee Review/Recommendation Commission Review/Approval Vision, Goals, and Objectives September October Plan Structure and Funding Assumptions October November Project and Program Priorities November December Open Public Comment Period for Draft Plan and begin countywide public education and engagement N/A January Conclude Public Comment Period for Draft Plan (after approx. 60 days) N/A March Review Public Comments Received, Direct Amendments to Draft Plan, Review Draft Ordinance March April Review of Final Public Opinion Research, Adopt Final Plan and Ordinance, Submit Adopted Plan and Ordinance to Board of Supervisors to Set Election May June Next Steps Over the course of the next eight to nine months, the Committee will provide input and direction on the development of a draft Plan and Ordinance including public engagement efforts. The monthly meetings will allow Commissioners and the public to be involved in the process prior to a decision on a potential ballot measure. 238 Agenda Item 7G DISCUSSION The first milestone for the Countywide Transportation Improvement & Traffic Relief Plan and Ordinance is to develop the vision, goals, and objectives. Understanding the Commission’s vision, goals, and objectives for the plan will assist staff in recommending options for the structure and contents of the plan – including such details as geographic distribution of funds and specific programs and projects. Based upon research conducted during the past two years, including public opinion polling, focus groups, and the #RebootMyCommute public engagement program, staff submits the following ideas for a vision, goals, and objectives as conversation-starters. Staff requests that the committee come to consensus on the vision, goals, and objectives and forward its recommendations for the full Commission to consider at its next meeting on October 9. Vision 1. All Riverside County residents have a safe, reliable transportation system with options to get us where we want to go. 2. An efficient, world class transportation network attracts more industries with better paying jobs in Riverside County, reduces long commutes, improves health, provides social equity, strengthens our economy, and allows us to make a difference in our local communities. 3. We control our own destiny by making investments in our priorities without the heavy hand of Sacramento or Washington blocking our path, and with accountability provided by local citizens and the leaders they elect. 4. We respect and preserve the diverse communities, unique environments, and open spaces of Riverside County. Goals and Objectives 1. Address safety concerns on Riverside County roadways for motorists, cyclists and pedestrians. 2. Reduce fatalities and collisions on Riverside County’s transportation network. 3. Improve traffic flow to save us time. 4. Start construction of planned projects sooner. 5. Support more economic investment in Riverside County to attract high-paying jobs. 6. Increase our use of alternate modes of transportation in Riverside County, such as mass transit and ridesharing, while also keeping fares low for our seniors, veterans, youth and individuals with disabilities. 7. Provide for local control of sales tax revenue, ensuring that such revenue generated in the Coachella Valley, Palo Verde Valley, and western Riverside County is expended within those regions. 8. Advance projects that improve traffic flow along major transportation corridors and on parallel routes. 9. Keep roads in good condition by fixing potholes and making repairs quickly. 239 Agenda Item 7G 10. Reinforce infrastructure against natural disasters, such as floods and earthquakes to avoid road closures and traffic jams during emergencies. 11. Promote open spaces, wildlife, and culturally significant places in Riverside County through a sustainable transportation network. 12. Improve transportation services in rural and disadvantaged communities. 13. Establish safe and efficient routes to school for students. 14. Limit administrative staff salaries and benefits to 1% of collected sales tax revenue. 15. Develop a transportation network that harnesses existing and future technologies; anticipates future technologies to make travel safer and more efficient; and increases access to healthcare, employment, and economic development. Attachments: 1) Staff Insight Brief 2) Measure A Ordinance and Expenditure Plan 240 RIVERSIDE COUNTY TR A NSPORT A TION COMMISSION STAFF INSIGHT BRIEF 2019 RCTCWORKSHOP ATTACHMENT 1 241   242 Staff Insight Brief, 2019 RCTC Workshop 1 RCTC Baseline and Priority-setting It is time for RCTC to set priorities for the next ten years and establish a long-term vision for mobility in Riverside County. This opportunity is brought about by: • The success of delivering priority projects from the first ten years of the renewed Measure A, • Progress of previously-deferred Measure A projects, • Population and economic growth within Riverside County, • Updated revenue forecasts for all sources of funding, • 91 Express Lanes’ success and the potential expansion of toll facilities, • New found stability and clarity of state funding and policy, and • Review requirements within Measure A. While there are many positive indicators for the next ten years, the facts also demonstrate that expectations should be limited. Anticipated funding continues to fall short of capital project needs. Rail and transit operations funding levels are unsustainable for current levels of service, let alone expansion. Current Freeway Service Patrol levels will not be sustainable within a few years. Congestion is hampering mobility on nearly every highway and regional arterial in Riverside County. RCTC must set priorities, establish a vision, and pursue new funding. At the 2019 Commission Annual Workshop, staff seeks a vision and direction from the Commission to address the challenges and opportunities for improved mobility in Riverside County over the next decade and beyond. Specifically, staff proposes assigning the Future Funding Initiatives ad hoc Committee to conduct a thorough review of funding options, project priorities, and potential updates to Measure A and make recommendations to the full Commission no later than July 2019. The ad hoc committee was established several years ago to examine new funding initiatives; the committee’s membership is geographically diverse and includes the Commission’s three officers. After dialogue at the Commission Annual Workshop and receiving direction from the full Commission, the ad hoc committee and staff can spend several months looking at data regarding finances, project details, and public opinion to determine a prudent action plan. Committing to such a review process now and setting a mid-2019 deadline for recommendations is necessary: • To meet the spirit and intent of the Measure A ordinance, • To ensure feasibility of a local funding measure on the 2020 General Election ballot if the Commission wishes to keep that opportunity open, and 243 DRAFT Staff Insight Brief, 2019 RCTC Workshop 2 • To ensure that priority projects continue to move forward without delay. Measure A 2019 Expenditure Plan Review The authors of Measure A in 2002 wanted to ensure that as the County grew and changed over the 30-year life span of the measure, RCTC would be able to adjust the expenditure plan to meet current and future needs. The Measure A ordinance, Ordinance 02-001 reads as follows: SECTION XIV. EXPENDITURE PLAN AMENDMENTS. The Expenditure Plan for Measure “A” funds may only be amended, if required, in accordance with Public Utilities Code section 240302, as amended. This section currently provides the following process for amendment: (1) initiation of the amendment by the Commission reciting findings of necessity; (2) approval by the Board of Supervisors; and, (3) approval by a majority of the cities constituting a majority of the incorporated population, unless such process is amended in a manner consistent with State legislation. Commencing in 2019 and at least every ten years thereafter, the Commission shall review and, where necessary propose revisions to the Expenditure Plan. Such revisions shall be submitted for approval according to the procedures set forth in this Section XIV. Until approved, the then existing Expenditure Plan shall remain in full force and effect. Thus, it is time for RCTC to review the Measure A expenditure plan and, where necessary propose revisions. The expenditure plan, which is attached to this report along with Ordinance 02-001, outlines several categories of funding, the amounts and percentages at which those categories are to be funded, as well as differences in how funds are spent in the three geographic sub-regions of the County. Upon initial review by RCTC Management, major revisions to the expenditure plan do not appear warranted; however there may be nuanced details that bear clarification and further examination to ensure the Measure A program is fulfilling the needs of Riverside County today and in the decade ahead. Guidance from the Commission is necessary. 2019-2029 Western County Highway Delivery Plan To establish priorities and a strategic implementation plan for the first ten years of the renewed Measure A, RCTC adopted a 10-Year Western County Highway Delivery Plan in 2006, nearly three years prior to the renewed measure taking effect. Adopting this 10-year plan was important because, different from the Coachella Valley where project priorities are determined by the Transportation Project Prioritization Study, the numerous projects identified in Measure A in Western County did not have such a criteria-based ranking. 244 DRAFT Staff Insight Brief, 2019 RCTC Workshop 3 RCTC has completed or has under construction the following projects in the 2009-2019 Western County Highway Delivery Plan, adopted by the Commission in 2006 and updated in 2010 following the Great Recession (see Attachment 2 for a map of these projects):  91 Corridor Improvement Project  I-215 South: Murrieta Hot Springs Road to Scott Road  I-215 Central: Scott Road to Nuevo Road  I-215 Bi-County High Occupancy Vehicle (HOV) lane addition  I-15 Express Lanes Project During that time, RCTC also completed projects from the original 1989 Measure A program such as the 60/215 East Junction and 91 HOV project in Riverside. The 2009-2019 Western County Highway Delivery Plan also set out to achieve environmental clearance of:  SR-79 Realignment, and  Mid County Parkway. Both of these projects have received final environmental approval. Finally, the 2009-2019 Western County Highway Delivery Plan established a broad goal of protecting right of way for long-range mega projects such as SR-79 Realignment and Mid County Parkway. While there is still more right of way to acquire for these projects, progress has been made. In the meantime, the I-10 Truck Lane identified in Measure A was deferred and the SR-60 Truck Lane through the Badlands was accelerated and is now in the construction phase. Additionally, the first construction package for Mid County Parkway, the I-215/Placentia Avenue Interchange, is beginning procurement in 2019. The I-15/French Valley Parkway Interchange led by the City of Temecula has remained a priority, though it has encountered delivery and funding challenges over the last decade. The project appears to be on track thanks in part to Senate Bill 1 (SB 1) infusing the State Transportation Improvement Program (STIP) with funding sufficient to move that project forward. In 2016 at the Commission Annual Workshop, the Commission voted to prioritize the following projects deferred due to lack of funding during the Great Recession:  I-15 Express Lanes Southern Extension between Cajalco Road and State Route 74;  71/91 Interchange; 245 DRAFT Staff Insight Brief, 2019 RCTC Workshop 4  15/91 Express Lanes Connector; and  Continued progress and evaluation of CETAP and alternative corridors. In 2017, the State Legislature and Governor approved a special appropriation in Senate Bill 132 (SB 132) of $180 million to construct the 15/91 Express Lanes Connector, along with special legislation to accelerate the project through innovative contracting methods. The 15/91 Express Lanes Connector is on-track to complete construction by 2022, ahead of the June 30, 2023 statutory deadline to liquidate all $180 million in state funding. However, staff anticipates an additional $35-55 million will be needed to fully fund the design-build phase. RCTC staff intends to begin the design-build procurement phase in March 2019 with a contract award expected in spring 2020. Immediately following defeat of Proposition 6 in November 2018, RCTC released a procurement for the project approval and environmental document phase of the I-15 Express Lanes Southern Extension. With increased certainty regarding state funding levels, updated toll revenue forecasts for the 91 Express Lanes, and fresh revenue projections for Measure A, Local Transportation Fund (LTF), and federal formula programs, RCTC can more accurately assess what a realistic 2019- 2029 Western County Highway Delivery Plan can look like. RCTC issued significant debt backed by sales tax revenues to finance the first ten years of Measure A Western County Highway projects and habitat acquisitions