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08 August 25, 2014 Budget & implementationRIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE MEETING AGENDA TIME: 9:30 a.m. DATE: Monday, August 25, 2014 LOCATION: BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside  COMMITTEE MEMBERS  Douglas Hanson, Chair / Patrick Mullany, City of Indian Wells Roger Berg, Vice Chair / David Castaldo, City of Beaumont Ella Zanowic / Jeff Hewitt, City of Calimesa Mary Craton / Randy Bonner, City of Canyon Lake Greg Pettis / Kathleen DeRosa, City of Cathedral City Steven Hernandez / Eduardo Garcia, City of Coachella Scott Matas / Russell Betts, City of Desert Hot Springs Larry Smith / Robert Youssef, City of Hemet Bob Magee / Natasha Johnson, City of Lake Elsinore Rick Gibbs / Kelly Bennett, City of Murrieta Steve Adams / Andy Melendrez, City of Riverside Ron Roberts / Jeff Comerchero, City of Temecula John F. Tavaglione, County of Riverside, District II Jeff Stone, County of Riverside, District III  STAFF  Anne Mayer, Executive Director Theresia Trevino, Chief Financial Officer  AREAS OF RESPONSIBILITY  Annual Budget Development and Oversight Competitive Federal and State Grant Programs Countywide Communications and Outreach Programs Countywide Strategic Plan Legislation Public Communications and Outreach Programs Short Range Transit Plans Comments are welcomed by the Committee. If you wish to provide comments to the Committee, please complete and submit a Speaker Card to the Clerk of the Board. COMM-BI-00021 Riverside County Transportation Commission TO: FROM: DATE: SUBJECT: Riverside County Transportation Commission Jennifer Harmon, Office and Board Services Manager August 20, 2014 Possible Conflicts of Interest Issues -Budget and Implementation Committee Agenda of August 25, 2014 The August 25, 2014 agenda of the Budget and Implementation Committee includes items which may raise possible conflicts of interest. A RCTC member 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 any entity or individual listed. Agenda Item No. 10 -Substitution of Letter of Credit for Commercial Paper Program Consultant(s): State Street Bank and Trust Company 1 Lincoln Street Boston, MA 02111 Timothy Bat/er, Senior Vice President Agenda Item No. 12 -Agreements for On-Call Coordination Public Outreach Services Consu/tant(s): Arellano Associates 5851 Pine Avenue, Suite A Chino Hills, CA 91709 Genoveva Arellano, Principal Moore lacofano Goltsman, Inc. 1500 Iowa Avenue, Suite 110 Riverside, CA 92507 Esmeralda Garcia, Director of Operations/Senior Project Manager Simon Wong Engineering 3880 Lemon Street, 3'd Floor Riverside, Ca 92501 Marc Mcintyre, Vice President RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE www.rctc.org AGENDA* *Actions may be taken on any item listed on the agenda 9:30 a.m. Monday, August 25, 2014 BOARD ROOM County Administrative Center 4080 Lemon Street, First Floor Riverside, California 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 and Government Code Section 54954.2, if you need special assistance to participate in a Committee meeting, please contact the Clerk of the Board at (951) 787-7141. Notification of at least 48 hours prior to meeting time will assist staff in assuring that reasonable arrangements can be made to provide accessibility at the meeting. 1. CALL TO ORDER 2. PLEDGE OF ALLEGIANCE 3. ROLL CALL 4. PUBLIC COMMENTS – Each individual speaker is limited to speak three (3) continuous minutes or less. The Committee may, either at the direction of the Chair or by majority vote of the Committee, 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. Also, the Committee may terminate public comments if such comments become repetitious. In addition, the maximum time for public comment for any individual item or topic is thirty (30) minutes. Speakers may not yield their time to others without the consent of the Chair. Any written documents to be distributed or presented to the Committee 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 Board should not take action on or discuss matters raised during public comment portion of the agenda which are not listed on the agenda. Board members may refer such matters to staff for factual information or to be placed on the subsequent agenda for consideration. Budget and Implementation Committee August 25, 2014 Page 2 5. APPROVAL OF MINUTES – JUNE 23, 2014 6. ADDITIONS/REVISIONS (The Committee 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 Committee subsequent to the posting of the agenda. An action adding an item to the agenda requires 2/3 vote of the Committee. If there are less than 2/3 of the Committee 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.) 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 FINANCIAL STATEMENTS Page 1 Overview This item is for the Committee to: 1) Receive and file the Quarterly Financial Statements for the year ended June 30, 2014; and 2) Forward to the Commission for final action. 7B. SINGLE SIGNATURE AUTHORITY REPORT Page 9 Overview This item is for the Committee to: 1) Receive and file the Single Signature Authority report for the fourth quarter ended June 30, 2014; and 2) Forward to the Commission for final action. 7C. QUARTERLY SALES TAX ANALYSIS Page 11 Overview This item is for the Committee to: 1) Receive and file the sales tax analysis for Quarter 1 2014 (Q1 2014); and 2) Forward to the Commission for final action. Budget and Implementation Committee August 25, 2014 Page 3 7D. QUARTERLY INVESTMENT REPORT Page 20 Overview This item is for the Committee to: 1) Receive and file the Quarterly Investment Report for the quarter ended June 30, 2014; and 2) Forward to the Commission for final action. 7E. ANNUAL INVESTMENT POLICY REVIEW Page 59 Overview This item is for the Committee to: 1) Adopt Resolution No. 14-015, “Resolution of the Riverside County Transportation Commission Regarding the Revised Investment Policy”; 2) Adopt the Annual Investment Policy; and 3) Forward to the Commission for final action. 8. CALPERS DELEGATION OF AUTHORITY TO REQUEST DISBURSEMENTS Page 74 Overview This item is for the Committee to: 1) Designate the Chief Financial Officer, Deputy Executive Director, and Finance Manager/Controller to request disbursements from the CalPERS pre-funding plan; 2) Authorize the Chair to execute the Delegation of Authority to Request Disbursements; and 3) Forward to the Commission for final action. Budget and Implementation Committee August 25, 2014 Page 4 9. SUBSTITUTION OF STANDBY BOND PURCHASE AGREEMENTS FOR 2009 SALES TAX REVENUE BONDS Page 76 Overview This item is for the Committee to: 1) Adopt Resolution No. 14-026, “Resolution of the Riverside County Transportation Commission Authorizing the Execution and Distribution of an Offering Memorandum Relating to the Outstanding Sales Tax Revenue Bonds, Ratifying Prior Authorizations of the Execution and Delivery of One or More Standby Agreements and One or More Remarketing Agreements, and Authorizing the Taking of All Other Actions Necessary in Connection Therewith”; 2) Ratify the replacement of the standby bond purchase agreements (SBPAs) and accompanying fee letters (collectively referred to as Liquidity Facilities) for the 2009 Sales Tax Revenue Bonds Series A, Series B, and Series C (2009 Bonds) with The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) in place of the Liquidity Facilities currently provided by JPMorgan Chase Bank, N.A. (JPMorgan); 3) Ratify the amended and restated remarketing agreements with Barclays Capital Inc. (Barclays) and Stifel, Nicolaus & Company (Stifel), as remarketing agents; 4) Approve the draft remarketing memorandum related to the new Liquidity Facilities for the 2009 Bonds and authorize the Executive Director and/or other authorized representative to approve distribution of the remarketing memorandum by Barclays and Stifel; 5) Approve the estimated costs of $250,000 to be incurred in connection with the replacement of the Liquidity Facilities to be paid from 2009 Measure A Western County Bond Financing Program funds; and 6) Forward to the Commission for final action. Budget and Implementation Committee August 25, 2014 Page 5 10. SUBSTITUTION OF LETTER OF CREDIT FOR COMMERCIAL PAPER PROGRAM Page 80 Overview This item is for the Committee to: 1) Approve Agreement No. 14-19-150-00 to State Street Bank and Trust Company (State Street Bank) for letter of credit (LOC) in the stated amount of $60.75 million related to the 2005 Commercial Paper Program for a period of three years, in an amount not to exceed $600,000; 2) Adopt Resolution No. 14-027, “Resolution of the Riverside County Transportation Commission Ratifying and Confirming Prior Authorization Relating to Its Commercial Paper Notes, Including the Execution and Delivery of a Substitute Credit Agreement and Related Documents, and a Supplement to Offering Memorandum and the Taking of All Other Actions Necessary in Connection Therewith”; 3) Ratify the draft reimbursement agreement and accompanying fee letter for the provision of a letter of credit (collectively referred to as Liquidity Facility) by and between the Commission and State Street Bank relating to the Commission’s Commercial Paper Notes, Series A and authorization for the Executive Director and/or other authorized representative to approve and execute the final reimbursement agreement; 4) Approve the draft supplemental offering memorandum related to the new Liquidity Facility for the Commercial Paper Notes, Series A and authorize the Executive Director and/or other authorized representative to approve distribution of the supplement to the offering memorandum by Barclays Capital Inc. (Barclays), as commercial paper dealer; 5) Approve the estimated costs of $200,000 related to the replacement of the Liquidity Facility to be paid from 2009 Measure A Western County Bond Financing Program funds; and 6) Forward to the Commission for final action. Budget and Implementation Committee August 25, 2014 Page 6 11. ACTIVE TRANSPORTATION PROGRAM – RECOMMENDED STATEWIDE COMPETITIVE PROGRAM OF PROJECTS AND PROPOSED PROJECTS FOR THE METROPOLITAN PLANNING ORGANIZATION ACTIVE TRANSPORTATION PROGRAM REGIONAL PROGRAM CYCLE 1, FISCAL YEARS 2014/15 AND 2015/16 Page 85 Overview This item is for the Committee to: 1) Approve the staff recommendation for the Riverside County Active Transportation Program (ATP) projects for inclusion in the Metropolitan Planning Organization (MPO) ATP Regional Program Cycle 1 consisting of the top seven highest scoring projects identified in Table 2; 2) Submit the seven projects to the Southern California Association of Governments (SCAG) for inclusion in the MPO ATP Regional Program and direct staff to work with SCAG and the Commission’s Technical Advisory Committee (TAC) on adjusting the amount of the approved projects, if necessary, in order to be constrained within Riverside County’s MPO ATP target for FY 2014/15 and FY 2015/16; 3) Allow staff to assign the appropriate fund source to each MPO ATP regional project in Riverside County for Federal Transportation Improvement Program (FTIP) programming and fund allocation purposes; and 4) Forward to the Commission for final action. 12. AGREEMENTS FOR ON-CALL COORDINATION PUBLIC OUTREACH SERVICES Page 90 Overview This item is for the Committee to: 1) Award the following agreements to provide on-call coordination public outreach services for a three-year term and two one-year options to extend the agreement in an amount not to exceed an aggregate value of $500,000; a) Agreement No. 14-31-118-00 with Arellano Associates; b) Agreement No. 14-31-119-00 with Moore lacofano Goltsman, Inc. (MIG); and c) Agreement No. 14-31-120-00 with Simon Wong Engineering, Inc.; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements, including option years, on behalf of the Commission; 3) Authorize the Executive Director, or designee, to execute task orders awarded to contractors under the terms of the agreements; and 4) Forward to the Commission for final action. Budget and Implementation Committee August 25, 2014 Page 7 13. RIVERSIDE TRANSIT AGENCY’S FISCAL YEAR 2014/15 SHORT RANGE TRANSIT PLAN AMENDMENT Page 113 Overview This item is for the Committee to: 1) Approve modification to Riverside Transit Agency’s (RTA) FY 2014/15 capital improvement program to reflect additional funding of $4,125,000 in Congestion Mitigation and Air Quality (CMAQ) and $911,880 in FY 2012/13 Proposition 1B California Transit Security Grant Program (CTSGP) funds; 2) Allocate $998,101 in additional State Transit Assistance (STA) funds to provide capital matching funds for the CMAQ funds awarded to RTA for its Intelligent Information System (ITS) project; 3) Reallocate $1,163,866 of Local Transportation Fund (LTF) funds from the ITS project to the Expansion Heavy Duty Revenue Vehicles project; 4) Approve RTA’s FY 2014/15 Short Range Transit Plan (SRTP) Amendment No. 1 to reflect the changes above, subject to approval by RTA’s board of directors; and 5) Forward to the Commission for final action. 14. CITIZENS’ ADVISORY COMMITTEE/SOCIAL SERVICES TRANSPORTATION ADVISORY COMMITTEE MEMBERSHIP NOMINATIONS Page 117 Overview This item is for the Committee to: 1) Nominate 10 appointments to the Citizens’ Advisory Committee/Social Services Transportation Advisory Committee (CAC/SSTAC) effective September 1, 2014; and 2) Forward to the Commission for final action. Budget and Implementation Committee August 25, 2014 Page 8 15. CLAY STREET GRADE SEPARATION Page 120 Overview This item is for the Committee to: 1) Deobligate $2,432,000 in 2009 Measure A Western County Economic Development Funds previously allocated to the County of Riverside (County) for the Interstate 215/Van Buren Interchange project; 2) Reprogram $2,432,000 in 2009 Measure A Western County Economic Development Funds to the County for the Clay Street grade separation project; 3) Approve Agreement No. 08-31-124-00, Amendment No. 1 to Agreement No. 08-31-124-00, with the County for the I-215/Van Buren Interchange project and the Clay Street grade separation project; 4) Deobligate $1,722,000 in Congestion Mitigation Air Quality (CMAQ) funds allocated to the city of Banning (Banning) for the Sunset Avenue grade separation project; 5) Allocate $1,722,000 in CMAQ funding to the County in support of the Clay Street grade separation project; 6) Approve an increase of $2,432,000 in FY 2014/15 budgeted 2009 Measure A Western County Economic Development expenditures; and 7) Forward to the Commission for final action. 16. STATE AND FEDERAL LEGISLATIVE UPDATE Page 122 Overview This item is for the Committee to: 1) Receive and file an update on the State and Federal Legislation; and 2) Forward to the Commission for final action. 17. COMMISSIONERS / STAFF REPORT Overview This item provides the opportunity for the Commissioners and staff to report on attended and upcoming meeting/conferences and issues related to Commission activities. 18. ADJOURNMENT AND THE NEXT MEETING The next Budget and Implementation Committee meeting is scheduled to be held at 9:30 a.m., Monday, September 22, 2014, Board Chambers, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE ROLL CALL AUGUST 25, 2014 County of Riverside, District II County of Riverside, District Ill City of Beaumont City of Calimesa City of Canyon Lake City of Cathed ra I City City of Coachella City of Desert Hot Springs City of Hemet City of Indian Wells City of Lake Elsinore City of Murrieta City of Riverside City of Temecula Present l:J l:J ~ l:J l:J ~ ~ ? ~ ~ Absent /8 l:J l:J l:J % l:J l:J l:J l:J l:J l:J l:J l:J RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE SIGN-IN SHEET AUGUST 25, 2014 NAME AGENCY E MAIL ADDRESS ~J/). ~ 1-\ /-7.ern_ttY) I h--;:-c~a/hl! q J-,.;w~ ~-c; m "-+i-, I-I &m/ft--- ~ I " J , I f ?S !Ill//;, <:• t?. i~M M<:iA_,,£._- 1-n (J lA ""') ,J )·-.} ~ Nr1)V\. TY>,Jr~i/I \A/,..l\, 6Y-r . ( -n.J3t---v 1-J J\A 1vlJ 1 re//14 0r~ ~ "/Zo 6'. b/l 6 ~A-/~ ~ -,;. "1 v ~ ,:i JW" w /f')n) ( j ") _, / >ri1~r>LA-1 ' p)J.=?c~r:s: CUA v I " ? ... -~ • ..,~.: ~ .. ~'5'""" <;:,,;-;-;-ft'J~ ~~~ ~</? :_-c , f_;c_~ G;t'65 _.... I ' H vA .. IL I$-'?~ ... l ' RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND IMPLEMENTATION COMMITTEE Monday, June 23, 2014 MINUTES 1. CALL TO ORDER The meeting of the Budget and Implementation Committee was called to order by Chair Douglas Hanson at 9:32 a.m., in the Board Room at the County of Riverside Administrative Center, 4080 Lemon Street, First Floor, Riverside, California, 92501. 2. PLEDGE OF ALLEGIANCE At this time, Commissioner Ella Zanowic led the Budget and Implementation Committee in a flag salute. 3. ROLL CALL Members/Alternates Present Members Absent Roger Berg Steve Adams Mary Craton Rick Gibbs Douglas Hanson Greg Pettis Steven Hernandez Bob Magee Scott Matas Ron Roberts Larry Smith Jeff Stone John Tavaglione Ella Zanowic 4. PUBLIC COMMENTS There were no requests to speak from the public. RCTC Budget and Implementation Committee Minutes June 23, 2014 Page 2 5. APPROVAL OF MINUTES – APRIL 28, 2014 M/S/C (Zanowic/Roberts) to approve the minutes of April 28, 2014 meeting as submitted. Abstain: Berg and Craton 6. ADDITIONS / REVISIONS There were no additions or revisions to the agenda. 7. STANDBY BOND PURCHASE AGREEMENTS RELATED TO 2009 SALES TAX REVENUE BONDS SERIES A, SERIES B, AND SERIES C Michele Cisneros, Finance Manager/Controller, presented the standby bond purchase agreements related to 2009 Sales Tax Revenue Bonds Series A, B, and C. Commissioner Jeff Stone stepped out of the meeting during the presentation. M/S/C (Zanowic/Craton) to: 1) Award Agreement No. 14-19-151-00 to The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) for Standby Bond Purchase Agreements (SBPAs) related to the 2009 Sales Tax Revenue Bonds Series A, Series B, and Series C (2009 Bonds) for a period of four years, in an amount not to exceed $2.35 million; 2) Authorize the Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Forward to the Commission for final action. 8. FISCAL YEARS 2015-19 MEASURE A FIVE-YEAR CAPITAL IMPROVEMENT PLANS FOR LOCAL STREETS AND ROADS Eric DeHate, Staff Analyst, presented the FYs 2015-19 Measure A Five-Year Capital Improvement Plans (CIP) for local streets and roads. At this time, Commissioner Stone rejoined the meeting. Commissioner Roger Berg expressed strong concern for the exemptions in the various cities. He explained as a member of the Western Riverside County Regional Conservation Authority (RCA), he requested information regarding these exemptions at the May 2014 RCA meeting, which he has not received. RCTC Budget and Implementation Committee Minutes June 23, 2014 Page 3 Anne Mayer, Executive Director, clarified the Commission does not do any independent verification or auditing of participation in those programs. She explained staff depends on the Western Riverside Council of Governments (WRCOG), the Coachella Valley Association of Governments, and RCA to provide written verification to staff as to participation on an annual basis. Commissioner Berg explained his independent evaluation showed there is approximately $1 million from RCA and expressed concern for having a funding shortfall to purchase property. He also expressed if the Commission is not in compliance, it could impact the Commission’s projects and asked why these exemptions exist. Commissioner Bob Magee explained the city of Lake Elsinore (Lake Elsinore) has a number of development agreements that predate the existence of the Multi-Species Habitat Conservation Plan (MSHCP) and RCA, which were approved and exempt. Commissioner Magee stated Lake Elsinore staff is working to collect the requested information for Commissioner Berg. Commissioner Stone concurred with Commissioner Magee’s comments as most of these plans were executed development agreements prior to the adoption of the MSHCP and the Riverside County Integrated Plan. He expressed concern for discussing this matter at the Budget and Implementation Committee meeting as it is not the appropriate forum. He stated WRCOG tried to get information from the city of Beaumont (Beaumont) for eight years on Beaumont’s exemption for Transportation Uniform Mitigation Fee (TUMF), which resulted in a $53 million judgment in favor of WRCOG. He then stated the city of Temecula can provide Commissioner Berg with those agreements approved by WRCOG’s attorneys to be valid and enforceable and are exempt from TUMF. Commissioner John Tavaglione concurred with Commissioner Stone’s comment regarding an inappropriate forum. He stated RCA is collecting the information Commissioner Berg requested. Commissioner Berg expressed concern regarding funding shortfalls for the Commission’s projects and RCA’s purchase of property. He expressed the Commission needs to review this issue from a global position. He then disagreed with Commissioner Stone’s comments as he does not wish to debate the lawsuit. He suggested not moving forward at this time until the information is provided as the Commission is the agency authorized by the state to oversee this program. M/S/C (Henderson/Stone) to: 1) Approve the FYs 2015-19 Measure A Five-Year Capital Improvement Plans (CIPs) for Local Streets and Roads (LSR) as submitted; and 2) Forward to the Commission for final action. RCTC Budget and Implementation Committee Minutes June 23, 2014 Page 4 No: Berg 9. RIVERSIDE COUNTY TRANSIT SERVICES FUNDING ALLOCATION FOR FISCAL YEAR 2014/15 Fina Clemente, Transit Manager, presented the FY 2014/15 funding allocation for Riverside County transit services, highlighting the following areas: • Short Range Transit Plans for FY 2014/15 – FY 2016/17; • Riverside County FY 2014/15 transit funding request; • FY 2013/14 and FY 2014/15 operating and capital costs; and • FY 2014/15 transit financial plan by revenue source. In response to Commissioner Steven Hernandez’s question about the Transportation Development Act (TDA) set aside funds for Coachella Valley, Fina Clemente replied those TDA funds includes State Transit Assistance (STA) and Local Transportation Fund (LTF) funds. Proposition 1B funds are separate from TDA funds. Robert Yates, Multimodal Services Director, replied the Proposition 1B funds are not sufficient to cover the entire rail study. There is sufficient funding for Phase 1, which is the basic alternatives analysis and does not include environmental work. He explained Proposition 1B funds cannot be used for environmental studies so the TDA set aside funds will be applied towards that work should the project proceed from Phase 1 to Phase 2. In response to Commissioner Hernandez’s question regarding the funds in the event the project does not proceed, Robert Yates replied it would be a discussion staff would need to have with the region. Commissioner Berg stated in looking at the maps and the service areas, it will take time for rail service to start and suggested working to regionalize the bus service along the Interstate 10 as an interim measure. Anne Mayer replied Riverside Transit Agency (RTA) and SunLine have a route that bridges Coachella Valley to Riverside with stops in the San Gorgonio Pass. She explained ridership is not very high and part of this rail study will analyze alternatives to rail along the I-10 corridor. She concurred with Commissioner Berg’s comments about an integrated transit service that is effective and cost efficient. Commissioner Berg expressed appreciation for Anne Mayer’s comments and suggested working together to figure out the funding and possibly look into smog credits. RCTC Budget and Implementation Committee Minutes June 23, 2014 Page 5 Anne Mayer replied this information will be passed on to RTA and SunLine as both of these agencies are looking at future service plans. M/S/C (Stone/Craton) to: 1) Conduct a public hearing at the July Commission meeting on the proposed Section 5307 Program of Projects (POP); 2) Approve the FY 2014/15 Federal Transit Administration’s (FTA) Section 5307 and 5311 POP for Riverside County; 3) Approve the FY 2014/15 Local Transportation Fund (LTF) and State Transit Assistance (STA) fund allocations for transit; 4) Direct staff to add projects into the Federal Transportation Improvement Program (FTIP); 5) Adopt Resolution No. 14-023, “Resolution of the Riverside County Transportation Commission to Allocate State Transit Assistance Funds”; and 6) Forward to the Commission for final action. 10. POLICY REVISION TO THE PRODUCTIVITY IMPROVEMENT PROGRAM Robert Yates provided an overview of the policy revisions to the Productivity Improvement Program (PIP). Anne Mayer expressed appreciation for RTA and SunLine in working with staff on improving the performance measure process. She explained this is a difficult task to accomplish, however, staff came up with metrics that will have valid meaning for the transit agencies, allow the Commissioners to evaluate performance measures, and the status of transit in the County. She referred to Table 6 of the attached report for the Riverside County Public Transportation Summary of FY 2012/13 Countywide Performance for the farebox recovery ratio and the transit trips per capita as there are very simple performance measures that can be reviewed on an annual basis. Chair Hanson expressed appreciation for Anne Mayer’s comments and requested clarification that the transit agencies will continue to be monitored on an individual basis. Robert Yates replied that is correct and staff is continuing to require the operators to use the Transtrak program in order for Commission staff to collect the data. Anne Mayer replied staff will be able to measure performance by operator as well as countywide. RCTC Budget and Implementation Committee Minutes June 23, 2014 Page 6 M/S/C (Stone/Zanowic) to: 1) Approve the change in the Productivity Improvement Program (PIP) to eliminate Commission reporting of the existing mandatory and discretionary PIP targets; 2) Require operators to continue to report performance to the Commission individually via the Commission’s Transtrak online software; 3) Approve the implementation of the annual State of Transit Report in order to report on countywide transit performance; and 4) Forward to the Commission for final action. 11. AGREEMENT WITH MEDIA BEEF, INC. FOR THE PROVISION OF PROGRAMMING AND WEBSITE ADMINISTRATION SERVICES FOR THE COMMUTER ASSISTANCE PROGRAM Robert Yates presented the scope of services for the agreement with Media Beef, Inc. for the provision of programming and website administration services for the Commuter Assistance Program. M/S/C (Berg/Craton) to: 1) Award Agreement No. 14-41-156-00 to Media Beef, Inc. (Media Beef) for programming and website administration services related to the Commuter Assistance Program (CAP) for a three-year term, and two one-year options to extend the agreement, in the amount of $938,600; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Forward to the Commission for final action. 12. STATE AND FEDERAL LEGISLATIVE UPDATE Aaron Hake, Government Relations Manager, presented an update on state and federal legislative activities, highlighting the following: • State Budget – Transportation; • Cap and Trade FY 2014/15 budget and ongoing expenditures; • SB 1228 (Hueso) and SB 1390 (Correa); and • Highway Account of the Highway Trust Fund – FY 2013/14 projected estimates for end of the month cash balances. Aaron Hake introduced and expressed appreciation to Craig Scott, Automobile Club of Southern California (AAA) representative, for being great partners to work with. RCTC Budget and Implementation Committee Minutes June 23, 2014 Page 7 Anne Mayer reiterated how each of the cap and trade allocations will be under state control. The Administration will pick the projects, hand the projects to the California Transportation Commission (CTC), and tell the CTC to allocate the funds. She discussed how the Administration is focused on controlling how the funds are spent in the state of California on transportation. M/S/C (Berg/Zanowic) to: 1) Receive and file an update on state and federal legislation; 2) Adopt the following bill positions: a) SB 1228 (Hueso) – Support If Amended; b) SB 1390 (Correa) – Support In Concept; and 3) Forward to the Commission for final action. 13. COMMISSIONERS / EXECUTIVE DIRECTOR REPORT Anne Mayer congratulated Commissioner Zanowic for receiving the Women of Distinction of the 23rd Senate District award for going above and beyond to serve others through community service and civic involvement. 14. ADJOURNMENT AND NEXT MEETING There being no further business for consideration by the Budget and Implementation Committee, the meeting was adjourned at 10:39 a.m. The next meeting of the Budget and Implementation Committee is scheduled for July 28, 2014, at 9:30 a.m. Respectfully submitted, Jennifer Harmon Clerk of the Board AGENDA ITEM 7A RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Michele Cisneros, Finance Manager/Controller THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Quarterly Financial Statements STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive and file the Quarterly Financial Statements for the year ended June 30, 2014; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: During the past fiscal year, staff monitored the revenues and expenditures for the Commission. The attached financial statements present the revenues and expenditures for the 12 months of FY 2013/14. Many accrual adjustments for revenues and expenditures have been made for June 30, 2014, 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. The operating statement shows sales tax revenues through the fourth quarter at 88 percent of the budget. This is a result of the Governmental Accounting Standards Board (GASB) Statement No. 33. GASB 33 requires sales tax revenue to be accrued for the period in which it is collected at point of sale. The State Board of Equalization collects the Measure A funds and remits these funds to the Commission after the reporting period for the business. This creates a two-month lag in the receipt of revenues by the Commission. Accordingly, these financial statements reflect the revenues related to collections through May 2014. On a cash basis through June 30, 2014, the Measure A and Local Transportation Fund (LTF) sales tax receipts are 5.61 percent and 5.84 percent higher, respectively, than the same period last fiscal year. At the January 8 meeting, the Commission approved the revised FY 2013/14 revenue projections and increased the Measure A and LTF revenues by $10 million and $4 million to $157 million and $76.5 million, respectively. These increased projected revenues are included in the sales tax revenues budget for this quarterly report. State Transit Assistance Fund receipts of $3.6 million for third quarter were received in April 2014. Staff will continue to Agenda Item 7A 1 monitor the trends in the sales tax receipts and report to the Commission any necessary adjustments. Federal, state, and local revenues are on a reimbursement basis. The Commission will receive these revenues as eligible project costs are incurred and invoiced to the respective agencies. Significant federal and state reimbursements are related to the Perris Valley Line, State Route 91 Corridor Improvement Project (SR-91 CIP), and Interstate 215 corridor improvement projects. The following is an analysis of federal and state reimbursement revenues reflected in this quarterly financial report: Budget Actual Budget Actual Highways SR-91 CIP $ - $ - $ 37,000,000 $ 39,173,000 I-215 - - 42,283,000 23,495,753 Other 18,537,600 7,465,385 - - Total 18,537,600 7,465,385 79,283,000 62,668,753 Rail Perris Valley Line 75,100,000 23,651,132 43,240,000 - Other - - 5,788,941 2,810,689 Total 75,100,000 23,651,132 49,028,941 2,810,689 Other 751,400 224,774 9,579,300 8,020,826 Total $ 94,389,000 $ 31,341,291 $ 137,891,241 $ 73,500,268 Federal Reimbursement State Reimbursement Revenues Staff will continue to prepare year-end reimbursement accrual adjustments in connection with the year-end closing and audit process; however, actual federal and state reimbursement revenues, as presented above, are below budgeted amounts primarily due to delays on the I-215 and Perris Valley Line projects. During the FY 2013/14 budget process the Commission took a conservative approach in estimating Transportation Uniform Mitigation Fee (TUMF) revenues of $6.3 million passed through Western Riverside Council of Governments (WRCOG). At the January 8 meeting, the Commission approved the revised FY 2013/14 revenue projections and increased the TUMF revenues to $12 million. On May 14, the Commission approved a second revised projection related to a projected decrease in TUMF revenues of $4.6 million to $7.4 million, as reflected in this quarterly financial report. Actual TUMF revenues through May are approximately $8.85 million. The budgeted balance of $423,400 relates to TUMF zone reimbursements from WRCOG for the 74/215 Interchange project of which the Commission has received $93,045. Staff will continue to prepare year-end TUMF revenue and reimbursement revenue accrual adjustments in connection with the year-end closing and audit process. Agenda Item 7A 2 Other revenues include property management revenues generated from properties acquired in connection with the SR-91 CIP and a contribution made on the Mid County Parkway project. The Commission took a conservative approach in estimating investment income for FY 2013/14 as a result of flat interest yields on investment balances. Investment income is above budgeted amounts primarily as a result of the investment of sales tax and toll revenue bond proceeds. Staff will continue to prepare year-end investment income accrual adjustments in connection with the year-end closing and audit process. The expenditure categories are in line overall with the expectations of the budget with the following exceptions. Staff will continue to prepare year-end expenditure accrual adjustments in connection with the year-end closing and audit process. • Salaries and benefits expenditures are under budget due to unused full-time equivalents and budget authority; • Professional services expenditures are under budget due to unused budget authority for rail and station development planning, debt and investment management, and various projects’ legal services; • Support costs are under budget due to unused budget authority for the marketing of new service of the 91 Line trains, rail station and motorist assistance maintenance and repairs, rail operations security projects, and advertising for motorist assistance and commuter assistance programs; • Program operations are under budget due to unused budget authority for SR-91 CIP permit activities, general highway program management, motorist and commuter assistance program operations, and rail program management and operations related to the Perris Valley Line project; • Operating and capital disbursements are made as claims are submitted to the Commission by transit operators; • Special studies are under budget due to unused budget authority for project, planning, and monitoring and rail feasibility studies; • Local streets and roads expenditures are related to the timing of Measure A sales tax revenue accrual adjustments for June and the clean-up, which will be determined in late August and September. That will have a direct effect on the local streets and roads turn back expenditures to local jurisdictions; • Regional arterial expenditures primarily represent expenditures for the highways and regional arterial program administered by the Coachella Valley Association of Governments (CVAG). CVAG requests reimbursements from the Commission based on available and sufficient budget authority; and • Capital outlay expenditures are under budget due to unused budget authority for station security improvements and hardware and software improvements. Debt service interest expenditures on the 2010 and 2013 Sales Tax Bonds and the 2013 Toll Bonds are made annually in December and June, while interest expenditures on the 2009 Sales Agenda Item 7A 3 Tax Bonds are made monthly due to the variable rate nature of the bonds. Principal payments on the 2009 and 2010 Sales Tax Revenue Bonds are made annually in June. Principal payments for the 2013 Sales Tax Bonds and the 2013 Toll Bonds are not expected to begin until June 2018 and June 2022, respectively. The debt service variance of $16.7 million is primarily related to the retirement of $60 million in outstanding commercial paper notes in connection with the SR-91 CIP financing instead of the projected $80 million. In July 2013 the Commission completed the financing for the design and construction of the SR-91 CIP. The financing included the issuance of $462.2 million in sales tax revenue bonds at a premium of approximately $38.3 million and $176.7 million in toll revenue bonds at a discount of approximately $2.4 million, execution of a $421.1 million federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loan with the U.S. Department of Transportation, and contribution of $136.5 million from the Commission during construction. Due to the dynamic conditions occurring around the period when the bonds were priced in June 2013, the actual premium was significantly lower than budgeted. A portion of the 2013 Sales Tax Bonds was used to retire $60 million of outstanding commercial paper notes with remaining proceeds to be used to pay a portion of the costs of the SR-91 CIP; capitalized interest on 2013 Sales Tax Bonds through December 1, 2017; and costs of issuance for the 2013 Sales Tax Bonds. The proceeds of the 2013 Toll Bonds were used to pay a portion of the costs of the SR-91 CIP; capitalized interest on the 2013 Toll Bonds through December 1, 2017; and costs of issuance for the 2013 Toll Bonds in addition to funding a debt service reserve of $17.7 million. The TIFIA loan will be used to pay eligible SR-91 CIP costs. The loan is a toll revenue bond (TIFIA Bond) that is subordinate to the 2013 Toll Bonds. Proceeds of the TIFIA Bond may be drawn upon after certain conditions have been met; no drawdowns on the TIFIA Bond occurred during FY 2013/14. The following 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. Highway Engineering/Construction/Design-Build/Right of Way/Land SR-91 High Occupancy Vehicle Lanes Project – Caltrans completed design work and expenditures remain within the budget authority. Utility relocation continues and the submittal of invoices for expenditures incurred to date continues to lag. Staff oversees right of way acquisition, which has been certified; one acquisition is still pending settlement. Construction began in April 2012 and is managed by Caltrans. 71/91 Interchange Project – A contract for the final design consultant was awarded at the February 2012 Commission meeting. A notice to proceed (NTP) was issued in March 2012 starting the final design phase. Final design was delayed due to the Army Corps of Engineers (ACOE) requirement for a new environmental assessment on potholing on federal property. Agenda Item 7A 4 The ACOE also required preparation of an additional environmental assessment to cover project construction impacts on federal property resulting from the eastbound SR-91 to northbound SR-71 flyover connector. Right of way acquisition is expected to begin in the first quarter of FY 2014/15 and final design is expected to be completed during the second quarter of FY 2014/15. The project is currently under budget due to the progress of final design. SR-91 CIP (Design-Build) – The Commission completed financing activities for this project including the issuance of sales tax and toll revenue bonds and execution of a TIFIA loan in July 2013. Right of way acquisition work is underway including eminent domain proceedings and is expected to continue to peak in FY 2014/15. A design-build contract was awarded in May 2013, and a limited NTP was issued concurrent with the contract award and included early deliverables and mobilization. Full NTP has been given and the contractor is proceeding. Construction progress is slightly slower than anticipated; therefore, Commission expenditures are less than budgeted. The SR-91 CIP’s projected substantial completion date of January 2017 is unchanged. I-15 Express Lanes – Staff continues to advance the project report and environmental document, which is expected to be completed in FY 2015/16. Various methods of project delivery were analyzed in 2013, and ultimately staff received Commission approval in January 2014 to use the design-build method of project delivery and begin planning for the design-build phase of work. I-215 Central Widening Project from Scott Road to Nuevo Road – The NTP for construction was issued in December 2012, with the first working day starting in January 2013. Delays occurred due to changes in field conditions, discovery of unsuitable material, and an existing sewer line in the state right of way. Mid County Parkway Project – Staff continues to work toward the completion of the Environmental Impact Report (EIR)/Environmental Impact Statement (EIS). The Multi-Species Habitat Conservation Plan Consistency Analysis and the Determination of Biological Equivalent Superior Preservation is scheduled to be completed and resubmitted to the Riverside Conservation Authority at the end of August 2014. The final environmental document internal review will begin in the first quarter of FY 2014/15. A budget amendment was approved by the Commission in April 2014 to allocate additional funding for the completion of Phase II Final EIR/Supplemental EIS. TUMF and Western County Measure A Regional Arterial Projects – Due to various local jurisdiction delays, many construction projects have been postponed to later fiscal years. Rail Engineering/Construction/Right of Way/Land Perris Valley Line Project – Final design is complete, and the Federal Transit Administration awarded the Small Starts grant agreement funds. Right of way acquisition activity for the station and layover facility at south Perris has been completed. A lawsuit brought by the Agenda Item 7A 5 Friends of Riverside Hills challenging elements of the California Environmental Quality Act document was settled in July 2013 and recorded in the FY 2012/13 financial statements. The construction contract was given full NTP in October 2013 following Federal Transit Administration approval of the Small Starts Grant Agreement. Active construction commenced in January 2014; some construction delays have occurred due to various factors. These delays are not expected to impact the scheduled completion date. Attachments: Quarterly Financial Statements – June 2014 Agenda Item 7A 6 Revenues Sales tax 246,798,000$ 216,197,688$ (30,600,312)$ 88% Federal reimbursements 94,389,000 31,341,291 (63,047,709)33% State reimbursements 137,891,241 73,500,268 (64,390,973)53% Local reimbursements 2,954,400 4,216,166 1,261,766 143% Transportation Uniform Mitigation Fee 7,823,400 8,942,074 1,118,674 114% Other revenues 500,000 2,289,411 1,789,411 458% Investment income 4,026,500 8,374,553 4,348,053 208% Total revenues 494,382,541 344,861,451 (149,521,090)70% Expenditures Salaries and benefits 7,949,400 6,877,440 1,071,960 87% Professional and support Professional services 17,930,300 12,303,447 5,626,853 69% Support costs 5,583,700 3,313,637 2,270,063 59% Total Professional and support costs 23,514,000 15,617,084 7,896,916 66% Projects and operations Program operations - general 20,140,400 14,990,508 5,149,892 74% Engineering 22,208,900 12,405,415 9,803,485 56% Construction 237,691,874 90,520,218 147,171,656 38% Design Build 217,750,000 156,564,703 61,185,297 72% Right of way/land 179,682,800 92,745,418 86,937,382 52% Operating and capital disbursements 122,723,000 89,279,219 33,443,781 73% Special studies 1,018,900 117,160 901,740 11% Local streets and roads 46,865,900 40,991,970 5,873,930 87% Regional arterials 27,471,000 13,503,319 13,967,681 49% Total projects and operations 875,552,774 511,117,930 364,434,844 58% Debt service Principal 83,775,000 67,100,000 16,675,000 80% Interest 43,400,800 43,400,206 594 100% Cost of issuance 7,051,300 7,050,855 445 100% Total debt service 134,227,100 117,551,061 16,676,039 88% Capital outlay 792,700 65,283 727,417 8% Total Expenditures 1,042,035,974 651,228,798 390,807,176 62% Excess revenues over (under) expenditures (547,653,433)(306,367,347)400,611,106 56% Other financing sources/(uses) Operating transfer in 637,010,565 473,692,181 (163,318,384)74% Operating transfer out (637,010,565)(473,692,181) 163,318,384 74% TIFIA loan proceeds 110,000,000 - (110,000,000)N/A Debt proceeds 638,855,000 638,854,602 (398)100% Bond premium 61,919,000 38,328,774 (23,590,226)62% Bond discount (2,433,300)(2,433,315) (15)100% Total financing sources/(uses)808,340,700 674,750,061 133,590,639 83% Net change in fund balances 260,687,267 368,382,714 534,201,745 141% Fund balance July 1, 2013 590,821,600 622,186,895 31,365,295 105% Fund balance June 30, 2014 851,508,867$ 990,569,609$ 565,567,040$ 116% QUARTERLY BUDGET VS ACTUAL RIVERSIDE COUNTY TRANPORTATION COMMISSION 4TH QUARTER FOR TWELVE MONTHS ENDED 6/30/2014 FY 2013/14 BUDGET 4TH QUARTER ACTUAL PERCENT UTILIZATION REMAINING BALANCE 7 Revenues Sales tax 2,800,000$ -$ 101,819,766$ 32,029,331$ 1,004,087$ 68,046,180$ 10,498,324$ -$ -$ -$ -$ -$ 216,197,688$ Federal reimbursements 12,374 186 28,604,525 - - - - (43,195) - - - 2,767,401 31,341,291 State reimbursements 307,209 3,399,492 65,593,567 4,200,000 - - - - - - - - 73,500,268 Local reimbursements 228,858 168,453 3,818,855 - - - - - - - - - 4,216,166 Transportation Uniform Mitigation Fee - - 93,046 - - - - 8,849,028 - - - - 8,942,074 Other revenues 13,877 1,146 632,388 - - - - 1,642,000 - - - - 2,289,411 Investment income 33,419 23,970 738,050 94,753 - 286,260 162,911 550,438 1,825,455 1,833,963 203,013 2,622,321 8,374,553 Total revenues 3,395,737 3,593,247 201,300,197 36,324,084 1,004,087 68,332,440 10,661,235 10,998,271 1,825,455 1,833,963 203,013 5,389,722 344,861,451 Expenditures Salaries and benefits 3,842,120 107,078 2,686,183 284 - - - 241,775 - - - - 6,877,440 Professional and support Professional services 1,459,706 525,609 9,317,653 6,939 - - - 693,540 300,000 - - - 12,303,447 Support costs 2,497,859 299,154 515,806 91 - - - 727 - - - - 3,313,637 Total Professional and support costs 3,957,565 824,763 9,833,459 7,030 - - - 694,267 300,000 - - - 15,617,084 Projects and operations Program operations - general 1,616,020 2,559,009 10,338,376 23,697 - - - 453,406 - - - - 14,990,508 Engineering 19,806 - 8,704,175 - - - - 3,681,434 - - - - 12,405,415 Construction - - 74,166,296 - - - - 16,353,922 - - - - 90,520,218 Design Build - - 156,564,703 - - - - - - - - - 156,564,703 Right of way/land - - 83,400,434 - - - - 9,344,984 - - - - 92,745,418 Operating and capital disbursements 9,742,340 - 4,811,064 5,217,000 - 54,701,936 14,806,879 - - - - - 89,279,219 Special studies 81,710 - 35,450 - - - - - - - - - 117,160 Local streets and roads - - 28,777,617 11,210,266 1,004,087 - - - - - - - 40,991,970 Regional arterials - - - 12,468,319 - - - 1,035,000 - - - - 13,503,319 Total projects and operations 11,459,876 2,559,009 366,798,115 28,919,282 1,004,087 54,701,936 14,806,879 30,868,746 - - - - 511,117,930 Debt service Principal - - - - - - - - 60,000,000 - - 7,100,000 67,100,000 Interest - - - - - - - - 789 - - 43,399,417 43,400,206 Cost of issuance - - - - - - - - - 4,131,685 2,919,170 - 7,050,855 Total debt service - - - - - - - - 60,000,789 4,131,685 2,919,170 50,499,417 117,551,061 Capital outlay 32,282 - 33,001 - - - - - - - - - 65,283 Total Expenditures 19,291,843 3,490,850 379,350,758 28,926,596 1,004,087 54,701,936 14,806,879 31,804,788 60,300,789 4,131,685 2,919,170 50,499,417 651,228,798 Excess revenues over (under) expenditures (15,896,106) 102,397 (178,050,561) 7,397,488 - 13,630,504 (4,145,644) (20,806,517) (58,475,334) (2,297,722) (2,716,157) (45,109,695) (306,367,347) Other financing sources/(uses) Operating transfer in 12,452,875 916,400 223,737,454 - - - - 3,766,228 60,001,951 - - 172,817,273 473,692,181 Operating transfer out - (916,400) (20,274,801) - - (12,452,875) - (1,690,282) (9,397,766) (300,772,016) (125,420,641) (2,767,400) (473,692,181) TIFIA loan proceeds - - - - - - - - - - - - - Debt proceeds - - - - - - - - - 462,200,000 176,654,602 - 638,854,602 Bond premium - - - - - - - - - 38,328,774 - - 38,328,774 Bond discount - - - - - - - - - - (2,433,315) - (2,433,315) Total financing sources/(uses)12,452,875 - 203,462,653 - - (12,452,875) - 2,075,946 50,604,185 199,756,758 48,800,646 170,049,873 674,750,061 Net change in fund balances (3,443,231) 102,397 25,412,092 7,397,488 - 1,177,629 (4,145,644) (18,730,571) (7,871,149) 197,459,036 46,084,489 124,940,178 368,382,714 Fund balance July 1, 2013 12,840,351 7,482,078 294,464,723 27,356,273 556 105,242,957 55,693,488 67,306,789 36,097,201 4,477,116 - 11,225,363 622,186,895 Fund balance June 30, 2014 9,397,120$ 7,584,475$ 319,876,815$ 34,753,761$ 556$ 106,420,586$ 51,547,844$ 48,576,218$ 28,226,052$ 201,936,152$ 46,084,489$ 136,165,541$ 990,569,609$ MEASURE A SALES TAX RIVERSIDE COUNTY TRANSPORTATION COMMISSION QUARTERLY BUDGET VS ACTUALS BY FUND 4TH QUARTER FOR NINE MONTHS ENDED 6/30/2014 SALES TAX BONDS DEBT SERVICE COMBINED TOTAL COMMERCIAL PAPER STATE TRANSIT ASSISTANCE TRANSPORTATION UNIFORM MITIGATION FEE (TUMF) TOLL REVENUE BONDSGENERAL FUND FSP/ SAFE WESTERN COUNTY PALO VERDE VALLEY COACHELLA VALLEY LOCAL TRANSPORTATION FUND 8 AGENDA ITEM 7B RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Marla Dye, Procurement Analyst Matt Wallace, Procurement Manager THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Single Signature Authority Report STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive and file the Single Signature Authority report for the fourth quarter ended June 30, 2014; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: Certain contracts are executed under single signature authority as permitted in the Commission’s Procurement Policy Manual adopted in December 2012. The Executive Director is authorized to sign service contracts that are less than $100,000 individually and in an aggregate amount not to exceed $1 million in any given fiscal year. Additionally, in accordance with Public Utilities Code Section 130323(c), the Executive Director is authorized to sign contracts for supplies, equipment, materials, and construction of all facilities and works under $50,000 individually. The attached report details all contracts executed for the fourth quarter ended June 30, 2014, under the single signature authority granted to the Executive Director. The unused capacity of single signature authority for services at June 30 is $463,772. Attachment: Single Signature Authority Report as of June 30, 2014 Agenda Item 7B 9 V:\2014\09 September\Budget and Implementation\7B.MD.Att1.SingleSignQ4.xlsx CONSULTANT DESCRIPTION OF SERVICES ORIGINAL CONTRACT AMOUNT PAID AMOUNT REMAINING CONTRACT AMOUNT AMOUNT AVAILABLE July 1, 2013 $1,000,000.00 Green Com, Inc. Public outreach services on the I-215, Blaine St. to MLK Blvd Project 10,000.00 10,000.00 0.00 Southern California Regional Rail Authority Switching Passenger Train Traffic at Pachappa Crossing over SR-91 HOV Project 30,000.00 0.00 30,000.00 Corner Stone Right of Way Relocation Appeal Hearing Officer Services 10,000.00 5,548.59 4,451.41 AECOM Construction Contract Change Order Support for the I-215/SR-60 East Junction HOV Project 58,175.23 0.00 58,175.23 ThyssenKrupp Elevator Americas Elevator Maintenance Service - North Main Corona Station 54,000.00 15,185.60 38,814.40 Bartel & Associates, Inc Actuarial Valuation Services for OPEB Calculation 2,500.00 0.00 2,500.00 Express Transportation Systems, Inc Taxi Service During the Maintenance of the Pedestrian Crossing 1,257.20 1,257.20 0.00 Smith, Watts & Martinez LLC Extra Work Public Opinion Survey - Quality of Life Issues in Riverside County 63,800.00 58,000.00 5,800.00 Arellano Associates Release sponsorship funds for specific event purposes necessary for the SR-91 CIP and PVL groundbreaking events 60,000.00 48,790.23 11,209.77 Avila & Putnam, PLC Legal Services for Eminent Domain on the SR-91 CIP.50,000.00 20,216.57 29,783.43 HDR Construction Control Corporation Close analysis for the CM Services for the I-215 Widening Blaine St. to MLK Blvd. 35,794.00 33,143.44 2,650.56 Southstar Engineering & Consulting Additional funds for Right of Way Management Support Services 4,000.00 3,625.00 375.00 Spectrum Group Arbitration Support and Errors and Omissions Review Perris Multimodal Services Project 20,000.00 3,897.40 16,102.60 Transportation Corridor Agencies FasTrak® License Agreement 1.00 0.00 1.00 AON Global Risk Consulting Insurance Audit Services 45,000.00 0.00 45,000.00 Associated Right of Way Services, Inc Relocation Assistance Services for the SR-91 CIP 50,000.00 150.00 49,850.00 Caltrans Rent Profilograph Equipment for the I-215 Central Widening Project 1,700.00 0.00 1,700.00 All Security Services Security Guard Services for Commission Owned Property on the SR- 91 CIP 40,000.00 19,470.00 20,530.00 AMOUNT USED 536,227.43 536,227.43 $463,772.57 None N/A -$ -$ -$ Marla Dye Theresia Trevino Prepared by Reviewed by AMOUNT USED SINGLE SIGNATURE AUTHORITY AS OF June 30, 2014 Note: Shaded area represents new contracts listed in the third quarter. AMOUNT REMAINING through June 30, 2014 Agreements that fall under Public Utilities Code 130323 (C) 10 AGENDA ITEM 7C RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Michele Cisneros, Finance Manager/Controller THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Quarterly Sales Tax Analysis STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive and file the sales tax analysis for Quarter 1 2014 (Q1 2014); and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: At its December 2007 meeting, the Commission awarded an agreement to MuniServices, LLC (MuniServices) for quarterly sales tax reporting services plus additional fees contingent on additional sales tax revenue generated from the transactions and use tax (sales tax) audit services. As part of the recurring contracts process, the Commission approved a five-year extension through June 30, 2018. The services performed under this agreement pertain to only the Measure A sales tax revenues. Since the commencement of these services, MuniServices submitted an audit update, which reported findings generated and submitted to the State Board of Equalization (SBOE) for review and determination of errors in sales tax reporting related to 292 businesses. For Q4 2013, the SBOE approved corrections for 218 of these accounts for a total sales tax revenue recovery of $4,224,302. Updated amounts through Q1 2014 will be provided once received from MuniServices. If the SBOE concurs with the error(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. Additionally, MuniServices provided the Commission with the quarterly sales tax summary report for the Q1 2014. Most of the Q1 2014 Measure A sales tax revenues were received by the Commission in the second quarter of calendar year 2014, during April through June 2014, due to a lag in the sales tax calendar. The summary section of the Q1 2014 report is attached and includes an overview of California sales tax receipts, local results, historical cash collections analysis by quarter, summary of the top 25 sales/use tax contributors, historical sales tax Agenda Item 7C 11 amounts, annual sales tax by business category, five-year economic trend for significant business category (construction), and results. Sales tax receipts for Riverside County were 4.7 percent higher compared to Q1 2013. While auto sales-new and restaurants had the largest gains in Q1 2014 compared to Q1 2013, the largest declines during the same period were related to electronic equipment and department stores. The decline in electronic equipment, similar to recent prior quarters, is attributable to certain energy-related companies and the completion of renewable energy developments in Riverside County, while the department store decline may be due to internet transactions and a general statewide decline in