to support transportation projects. These debt issuances result in substantially all Measure A revenues for western county highways being devoted to debt repayment, averaging $66.3 million annually for the next decade. Additionally, about $919 million of the $975 million debt ceiling contained in Measure A is has been used. These facts mean that there is limited opportunity to fund new major highway projects in western Riverside County through 2029. Instead, such projects will need to rely on a mix of Measure A New Corridors funds, Measure A Economic Development Incentive funds, Transportation Uniform Mitigation Fee revenue, toll revenue, federal formula funds, and competitive state and federal grants. Candidate projects for the 2019-2029 Western County Highway Delivery Plan could include, but are not limited to:  I-15 Express Lanes Southern Extension: Cajalco Road to SR-74  71/91 Interchange  15/91 Express Lanes Connector  91 Corridor Operations Project  I-215 Box Springs Road to Nuevo Road  SR-71 Widening  I-10 Truck Climbing Lane  Mid County Parkway 246 DRAFT Staff Insight Brief, 2019 RCTC Workshop 5  SR-79 Realignment  Next Generation Express Lanes Projects, which is the subject of another workshop report In the aggregate, these example projects cost billions of dollars beyond what is anticipated to be available to RCTC over the next 10 years, let alone additional projects not mentioned in Measure A for which support has been voiced by Commissioners and/or constituencies around the County. Additional Projects, Services, and Operations The following have been identified by Commissioners, stakeholders, or staff as worthy of funding, and do not have an identified funding source:  Coachella Valley-San Gorgonio Pass Intercity Rail Service  Ethanac corridor  Cajalco Road corridor  I-10 Bypass  I-15 widening in Temecula  Rail service to San Jacinto and Hemet  Rail service to Temecula  Increased frequency of existing Metrolink routes, including reverse commute service  Other rail corridors  Freeway Service Patrol in the Coachella Valley  Interchange and bridge reconstructions throughout Riverside County  New interchanges throughout Riverside County  Grade separations throughout Riverside County Funding Gap Analysis The RCTC Strategic Assessment (2016) identified the total capital needs for highway and transit infrastructure to meet the demand of Riverside County’s anticipated growth by 2039. The Strategic Assessment also identified revenues estimated to be available during the same timeframe from state, federal, and local sources to meet those needs. The analysis produced an estimated funding gap between reasonably expected revenues and needed capital funding of $15.9 billion. In 2017, the State Legislature and Governor approved new transportation revenues which closed the estimated funding gap for Riverside County’s transportation capital needs to approximately $12.6 billion. More recently, initial financial analysis being conducted as part of RCTC’s Long Range Transportation Plan has identified a $9.59 billion funding gap for highway projects through 2045. This gap is driven largely by the Mid County Parkway project between I-215 and SR-79 ($1.69 billion) and SR-79 Realignment project ($1.52 billion), as well as a future east-west 247 DRAFT Staff Insight Brief, 2019 RCTC Workshop 6 corridor between I-15 and I-215 ($2.36 billion). These three projects aside, the highway funding gap through 2045 is still $4.02 billion. Assumptions about federal and state funding that were used to develop the Measure A expenditure plan and the 2009-2019 Western County Highway Delivery Plan have not come to fruition. While SB 1 is helpful, it came after several years of dramatic declines in state funding and is focused mainly on repair of existing facilities, rather than building new infrastructure for a growing economy such as Riverside County. Federal funding has remained flat and is held afloat only by budgetary one-time “patches” that mask the structural insolvency of the Highway Trust Fund. The American Recovery and Reinvestment Act of 2009, often called the “stimulus” bill, contained only a small percentage of funding for transportation infrastructure and was one-time funding. That bill did make significant investments in the I-10 interchanges in the Coachella Valley. Congress and the President have yet to make progress on a long-sought infrastructure bill. Additionally, macroeconomic conditions including, but not limited to, cost escalation and recessions, have widened the gap between what was forecast as feasible in 2002 and what reality has borne out. Strategies to Fill the Gap New Sales Tax Measure The preamble language to Ordinance 02-001, which was placed on the November 2002 General Election ballot as Measure A, begins: “The transportation system in Riverside County is rapidly deteriorating and our population and economy are growing rapidly. Maintenance and repairs of existing roadways and improvements to relieve congestion cannot be accomplished with available funds. Without additional funds, the system will bog down and pavement will crumble into permanent disrepair. State highway funds are inadequate and competition for funds is increasing. Projects in areas where local sales tax funds are available have been and will continue to be viewed much more favorably in the selection process of the California Transportation Commission. Local governments must either generate revenues to expand our system and maintain our investments or watch the system collapse and endanger the health, welfare and safety of all Riverside County residents.” In 2019 in Riverside County, past is prologue. In 2015, RCTC began examining the possibility of seeking voter approval for an additional 0.5% sales tax to fill the funding gap in the Measure A program and to fund new priorities that have emerged since the renewal of Measure A in 2002. In exploring this funding option, RCTC has 248 DRAFT Staff Insight Brief, 2019 RCTC Workshop 7 acknowledged that the state and federal governments cannot be relied upon to wholly fulfill the needs and aspirations of Riverside County. RCTC has modernized its public engagement efforts throughout Riverside County to receive the input necessary to craft a transportation improvement plan that would earn voter confidence. RCTC has also achieved the approval of the State Legislature and Governor to pursue an additional 0.5% sales tax for transportation. Revenue Potential: Significant Initial estimates by the UC Riverside School of Business Center for Economic Forecasting & Development demonstrate the potential for a new countywide sales tax measure for transportation to yield anywhere between $3.1-$5.9 billion, depending on how the measure is structured. This would close the capital funding gap identified in the Strategic Assessment between 25-46% (Note: this figure does not include the expected long-term shortfall for transit operations). No other potential future funding source was identified by the Strategic Assessment that would raise this level of revenue. Potential sources also analyzed included raising the federal gas tax, new development fees, and per-mile fees in addition to gas taxes. A new measure would help in a meaningful way but is not the complete solution. Legal Authority: Yes RCTC obtained legal authority to administer an additional sales tax when Assembly Bill 1189 (AB 1189) (Garcia) was signed into law by the Governor in 2017. RCTC sponsored this bill. The law allows RCTC to impose a total sales tax rate of up to 1% if approved by the electorate by a two- thirds affirmative vote. The new measure authorized by AB 1189 is exempt from the state’s cap on local-option sales taxes, meaning that the tax could go into effect in all jurisdictions in Riverside County, including those where municipal sales taxes have recently been adopted. Consistency with RCTC policy: Yes The Commission has voted multiple times to pursue the option of a potential new sales tax measure to close the funding gap to meet Riverside County’s infrastructure demands in the coming decades. These votes occurred at the Commission’s Annual Workshops in 2016, 2017, and 2018. Feasibility: Possible With legal authority in-hand and Commission policy favorable toward moving in the direction of a new local funding measure, the primary remaining concern is voter sentiment. A two-thirds “yes” vote (66.67%) of the electorate is necessary to achieve passage. Public opinion research in 2017 demonstrated a maximum potential “yes” vote of 62% for likely voters in the 2020 General Election – 4.67% less than needed to pass in ideal conditions. In 2018, RCTC began a 249 DRAFT Staff Insight Brief, 2019 RCTC Workshop 8 multi-year comprehensive Public Engagement Program with one of its goals being to increase awareness and education of Riverside County residents regarding transportation issues and to develop a transportation improvement and funding plan that can achieve approval by 66.67% of voters in 2020. RCTC staff and consultants are moving forward with the engagement program and early results are encouraging, but too soon to measure. During 2019, the engagement program will significantly increase its intensity and will include new research to give Commissioners data to determine feasibility of a 2020 measure. Risk: Medium Given that success hinges on the political electoral environment heading into the 2020 General Election, the most significant risks are political. Legal and technical risks are low, as statutory authority to pursue this funding source is already secure and resources necessary to develop a funding plan to place on the ballot are approved and budgeted. Many political risks are beyond the control of RCTC and subject to national and state affairs. Local political dynamics – over which Commissioners and colleagues have significant influence – will also play a major role in success or failure of a new measure. A risk inherent in pursuing any revenue source is macroeconomic conditions beyond RCTC’s control. As seen during the Great Recession, sales tax receipts are vulnerable to dips in the overall economy. Innovative Financing The current financial success of RCTC’s 91 Express Lanes and the hopeful success of the 15 Express Lanes opening in 2020 provide an opportunity for RCTC to use future anticipated toll revenues to accelerate improvements on the SR-91 and I-15 corridors. With strong credit ratings from the rating agencies, RCTC can use similar innovative financing approaches as those RCTC used to finance the 91 Project and the I-15 Express Lanes Project within the boundaries of state law. Given the systemic relationship between I-15 and SR-91 east of I-15, in that they serve primarily the same commute and goods movement patterns, RCTC may wish to consider obtaining legal authority for greater flexibility to allow 91 Express Lanes revenues to be invested throughout the 91 and 15 corridor system. Revenue Potential: Significant Updated traffic and revenue analysis by Stantec Consulting presented at the Commission’s December 2018 meeting demonstrates toll revenue from RCTC’s 91 Express Lanes will likely continue to exceed original estimates made in 2012. Stantec forecasts for the “base case” show an aggregate 10% increase in toll revenue through FY 2066, which is approximately $926 million more than anticipated when the 91 Project was financed. If RCTC constructs the 91 Corridor Operations Project (91 COP) by 2022, which is a new westbound lane between Green River Road and SR-241, toll revenue will be reduced by approximately $166 million between FY 250 DRAFT Staff Insight Brief, 2019 RCTC Workshop 9 2022 and FY 2035 – accounting for a 2% reduction in revenue over the life of RCTC’s ownership of the express lanes. Despite this expected drop in toll revenue, there remains a significant amount of revenue expected to be available to fund future capital projects on the SR-91 corridor. 