purchases in Q1 2014. Taxable transactions for the top 25 tax contributors in Riverside County, generated 22 percent of the taxable sales for the year ended Q1 2014, which was comparable to the year ended Q1 2013. The top 100 tax contributors generated 36 percent of the taxable sales for the year ended Q1 2014, which was comparable to the year ended Q1 2013. In the Economic Category Analysis below, five of the six categories experienced increases in the Q1 2014 benchmark year compared to Q1 2013, while the business to business category was flat and slightly under the high for Q2 2013. Construction has the largest increase at 12.5 percent and experienced significant increases for several recent quarters. The construction increase was primarily related to the building materials wholesale segment. The other four economic categories had increases ranging from 3.5 percent to 6.5 percent. % of Total / % Change RCTC State Wide S.F. Bay Area Sacramento Valley Central Valley South Coast Inland Empire North Coast Central C oast General Retail 28.4 / 3.5 28.5 / 1.9 27.8 / 2.5 28.4 / 1.2 30.5 / 3.2 28.9 / 1.4 26.8 / 2.2 28.4 / 1.0 32.4 / 1.1 Food Products 16.3 / 6.1 19.4 / 4.7 20.5 / 6.5 16.4 / 2.8 16.0 / 3.1 20.3 / 4.2 16.7 / 5.6 18.4 / 2.8 29.9 / -1.6 Transportation 27.0 / 6.5 25.1 / 4.5 22.3 / 5.3 28.9 / 6.6 27.1 / 5.2 24.8 / 3.3 28.9 / 6.3 30.9 / 1.6 21.9 / 2.5 Construction 11.9 / 12.5 9.0 / 5.9 9.1 / 9.1 10.6 / 6.7 11.1 / 6.5 8.0 / 2.9 11.0 / 9.2 12.5 / 5.8 9.3 / 9.2 Business to Business 14.5 / 0.0 16.9 / 2.2 19.2 / -0.8 14.1 / 3.8 14.1 / 1.4 17.1 / 3.0 15.7 / 6.4 9.0 / 4.9 5.2 / -3.4 Miscellaneous 1.9 / 4.4 1.1 / -8.7 1.1 / -6.9 1.7 / 0.7 1.2 / -1.5 1.0 / -9.0 1.0 / -21.8 0.8 / -5.7 1.2 / 11.3 Total 100.0 / 5.2 100.0 / 3.3 100.0 / 3.7 100.0 / 3.9 100.0 / 3.7 100.0 / 2.7 100.0 / 5.0 100.0 / 2.4 100.0 / 1.1 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, and Leasing Miscellaneous: Health & Government, Miscellaneous Other, and Closed Account Adjustments ECONOMIC CATEGORY ANALYSIS For five of the top ten segments (auto sales-new, restaurants, building materials-wholesale, miscellaneous retail, and food markets) during the past eight quarters, sales taxes reached a new high point. These five segments represent 40.3 percent of the total sales tax receipts. Service stations, one of the top ten segments representing 10.8 percent of the total sales tax receipts, decreased to a new low point in the past two-year period. The high point for service stations occurred in Q4 2012. Three of the top ten segments (department stores, apparel stores, and building materials-retail) were under the Q4 2013 amount, and the other top ten Agenda Item 7C 12 segment (light industry) remained slightly above Q4 2013. These four segments that fell between the high and low points represent 24.5 percent of the total sales tax receipts. The top ten segments represent 75.6 percent of the total sales tax receipts. For the other segments representing 24.4 percent of the total sales tax receipts, the segments representing 21.8 percent of the total sales tax receipts reached new high points in the past two years during Q1 2014. In the Economic Segment Analysis below, service stations, auto sales-new, and department stores represent the three largest economic segments for Riverside County, or 32.2 percent of total sales taxes. This is the sixth consecutive quarter since Q3 2008 that auto sales-new has been in the top three economic segments, having moved from third largest segment in prior quarters to second largest segment in Q1 2014. Growth seen in previous quarters for the service stations segment has been declining as shown by the 2.1 percent decrease for the year ended Q1 2014 due to lower gas prices. RCTC State Wide S.F. Bay Area Sacramento Valley Central Valley South Coast Inland Empire North Coast Central Coast Largest Segment Service Stations Restaurants Restaurants Auto Sales - New Department Stores Restaurants Service Stations Service Stations Restaurants % of Total / % Change 10.8 / -2.1 13.4 / 6.0 14.3 / 7.8 12.0 / 13.5 14.0 / 1.1 14.5 / 6.6 12.2 / -5.7 13.3 / -6.0 21.2 / 13.5 2nd Largest Segment Auto Sales - New Auto Sales - New Auto Sales - New Department Stores Service Stations Auto Sales - New Department Stores Department Stores Misc. Retail % of Total / % Change 10.8 / 14.1 10.4 / 10.8 10.0 / 10.5 11.5 / 1.5 11.3 / -1.4 10.6 / 15.2 11.2 / -1.1 11.4 / -9.0 9.9 / 1.5 3rd Largest Segment Department Stores Department Stores Department Stores Restaurants Auto Sales - New Department Stores Restaurants Auto Sales - New Service Stations % of Total / % Change 10.6 / 1.4 10.1 / 0.0 8.5 / -0.7 10.5 / 1.3 9.8 / 11.6 9.8 / 0.9 10.5 / 5.1 10.2 / 16.4 9.6 / 1.3 ECONOMIC SEGMENT ANALYSIS During the review of the Q1 2014 detailed report with MuniServices, information regarding sales tax comparisons by city and change by economic category from Q1 2013 to Q1 2014 was provided. Staff continues to monitor monthly sales tax receipts and other available economic data to determine the need for any adjustment to the revenue projections. Staff will utilize the forecast scenarios included with the complete report and recent trends in assessing such projections. Attachments: 1) Sales Tax Digest Summary Q1 2014 2) Quarterly Sales Tax Change Comparison by City for Q1 2013 to Q1 2014 Agenda Item 7C 13 Riverside County Transportation Commission Sales Tax Digest Summary Collections through June 2014 Sales through March 2014 (2014Q1) www.MuniServices.com (800) 800-8181 Page 1 CALIFORNIA’S ECONOMIC OUTLOOK California sales tax receipts increased by 3.7% over the same quarter from the previous year, with Northern California reporting a 3.6% increase compared to 3.8% for Southern California. Receipts for the District of Rctc changed by 4.7% over the same periods. Sales of existing single-family homes increased 7.4 % in April, the largest monthly gain since January 2011. Compared to a year ago, sales were down 7%, and April marked the ninth straight monthly decline on a year-over-year basis. The median number of days to sell was 34 days, well below the average of 58 days in 2007. The median price of existing single-family homes rose by 3.2 percent in April to $449,360, the highest level since December 2007. Multifamily home building surged in April to its highest level since March 2007 and the value of nonresidential building in April increased over 31% from the previous month, but the total value of all building activity is still 33% below the pre-recession peak in 2005. California's unemployment rate continued to drop by 0.2 of a percentage point to 7.6 percent in May — the lowest rate since August 2008. California has recovered all but 25,200 of the jobs it lost during the recession, (the high was 15,449,800 jobs in July 2007). LOCAL RESULTS Net Cash Receipts Analysis Local Collections $38,784,207 Share of County Pool 0.0% 0 Share of State Pool 0.0% 0 SBE Net Collections 38,784,207 Less: Amount Due County 0.0% .00 Less: Cost of Administration (471,420) Net 1Q2014 Receipts 38,312,787 Net 1Q2013 Receipts 36,575,783 Actual Percentage Change 4.7% Business Activity Performance Analysis Local Collections $38,784,207 Less: Payments for Prior Periods (1,722,599) Preliminary 1Q2014 Collections 37,061,608 Projected 1Q2014 Late Payments 1,484,475 Projected 1Q2014 Final Results 38,546,083 Actual 1Q2013 Results 36,869,625 Projected Percentage Change 4.5% ATTACHMENT 1 14 Riverside County Transportation Commission www.MuniServices.com (800) 800-8181 Page 2 HISTORICAL CASH COLLECTIONS ANALYSIS BY QUARTER 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 2013 to March 2014. The Top 25 Sales/Use Tax contributors generate 22.3% of Rctc’s total sales and use tax revenue. ALBERSTON'S FOOD CENTERS MACY'S DEPARTMENT STORE AMAZON.COM RALPH'S GROCERY COMPANY BEST BUY STORES ROSS STORES CARMAX THE AUTO SUPERSTORE SAM'S CLUB CHEVRON SERVICE STATIONS STATER BROS MARKETS CIRCLE K FOOD STORES TARGET STORES COSTCO WHOLESALE TOYOTA OF RIVERSIDE DEPT OF MOTOR VEHICLES USA SERVICE STATIONS DESERT SUNLIGHT VONS SERVICE STATIONS HOME DEPOT WAL MART STORES K MART STORES WALGREEN'S DRUG STORES KOHL'S DEPARTMENT STORES WHIRLPOOL CORPORATION LOWE'S HOME IMPROVEMENT (in thousands of $) $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014N e t R e c e i p t s$0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 A d m i n F e e sNet Receipts SBOE Admin Fees Due 15 Riverside County Transportation Commission www.MuniServices.com (800) 800-8181 Page 3 HISTORICAL SALES TAX AMOUNTS The following chart shows the sales tax level from sales through March 2014, the highs, and the lows for each segment over the last two years. ANNUAL SALES TAX BY BUSINESS CATEGORY (in thousands of $) 39,028 39,555 39,981 40,693 41,373 42,179 42,689 43,098 43,585 43,668 21,511 22,098 22,603 23,055 23,452 23,719 24,073 24,298 24,776 25,165 35,327 36,286 37,187 37,894 38,673 39,060 39,746 40,432 40,999 41,591 13,677 13,852 14,379 15,086 15,505 16,265 17,203 17,999 17,966 18,295 18,772 19,090 19,932 20,880 21,768 22,371 22,461 22,313 22,096 22,361 2,762 2,783 2,757 2,753 2,802 2,822 2,790 2,854 2,926 2,946 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 General Retail Food Products Transportation Construction Business To Business Miscellaneous (in thousands of $) $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 Service StationsAuto Sales - NewDepartment StoresRestaurantsBldg.Matls-WhsleMiscellaneous RetailApparel StoresFood MarketsBldg.Matls-RetailLight Industry1Q2014 High Low 16 Riverside County Transportation Commission www.MuniServices.com (800) 800-8181 Page 4 FIVE-YEAR ECONOMIC TREND: Construction PER CAPITA BY BUSINESS SEGMENT This chart shows sales tax per capita from business segments from April 2013 to March 2014. (in thousands of $) $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 1Q20092Q20093Q20094Q20091Q20102Q20103Q20104Q20101Q20112Q20113Q20114Q20111Q20122Q20123Q20124Q20121Q20132Q20133Q20134Q20131Q2014 17 Riverside County Transportation Commission www.MuniServices.com (800) 800-8181 Page 5 FINAL RESULTS: October-December 2013 Sales Local Net Cash Collections $41,196,481 Less: Pool Amounts ($-447,720) Less: Prior Quarter Payments ($2,360,219) Add: Late Payments $1,374,648 Local Net Economic Collections after Adjustments $40,658,629 Percent Change from January-March 2012 Sales UP BY 3.4% MUNISERVICES’ ON-GOING AUDIT RESULTS This Quarter $357,213 Total to Date $4,376,666 18 Quarterly Sales Tax ChangeGeneral RetailFood ProductsTransportionConstructionB2BMisc.Jan ‐ Mar 2014 (2014Q1)Jan ‐ Mar 2013 (2013Q1) % ChgGainGainDeclineDeclineRIVERSIDE COUNTYRCTC0.8% 6.1% 6.0% 8.3% 5.0% 2.9% 38,545,647 36,869,101 4.5%Auto Sales ‐ New RestaurantsElectronic Equipment Department StoresBanning3.6% 2.4% 1.3%‐2.3%‐3.6%‐61.6%440,569436,2301.0%Drug StoresDepartment StoresService Stations Auto Sales ‐ NewBeaumont‐0.1%7.0% 1.9%‐7.0%8.4% 30.7%848,919834,5331.7%Bldg.Matls‐Retail Misc. Vehicle SalesRestaurantsService StationsBlythe‐10.7%‐5.4%‐5.0%‐28.7%‐28.1%34.1%401,005456,097‐12.1%Light IndustryAuto Sales ‐ NewFurniture/Appliance Bldg.Matls‐WhsleCalimesa27.0% 8.1%‐0.4%5.7% 91.9% 16.8%160,592147,2549.1%Auto Parts/Repair Light IndustryRestaurantsMisc. Vehicle SalesCanyon Lake‐19.6%‐32.6%311.6% 80.8%145.7%‐25.1%36,82835,6083.4%Department Stores Service StationsAuto Sales ‐ Used Liquor StoresCathedral City‐3.5%‐1.0%10.5%‐7.2%‐3.4%4.2%1,874,6591,788,1994.8%Heavy IndustryAuto Sales ‐ NewMisc. Vehicle Sales Business ServicesCoachella‐0.8%0.6% 0.2% 11.5% 63.4% 79.2%836,342802,3074.2%Service Stations Light IndustryBldg.Matls‐Whsle Bldg.Matls‐RetailCorona0.0% 5.2% 0.4% 16.8% 3.0%‐17.6%7,418,7577,029,8575.5%Department Stores Bldg.Matls‐WhsleBldg.Matls‐Retail Chemical ProductsDesert Hot Springs‐22.1%10.7%‐3.2%25.6%‐91.1%22.7%345,902424,980‐18.6%Department Stores RestaurantsFood MarketsHeavy IndustryEastvale1.0% 20.3%‐10.3%5.8% 11.2% 24.3%1,275,9401,203,9726.0%Department Stores Electronic EquipmentRestaurantsService StationsHemet‐2.7%5.1% 28.5% 11.1% 13.4% 6.0%2,552,0622,226,56214.6%Service Stations Auto Sales ‐ NewBldg.Matls‐Retail Department StoresIndian Wells‐28.6%‐1.4%‐10.1%‐20.7%‐15.7%‐0.7%356,400392,156‐9.1%Light IndustryFurniture/ApplianceRecreation Products Miscellaneous RetailIndio‐2.8%‐0.1%17.2% 17.6% 22.3% 2.6%2,234,4112,048,0779.1%Misc. Vehicle Sales Service StationsBldg.Matls‐Whsle Department StoresJurupa Valley‐1.6%4.4%‐1.6%48.3% 11.8%‐22.3%1,983,2511,849,4097.2%Service Stations Bldg.Matls‐WhsleOffice Equipment Department StoresLa Quinta‐12.1%24.1% 0.3% 25.0% 11.2% 10.6%2,194,6162,121,6723.4%Department Stores RestaurantsBldg.Matls‐Retail Miscellaneous RetailLake Elsinore0.4% 3.1%‐3.2%7.2% 43.5%‐12.5%1,671,9981,636,8192.1%Service Stations Heavy IndustryBldg.Matls‐Whsle Bldg.Matls‐RetailMenifee‐2.8%5.3% 7.2% 47.1% 22.2%‐9.5%1,220,4581,136,9007.3%Service Stations Bldg.Matls‐RetailMisc. Vehicle Sales Apparel StoresMoreno Valley0.5% 4.4% 4.6% 42.2% 47.4%‐8.0%3,505,9693,231,3038.5%Drug StoresBldg.Matls‐WhsleRestaurantsFood MarketsMurrieta‐3.8%5.2% 6.4% 20.2% 53.4% 52.8%2,942,2282,709,4658.6%Service Stations Energy SalesLeasingDepartment StoresNorco7.8% 8.7% 13.0%‐7.3%4.2% 6.7%1,182,8891,080,4439.5%Department Stores Auto Sales ‐ UsedAuto Sales ‐ New Service StationsPalm Desert0.3% 8.6%‐8.7%23.3% 4.9% 28.4%4,569,7534,420,9983.4%Service Stations Apparel StoresBldg.Matls‐Retail Department StoresPalm Springs3.2% 10.1% 5.6% 5.2%‐1.5%53.9%2,991,8722,834,6775.5%Office Equipment RestaurantsService Stations Energy SalesPerris0.5% 5.2% 4.3% 18.8% 20.2%‐18.2%1,765,1181,662,4176.2%Miscellaneous Other Electronic EquipmentAuto Sales ‐ New Service StationsRancho Mirage2.8% 3.2% 23.8% 3.1% 7.3%‐1.8%1,195,1821,119,8666.7%Bldg.Matls‐Retail Auto Sales ‐ NewRestaurantsMisc. Vehicle SalesRiverside‐0.7%4.7% 16.8%23.8% 12.3% 6.8%11,886,25010,733,43610.7%Drug StoresAuto Sales ‐ NewBldg.Matls‐Whsle Department StoresRiverside County3.4% 10.1% 3.5% 2.1%‐58.4%7.1%6,427,9376,770,578‐5.1%Business Services Food Processing EqpService Stations Electronic EquipmentSan Jacinto‐2.1%4.3%‐7.3%23.8% 18.2% 8.3%508,110508,783‐0.1%Auto Sales ‐ Used RestaurantsBldg.Matls‐Whsle Auto Parts/RepairTemecula‐1.4%5.8% 7.1% 12.2% 4.6%‐6.9%6,390,8446,163,3053.7%Energy SalesAuto Sales ‐ NewAuto Sales ‐ Used Department StoresWildomar‐2.0%0.4% 24.3%‐12.3%11.5%‐17.0%317,978290,2329.6%Drug StoresService StationsRestaurantsBldg.Matls‐WhsleATTACHMENT 219 AGENDA ITEM 7D RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Megan Kavand, Accounting Technician Anne Hallberg, Accounting Supervisor THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: Quarterly Investment Report STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive and file the Quarterly Investment Report for the quarter ended June 30, 2014; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: For the past few years and as a result of a low interest rate environment, the Commission’s quarterly investment reports have reflected investments primarily concentrated in the Riverside County Pooled Investment Fund (RCPIF). Other investments included the state Local Agency Investment Fund and mutual funds. In connection with the issuance of sales tax revenue bonds and toll revenue bonds and the execution of Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for the State Route 91 Corridor Improvement Project (SR-91 CIP), the Commission anticipated the need 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. Accordingly, at its May 2013 meeting, the Commission awarded two investment management services agreements to Logan Circle Partners, L.P. (Logan) for SR-91 CIP funds and to Payden & Rygel Investment Management (Payden & Rygel) for Commission operating funds. Logan invested the SR-91 CIP debt proceeds during the first quarter of FY2013/14 in the Short- Term Actively Managed Program (STAMP). Since most of the first quarter activity concentrated in the investment and accounting for the SR-91 CIP financing, Payden & Pygel has not yet been authorized to make specific investments for the Commission’s operating funds. Agenda Item 7D 20 The quarterly investment report for the fourth quarter of FY 2013/14 as required by state law and Commission policy reflects the increased investment activities resulting from the SR-91 CIP. The quarterly investment report includes the following information: • Investment Portfolio Report; • STAMP Portfolio by Investment Category; • STAMP Portfolio by Account; • STAMP Portfolio Transaction Report by Account; • STAMP Portfolio Summary of investment by credit rating, industry group, asset class, security type and market sector; • STAMP Portfolio Toll Revenue Project Senior Lien Fund Summary of investment by credit rating, industry group, asset class, security type and market sector; • STAMP Portfolio Toll Revenue Project Sales Tax Revenue Fund Summary of investment by credit rating, industry group, asset class, security type and market sector; • STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of investment by credit rating, industry group, asset class, security type and market sector; • STAMP Portfolio Toll Revenue Project Capitalized Interest Fund Summary of investment by credit rating, industry group, asset class, security type and market sector; • STAMP Portfolio Sales Tax Revenue Capitalized Interest Fund Summary of investment by credit rating, industry group, asset class, security type and market sector; and • County of Riverside Investment Report for the Quarter Ended June 30, 2014. The Commission’s investments were in full compliance with the Commission’s investment policy adopted on June 7, 2012. Additionally, the Commission has adequate cash flows for the next six months. Attachments: 1) Investment Portfolio Report 2) STAMP Portfolio by Investment Category 3) STAMP Portfolio by Account 4) STAMP Portfolio Transaction Report by Account 5) STAMP Portfolio Summary of Investments 6) STAMP Portfolio Toll Revenue Project Senior Lien Fund Summary of Investments 7) STAMP Portfolio Toll Revenue Project Sales Tax Revenue Fund Summary of Investments 8) STAMP Portfolio Toll Revenue Series A & Series B Reserve Fund Summary of Investments 9) STAMP Portfolio Toll Revenue Project Capitalized Interest Fund Summary of Investments 10) STAMP Portfolio Sales Tax Revenue Capitalized Interest Fund Summary of Investments 11) County of Riverside Investment Report Agenda Item 7D 21 Riverside County Transportation Commission Investment Portfolio Report Period Ended: June 30, 2014 FAIR VALUE RATING MOODYS/FITCH/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 37,234,521 A3/BBB+N/A N/A County Treasurer's Pooled Investment Fund 431,821,615 Aaa-bf/AAA/V1 N/A 0.39% Local Agency Investment Fund (LAIF)3,627,254 Not Rated N/A N/A Subtotal Operating Funds 472,683,390 FUNDS HELD IN TRUST County Treasurer's Pooled Investment Fund: Local Transportation Fund 101,871,080 Aaa-bf/AAA/V1 N/A 0.39% Subtotal Funds Held in Trust 101,871,080 COMMISSION MANAGED PORTFOLIO US Bank Money Market - First American Government Obligation Fund 3,601,393 Aaa-bf/AAA/V1 N/A N/A Cost of Issuance Fund BNY Mellon Money Market - Subtotal Commission Managed Portfolio 3,601,394 STAMP PORTFOLIO for 91 CIP Toll Revenue Project Senior Lien Fund 46,073,678 Toll Revenue Project Sales Tax Revenue Fund 207,637,355 Series A & Series B Reserve Fund 18,144,952 Toll Revenue Project Capitalized Interest Fund 25,386,722 Sales Tax Revenue Capitalized Interest Fund 83,298,025 Subtotal STAMP Portfolio 380,540,732 TOTAL All Cash and Investments 958,696,596$ 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 0 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 1.88% 26.30% 11.27% 1.00% 10.55% 49.00% STAMP Portfolio for 91 CIP Reserve STAMP Portfolio for 91 CIP Project Fund STAMP Portfolio for 91 CIP Capitalized Interest Commission Managed Portfolio Debt Reserve Trust Funds Operating Funds Nature of Investments 1.00% Mutual Funds 59.18% County Pool/Cash 0.38% LAIF 39.33% Fixed Income 0.11% Money Market Funds Portfolio Investment Type ATTACHMENT 1 22 Page 2 of 21 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 347621 LC-Sr Lien Reserve Fund-1 3137EACA5 Agency Federal Home Loan Mortgage Corporation 03/27/2019 07/05/2013 800,000.00 875,900.00 ---879,208.00 15,708.17 3.750 1.574 AAA 205091001 LC-2013 A Capitalized Interest 31398AZV7 Agency Federal National Mortgage Association 11/20/2014 06/30/2014 1,100,000.00 1,110,808.60 ---1,110,681.00 (52.02)2.625 0.127 AAA 205091001 LC-2013 A Capitalized Interest 3134A4UU6 Agency Federal Home Loan Mortgage Corporation 07/15/2014 06/04/2014 200,000.00 201,124.88 ---200,380.00 (4.11)5.000 0.429 AAA 347621 LC-Sr Lien Reserve Fund-1 3137EADB2 Agency Federal Home Loan Mortgage Corporation 01/13/2022 07/05/2013 550,000.00 529,303.50 ---548,916.50 17,475.63 2.375 2.404 AAA 347621 LC-Sr Lien Reserve Fund-1 3136G1QA0 Agency Federal National Mortgage Association 08/01/2018 04/23/2014 200,000.00 200,376.00 08/01/2014 200,140.00 22.26 1.060 0.246 AAA 347621 LC-Sr Lien Reserve Fund-1 3135G0JA2 Agency Federal National Mortgage Association 04/27/2017 ---575,000.00 574,886.75 ---577,898.00 2,865.14 1.125 0.944 AAA 347621 LC-Sr Lien Reserve Fund-1 313381H24 Agency Federal Home Loan Banks Office of Finance 01/16/2015 ---780,000.00 780,471.80 ---780,561.60 316.00 0.250 0.118 AAA 205091001 LC-2013 A Capitalized Interest 313385N51 Agency Federal Home Loan Banks Office of Finance 11/07/2014 06/13/2014 500,000.00 499,830.00 ---499,890.00 42.30 0.000 0.062 AAA 347621 LC-Sr Lien Reserve Fund-1 38376LE39 Agency CMO The Government National Mortgage Association Gua 12/20/2038 07/08/2013 28,880.12 29,250.14 ---29,385.06 329.21 4.000 -1.667 AAA 347621 LC-Sr Lien Reserve Fund-1 31395EZP5 Agency CMO Federal Home Loan Mortgage Corporation 08/15/2019 07/09/2013 171,327.31 181,258.93 ---181,749.15 1,718.60 4.500 0.814 AAA 347621 LC-Sr Lien Reserve Fund-1 38377UN20 Agency CMO The Government National Mortgage Association Gua 01/20/2040 ---438,704.87 450,062.07 ---450,888.15 1,909.35 3.000 1.063 AAA 347621 LC-Sr Lien Reserve Fund-1 31398VWC6 Agency CMO Federal Home Loan Mortgage Corporation 06/15/2028 07/08/2013 156,938.70 160,764.08 ---158,389.44 (179.35)7.000 3.105 AAA 205091001 LC-2013 A Capitalized Interest 31392FPP6 Agency CMO Federal National Mortgage Association 11/25/2017 07/15/2013 307,128.40 325,268.17 ---322,884.09 1,045.63 5.000 0.705 AAA 347621 LC-Sr Lien Reserve Fund-1 3137AEV77 Agency CMO Federal Home Loan Mortgage Corporation 05/25/2018 07/03/2013 251,000.00 258,314.30 ---261,578.90 4,789.68 2.699 1.518 AAA 347621 LC-Sr Lien Reserve Fund-1 31392JJ83 Agency CMO Federal National Mortgage Association 03/25/2018 07/08/2013 49,595.40 52,323.14 ---52,356.52 560.23 5.000 0.723 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 31395MLT4 Agency CMO Federal Home Loan Mortgage Corporation 06/15/2019 07/15/2013 48,782.70 49,575.42 ---48,826.95 (81.12)4.500 -0.003 AAA 347621 LC-Sr Lien Reserve Fund-1 38377RVK8 Agency CMO The Government National Mortgage Association Gua 04/20/2039 07/03/2013 148,556.27 152,084.47 ---153,447.18 1,658.99 3.000 1.904 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2021 08/15/2013 445,693.79 433,994.32 ---442,734.82 7,429.77 1.459 1.612 AAA 347621 LC-Sr Lien Reserve Fund-1 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2021 07/03/2013 445,693.79 435,543.81 ---442,734.82 5,901.08 1.459 1.612 AAA 347621 LC-Sr Lien Reserve Fund-1 31397QUQ9 Agency CMO Federal National Mortgage Association 06/25/2020 12/31/2013 183,975.61 195,415.59 ---189,897.60 (4,265.07)2.750 0.680 AAA 347621 LC-Sr Lien Reserve Fund-1 31395K5G4 Agency CMO Federal Home Loan Mortgage Corporation 05/15/2033 07/08/2013 16,933.05 17,176.46 ---16,994.19 1.63 5.000 1.726 AAA 347621 LC-Sr Lien Reserve Fund-1 38377JZ89 Agency CMO The Government National Mortgage Association Gua 10/20/2039 07/05/2013 225,195.92 232,083.74 ---237,081.08 5,326.01 3.500 1.739 AAA 205091001 LC-2013 A Capitalized Interest 31392HWL3 Agency CMO Federal National Mortgage Association 02/25/2018 07/12/2013 69,937.64 73,827.92 ---73,794.00 688.56 5.000 0.720 AAA 205091001 LC-2013 A Capitalized Interest 31392F6C6 Agency CMO Federal National Mortgage Association 12/25/2017 07/09/2013 468,239.97 496,700.18 ---492,752.33 1,453.88 5.000 0.709 AAA 205091001 LC-2013 A Capitalized Interest 31392BVM5 Agency CMO Federal National Mortgage Association 02/25/2017 07/11/2013 158,768.08 167,599.56 ---165,596.70 239.19 5.500 0.599 AAA 347621 LC-Sr Lien Reserve Fund-1 3137AQT24 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2019 10/21/2013 170,000.00 171,195.31 ---172,604.23 1,591.96 2.130 1.751 AAA 205091001 LC-2013 A Capitalized Interest 3136ACGF2 Agency CMO Federal National Mortgage Association 02/25/2016 07/15/2013 2,280,380.55 2,286,081.50 ---2,295,659.10 12,001.40 1.083 0.601 AAA 347621 LC-Sr Lien Reserve Fund-1 3136A7MJ8 Agency CMO Federal National Mortgage Association 12/25/2019 08/20/2013 175,000.00 172,402.34 ---176,080.10 3,212.09 1.520 1.310 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 3133XCQE6 Agency CMO Federal Home Loan Banks Office of Finance 07/28/2015 08/13/2013 146,497.98 154,189.12 ---152,715.50 1,005.63 5.250 0.725 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 3137ANLP8 Agency CMO Federal Home Loan Mortgage Corporation 11/25/2016 07/09/2013 930,000.00 939,227.34 ---945,530.07 9,413.24 1.655 0.838 AAA 205091001 LC-2013 A Capitalized Interest 3137ANLP8 Agency CMO Federal Home Loan Mortgage Corporation 11/25/2016 07/08/2013 3,070,000.00 3,100,460.16 ---3,121,269.00 31,076.87 1.655 0.838 AAA 347621 LC-Sr Lien Reserve Fund-1 38378TAF7 Agency CMO The Government National Mortgage Association Gua 07/20/2041 07/05/2013 280,264.53 280,306.78 ---282,056.54 1,816.38 2.500 2.329 AAA 347621 LC-Sr Lien Reserve Fund-1 3137AUPE3 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2022 07/03/2013 235,000.00 220,358.40 ---231,676.16 9,935.70 2.396 2.586 AAA 205091001 LC-2013 A Capitalized Interest 31393V2T7 Agency CMO Federal Home Loan Mortgage Corporation 06/15/2018 07/08/2013 1,108,053.40 1,171,939.60 ---1,163,999.02 2,375.75 4.500 0.829 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 31393V2T7 Agency CMO Federal Home Loan Mortgage Corporation 06/15/2018 07/08/2013 336,544.09 355,947.96 ---353,535.86 721.24 4.500 0.830 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 31393EXC8 Agency CMO Federal National Mortgage Association 09/25/2018 07/24/2013 63,894.70 67,548.68 ---67,207.32 219.17 4.500 0.859 AAA 205091001 LC-2013 A Capitalized Interest 31393EXC8 Agency CMO Federal National Mortgage Association 09/25/2018 07/24/2013 575,052.33 607,938.14 ---604,868.79 1,975.42 4.500 0.845 AAA 347621 LC-Sr Lien Reserve Fund-1 3137B03W2 Agency CMO Federal Home Loan Mortgage Corporation 08/25/2017 07/31/2013 45,000.00 44,964.84 ---45,380.16 417.47 1.426 1.080 AAA 347621 LC-Sr Lien Reserve Fund-1 3137A7E22 Agency CMO Federal Home Loan Mortgage Corporation 04/15/2028 07/08/2013 357,502.87 370,127.18 ---370,968.22 2,776.24 3.500 1.412 AAA 205091001 LC-2013 A Capitalized Interest 3136A4M89 Agency CMO Federal National Mortgage Association 01/25/2019 07/05/2013 651,565.16 655,713.80 ---661,397.28 6,539.52 1.934 1.434 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 3136A4M89 Agency CMO Federal National Mortgage Association 01/25/2019 07/05/2013 200,154.00 201,428.42 ---203,174.53 2,009.07 1.934 1.434 AAA 205091001 LC-2013 A Capitalized Interest 3136A8G38 Agency CMO Federal National Mortgage Association 08/25/2017 07/08/2013 2,915,361.58 2,872,314.45 ---2,931,949.99 51,219.78 1.246 1.019 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 3136A8G38 Agency CMO Federal National Mortgage Association 08/25/2017 07/08/2013 883,155.14 870,114.80 ---888,182.94 15,518.74 1.246 1.019 AAA 347621 LC-Sr Lien Reserve Fund-1 3136A72D3 Agency CMO Federal National Mortgage Association 04/25/2022 07/03/2013 395,000.00 375,250.00 ---391,385.36 14,244.22 2.482 2.604 AAA 347621 LC-Sr Lien Reserve Fund-1 38378CRT6 Agency CMO The Government National Mortgage Association Gua 10/20/2040 05/22/2014 148,031.25 142,942.67 ---144,290.79 1,374.46 