15 Express Lanes revenue is not expected to be as high as 91 Express Lanes revenue and performance versus projections cannot be measured until the facility is open for an extended period of time. Nonetheless, RCTC can begin exploring financing structures that would leverage any future available toll revenue to partially fund priority projects on I-15, including the 15 Express Lanes Southern Extension between Cajalco Road and SR-74. Legal Authority: Yes, with limitations For the 91 Express Lanes, Senate Bill 1316 (SB 1316) (Correa) requires that toll revenue beyond what is needed to pay debt obligations and operations and maintenance of the express lanes be invested in capital or operations improvements to enhance mobility in the SR-91 corridor between the county line and I-15. Financing such future toll revenues to accelerate improvements to SR-91 between the county line and I-15 is a legally permissible action. Should RCTC wish to use toll revenues to make improvements to SR-91 east of I-15 or on I-15 itself (or on another route), changes to state statute would need to be approved by the Legislature and Governor. For the 15 Express Lanes, Assembly Bill 1954 (AB 1954) (Jeffries) provides similar legal parameters for investment of toll revenues. The physical limits of improvements that could be funded with toll revenues are the I-15 corridor between the San Bernardino and San Diego County lines. Consistency with RCTC policy: Yes At its June 2012 meeting, the Commission adopted the following toll policy goals: 1. Provide a safe, reliable, and predictable commute for 91 Express Lanes customers; 2. Optimize vehicle throughput at free flow speeds; 3. Pay debt service and maintain debt service coverage; 4. Increase average vehicle occupancy; 5. Balance capacity and demand to serve customers who pay tolls as well as carpoolers with three or more persons who are offered discounted tolls; 6. Generate sufficient revenue to sustain the financial viability of the Commission’s 91 Express Lanes; 7. Ensure all covenants in the financing documents are met; and 8. Provide net revenues for Riverside Freeway/SR-91 corridor improvements. Feasibility: Possible 251 DRAFT Staff Insight Brief, 2019 RCTC Workshop 10 RCTC has financial advisory services under contract and will likely secure the interest of underwriters for a potential financing without much difficulty. Rating agencies have demonstrated confidence in the local economy with: • Stable outlooks on RCTC’s sales tax revenue bonds, and • A recent upgrade by S&P Global Ratings with a positive outlook and a stable outlook by Fitch Ratings with an expectation of a positive revision based on current performance on RCTC’s 91 Express Lanes toll revenue financings. Stantec’s recent traffic and revenue study results only bolster RCTC’s case for additional financing. While financial market conditions are always outside of RCTC’s control, with a reasonably healthy economy forecast for the near future, a successful financing using the boundaries of current law appears likely. Risk: Low Exploration of innovative financing itself carries low risk. For reasons previously mentioned, such an exploration is likely to be well received by capital markets and Riverside County citizens eager for congestion relief as soon as possible. Risks increase an unknown amount should RCTC choose to explore a “system financing” where 91 Express Lanes revenue could be applied to the I-15 corridor, and vice versa. Risks of pursuing such a financing would be political in nature, as RCTC would need permission from the Legislature and the Governor. The degree of risk of such a legislative pursuit is unknown at this time because the exact scope and objective has not been fully defined by the financial and technical analysis which would need to take place first. As with sales tax revenues, toll revenues are partially dependent on overall economic conditions. Recessions can cause actual revenues to dip below assumptions integral to financing. Issuing additional debt would inherently increase risks RCTC to meet its obligations. Recommendation Staff recommends the Commission assign the Future Funding Initiatives ad hoc Committee to thoroughly vet and make specific recommendations to the Commission no later than July 2019 on the following: • Measure A Expenditure Plan Review and Update, • 2019-2029 Western County Highway Delivery Plan, • A new local funding measure on the 2020 general election ballot, and • Innovative financing of express lanes revenues. Further, staff recommends the Commission make a policy vote to commit sufficient 91 Express Lanes surplus revenues to fully fund construction of the 15/91 Express Lanes Connector, as this 252 DRAFT Staff Insight Brief, 2019 RCTC Workshop 11 project is about to begin design-build procurement and is a stated priority of RCTC and the State of California. The exact amount of surplus toll revenues and mix of fund sources will be dependent on the outcome of federal INFRA grant awards sought by RCTC for this and other projects on the 91 corridor. 253 ORDINANCE NO. 02-001 RIVERSIDE COUNTY TRANSPORTATION COMMISSION TRANSPORTATION EXPENDITURE PLAN AND RETAIL TRANSACTION AND USE TAX ORDINANCE PREAMBLE The transportation system in Riverside County is rapidly deteriorating and our population and economy are growing rapidly. Maintenance and repairs of existing roadways and improvements to relieve congestion cannot be accomplished with available funds. Without additional funds, the system will bog down and pavement will crumble into permanent disrepair. State highway funds are inadequate and competition for funds is increasing. Projects in areas where local sales tax funds are available have been and will continue to be viewed much more favorably in the selection process of the California Transportation Commission. Local governments must either generate revenues to expand our system and maintain our investments or watch the system collapse and endanger the health, welfare and safety of all Riverside County residents. Continuation of our one-half percent sales tax for transportation to supplement traditional revenues and revenues to be generated through locally-adopted developer fees and assessment districts for transportation improvements is the only way local governments can be sure the transportation system will serve the current and future travel needs of Riverside County. Collection of the one-half percent sales tax will commence upon the expiration of the existing tax. The Riverside County Transportation Commission will continue to seek maximum funding for transportation improvements through State and federal programs. The Commission will not provide sales tax revenues to any city or to the County unless revenues currently used by that agency for transportation are continued to be used for transportation purposes. The Riverside County Transportation Commission ordains as follows: SECTION 1. SUMMARY. This Ordinance provides for the imposition of a retail transaction and use tax of one-half percent for a period of thirty (30) years, the authority to issue bonds secured by such taxes, and the administration of the tax proceeds and a county transportation expenditure plan. SECTION II. DEFINITIONS. The following definitions shall apply in this ordinance: A. Expenditure Plan. “The Expenditure Plan” means the Riverside County Transportation Commission Expenditure Plan (attached as Exhibit B) and adopted as part of this Ordinance including any future amendments thereto. B. “County” means the County of Riverside. ATTACHMENT 2 254 C. “Commission” means the Riverside County Transportation Commission s set forth in Sections 130053, 130053.5 and 130053.7 of the Public Utilities Code. D. “TUMF” means Transportation Uniform Mitigation Fee. This fee is charged on new development by local governments to assist with the building and improvement of regional arterials. E. “MSHCP” means the Multiple Species Habitat Conservation Plan currently under development by the County of Riverside. F. “Existing Tax” means the ½ % retail transactions and use tax adopted pursuant to Ordinance No. 88-01. SECTION III. AUTHORITY. This Ordinance is enacted, in part, pursuant to the provisions of Division 25 (commencing with Section 240000) of the Public Utilities Code, and Section 7252.22 of the Revenue and Taxation Code. SECTION IV. IMPOSITION OF RETAIL TRANSACTIONS AND USE TAX. Subject to voter approval of the same, the Commission shall impose, in the incorporated and unincorporated territory of the County of Riverside, a retail transactions and use tax (referred to as the Measure “A” fund tax) at a zero percent (0%) rate until the expiration of the Existing Tax. Thereafter, a tax shall be collected for a thirty (30) year period at the rate of one-half of one percent (0.5%). This tax shall be in addition to any other taxes authorized by law, including any existing or future state or local sales tax or transactions and use tax. SECTION V. PURPOSES. Measure “A” funds may only be used for transportation purposes including the administration of Division 25, including legal actions related thereto, the construction, capital, acquisition, maintenance, and operation of streets, roads, highways, including state highways and public transit systems and for related purposes. These purposes include expenditures for the planning, environmental reviews, engineering and design costs, and related right-of-way acquisition. SECTION VI. BONDING AUTHORITY. Upon voter approval of Measure “A” , the Commission shall have the power to sell or issue, from time to time, on or before the collection of taxes, bonds, or other evidence of indebtedness, including, but not limited to, capital appreciation bonds, in the aggregate principal amount at any one time outstanding of not to exceed $500 million, and to secure such indebtedness solely by way of future collection of taxes, for capital outlay expenditure for the purposes set forth in Section V hereof, including to carry out the transportation projects described in the Expenditure Plan. SECTION VII. MAINTENANCE OF EFFORT. The Commission, by the enactment of this Ordinance, intends the additional funds provided government agencies by this Chapter to supplement existing local revenues and required developer improvements being used for transportation purposes. The government agencies shall maintain their existing commitment of local funds for street, highway and public transit purposes pursuant to this Ordinance, and the Commission shall enforce this Section by appropriate actions including fiscal audits of the local agencies. 255 The local cities and the County shall annually submit to the Commission a list of the proposed uses for these funds and a certification that the maintenance of effort requirement is being met. If in any fiscal year the maintenance of effort requirement is not met, the agency shall not be eligible for any Measure “A” funds in the following fiscal year. Such funds shall be distributed to the remaining local governments using the formula for the area. SECTION VIII. RETURN TO SOURCE. Funds for transportation purposes shall be allocated to the Western County, Coachella Valley, and Palo Verde Valley areas proportionate to the Measure “A” funds generated within these areas. SECTION IX. ADMINISTRATION OF PLANS. The Commission shall impose and collect Measure “A” funds, shall allocate revenues derived, and shall administer the Expenditure Plan consistent with the authority cited herein. SECTION X. ADMINISTRATIVE COSTS. The Commission shall expend only that amount of the funds generated from Measure “A” for staff support, audit, administrative expenses, and contract services that are necessary and reasonable to carry out its responsibilities pursuant to Division 25, and in no case shall the funds expended for salaries and benefits exceed one percent (1%) of the annual net amount of revenue raised by Measure “A”. SECTION XI. ANNUAL APPROPRIATIONS LIMIT. The annual appropriations limit has been established pursuant to Ordinance 88-01 pursuant to Article XIIIB of the California Constitution and Section 240308(b) of the Public Utilities Code. The appropriations limit has and shall be subject to adjustment as provided by law. SECTION XII. EFFECTIVE AND OPERATIVE DATES. Subject to voter approval, this Ordinance shall take effect at the close of the polls on November 5, 2002. SECTION XIII. ELECTION. The Commission requests the Board of Supervisors to call an election for voter approval of Measure “A ” (Exhibit A), which election shall be held on November 5, 2002. The election shall be called and conducted in the same manner as provided by law for the conduct of elections by a county. Pursuant to Section 240308 of the Public Utilities Code, the sample ballot to be mailed to the voters shall be the full proposition as set forth in the Ordinance, and the voter information handbook shall include the entire Expenditure Plan. Approval of the attached proposition, and the imposition of the Measure “A” retail sales and use tax described herein, shall require the affirmative vote of 2/3rds of the electors voting on the attached proposition at the election described in this section. SECTION XIV. EXPENDITURE PLAN AMENDMENTS. The Expenditure Plan for Measure “A” funds may only be amended, if required, in accordance with Public Utilities Code section 240302, as amended. This section currently provides the following process for amendment: (1) initiation of the amendment by the Commission reciting findings of necessity; (2) approval by the Board of Supervisors; and, (3) approval by a majority of the cities constituting a majority of the incorporated population, unless such process is amended in a manner consistent with State legislation. 256 Commencing in 2019 and at least every ten years thereafter, the Commission shall review and, where necessary propose revisions to the Expenditure Plan. Such revisions shall be submitted for approval according to the procedures set forth in this Section XIV. Until approved, the then existing Expenditure Plan shall remain in full force and effect. SECTION XV. SEVERABILITY. If any tax or provision of this ordinance is for any reason held invalid or unenforceable by a court of competent jurisdiction, that holding shall not affect the validity or enforceability of the remaining Measure “A” funds or provisions, and the Commission declares that it would have passed each part of this ordinance irrespective of the validity of any other part. SECTION XVI. THE EXISTING TAX. Nothing in the ordinance is intended to modify, repeal, alter or increase the Existing Tax. The provisions of this ordinance shall apply solely to the retail transactions and use tax adopted herein, and not to the collection or administration of the Existing Tax. APPROVED AND ADOPTED by the Riverside County Transportation Commission at its meeting on Wednesday, May 8, 2002. By: John F. Tavaglione, Chairman Riverside County Transportation Commission ATTESTED: By: Naty Kopenhaver, Clerk of the Board Riverside County Transportation Commission 257 Riverside County Transportation Improvement Plan GOALS AND OBJECTIVES MAINTAIN AND IMPROVE THE QUALITY OF LIFE IN RIVERSIDE COUNTY BY SUPPLEMENTING EXISTING FUNDS FOR TRANSPORTATION Reduce current congestion and provide adequate transportation facilities to accommodate reasonable growth in the future. Provide funding for the adequate maintenance and improvement of local streets and roads in the cities and unincorporated areas. Enhance Riverside County’s ability to secure state and federal funding for transportation by offering local matching funds. PROVIDE FOR ACCOUNTABILITY IN THE EXPENDITURE OF TAX PAYER FUNDS Provides for mandatory dedication of sales tax funds only for the transportation improvements and programs identified in the Expenditure Plan and no other purpose. Provides for a mandatory, annual financial audit of program expenditures to insure that all funds are spent in accordance with this voter adopted Plan and associated legal ordinance. Provides for a Maintenance of Effort requirement in funds made available to city and county governments for local street and road programs to insure the new money for this purpose is adding to current funding levels. Provides for the strict limitation of administrative staff costs in implementing this Plan, by limiting, in law, funds expended for salaries and benefits to no more than one (1) percent of the annual net amount of revenues raised by Measure "A". 1 258 Provides for the Plan to be updated every 10 years for the period it is in effect to insure that the changing needs and priorities of the county are met. Provides for the mandatory termination of the tax in 2039, requiring additional voter approval for extension at a County General Election according to state law. PROVIDE FOR EQUITY IN THE DISTRIBUTION OF MEASURE “A” REVENUES Return funds to the Western County, Coachella Valley and Palo Verde Valley proportionate to the funds generated in those areas. Adopt a Transportation Improvement Plan, which address the unique needs of each of the areas of the county. Provide a reasonable balance between competing highway, commuter rail, transit, and local streets and roads needs. PROVIDE FOR LOCAL CONTROL OF THE TRANSPORTATION IMPROVEMENT PROGRAM Provide for cost effective, local administration of the program through the existing Riverside County Transportation Commission. No new agency would be required to administer these funds. Delegates appropriate administrative responsibility to the cities and the county and other local agencies for local programs. This TRANSPORTATION IMPROVEMENT PLAN, which shall act as the County’s Expenditure Plan, was prepared by the Riverside County Transportation Commission for the purpose of extending the current ½ cent local transaction and use tax for transportation to be collected for an additional 30 years, if approved by the voters on November 5, 2002 – Measure “A”. This is proposed by the Commission as a means to fill the funding shortfall to: implement necessary highway, commuter rail, and transit projects; secure new transportation corridors through environmental clearance and right of way purchases; provide adequate maintenance and improvements on the local street and road system; promote economic growth throughout the county; and provide specialized programs to meet the needs of commuters and the specialized needs of the growing senior and disabled population. 2 259 TAXPAYER ACCOUNTABILITY SAFEGUARDS LEGAL DEDICATION OF FUNDS Measure "A" funds may only be used for transportation purposes and described in the local ordinance governing this program, including the construction, environmental mitigation of transportation projects, capital activities, acquisition, maintenance, and operation of streets, roads, highways, including state highways and public transit systems and for related purposes. These purposes include but are not limited to expenditures for the planning, environmental reviews, engineering and design costs, related right-of-way acquisition, and construction, engineering and administration. MANDATORY ANNUAL FISCAL AUDIT No less than annually, the RCTC shall conduct an independent fiscal audit of the expenditure of all sales tax funds raised by this measure. The audit, which shall be made available to the public, shall report on evidence that the expenditure of funds is in accordance with the Riverside County Transportation Improvement Plan as adopted by the voters in approving the sales tax measure on November 5, 2002. In addition, the audit shall determine that Maintenance of Effort requirements, other requirements regarding local government participation in Transportation Uniform Mitigation Fee Programs, as well as requirements described in Section 5 of the Plan entitled "Local Streets and Roads" have been complied with. The audit shall also insure that no more than 1 (one) percent of total sales tax expenditures are used for administrative staff salaries and benefits in implementing this Plan. MANDATORY PLAN UPDATE AND TERMINATION OF SALES TAX This Plan shall be updated by RCTC every 10 years that the sales tax is in effect to reflect current and changing priorities and needs in the County, as defined by the duly elected local government representatives on the RCTC Board. Any changes to this Plan must be adopted in accordance with current law in effect at the time of the update and must be based on findings of necessity for change by the Commission. The sales tax authorized to be collected by the voters shall be terminated on March 31, 2039, unless reauthorized by the voters to extend the sales tax prior to the termination date as required under state law in effect at the time of the vote for extension. 3 260 SPECIFIC TRANSPORTATION PROJECTS TO BE FUNDED WESTERN RIVERSIDE COUNTY The Expenditure Plan Map illustrates the Western and Coachella Valley areas. The Western County area includes the cities of Banning, Beaumont, Calimesa, Canyon Lake, Corona, Hemet, Lake Elsinore, Moreno Valley, Riverside, Murrieta, Norco, Perris, San Jacinto, and Temecula. It also includes the unincorporated communities of Jurupa, Mira Loma, Menifee, Wildomar, and Sun City and other more sparsely populated areas, and the reservations of the Pechanga Band of Mission Indians, the Soboba Band of Mission Indians, the Cahuilla Band of Mission Indians, the Ramona Band of Cahuilla Indians, and the Morongo Band of Indians. 1. STATE HIGHWAYS Many more state highway improvement projects are needed to deal with congestion and safety problems than existing state and federal revenues can fund. Projected formula funds from these sources over the 30 years is estimated to be $640 million and will fund less than ½ of the improvements needed and identified in the Expenditure Plan, which are estimated to cost $1.66 billion in current dollars. Measure “A” funds will supplement those funding sources by an estimated $1.02 billion and will cover the remaining costs estimated to accomplish these improvements. The Highway projects to be implemented with funding returned to the Western County Area by extending the Measure “A” Program are as follows: 4 261 ROUTE LIMITS PROJECT EST. COST 91, 60, I-15, & I-215 Reducing congestion on these routes will require that new transportation corridors are constructed See Section 2 Rte 91 Pierce Street to Orange County Line Add 1 lane each direction $ 161 91/I-15 Interchange Add new Connector from I-15 North to 91 West $ 243 91/71 Interchange Improve Interchange $ 26 Rte 71 Rte 91 to San Bernardino County Line Widen to 3 lanes each direction $ 68 I-215 60/91/215 to San Bernardino County Line Add 2 lanes each direction $ 231 I-215 Eucalyptus Ave to I-15 Add 1 lane each direction $ 210 I-15 Rte 60 to San Diego County Line Add 1 lane each direction $ 359 I-10 San Bernardino County Line to Banning Add eastbound truck climbing lane $ 75 I-10/60 Interchange Construct new interchange $ 129 Rte 60 Badlands area, east of Moreno Valley Add truck climbing lane $ 26 Rte 79 Ramona Expressway to Domenigoni Parkway Realign highway $ 132 SUBTOTAL Measure “A” Funding State & Federal Formula Funds $1.02 Billion $0.64 Billion TOTAL $1.66 Billion The Commission may add additional State Highway projects, should additional Measure “A” revenue become available. An estimated 5% of the total cost for these highway projects ($83 million) will be used for environmental purposes to mitigate the cumulative and indirect impacts associated with construction of these projects. 5 262 2. DEVELOPMENT OF NEW TRANSPORTATION CORRIDORS State Routes 91 and 60 and Interstate Routes 15 and 215 cannot cost effectively be widened enough to provide for the traffic expected as Riverside County continues to grow. In addition to the specific highway improvements listed in Section 1 above, congestion relief for these highways will require that new north–south and east-west transportation corridors will have to be developed to provide mobility within Riverside County and between Riverside County and its neighboring Orange and San Bernardino Counties. Four new Transportation Corridors have been identified as necessary through the Community Environmental Transportation Approval Process (CETAP) currently underway. An estimated $370 million in Measure "A" matching funds to leverage local, state and federal funding will be made available for environmental clearance, right of way, and construction of these new corridors. An estimated $70 million of these funds will be used to mitigate the cumulative and indirect impacts associated with construction of these projects. 3. PUBLIC TRANSIT The Transportation Improvement Plan will provide an estimated $390 million to expand commuter rail, implement intercity bus services and to continue and expand programs to assist the elderly, disabled and commuters. A. Discount Fares and Transit Services for Seniors and Disabled Persons Seniors and disabled persons are becoming an increasing percentage of the population each year. They are currently charged a fare on fixed route transit services that is one-half the normal fare for service within the Western County area. In addition a number of specialized transportation programs have been implemented which meet specialized needs for transportation to medical services, social service agencies and programs, shopping and other purposes that cannot be met by conventional transit. A minimum of $85 million in Measure “A” funds will be used to guarantee these services. 6 263 B. Commuter Rail and Intercity Bus Service Metrolink has provided a viable alternative to the automobile for thousands of daily commuters to Orange and Los Angeles counties and reduces the demand on our freeways. The current service level needs to double in the future and expansion of the system to Moreno Valley and Perris is needed to relieve congestion on I-215. In addition, an intercity express bus service that feeds the Metrolink service and provides a reasonable alternative to the automobile for daily commuters who travel within the region is needed. Measure “A” funds will be made available for operations of these services and to match federal funds for capital. C. Commuter Services, Ridesharing, Vanpools, Buspools, Park-N-Ride Commuter traffic created by Riverside County residents traveling to jobs in neighboring Orange, Los Angeles, and San Bernardino counties adds significantly to the peak hour congestion on the freeway and highway system. A number of programs have been implemented to assist commuters to share rides, reduce congestion, and take advantage of travel in the “carpool” lanes. These programs include; rideshare matching services; incentive programs; vanpool “seed money”; buspool subsidies; and park-n-ride lot leasing. These programs will become even more necessary in the future as traffic increases. A minimum of $50 million in Measure “A” funds will be used for this purpose. 4. REGIONAL ARTERIAL SYSTEM The freeway and state highway system can no longer be expected to handle the traffic demands for travel between and through the cities of the Western County area, with the development projected for the future. A system of regional arterials (major local roadways) with limited access, freeway interchanges, grade separations, and coordinated traffic signals are needed to supplement the highway backbone system. The Western Riverside Council of Governments (WRCOG), in conjunction with the cities and the County, has developed this system of roadways to meet this need. This roadway system will be periodically updated by the Commission, or the Western Riverside Council of Governments, to reflect actual development trends. 