2.000 2.567 AAA 347621 LC-Sr Lien Reserve Fund-1 38377DPX8 Agency CMO The Government National Mortgage Association Gua 11/20/2036 12/31/2013 75,100.62 78,729.70 ---76,598.58 (1,561.85)2.500 0.719 AAA 347621 LC-Sr Lien Reserve Fund-1 31394DVM9 Agency CMO Federal National Mortgage Association 02/25/2034 06/19/2014 261,528.75 276,525.79 ---276,391.43 (471.54)5.000 1.343 AAA 205091001 LC-2013 A Capitalized Interest 38376GWZ9 Agency MBS The Government National Mortgage Association Gua 08/16/2031 07/11/2013 2,533,732.99 2,535,514.52 ---2,543,437.19 10,260.74 1.864 0.971 AAA 205091001 LC-2013 A Capitalized Interest 3132FEAK7 Agency MBS Federal Home Loan Mortgage Corporation 12/01/2017 07/03/2013 295,914.03 313,576.40 ---314,112.74 3,363.68 5.000 0.100 AAA 205091001 LC-2013 A Capitalized Interest 31401MWC1 Agency MBS Federal National Mortgage Association 06/01/2018 07/12/2013 1,175,893.20 1,253,796.13 ---1,248,680.99 13,091.83 4.500 0.346 AAA 205091001 LC-2013 A Capitalized Interest 3128GNR59 Agency MBS Federal Home Loan Mortgage Corporation 10/01/2016 07/05/2013 404,514.39 428,532.44 ---417,709.65 (3,939.83)6.000 2.244 AAA 347621 LC-Sr Lien Reserve Fund-1 3128MMAK9 Agency MBS Federal Home Loan Mortgage Corporation 09/01/2019 07/08/2013 229,943.58 244,458.76 ---244,170.19 1,175.18 5.000 1.442 AAA 205091001 LC-2013 A Capitalized Interest 36200AFG9 Agency MBS Government National Mortgage Association 11/15/2017 07/09/2013 92,046.61 98,087.16 ---97,604.38 438.50 5.500 0.550 AAA 347621 LC-Sr Lien Reserve Fund-1 3137B6ZL8 Agency MBS Federal Home Loan Mortgage Corporation 12/25/2019 01/07/2014 57,805.13 58,960.58 ---59,123.26 265.51 2.075 1.259 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 31385JLF3 Agency MBS Federal National Mortgage Association 08/01/2017 09/18/2013 303,958.75 324,475.97 ---318,804.10 (2,463.74)6.000 1.553 AAA 205091001 LC-2013 A Capitalized Interest 31294LPZ0 Agency MBS Federal Home Loan Mortgage Corporation 12/01/2016 07/05/2013 292,228.64 308,940.46 ---306,363.74 769.00 6.000 0.777 AAA 347621 LC-Sr Lien Reserve Fund-1 3136A4M48 Agency MBS Federal National Mortgage Association 01/25/2022 07/05/2013 422,066.01 423,253.07 ---427,806.95 4,806.57 2.098 1.722 AAA 205091001 LC-2013 A Capitalized Interest 3128H4NR6 Agency MBS Federal Home Loan Mortgage Corporation 05/01/2018 07/16/2013 150,452.55 159,385.67 ---159,705.38 1,838.05 5.000 0.389 AAA 347621 LC-Sr Lien Reserve Fund-1 31417YKF3 Agency MBS Federal National Mortgage Association 01/01/2030 07/10/2013 207,376.38 218,782.08 ---226,005.00 7,093.22 4.500 1.823 AAA 347621 LC-Sr Lien Reserve Fund-1 3137A7JU5 Agency MBS Federal Home Loan Mortgage Corporation 11/25/2017 07/03/2013 325,000.00 351,203.13 ---350,643.80 5,507.18 3.882 1.330 AAA 347621 LC-Sr Lien Reserve Fund-1 31404WTT3 Agency MBS Federal National Mortgage Association 05/01/2019 12/31/2013 135,141.24 150,647.67 ---143,530.81 (5,592.21)4.500 0.791 AAA 347621 LC-Sr Lien Reserve Fund-1 31294KZL2 Agency MBS Federal Home Loan Mortgage Corporation 05/01/2019 01/06/2014 71,351.44 77,576.07 ---75,803.05 (1,160.99)4.000 0.476 AAA 205091001 LC-2013 A Capitalized Interest 3128PHVS7 Agency MBS Federal Home Loan Mortgage Corporation 11/01/2019 07/16/2013 151,127.44 159,250.55 ---160,421.78 2,353.14 5.000 0.098 AAA 347621 LC-Sr Lien Reserve Fund-1 3136AEYG6 Agency MBS Federal National Mortgage Association 06/25/2018 11/20/2013 170,000.00 171,341.41 ---172,015.35 880.99 1.825 1.481 AAA 347621 LC-Sr Lien Reserve Fund-1 31416YXJ2 Agency MBS Federal National Mortgage Association 08/01/2026 07/03/2013 78,367.70 82,053.42 ---83,154.40 1,304.45 3.500 1.705 AAA 347621 LC-Sr Lien Reserve Fund-1 3138EJ6V5 Agency MBS Federal National Mortgage Association 09/01/2026 11/18/2013 170,841.82 181,385.97 ---183,036.34 2,105.27 4.000 1.683 AAA 205091001 LC-2013 A Capitalized Interest 31402QT68 Agency MBS Federal National Mortgage Association 10/01/2019 07/11/2013 466,344.70 503,798.01 ---495,239.42 (3,202.87)6.000 1.649 AAA 205091001 LC-2013 A Capitalized Interest 3128MBTH0 Agency MBS Federal Home Loan Mortgage Corporation 03/01/2019 07/26/2013 183,178.88 194,169.61 ---194,444.38 1,640.12 5.000 0.791 AAA STAMP Portfolio by Investment Category for quarter ended June 30, 2014 ATTACHMENT 2 23 Page 3 of 21 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 STAMP Portfolio by Investment Category for quarter ended June 30, 2014 347621 LC-Sr Lien Reserve Fund-1 31385XBG1 Agency MBS Federal National Mortgage Association 03/01/2018 09/13/2013 37,965.17 40,432.90 ---39,867.22 (123.37)6.000 1.450 AAA 205091001 LC-2013 A Capitalized Interest 31410GSQ7 Agency MBS Federal National Mortgage Association 12/01/2017 07/05/2013 253,278.06 271,957.32 ---268,745.75 586.90 6.000 0.772 AAA 205091001 LC-2013 A Capitalized Interest 3128PGLY7 Agency MBS Federal Home Loan Mortgage Corporation 05/01/2017 07/17/2013 372,991.52 393,039.82 ---395,930.50 8,005.60 5.000 -0.367 AAA 205091001 LC-2013 A Capitalized Interest 36290WH47 Agency MBS Government National Mortgage Association 09/15/2018 07/18/2013 1,565,725.88 1,663,583.76 ---1,648,850.27 (3,666.88)4.500 1.055 AAA 347621 LC-Sr Lien Reserve Fund-1 31418AFW3 Agency MBS Federal National Mortgage Association 06/01/2022 07/10/2013 316,305.20 326,683.96 ---330,807.79 5,118.27 3.000 1.140 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 31402RBG3 Agency MBS Federal National Mortgage Association 09/01/2019 ---147,412.89 158,122.11 ---155,345.18 (992.94)6.000 1.591 AAA 205091001 LC-2013 A Capitalized Interest 31402RBG3 Agency MBS Federal National Mortgage Association 09/01/2019 ---504,130.79 540,702.66 ---531,258.07 (3,367.97)6.000 1.591 AAA 347625 LC-Project Fund-2 Senior Lien 36162DAC3 Asset Backed GE EQUIP SMALL TICKET LLC SER2011-2 06/22/2015 02/06/2014 227,679.57 228,293.23 ---227,941.40 (28.69)1.370 0.405 AAA 347625 LC-Project Fund-2 Senior Lien 17308BAN8 Asset Backed Citibank Omni-S Master Trust 11/15/2018 02/19/2014 1,350,000.00 1,393,189.45 ---1,372,512.60 318.34 4.900 0.443 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 17308BAN8 Asset Backed Citibank Omni-S Master Trust 11/15/2018 ---7,650,000.00 8,013,333.99 ---7,777,571.40 7,179.51 4.900 0.443 AAA 347625 LC-Project Fund-2 Senior Lien 02582JFV7 Asset Backed American Express Credit Account Master Trust 03/15/2017 01/07/2014 1,000,000.00 1,006,992.19 ---1,001,520.00 70.01 1.402 0.214 AAA 347625 LC-Project Fund-2 Senior Lien 92867KAC8 Asset Backed Volkswagen Auto Lease Trust 2012-A 07/20/2015 01/17/2014 275,844.37 276,577.08 ---276,126.84 (127.32)0.870 0.487 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 89236QAC5 Asset Backed Toyota Auto Receivables 2011-B Owner Trust 06/15/2015 01/14/2014 583,864.88 584,640.32 ---584,155.64 (25.97)0.680 0.267 AAA 347625 LC-Project Fund-2 Senior Lien 89236QAC5 Asset Backed Toyota Auto Receivables 2011-B Owner Trust 06/15/2015 01/14/2014 186,106.93 186,354.10 ---186,199.61 (8.28)0.680 0.267 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 02582JFY1 Asset Backed American Express Credit Account Master Trust 04/17/2017 07/05/2013 1,000,000.00 1,001,796.88 ---1,000,906.00 589.88 0.852 0.431 AA 347628 LC-PF-2 Sales Tax Revenue Bond 43812XAB1 Asset Backed Honda Auto Receivables 2013-3 Owner Trust 01/15/2016 07/17/2013 4,642,716.43 4,642,647.25 ---4,646,388.81 3,695.02 0.540 0.316 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 47787BAC9 Asset Backed John Deere Owner Trust 2012 03/15/2016 07/05/2013 351,030.38 351,359.47 ---351,473.73 289.32 0.750 0.391 AAA 347625 LC-Project Fund-2 Senior Lien 36159LBN5 Asset Backed GE Dealer Floorplan Master Not 07/20/2016 01/07/2014 2,000,000.00 2,004,062.50 ---2,000,438.00 14.82 0.753 0.377 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 36159LBN5 Asset Backed GE Dealer Floorplan Master Not 07/20/2016 ---3,135,000.00 3,141,315.23 ---3,135,686.57 30.40 0.753 0.377 AAA 347625 LC-Project Fund-2 Senior Lien 36162NAC1 Asset Backed GE Equipment Transportation LLC, Series 2012-1 11/23/2015 02/13/2014 237,868.84 238,389.17 ---238,133.82 (59.57)0.990 ---AAA 347628 LC-PF-2 Sales Tax Revenue Bond 36159JCS8 Asset Backed GE Capital Credit Card Master Note Trust 01/15/2018 07/15/2013 2,295,000.00 2,304,682.03 ---2,301,834.51 3,324.32 1.030 0.480 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 89231NAC7 Asset Backed Toyota Auto Receivables 2012-B Owner Trust 07/15/2016 02/14/2014 884,091.23 884,678.32 ---884,520.01 (6.03)0.460 0.374 AAA 347625 LC-Project Fund-2 Senior Lien 89231NAC7 Asset Backed Toyota Auto Receivables 2012-B Owner Trust 07/15/2016 ---994,093.36 994,676.47 ---994,575.50 53.60 0.460 0.374 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 36159JBT7 Asset Backed GE Capital Credit Card Master Note Trust 11/15/2017 07/11/2013 5,000,000.00 5,209,179.69 ---5,062,870.00 4,172.98 3.800 0.444 AAA 347625 LC-Project Fund-2 Senior Lien 92867KAD6 Asset Backed Volkswagen Auto Lease Trust 2012-A 05/22/2017 02/19/2014 1,300,000.00 1,306,296.88 ---1,302,583.10 (1,279.50)1.060 0.706 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 17308BAL2 Asset Backed Citibank Omni-S Master Trust 08/15/2018 ---4,340,000.00 4,557,730.08 ---4,366,586.84 1,655.21 5.350 0.438 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 36162WAC1 Asset Backed GE Equipment Transportation LLC, Series 2013-1 11/25/2016 07/09/2013 925,000.00 921,964.84 ---926,674.25 3,186.63 0.690 ---AAA 347628 LC-PF-2 Sales Tax Revenue Bond 36162RAC2 Asset Backed GE Equipment Small Ticket, L.L.C., Series 2012-1 09/21/2015 07/10/2013 3,790,185.93 3,802,178.32 ---3,796,985.52 3,637.84 1.040 0.388 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 55314QAC1 Asset Backed MMAF EQUIP FIN LLC 2012-A 08/10/2016 ---3,409,967.03 3,418,676.91 ---3,417,213.21 3,724.75 0.940 0.421 AAA 347625 LC-Project Fund-2 Senior Lien 55314QAC1 Asset Backed MMAF EQUIP FIN LLC 2012-A 08/10/2016 01/16/2014 615,665.69 617,108.65 ---616,973.98 437.21 0.940 0.421 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 55314MAC0 Asset Backed MMAF Equipment Finance LLC 2011-A 09/15/2015 07/10/2013 1,051,805.57 1,054,352.92 ---1,052,762.72 469.61 1.270 0.224 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 17181BG79 CP Cigna Corporation 07/07/2014 05/06/2014 7,000,000.00 6,996,560.27 ---6,999,587.00 (74.67)0.000 0.354 AA 347625 LC-Project Fund-2 Senior Lien 17181BG79 CP Cigna Corporation 07/07/2014 05/06/2014 1,500,000.00 1,499,262.92 ---1,499,911.50 (16.00)0.000 0.354 AA 347625 LC-Project Fund-2 Senior Lien 26244JGE3 CP Duke Energy Corporation 07/14/2014 06/10/2014 1,500,000.00 1,499,733.33 ---1,499,800.50 (91.17)0.000 0.369 AA 347628 LC-PF-2 Sales Tax Revenue Bond 26244JGE3 CP Duke Energy Corporation 07/14/2014 06/10/2014 8,000,000.00 7,998,577.76 ---7,998,936.00 (486.22)0.000 0.369 AA 347623 LC-Sr Lien Ob Fund-1 Interest 60920WGM6 CP Mondelez International, Inc.07/21/2014 06/05/2014 700,000.00 699,755.00 ---699,874.00 (9.33)0.000 0.324 AA 347628 LC-PF-2 Sales Tax Revenue Bond 62956UG92 CP Nabors Industries, Inc.07/09/2014 06/18/2014 3,500,000.00 3,499,533.35 ---3,499,650.00 (116.68)0.000 0.451 AA 347625 LC-Project Fund-2 Senior Lien 62956UG92 CP Nabors Industries, Inc.07/09/2014 06/18/2014 1,500,000.00 1,499,800.01 ---1,499,850.00 (50.01)0.000 0.451 AA 347625 LC-Project Fund-2 Senior Lien 78355BG14 CP Ryder System, Inc.07/01/2014 06/02/2014 1,600,000.00 1,599,751.10 ---1,599,924.80 (75.20)0.000 1.699 AA 347625 LC-Project Fund-2 Senior Lien 78573FGN3 CP SABMiller Holdings Inc.07/22/2014 06/23/2014 1,700,000.00 1,699,716.66 ---1,699,682.10 (79.89)0.000 0.321 AA 347625 LC-Project Fund-2 Senior Lien 69430MGP5 CP Pacific Gas and Electric Company 07/23/2014 04/25/2014 1,500,000.00 1,499,110.01 ---1,499,710.50 (69.50)0.000 0.316 AA 347628 LC-PF-2 Sales Tax Revenue Bond 78573FGN3 CP SABMiller Holdings Inc.07/22/2014 06/23/2014 8,000,000.00 7,998,666.64 ---7,998,504.00 (375.98)0.000 0.321 AA 347623 LC-Sr Lien Ob Fund-1 Interest 44890NHM5 CP Hyundai Capital America 08/21/2014 06/04/2014 1,000,000.00 999,458.33 ---999,548.00 (97.83)0.000 0.319 AA 347625 LC-Project Fund-2 Senior Lien 44890NHM5 CP Hyundai Capital America 08/21/2014 06/09/2014 1,500,000.00 1,499,260.41 ---1,499,322.00 (146.75)0.000 0.319 AA 347628 LC-PF-2 Sales Tax Revenue Bond 44890NHM5 CP Hyundai Capital America 08/21/2014 06/09/2014 3,500,000.00 3,498,274.29 ---3,498,418.00 (342.41)0.000 0.319 AA 347628 LC-PF-2 Sales Tax Revenue Bond 57163UG75 CP Marriott International, Inc.07/07/2014 05/27/2014 8,000,000.00 7,997,858.88 ---7,999,304.00 (382.67)0.000 0.523 AA 347625 LC-Project Fund-2 Senior Lien 57163UG75 CP Marriott International, Inc.07/07/2014 05/27/2014 1,500,000.00 1,499,598.54 ---1,499,869.50 (71.75)0.000 0.523 AA 347625 LC-Project Fund-2 Senior Lien 6362P3HN7 CP National Grid USA Service Company, Inc.08/22/2014 06/24/2014 1,700,000.00 1,699,233.11 ---1,699,212.90 (99.54)0.000 0.321 AA 347625 LC-Project Fund-2 Senior Lien 25471KG89 CP Discovery Communications, LLC 07/08/2014 06/24/2014 1,500,000.00 1,499,870.00 ---1,499,860.50 (69.50)0.000 0.479 AA 347628 LC-PF-2 Sales Tax Revenue Bond 25471KG89 CP Discovery Communications, LLC 07/08/2014 06/24/2014 2,000,000.00 1,999,826.66 ---1,999,814.00 (92.66)0.000 0.479 AA 347623 LC-Sr Lien Ob Fund-1 Interest 88731JG94 CP Time Warner Cable Inc.07/09/2014 06/05/2014 475,000.00 474,901.04 ---474,952.50 (21.11)0.000 0.451 AA 347625 LC-Project Fund-2 Senior Lien 50104MG70 CP The Kroger Co.07/07/2014 06/02/2014 1,500,000.00 1,499,697.50 ---1,499,869.50 (75.50)0.000 0.523 AA 347628 LC-PF-2 Sales Tax Revenue Bond 50104MG70 CP The Kroger Co.07/07/2014 06/02/2014 8,000,000.00 7,998,386.64 ---7,999,304.00 (402.66)0.000 0.523 AA 347625 LC-Project Fund-2 Senior Lien 90655KGE8 CP Union Electric Company 07/14/2014 06/17/2014 1,700,000.00 1,699,692.98 ---1,699,773.90 (72.59)0.000 0.369 AA 347625 LC-Project Fund-2 Senior Lien 05634CGG5 CP Bacardi U.S.A., Inc.07/16/2014 06/24/2014 800,000.00 799,892.66 ---799,882.40 (40.93)0.000 0.353 AA 347623 LC-Sr Lien Ob Fund-1 Interest 37790BG70 CP Glencore Funding LLC 07/07/2014 06/13/2014 700,000.00 699,846.00 ---699,939.10 (22.40)0.000 0.523 AA 347625 LC-Project Fund-2 Senior Lien 2925A3GH5 CP Enbridge Energy Partners, L.P.07/17/2014 06/19/2014 1,700,000.00 1,699,706.75 ---1,699,739.90 (56.10)0.000 0.345 AA 347628 LC-PF-2 Sales Tax Revenue Bond 63946EGB4 CP Comcast Corporation 07/11/2014 06/16/2014 8,000,000.00 7,998,722.24 ---7,999,096.00 (392.90)0.000 0.407 AA 347628 LC-PF-2 Sales Tax Revenue Bond 2925A3GH5 CP Enbridge Energy Partners, L.P.07/17/2014 06/19/2014 6,500,000.00 6,498,878.75 ---6,499,005.50 (214.50)0.000 0.345 AA 347625 LC-Project Fund-2 Senior Lien 63946EGB4 CP Comcast Corporation 07/11/2014 06/16/2014 1,500,000.00 1,499,760.42 ---1,499,830.50 (73.67)0.000 0.407 AA 347628 LC-PF-2 Sales Tax Revenue Bond 84757BG73 CP SPECTRA ENERGY PARTNERS LP 07/07/2014 06/02/2014 8,000,000.00 7,998,008.88 ---7,999,304.00 (322.67)0.000 0.523 AA 347625 LC-Project Fund-2 Senior Lien 84757BG73 CP SPECTRA ENERGY PARTNERS LP 07/07/2014 06/02/2014 1,500,000.00 1,499,591.67 ---1,499,869.50 (60.50)0.000 0.523 AA 347623 LC-Sr Lien Ob Fund-1 Interest 2574P1G30 CP Dominion Resources, Inc.07/03/2014 06/06/2014 1,000,000.00 999,835.00 ---999,940.00 (47.78)0.000 1.083 AA 347625 LC-Project Fund-2 Senior Lien 2574P1G97 CP Dominion Resources, Inc.07/09/2014 06/09/2014 1,450,000.00 1,449,740.61 ---1,449,855.00 (70.89)0.000 0.451 AA 347628 LC-PF-2 Sales Tax Revenue Bond 88355MG27 CP Thermo Fisher Scientific Inc.07/02/2014 05/28/2014 4,000,000.00 3,999,133.32 ---3,999,788.00 (183.11)0.000 1.917 AA 347625 LC-Project Fund-2 Senior Lien 20279WG21 CP Commonwealth Edison Company 07/02/2014 06/16/2014 1,500,000.00 1,499,820.00 ---1,499,920.50 (68.25)0.000 1.917 AA 347628 LC-PF-2 Sales Tax Revenue Bond 20279WG21 CP Commonwealth Edison Company 07/02/2014 06/16/2014 8,000,000.00 7,999,040.00 ---7,999,576.00 (364.00)0.000 1.917 AA 347625 LC-Project Fund-2 Senior Lien 88355MG27 CP Thermo Fisher Scientific Inc.07/02/2014 05/28/2014 1,000,000.00 999,783.33 ---999,947.00 (45.78)0.000 1.917 AA 24 Page 4 of 21 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 STAMP Portfolio by Investment Category for quarter ended June 30, 2014 347625 LC-Project Fund-2 Senior Lien 27743KGA2 CP Eastman Chemical Company 07/10/2014 05/27/2014 1,500,000.00 1,499,523.33 ---1,499,839.50 (63.00)0.000 0.428 AA 347628 LC-PF-2 Sales Tax Revenue Bond 27743KH78 CP Eastman Chemical Company 08/07/2014 06/17/2014 8,000,000.00 7,996,940.00 ---7,997,528.00 (252.00)0.000 0.301 AA 347623 LC-Sr Lien Ob Fund-1 Interest 27743KH78 CP Eastman Chemical Company 08/07/2014 06/16/2014 1,200,000.00 1,199,532.00 ---1,199,629.20 (37.80)0.000 0.301 AA 347625 LC-Project Fund-2 Senior Lien 65475MGR5 CP Nissan Motor Acceptance Corporation 07/25/2014 06/17/2014 1,600,000.00 1,599,594.67 ---1,599,668.80 (75.20)0.000 0.311 AA 347628 LC-PF-2 Sales Tax Revenue Bond 42823KG22 CP Hewlett-Packard Company 07/02/2014 05/29/2014 8,000,000.00 7,998,324.48 ---7,999,576.00 (366.22)0.000 1.917 AA 347625 LC-Project Fund-2 Senior Lien 42823KG22 CP Hewlett-Packard Company 07/02/2014 05/29/2014 1,500,000.00 1,499,685.84 ---1,499,920.50 (68.67)0.000 1.917 AA 347628 LC-PF-2 Sales Tax Revenue Bond 2574P1G97 CP Dominion Resources, Inc.07/09/2014 06/09/2014 7,000,000.00 6,998,747.77 ---6,999,300.00 (342.22)0.000 0.451 AA 347628 LC-PF-2 Sales Tax Revenue Bond 60920WG12 CP Mondelez International, Inc.07/01/2014 04/01/2014 5,000,000.00 4,996,081.95 ---4,999,765.00 (235.00)0.000 1.699 AA 347625 LC-Project Fund-2 Senior Lien 0020A3GE4 CP AT&T Inc.07/14/2014 06/02/2014 1,600,000.00 1,599,608.00 ---1,599,787.20 (91.47)0.000 0.369 AA 347625 LC-Project Fund-2 Senior Lien 88731JGM5 CP Time Warner Cable Inc.07/21/2014 06/02/2014 1,600,000.00 1,599,390.22 ---1,599,712.00 (39.11)0.000 0.324 AA 347628 LC-PF-2 Sales Tax Revenue Bond 233851AG9 Corporate Daimler Finance North America LLC 09/15/2014 07/08/2013 2,400,000.00 2,428,301.60 ---2,407,440.00 2,460.86 1.875 0.384 A 347623 LC-Sr Lien Ob Fund-1 Interest 48121CJM9 Corporate JPMorgan Chase Bank, National Association 06/13/2016 07/11/2013 500,000.00 492,775.00 ---498,215.00 3,061.12 0.560 0.741 A 347628 LC-PF-2 Sales Tax Revenue Bond 94974BET3 Corporate Wells Fargo & Company 10/01/2014 07/03/2013 3,500,000.00 3,628,730.00 ---3,530,135.00 3,703.31 3.750 0.338 AA 205091001 LC-2013 A Capitalized Interest 78008K5V1 Corporate Royal Bank of Canada 04/19/2016 07/08/2013 2,000,000.00 2,099,900.00 ---2,079,200.00 13,987.32 2.875 0.661 AA 347623 LC-Sr Lien Ob Fund-1 Interest 61746BDG8 Corporate Morgan Stanley 02/25/2016 07/03/2013 500,000.00 496,725.00 ---507,100.00 9,175.53 1.750 0.882 A 205091001 LC-2013 A Capitalized Interest 89153VAC3 Corporate Total Capital International 06/28/2017 07/08/2013 160,000.00 157,765.60 ---162,291.20 3,992.86 1.550 1.063 AA 347623 LC-Sr Lien Ob Fund-1 Interest 38143USC6 Corporate The Goldman Sachs Group, Inc.02/07/2016 07/03/2013 600,000.00 627,936.00 ---625,368.00 7,855.49 3.625 0.960 A 347628 LC-PF-2 Sales Tax Revenue Bond 78387GAP8 Corporate AT&T Inc.09/15/2014 07/03/2013 6,504,000.00 6,842,273.04 ---6,560,649.84 (2,535.54)5.100 0.898 A 347623 LC-Sr Lien Ob Fund-1 Interest 78387GAP8 Corporate AT&T Inc.09/15/2014 07/03/2013 1,300,000.00 1,367,613.00 ---1,311,323.00 (506.80)5.100 0.898 A 347623 LC-Sr Lien Ob Fund-1 Interest 02580ECC5 Corporate American Express Bank, FSB.09/13/2017 07/08/2013 250,000.00 287,890.00 ---285,700.00 6,324.58 6.000 1.422 A 347628 LC-PF-2 Sales Tax Revenue Bond 0258M0CZ0 Corporate American Express Credit Corporation 08/25/2014 07/03/2013 6,124,000.00 6,430,200.00 ---6,167,664.12 2,320.09 5.125 0.447 A 205091001 LC-2013 A Capitalized Interest 89114QAE8 Corporate The Toronto-Dominion Bank 10/19/2016 07/08/2013 750,000.00 776,452.50 ---776,235.00 7,521.44 2.375 0.838 AA 205091001 LC-2013 A Capitalized Interest 822582AC6 Corporate Shell International Finance B.V.03/22/2017 07/08/2013 400,000.00 449,936.00 ---444,480.00 7,365.57 5.200 1.053 AA 347628 LC-PF-2 Sales Tax Revenue Bond 38141GCM4 Corporate The Goldman Sachs Group, Inc.11/15/2014 07/08/2013 2,000,000.00 2,116,560.00 ---2,037,420.00 4,982.70 5.500 0.498 A 347628 LC-PF-2 Sales Tax Revenue Bond 36962GK86 Corporate General Electric Capital Corporation 09/15/2014 07/09/2013 5,000,000.00 5,243,950.00 ---5,045,850.00 2,882.34 4.750 0.341 AA 347623 LC-Sr Lien Ob Fund-1 Interest 48121CYK6 Corporate JPMorgan Chase Bank, National Association 10/01/2017 07/03/2013 300,000.00 341,424.00 ---341,241.00 8,992.64 6.000 1.642 A 347623 LC-Sr Lien Ob Fund-1 Interest 172967FD8 Corporate Citigroup Inc.05/19/2015 07/03/2013 614,000.00 649,790.06 ---636,423.28 5,312.11 4.750 0.610 A 347628 LC-PF-2 Sales Tax Revenue Bond 74432QAE5 Corporate Prudential Financial, Inc.09/20/2014 07/09/2013 2,686,000.00 2,820,407.44 ---2,713,424.06 2,460.19 5.100 0.493 A 347628 LC-PF-2 Sales Tax Revenue Bond 00279VCA1 Corporate Abbey National Treasury Services PLC 11/10/2014 07/05/2013 3,000,000.00 3,105,090.00 ---3,036,840.00 8,414.84 3.875 0.466 A 205091001 LC-2013 A Capitalized Interest 44328MAL8 Corporate HSBC Bank PLC 05/24/2016 ---3,625,000.00 3,799,301.25 ---3,788,125.00 46,971.28 3.100 0.711 AA 347623 LC-Sr Lien Ob Fund-1 Interest 00279VCA1 Corporate Abbey National Treasury Services PLC 11/10/2014 07/05/2013 1,000,000.00 1,035,030.00 ---1,012,280.00 2,804.95 3.875 0.466 A 205091001 LC-2013 A Capitalized Interest 21685WBL0 Corporate Rabobank Nederland 10/13/2015 07/03/2013 1,505,000.00 1,543,467.80 ---1,538,365.85 11,414.20 2.125 0.395 AA 205091001 LC-2013 A Capitalized Interest 59217GAV1 Corporate Metropolitan Life Global Funding I 06/29/2015 07/31/2013 545,000.00 553,763.60 ---551,054.95 1,449.46 1.700 0.581 AA 347623 LC-Sr Lien Ob Fund-1 Interest 263534BX6 Corporate E. I. du Pont de Nemours and Company 03/15/2015 07/09/2013 950,000.00 1,014,068.00 ---978,462.00 1,351.60 4.750 0.506 A 205091001 LC-2013 A Capitalized Interest 21686CAD2 Corporate Rabobank Nederland 01/19/2017 ---2,000,000.00 2,103,900.00 ---2,117,920.00 41,889.48 3.375 1.029 AA 347623 LC-Sr Lien Ob Fund-1 Interest 59217GAC3 Corporate Metropolitan Life Global Funding I 09/29/2015 07/03/2013 740,000.00 766,284.80 ---758,063.40 3,279.60 2.500 0.533 AA 347623 LC-Sr Lien Ob Fund-1 Interest 928670AJ7 Corporate Volkswagen International Finance N.V.03/22/2015 07/08/2013 600,000.00 607,206.00 ---605,784.00 2,689.98 1.625 0.298 A 347628 LC-PF-2 Sales Tax Revenue Bond 020002AR2 Corporate The Allstate Corporation 08/15/2014 07/05/2013 5,870,000.00 6,141,957.10 ---5,904,456.90 3,571.70 5.000 0.297 A 205091001 LC-2013 A Capitalized Interest 90327QCW7 Corporate USAA Capital Corporation 12/13/2016 07/11/2013 4,000,000.00 4,145,440.00 ---4,123,080.00 17,880.81 2.250 0.977 AA 347623 LC-Sr Lien Ob Fund-1 Interest 89233P6J0 Corporate Toyota Motor Credit Corporation 07/17/2015 07/03/2013 800,000.00 802,344.00 ---804,720.00 3,505.29 0.875 0.310 AA 205091001 LC-2013 A Capitalized Interest 89233P6J0 Corporate Toyota Motor Credit Corporation 07/17/2015 07/03/2013 5,000,000.00 5,014,650.00 ---5,029,500.00 21,908.04 0.875 0.310 AA 347628 LC-PF-2 Sales Tax Revenue Bond 36962G4G6 Corporate General Electric Capital Corporation 11/14/2014 07/08/2013 3,000,000.00 3,118,200.00 ---3,038,970.00 6,296.63 3.750 0.256 AA 347628 LC-PF-2 Sales Tax Revenue Bond 929903AJ1 Corporate Wells Fargo & Company 08/01/2014 07/05/2013 3,911,000.00 4,091,336.21 ---3,925,822.69 193.79 5.250 0.828 A 205091001 LC-2013 A Capitalized Interest 037833AF7 Corporate Apple Inc.05/03/2016 07/31/2013 3,000,000.00 3,000,840.00 ---3,001,200.00 636.65 0.273 0.255 AA 347623 LC-Sr Lien Ob Fund-1 Interest 38144LAB6 Corporate The Goldman Sachs Group, Inc.09/01/2017 07/03/2013 300,000.00 322,515.00 ---341,538.00 23,967.29 6.250 1.740 A 347623 LC-Sr Lien Ob Fund-1 Interest 767201AM8 Corporate Rio Tinto Finance (USA) Limited 05/20/2016 07/03/2013 600,000.00 617,400.00 ---619,320.00 7,779.02 2.500 0.779 A 205091001 LC-2013 A Capitalized Interest 742718DV8 Corporate The Procter & Gamble Company 08/15/2016 07/10/2013 1,240,000.00 1,256,033.20 ---1,260,336.00 9,234.78 1.450 0.671 AA 347623 LC-Sr Lien Ob Fund-1 Interest 36962G3H5 Corporate General Electric Capital Corporation 09/15/2017 07/03/2013 300,000.00 340,212.00 ---339,609.30 8,450.88 5.625 1.401 AA 205091001 LC-2013 A Capitalized Interest 459200GX3 Corporate International Business Machines Corporation 07/22/2016 07/10/2013 465,000.00 477,936.30 ---477,192.30 3,332.64 1.950 0.667 AA 347623 LC-Sr Lien Ob Fund-1 Interest 69349LAL2 Corporate PNC Bank, National Association 04/29/2016 07/11/2013 500,000.00 499,180.00 04/29/2015 500,200.00 738.07 0.547 0.514 A 347623 LC-Sr Lien Ob Fund-1 Interest 233851AT1 Corporate Daimler Finance North America LLC 01/11/2016 07/08/2013 500,000.00 497,995.00 ---504,360.00 5,593.46 1.250 0.676 A 347623 LC-Sr Lien Ob Fund-1 Interest 05565QCC0 Corporate BP Capital Markets P.L.C.11/06/2017 07/03/2013 300,000.00 292,194.00 ---300,421.80 6,519.83 1.375 1.332 A 347623 LC-Sr Lien Ob Fund-1 Interest 94980VAF5 Corporate Wells Fargo Bank, National Association 05/16/2016 07/11/2013 1,000,000.00 988,160.00 ---997,680.00 5,516.14 0.435 0.566 A 347625 LC-Project Fund-2 Senior Lien 61747C715 MM Fund Morgan Stanley Institutional Liquidity Funds 06/30/2014 06/27/2014 0.00 106,915.31 ---106,915.31 0.00 0.040 0.040 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 61747C715 MM Fund Morgan Stanley Institutional Liquidity Funds 06/30/2014 06/27/2014 0.00 488,505.76 ---488,505.76 0.00 0.040 0.040 AAA 347621 LC-Sr Lien Reserve Fund-1 61747C715 MM Fund Morgan Stanley Institutional Liquidity Funds 06/30/2014 ---0.00 63,789.58 ---63,789.58 0.00 0.040 0.040 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 61747C715 MM Fund Morgan Stanley Institutional Liquidity Funds 06/30/2014 ---0.00 213,271.38 ---213,271.38 0.00 0.050 0.040 AAA 205091001 LC-2013 A Capitalized Interest 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 06/30/2014 ---0.00 175,273.73 ---175,273.73 0.00 0.000 0.000 NA 205091001 LC-2013 A Capitalized Interest 407288YD5 Muni Hamilton, County of 12/01/2015 07/18/2013 2,080,000.00 2,080,000.00 ---2,089,984.00 9,984.00 0.803 0.463 AA 347628 LC-PF-2 Sales Tax Revenue Bond 407288YD5 Muni Hamilton, County of 12/01/2015 07/18/2013 6,645,000.00 6,645,000.00 ---6,674,703.15 29,703.15 0.803 0.487 AA 347623 LC-Sr Lien Ob Fund-1 Interest 407288YD5 Muni Hamilton, County of 12/01/2015 07/18/2013 630,000.00 630,000.00 ---632,816.10 2,816.10 0.803 0.487 AA 205091001 LC-2013 A Capitalized Interest 235219JS2 Muni Dallas, City of 02/15/2017 07/10/2013 2,135,000.00 2,135,000.00 ---2,193,007.95 58,007.95 1.589 0.545 AA 347623 LC-Sr Lien Ob Fund-1 Interest 235219JS2 Muni Dallas, City of 02/15/2017 07/10/2013 650,000.00 650,000.00 ---660,452.00 10,452.00 1.589 0.967 AA 205091001 LC-2013 A Capitalized Interest 64966H4E7 Muni New York, City of 10/01/2017 07/12/2013 1,170,000.00 1,238,222.70 ---1,239,849.00 16,676.47 3.140 1.261 AA 347628 LC-PF-2 Sales Tax Revenue Bond 64468EAZ3 Muni Labor, New Hampshire Department of 11/01/2020 07/03/2013 3,200,000.00 3,200,000.00 07/01/2014 3,200,000.00 0.00 0.130 ---AA 205091001 LC-2013 A Capitalized Interest 184126YS3 Muni Clayton County Water Authority 05/01/2017 07/11/2013 770,000.00 755,939.80 ---777,399.70 17,999.45 1.300 0.956 AA 205091001 LC-2013 A Capitalized Interest 912828WK2 US Gov Treasury, United States Department of 01/31/2016 04/28/2014 11,500,000.00 11,496,312.05 ---11,499,770.00 3,096.05 0.070 0.072 AAA 347621 LC-Sr Lien Reserve Fund-1 912828WK2 US Gov Treasury, United States Department of 01/31/2016 02/24/2014 150,000.00 149,935.64 ---149,997.00 50.01 0.070 0.072 AAA 25 Page 5 of 21 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 STAMP Portfolio by Investment Category for quarter ended June 30, 2014 347621 LC-Sr Lien Reserve Fund-1 912828KQ2 US Gov Treasury, United States Department of 05/15/2019 07/05/2013 500,000.00 539,902.34 ---536,210.00 2,721.33 3.125 1.576 AAA 205091001 LC-2013 A Capitalized Interest 912828VG2 US Gov Treasury, United States Department of 06/15/2016 07/05/2013 5,000,000.00 4,973,632.81 ---5,006,250.00 23,868.15 0.500 0.436 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 912828RX0 US Gov Treasury, United States Department of 12/31/2016 09/13/2013 950,000.00 945,212.89 ---954,968.50 8,617.07 0.875 0.664 AAA 205091001 LC-2013 A Capitalized Interest 912828SY7 US Gov Treasury, United States Department of 05/31/2017 07/05/2013 3,900,000.00 3,828,550.78 ---3,874,104.00 27,846.30 0.625 0.856 AAA 347621 LC-Sr Lien Reserve Fund-1 912833KR0 US Gov Treasury, United States Department of 05/15/2018 07/05/2013 380,000.00 353,517.80 ---361,342.00 2,627.04 0.000 1.303 AAA 347621 LC-Sr Lien Reserve Fund-1 912828VB3 US Gov Treasury, United States Department of 05/15/2023 07/05/2013 3,500,000.00 3,253,085.94 ---3,315,158.00 40,123.75 1.750 2.415 AAA 347621 LC-Sr Lien Reserve Fund-1 912828VK3 US Gov Treasury, United States Department of 06/30/2018 07/05/2013 3,500,000.00 3,483,730.47 ---3,507,945.00 21,098.87 1.375 1.317 AAA 347621 LC-Sr Lien Reserve Fund-1 912828TJ9 US Gov Treasury, United States Department of 08/15/2022 07/05/2013 575,000.00 535,917.97 ---545,890.63 6,162.94 1.625 2.312 AAA 205091001 LC-2013 A Capitalized Interest 912828UA6 US Gov Treasury, United States Department of 11/30/2017 07/05/2013 1,750,000.00 1,700,507.81 ---1,723,207.50 11,893.19 0.625 1.082 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 912828UA6 US Gov Treasury, United States Department of 11/30/2017 07/05/2013 1,250,000.00 1,214,648.44 ---1,230,860.00 8,492.64 0.625 1.082 AAA 205091001 LC-2013 A Capitalized Interest 912828RU6 US Gov Treasury, United States Department of 11/30/2016 07/05/2013 6,900,000.00 6,893,800.78 ---6,942,573.00 46,992.93 0.875 0.617 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 64468EAY6 VRDN Labor, New Hampshire Department of 11/01/2020 11/04/2013 4,190,000.00 4,190,000.00 07/01/2014 4,190,000.00 0.00 0.130 0.130 AA 347625 LC-Project Fund-2 Senior Lien 97689RAH7 VRDN Wisconsin Housing and Economic Development Auth 04/01/2046 07/05/2013 1,805,000.00 1,805,000.00 07/01/2014 1,805,000.00 0.00 0.110 0.110 AAA 376,978,453.70 382,298,359.22 380,540,742.54 986,839.91 26 Page 6 of 21 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 347621 LC-Sr Lien Reserve Fund-1 3137EACA5 Agency Federal Home Loan Mortgage Corporation 03/27/2019 07/05/2013 800,000.00 875,900.00 ---879,208.00 15,708.17 3.750 1.574 AAA 347621 LC-Sr Lien Reserve Fund-1 3137EADB2 Agency Federal Home Loan Mortgage Corporation 01/13/2022 07/05/2013 550,000.00 529,303.50 ---548,916.50 17,475.63 2.375 2.404 AAA 347621 LC-Sr Lien Reserve Fund-1 3136G1QA0 Agency Federal National Mortgage Association 08/01/2018 04/23/2014 200,000.00 200,376.00 08/01/2014 200,140.00 22.26 1.060 0.246 AAA 347621 LC-Sr Lien Reserve Fund-1 3135G0JA2 Agency Federal National Mortgage Association 04/27/2017 ---575,000.00 574,886.75 ---577,898.00 2,865.14 1.125 0.944 AAA 347621 LC-Sr Lien Reserve Fund-1 313381H24 Agency Federal Home Loan Banks Office of Finance 01/16/2015 ---780,000.00 780,471.80 ---780,561.60 316.00 0.250 0.118 AAA 347621 LC-Sr Lien Reserve Fund-1 38376LE39 Agency CMO The Government National Mortgage Association Guara 12/20/2038 07/08/2013 28,880.12 29,250.14 ---29,385.06 329.21 4.000 -1.667 AAA 347621 LC-Sr Lien Reserve Fund-1 31395EZP5 Agency CMO Federal Home Loan Mortgage Corporation 08/15/2019 07/09/2013 171,327.31 181,258.93 ---181,749.15 1,718.60 4.500 0.814 AAA 347621 LC-Sr Lien Reserve Fund-1 38377UN20 Agency CMO The Government National Mortgage Association Guara 01/20/2040 ---438,704.87 450,062.07 ---450,888.15 1,909.35 3.000 1.063 AAA 347621 LC-Sr Lien Reserve Fund-1 31398VWC6 Agency CMO Federal Home Loan Mortgage Corporation 06/15/2028 07/08/2013 156,938.70 160,764.08 ---158,389.44 (179.35)7.000 3.105 AAA 347621 LC-Sr Lien Reserve Fund-1 3137AEV77 Agency CMO Federal Home Loan Mortgage Corporation 05/25/2018 07/03/2013 251,000.00 258,314.30 ---261,578.90 4,789.68 2.699 1.518 AAA 347621 LC-Sr Lien Reserve Fund-1 31392JJ83 Agency CMO Federal National Mortgage Association 03/25/2018 07/08/2013 49,595.40 52,323.14 ---52,356.52 560.23 5.000 0.723 AAA 347621 LC-Sr Lien Reserve Fund-1 38377RVK8 Agency CMO The Government National Mortgage Association Guara 04/20/2039 07/03/2013 148,556.27 152,084.47 ---153,447.18 1,658.99 3.000 1.904 AAA 347621 LC-Sr Lien Reserve Fund-1 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2021 07/03/2013 445,693.79 435,543.81 ---442,734.82 5,901.08 1.459 1.612 AAA 347621 LC-Sr Lien Reserve Fund-1 31397QUQ9 Agency CMO Federal National Mortgage Association 06/25/2020 12/31/2013 183,975.61 195,415.59 ---189,897.60 (4,265.07)2.750 0.680 AAA 347621 LC-Sr Lien Reserve Fund-1 31395K5G4 Agency CMO Federal Home Loan Mortgage Corporation 05/15/2033 07/08/2013 16,933.05 17,176.46 ---16,994.19 1.63 5.000 1.726 AAA 347621 LC-Sr Lien Reserve Fund-1 38377JZ89 Agency CMO The Government National Mortgage Association Guara 10/20/2039 07/05/2013 225,195.92 232,083.74 ---237,081.08 5,326.01 3.500 1.739 AAA 347621 LC-Sr Lien Reserve Fund-1 3137AQT24 Agency CMO Federal Home Loan Mortgage Corporation 01/25/2019 10/21/2013 170,000.00 171,195.31 ---172,604.23 1,591.96 2.130 1.751 AAA 347621 LC-Sr Lien Reserve Fund-1 3136A7MJ8 Agency CMO Federal National Mortgage Association 12/25/2019 08/20/2013 175,000.00 172,402.34 ---176,080.10 3,212.09 1.520 1.310 AAA 347621 LC-Sr Lien Reserve Fund-1 38378TAF7 Agency CMO The Government National Mortgage Association Guara 07/20/2041 07/05/2013 280,264.53 280,306.78 ---282,056.54 1,816.38 2.500 2.329 AAA 347621 LC-Sr Lien Reserve Fund-1 3137AUPE3 Agency CMO Federal Home Loan Mortgage Corporation 06/25/2022 07/03/2013 235,000.00 220,358.40 ---231,676.16 9,935.70 2.396 2.586 AAA 347621 LC-Sr Lien Reserve Fund-1 3137B03W2 Agency CMO Federal Home Loan Mortgage Corporation 08/25/2017 07/31/2013 45,000.00 44,964.84 ---45,380.16 417.47 1.426 1.080 AAA 347621 LC-Sr Lien Reserve Fund-1 3137A7E22 Agency CMO Federal Home Loan Mortgage Corporation 04/15/2028 07/08/2013 357,502.87 370,127.18 ---370,968.22 2,776.24 3.500 1.412 AAA 347621 LC-Sr Lien Reserve Fund-1 3136A72D3 Agency CMO Federal National Mortgage Association 04/25/2022 07/03/2013 395,000.00 375,250.00 ---391,385.36 14,244.22 2.482 2.604 AAA 347621 LC-Sr Lien Reserve Fund-1 38378CRT6 Agency CMO The Government National Mortgage Association Guara 10/20/2040 05/22/2014 148,031.25 142,942.67 ---144,290.79 1,374.46 2.000 2.567 AAA 347621 LC-Sr Lien Reserve Fund-1 38377DPX8 Agency CMO The Government National Mortgage Association Guara 11/20/2036 12/31/2013 75,100.62 78,729.70 ---76,598.58 (1,561.85)2.500 0.719 AAA 347621 LC-Sr Lien Reserve Fund-1 31394DVM9 Agency CMO Federal National Mortgage Association 02/25/2034 06/19/2014 261,528.75 276,525.79 ---276,391.43 (471.54)5.000 1.343 AAA 347621 LC-Sr Lien Reserve Fund-1 3128MMAK9 Agency MBS Federal Home Loan Mortgage Corporation 09/01/2019 07/08/2013 229,943.58 244,458.76 ---244,170.19 1,175.18 5.000 1.442 AAA 347621 LC-Sr Lien Reserve Fund-1 3137B6ZL8 Agency MBS Federal Home Loan Mortgage Corporation 12/25/2019 01/07/2014 57,805.13 58,960.58 ---59,123.26 265.51 2.075 1.259 AAA 347621 LC-Sr Lien Reserve Fund-1 3136A4M48 Agency MBS Federal National Mortgage Association 01/25/2022 07/05/2013 422,066.01 423,253.07 ---427,806.95 4,806.57 2.098 1.722 AAA 347621 LC-Sr Lien Reserve Fund-1 31417YKF3 Agency MBS Federal National Mortgage Association 01/01/2030 07/10/2013 207,376.38 218,782.08 ---226,005.00 7,093.22 4.500 1.823 AAA 347621 LC-Sr Lien Reserve Fund-1 3137A7JU5 Agency MBS Federal Home Loan Mortgage Corporation 11/25/2017 07/03/2013 325,000.00 351,203.13 ---350,643.80 5,507.18 3.882 1.330 AAA 347621 LC-Sr Lien Reserve Fund-1 31404WTT3 Agency MBS Federal National Mortgage Association 05/01/2019 12/31/2013 135,141.24 150,647.67 ---143,530.81 (5,592.21)4.500 0.791 AAA 347621 LC-Sr Lien Reserve Fund-1 31294KZL2 Agency MBS Federal Home Loan Mortgage Corporation 05/01/2019 01/06/2014 71,351.44 77,576.07 ---75,803.05 (1,160.99)4.000 0.476 AAA 347621 LC-Sr Lien Reserve Fund-1 3136AEYG6 Agency MBS Federal National Mortgage Association 06/25/2018 11/20/2013 170,000.00 171,341.41 ---172,015.35 880.99 1.825 1.481 AAA 347621 LC-Sr Lien Reserve Fund-1 31416YXJ2 Agency MBS Federal National Mortgage Association 08/01/2026 07/03/2013 78,367.70 82,053.42 ---83,154.40 1,304.45 3.500 1.705 AAA 347621 LC-Sr Lien Reserve Fund-1 3138EJ6V5 Agency MBS Federal National Mortgage Association 09/01/2026 11/18/2013 170,841.82 181,385.97 ---183,036.34 2,105.27 4.000 1.683 AAA 347621 LC-Sr Lien Reserve Fund-1 31385XBG1 Agency MBS Federal National Mortgage Association 03/01/2018 09/13/2013 37,965.17 40,432.90 ---39,867.22 (123.37)6.000 1.450 AAA 347621 LC-Sr Lien Reserve Fund-1 31418AFW3 Agency MBS Federal National Mortgage Association 06/01/2022 07/10/2013 316,305.20 326,683.96 ---330,807.79 5,118.27 3.000 1.140 AAA 347621 LC-Sr Lien Reserve Fund-1 61747C715 MM Fund Morgan Stanley Institutional Liquidity Funds 06/30/2014 ---0.00 63,789.58 ---63,789.58 0.00 0.040 0.040 AAA 347621 LC-Sr Lien Reserve Fund-1 912828WK2 US Gov Treasury, United States Department of 01/31/2016 02/24/2014 150,000.00 149,935.64 ---149,997.00 50.01 0.070 0.072 AAA 347621 LC-Sr Lien Reserve Fund-1 912828KQ2 US Gov Treasury, United States Department of 05/15/2019 07/05/2013 500,000.00 539,902.34 ---536,210.00 2,721.33 3.125 1.576 AAA 347621 LC-Sr Lien Reserve Fund-1 912833KR0 US Gov Treasury, United States Department of 05/15/2018 07/05/2013 380,000.00 353,517.80 ---361,342.00 2,627.04 0.000 1.303 AAA 347621 LC-Sr Lien Reserve Fund-1 912828VB3 US Gov Treasury, United States Department of 05/15/2023 07/05/2013 3,500,000.00 3,253,085.94 ---3,315,158.00 40,123.75 1.750 2.415 AAA 347621 LC-Sr Lien Reserve Fund-1 912828VK3 US Gov Treasury, United States Department of 06/30/2018 07/05/2013 3,500,000.00 3,483,730.47 ---3,507,945.00 21,098.87 1.375 1.317 AAA 347621 LC-Sr Lien Reserve Fund-1 912828TJ9 US Gov Treasury, United States Department of 08/15/2022 07/05/2013 575,000.00 535,917.97 ---545,890.63 6,162.94 1.625 2.312 AAA 18,144,954.10 347623 LC-Sr Lien Ob Fund-1 Interest 3137ASNH3 Agency CMO Federal Home Loan Mortgage Corporation 09/25/2021 08/15/2013 445,693.79 433,994.32 ---442,734.82 7,429.77 1.459 1.612 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 3137ANLP8 Agency CMO Federal Home Loan Mortgage Corporation 11/25/2016 07/09/2013 930,000.00 939,227.34 ---945,530.07 9,413.24 1.655 0.838 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 31393V2T7 Agency CMO Federal Home Loan Mortgage Corporation 06/15/2018 07/08/2013 336,544.09 355,947.96 ---353,535.86 721.24 4.500 0.830 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 31393EXC8 Agency CMO Federal National Mortgage Association 09/25/2018 07/24/2013 63,894.70 67,548.68 ---67,207.32 219.17 4.500 0.859 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 3136A4M89 Agency CMO Federal National Mortgage Association 01/25/2019 07/05/2013 200,154.00 201,428.42 ---203,174.53 2,009.07 1.934 1.434 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 3136A8G38 Agency CMO Federal National Mortgage Association 08/25/2017 07/08/2013 883,155.14 870,114.80 ---888,182.94 15,518.74 1.246 1.019 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 31385JLF3 Agency MBS Federal National Mortgage Association 08/01/2017 09/18/2013 303,958.75 324,475.97 ---318,804.10 (2,463.74)6.000 1.553 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 31402RBG3 Agency MBS Federal National Mortgage Association 09/01/2019 ---147,412.89 158,122.11 ---155,345.18 (992.94)6.000 1.591 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 47787BAC9 Asset Backed John Deere Owner Trust 2012 03/15/2016 07/05/2013 351,030.38 351,359.47 ---351,473.73 289.32 0.750 0.391 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 36162WAC1 Asset Backed GE Equipment Transportation LLC, Series 2013-1 11/25/2016 07/09/2013 925,000.00 921,964.84 ---926,674.25 3,186.63 0.690 ---AAA 347623 LC-Sr Lien Ob Fund-1 Interest 60920WGM6 CP Mondelez International, Inc.07/21/2014 06/05/2014 700,000.00 699,755.00 ---699,874.00 (9.33)0.000 0.324 AA 347623 LC-Sr Lien Ob Fund-1 Interest 44890NHM5 CP Hyundai Capital America 08/21/2014 06/04/2014 1,000,000.00 999,458.33 ---999,548.00 (97.83)0.000 0.319 AA 347623 LC-Sr Lien Ob Fund-1 Interest 88731JG94 CP Time Warner Cable Inc.07/09/2014 06/05/2014 475,000.00 474,901.04 ---474,952.50 (21.11)0.000 0.451 AA 347623 LC-Sr Lien Ob Fund-1 Interest 37790BG70 CP Glencore Funding LLC 07/07/2014 06/13/2014 700,000.00 699,846.00 ---699,939.10 (22.40)0.000 0.523 AA 347623 LC-Sr Lien Ob Fund-1 Interest 2574P1G30 CP Dominion Resources, Inc.07/03/2014 06/06/2014 1,000,000.00 999,835.00 ---999,940.00 (47.78)0.000 1.083 AA 347623 LC-Sr Lien Ob Fund-1 Interest 27743KH78 CP Eastman Chemical Company 08/07/2014 06/16/2014 1,200,000.00 1,199,532.00 ---1,199,629.20 (37.80)0.000 0.301 AA 347623 LC-Sr Lien Ob Fund-1 Interest 48121CJM9 Corporate JPMorgan Chase Bank, National Association 06/13/2016 07/11/2013 500,000.00 492,775.00 ---498,215.00 3,061.12 0.560 0.741 A 347623 LC-Sr Lien Ob Fund-1 Interest 61746BDG8 Corporate Morgan Stanley 02/25/2016 07/03/2013 500,000.00 496,725.00 ---507,100.00 9,175.53 1.750 0.882 A 347623 LC-Sr Lien Ob Fund-1 Interest 38143USC6 Corporate The Goldman Sachs Group, Inc.02/07/2016 07/03/2013 600,000.00 627,936.00 ---625,368.00 7,855.49 3.625 0.960 A 347623 LC-Sr Lien Ob Fund-1 Interest 78387GAP8 Corporate AT&T Inc.09/15/2014 07/03/2013 1,300,000.00 1,367,613.00 ---1,311,323.00 (506.80)5.100 0.898 A 347623 LC-Sr Lien Ob Fund-1 Interest 02580ECC5 Corporate American Express Bank, FSB.09/13/2017 07/08/2013 250,000.00 287,890.00 ---285,700.00 6,324.58 6.000 1.422 A 347623 LC-Sr Lien Ob Fund-1 Interest 48121CYK6 Corporate JPMorgan Chase Bank, National Association 10/01/2017 07/03/2013 300,000.00 341,424.00 ---341,241.00 8,992.64 6.000 1.642 A 347623 LC-Sr Lien Ob Fund-1 Interest 172967FD8 Corporate Citigroup Inc.05/19/2015 07/03/2013 614,000.00 649,790.06 ---636,423.28 5,312.11 4.750 0.610 A 347623 LC-Sr Lien Ob Fund-1 Interest 00279VCA1 Corporate Abbey National Treasury Services PLC 11/10/2014 07/05/2013 1,000,000.00 1,035,030.00 ---1,012,280.00 2,804.95 3.875 0.466 A STAMP Portfolio by Account for quarter ended June 30, 2014 ATTACHMENT 3 27 Page 7 of 21 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 STAMP Portfolio by Account for quarter ended June 30, 2014 347623 LC-Sr Lien Ob Fund-1 Interest 263534BX6 Corporate E. I. du Pont de Nemours and Company 03/15/2015 07/09/2013 950,000.00 1,014,068.00 ---978,462.00 1,351.60 4.750 0.506 A 347623 LC-Sr Lien Ob Fund-1 Interest 59217GAC3 Corporate Metropolitan Life Global Funding I 09/29/2015 07/03/2013 740,000.00 766,284.80 ---758,063.40 3,279.60 2.500 0.533 AA 347623 LC-Sr Lien Ob Fund-1 Interest 928670AJ7 Corporate Volkswagen International Finance N.V.03/22/2015 07/08/2013 600,000.00 607,206.00 ---605,784.00 2,689.98 1.625 0.298 A 347623 LC-Sr Lien Ob Fund-1 Interest 89233P6J0 Corporate Toyota Motor Credit Corporation 07/17/2015 07/03/2013 800,000.00 802,344.00 ---804,720.00 3,505.29 0.875 0.310 AA 347623 LC-Sr Lien Ob Fund-1 Interest 38144LAB6 Corporate The Goldman Sachs Group, Inc.09/01/2017 07/03/2013 300,000.00 322,515.00 ---341,538.00 23,967.29 6.250 1.740 A 347623 LC-Sr Lien Ob Fund-1 Interest 767201AM8 Corporate Rio Tinto Finance (USA) Limited 05/20/2016 07/03/2013 600,000.00 617,400.00 ---619,320.00 7,779.02 2.500 0.779 A 347623 LC-Sr Lien Ob Fund-1 Interest 36962G3H5 Corporate General Electric Capital Corporation 09/15/2017 07/03/2013 300,000.00 340,212.00 ---339,609.30 8,450.88 5.625 1.401 AA 347623 LC-Sr Lien Ob Fund-1 Interest 69349LAL2 Corporate PNC Bank, National Association 04/29/2016 07/11/2013 500,000.00 499,180.00 04/29/2015 500,200.00 738.07 0.547 0.514 A 347623 LC-Sr Lien Ob Fund-1 Interest 233851AT1 Corporate Daimler Finance North America LLC 01/11/2016 07/08/2013 500,000.00 497,995.00 ---504,360.00 5,593.46 1.250 0.676 A 347623 LC-Sr Lien Ob Fund-1 Interest 05565QCC0 Corporate BP Capital Markets P.L.C.11/06/2017 07/03/2013 300,000.00 292,194.00 ---300,421.80 6,519.83 1.375 1.332 A 347623 LC-Sr Lien Ob Fund-1 Interest 94980VAF5 Corporate Wells Fargo Bank, National Association 05/16/2016 07/11/2013 1,000,000.00 988,160.00 ---997,680.00 5,516.14 0.435 0.566 A 347623 LC-Sr Lien Ob Fund-1 Interest 61747C715 MM Fund Morgan Stanley Institutional Liquidity Funds 06/30/2014 ---0.00 213,271.38 ---213,271.38 0.00 0.050 0.040 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 407288YD5 Muni Hamilton, County of 12/01/2015 07/18/2013 630,000.00 630,000.00 ---632,816.10 2,816.10 0.803 0.487 AA 347623 LC-Sr Lien Ob Fund-1 Interest 235219JS2 Muni Dallas, City of 02/15/2017 07/10/2013 650,000.00 650,000.00 ---660,452.00 10,452.00 1.589 0.967 AA 347623 LC-Sr Lien Ob Fund-1 Interest 912828RX0 US Gov Treasury, United States Department of 12/31/2016 09/13/2013 950,000.00 945,212.89 ---954,968.50 8,617.07 0.875 0.664 AAA 347623 LC-Sr Lien Ob Fund-1 Interest 912828UA6 US Gov Treasury, United States Department of 11/30/2017 07/05/2013 1,250,000.00 1,214,648.44 ---1,230,860.00 8,492.64 0.625 1.082 AAA 25,386,722.36 347625 LC-Project Fund-2 Senior Lien 36162DAC3 Asset Backed GE EQUIP SMALL TICKET LLC SER2011-2 06/22/2015 02/06/2014 227,679.57 228,293.23 ---227,941.40 (28.69)1.370 0.405 AAA 347625 LC-Project Fund-2 Senior Lien 17308BAN8 Asset Backed Citibank Omni-S Master Trust 11/15/2018 02/19/2014 1,350,000.00 1,393,189.45 ---1,372,512.60 318.34 4.900 0.443 AAA 347625 LC-Project Fund-2 Senior Lien 02582JFV7 Asset Backed American Express Credit Account Master Trust 03/15/2017 01/07/2014 1,000,000.00 1,006,992.19 ---1,001,520.00 70.01 1.402 0.214 AAA 347625 LC-Project Fund-2 Senior Lien 92867KAC8 Asset Backed Volkswagen Auto Lease Trust 2012-A 07/20/2015 01/17/2014 275,844.37 276,577.08 ---276,126.84 (127.32)0.870 0.487 AAA 347625 LC-Project Fund-2 Senior Lien 89236QAC5 Asset Backed Toyota Auto Receivables 2011-B Owner Trust 06/15/2015 01/14/2014 186,106.93 186,354.10 ---186,199.61 (8.28)0.680 0.267 AAA 347625 LC-Project Fund-2 Senior Lien 36159LBN5 Asset Backed GE Dealer Floorplan Master Not 07/20/2016 01/07/2014 2,000,000.00 2,004,062.50 ---2,000,438.00 14.82 0.753 0.377 AAA 347625 LC-Project Fund-2 Senior Lien 36162NAC1 Asset Backed GE Equipment Transportation LLC, Series 2012-1 11/23/2015 02/13/2014 237,868.84 238,389.17 ---238,133.82 (59.57)0.990 ---AAA 347625 LC-Project Fund-2 Senior Lien 89231NAC7 Asset Backed Toyota Auto Receivables 2012-B Owner Trust 07/15/2016 ---994,093.36 994,676.47 ---994,575.50 53.60 0.460 0.374 AAA 347625 LC-Project Fund-2 Senior Lien 92867KAD6 Asset Backed Volkswagen Auto Lease Trust 2012-A 05/22/2017 02/19/2014 1,300,000.00 1,306,296.88 ---1,302,583.10 (1,279.50)1.060 0.706 AAA 347625 LC-Project Fund-2 Senior Lien 55314QAC1 Asset Backed MMAF EQUIP FIN LLC 2012-A 08/10/2016 01/16/2014 615,665.69 617,108.65 ---616,973.98 437.21 0.940 0.421 AAA 347625 LC-Project Fund-2 Senior Lien 17181BG79 CP Cigna Corporation 07/07/2014 05/06/2014 1,500,000.00 1,499,262.92 ---1,499,911.50 (16.00)0.000 0.354 AA 347625 LC-Project Fund-2 Senior Lien 26244JGE3 CP Duke Energy Corporation 07/14/2014 06/10/2014 1,500,000.00 1,499,733.33 ---1,499,800.50 (91.17)0.000 0.369 AA 347625 LC-Project Fund-2 Senior Lien 62956UG92 CP Nabors Industries, Inc.07/09/2014 06/18/2014 1,500,000.00 1,499,800.01 ---1,499,850.00 (50.01)0.000 0.451 AA 347625 LC-Project Fund-2 Senior Lien 78355BG14 CP Ryder System, Inc.07/01/2014 06/02/2014 1,600,000.00 1,599,751.10 ---1,599,924.80 (75.20)0.000 1.699 AA 347625 LC-Project Fund-2 Senior Lien 78573FGN3 CP SABMiller Holdings Inc.07/22/2014 06/23/2014 1,700,000.00 1,699,716.66 ---1,699,682.10 (79.89)0.000 0.321 AA 347625 LC-Project Fund-2 Senior Lien 69430MGP5 CP Pacific Gas and Electric Company 07/23/2014 04/25/2014 1,500,000.00 1,499,110.01 ---1,499,710.50 (69.50)0.000 0.316 AA 347625 LC-Project Fund-2 Senior Lien 44890NHM5 CP Hyundai Capital America 08/21/2014 06/09/2014 1,500,000.00 1,499,260.41 ---1,499,322.00 (146.75)0.000 0.319 AA 347625 LC-Project Fund-2 Senior Lien 57163UG75 CP Marriott International, Inc.07/07/2014 05/27/2014 1,500,000.00 1,499,598.54 ---1,499,869.50 (71.75)0.000 0.523 AA 347625 LC-Project Fund-2 Senior Lien 6362P3HN7 CP National Grid USA Service Company, Inc.08/22/2014 06/24/2014 1,700,000.00 1,699,233.11 ---1,699,212.90 (99.54)0.000 0.321 AA 347625 LC-Project Fund-2 Senior Lien 25471KG89 CP Discovery Communications, LLC 07/08/2014 06/24/2014 1,500,000.00 1,499,870.00 ---1,499,860.50 (69.50)0.000 0.479 AA 347625 LC-Project Fund-2 Senior Lien 50104MG70 CP The Kroger Co.07/07/2014 06/02/2014 1,500,000.00 1,499,697.50 ---1,499,869.50 (75.50)0.000 0.523 AA 347625 LC-Project Fund-2 Senior Lien 90655KGE8 CP Union Electric Company 07/14/2014 06/17/2014 1,700,000.00 1,699,692.98 ---1,699,773.90 (72.59)0.000 0.369 AA 347625 LC-Project Fund-2 Senior Lien 05634CGG5 CP Bacardi U.S.A., Inc.07/16/2014 06/24/2014 800,000.00 799,892.66 ---799,882.40 (40.93)0.000 0.353 AA 347625 LC-Project Fund-2 Senior Lien 2925A3GH5 CP Enbridge Energy Partners, L.P.07/17/2014 06/19/2014 1,700,000.00 1,699,706.75 ---1,699,739.90 (56.10)0.000 0.345 AA 347625 LC-Project Fund-2 Senior Lien 63946EGB4 CP Comcast Corporation 07/11/2014 06/16/2014 1,500,000.00 1,499,760.42 ---1,499,830.50 (73.67)0.000 0.407 AA 347625 LC-Project Fund-2 Senior Lien 84757BG73 CP SPECTRA ENERGY PARTNERS LP 07/07/2014 06/02/2014 1,500,000.00 1,499,591.67 ---1,499,869.50 (60.50)0.000 0.523 AA 347625 LC-Project Fund-2 Senior Lien 2574P1G97 CP Dominion Resources, Inc.07/09/2014 06/09/2014 1,450,000.00 1,449,740.61 ---1,449,855.00 (70.89)0.000 0.451 AA 347625 LC-Project Fund-2 Senior Lien 20279WG21 CP Commonwealth Edison Company 07/02/2014 06/16/2014 1,500,000.00 1,499,820.00 ---1,499,920.50 (68.25)0.000 1.917 AA 347625 LC-Project Fund-2 Senior Lien 88355MG27 CP Thermo Fisher Scientific Inc.07/02/2014 05/28/2014 1,000,000.00 999,783.33 ---999,947.00 (45.78)0.000 1.917 AA 347625 LC-Project Fund-2 Senior Lien 27743KGA2 CP Eastman Chemical Company 07/10/2014 05/27/2014 1,500,000.00 1,499,523.33 ---1,499,839.50 (63.00)0.000 0.428 AA 347625 LC-Project Fund-2 Senior Lien 65475MGR5 CP Nissan Motor Acceptance Corporation 07/25/2014 06/17/2014 1,600,000.00 1,599,594.67 ---1,599,668.80 (75.20)0.000 0.311 AA 347625 LC-Project Fund-2 Senior Lien 42823KG22 CP Hewlett-Packard Company 07/02/2014 05/29/2014 1,500,000.00 1,499,685.84 ---1,499,920.50 (68.67)0.000 1.917 AA 347625 LC-Project Fund-2 Senior Lien 0020A3GE4 CP AT&T Inc.07/14/2014 06/02/2014 1,600,000.00 1,599,608.00 ---1,599,787.20 (91.47)0.000 0.369 AA 347625 LC-Project Fund-2 Senior Lien 88731JGM5 CP Time Warner Cable Inc.07/21/2014 06/02/2014 1,600,000.00 1,599,390.22 ---1,599,712.00 (39.11)0.000 0.324 AA 347625 LC-Project Fund-2 Senior Lien 61747C715 MM Fund Morgan Stanley Institutional Liquidity Funds 06/30/2014 06/27/2014 0.00 106,915.31 ---106,915.31 0.00 0.040 0.040 AAA 347625 LC-Project Fund-2 Senior Lien 97689RAH7 VRDN Wisconsin Housing and Economic Development Author 04/01/2046 07/05/2013 1,805,000.00 1,805,000.00 07/01/2014 1,805,000.00 0.00 0.110 0.110 AAA 46,073,680.66 347628 LC-PF-2 Sales Tax Revenue Bond 31395MLT4 Agency CMO Federal Home Loan Mortgage Corporation 06/15/2019 07/15/2013 48,782.70 49,575.42 ---48,826.95 (81.12)4.500 -0.003 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 3133XCQE6 Agency CMO Federal Home Loan Banks Office of Finance 07/28/2015 08/13/2013 146,497.98 154,189.12 ---152,715.50 1,005.63 5.250 0.725 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 17308BAN8 Asset Backed Citibank Omni-S Master Trust 11/15/2018 ---7,650,000.00 8,013,333.99 ---7,777,571.40 7,179.51 4.900 0.443 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 89236QAC5 Asset Backed Toyota Auto Receivables 2011-B Owner Trust 06/15/2015 01/14/2014 583,864.88 584,640.32 ---584,155.64 (25.97)0.680 0.267 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 02582JFY1 Asset Backed American Express Credit Account Master Trust 04/17/2017 07/05/2013 1,000,000.00 1,001,796.88 ---1,000,906.00 589.88 0.852 0.431 AA 347628 LC-PF-2 Sales Tax Revenue Bond 43812XAB1 Asset Backed Honda Auto Receivables 2013-3 Owner Trust 01/15/2016 07/17/2013 4,642,716.43 4,642,647.25 ---4,646,388.81 3,695.02 0.540 0.316 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 36159LBN5 Asset Backed GE Dealer Floorplan Master Not 07/20/2016 ---3,135,000.00 3,141,315.23 ---3,135,686.57 30.40 0.753 0.377 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 36159JCS8 Asset Backed GE Capital Credit Card Master Note Trust 01/15/2018 07/15/2013 2,295,000.00 2,304,682.03 ---2,301,834.51 3,324.32 1.030 0.480 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 89231NAC7 Asset Backed Toyota Auto Receivables 2012-B Owner Trust 07/15/2016 02/14/2014 884,091.23 884,678.32 ---884,520.01 (6.03)0.460 0.374 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 36159JBT7 Asset Backed GE Capital Credit Card Master Note Trust 11/15/2017 07/11/2013 5,000,000.00 5,209,179.69 ---5,062,870.00 4,172.98 3.800 0.444 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 17308BAL2 Asset Backed Citibank Omni-S Master Trust 08/15/2018 ---4,340,000.00 4,557,730.08 ---4,366,586.84 1,655.21 5.350 0.438 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 36162RAC2 Asset Backed GE Equipment Small Ticket, L.L.C., Series 2012-1 09/21/2015 07/10/2013 3,790,185.93 3,802,178.32 ---3,796,985.52 3,637.84 1.040 0.388 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 55314QAC1 Asset Backed MMAF EQUIP FIN LLC 2012-A 08/10/2016 ---3,409,967.03 3,418,676.91 ---3,417,213.21 3,724.75 0.940 0.421 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 55314MAC0 Asset Backed MMAF Equipment Finance LLC 2011-A 09/15/2015 07/10/2013 1,051,805.57 1,054,352.92 ---1,052,762.72 469.61 1.270 0.224 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 17181BG79 CP Cigna Corporation 07/07/2014 05/06/2014 7,000,000.00 6,996,560.27 ---6,999,587.00 (74.67)0.000 0.354 AA 28 Page 8 of 21 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 STAMP Portfolio by Account for quarter ended June 30, 2014 347628 LC-PF-2 Sales Tax Revenue Bond 26244JGE3 CP Duke Energy Corporation 07/14/2014 06/10/2014 8,000,000.00 7,998,577.76 ---7,998,936.00 (486.22)0.000 0.369 AA 347628 LC-PF-2 Sales Tax Revenue Bond 62956UG92 CP Nabors Industries, Inc.07/09/2014 06/18/2014 3,500,000.00 3,499,533.35 ---3,499,650.00 (116.68)0.000 0.451 AA 347628 LC-PF-2 Sales Tax Revenue Bond 78573FGN3 CP SABMiller Holdings Inc.07/22/2014 06/23/2014 8,000,000.00 7,998,666.64 ---7,998,504.00 (375.98)0.000 0.321 AA 347628 LC-PF-2 Sales Tax Revenue Bond 44890NHM5 CP Hyundai Capital America 08/21/2014 06/09/2014 3,500,000.00 3,498,274.29 ---3,498,418.00 (342.41)0.000 0.319 AA 347628 LC-PF-2 Sales Tax Revenue Bond 57163UG75 CP Marriott International, Inc.07/07/2014 05/27/2014 8,000,000.00 7,997,858.88 ---7,999,304.00 (382.67)0.000 0.523 AA 347628 LC-PF-2 Sales Tax Revenue Bond 25471KG89 CP Discovery Communications, LLC 07/08/2014 06/24/2014 2,000,000.00 1,999,826.66 ---1,999,814.00 (92.66)0.000 0.479 AA 347628 LC-PF-2 Sales Tax Revenue Bond 50104MG70 CP The Kroger Co.07/07/2014 06/02/2014 8,000,000.00 7,998,386.64 ---7,999,304.00 (402.66)0.000 0.523 AA 347628 LC-PF-2 Sales Tax Revenue Bond 63946EGB4 CP Comcast Corporation 07/11/2014 06/16/2014 8,000,000.00 7,998,722.24 ---7,999,096.00 (392.90)0.000 0.407 AA 347628 LC-PF-2 Sales Tax Revenue Bond 2925A3GH5 CP Enbridge Energy Partners, L.P.07/17/2014 06/19/2014 6,500,000.00 6,498,878.75 ---6,499,005.50 (214.50)0.000 0.345 AA 347628 LC-PF-2 Sales Tax Revenue Bond 84757BG73 CP SPECTRA ENERGY PARTNERS LP 07/07/2014 06/02/2014 8,000,000.00 7,998,008.88 ---7,999,304.00 (322.67)0.000 0.523 AA 347628 LC-PF-2 Sales Tax Revenue Bond 88355MG27 CP Thermo Fisher Scientific Inc.07/02/2014 05/28/2014 4,000,000.00 3,999,133.32 ---3,999,788.00 (183.11)0.000 1.917 AA 347628 LC-PF-2 Sales Tax Revenue Bond 20279WG21 CP Commonwealth Edison Company 07/02/2014 06/16/2014 8,000,000.00 7,999,040.00 ---7,999,576.00 (364.00)0.000 1.917 AA 347628 LC-PF-2 Sales Tax Revenue Bond 27743KH78 CP Eastman Chemical Company 08/07/2014 