7 264 Funding to widen existing roads and construct new roads on this system will be funded by an estimated $300 million in revenues generated by Measure “A” and by matching revenues to be generated by the cities and County implementing a Transportation Uniform Mitigation Fee (TUMF) administered by the Commission or the Western Riverside Council of Governments (WRCOG). Examples of the roadways on the regional arterial system that may be eligible to receive Measure “A” and TUMF funding for widening and other improvements to increase capacity and traffic flow are: • Van Buren Boulevard from I-215 to State Route 60 • Alessandro Boulevard from I-215 westerly to Central Avenue • Central Avenue from Alessandro Blvd to Van Buren Boulevard • Arlington Avenue from Central Avenue to Van Buren Boulevard • Green River Road from Dominguez Ranch Rd to State Route 91 • Foothill Parkway from Lincoln Ave to Green River Road • Scott Road from State Route 79 to I-215 • Clinton Keith Road from State Route 79 to I-215 • Date Street from State Route 79 to I-15 • State Route 79/I-10 Interchange Improvements and possible bypass to I-10 • Ramsey Street from Banning City Limits to Field Road • Ramona Expressway from San Jacinto to I-215 • Cajalco Road from I-215 to I-15 • Perris Boulevard from State Route 74 to San Bernardino Co. Line • Pyrite Street from San Bernardino County Line to State Route 60 • Schleisman Road from San Bernardino County Line to I-15 and Arlington Avenue • Domenigoni Parkway from State Street to I-215 • Railroad Canyon/Newport Road from I-215 to I-15 The final scope and project limits of all improvements proposed for the regional arterial system will be determined through noticed public hearings, environmental clearance process, and agreement with affected agencies. 5. LOCAL STREETS AND ROADS The local street and road system is critical to the every day movement of people within the cities and the county. This system is reaching “middle age”, with potholes and is in need of continued maintenance and rehabilitation. New local roads adjacent to new residential and business developments will continue to be constructed and paid for by the developers. 8 265 Current resources, without the extension of the existing sales tax revenues for transportation, cannot provide adequate funding to maintain the local street and road system at the level necessary to adequately serve the public. The Transportation Improvement Plan will provide an estimated $970 million specifically for this purpose. The funds made available in the Western County area will be distributed to the cities and the county by a formula based 75% on proportionate population and 25% on revenues generated by Measure “A”. In order to be eligible for these funds, each agency will be required to: 1) File a Five-Year Capital Improvement Program, updated annually, with the Commission; 2) Participate in a Transportation Uniform Mitigation Fee (TUMF) Program to be developed and administered by the Commission or the Western Riverside Council of Governments (WRCOG); and, 3) Participate in the Multi- Species Habitat Conservation Plan (MSHCP) currently under development by the County of Riverside by endorsing the Permit Application and signing the Implementation Agreement. The TUMF Program shall be adopted according to all applicable laws and shall provide that the first $400 million of TUMF revenues will be made available to the Commission to fund equally the: 1) Regional Arterial System, as described above; and, 2) Development of New Corridors (“CETAP”) described above. 6. ECONOMIC DEVELOPMENT INCENTIVES PROGRAM The need to attract new commercial and industrial development and jobs to Riverside County to reduce the need for long commutes to Orange and Los Angeles counties is important to the economic vitality and quality of life of Western Riverside County. A greater jobs – housing balance is needed immediately. The Transportation Improvement Plan will provide an estimated $40 million for this purpose. These funds will be used to create an Infrastructure Improvement Bank to improve existing interchanges, construct new interchanges, provide public transit linkages or stations, and make other improvements to the transportation system. Given the limited amount of funds available, the RCTC shall develop a program of competitive incentives to attract commercial and industrial development and jobs to locate within the Western Riverside County area. 9 266 In particular, the highest priority for these funds shall be for use in attracting key industrial development. For example, Western Riverside County through the provision of a needed interchange or transit service as a part of an overall package of incentives, could attract industrial development, which may have otherwise located elsewhere in California, in the United States or internationally. 7. BOND FINANCING Construction of the highway and rail projects and implementation of the local streets and roads and other programs identified in the Transportation Improvement Plan are needed as soon as possible. In order to accomplish this, some level of borrowing will be required. The Commission will determine the extent of borrowing that is reasonable as the program is implemented. Up to $270 million, 8% of the revenues expected to be generated, will be made available for this purpose. COACHELLA VALLEY AREA The Coachella Valley area is located in the central part of Riverside County and includes the cities of Cathedral City, Coachella, Desert Hot Springs, Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs, and Rancho Mirage. It also includes the unincorporated areas, and the reservations of the Agua Caliente Band of Cahuilla Indians, the Cabazon Band of Mission Indians, and the Torres Martinez Desert Cahuilla Indians. The Transportation Improvement Plan is designed to give flexibility to adjust to changing circumstances and to: • Improve Traffic Flow and Reduce Congestion on Highway 111 • Add/Improve Interchanges on Highway 86 and I-10 • Provide funding for Local Streets and Roads Improvements • Improve Safety and Visibility at Major Intersections and Arterial Roads ● Reduce Congestion by Improving Major Roadways Identified as Important by Local Governments in the Coachella Valley • Provide Express East-West Transit Routes in the Coachella Valley • Improve and Expand Public and Specialty Transit Service 10 267 1. STATE HIGHWAYS AND MAJOR REGIONAL ROAD PROJECT Fifty percent (50%) of the Measure “A” revenues will be used for State highways and regional road improvements. The Transportation Project Prioritization Study (TPPS), developed through the Coachella Valley Association of Governments (CVAG), will function as the Plan for future needs. Preventive maintenance of these Measure “A” funded arterials will be allowed, if a majority of the Coachella Valley local governments give approval. The system improvements will be accomplished with a mix of Measure “A” funds, state and federal highway funds, and the existing Transportation Uniform Mitigation Fee (TUMF) on new development. This segment of the Measure “A” Expenditure Plan will be implemented through the Coachella Valley Association of Governments. 2. LOCAL STREETS AND ROADS Thirty-five percent (35%) of the Measure “A” revenues will be returned to the cities and the county in the Coachella Valley and shall be used to assist with the funding local street and road improvements. These funds will supplement existing federal, state, and local funds. Local street improvements adjacent to new residential and business developments will continue to be paid for by the developers. Cities and the county in the Coachella Valley must participate in the Transportation Uniform Mitigation Fee (TUMF) program to assist in the financing of the priority regional arterial system in order to receive these funds. If a city or the county chooses not to levy the TUMF, the funds they would otherwise receive for local streets and roads will be added to the Measure “A” funds for the Regional Arterial Program. Allocations of funds to the cities and the county will be based on a formula weighted 50% on proportionate dwelling units and 50% on Measure “A” revenues generated within each jurisdiction. A Five-Year Capital Improvement Program for the use of these funds will be prepared and annually updated with public participation by each city and the county. 11 268 3. PUBLIC TRANSIT Fifteen percent (15%) of the Measure “A” revenues will be used to improve and expand public transit and specialized transportation services. A. B. C. Discount Fares and Expanded Transportation Services for Seniors and Persons with Disabilities For Seniors (age 60 and older) and persons with disabilities, access to healthcare, social services, shopping, and recreation is a key to quality of life. Sunline Transit Agency offers a full array of public transit and specialized transportation services at reduced prices to individuals in these special groups. Measure “A” funds will guarantee discounts continue for the next 30 years. Funds will also be used to expand services to meet future needs of the growing population of the valley. Specialized Transportation Services In addition to providing SunBus public transit service, SunDial paratransit service, and SunLink express commuter service to Riverside, the Sunline Transit Agency offers specialized transportation services to Coachella Valley residents and visitors. These services include the Vets Express that provides free transportation to the Veterans Hospital in Loma Linda; SunTrip, that enables those beyond Sunline’s fixed route service area to receive reimbursement they can pay to volunteer drivers; and SunRide that coordinates the transportation services offered by many non-profit social service organizations. All of Sunline’s vehicles operate on clean, alternative fuels thereby preserving the environment and creating a healthier community while increasing access. Measure “A” funds will assist these and other types of specialized transportation services which may be implemented. Bus Replacement and More Frequent Service Public bus transportation offers communities many benefits – reduced traffic congestion, reduced wear and tear on roads, reduced parking demand, and lower emissions. By providing access to schools, jobs and shopping, it is also a vital force in economic development. This is especially true in the Coachella Valley where nearly 75% of the 4 million annual SunBus riders take a bus to work and/or school. Public 12 269 transit buses have a 12-year life. Passage of Measure “A” will enable Sunline’s fleet to be replaced as needed. Funds will also be used to increase frequency of service, which is the single most important factor in use of public transportation. PALO VERDE VALLEY AREA The Palo Verde Valley area is located in the far eastern part of Riverside County. It is geographically separated from the Western and Coachella Valley areas. The population within the area is relatively small, and significant growth over the next 30 years is not anticipated. The Palo Verde Valley is served by Interstate 10 which provides adequate connections to the more westerly portions of Riverside County and easterly to Arizona. Increasing transit needs can be adequately met using existing revenue sources available for that purpose. The greatest need for the Palo Verde Valley is additional funding to adequately maintain and rehabilitate local streets and roads. All of the funding generated by Measure “A” returned to the Palo Verde Valley is to be used for local streets and roads. Funds shall be distributed to the City of Blythe and the County of Riverside by formula. The formula distribution is based 75% on proportionate population and 25% on sales tax revenues generated in each area. MEASURE “A” REVENUE ALLOCATIONS ($ millions) Western County Area Highway Improvements $1,020 New Corridors $ 370 Commuter Rail / Intercity Bus/ Specialized $ 390 Transit/ Commuter Services Regional Arterial Projects $ 300 Local Streets and Road Improvements $ 970 Bond Finance $ 270 Economic Development Projects $ 40 TOTAL $3,360 Coachella Valley Highways and Regional Arterials $ 628 Local Streets and Roads $ 439 Specialized and Public Transit $ 188 TOTAL $1,255 Palo Verde Valley Area Local Street and Road Improvements $ 47 TOTAL $ 47 13 270 Click on Link to View 2002 MEASURE “A” MAP 14 271 GENERAL PROVISIONS OF THE TRANSPORTATION IMPROVEMENT PLAN 1. BASIS FOR REVENUE ESTIMATES Federal and state participation for highways, commuter rail, new corridors, and major non-highway roadway improvements is assumed to be $40 million per year allocated biannually by the California Transportation Commission through the State Transportation Improvement Program (STIP) process. The Riverside County Transportation Commission currently programs 24.2% of these funds on a discretionary basis for projects. This practice will be continued in order to fund major improvements that will arise and have not been anticipated by this Transportation Improvement Plan. Measure “A” revenue estimates have not been adjusted to reflect inflation. It is assumed that inflation revenue increases will be offset by inflation costs to deliver the projects. “Real Growth” is assumed to parallel countywide population growth. Based upon these factors Measure “A” revenues over the 30-year period are assumed to be about $4.665 billion. 