06/17/2014 8,000,000.00 7,996,940.00 ---7,997,528.00 (252.00)0.000 0.301 AA 347628 LC-PF-2 Sales Tax Revenue Bond 42823KG22 CP Hewlett-Packard Company 07/02/2014 05/29/2014 8,000,000.00 7,998,324.48 ---7,999,576.00 (366.22)0.000 1.917 AA 347628 LC-PF-2 Sales Tax Revenue Bond 2574P1G97 CP Dominion Resources, Inc.07/09/2014 06/09/2014 7,000,000.00 6,998,747.77 ---6,999,300.00 (342.22)0.000 0.451 AA 347628 LC-PF-2 Sales Tax Revenue Bond 60920WG12 CP Mondelez International, Inc.07/01/2014 04/01/2014 5,000,000.00 4,996,081.95 ---4,999,765.00 (235.00)0.000 1.699 AA 347628 LC-PF-2 Sales Tax Revenue Bond 233851AG9 Corporate Daimler Finance North America LLC 09/15/2014 07/08/2013 2,400,000.00 2,428,301.60 ---2,407,440.00 2,460.86 1.875 0.384 A 347628 LC-PF-2 Sales Tax Revenue Bond 94974BET3 Corporate Wells Fargo & Company 10/01/2014 07/03/2013 3,500,000.00 3,628,730.00 ---3,530,135.00 3,703.31 3.750 0.338 AA 347628 LC-PF-2 Sales Tax Revenue Bond 78387GAP8 Corporate AT&T Inc.09/15/2014 07/03/2013 6,504,000.00 6,842,273.04 ---6,560,649.84 (2,535.54)5.100 0.898 A 347628 LC-PF-2 Sales Tax Revenue Bond 0258M0CZ0 Corporate American Express Credit Corporation 08/25/2014 07/03/2013 6,124,000.00 6,430,200.00 ---6,167,664.12 2,320.09 5.125 0.447 A 347628 LC-PF-2 Sales Tax Revenue Bond 38141GCM4 Corporate The Goldman Sachs Group, Inc.11/15/2014 07/08/2013 2,000,000.00 2,116,560.00 ---2,037,420.00 4,982.70 5.500 0.498 A 347628 LC-PF-2 Sales Tax Revenue Bond 36962GK86 Corporate General Electric Capital Corporation 09/15/2014 07/09/2013 5,000,000.00 5,243,950.00 ---5,045,850.00 2,882.34 4.750 0.341 AA 347628 LC-PF-2 Sales Tax Revenue Bond 74432QAE5 Corporate Prudential Financial, Inc.09/20/2014 07/09/2013 2,686,000.00 2,820,407.44 ---2,713,424.06 2,460.19 5.100 0.493 A 347628 LC-PF-2 Sales Tax Revenue Bond 00279VCA1 Corporate Abbey National Treasury Services PLC 11/10/2014 07/05/2013 3,000,000.00 3,105,090.00 ---3,036,840.00 8,414.84 3.875 0.466 A 347628 LC-PF-2 Sales Tax Revenue Bond 020002AR2 Corporate The Allstate Corporation 08/15/2014 07/05/2013 5,870,000.00 6,141,957.10 ---5,904,456.90 3,571.70 5.000 0.297 A 347628 LC-PF-2 Sales Tax Revenue Bond 36962G4G6 Corporate General Electric Capital Corporation 11/14/2014 07/08/2013 3,000,000.00 3,118,200.00 ---3,038,970.00 6,296.63 3.750 0.256 AA 347628 LC-PF-2 Sales Tax Revenue Bond 929903AJ1 Corporate Wells Fargo & Company 08/01/2014 07/05/2013 3,911,000.00 4,091,336.21 ---3,925,822.69 193.79 5.250 0.828 A 347628 LC-PF-2 Sales Tax Revenue Bond 61747C715 MM Fund Morgan Stanley Institutional Liquidity Funds 06/30/2014 06/27/2014 0.00 488,505.76 ---488,505.76 0.00 0.040 0.040 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 407288YD5 Muni Hamilton, County of 12/01/2015 07/18/2013 6,645,000.00 6,645,000.00 ---6,674,703.15 29,703.15 0.803 0.487 AA 347628 LC-PF-2 Sales Tax Revenue Bond 64468EAZ3 Muni Labor, New Hampshire Department of 11/01/2020 07/03/2013 3,200,000.00 3,200,000.00 07/01/2014 3,200,000.00 0.00 0.130 ---AA 347628 LC-PF-2 Sales Tax Revenue Bond 64468EAY6 VRDN Labor, New Hampshire Department of 11/01/2020 11/04/2013 4,190,000.00 4,190,000.00 07/01/2014 4,190,000.00 0.00 0.130 0.130 AA 207,637,360.71 205091001 LC-2013 A Capitalized Interest 31398AZV7 Agency Federal National Mortgage Association 11/20/2014 06/30/2014 1,100,000.00 1,110,808.60 ---1,110,681.00 (52.02)2.625 0.127 AAA 205091001 LC-2013 A Capitalized Interest 3134A4UU6 Agency Federal Home Loan Mortgage Corporation 07/15/2014 06/04/2014 200,000.00 201,124.88 ---200,380.00 (4.11)5.000 0.429 AAA 205091001 LC-2013 A Capitalized Interest 313385N51 Agency Federal Home Loan Banks Office of Finance 11/07/2014 06/13/2014 500,000.00 499,830.00 ---499,890.00 42.30 0.000 0.062 AAA 205091001 LC-2013 A Capitalized Interest 31392FPP6 Agency CMO Federal National Mortgage Association 11/25/2017 07/15/2013 307,128.40 325,268.17 ---322,884.09 1,045.63 5.000 0.705 AAA 205091001 LC-2013 A Capitalized Interest 31392HWL3 Agency CMO Federal National Mortgage Association 02/25/2018 07/12/2013 69,937.64 73,827.92 ---73,794.00 688.56 5.000 0.720 AAA 205091001 LC-2013 A Capitalized Interest 31392F6C6 Agency CMO Federal National Mortgage Association 12/25/2017 07/09/2013 468,239.97 496,700.18 ---492,752.33 1,453.88 5.000 0.709 AAA 205091001 LC-2013 A Capitalized Interest 31392BVM5 Agency CMO Federal National Mortgage Association 02/25/2017 07/11/2013 158,768.08 167,599.56 ---165,596.70 239.19 5.500 0.599 AAA 205091001 LC-2013 A Capitalized Interest 3136ACGF2 Agency CMO Federal National Mortgage Association 02/25/2016 07/15/2013 2,280,380.55 2,286,081.50 ---2,295,659.10 12,001.40 1.083 0.601 AAA 205091001 LC-2013 A Capitalized Interest 3137ANLP8 Agency CMO Federal Home Loan Mortgage Corporation 11/25/2016 07/08/2013 3,070,000.00 3,100,460.16 ---3,121,269.00 31,076.87 1.655 0.838 AAA 205091001 LC-2013 A Capitalized Interest 31393V2T7 Agency CMO Federal Home Loan Mortgage Corporation 06/15/2018 07/08/2013 1,108,053.40 1,171,939.60 ---1,163,999.02 2,375.75 4.500 0.829 AAA 205091001 LC-2013 A Capitalized Interest 31393EXC8 Agency CMO Federal National Mortgage Association 09/25/2018 07/24/2013 575,052.33 607,938.14 ---604,868.79 1,975.42 4.500 0.845 AAA 205091001 LC-2013 A Capitalized Interest 3136A4M89 Agency CMO Federal National Mortgage Association 01/25/2019 07/05/2013 651,565.16 655,713.80 ---661,397.28 6,539.52 1.934 1.434 AAA 205091001 LC-2013 A Capitalized Interest 3136A8G38 Agency CMO Federal National Mortgage Association 08/25/2017 07/08/2013 2,915,361.58 2,872,314.45 ---2,931,949.99 51,219.78 1.246 1.019 AAA 205091001 LC-2013 A Capitalized Interest 38376GWZ9 Agency MBS The Government National Mortgage Association Guara 08/16/2031 07/11/2013 2,533,732.99 2,535,514.52 ---2,543,437.19 10,260.74 1.864 0.971 AAA 205091001 LC-2013 A Capitalized Interest 3132FEAK7 Agency MBS Federal Home Loan Mortgage Corporation 12/01/2017 07/03/2013 295,914.03 313,576.40 ---314,112.74 3,363.68 5.000 0.100 AAA 205091001 LC-2013 A Capitalized Interest 31401MWC1 Agency MBS Federal National Mortgage Association 06/01/2018 07/12/2013 1,175,893.20 1,253,796.13 ---1,248,680.99 13,091.83 4.500 0.346 AAA 205091001 LC-2013 A Capitalized Interest 3128GNR59 Agency MBS Federal Home Loan Mortgage Corporation 10/01/2016 07/05/2013 404,514.39 428,532.44 ---417,709.65 (3,939.83)6.000 2.244 AAA 205091001 LC-2013 A Capitalized Interest 36200AFG9 Agency MBS Government National Mortgage Association 11/15/2017 07/09/2013 92,046.61 98,087.16 ---97,604.38 438.50 5.500 0.550 AAA 205091001 LC-2013 A Capitalized Interest 31294LPZ0 Agency MBS Federal Home Loan Mortgage Corporation 12/01/2016 07/05/2013 292,228.64 308,940.46 ---306,363.74 769.00 6.000 0.777 AAA 205091001 LC-2013 A Capitalized Interest 3128H4NR6 Agency MBS Federal Home Loan Mortgage Corporation 05/01/2018 07/16/2013 150,452.55 159,385.67 ---159,705.38 1,838.05 5.000 0.389 AAA 205091001 LC-2013 A Capitalized Interest 3128PHVS7 Agency MBS Federal Home Loan Mortgage Corporation 11/01/2019 07/16/2013 151,127.44 159,250.55 ---160,421.78 2,353.14 5.000 0.098 AAA 205091001 LC-2013 A Capitalized Interest 31402QT68 Agency MBS Federal National Mortgage Association 10/01/2019 07/11/2013 466,344.70 503,798.01 ---495,239.42 (3,202.87)6.000 1.649 AAA 205091001 LC-2013 A Capitalized Interest 3128MBTH0 Agency MBS Federal Home Loan Mortgage Corporation 03/01/2019 07/26/2013 183,178.88 194,169.61 ---194,444.38 1,640.12 5.000 0.791 AAA 205091001 LC-2013 A Capitalized Interest 31410GSQ7 Agency MBS Federal National Mortgage Association 12/01/2017 07/05/2013 253,278.06 271,957.32 ---268,745.75 586.90 6.000 0.772 AAA 205091001 LC-2013 A Capitalized Interest 3128PGLY7 Agency MBS Federal Home Loan Mortgage Corporation 05/01/2017 07/17/2013 372,991.52 393,039.82 ---395,930.50 8,005.60 5.000 -0.367 AAA 205091001 LC-2013 A Capitalized Interest 36290WH47 Agency MBS Government National Mortgage Association 09/15/2018 07/18/2013 1,565,725.88 1,663,583.76 ---1,648,850.27 (3,666.88)4.500 1.055 AAA 205091001 LC-2013 A Capitalized Interest 31402RBG3 Agency MBS Federal National Mortgage Association 09/01/2019 ---504,130.79 540,702.66 ---531,258.07 (3,367.97)6.000 1.591 AAA 205091001 LC-2013 A Capitalized Interest 78008K5V1 Corporate Royal Bank of Canada 04/19/2016 07/08/2013 2,000,000.00 2,099,900.00 ---2,079,200.00 13,987.32 2.875 0.661 AA 205091001 LC-2013 A Capitalized Interest 89153VAC3 Corporate Total Capital International 06/28/2017 07/08/2013 160,000.00 157,765.60 ---162,291.20 3,992.86 1.550 1.063 AA 205091001 LC-2013 A Capitalized Interest 89114QAE8 Corporate The Toronto-Dominion Bank 10/19/2016 07/08/2013 750,000.00 776,452.50 ---776,235.00 7,521.44 2.375 0.838 AA 205091001 LC-2013 A Capitalized Interest 822582AC6 Corporate Shell International Finance B.V.03/22/2017 07/08/2013 400,000.00 449,936.00 ---444,480.00 7,365.57 5.200 1.053 AA 205091001 LC-2013 A Capitalized Interest 44328MAL8 Corporate HSBC Bank PLC 05/24/2016 ---3,625,000.00 3,799,301.25 ---3,788,125.00 46,971.28 3.100 0.711 AA 205091001 LC-2013 A Capitalized Interest 21685WBL0 Corporate Rabobank Nederland 10/13/2015 07/03/2013 1,505,000.00 1,543,467.80 ---1,538,365.85 11,414.20 2.125 0.395 AA 205091001 LC-2013 A Capitalized Interest 59217GAV1 Corporate Metropolitan Life Global Funding I 06/29/2015 07/31/2013 545,000.00 553,763.60 ---551,054.95 1,449.46 1.700 0.581 AA 205091001 LC-2013 A Capitalized Interest 21686CAD2 Corporate Rabobank Nederland 01/19/2017 ---2,000,000.00 2,103,900.00 ---2,117,920.00 41,889.48 3.375 1.029 AA 205091001 LC-2013 A Capitalized Interest 90327QCW7 Corporate USAA Capital Corporation 12/13/2016 07/11/2013 4,000,000.00 4,145,440.00 ---4,123,080.00 17,880.81 2.250 0.977 AA 205091001 LC-2013 A Capitalized Interest 89233P6J0 Corporate Toyota Motor Credit Corporation 07/17/2015 07/03/2013 5,000,000.00 5,014,650.00 ---5,029,500.00 21,908.04 0.875 0.310 AA 205091001 LC-2013 A Capitalized Interest 037833AF7 Corporate Apple Inc.05/03/2016 07/31/2013 3,000,000.00 3,000,840.00 ---3,001,200.00 636.65 0.273 0.255 AA 29 Page 9 of 21 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 STAMP Portfolio by Account for quarter ended June 30, 2014 205091001 LC-2013 A Capitalized Interest 742718DV8 Corporate The Procter & Gamble Company 08/15/2016 07/10/2013 1,240,000.00 1,256,033.20 ---1,260,336.00 9,234.78 1.450 0.671 AA 205091001 LC-2013 A Capitalized Interest 459200GX3 Corporate International Business Machines Corporation 07/22/2016 07/10/2013 465,000.00 477,936.30 ---477,192.30 3,332.64 1.950 0.667 AA 205091001 LC-2013 A Capitalized Interest 9AMMF05B2 MM Fund U.S. Bank Money Market Account Fund 06/30/2014 ---0.00 175,273.73 ---175,273.73 0.00 0.000 0.000 NA 205091001 LC-2013 A Capitalized Interest 407288YD5 Muni Hamilton, County of 12/01/2015 07/18/2013 2,080,000.00 2,080,000.00 ---2,089,984.00 9,984.00 0.803 0.463 AA 205091001 LC-2013 A Capitalized Interest 235219JS2 Muni Dallas, City of 02/15/2017 07/10/2013 2,135,000.00 2,135,000.00 ---2,193,007.95 58,007.95 1.589 0.545 AA 205091001 LC-2013 A Capitalized Interest 64966H4E7 Muni New York, City of 10/01/2017 07/12/2013 1,170,000.00 1,238,222.70 ---1,239,849.00 16,676.47 3.140 1.261 AA 205091001 LC-2013 A Capitalized Interest 184126YS3 Muni Clayton County Water Authority 05/01/2017 07/11/2013 770,000.00 755,939.80 ---777,399.70 17,999.45 1.300 0.956 AA 205091001 LC-2013 A Capitalized Interest 912828WK2 US Gov Treasury, United States Department of 01/31/2016 04/28/2014 11,500,000.00 11,496,312.05 ---11,499,770.00 3,096.05 0.070 0.072 AAA 205091001 LC-2013 A Capitalized Interest 912828VG2 US Gov Treasury, United States Department of 06/15/2016 07/05/2013 5,000,000.00 4,973,632.81 ---5,006,250.00 23,868.15 0.500 0.436 AAA 205091001 LC-2013 A Capitalized Interest 912828SY7 US Gov Treasury, United States Department of 05/31/2017 07/05/2013 3,900,000.00 3,828,550.78 ---3,874,104.00 27,846.30 0.625 0.856 AAA 205091001 LC-2013 A Capitalized Interest 912828UA6 US Gov Treasury, United States Department of 11/30/2017 07/05/2013 1,750,000.00 1,700,507.81 ---1,723,207.50 11,893.19 0.625 1.082 AAA 205091001 LC-2013 A Capitalized Interest 912828RU6 US Gov Treasury, United States Department of 11/30/2016 07/05/2013 6,900,000.00 6,893,800.78 ---6,942,573.00 46,992.93 0.875 0.617 AAA 83,298,024.71 30 Page 10 of 21 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 347621 LC-Sr Lien Reserve Fund-1 61747C715 MORGAN STANLEY LIQ PRIM 1,850.11 719,173.70 (657,234.23) - - - - - 63,789.58 - 347621 LC-Sr Lien Reserve Fund-1 3137EACA5 FREDDIE MAC 872,600.00 - - - - - (3,160.30) 9,768.30 879,208.00 7,833.33 347621 LC-Sr Lien Reserve Fund-1 38376LE39 GNR 2011-104 BN 43,254.12 - - - (13,368.07) (105.33) (78.60) (317.06) 29,385.06 96.27 347621 LC-Sr Lien Reserve Fund-1 31395EZP5 FHR 2835 MD 197,472.51 - - - (14,626.84) (767.23) (428.80) 99.51 181,749.15 642.48 347621 LC-Sr Lien Reserve Fund-1 912828WK2 US TREASURY FRN 149,916.00 - - - - - 8.33 72.67 149,997.00 19.00 347621 LC-Sr Lien Reserve Fund-1 912828KQ2 US TREASURY N/B 533,320.00 - - - - - (1,640.90) 4,530.90 536,210.00 1,995.58 347621 LC-Sr Lien Reserve Fund-1 31398VWC6 FHR 3653 AT 212,263.49 - - - (52,630.15) (685.06) (784.19) 225.36 158,389.44 915.48 347621 LC-Sr Lien Reserve Fund-1 3128MMAK9 FG G18009 264,138.53 - - - (19,053.45) (1,112.99) (566.93) 765.02 244,170.19 958.10 347621 LC-Sr Lien Reserve Fund-1 31417YKF3 FN MA0293 233,148.74 - - - (10,060.38) (564.06) (118.51) 3,599.21 226,005.00 777.66 347621 LC-Sr Lien Reserve Fund-1 31294KZL2 FG E01647 84,135.40 - - - (8,200.20) (668.68) (329.18) 865.71 75,803.05 237.84 347621 LC-Sr Lien Reserve Fund-1 38377RVK8 GNR 2010-166 GP 161,234.37 - - - (7,956.13) (175.54) (67.98) 412.47 153,447.18 371.39 347621 LC-Sr Lien Reserve Fund-1 3136AEYG6 FNA 2013-M9 ASQ2 170,066.81 - - - - - (84.57) 2,033.11 172,015.35 258.51 347621 LC-Sr Lien Reserve Fund-1 3137ASNH3 FHMS K019 A1 446,400.78 - - - (10,039.98) 204.33 317.03 5,852.67 442,734.82 541.89 347621 LC-Sr Lien Reserve Fund-1 31395K5G4 FHR 2898 PE 29,540.48 - - - (12,388.84) (79.55) (73.40) (4.51) 16,994.19 70.55 347621 LC-Sr Lien Reserve Fund-1 31416YXJ2 FN AB3380 85,591.07 - - - (3,191.10) (145.07) (100.57) 1,000.07 83,154.40 228.57 347621 LC-Sr Lien Reserve Fund-1 3136A7MJ8 FNA 2012-M8 ASQ2 174,570.38 - - - - - 137.41 1,372.32 176,080.10 221.73 347621 LC-Sr Lien Reserve Fund-1 3137EADB2 FREDDIE MAC 538,719.50 - - - - - 551.68 9,645.32 548,916.50 6,095.83 347621 LC-Sr Lien Reserve Fund-1 31398AXJ6 FANNIE MAE 150,441.00 - - (150,000.00) - 0.00 (438.63) (2.38) - - 347621 LC-Sr Lien Reserve Fund-1 912828VB3 US TREASURY N/B 3,242,421.00 - - - - - 5,615.82 67,121.18 3,315,158.00 7,822.69 347621 LC-Sr Lien Reserve Fund-1 3137AUPE3 FHMS K021 A2 223,558.56 - - - - - 359.66 7,757.95 231,676.16 469.22 347621 LC-Sr Lien Reserve Fund-1 38377DPX8 GNR 2010-101 NC 86,559.26 - - - (9,714.43) (425.01) (326.00) 504.76 76,598.58 156.46 347621 LC-Sr Lien Reserve Fund-1 31418AFW3 FN MA1080 346,973.52 - - - (17,689.31) (535.98) (307.59) 2,367.15 330,807.79 790.76 347621 LC-Sr Lien Reserve Fund-1 38377UN20 GNR 2011-62 PA 407,915.10 - - - (32,042.60) (524.03) (305.21) 696.87 375,740.12 913.97 347621 LC-Sr Lien Reserve Fund-1 38377UN20 GNR 2011-62 PA - 77,634.19 - - - - (24.68) (2,461.49) 75,148.02 182.79 347621 LC-Sr Lien Reserve Fund-1 3135G0KB8 FANNIE MAE 175,187.25 - - (175,000.00) - (0.00) (132.05) (55.19) - - 347621 LC-Sr Lien Reserve Fund-1 3137B6ZL8 FHMS K714 A1 60,065.80 - - - (1,315.56) (24.87) (63.69) 461.59 59,123.26 99.95 347621 LC-Sr Lien Reserve Fund-1 3137AEV77 FHMS K703 A2 260,176.56 - - - - - (391.14) 1,793.47 261,578.90 564.54 347621 LC-Sr Lien Reserve Fund-1 3136A4M48 FNA 2012-M3 1A1 433,893.07 - - - (9,784.42) (22.47) (53.46) 3,774.22 427,806.95 737.91 347621 LC-Sr Lien Reserve Fund-1 31392JJ83 FNR 2003-17 HC 59,516.10 - - - (6,621.97) (306.36) (138.85) (92.41) 52,356.52 206.65 347621 LC-Sr Lien Reserve Fund-1 3137A7JU5 FHMS K701 A2 348,283.00 - - - - - (1,558.65) 3,919.45 350,643.80 1,051.38 347621 LC-Sr Lien Reserve Fund-1 31404WTT3 FN 780962 159,202.76 - - - (15,106.75) (1,626.42) (812.96) 1,874.18 143,530.81 506.78 347621 LC-Sr Lien Reserve Fund-1 912833KR0 STRIPS 357,401.40 - - - - - 1,328.26 2,612.34 361,342.00 - 347621 LC-Sr Lien Reserve Fund-1 31397QUQ9 FNR 2011-6 BA 207,942.43 - - - (17,702.71) (1,021.52) (668.85) 1,348.24 189,897.60 421.61 347621 LC-Sr Lien Reserve Fund-1 38377JZ89 GNR 2010-117 GK 242,589.89 - - - (12,203.94) (359.34) (106.57) 7,161.03 237,081.08 656.82 347621 LC-Sr Lien Reserve Fund-1 3138EJ6V5 FN AL2683 189,749.93 - - - (8,240.37) (494.62) (205.08) 2,226.48 183,036.34 569.47 347621 LC-Sr Lien Reserve Fund-1 3137AQT24 FHMS K708 A2 170,851.87 - - - - - (66.25) 1,818.61 172,604.23 301.75 347621 LC-Sr Lien Reserve Fund-1 38378TAF7 GNR 2013-71 GA 284,883.17 - - - (4,857.29) 0.34 (8.95) 2,039.28 282,056.54 583.88 347621 LC-Sr Lien Reserve Fund-1 3136G1QA0 FANNIE MAE - 200,376.00 - - - - (258.26) 22.26 200,140.00 883.33 347621 LC-Sr Lien Reserve Fund-1 912828VK3 US TREASURY N/B 3,483,595.50 - - - - - 800.16 23,549.34 3,507,945.00 130.77 347621 LC-Sr Lien Reserve Fund-1 31385XBG1 FN 555439 45,154.83 - - - (4,939.33) (278.36) (176.17) 106.25 39,867.22 189.83 347621 LC-Sr Lien Reserve Fund-1 3137B03W2 FHMS K502 A2 45,223.56 - - - - - (0.49) 157.09 45,380.16 53.48 347621 LC-Sr Lien Reserve Fund-1 3137A7E22 FHR 3804 DA 396,758.04 - - - (25,241.74) (766.12) (425.03) 643.07 370,968.22 1,042.72 347621 LC-Sr Lien Reserve Fund-1 3135G0JA2 FANNIE MAE 125,626.25 - - - - - (69.20) 72.95 125,630.00 250.00 347621 LC-Sr Lien Reserve Fund-1 3135G0JA2 FANNIE MAE 452,254.50 - - - - - 65.70 (52.20) 452,268.00 900.00 347621 LC-Sr Lien Reserve Fund-1 912828TJ9 US TREASURY N/B 534,660.30 - - - - - 983.51 10,246.82 545,890.63 3,510.36 347621 LC-Sr Lien Reserve Fund-1 313381H24 FEDERAL HOME LOAN BANK 530,461.10 - - - - - (71.60) (7.90) 530,381.60 607.29 347621 LC-Sr Lien Reserve Fund-1 313381H24 FEDERAL HOME LOAN BANK 250,217.50 - - - - - (42.33) 4.83 250,180.00 286.46 347621 LC-Sr Lien Reserve Fund-1 3136A72D3 FNA 2012-M9 A2 378,361.81 - - - - - 492.84 12,530.71 391,385.36 816.99 347621 LC-Sr Lien Reserve Fund-1 38378CRT6 GNR 2012-13 EG - 144,668.40 - - (1,787.16) 62.04 (26.94) 1,374.46 144,290.79 246.72 347621 LC-Sr Lien Reserve Fund-1 31394DVM9 FNR 2005-43 PB - 276,525.79 - - - - 337.18 (471.54) 276,391.43 1,089.70 Subtotal - 347621 LC-Sr Lien Reserve Fund-1 17,848,147.33 1,418,378.08 (657,234.23) (325,000.00) (318,762.72) (10,421.91) (3,115.00) 192,962.54 18,144,954.10 47,308.51 347623 LC-Sr Lien Ob Fund-1 Interest 61747C715 MORGAN STANLEY LIQ PRIM 53,593.70 5,122,688.25 (4,963,010.57) - - - - - 213,271.38 - 347623 LC-Sr Lien Ob Fund-1 Interest 2574P1EC2 Dominion Resources, Inc.- 999,927.78 - (1,000,000.00) - - 72.22 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 61746BDG8 MORGAN STANLEY 506,450.00 - - - - - 310.15 339.85 507,100.00 3,062.50 347623 LC-Sr Lien Ob Fund-1 Interest 19648CAC5 CO HSG & FIN-B-TXBL 930,465.00 - - (930,000.00) - - (418.18) (46.82) - - 347623 LC-Sr Lien Ob Fund-1 Interest 78387GAP8 AT&T INC 1,327,235.00 - - - - - (14,164.62) (1,747.38) 1,311,323.00 19,521.67 347623 LC-Sr Lien Ob Fund-1 Interest 02580ECC5 AMERICAN EXPRESS BK FSB 287,092.50 - - - - - (2,189.55) 797.05 285,700.00 4,500.00 347623 LC-Sr Lien Ob Fund-1 Interest 27743KF96 Eastman Chemical Company - 999,828.89 - (1,000,000.00) - - 171.11 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 31385JLF3 FN 545826 364,059.97 - - - (42,461.50) (2,549.38) (1,499.49) 1,254.50 318,804.10 1,519.79 347623 LC-Sr Lien Ob Fund-1 Interest 03741PEL2 Apache Corporation - 499,978.61 - (500,000.00) - - 21.39 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 2925A3F60 Enbridge Energy Partners, L.P.- 599,900.33 - (600,000.00) - - 99.67 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 48121CYK6 JP MORGAN CHASE BANK N 341,736.00 - - - - - (2,367.12) 1,872.12 341,241.00 4,500.00 347623 LC-Sr Lien Ob Fund-1 Interest 01854WEK6 AllianceBernstein L.P.- 749,992.50 - (750,000.00) - - 7.50 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 00279VCA1 ABBEY NATL TREASURY SER 1,020,430.00 - - - - - (6,561.23) (1,588.77) 1,012,280.00 5,489.58 347623 LC-Sr Lien Ob Fund-1 Interest 74977RBQ6 RABOBANK NEDERLAND 456,983.80 - - (455,000.00) - (0.00) (2,142.33) 158.53 - - 347623 LC-Sr Lien Ob Fund-1 Interest 263534BX6 E.I. DU PONT DE NEMOURS 987,933.50 - - - - - (9,465.44) (6.06) 978,462.00 13,286.81 347623 LC-Sr Lien Ob Fund-1 Interest 3137ASNH3 FHMS K019 A1 446,400.78 - - - (10,039.98) 239.61 373.70 5,760.72 442,734.82 541.89 347623 LC-Sr Lien Ob Fund-1 Interest 47787BAC9 JDOT 2012-A A3 505,754.00 - - - (154,020.09) (79.59) (53.87) (126.72) 351,473.73 117.01 347623 LC-Sr Lien Ob Fund-1 Interest 37790BG70 Glencore Funding LLC - 699,846.00 - - - - 115.50 (22.40) 699,939.10 - 347623 LC-Sr Lien Ob Fund-1 Interest 2574P1G30 Dominion Resources, Inc.- 999,835.00 - - - - 152.78 (47.78) 999,940.00 - 347623 LC-Sr Lien Ob Fund-1 Interest 3137ANLP8 FHMS K501 A2 944,282.01 - - - - - (801.17) 2,049.23 945,530.07 1,282.63 STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2014 ATTACHMENT 4 31 Page 11 of 21 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 STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2014 347623 LC-Sr Lien Ob Fund-1 Interest 13638XD80 Canadian Natural Resources Limi 874,929.13 - - (875,000.00) - - 45.94 24.94 - - 347623 LC-Sr Lien Ob Fund-1 Interest 05635NF48 Bacardi Corporation - 999,883.33 - (1,000,000.00) - - 116.67 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 27743KH78 Eastman Chemical Company - 1,199,532.00 - - - - 135.00 (37.80) 1,199,629.20 - 347623 LC-Sr Lien Ob Fund-1 Interest 3136A4M89 FNA 2012-M3 2A1 205,877.83 - - - (4,423.73) (23.29) (63.84) 1,807.56 203,174.53 322.58 347623 LC-Sr Lien Ob Fund-1 Interest 3136A8G38 FNA 2012-M13 ASQ2 899,374.26 - - - (17,499.86) 219.94 642.19 5,446.41 888,182.94 917.01 347623 LC-Sr Lien Ob Fund-1 Interest 57163UFG6 Marriott International, Inc.- 999,795.56 - (1,000,000.00) - - 204.44 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 2574P1FC1 Dominion Resources, Inc.- 999,822.78 - (1,000,000.00) - - 177.22 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 233851AT1 DAIMLER FINANCE NA LLC 502,805.00 - - - - - 200.18 1,354.82 504,360.00 2,951.39 347623 LC-Sr Lien Ob Fund-1 Interest 94980VAF5 WELLS FARGO BANK NA 995,230.00 - - - - - 1,041.00 1,409.00 997,680.00 556.28 347623 LC-Sr Lien Ob Fund-1 Interest 48121CJM9 JP MORGAN CHASE BANK N 497,440.00 - - - - - 618.51 156.49 498,215.00 139.95 347623 LC-Sr Lien Ob Fund-1 Interest 407288YD5 HAMILTON SWR-B-REF 632,545.20 - - - - - - 270.90 632,816.10 421.58 347623 LC-Sr Lien Ob Fund-1 Interest 60920WGM6 Mondelez International, Inc.- 699,755.00 - - - - 128.33 (9.33) 699,874.00 - 347623 LC-Sr Lien Ob Fund-1 Interest 38143USC6 GOLDMAN SACHS GROUP IN 628,368.00 - - - - - (2,702.63) (297.37) 625,368.00 8,700.00 347623 LC-Sr Lien Ob Fund-1 Interest 57163UEF9 Marriott International, Inc.- 874,793.16 - (875,000.00) - - 206.84 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 235219JS2 DALLAS-B-REF-TXBL 658,573.50 - - - - - - 1,878.50 660,452.00 3,901.88 347623 LC-Sr Lien Ob Fund-1 Interest 44890NHM5 Hyundai Capital America - 999,458.33 - - - - 187.50 (97.83) 999,548.00 - 347623 LC-Sr Lien Ob Fund-1 Interest 912828VG2 US TREASURY N/B 2,198,625.00 - (2,200,515.63) - - 8,947.20 302.20 (7,358.77) - - 347623 LC-Sr Lien Ob Fund-1 Interest 37790BEE7 Glencore Funding LLC - 549,839.58 - (550,000.00) - - 160.42 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 172967FD8 CITIGROUP INC 641,095.82 - - - - - (4,791.99) 119.45 636,423.28 3,402.58 347623 LC-Sr Lien Ob Fund-1 Interest 912828RX0 US TREASURY N/B 952,226.80 - - - - - 361.59 2,380.11 954,968.50 22.59 347623 LC-Sr Lien Ob Fund-1 Interest 912828SY7 US TREASURY N/B 2,965,314.00 - (2,975,800.78) - - 18,974.42 1,642.39 (10,130.03) - - 347623 LC-Sr Lien Ob Fund-1 Interest 88731JG94 Time Warner Cable Inc.- 474,901.04 - - - - 72.57 (21.11) 474,952.50 - 347623 LC-Sr Lien Ob Fund-1 Interest 59217GAC3 MET LIFE GLOB FUNDING I 760,024.40 - - - - - (2,921.84) 960.84 758,063.40 4,727.78 347623 LC-Sr Lien Ob Fund-1 Interest 928670AJ7 VOLKSWAGEN INTL FIN NV 606,816.00 - - - - - (1,051.22) 19.22 605,784.00 2,681.25 347623 LC-Sr Lien Ob Fund-1 Interest 89233P6J0 TOYOTA MOTOR CREDIT CO 804,568.00 - - - - - (290.91) 442.91 804,720.00 3,188.89 347623 LC-Sr Lien Ob Fund-1 Interest 1248C3EF7 CBS Corporation - 999,902.22 - (1,000,000.00) - - 97.78 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 38144LAB6 GOLDMAN SACHS GROUP IN 342,591.00 - - - - - (1,277.96) 224.96 341,538.00 6,250.00 347623 LC-Sr Lien Ob Fund-1 Interest 767201AM8 RIO TINTO FIN USA LTD 619,434.00 - - - - - (1,503.23) 1,389.23 619,320.00 1,708.33 347623 LC-Sr Lien Ob Fund-1 Interest 36962G3H5 GENERAL ELEC CAP CORP 340,383.00 - - - - - (2,316.00) 1,542.30 339,609.30 4,968.75 347623 LC-Sr Lien Ob Fund-1 Interest 31393V2T7 FHR 2627 GY 396,215.16 - - - (39,734.33) (1,992.71) (941.46) (10.80) 353,535.86 1,262.04 347623 LC-Sr Lien Ob Fund-1 Interest 31393EXC8 FNR 2003-88 TH 74,233.66 - - - (6,528.63) (328.96) (188.99) 20.25 67,207.32 239.61 347623 LC-Sr Lien Ob Fund-1 Interest 69349LAL2 PNC BANK NA 500,225.00 - - - - - 73.30 (98.30) 500,200.00 478.28 347623 LC-Sr Lien Ob Fund-1 Interest 78355BDV1 Ryder System, Inc.199,957.80 - - (200,000.00) - - 31.11 11.09 - - 347623 LC-Sr Lien Ob Fund-1 Interest 36162WAC1 GEET 2013-1 A3 925,530.95 - - - - - 390.65 752.65 926,674.25 124.10 347623 LC-Sr Lien Ob Fund-1 Interest 912828UA6 US TREASURY N/B 1,417,708.50 - (197,312.50) - - 1,848.14 2,171.87 6,443.99 1,230,860.00 661.71 347623 LC-Sr Lien Ob Fund-1 Interest 05565QCC0 BP CAPITAL MARKETS PLC 298,809.00 - - - - - 437.55 1,175.25 300,421.80 630.21 347623 LC-Sr Lien Ob Fund-1 Interest 65339NEE0 NextEra Energy Capital Holdings - 999,908.33 - (1,000,000.00) - - 91.67 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 21685WCG0 RABOBANK NEDERLAND 545,070.85 - - (545,000.00) - 0.00 (86.53) 15.68 - - 347623 LC-Sr Lien Ob Fund-1 Interest 17181BEG1 Cigna Corporation - 993,887.35 - (994,000.00) - - 112.65 - - - 347623 LC-Sr Lien Ob Fund-1 Interest 31402RBG3 FN 735439 165,784.01 - - - (18,772.23) (1,192.38) (573.28) (1,117.20) 144,128.92 683.85 347623 LC-Sr Lien Ob Fund-1 Interest 31402RBG3 FN 735439 12,901.48 - - - (1,460.87) (84.54) (40.68) (99.13) 11,216.26 53.22 Subtotal - 347623 LC-Sr Lien Ob Fund-1 Interest 28,835,073.59 21,463,476.04 (10,336,639.48) (14,274,000.00) (294,941.22) 23,978.46 (47,439.96) 17,214.92 25,386,722.36 102,815.72 347625 LC-Project Fund-2 Senior Lien 61747C715 MORGAN STANLEY LIQ PRIM 466,928.41 19,412,280.55 (19,772,293.65) - - - - - 106,915.31 - 347625 LC-Project Fund-2 Senior Lien 36162DAC3 GEEST 2011-2A A3 556,082.95 - - - (327,161.67) (592.23) (436.03) 48.38 227,941.40 86.64 347625 LC-Project Fund-2 Senior Lien 50104MF22 The Kroger Co.- 1,499,816.67 - (1,500,000.00) - - 183.33 - - - 347625 LC-Project Fund-2 Senior Lien 69430ME77 Pacific Gas and Electric Company - 1,299,958.83 - (1,300,000.00) - - 41.17 - - - 347625 LC-Project Fund-2 Senior Lien 1248C3FC3 CBS Corporation - 1,499,720.00 - (1,500,000.00) - - 280.00 - - - 347625 LC-Project Fund-2 Senior Lien 1248C3DN1 CBS Corporation - 1,499,816.67 - (1,500,000.00) - - 183.33 - - - 347625 LC-Project Fund-2 Senior Lien 44890NF21 Hyundai Capital America - 1,999,700.00 - (2,000,000.00) - - 300.00 - - - 347625 LC-Project Fund-2 Senior Lien 01854WDW1 AllianceBernstein L.P.- 1,499,967.50 - (1,500,000.00) - - 32.50 - - - 347625 LC-Project Fund-2 Senior Lien 66439UEN1 Northeast Utilities - 649,969.13 - (650,000.00) - - 30.87 - - - 347625 LC-Project Fund-2 Senior Lien 88355MEM5 Thermo Fisher Scientific Inc.- 999,862.78 - (1,000,000.00) - - 137.22 - - - 347625 LC-Project Fund-2 Senior Lien 2925A3EN4 Enbridge Energy Partners, L.P.- 999,848.33 - (1,000,000.00) - - 151.67 - - - 347625 LC-Project Fund-2 Senior Lien 91842MED0 VW Credit, Inc.