2. BASIS FOR COST ESTIMATES All cost estimates for highway projects were developed by Caltrans based on a specific scope of improvements and are based on 2001 values. Future costs may increase due to inflation or other factors beyond the control of the Commission. The 2001 costs estimates are to be used to determine the proportionate distribution of funds to the categories of projects and programs identified in the transportation program. 3. STATE HIGHWAY AND MAJOR ARTERIAL PROGRAMS A. Eligible state highway project costs include preliminary engineering, environmental clearances, design engineering, project management, right of way acquisition and long-term leases and construction. Measure “A” funds are intended to supplement and not replace existing federal and state sources. If it is determined by the Commission that Riverside County is not receiving its fair share of existing funds, sales tax funds may be directed to other types of transportation needs. 15 272 B. C. A. B. C. D. The actual scope of the highway, and major arterial projects to be implemented is to be determined through a prioritization process, required environmental analysis, and full consideration of reasonable alternatives. Public participation during the environmental analysis process is required. The Commission shall establish a “State Highway Account” for funding capital expenditures for state highway improvements. 4. PUBLIC TRANSIT Eligible programs include: special discount fares for the elderly and persons with disabilities; funding for computer assisted rideshare programs; commuter incentive programs; “seed” programs to encourage the creation of vanpools and buspools; bus capital replacement and additional bus service in the Coachella Valley; and capital and operating assistance for commuter rail expansion and intercity bus service implementation in the Western County area. Western County area commuter rail services are anticipated to continue to be operated by Metrolink on existing rail lines to Los Angeles, Orange and San Bernardino counties. Increasing the level of services will require negotiation of the appropriate agreements with the railroads and appropriate cost sharing between the counties served. Extension of service to the Moreno Valley area and the City of Perris is anticipated to be along the San Jacinto Branch Line owned by the Commission. Measure “A” funds will be used for operating costs and to match federal and state funds for capital improvements. Western County area intercity bus express services to be implemented are intended to specifically target commuters and provide a viable connection to the Metrolink service and transportation between and to key employment centers within the region. The Commission shall establish a “Public Transit Account” for funding these programs. The Commission shall determine which public transportation or specialized transportation services operators, and carpool/vanpool facilitating agencies, shall receive funding assistance. The Commission may directly provide or operate these services and programs if it is determined that they are the most appropriate agency to do so in the Western County area. In the Coachella Valley area, the services will be provided by the SunLine Transit Agency. Based on 30 year funding estimates, the amount of funds should be $340 million for the Western County and $188 million for the Coachella Valley area. 16 273 5. LOCAL STREETS AND ROADS PROJECTS A. B. C. D. Eligible local street and road project costs include any environmental review and mitigation, engineering, right of way acquisition and, capital or maintenance cost. Decisions on projects are to be made by local jurisdictions, but subject to capital Improvement requirements. Annual population estimates used for the distribution formula for the Western County and Palo Verde Valley areas shall be from the State Department of Finance. Dwelling unit estimates used for the distribution formula in the Coachella Valley shall be from the Riverside County Planning Department. Actual State Board of Equalization retail sales transactions shall be used for the formula in all three areas. The County Planning Department shall estimate the share for each of the unincorporated areas for the three areas, from the total retail sales transactions for the total unincorporated area. The Commission shall assure the cities and the County are in compliance with maintenance of effort requirements before allocating funds for local streets and roads. Further, the Commission shall not allocate funds to an individual city or the County for local streets and roads within the Western County and Coachella Valley areas unless the local agency is certified by the Coachella Valley Association of Governments or in the Western County Area by the Commission or the Western Riverside County Association of Governments as applicable, to be a participant in the Transportation Uniform Mitigation Fee (TUMF) program necessary for the implementation of the Regional Arterial Program in their area. The cities and the county in the Western County Area must participate in the Multi Species Habitat Conservation Plan (MSHCP) by endorsing the Permit Allocation and executing the Implementation Agreement with the resources agencies in order to be eligible to receive local streets and roads funds. Funding which is not allocated to a city or the county because it is not a participant in the TUMF program in the Coachella Valley area and the TUMF and the MSHCP in the Western County area shall be allocated to the Regional Arterial Program in the geographic area in which the city or portion of the county is located. 17 274 18 6. FUNDING FLEXIBILITY AND BONDING TO EXPEDITE PROJECTS The Commission may make maximum use of available funds by temporarily shifting allocations between geographic areas and transportation purposes. However, the proportionate shares for areas and purposes over the 30-year period may not be changed without an amendment of the Transportation Improvement Plan as required by law. Shifts may not be made without previous consultation with the affected agencies and two-thirds majority approval of the Board of Commissioners. The Commission may also use bonds to speed implementation of some projects. Bonding will not be used without first determining that the benefits of an accelerated program outweigh the additional cost of interest on borrowing funds. 7. INFORMING THE PUBLIC OF LOCAL FUNDING SUPPORT All state highway, commuter rail, and regional arterial projects using $1 million or more of sales tax revenues shall be signed to inform the public that local voter approved revenues are being used to support the project. 8. SEVERANCE PROVISIONS If any provision of this Transportation Improvement Plan is for any reason held invalid and unenforceable by a court of competent jurisdiction, that holding shall not effect the validity or enforceability of the remaining provisions, and the Commission declares that it would have passed each part of the Plan irrespective of the validity of any other part. 275 AGENDA ITEM 7H Agenda Item 7H RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 17, 2019 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee Mark Lancaster, Capital Projects Manager THROUGH: Anne Mayer, Executive Director SUBJECT: Approval of Utility Agreement Amendment with Southern California Gas for State Route 71/State Route 91 Interchange Project WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Approve Agreement No. 18-31-103-01, Amendment No. 1 to Agreement No. 18-31-103-00, with Southern California Gas (SCG) for construction of utility relocations for the State Route 71/SR-91 Interchange (71/91 IC) project in the amount of $338,255, plus a contingency amount of $33,825, for an additional amount of $372,080, and a total amount not to exceed $3,552,115; 2) Authorize the Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Authorize the Executive Director or designee to approve the use of the contingency amount as may be required for this utility relocation agreement. BACKGROUND INFORMATION: The Commission, in cooperation with Caltrans, continues to develop improvements to the existing 71/91 IC in the city of Corona. The improvements include constructing a new direct connector from eastbound SR-91 to northbound SR-71 and realigning the eastbound SR-91 entrance ramp between Green River Road and the 71/91 IC. The project is anticipated to improve mobility on SR-91 and SR-71 by enhancing operations and capacity at the 71/91 IC. The project will require a new utility agreement with SCG to relocate an underground gas transmission pipeline crossing under SR-71. The Commission authorized design of this relocation in April 2016, and approved the initial estimated construction cost of the relocation in April 2018. The total estimated cost to relocate the SCG pipeline facility was $2,890,941 plus a contingency of $289,094 for a total amount not to exceed $3,180,035. In August 2019, staff received a revised cost estimate of $3,518,290 from SCG to relocate the pipeline. Staff recommends amending the original agreement by $338,255 plus a contingency 276 Agenda Item 7H amount of $33,825 to completely fund the pipeline relocation. By approving the amendment now, relocation of the pipeline will be completed prior to the commencement of 71/91 IC construction activities and will not be in conflict with the construction project. Additionally, staff recommends that the Committee authorize the Executive Director to execute the utility agreement on behalf of the Commission and authorize the Executive Director or her designee to approve the use of the contingency amount as may be required. Financial Information In Fiscal Year Budget: Yes Year: FY 2019/20 Amount: $372,080 Source of Funds: Federal earmarks and other federal and state funds, to the extent available; 2009 Measure A Western Riverside County Highway funds Budget Adjustment: No GL/Project Accounting No.: 003021 81402 00000 0000 262 31 81402 Fiscal Procedures Approved: Date: 09/16/2019 Attachment: Utility Agreement Amendment No. 18-31-103-01 277 RIVERSIDE COUNTY TRANSPORTATION COMMISSION LIABILITY IN DISPUTE UTILITY AGREEMENT EXAMPLE Page 1 of 3 08-RIV-91 PM R0.9/R2.6 08-RIV-71 PM 1.9/R3.0 Expenditure Authorization: 0F541 Federal Aid No.: HPLU21LN 6054 (066) Owner’s File No.: WO#B91404.000 UTILITY AGREEMENT NO. 24939 WHEREAS, the Riverside County Transportation Commission, herein after called “RCTC”, acting by and through the Department of Transportation, hereinafter called “STATE”, has issued Notice to Owner No. 24939 dated August 8, 2019, attached hereto, to Southern California Gas Company, hereinafter called “OWNER”, which Notice to Owner sets forth the terms and conditions pursuant to which OWNER has been ordered to relocate certain OWNER’S facilities to clear the RCTC’S proposed freeway project at the SR-71/91 Interchange, and; WHEREAS, the reconstruction of the RCTC’s freeway project necessitates the relocation of OWNER’S utility facilities, and; WHEREAS, RCTC, in order to clear the right of way for the freeway construction, has ordered OWNER to relocate the portions of its facilities within said Notice to Owner, hereafter called OWNER’S facilities, and; WHEREAS, OWNER is disputing the adequacy of the language prescribed in Chapter 13 of the STATE’s Right of Way Manual and refuses to relocate OWNER’S facilities as ordered; and; WHEREAS, in accordance with Section 706 of the Streets and Highways Code, RCTC may, without prejudice to its rights, or that of OWNER, advance the costs of removal or relocation, and upon advancement by RCTC of said costs, OWNER shall remove or relocate OWNER’S facilities as stated in the attached Notice to Owner so as not to delay the freeway construction, and; WHEREAS, RCTC and OWNER disagree on the language prescribed in Chapter 13 of the STATE’S Right of Way Manual, RCTC and OWNER agree that, in order to expedite the freeway project, RCTC shall deposit with OWNER, in accordance with Section 706 of the Streets and Highways Code, 82.79% of the estimated relocation cost of $3,518,290, and OWNER agrees to do the relocation work as set forth in Notice to Owner No. 24939, dated August 8, 2019. 278 LIABILITY IN DISPUTE UTILITY AGREEMENT EXAMPLE (Cont.) Page 2 of 3 Utility Agreement No. 24939 NOW THEREFORE, it is agreed between RCTC and OWNER as follows: 1. Within 30 days of RCTC’S execution of this Agreement, RCTC shall advance Owner 82.79% of the estimated cost of relocation, which advance shall be $3,518,290, which includes the estimated ITCCA tax. 2. OWNER shall relocate OWNER’S facilities in accordance with Notice to Owner No. 24939, dated August 8, 2019. 3. In signing this Agreement, neither RCTC nor OWNER diminishes its position, waives any of its rights or accepts liability. 4. RCTC and OWNER reserve the right to have such liability resolved by future negotiations or by an action in a court of competent jurisdiction pursuant to the provisions of Section 706 of the Streets and Highways Code. 5. OWNER agrees to perform the herein-described work with its own forces or by the OWNER’S contractor and to provide and furnish all necessary labor, materials, tools and equipment required therefore, and to prosecute said work diligently to completion. 