- 1,999,930.00 - (2,000,000.00) - - 70.00 - - - 347625 LC-Project Fund-2 Senior Lien 19122XF21 Coca-Cola Refreshments USA, In - 1,499,866.67 - (1,500,000.00) - - 133.33 - - - 347625 LC-Project Fund-2 Senior Lien 65339NEF7 NextEra Energy Capital Holdings - 1,999,895.00 - (2,000,000.00) - - 105.00 - - - 347625 LC-Project Fund-2 Senior Lien 19122XE63 Coca-Cola Refreshments USA, In - 1,499,933.34 - (1,500,000.00) - - 66.66 - - - 347625 LC-Project Fund-2 Senior Lien 1248C3D27 CBS Corporation 999,955.00 - - (1,000,000.00) - - 6.11 38.89 - - 347625 LC-Project Fund-2 Senior Lien 2925A3DR6 Enbridge Energy Partners, L.P.1,499,722.50 - - (1,500,000.00) - - 310.00 (32.50) - - 347625 LC-Project Fund-2 Senior Lien 66439UED3 Northeast Utilities - 1,099,959.37 - (1,100,000.00) - - 40.63 - - - 347625 LC-Project Fund-2 Senior Lien 46625HHN3 JPMORGAN CHASE & CO 1,510,470.00 - - (1,500,000.00) - - (10,876.90) 406.90 - - 347625 LC-Project Fund-2 Senior Lien 19122XDU1 Coca-Cola Refreshments USA, In - 1,499,941.67 - (1,500,000.00) - - 58.33 - - - 347625 LC-Project Fund-2 Senior Lien 78355BG14 Ryder System, Inc.- 1,599,751.10 - - - - 248.90 (75.20) 1,599,924.80 - 347625 LC-Project Fund-2 Senior Lien 69430MGP5 Pacific Gas and Electric Company - 1,499,110.01 - - - - 669.99 (69.50) 1,499,710.50 - 347625 LC-Project Fund-2 Senior Lien 47787RAB6 JDOT 2012-B A2 6,127.40 - - - (6,127.32) (0.00) (0.36) 0.28 - - 347625 LC-Project Fund-2 Senior Lien 66439UE76 Northeast Utilities - 1,399,955.66 - (1,400,000.00) - - 44.34 - - - 347625 LC-Project Fund-2 Senior Lien 209111EW9 CONS EDISON CO OF NY 1,500,000.00 - - (1,500,000.00) - - - - - - 347625 LC-Project Fund-2 Senior Lien 92867KAC8 VWALT 2012-A A3 435,837.72 - - - (159,156.85) (292.80) (275.48) 14.24 276,126.84 73.33 347625 LC-Project Fund-2 Senior Lien 6362P3HN7 National Grid USA Service Comp - 1,699,233.11 - - - - 79.33 (99.54) 1,699,212.90 - 347625 LC-Project Fund-2 Senior Lien 693476BK8 PNC FUNDING CORP 1,003,550.00 - - (1,000,000.00) - (0.00) (3,637.24) 87.24 - - 347625 LC-Project Fund-2 Senior Lien 96332VF37 Whirlpool Corporation - 1,499,615.00 - (1,500,000.00) - - 385.00 - - - 32 Page 12 of 21 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 STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2014 347625 LC-Project Fund-2 Senior Lien 2925A3F60 Enbridge Energy Partners, L.P.- 499,916.95 - (500,000.00) - - 83.05 - - - 347625 LC-Project Fund-2 Senior Lien 2925A3F60 Enbridge Energy Partners, L.P.- 399,933.56 - (400,000.00) - - 66.44 - - - 347625 LC-Project Fund-2 Senior Lien 89236QAC5 TAOT 2011-B A3 410,580.30 - - - (224,093.93) (175.52) (127.23) 15.99 186,199.61 56.25 347625 LC-Project Fund-2 Senior Lien 25471KG89 Discovery Communications, LLC - 1,499,870.00 - - - - 60.00 (69.50) 1,499,860.50 - 347625 LC-Project Fund-2 Senior Lien 05333UED8 AutoZone, Inc.- 999,908.33 - (1,000,000.00) - - 91.67 - - - 347625 LC-Project Fund-2 Senior Lien 25153KDB0 Deutsche Bank Financial LLC - 599,989.50 - (600,000.00) - - 10.50 - - - 347625 LC-Project Fund-2 Senior Lien 3135G0YS6 FANNIE MAE 700,238.00 - - (700,000.00) - (0.00) (246.40) 8.40 - - 347625 LC-Project Fund-2 Senior Lien 78573FEW5 SABMiller Holdings Inc.- 1,299,877.23 - (1,300,000.00) - - 122.77 - - - 347625 LC-Project Fund-2 Senior Lien 90655KGE8 Union Electric Company - 1,699,692.98 - - - - 153.51 (72.59) 1,699,773.90 - 347625 LC-Project Fund-2 Senior Lien 05333UDM9 AutoZone, Inc.1,499,778.00 - - (1,500,000.00) - - 183.32 38.68 - - 347625 LC-Project Fund-2 Senior Lien 05634CGG5 Bacardi U.S.A., Inc.- 799,892.66 - - - - 30.67 (40.93) 799,882.40 - 347625 LC-Project Fund-2 Senior Lien 03741PF31 Apache Corporation - 1,399,965.78 - (1,400,000.00) - - 34.22 - - - 347625 LC-Project Fund-2 Senior Lien 05333UF54 AutoZone, Inc.- 1,499,808.33 - (1,500,000.00) - - 191.67 - - - 347625 LC-Project Fund-2 Senior Lien 03741PDR0 Apache Corporation - 1,499,963.34 - (1,500,000.00) - - 36.66 - - - 347625 LC-Project Fund-2 Senior Lien 78355BD33 Ryder System, Inc.1,499,923.50 - - (1,500,000.00) - - 17.50 59.00 - - 347625 LC-Project Fund-2 Senior Lien 2925A3GH5 Enbridge Energy Partners, L.P.- 1,699,706.75 - - - - 89.25 (56.10) 1,699,739.90 - 347625 LC-Project Fund-2 Senior Lien 44890NE55 Hyundai Capital America 1,999,480.00 - - (2,000,000.00) - - 396.66 123.34 - - 347625 LC-Project Fund-2 Senior Lien 63946EGB4 Comcast Corporation - 1,499,760.42 - - - - 143.75 (73.67) 1,499,830.50 - 347625 LC-Project Fund-2 Senior Lien 844730AG6 SOUTHTRUST CORP 650,098.72 - - (643,000.00) - 0.00 (7,186.54) 87.82 - - 347625 LC-Project Fund-2 Senior Lien 3130A0S92 FEDERAL HOME LOAN BANK 1,991,700.00 - - (2,000,000.00) - (0.00) (1,672.22) 9,972.22 - - 347625 LC-Project Fund-2 Senior Lien 2574P1G97 Dominion Resources, Inc.- 1,449,740.61 - - - - 185.28 (70.89) 1,449,855.00 - 347625 LC-Project Fund-2 Senior Lien 07787QFH4 Bell Canada - 1,499,710.01 - (1,500,000.00) - - 289.99 - - - 347625 LC-Project Fund-2 Senior Lien 13638XD80 Canadian Natural Resources Limi 1,499,878.50 - - (1,500,000.00) - - 78.75 42.75 - - 347625 LC-Project Fund-2 Senior Lien 05635NF48 Bacardi Corporation - 1,499,825.00 - (1,500,000.00) - - 175.00 - - - 347625 LC-Project Fund-2 Senior Lien 20279WG21 Commonwealth Edison Company - 1,499,820.00 - - - - 168.75 (68.25) 1,499,920.50 - 347625 LC-Project Fund-2 Senior Lien 60920WE22 Mondelez International, Inc.1,499,647.50 - - (1,500,000.00) - - 348.75 3.75 - - 347625 LC-Project Fund-2 Senior Lien 89231NAC7 TAOT 2012-B A3 1,000,501.00 - - - (185,169.39) (97.57) (82.53) 74.31 815,225.82 166.59 347625 LC-Project Fund-2 Senior Lien 89231NAC7 TAOT 2012-B A3 220,110.22 - - - (40,737.26) (6.76) (5.71) (10.81) 179,349.68 36.65 347625 LC-Project Fund-2 Senior Lien 65475MFG0 Nissan Motor Acceptance Corpor - 1,799,229.49 - (1,800,000.00) - - 770.51 - - - 347625 LC-Project Fund-2 Senior Lien 36962G5E0 GENERAL ELEC CAP CORP 1,206,506.25 - - (1,205,000.00) - 0.00 (1,362.54) (143.71) - - 347625 LC-Project Fund-2 Senior Lien 88731JD71 Time Warner Cable Inc.1,499,887.50 - - (1,500,000.00) - - 62.50 50.00 - - 347625 LC-Project Fund-2 Senior Lien 27743KGA2 Eastman Chemical Company - 1,499,523.33 - - - - 379.17 (63.00) 1,499,839.50 - 347625 LC-Project Fund-2 Senior Lien 57163UEM4 Marriott International, Inc.- 1,999,629.44 - (2,000,000.00) - - 370.56 - - - 347625 LC-Project Fund-2 Senior Lien 92867KAD6 VWALT 2012-A A4 1,305,610.80 - - - - - (1,635.47) (1,392.23) 1,302,583.10 421.06 347625 LC-Project Fund-2 Senior Lien 05634CDG8 Bacardi U.S.A., Inc.1,499,823.00 - - (1,500,000.00) - - 137.50 39.50 - - 347625 LC-Project Fund-2 Senior Lien 65475MGR5 Nissan Motor Acceptance Corpor - 1,599,594.67 - - - - 149.33 (75.20) 1,599,668.80 - 347625 LC-Project Fund-2 Senior Lien 27886ME66 Ecolab Inc.1,499,596.50 - - (1,500,000.00) - - 364.58 38.92 - - 347625 LC-Project Fund-2 Senior Lien 6821A3FQ3 Omnicom Capital Inc.- 1,499,451.66 - (1,500,000.00) - - 548.34 - - - 347625 LC-Project Fund-2 Senior Lien 20279WF55 Commonwealth Edison Company - 1,499,913.75 - (1,500,000.00) - - 86.25 - - - 347625 LC-Project Fund-2 Senior Lien 78573FE13 SABMiller Holdings Inc.- 1,499,722.08 - (1,500,000.00) - - 277.92 - - - 347625 LC-Project Fund-2 Senior Lien 55314QAC1 MMAF 2012-AA A3 750,948.00 - - - (134,334.32) (214.34) (276.80) 851.43 616,973.98 337.59 347625 LC-Project Fund-2 Senior Lien 43357MFG0 Hitachi Capital America Corp.- 1,099,743.34 - (1,100,000.00) - - 256.66 - - - 347625 LC-Project Fund-2 Senior Lien 42823KG22 Hewlett-Packard Company - 1,499,685.84 - - - - 303.33 (68.67) 1,499,920.50 - 347625 LC-Project Fund-2 Senior Lien 26244JD71 Duke Energy Corporation 749,943.75 - - (750,000.00) - - 26.25 30.00 - - 347625 LC-Project Fund-2 Senior Lien 05333UDQ0 AutoZone, Inc.- 1,499,975.00 - (1,500,000.00) - - 25.00 - - - 347625 LC-Project Fund-2 Senior Lien 65339NE67 NextEra Energy Capital Holdings - 1,499,808.33 - (1,500,000.00) - - 191.67 - - - 347625 LC-Project Fund-2 Senior Lien 91842MDR0 VW Credit, Inc.- 1,499,970.00 - (1,500,000.00) - - 30.00 - - - 347625 LC-Project Fund-2 Senior Lien 0220X1E19 Altria Group, Inc.- 749,920.00 - (750,000.00) - - 80.00 - - - 347625 LC-Project Fund-2 Senior Lien 17308BAN8 COMNI 2009-A17 A17 1,387,170.90 - - - - - (14,973.69) 315.39 1,372,512.60 8,452.50 347625 LC-Project Fund-2 Senior Lien 17181BG79 Cigna Corporation - 1,499,262.92 - - - - 664.58 (16.00) 1,499,911.50 - 347625 LC-Project Fund-2 Senior Lien 02582JFV7 AMXCA 2009-2 A 1,004,526.00 - - - - - (2,932.21) (73.79) 1,001,520.00 584.06 347625 LC-Project Fund-2 Senior Lien 03741PFC1 Apache Corporation - 1,374,941.18 - (1,375,000.00) - - 58.82 - - - 347625 LC-Project Fund-2 Senior Lien 26244JGE3 Duke Energy Corporation - 1,499,733.33 - - - - 158.34 (91.17) 1,499,800.50 - 347625 LC-Project Fund-2 Senior Lien 62956UG92 Nabors Industries, Inc.- 1,499,800.01 - - - - 100.00 (50.01) 1,499,850.00 - 347625 LC-Project Fund-2 Senior Lien 03741PDE9 Apache Corporation - 1,999,914.44 - (2,000,000.00) - - 85.56 - - - 347625 LC-Project Fund-2 Senior Lien 78573FGN3 SABMiller Holdings Inc.- 1,699,716.66 - - - - 45.33 (79.89) 1,699,682.10 - 347625 LC-Project Fund-2 Senior Lien 44890NHM5 Hyundai Capital America - 1,499,260.41 - - - - 208.34 (146.75) 1,499,322.00 - 347625 LC-Project Fund-2 Senior Lien 57163UG75 Marriott International, Inc.- 1,499,598.54 - - - - 342.71 (71.75) 1,499,869.50 - 347625 LC-Project Fund-2 Senior Lien 49455BDM1 Kinder Morgan Energy Partners, L - 1,499,880.84 - (1,500,000.00) - - 119.16 - - - 347625 LC-Project Fund-2 Senior Lien 37790BEE7 Glencore Funding LLC - 1,799,474.99 - (1,800,000.00) - - 525.01 - - - 347625 LC-Project Fund-2 Senior Lien 27743KDA5 Eastman Chemical Company 1,499,860.50 - - (1,500,000.00) - - 93.75 45.75 - - 347625 LC-Project Fund-2 Senior Lien 2574P1E16 Dominion Resources, Inc.1,499,659.50 - - (1,500,000.00) - - 300.00 40.50 - - 347625 LC-Project Fund-2 Senior Lien 97689RAH7 WI HSG-VAR-TXB-B-MFH 1,815,000.00 - - (10,000.00) - - - - 1,805,000.00 157.75 347625 LC-Project Fund-2 Senior Lien 3136G0AN1 FANNIE MAE 974,756.25 - - (975,000.00) - (0.00) (341.25) 585.00 - - 347625 LC-Project Fund-2 Senior Lien 50104MG70 The Kroger Co.- 1,499,697.50 - - - - 247.50 (75.50) 1,499,869.50 - 347625 LC-Project Fund-2 Senior Lien 36159LBN5 GEDFT 2011-1 A 2,002,300.00 - - - - - (1,925.46) 63.46 2,000,438.00 460.17 347625 LC-Project Fund-2 Senior Lien 65339ND27 NextEra Energy Capital Holdings 1,099,950.50 - - (1,100,000.00) - - 7.03 42.47 - - 347625 LC-Project Fund-2 Senior Lien 05635NFJ5 Bacardi Corporation - 1,499,886.26 - (1,500,000.00) - - 113.74 - - - 347625 LC-Project Fund-2 Senior Lien 91159HGR5 US BANCORP 1,506,810.00 - - (1,500,000.00) - - (7,270.56) 460.56 - - 347625 LC-Project Fund-2 Senior Lien 36162NAC1 GEET 2012-1 A3 455,083.65 - - - (216,414.35) (369.88) (278.53) 112.94 238,133.82 58.87 347625 LC-Project Fund-2 Senior Lien 41282KEK0 Harley-Davidson Financial Servic 1,499,413.50 - - (1,500,000.00) - - 420.00 166.50 - - 347625 LC-Project Fund-2 Senior Lien 65339NFB5 NextEra Energy Capital Holdings - 1,999,890.00 - (2,000,000.00) - - 110.00 - - - 33 Page 13 of 21 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 STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2014 347625 LC-Project Fund-2 Senior Lien 84757BG73 SPECTRA ENERGY PARTNER - 1,499,591.67 - - - - 338.33 (60.50) 1,499,869.50 - 347625 LC-Project Fund-2 Senior Lien 37790BFT3 Glencore Funding LLC - 1,699,586.80 - (1,700,000.00) - - 413.20 - - - 347625 LC-Project Fund-2 Senior Lien 22546QAA5 CREDIT SUISSE NEW YORK 1,506,135.00 - - (1,500,000.00) - - (6,555.41) 420.41 - - 347625 LC-Project Fund-2 Senior Lien 88355MG27 Thermo Fisher Scientific Inc.- 999,783.33 - - - - 209.45 (45.78) 999,947.00 - 347625 LC-Project Fund-2 Senior Lien 57163UDM5 Marriott International, Inc.1,999,678.00 - - (2,000,000.00) - - 255.56 66.44 - - 347625 LC-Project Fund-2 Senior Lien 1248C3EF7 CBS Corporation - 1,499,862.50 - (1,500,000.00) - - 137.50 - - - 347625 LC-Project Fund-2 Senior Lien 05634CFR2 Bacardi U.S.A., Inc.- 1,499,880.84 - (1,500,000.00) - - 119.16 - - - 347625 LC-Project Fund-2 Senior Lien 05634CEE2 Bacardi U.S.A., Inc.- 1,499,833.76 - (1,500,000.00) - - 166.24 - - - 347625 LC-Project Fund-2 Senior Lien 60920WFR6 Mondelez International, Inc.- 1,999,333.34 - (2,000,000.00) - - 666.66 - - - 347625 LC-Project Fund-2 Senior Lien 6362P3E67 National Grid USA Service Comp - 999,747.22 - (1,000,000.00) - - 252.78 - - - 347625 LC-Project Fund-2 Senior Lien 15103HE77 Celgene Corporation 999,722.00 - - (1,000,000.00) - - 240.00 38.00 - - 347625 LC-Project Fund-2 Senior Lien 98412FFP2 Xerox Corporation - 1,499,781.26 - (1,500,000.00) - - 218.74 - - - 347625 LC-Project Fund-2 Senior Lien 98412FET5 Xerox Corporation - 1,499,885.00 - (1,500,000.00) - - 115.00 - - - 347625 LC-Project Fund-2 Senior Lien 0020A3GE4 AT&T Inc.- 1,599,608.00 - - - - 270.67 (91.47) 1,599,787.20 - 347625 LC-Project Fund-2 Senior Lien 26244JF20 Duke Energy Corporation - 1,499,850.00 - (1,500,000.00) - - 150.00 - - - 347625 LC-Project Fund-2 Senior Lien 88731JGM5 Time Warner Cable Inc.- 1,599,390.22 - - - - 360.89 (39.11) 1,599,712.00 - Subtotal - 347625 LC-Project Fund-2 Senior Lien 48,712,991.33 129,518,870.79 (19,772,293.65) (111,058,000.00) (1,293,195.09) (1,749.11) (44,009.07) 11,065.46 46,073,680.66 10,891.46 347628 LC-PF-2 Sales Tax Revenue Bond 61747C715 MORGAN STANLEY LIQ PRIM 156,179.41 87,494,030.00 (87,161,703.65) - - - - - 488,505.76 - 347628 LC-PF-2 Sales Tax Revenue Bond 50104MF22 The Kroger Co.- 7,999,022.24 - (8,000,000.00) - - 977.76 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 69430ME77 Pacific Gas and Electric Company - 7,199,771.98 - (7,200,000.00) - - 228.02 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 1248C3FC3 CBS Corporation - 3,999,253.33 - (4,000,000.00) - - 746.67 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 66439UEN1 Northeast Utilities - 7,999,620.00 - (8,000,000.00) - - 380.00 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 2574P1EC2 Dominion Resources, Inc.- 2,707,834.51 - (2,708,000.00) - - 165.49 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 2925A3EN4 Enbridge Energy Partners, L.P.- 3,999,393.32 - (4,000,000.00) - - 606.68 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 91842MED0 VW Credit, Inc.- 7,999,720.00 - (8,000,000.00) - - 280.00 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 19122XF21 Coca-Cola Refreshments USA, In - 7,999,288.88 - (8,000,000.00) - - 711.12 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 65339NEF7 NextEra Energy Capital Holdings - 7,999,580.00 - (8,000,000.00) - - 420.00 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 05531FAA1 BB&T CORPORATION 7,490,063.80 - - (7,460,000.00) - - (30,322.94) 259.14 - - 347628 LC-PF-2 Sales Tax Revenue Bond 1248C3D27 CBS Corporation 5,499,752.50 - - (5,500,000.00) - - 33.61 213.89 - - 347628 LC-PF-2 Sales Tax Revenue Bond 2925A3DR6 Enbridge Energy Partners, L.P.1,324,754.88 - - (1,325,000.00) - - 273.84 (28.71) - - 347628 LC-PF-2 Sales Tax Revenue Bond 46625HHN3 JPMORGAN CHASE & CO 6,041,880.00 - - (6,000,000.00) - - (40,260.00) (1,620.00) - - 347628 LC-PF-2 Sales Tax Revenue Bond 66439UED3 Northeast Utilities - 1,499,944.59 - (1,500,000.00) - - 55.41 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 19122XDU1 Coca-Cola Refreshments USA, In - 889,975.28 - (890,000.00) - - 24.72 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 19648CAC5 CO HSG & FIN-B-TXBL 9,854,925.00 - - (9,850,000.00) - - (4,429.06) (495.94) - - 347628 LC-PF-2 Sales Tax Revenue Bond 78387GAP8 AT&T INC 6,640,258.80 - - - - - (70,866.70) (8,742.26) 6,560,649.84 97,668.40 347628 LC-PF-2 Sales Tax Revenue Bond 0258M0CZ0 AMER EXPRESS CREDIT CO 6,238,273.84 - - - - - (68,405.57) (2,204.15) 6,167,664.12 109,849.25 347628 LC-PF-2 Sales Tax Revenue Bond 47787RAB6 JDOT 2012-B A2 315.47 - - - (315.46) (0.00) 0.01 (0.02) - - 347628 LC-PF-2 Sales Tax Revenue Bond 69430MDP8 Pacific Gas and Electric Company - 3,499,883.35 - (3,500,000.00) - - 116.65 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 03741PEL2 Apache Corporation - 1,899,918.72 - (1,900,000.00) - - 81.28 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 693476BK8 PNC FUNDING CORP 4,987,643.50 - - (4,970,000.00) - (0.00) (16,491.27) (1,152.22) - - 347628 LC-PF-2 Sales Tax Revenue Bond 36962GK86 GENERAL ELEC CAP CORP 5,099,700.00 - - - - - (51,448.12) (2,401.88) 5,045,850.00 69,930.56 347628 LC-PF-2 Sales Tax Revenue Bond 96332VF37 Whirlpool Corporation - 6,998,203.31 - (7,000,000.00) - - 1,796.69 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 74432QAE5 PRUDENTIAL FINANCIAL INC 2,744,420.50 - - - - - (28,045.83) (2,950.61) 2,713,424.06 38,432.18 347628 LC-PF-2 Sales Tax Revenue Bond 00279VCA1 ABBEY NATL TREASURY SER 3,061,290.00 - - - - - (19,683.68) (4,766.32) 3,036,840.00 16,468.75 347628 LC-PF-2 Sales Tax Revenue Bond 89236QAC5 TAOT 2011-B A3 1,288,095.07 - - - (703,039.80) (550.62) (399.16) 50.16 584,155.64 176.46 347628 LC-PF-2 Sales Tax Revenue Bond 31395MLT4 FHR 2930 AN 159,869.28 - - - (110,373.56) (461.69) (287.26) 80.18 48,826.95 182.94 347628 LC-PF-2 Sales Tax Revenue Bond 02582JFY1 AMXCA 2011-1 B 1,001,976.00 - - - - - (378.51) (691.49) 1,000,906.00 354.90 347628 LC-PF-2 Sales Tax Revenue Bond 25471KG89 Discovery Communications, LLC - 1,999,826.66 - - - - 80.00 (92.66) 1,999,814.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 928670AD0 VOLKSWAGEN INTL FIN NV 4,670,000.00 - - (4,670,000.00) - - - - - - 347628 LC-PF-2 Sales Tax Revenue Bond 05333UDM9 AutoZone, Inc.5,999,112.00 - - (6,000,000.00) - - 733.31 154.69 - - 347628 LC-PF-2 Sales Tax Revenue Bond 020002AR2 ALLSTATE CORP 5,964,859.20 - - - - - (62,456.73) 2,054.43 5,904,456.90 110,877.78 347628 LC-PF-2 Sales Tax Revenue Bond 03741PF31 Apache Corporation - 3,499,914.46 - (3,500,000.00) - - 85.54 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 67021CAB3 NSTAR ELECTRIC CO 7,911,613.00 - - (7,900,000.00) - - (13,411.97) 1,798.97 - - 347628 LC-PF-2 Sales Tax Revenue Bond 03741PDR0 Apache Corporation - 7,999,804.48 - (8,000,000.00) - - 195.52 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 88731JEC9 Time Warner Cable Inc.4,298,611.10 - - (4,300,000.00) - - 1,322.25 66.65 - - 347628 LC-PF-2 Sales Tax Revenue Bond 40428EJQ3 HSBC BANK USA 12,035,000.00 - - (12,035,000.00) - (0.00) - 0.00 - - 347628 LC-PF-2 Sales Tax Revenue Bond 40428EJQ3 HSBC BANK USA 750,000.00 - - (750,000.00) - (0.00) - 0.00 - - 347628 LC-PF-2 Sales Tax Revenue Bond 40428EJQ3 HSBC BANK USA 701,000.00 - - (701,000.00) - - - - - - 347628 LC-PF-2 Sales Tax Revenue Bond 63946EGB4 Comcast Corporation - 7,998,722.24 - - - - 766.66 (392.90) 7,999,096.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 2925A3GH5 Enbridge Energy Partners, L.P.- 6,498,878.75 - - - - 341.25 (214.50) 6,499,005.50 - 347628 LC-PF-2 Sales Tax Revenue Bond 59156RAH1 METLIFE INC 2,107,598.69 - - (2,087,000.00) - 0.00 (20,965.40) 366.71 - - 347628 LC-PF-2 Sales Tax Revenue Bond 929903AJ1 WACHOVIA CORP 3,973,067.57 - - - - - (42,942.90) (4,301.98) 3,925,822.69 85,553.13 347628 LC-PF-2 Sales Tax Revenue Bond 07787QFH4 Bell Canada - 7,998,453.36 - (8,000,000.00) - - 1,546.64 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 13638XD80 Canadian Natural Resources Limi 5,999,514.00 - - (6,000,000.00) - - 315.00 171.00 - - 347628 LC-PF-2 Sales Tax Revenue Bond 05635NF48 Bacardi Corporation - 7,999,066.64 - (8,000,000.00) - - 933.36 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 20279WG21 Commonwealth Edison Company - 7,999,040.00 - - - - 900.00 (364.00) 7,999,576.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 89231NAC7 TAOT 2012-B A3 1,085,543.59 - - - (200,908.77) (105.88) (89.55) 80.62 884,520.01 180.75 347628 LC-PF-2 Sales Tax Revenue Bond 65475MFG0 Nissan Motor Acceptance Corpor - 3,198,630.21 - (3,200,000.00) - - 1,369.79 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 64468EAZ3 NH BUS TXB-SER B 3,200,000.00 - - - - - - - 3,200,000.00 350.22 347628 LC-PF-2 Sales Tax Revenue Bond 57163UEM4 Marriott International, Inc.- 4,999,073.61 - (5,000,000.00) - - 926.39 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 27743KH78 Eastman Chemical Company - 7,996,940.00 - - - - 840.00 (252.00) 7,997,528.00 - 34 Page 14 of 21 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 STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2014 347628 LC-PF-2 Sales Tax Revenue Bond 36159JBT7 GEMNT 2009-4 A 5,099,220.00 - - - - - (39,148.10) 2,798.10 5,062,870.00 8,444.44 347628 LC-PF-2 Sales Tax Revenue Bond 43814AAC7 HAROT 2011-2 A3 23,224.80 - - - (23,208.88) (6.27) (2.15) (7.50) - - 347628 LC-PF-2 Sales Tax Revenue Bond 05634CDG8 Bacardi U.S.A., Inc.7,999,056.00 - - (8,000,000.00) - - 733.35 210.65 - - 347628 LC-PF-2 Sales Tax Revenue Bond 17308BAL2 COMNI 2009-A13 A13 1,619,114.49 - - - - - (18,546.44) (827.71) 1,599,740.34 32,135.67 347628 LC-PF-2 Sales Tax Revenue Bond 17308BAL2 COMNI 2009-A13 A13 2,800,355.25 - - - - - (31,870.85) (1,637.90) 2,766,846.50 55,580.56 347628 LC-PF-2 Sales Tax Revenue Bond 36162RAC2 GEEST 2012-1A A3 5,924,088.70 - - - (2,120,231.94) (2,100.44) (1,591.56) (3,179.24) 3,796,985.52 1,094.94 347628 LC-PF-2 Sales Tax Revenue Bond 6821A3FQ3 Omnicom Capital Inc.- 7,997,075.52 - (8,000,000.00) - - 2,924.48 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 20279WF55 Commonwealth Edison Company - 7,999,540.00 - (8,000,000.00) - - 460.00 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 55314QAC1 MMAF 2012-AA A3 3,003,792.00 - - - (537,337.26) (552.50) (578.92) 2,572.60 2,467,895.92 1,350.36 347628 LC-PF-2 Sales Tax Revenue Bond 55314QAC1 MMAF 2012-AA A3 1,155,458.66 - - - (206,695.73) (277.36) (343.61) 1,175.34 949,317.30 519.44 347628 LC-PF-2 Sales Tax Revenue Bond 42823KG22 Hewlett-Packard Company - 7,998,324.48 - - - - 1,617.74 (366.22) 7,999,576.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 43357MFG0 Hitachi Capital America Corp.- 4,998,833.35 - (5,000,000.00) - - 1,166.65 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 43357MFG0 Hitachi Capital America Corp.- 2,999,325.00 - (3,000,000.00) - - 675.00 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 26244JD71 Duke Energy Corporation 249,981.25 - - (250,000.00) - - 8.75 10.00 - - 347628 LC-PF-2 Sales Tax Revenue Bond 172967CK5 CITIGROUP INC 3,241,396.20 - - (3,228,000.00) - - (12,170.60) (1,225.60) - - 347628 LC-PF-2 Sales Tax Revenue Bond 2574P1FC1 Dominion Resources, Inc.- 3,749,335.43 - (3,750,000.00) - - 664.57 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 05333UDQ0 AutoZone, Inc.- 3,999,933.32 - (4,000,000.00) - - 66.68 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 2574P1G97 Dominion Resources, Inc.- 6,998,747.77 - - - - 894.45 (342.22) 6,999,300.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 65339NE67 NextEra Energy Capital Holdings - 5,999,233.32 - (6,000,000.00) - - 766.68 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 43813TAD5 HAROT 2011-1 A4 2,435,073.23 - - - (2,431,006.17) (259.76) (2,830.63) (976.67) - - 347628 LC-PF-2 Sales Tax Revenue Bond 55314MAC0 MMAF 2011-AA A3 1,886,310.63 - - - (831,719.34) (541.21) (711.08) (576.29) 1,052,762.72 593.69 347628 LC-PF-2 Sales Tax Revenue Bond 0220X1E19 Altria Group, Inc.- 4,999,466.65 - (5,000,000.00) - - 533.35 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 233851AG9 DAIMLER FINANCE NA LLC 1,408,456.00 - - - - - (3,460.63) (655.37) 1,404,340.00 7,729.17 347628 LC-PF-2 Sales Tax Revenue Bond 233851AG9 DAIMLER FINANCE NA LLC 1,006,040.00 - - - - - (2,501.24) (438.76) 1,003,100.00 5,520.83 347628 LC-PF-2 Sales Tax Revenue Bond 44890NEC0 Hyundai Capital America - 5,998,466.64 - (6,000,000.00) - - 1,533.36 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 407288YD5 HAMILTON SWR-B-REF 6,671,845.80 - - - - - - 2,857.35 6,674,703.15 4,446.61 347628 LC-PF-2 Sales Tax Revenue Bond 17308BAN8 COMNI 2009-A17 A17 1,695,431.10 - - - - - (18,301.18) 385.48 1,677,515.40 10,330.83 347628 LC-PF-2 Sales Tax Revenue Bond 17308BAN8 COMNI 2009-A17 A17 5,137,670.00 - - - - - (51,519.87) (2,770.13) 5,083,380.00 31,305.56 347628 LC-PF-2 Sales Tax Revenue Bond 17308BAN8 COMNI 2009-A17 A17 1,027,534.00 - - - - - (10,848.19) (9.81) 1,016,676.00 6,261.11 347628 LC-PF-2 Sales Tax Revenue Bond 17181BG79 Cigna Corporation - 6,996,560.27 - - - - 3,101.40 (74.67) 6,999,587.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 05565QBL1 BP CAPITAL MARKETS PLC 7,072,419.00 - - (7,050,000.00) - (0.00) (22,915.09) 496.09 - - 347628 LC-PF-2 Sales Tax Revenue Bond 94974BET3 WELLS FARGO & COMPANY 3,559,675.00 - - - - - (26,144.39) (3,395.61) 3,530,135.00 32,812.50 347628 LC-PF-2 Sales Tax Revenue Bond 26244JGE3 Duke Energy Corporation - 7,998,577.76 - - - - 844.46 (486.22) 7,998,936.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 62956UG92 Nabors Industries, Inc.- 3,499,533.35 - - - - 233.33 (116.68) 3,499,650.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 03741PDE9 Apache Corporation - 849,963.64 - (850,000.00) - - 36.36 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 78573FGN3 SABMiller Holdings Inc.- 7,998,666.64 - - - - 213.34 (375.98) 7,998,504.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 44890NHM5 Hyundai Capital America - 3,498,274.29 - - - - 486.12 (342.41) 3,498,418.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 64468EAY6 NH ST BUS FIN-TXB-A 4,190,000.00 - - - - - - - 4,190,000.00 458.57 347628 LC-PF-2 Sales Tax Revenue Bond 57163UG75 Marriott International, Inc.- 7,997,858.88 - - - - 1,827.79 (382.67) 7,999,304.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 49455BDM1 Kinder Morgan Energy Partners, L - 5,999,523.36 - (6,000,000.00) - - 476.64 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 38141GCM4 GOLDMAN SACHS GROUP IN 2,061,940.00 - - - - - (21,659.69) (2,860.31) 2,037,420.00 14,055.56 347628 LC-PF-2 Sales Tax Revenue Bond 29250NAC9 ENBRIDGE INC 5,053,125.00 - - (5,000,000.00) - - (52,231.50) (893.50) - - 347628 LC-PF-2 Sales Tax Revenue Bond 27743KDA5 Eastman Chemical Company 2,999,721.00 - - (3,000,000.00) - - 187.50 91.50 - - 347628 LC-PF-2 Sales Tax Revenue Bond 43812XAB1 HAROT 2013-3 A2 6,006,462.00 - - - (1,357,283.58) 7.42 9.14 (2,806.17) 4,646,388.81 1,114.25 347628 LC-PF-2 Sales Tax Revenue Bond 3136G0AN1 FANNIE MAE 4,543,863.75 - - (4,545,000.00) - - (1,590.75) 2,727.00 - - 347628 LC-PF-2 Sales Tax Revenue Bond 50104MG70 The Kroger Co.- 7,998,386.64 - - - - 1,320.02 (402.66) 7,999,304.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 37790BE72 Glencore Funding LLC - 3,399,272.77 - (3,400,000.00) - - 727.23 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 842587CE5 SOUTHERN CO 2,109,219.00 - - (2,100,000.00) - - (8,858.08) (360.92) - - 347628 LC-PF-2 Sales Tax Revenue Bond 36159LBN5 GEDFT 2011-1 A 3,003,450.00 - - - - - (2,888.18) 95.18 3,000,657.00 690.25 347628 LC-PF-2 Sales Tax Revenue Bond 36159LBN5 GEDFT 2011-1 A 135,155.25 - - - - - (97.36) (28.32) 135,029.57 31.06 347628 LC-PF-2 Sales Tax Revenue Bond 65339NFB5 NextEra Energy Capital Holdings - 7,999,560.00 - (8,000,000.00) - - 440.00 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 36159JCS8 GEMNT 2012-1 A 1,711,455.13 - - - - - (1,200.22) (177.42) 1,710,077.49 780.51 347628 LC-PF-2 Sales Tax Revenue Bond 36159JCS8 GEMNT 2012-1 A 592,233.74 - - - - - (415.32) (61.40) 591,757.02 270.09 347628 LC-PF-2 Sales Tax Revenue Bond 84757BG73 SPECTRA ENERGY PARTNER - 7,998,008.88 - - - - 1,617.79 (322.67) 7,999,304.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 14912L4V0 CATERPILLAR FINANCIAL SE 6,454,151.90 - - (6,445,000.00) - - (8,878.06) (273.84) - - 347628 LC-PF-2 Sales Tax Revenue Bond 3133XCQE6 FHLB SD-2015 1 165,984.52 - - - (11,480.65) (437.01) (1,016.92) (334.44) 152,715.50 64.09 347628 LC-PF-2 Sales Tax Revenue Bond 36962G4G6 GENERAL ELEC CAP CORP 3,062,670.00 - - - - - (21,992.16) (1,707.84) 3,038,970.00 14,687.50 347628 LC-PF-2 Sales Tax Revenue Bond 31395JS72 FHR 2890 KB 64,521.46 - - - (64,363.57) (150.33) (65.52) 57.96 - - 347628 LC-PF-2 Sales Tax Revenue Bond 38141EA33 GOLDMAN SACHS GROUP IN 5,022,000.00 - - (5,000,000.00) - - (21,529.36) (470.64) - - 347628 LC-PF-2 Sales Tax Revenue Bond 37790BFT3 Glencore Funding LLC - 7,998,055.52 - (8,000,000.00) - - 1,944.48 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 22546QAA5 CREDIT SUISSE NEW YORK 9,036,810.00 - - (9,000,000.00) - - (37,146.07) 336.07 - - 347628 LC-PF-2 Sales Tax Revenue Bond 88355MG27 Thermo Fisher Scientific Inc.