6. It is understood and agreed that the RCTC will not pay for any betterment or increase in capacity of OWNER’S facilities in the new location and that OWNER shall give credit to the RCTC for all accrued depreciation on the replaced facilities and for the salvage value of any material or parts salvaged and retained or sold by OWNER. 7. OWNER shall submit a Notice of Completion to the RCTC within 30 days of the completion of the work described herein. 8. It is understood that said highway is a Federal Aid Highway and, accordingly, 23 CFR 645 is hereby incorporated into this Agreement by reference; provided, however, that the provisions of any agreements entered into between the RCTC and OWNER pursuant to State law for apportioning the obligations and costs to be borne by each, or the use of accounting procedures prescribed by the applicable Federal or State regulatory body and approved by the Federal Highway Administration, shall govern in lieu of the requirements of said 23 CFR 645. 279 LIABILITY IN DISPUTE UTILITY AGREEMENT EXAMPLE (Cont.) Page 3 of 3 Utility Agreement No. 24939 THE ESTIMATED COST TO RCTC FOR THE ABOVE DESCRIBED WORK IS $3,518,290. IN WITNESS WHEREOF, the parties hereto have executed this Utilities Agreement this _______________ day of ____________________, 20_____. RIVERSIDE COUNTY TRANSPORTATION COMMISSION By Anne Mayer Executive Director Date SOUTHERN CALIFORNIA GAS COMPANY: By Title Date APPROVAL AS TO FORM: BEST, BEST & KRIEGER LLP APPROVAL RECOMMENDED: By By Steven C. DeBaun Date Nicole DePuy Date General Counsel Utility Coordinator 280 FIRM PROJECT TASKS/ROLE COST Southern California Gas Utility Relocation 3,518,290.00$ 3,518,290.00 - 3,518,290.00$ TOTAL COSTS 1 Commission authorization pertains to total contract award amount. Compensation adjustments between consultants may occur; however, the maximum total compensation authorized may not be exceeded. EXHIBIT "C" Prime Consultant: SUBTOTAL OTHER DIRECT COSTS COMPENSATION SUMMARY1 281 AGENDA ITEM 8 Agenda Item 8 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 17, 2019 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Shirley Medina, Planning and Programming Director THROUGH: Anne Mayer, Executive Director SUBJECT: 2020 State Transportation Improvement Program Adopted Fund Estimate and Project Recommendations BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Approve programming $16,376,513 of 2020 State Transportation Improvement Program (STIP) Western Riverside County and Palo Verde Valley funding capacity and $50 million made available from the STIP AB 3090 replacement placeholder for a total of $66,376,513 to the State Route 71/State Route 91 (71/91) Direct Connector project, and forward to the California Transportation Commission (CTC); 2) Include programming $4,472,007 of 2020 STIP Coachella Valley funding capacity based on the project recommendation by the Coachella Valley Association of Governments (CVAG) and forward to the CTC; 3) Include programming Planning, Programming, and Monitoring (PPM) funds (2 percent of STIP programming capacity) in the amount of $425,480 in Fiscal Year 2022/23; 4) Submit the 2020 STIP submittal to CTC by the statutory deadline of December 15, 2019; 5) Forward the Riverside County 2020 STIP project recommendations to the Southern California Association of Governments (SCAG) to conduct regional performance measures analysis as required by the CTC STIP guidelines; 6) Approve Agreement No. 07-71-028-03, Amendment No. 3 to Agreement No. 07-71-028-00, with the city of Blythe (Blythe) to trade $89,649 of Palo Verde Valley STIP funds with Measure A Western Riverside County Highway funds to facilitate delivery of local arterial projects; 7) Authorize the Executive Director, pursuant to legal counsel review, to execute Agreement No. 07-71-028-03 on behalf of the Commission upon CTC adoption of the 2020 STIP in March 2020; and 8) Authorize the Executive Director to seek and pursue competitive funding opportunities for the 71/91 Interchange project. 282 Agenda Item 8 BACKGROUND INFORMATION: At its July 2019 Commission meeting, the adjustment to the funding formula for the three geographic areas was approved, per the STIP Intracounty Memorandum of Understanding (MOU) with Western Riverside Council of Governments (WRCOG) and CVAG. Staff also presented an outline of the process for developing the 2020 STIP and reported that the draft Fund Estimate (FE) indicated Riverside County’s Target Share for programming was $10.22 million. Subsequently, the STIP Final FE, which was adopted at the August 14, 2019 CTC meeting, was revised to reflect Riverside County’s share target at $21.274 million. The STIP is primarily funded with revenues derived from the state and federal gasoline excise tax. With the recent passage of Senate Bill 1, an additional $100 million per year is included in the STIP statewide. Although this amount is beneficial, the more significant benefit from SB 1 is in stabilizing revenues, which becomes effective this fiscal year. CTC staff is referring to the 2020 STIP as a “transition” STIP as the benefits of SB 1 will be reflected in future STIPs. The 2020 STIP is lower than originally anticipated due to the following:  Declining fuel consumption  2018 STIP was overprogrammed (excise tax rate was assumed at a higher level)  2018 STIP projects were advanced from later years to early years (for projects funded with STIP and SB 1 competitive programs projects) The CTC expects STIP revenues to increase starting with the 2022 STIP cycle, but not substantially due to continued fuel efficiencies and declines in gasoline and diesel consumption. Riverside County 2020 STIP Target Share The 2020 STIP funding distribution for the three geographic areas is included in the table below based on the funding distribution approved at its July 2019 Commission meeting. 2020 STIP Fund Estimate for Riverside County Target Share Total Riverside County Share $21,274,000 Less: 2% Planning, Programming and Monitoring (PPM) 425,480 Total New Project Programming 20,848,520 Western County 78.12% 16,286,864 Coachella Valley 21.45% 4,472,007 Palo Verde Valley 00.43% 89,649 Per an MOU between the Commission and Blythe, Palo Verde Valley STIP funds have been traded with Measure A Western Riverside County highway funds to facilitate delivery of local arterial 283 Agenda Item 8 projects in the Palo Verde Valley. Given Blythe’s small staff, lower STIP funding levels, and focus on local arterials, it is more efficient to provide local funding to ensure project delivery and a less cumbersome allocation process. Upon CTC adoption of the 2020 STIP, staff recommends amending the STIP MOU with Blythe trading $89,649 of STIP funds with Measure A Western Riverside County highway funds. Blythe will also be required to amend its Measure A Capital Improvement Program to include the STIP trade funds and associated project(s). As a result, project recommendations for 2020 STIP Western Riverside County total $16,376,513. CTC Programming Requirements The 2020 STIP covers a five-year period from FYs 2020/21 – 2024/25. CTC staff reported that new programming capacity is mostly available in the last two years of the 2020 STIP cycle (FY’s 2023/24 and 2024/25). A few notable items for programming STIP projects are:  Projects cannot be programmed prior to FY 2022/23 without pushing back projects currently programmed in the first three years.  Projects must have a completed project study report (PSR) or PSR Equivalent.  Projects requesting over $15 million in STIP funds must provide additional analysis (e.g. Benefit/Cost (B/C) and air quality analyses).  Project phases must be fully funded. 2020 STIP Programming Recommendation: Western Riverside County In addition to the $16,376,513 of 2020 STIP funds available for Western Riverside County, $50 million is also available from an AB 3090 replacement project approved by the CTC in early 2019. Through the 2018 STIP cycle, the I-15 Express Lanes Southern Extension project was proposed for programming in FY 2019/20; however, CTC staff programmed it in FY 2022/23. Rather than delay environmental work, the Commission took action to commence with the environmental phase and processed an AB 3090 agreement with CTC resulting in a $50 million placeholder in the STIP in FY 2022/23. Therefore, a total of $66,376,513 is available for programming in Western Riverside County. Staff recommends programming the $66,376,513 on the 71/91 Interchange project for construction. This project is a high priority project included in the 2019-2029 Western Riverside County Delivery, which was approved by the Commission in July 2019. It also has a completed PSR, environmental document, and B/C and air quality analysis. Such programming will enable the Commission to move this project forward. Although fully funded through Commission-controlled revenues, it is proposed that opportunities to compete or obtain other state or federal funds should continue to be pursued for the 71/91 Interchange project. Receipt of competitive funds could allow Commission revenues to be 284 Agenda Item 8 reallocated to other priority projects. Pursuit of competitive funds will depend on whether or not success is likely based on program guidelines and on other Riverside County candidate projects. Accordingly, staff recommends that the Commission authorize the Executive Director to seek and pursue competitive funding opportunities for the 71/91 Interchange project. 2020 STIP Programming Recommendation: Coachella Valley As previously stated, CVAG is responsible for STIP programming actions for the Coachella Valley per the STIP Intracounty MOU. CVAG has indicated it plans to present STIP project recommendations for approval at its September 2019 Executive Committee meeting. Commission staff will include the recommended project(s) in this agenda item for the October Commission meeting and will forward project information to SCAG for the regional performance measures analysis. 2020 STIP PPM Programming PPM in the amount of $425,480 will be programmed in FY 2022/23. Commission staff will coordinate with CVAG on the use of PPM for planning, programming and monitoring activities. 2020 STIP Submittal The 2020 STIP submittal is statutorily due to the CTC by December 15, 2019. The submittal requires various forms and reports that will involve input from Caltrans, project sponsors and consultants, and SCAG. The proposed STIP projects will need to be submitted to SCAG by the end of September to give SCAG sufficient time to conduct the required regional performance measures analysis to meet the submittal deadline. STIP funding for Commission projects and PPM will be included in future budgets based on the CTC’s STIP adoption in March 2020. STIP funding for CVAG projects will not pass through the Commission but will be received directly by CVAG. Financial Information In Fiscal Year Budget: N/A Year: FY 2022/23 Amount: $66,376,513 Source of Funds: 2020 STIP Budget Adjustment: N/A GL/Project Accounting No.: 652040 6XXXX 106 65 6XXXX $425,480 (PPM) 003021 81301 262 31 81301 $66,376,513 (71/91 Interchange) Fiscal Procedures Approved: Date: 09/16/2019 285 2020 State Transportation Improvement Program Western Riverside County Project Recommendations Prepared by Shirley Medina Planning and Programming Director 2020 STIP 2020 STIP Adoption -March 25, 2020 CTC meeting Statewide New Programming Capacity -$407 Million Riverside County New Programming Capacity -$21.274 Million Lower STIP Fund Estimate due to: •Overestimated 2018 STIP Revenues, overprogramming •2018 STIP projects were advanced to match SB 1 allocations •Fuel Efficiencies Benefits of SB 1: Increased the incremental excise tax to 17.8 cents per gallon in FY 2019/20 with annual adjustments for inflation beginning in FY 2020/21 Added $100 million per year to STIP Stabilize revenues in future STIP cycles Past STIP Cycles STIP Cycle Riverside Target Share (in Millions) 2008 $ 0 2010 $ 0 2012 $ 90 2014 $ 67 2016 $ (32) 2018 $105 2020 $ 21 2020 STIP Fund Estimate for Riverside County STIP Intracounty Formula Distribution Target Share Total Riverside County Share $21,274,000 Less: 2% Planning, Programming & Monitoring (PPM)425,480 Total New Project Programming $20,848,520 Western County 78.12%16,286,864 Coachella Valley 21.45%4,472,007 Palo Verde Valley 00.43%89,649 2020 STIP Programming Western County Project Recommendation : 71/91 Interchange, $66,376,513. •Palo Verde Valley STIP trade approved at July Commission meeting, $89,649 included in above total for Western County. •Western Riverside County Share $16,286,864 •$50 Million from AB 3090 Replacement (previously on I-15 Express Lanes South) •71/91 IC is high priority in the 2019-29 Delivery Plan •71/91 IC has approved:PSR,B/C analysis,environmental document •Design and r/w near complete •Construction funding complete with other fund sources and/or competitive programs SR 71/91 Interchange Improvement Project Map/Rendering 2020 STIP Programming Coachella Valley Recommendation -$ 4,472,007 I-10/Avenue 50 Interchange, $2 million CVAG Signal Synchronization Phase 2, $2.472 million 2 percent PPM –$425,480 Proposed programming in FY 2022/23 2018 STIP Carryover Project: I-15 French Valley Parkway Interchange,$47.6 million programmed in FY 2020/21 Proposed 2020 STIP Projects Coachella Valley New 2020 STIP Project Phase II CV Signal Synch $2,472,000 Construction New 2020 STIP Project I-10/Avenue 50 IC $2,000,000 Construction NEW 2020 STIP Project SR-71/91 $66,376,513 Construction Proposed 2020 STIP Projects Western Riverside County Existing Project I-15 French Valley IC $47,600,000 Construction Next Steps County’s Submit Proposed STIP Projects to SCAG September 27, 2019 (Regional Performance Measures Analysis) STIP Submittal Due to CTC December 15, 2019 CTC Staff Recommendations February 28, 2020 CTC Adopts 2020 STIP March 25-26, 2020 AGENDA ITEM 9 Agenda Item 9 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 17, 2019 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Jillian Guizado, Planning and Programming Manager THROUGH: Anne Mayer, Executive Director SUBJECT: State and Federal Legislative Update BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to receive and file an update on state and federal legislation. BACKGROUND INFORMATION: State Update On September 13, 2019, the first year of the current two-year session of the California State Legislature came to an end. Bills that have been passed by the Legislature are now on Governor Newsom’s desk for consideration of passage or veto. Annually, the Commission adopts a State and Federal Legislative Platform, which guides the policy actions staff ultimately recommends the Commission take throughout the year. Attachment 1 is this year’s legislative matrix, which identifies each of the bills upon which the Commission has taken a position in the current session. Customarily the legislative matrix is provided in black and white with each monthly Committee and Commission legislative update agenda item. With this being the end of the legislative year in California, the matrix attached to this report is color-coded to represent whether the outcome of each bill is positive, neutral, or negative with respect to the Commission’s official position on the bill. The status of some bills will change after publication of this report and before the Committee meets. Staff will provide a verbal update at the Committee meeting. Federal Update Congress reconvened from summer recess on September 9, 2019 and is scheduled to remain in session until mid-December. Unless Congress acts quickly, transportation funds will run out after September 30, 2019. Staff will report on the latest status of transportation appropriations in Federal Fiscal Year 2019/2020 at the Committee meeting. Attachment: Legislative Matrix – October 2019 286 RIVERSIDE COUNTY TRANSPORTATION COMMISSION - POSITIONS ON STATE AND FEDERAL LEGISLATION – OCTOBER 2019 Legislation/ Author Description Bill Status Position Date of Board Adoption AB 252 (Daly, Frazier) Removes the sunset date from the NEPA Reciprocity program. Signed by Governor Newsom. (July 31, 2019) SUPPORT 3/13/19 AB 1402 (Petrie-Norris) Makes substantive changes to the Active Transportation Program administered by the State, allocating 75% of funds to be distributed by large MPOs. Referred to Committee on Transportation. (March 27, 2019) SUPPORT 4/1/19 SB 152 (Beall) Makes substantive changes to the Active Transportation Program administered by the State, allocating 75% of funds to be distributed by large MPOs. Held in Senate Appropriations Committee under submission. (May 16, 2019) SUPPORT 4/1/19 AB 626 (Quirk-Silva) Seeks to dictate that professionals who provide professional services on one phase of a project be deemed not to have a conflict of interest in subsequent project phases, disregarding the Commission’s adopted Procurement Policy. Ordered to inactive file at request of member. (May 30, 2019) OPPOSE UNLESS AMENDED 4/10/19 AB 456 (Chiu, Bonta, Low) Removes the January 1, 2020 sunset provision on claims resolution processes. Ordered to engrossing and enrolling. (September 9, 2019) OPPOSE 5/8/19 SB 498 (Hurtado) Takes funds dedicated in the Trade Corridors Improvement Fund and repurposes them for a new short-line railroad project grant program. Referred to Assembly Transportation Committee. (June 6, 2019) OPPOSE Staff action based on platform 5/30/19 SR 742 (Allen) Authorizes existing state funds for Amtrak to be used on intercity passenger bus transportation, regardless of whether the passenger is connecting to or from intercity rail service. Ordered to engrossing and enrolling. (May 30, 2019) SUPPORT 6/12/19 AB 1149 (Fong) Eliminates the ability of petitioners to opt to prepare the record of proceedings and would place that responsibility solely on the lead agency. Re-referred to Assembly Natural Resources. (April 24, 2019) SUPPORT 6/12/19 SB 664 (Allen) Revises existing statute in the Streets and Highways Code and the Vehicle Code to allow for improved operations of toll facilities in California. Referred to Assembly Appropriations. (August 13, 2019) SUPPORT Staff action based on platform 6/17/19 287 Legislation/ Author Description Bill Status Position Date of Board Adoption SB 277 (Beall) Changes the SB 1-created Local Partnership Program to be administered at 85% formula, rather than 50% formula as is currently in adopted guidelines. Ordered to engrossing and enrolling. (August 14, 2019) SUPPORT Staff action based on platform 7/1/19 HR 2939 (Napolitano) Protects state and local general sales tax revenues from being directed to airports. Introduced. (May 23, 2019) SUPPORT 7/10/19 Legend: Positive Neutral Negative 288 AGENDA ITEM 10 ORAL REPORT STATE ROUTE 60 TRUCK LANES Cheryl Donahue, Public Affairs Manager October 17, 2019 1 Project Update Improving Safety, Relieving Traffic 2 •Construction began in June •Current focus: excavation, drainage, wildlife crossings, dust control, safety •$113 million investment Roadway Excavation 3 •Moving 2.1 million yards3 –about 15,000 per day •Saving 14,000 truck trips •Weekend closure, Oct 12-13 •For safety of passing motorists and crews – removal of giant rocks •Delays no more than 30 minutes Drone Footage 4 Cleared Hillside 5 News Coverage 6 Other Outreach Efforts 7 •Social media/video/website •Mapping apps •Calls to stakeholders, including desert groups •Email blasts •Visits to local businesses •Roadway signage Drainage Systems 8 •Extending 123 drainage systems •Purpose is to collect, remove water from the roadway •Using 15,000 feet of pipe project-wide Wildlife Crossings 9 •Building two 20’ x 20’ wildlife crossings beneath Route 60 •Will allow daylight to enter so that animals – deer, mountain lions, coyotes, raccoons, badgers, etc. will use the crossings Dust Control 10 •Constructed two temporary water reservoirs •Provides local water source for trucks to use for dust control •Important for Santa Ana wind conditions Corridor Safety 11 •55 mph speed limit •24/7 CHP enforcement in project limits •Speed feedback signs •Citations doubled in construction area •CHP, CalFire attending weekly meetings; regular communication Corridor Collisions 12 •Monitoring corridor safety data with CHP •One tragic collision caused two fatalities on Sept. 5, due to reckless driving by another motorist •Most collisions are causing no injuries or minor injuries •CHP: Slower speeds in corridor are helping reduce severity 13 QUESTIONS 14 Tara Byerly From: Tara Byerly Sent: Wednesday, October 09, 2019 1:49 PM To: Tara Byerly Cc: Lisa Mobley; Anne Mayer; JOHN STANDIFORD Subject: RCTC: October Commission Agenda - October 17, 2019 Good afternoon Commissioners, The October Agenda for the Commission meeting scheduled for Thursday, October 17 @ 9:30 a.m. is now available. Please copy the link: https://www.rctc.org/wp-content/uploads/2019/10/October-Commission-Agenda.pdf Also attached for your review and information is the conflict of interest memo and form. Conflict of Conflict of Interest Memo.p... Interest Form.pdf Let me know if you have any questions or concerns. Thank you. Respectfully, Tara Byerly Deputy Clerk of the Board Riverside County Transportation Commission 951.787.7141 W 1951.787.7906 F 4080 Lemon St. 3rd FI. 1 P.O. Box 12008 Riverside, CA 92502 rctc.org f IF in 0 i RIVERSIDE COUNTY TRANSPORTATION COMMISSION TO: Riverside County Transportation Commission FROM: Lisa Mobley, Clerk of the Board DATE: October 8, 2019 SUBJECT: G.C. 84308 Compliance — Potential Conflict of Interest California Government Code 84308 states a Commissioner may not participate in any discussion or action concerning a contract or amendment if a campaign contribution of more than $250 is received in the past 12 months or 3 months following the conclusion from a bidder or bidder's agent. This prohibition does not apply to the awarding of contracts that are competitively bid. The Commission's procurement division asks potential vendors to disclose any contributions made to the campaigns of any Commissioner as part of their submitted bid packets. As an additional precaution, those entities are included below in an effort to give Commissioners opportunity to review their campaign statements for potential conflicts. Please note the entities listed in this memo are not encompassing of all potential conflicts and are in addition to any personal conflicts of interest such as those disclosed on Statement of Economic Interests — Form 700 or prohibited by Government Code Section 1090. Please contact me should you have any questions. Agenda Item No 7D — Economic Impact Study Consultant(s): UCR Center for Economic Forecasting & Development Christopher Thornberg, Director 900 University Avenue Riverside, CA 92521 RIVERSIDE COUNTY TRANSPORTATION COMMISSION COMMISSIONER SIGN -IN SHEET OCTOBER 17, 2019 T� e.Covt-Fel'e_7tc e� NAME AN\ P� e4c-- AGENCY Ra4„,,,A0 Wo IIt:5, F .,6a_v\ 1.E,SER-t- Lik Qufko `1Jese�� wo- serwiJ no.1 E_MAIL ADDRESS RIVERSIDE COUNTY TRANSPORTATION COMMISSION COMMISSIONER SIGN -IN SHEET OCTOBER 17, 2019 NAME AGENCYf EMAIL ADDRESS k r'.0� V i kT� A.o a � �` Sv),Ai-rw Act. cf , (� 4 (L � il \ .cctiti iiV\T-Z -L-N A�CA12 1 i'' 1 v . /t117464-s ?eye -/c.f.'s ,/, 114"- iwi .Y(;e}I-L----", c.P' ' Jr. - I, t / ril a^e.,(\ Sp ►\49(2.P c - ? vd D-,-%-., - I a 1 c„ 415( G ,c-i le?i' e G Art-rd=,R- -; /1 v%r, T��, ,--5 --141)2, 7 ;.r / / 1 ?( V6�' r % D'4 l /Z tG, �� j��.4 /��,� k-1(/S a fV/�J 4)7sa N ! ')'CQ-14 Nj‹: ILC1612L-Lj r, jz/jtf,s1. RIVERSIDE COUNTY TRANSPORTATION COMMISSION ROLL CALL OCTOBER 17, 2019 Present Absent County of Riverside, District I la 0 County of Riverside, District II P O County of Riverside, District III gl 0 County of Riverside, District IV 0 0 County of Riverside, District V 0 0 City of Banning 0 0 City of Beaumont 0 0 City of Blythe 0 0 City of Calimesa 0 0 City of Canyon Lake 23 0 City of Cathedral City ® 0 City of Coachella 0 0 City of Corona ,0 O City of Desert Hot Springs 71 0 City of Eastvale 0 0 City of Hemet 0 0 City of Indian Wells 0 0 City of Indio 0 0 City of Jurupa Valley 0 0 City of La Quinta .10 0 City of Lake Elsinore 0 0 City of Menifee in 0 City of Moreno Valley 0 0 City of Murrieta n 0 City of Norco 0 0 City of Palm Desert 0 0 City of Palm Springs 0 0 City of Perris 0 0 City of Rancho Mirage 0 0 City of Riverside 0 0 City of San Jacinto 0 0 City of Temecula 0 0 City of Wildomar 0 0 Governor's Appointee, Caltrans District 8 0 0 Editorial Debi rating upgrade means. f icnds to area It takes big bucks to facil- itate the movement of hun- dreds of thousands of cars each day on the key road be- tiVeen Riverside and ©range etannties. 'To its fiscal credit, an agency charged with manag- ing that corridor just turned thtbig bucks into slightly sMailer ones. 'The S-mile upgrade to Route 91 connecting the coun- ties through Corona that was cipleted in 2017 ran about $14 billion. To pay for it, the Riverside County Transportation Com- mission issued what are called toll bonds — debt incurred with the expectation that tolls paid by motorists will help - make the loan payments - S&P Global Ratings, the mpany,that handled issu- ance of the bonds, rated the ROTC as a BBB -,to begin with (reflecting caution by S&P due to the spotty track record of toll roads nationwide), then a'straight BBB, and then last week upgraded the debt to A The company cited traffic levels (an average of 325000 carsusethat corridor daily) , and prospective financial suc- cess of the project, adding that good governance and man- agement at RCTC were keys What's unusual about this is that RCTC has not before fi- nanced any debt with toll rev- enue. Before this, the agency could only issue sales tax -reve- nue bonds, which have always enjoyed excellent credit rat- ings. , What all this means to In- land motorists is additional funding for needed Inland . projects, likely in that same 91 corridor. RCTC already has numerous sources of funds for its proj- ects and pursues them dog- gedly, but it's a positive that it can lower its debt service pay- ments to generate even more money. RCTC's annual budget is a;shade =over $1 billion, with substantial percentages routed through to local agencies. As an example, about a third of Measure A money is passed through to local agen- cies for road repairs and main- tenance. ROTC doesn't have a spe- cific project in mind for money it saves from lower debt costs, but is researching and brain- storming now.; Little by little, is making progress at getting Inland mo- torists around a bit more eas- ily than before. A journey of a thousand miles :..