- 3,999,133.32 - - - - 837.79 (183.11) 3,999,788.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 1248C3EF7 CBS Corporation - 6,999,358.33 - (7,000,000.00) - - 641.67 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 002799AK0 ABBEY NATL TREASURY SER 5,007,815.00 - - (5,000,000.00) - - (7,563.60) (251.40) - - 347628 LC-PF-2 Sales Tax Revenue Bond 05634CEE2 Bacardi U.S.A., Inc.- 4,999,445.85 - (5,000,000.00) - - 554.15 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 6362P3E67 National Grid USA Service Comp - 7,997,977.76 - (8,000,000.00) - - 2,022.24 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 60920WG12 Mondelez International, Inc.- 4,996,081.95 - - - - 3,918.05 (235.00) 4,999,765.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 98412FET5 Xerox Corporation - 7,999,386.64 - (8,000,000.00) - - 613.36 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 26244JF20 Duke Energy Corporation - 7,999,200.00 - (8,000,000.00) - - 800.00 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 370334BL7 GENERAL MILLS INC 5,827,391.40 - - (5,820,000.00) - 0.00 (7,277.06) (114.34) - - Subtotal - 347628 LC-PF-2 Sales Tax Revenue Bond 250,349,428.44 417,334,897.25 (87,161,703.65) (363,384,000.00) (8,597,964.71) (5,435.65) (856,627.50) (41,233.46) 207,637,360.71 760,302.89 35 Page 15 of 21 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 STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2014 205091001 LC-2013 A Capitalized Interest 9AMMF05B2 U.S. Bank Money Market Accoun 98,996.42 14,239,307.96 (14,163,030.65) - - - - - 175,273.73 - 205091001 LC-2013 A Capitalized Interest 38376GWZ9 GNR 2010-141 A 2,603,902.59 - - - (60,234.70) 9.57 (271.43) 31.16 2,543,437.19 3,935.76 205091001 LC-2013 A Capitalized Interest 912828WK2 US TREASURY FRN - 11,496,312.05 - - - - 361.90 3,096.05 11,499,770.00 1,456.71 205091001 LC-2013 A Capitalized Interest 78008K5V1 ROYAL BANK OF CANADA 2,084,820.00 - - - - - (8,927.82) 3,307.82 2,079,200.00 11,500.00 205091001 LC-2013 A Capitalized Interest 31398AZV7 FANNIE MAE - 1,110,808.60 - - - - (75.58) (52.02) 1,110,681.00 3,288.54 205091001 LC-2013 A Capitalized Interest 31392FPP6 FNR 2002-74 PE 365,267.64 - - - (39,399.04) (1,980.61) (1,100.61) 96.70 322,884.09 1,279.70 205091001 LC-2013 A Capitalized Interest 3134A4UU6 FREDDIE MAC - 201,124.88 - - - - (740.77) (4.11) 200,380.00 4,611.11 205091001 LC-2013 A Capitalized Interest 64966H4E7 NYC-TAXABLE-C 1,236,397.50 - - - - - (3,956.17) 7,407.67 1,239,849.00 9,184.50 205091001 LC-2013 A Capitalized Interest 21685WBL0 RABOBANK NEDERLAND 1,540,773.85 - - - - - (4,226.34) 1,818.34 1,538,365.85 6,929.27 205091001 LC-2013 A Capitalized Interest 74977RBQ6 RABOBANK NEDERLAND 1,004,360.00 - - (1,000,000.00) - - (4,672.50) 312.50 - - 205091001 LC-2013 A Capitalized Interest 74977RBQ6 RABOBANK NEDERLAND 220,959.20 - - (220,000.00) - - (1,035.85) 76.65 - - 205091001 LC-2013 A Capitalized Interest 21686CAD2 RABOBANK NEDERLAND 1,060,180.00 - - - - - (3,906.86) 2,686.86 1,058,960.00 15,187.50 205091001 LC-2013 A Capitalized Interest 21686CAD2 RABOBANK NEDERLAND 1,060,180.00 - - - - - (3,389.79) 2,169.79 1,058,960.00 15,187.50 205091001 LC-2013 A Capitalized Interest 3128PHVS7 FG J06025 191,695.32 - - - (29,613.18) (1,384.83) (271.49) (4.03) 160,421.78 629.70 205091001 LC-2013 A Capitalized Interest 31392F6C6 FNR 2002-77 CB 556,626.45 - - - (59,263.04) (3,050.52) (1,638.05) 77.49 492,752.33 1,951.00 205091001 LC-2013 A Capitalized Interest 90327QCW7 USAA CAPITAL CORP 4,087,480.00 - - - - - (10,517.64) 46,117.64 4,123,080.00 22,750.00 205091001 LC-2013 A Capitalized Interest 31392BVM5 FNR 2002-3 PG 195,063.96 - - - (27,487.84) (1,217.27) (691.80) (70.35) 165,596.70 727.69 205091001 LC-2013 A Capitalized Interest 3137ANLP8 FHMS K501 A2 3,117,155.20 - - - - - (2,644.71) 6,758.51 3,121,269.00 4,234.04 205091001 LC-2013 A Capitalized Interest 31398AXJ6 FANNIE MAE 551,617.00 - - (550,000.00) - - (1,608.29) (8.71) - - 205091001 LC-2013 A Capitalized Interest 31398AXJ6 FANNIE MAE - 175,367.50 - (175,000.00) - - (367.50) - - - 205091001 LC-2013 A Capitalized Interest 31398AXJ6 FANNIE MAE - 961,046.40 - (960,000.00) - - (1,046.40) - - - 205091001 LC-2013 A Capitalized Interest 3128MBTH0 FG G13052 215,023.44 - - - (19,591.18) (1,064.90) (518.77) 595.77 194,444.38 763.25 205091001 LC-2013 A Capitalized Interest 3136A4M89 FNA 2012-M3 2A1 670,201.36 - - - (14,400.66) (75.81) (207.83) 5,880.22 661,397.28 1,050.11 205091001 LC-2013 A Capitalized Interest 3136A8G38 FNA 2012-M13 ASQ2 2,968,908.09 - - - (57,768.34) 726.03 2,119.91 17,964.31 2,931,949.99 3,027.12 205091001 LC-2013 A Capitalized Interest 31410GSQ7 FN 888927 300,862.26 - - - (30,428.48) (1,885.70) (1,217.98) 1,415.65 268,745.75 1,266.39 205091001 LC-2013 A Capitalized Interest 184126YS3 CLAYTON CO WTR-B-REF 772,117.50 - - - - - 905.27 4,376.93 777,399.70 1,668.33 205091001 LC-2013 A Capitalized Interest 313385N51 FED HOME LN DISCOUNT NT - 499,830.00 - - - - 17.70 42.30 499,890.00 - 205091001 LC-2013 A Capitalized Interest 3128PGLY7 FG J04843 428,706.97 - - - (31,437.56) (1,349.61) (1,497.49) 1,508.19 395,930.50 1,554.13 205091001 LC-2013 A Capitalized Interest 36290WH47 GN 619551 1,813,477.79 - - - (163,289.50) (9,341.58) (4,385.97) 12,389.53 1,648,850.27 5,871.47 205091001 LC-2013 A Capitalized Interest 912828RU6 US TREASURY N/B 12,041,280.00 - (5,121,414.07) - - 24,908.30 557.12 (2,758.35) 6,942,573.00 5,113.73 205091001 LC-2013 A Capitalized Interest 407288YD5 HAMILTON SWR-B-REF 2,095,516.80 - - - - - - (5,532.80) 2,089,984.00 1,391.87 205091001 LC-2013 A Capitalized Interest 3132FEAK7 FG Z50010 367,149.82 - - - (50,653.17) (2,617.98) (783.51) 1,017.57 314,112.74 1,232.98 205091001 LC-2013 A Capitalized Interest 31401MWC1 FN 712643 1,327,264.61 - - - (76,810.48) (4,104.73) (4,176.99) 6,508.58 1,248,680.99 4,409.60 205091001 LC-2013 A Capitalized Interest 3128GNR59 FG E85908 503,393.86 - - - (81,457.39) (3,668.67) (1,894.15) 1,336.00 417,709.65 2,022.57 205091001 LC-2013 A Capitalized Interest 912828PE4 US TREASURY N/B 1,929,393.00 - (1,928,796.88) - - 2,821.21 (1,332.35) (2,084.99) - - 205091001 LC-2013 A Capitalized Interest 89153VAC3 TOTAL CAPITAL INTL SA 161,572.80 - - - - - 137.51 580.89 162,291.20 20.67 205091001 LC-2013 A Capitalized Interest 31381QLL8 FN 467531 956,182.85 - - - (955,771.87) (9,569.22) (1,026.35) 10,184.58 - - 205091001 LC-2013 A Capitalized Interest 235219JS2 DALLAS-B-REF-TXBL 2,178,916.95 - - - - - - 14,091.00 2,193,007.95 12,816.17 205091001 LC-2013 A Capitalized Interest 36200AFG9 GN 595167 109,709.40 - - - (11,084.09) (637.72) (309.92) (73.30) 97,604.38 421.88 205091001 LC-2013 A Capitalized Interest 89114QAE8 TORONTO-DOMINION BANK 777,570.00 - - - - - (1,994.43) 659.43 776,235.00 3,562.50 205091001 LC-2013 A Capitalized Interest 912828VG2 US TREASURY N/B 10,193,676.00 - (5,201,218.75) - - 21,147.92 2,945.61 (10,300.78) 5,006,250.00 1,092.90 205091001 LC-2013 A Capitalized Interest 31294LPZ0 FG E02240 365,917.99 - - - (56,873.12) (2,743.60) (1,320.86) 1,383.33 306,363.74 1,461.14 205091001 LC-2013 A Capitalized Interest 822582AC6 SHELL INTERNATIONAL FIN 446,924.00 - - - - - (3,289.45) 845.45 444,480.00 5,720.00 205091001 LC-2013 A Capitalized Interest 3128H4NR6 FG E96700 176,249.39 - - - (15,751.47) (811.70) (530.63) 549.79 159,705.38 626.89 205091001 LC-2013 A Capitalized Interest 44328MAL8 HSBC BANK PLC 1,046,340.00 - - - - - (4,397.82) 3,057.82 1,045,000.00 3,186.11 205091001 LC-2013 A Capitalized Interest 44328MAL8 HSBC BANK PLC 2,746,642.50 - - - - - (10,664.99) 7,147.49 2,743,125.00 8,363.54 205091001 LC-2013 A Capitalized Interest 59217GAV1 MET LIFE GLOB FUNDING I 552,183.10 - - - - - (1,150.35) 22.20 551,054.95 51.47 205091001 LC-2013 A Capitalized Interest 313385WC6 FED HOME LN DISCOUNT NT - 99,997.33 - (100,000.00) - - 2.67 - - - 205091001 LC-2013 A Capitalized Interest 912828SY7 US TREASURY N/B 11,861,280.00 - (8,051,273.44) - - 66,295.37 10,499.89 (12,697.82) 3,874,104.00 2,064.55 205091001 LC-2013 A Capitalized Interest 313397WU1 FREDDIE MAC DISCOUNT NT - 224,990.94 - (225,000.00) - - 9.06 - - - 205091001 LC-2013 A Capitalized Interest 31392HWL3 FNR 2003-3 BC 82,781.18 - - - (8,295.08) (392.41) (209.45) (90.24) 73,794.00 291.41 205091001 LC-2013 A Capitalized Interest 3136ACGF2 FNA 2013-M3 ASQ2 2,302,945.00 - - - (7,101.07) (11.81) (775.66) 602.64 2,295,659.10 2,058.63 205091001 LC-2013 A Capitalized Interest 89233P6J0 TOYOTA MOTOR CREDIT CO 5,028,550.00 - - - - - (1,818.17) 2,768.17 5,029,500.00 19,930.56 205091001 LC-2013 A Capitalized Interest 31402QT68 FN 735073 559,585.26 - - - (58,806.40) (4,180.61) (1,737.01) 378.19 495,239.42 2,331.72 205091001 LC-2013 A Capitalized Interest 037833AF7 APPLE INC 2,999,460.00 - - - - - (76.29) 1,816.29 3,001,200.00 1,341.51 205091001 LC-2013 A Capitalized Interest 742718DV8 PROCTER & GAMBLE CO/TH 1,257,980.00 - - - - - (1,297.96) 3,653.96 1,260,336.00 6,792.44 205091001 LC-2013 A Capitalized Interest 31393V2T7 FHR 2627 GY 1,304,512.24 - - - (130,823.16) (6,560.89) (3,099.70) (29.47) 1,163,999.02 4,155.20 205091001 LC-2013 A Capitalized Interest 459200GX3 IBM CORP 478,466.40 - - - - - (1,068.98) (205.12) 477,192.30 4,004.81 205091001 LC-2013 A Capitalized Interest 31393EXC8 FNR 2003-88 TH 668,105.47 - - - (58,757.68) (2,960.66) (1,700.94) 182.60 604,868.79 2,156.45 205091001 LC-2013 A Capitalized Interest 912828UA6 US TREASURY N/B 2,199,892.50 - (493,281.25) - - 4,620.36 3,261.63 8,714.26 1,723,207.50 926.40 205091001 LC-2013 A Capitalized Interest 21685WCG0 RABOBANK NEDERLAND 255,033.15 - - (255,000.00) - - (40.49) 7.34 - - 205091001 LC-2013 A Capitalized Interest 31402RBG3 FN 735439 25,351.41 - - - (2,870.62) (176.96) (85.09) (178.79) 22,039.95 104.57 205091001 LC-2013 A Capitalized Interest 31402RBG3 FN 735439 543,797.34 - - - (61,575.83) (3,911.17) (1,880.46) (3,664.59) 472,765.29 2,243.12 205091001 LC-2013 A Capitalized Interest 31402RBG3 FN 735439 41,929.80 - - - (4,747.84) (274.74) (132.20) (322.18) 36,452.83 172.96 Subtotal - 205091001 LC-2013 A Capitalized Interest 94,730,325.35 29,008,785.66 (34,959,015.04) (3,485,000.00) (2,114,292.79) 56,555.05 (84,893.55) 145,560.03 83,298,024.71 218,122.16 ------------440,475,966.04 598,744,407.82 (152,886,886.05) (492,526,000.00) (12,619,156.53) 62,926.84 (1,036,085.08) 325,569.49 380,540,742.54 1,139,440.73 36 STAMP Portfolio Summary of Investments for quarter ended June 30, 2014 Credit Rating Industry Group Market Sector Asset Class Security Type ATTACHMENT 5 37 STAMP Portfolio Toll Revenue Project Senior Lien Fund Summary of Investments for quarter ended June 30, 2014 Credit Rating Industry Group Market Sector Asset Class Security Type ATTACHMENT 6 38 STAMP Portfolio Toll Revenue Project Sales Tax Revenue Fund Summary of Investments for quarter ended June 30, 2014 Credit Rating Industry Group Market Sector Asset Class Security Type ATTACHMENT 7 39 Asset Class Security Type STAMP Portfolio Series A & Series B Reserve Fund Summary of Investments for quarter ended June 30, 2014 Credit Rating Industry Group Market Sector ATTACHMENT 8 40 STAMP Portfolio Toll Revenue Project Capitalized Interest Fund Summary of Investments for quarter ended June 30, 2014 Credit Rating Industry Group Market Sector Asset Class Security Type ATTACHMENT 9 41 STAMP Portfolio Sales Tax Revenue Capitalized Interest Fund Summary of Investments for quarter ended June 30, 2014 Credit Rating Industry Group Market Sector Asset Class Security Type ATTACHMENT 10 42 RIVERSIDE COUNTY TREASURER’S POOLED INVESTMENT FUND IS CURRENTLY RATED: Aaa-bf BY MOODY’S INVESTOR’S SERVICE AND AAA/V1 BY FITCH RATINGS The Treasurer's Pooled Investment Fund is comprised of the County, Schools, Special Districts, and other Discretionary Depositors . Month End Market Value ($)* Month End Book Value ($) Paper Gain or Loss ($) Paper Gain or Loss (%) Book Yield (%) Yrs to Maturity Modified Duration June 4,837,170,144.50 4,839,735,132.12 (2,564,987.62) (0.05) 0.42 1.37 1.34 May 5,023,163,902.85 5,024,111,097.73 (947,194.88) (0.02) 0.40 1.31 1.28 April 5,767,857,211.55 5,771,530,528.38 (3,673,316.83) (0.06) 0.37 1.23 1.19 March 5,248,803,539.81 5,256,255,341.77 (7,451,801.96) (0.14) 0.40 1.37 1.33 February 5,163,904,049.52 5,166,397,974.45 (2,493,924.93) (0.05) 0.39 1.31 1.28 January 5,300,848,415.52 5,304,115,565.40 (3,267,149.88) (0.06) 0.37 1.26 1.24 County of Riverside Treasurer’s Pooled Investment Fund Capital Markets Team Don Kent Treasurer-Tax Collector Jon Christensen Asst. Treasurer-Tax Collector Giovane Pizano Investment Manager Erika Clark Asst. Investment Manager 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 achieve a return on the funds under his or her control. Investment Objectives June2014 As discussed in our July 2013 commentary, “Revising the Revisions,” one number that plays a prominent role in the financial markets and in the overall health of the economy is Gross Domestic Product (GDP). GDP is defined as the monetary value of all finished goods and services pro- duced within a country, is calculated on an annual basis, and reported quarterly. It includes all private and public consumption, government spending, investments and exports. GDP numbers are widely viewed as a very im- portant barometer of the overall health of the economy. Furthermore, as we opined last summer, the U.S. Govern- ment had revised all GDP numbers going back to 1929, making it the single largest set of revisions in the history of the U.S. Bureau of Economic Analysis (BEA). Why is this important? On June 25th, the BEA released the third and final estimate of Q1 GDP, which was an astounding -2.9%. This was the worst contraction in 24 years going back to 1976, with the exception 4Q 2008 and 1Q 2009, both occurring in the depths of the Great Reces- sion. Superficially, the first quarter contraction was dis- missed by those in the media directly tying it to our record cold winter weather which no doubt, had major impacts nationwide. However, we are beginning to see that there are signs of slowing as well as an upswing in inflationary pressures, as anyone who has been shopping for groceries recently can plainly see. It is true that national CPI is quoted “ex food & energy,” however, it does make one wonder if an understatement in inflation has resulted in an overstatement of GDP. We have seen two FOMC meetings since our last commen- tary on April 30th and June 18th. The message was much the same although more subdued in June when the FED stated, “Growth in economic activity has rebounded in recent months. Labor market indicators generally showed further improvement. The unemployment rate, though lower, remains elevated. Household spending appears to be rising moderately and business fixed investment re- sumed its advance.” This was a change from April in that household spending appeared more robust at that time. The FED will continue the taper stating “Beginning in July, the Committee will add to its holdings of agency mortgage -backed securities at a pace of $15 billion per month rather than $20 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $20 billion per month rather than $25 billion per month.” The FED has been coming out in speeches over the last few weeks with language about complacency and other cryptic words for risk ahead of what they know will be a relatively swift change in monetary policy as the taper ends. Their con- cern is for an orderly transition in the markets and not major dislocations by massive selloffs. The problem that the FED has identified is that an orderly exit would be the very best it could hope for, but the reality is the unwind- ing will increase volatility as it will take time for the mar- kets to adjust. The remainder of the year will be a challenge as the world has been become an even crazier place as of late, geopoliti- cally speaking, with tensions flaring again in Iraq, Ukraine, Israel, etc. These events have impacts at home here in the U.S. particularly in energy prices, interest rates and potentially, FED policy. The aforementioned volatili- ty will at times present opportunities for the TPIF and we’ll continue to invest our depositor’s funds accordingly Don Kent Treasurer-Tax Collector “Major Flop in GDP ” ATTACHMENT 11 43 Value Change Nymex Crude 105.37$ 2.66$ Gold (USD/OZ)1,327.32$ 77.59$ Value Change Dow Jones (DJIA)16,826.60$ 109.43$ S&P 500 Index 1,960.23$ 36.66$ NASDAQ (NDX)4,408.18$ 165.56$ Fed Move 7/30/2014 9/17/2014 Decrease to 0.00%60.0%56.4% Increase to 0.25%40.0%41.2% Increase to 0.50%0.0%2.4% Increase to 0.75%0.0%0.0% Increase to 1%0.0%0.0% Current Fed Funds Rate: 0-0.25% Probability for FOMC Dates: Current Market Data Economic Indicators Stock Indices Commodities Fed Funds Target Rate RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 2 US Treasury Curve (M/M) FOMC Meeting Schedule Release %Risk Assessment April ' 30 0-.25%Risk to Growth June '18 0-.25%Risk to Growth Release Date Indicator Consensus Actual 6/6/2014 213,000 217,000 6/6/2014 6.4%6.3% 6/25/2014 0.4%-1.0% 6/25/2014 -1.8%-2.9% 6/24/2014 83.7 85.2% 6/3/2014 0.5%0.7% 6/17/2014 0.2%0.4%Consumer Price Index - M/M change: The Consumer Price Index is a measure of the average price level of a fixed basket of goods and services purchased by consumers. Non-Farm Payrolls M/M change: Counts the number of paid employees working part- time or full-time in the nation's business and government establishments. Employment Situation: Measures the number of unemployed as a percentage of the labor force. Durable Goods Orders - M/M change: Reflects the new orders placed with domestic manufacturers for immediate and future delivery of factory hard goods. Real Gross Domestic Product - Q/Q change: The broadest measure of aggregate economic activity and encompasses every sector of the economy. GDP is the country's most comprehensive economic scorecard. Consumer Confidence: Measures consumer attitudes on present economic conditions and expectations of future conditions. Factory Orders M/M change: Represents the dollar level of new orders for both durable and nondurable goods. 44 Fund Symbol 7 Day Yield Fidelity Prime Institutional MMF FIPXX 0.06% Federated Prime Obligations Fund POIXX 0.02% Wells Fargo Advantage Heritage WFJXX 0.07% Morgan Stanley Institutional Prime Liquidity Fund MPFXX 0.05% JP Morgan CJPXX 0.04% AAA Rated Prime Institutional Money-Market Funds 0.39%0.37%0.38%0.38%0.39%0.38%0.33%0.37%0.39%0.40%0.37%0.40%0.42% 0.07%0.06%0.06%0.05%0.05%0.05%0.05%0.04%0.04%0.05%0.05%0.05%0.05% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Pool Yield TIMMI The Pooled Investment Fund cash flow requirements are based upon a 12 month historical cash flow model. Based upon projected cash receipts and maturing investments, there are sufficient funds to meet future cash flow disbursements over the next 12 months. The Treasurer’s Institutional Money Market Index (TIMMI) is compiled and reported by the Riverside County Treasurer’s Capital Markets division. It is a composite index derived from four AAA rated prime institutional money market funds. Similar to the Treasurer’s Office, prime money market funds invest in a diversified portfolio of U.S. dollar denominated money market instru ments including U.S. Treasuries, government agencies, commercial paper, certificates of deposits, repurchase agreements, etc. TIMMI is currently comprised of the five multi billion dollar funds listed below. TIMMI RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 3 Cash Flows Month Monthly Receipts Monthly Disbursements Difference Required Matured Investments Balance Actual Investments Maturing Available to Invest > 1 Year 07/2014 138.17 07/2014 1,000.00 950.00 50.00 188.17 1,074.00 08/2014 600.00 725.41 (125.41)62.76 379.70 09/2014 700.00 830.00 (130.00) 67.24 - 266.31 10/2014 757.29 890.00 (132.71) 132.71 - 252.41 11/2014 919.01 703.43 215.58 215.58 142.55 12/2014 1,691.73 850.00 841.73 1,057.31 33.20 01/2015 650.00 1,289.48 (639.48)417.83 380.00 02/2015 650.00 910.86 (260.86)156.97 331.35 03/2015 1,000.00 920.00 80.00 236.97 5.00 04/2015 1,375.00 950.00 425.00 661.97 25.00 05/2015 520.00 1,185.89 (665.89) 3.92 - 153.15 06/2016 750.00 1,220.61 (470.61) 470.61 - 141.30 TOTALS 10,613.03 11,425.68 (812.65) 674.48 3,135.73 3,183.97 4,165.22 13.94%65.79% 86.06% * All values reported in millions ($). 45 Asset Allocation RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 4 150,000.00 100.00% 0.10% .003 .003 385,000.00 100.00% 0.06% .003 .003 150,000.00 100.00% 0.08% .003 .003 425.00 100.00% 0.90% 5.964 5.964 285,000.00 100.02% 0.21% .634 .634 38,125.00 100.04% 0.10% .280 .280 238,350.00 100.11% 1.09% 2.001 3.435 58,265.00 100.01% 0.08% .370 .370 781,564.00 99.76% 0.73% 2.714 2.902 140,500.00 100.02% 0.08% .328 .328 903,970.71 99.84% 0.84% 1.172 2.764 416,950.00 100.02% 0.22% .759 .783 10,000.00 100.01% 0.08% .427 .427 280,000.00 100.06% 0.34% .685 1.007 70,700.00 100.00% 0.29% .824 .824 797,493.00 100.01% 0.11% .117 .117 80,000.00 100.00% 0.14% .152 .152 54,000.00 54,000.00 FHLMC DIS C NOTES FHLMC B ONDS LOCAL AGCY OB LIG US TREAS B ONDS 285,120.90 238,294.62 FARMER MAC FFCB B ONDS FMAC DIS C NOTES FHLB DIS C NOTES FHLB B ONDS FNMA B ONDS 100.00% 781,310.48 .003 150,000.00 150,000.00 54,000.00 0.40%.003 417,036.20 9,995.95 9,997.00 38,118.8638,103.11 140,447.16 140,479.23 903,952.72 779,413.66 COMM P AP ER 797,231.41 797,349.44 NCDS 80,000.00 80,000.00 279,979.77 238,546.03 285,173.25 WAL (Yr)Mat (Yr)Mkt/ S c h B o o k 902,540.57 Yie ldS c he dule d B o o k 416,938.70 As s e ts (000's )S c he dule d P ar FNMA DIS C NOTES 58,244.61 58,252.13 S c he dule d Marke t 425.00 425.00 DDA/P AS S B K CALTRUS T FND MUNI B ONDS 70,690.68 70,690.68 REP O 150,000.00 150,000.00 MMKT 385,000.00 385,000.00 280,148.10 46 Maturity Distribution RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 5 Scheduled Par (000's) 0-1 Mos 1-3 Mos 3-12 Mos 1-2 Yr 2-3 Yr >3 Yr Totals (000's) REPO 150,000.00 - - - - - 150,000.00 MMKT 385,000.00 - - - - - 385,000.00 CALTRUST FND 54,000.00 - - - - - 54,000.00 DDA/PASSBK 150,000.00 - - - - - 150,000.00 LOCAL AGCY OBLIG - - - - - 425.00 425.00 US TREAS BONDS - - 275,000.00 - - 10,000.00 285.00 FHLMC DISC NOTES - 25,000.00 13,125.00 - - - 38,125.00 FHLMC BONDS - - 5,000.00 46,000.00 29,625.00 157,725.00 238,350.00 FNMA DISC NOTES - - 58,265.00 - - - 58,265.00 FNMA BONDS - - 65,000.00 55,000.00 216,887.00 444,677.00 781,564.00 FHLB DISC NOTES - - 140,500.00 - - - 140,500.00 FHLB BONDS - 55,000.00 280,000.00 25,000.00 78,685.71 465,285.00 903,970.71 FFCB BONDS - 53,800.00 293,150.00 65,000.00 5,000.00 - 416,950.00 FMAC DISC NOTES - - 10,000.00 - - - 10,000.00 FARMER MAC - 25,000.00 185,000.00 40,000.00 - 30,000.00 280,000.00 MUNI BONDS - - 58,630.00 12,070.00 - - 70,700.00 COMM PAPER 255,000.00 487,214.00 55,279.00 - - - 797,493.00 NCDS 20,000.00 60,000.00 - - - - 80,000.00 Totals (000's):1,014,000.00 706,014.00 1,438,949.00 243,070.00 330,197.71 1,108,112.00 4,840,342.71 %20.95% 14.59% 29.73% 5.02% 6.82% 22.89% Cumulative %20.95% 35.53% 65.26% 70.28% 77.11% 100.00% 47 Credit Quality NR 570,425.00 570,400.75 570,529.00 100.02% 0.16% 1.01% 0.55% 0.12% 0.42% Yield Aaa Moody (000's)Par Book Market MKT/Book 3,321,610.36 100.02% Aa 5,000.00 Aa2 3,324,411.433,324,724.71 99.92% 100.01% Aa3 359,298.20359,428.00 A1 4,998.50 298,645.00 298,601.25 167,120.00 167,075.16 4,989.65 99.82% 4,839,735.13 4,837,170.14 Aa1 298,610.10 359,356.58 99.95%4,840,342.71Totals (000's): 100.00% 115,000.00 114,949.86 114,974.29 100.02%0.13% 0.16% 0.12% 167,100.16 MOODY’S S & P S&P (000's) AAA AA+3,012,664.71 3,012,303.01 AA AA-385,000.00 384,889.01 NR Totals (000's): 3,009,456.55 100.00% 0.60% 0.12%100.01% 0.12% Par Book Market MKT/Book Yield 489,052.25488,981.06489,000.00 570,529.00 384,952.74 100.02% 4,840,342.71 4,839,735.13 4,837,170.14 99.95%0.42% 99.91% 570,425.00 570,400.75 0.12% 0.16%100.02% 383,253.00 383,161.30 383,179.60 RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 6 48 49 Description Maturity Date Coupon Par Value Book Value Market Price Market Value Unrealized Gain/Loss WELLS FARGO REPO 07/01/2014 .100 150,000,000.00 150,000,000.00 100.000000 150,000,000.00 0.00 .100 150,000,000.00 150,000,000.00 100.000000 150,000,000.00 0.00 CALTRUST HERITAGE 07/01/2014 .067 125,000,000.00 125,000,000.00 100.000000 125,000,000.00 0.00 FIDELITY PRIME 07/01/2014 .064 145,000,000.00 145,000,000.00 100.000000 145,000,000.00 0.00 FEDERATED PRIME 07/01/2014 .019 10,000,000.00 10,000,000.00 100.000000 10,000,000.00 0.00 MORGAN STANLEY PRIME 07/01/2014 .057 85,000,000.00 85,000,000.00 100.000000 85,000,000.00 0.00 JP MORGAN PRIME 07/01/2014 .034 20,000,000.00 20,000,000.00 100.000000 20,000,000.00 0.00 .060 385,000,000.00 385,000,000.00 100.000000 385,000,000.00 0.00 CALTRUST SHT TERM FUND 07/01/2014 .403 54,000,000.00 54,000,000.00 100.000000 54,000,000.00 0.00 .403 54,000,000.00 54,000,000.00 100.000000 54,000,000.00 0.00 UB MANAGED RATE 07/01/2014 .079 150,000,000.00 150,000,000.00 100.000000 150,000,000.00 0.00 .079 150,000,000.00 150,000,000.00 100.000000 150,000,000.00 0.00 US DIST COURTHOUSE 06/15/2020 .897 425,000.00 425,000.00 100.000000 425,000.00 0.00 .897 425,000.00 425,000.00 100.000000 425,000.00 0.00 U.S. TREASURY BOND 10/31/2014 .250 25,000,000.00 25,017,578.13 100.051000 25,012,750.00 -4,828.13 U.S. TREASURY BOND 10/31/2014 .250 25,000,000.00 25,016,601.56 100.051000 25,012,750.00 -3,851.56 U.S. TREASURY BOND 02/28/2015 .250 25,000,000.00 25,017,578.13 100.105000 25,026,250.00 8,671.87 U.S. TREASURY BOND 02/15/2015 .250 25,000,000.00 25,018,554.69 100.109000 25,027,250.00 8,695.31 U.S. TREASURY BOND 02/28/2015 .250 25,000,000.00 25,017,578.13 100.105000 25,026,250.00 8,671.87 U.S. TREASURY BOND 01/31/2015 .250 25,000,000.00 25,020,507.81 100.098000 25,024,500.00 3,992.19 U.S. TREASURY BOND 01/15/2015 .250 25,000,000.00 25,020,507.81 100.094000 25,023,500.00 2,992.19 U.S. TREASURY BOND 01/15/2015 .250 25,000,000.00 25,020,507.81 100.094000 25,023,500.00 2,992.19 U.S. TREASURY BOND 01/15/2015 .250 25,000,000.00 25,021,484.38 100.094000 25,023,500.00 2,015.62 U.S. TREASURY BOND 01/31/2015 .250 25,000,000.00 25,021,484.38 100.098000 25,024,500.00 3,015.62 U.S. TREASURY BOND 01/15/2015 .250 25,000,000.00 25,019,531.25 100.094000 25,023,500.00 3,968.75 U.S. TREASURY BOND 08/31/2017 .625 5,000,000.00 4,937,109.38 98.906000 4,945,300.00 8,190.62 U.S. TREASURY BOND 06/30/2017 .750 5,000,000.00 4,971,875.00 99.594000 4,979,700.00 7,825.00 .265 285,000,000.00 285,120,898.46 100.060789 285,173,250.00 52,351.54 FHLMC-DISC NOTE 09/09/2014 .100 25,000,000.00 24,985,069.44 99.992000 24,998,000.00 12,930.56 FHLMC-DISC NOTE 01/02/2015 .100 5,000,000.00 4,996,152.78 99.959000 4,997,950.00 1,797.22 FHLMC-DISC NOTE 12/01/2014 .081 3,125,000.00 3,123,741.41 99.970000 3,124,062.50 321.09 FHLMC-DISC NOTE 11/18/2014 .083 5,000,000.00 4,998,143.75 99.977000 4,998,850.00 706.25 .096 38,125,000.00 38,103,107.38 99.983902 38,118,862.50 15,755.12 FHLMC 4Yr 11/01/2016 .625 10,000,000.00 9,991,200.00 100.103000 10,010,300.00 19,100.00 FHLMC 2Yr 12/03/2014 .320 5,000,000.00 5,000,000.00 100.084000 5,004,200.00 4,200.00 FHLMC 3YrNc2YrB 01/28/2016 .500 5,000,000.00 5,000,000.00 100.039000 5,001,950.00 1,950.00 FHLMC 3YrNc2YrB 01/28/2016 .500 5,000,000.00 5,000,000.00 100.039000 5,001,950.00 1,950.00 FHLMC 3YrNc2YrE 01/28/2016 .500 5,000,000.00 5,000,000.00 100.039000 5,001,950.00 1,950.00 FHLMC 3YrNc2YrB 01/28/2016 .500 5,000,000.00 5,000,000.00 100.039000 5,001,950.00 1,950.00 FHLMC 3YrNc2YrB 01/28/2016 .500 5,000,000.00 5,000,000.00 100.039000 5,001,950.00 1,950.00 FHLMC 3YrNc2YrB 01/28/2016 .500 10,000,000.00 9,998,000.00 100.039000 10,003,900.00 5,900.00 FHLMC 3YrNc2YrE 01/28/2016 .500 6,000,000.00 5,998,800.00 100.039000 6,002,340.00 3,540.00 FHLMC 3YrNc1YrE 01/15/2016 .450 5,000,000.00 5,000,000.00 100.079000 5,003,950.00 3,950.00 FHLMC 4Yr 11/01/2016 .625 4,625,000.00 4,629,301.25 100.103000 4,629,763.75 462.50 FHLMC 3.5YrNc3MoB 09/14/2016 .650 5,000,000.00 5,000,000.00 99.887000 4,994,350.00 -5,650.00 FHLMC 3YrNc3MoB 09/14/2016 .650 5,000,000.00 4,999,000.00 99.887000 4,994,350.00 -4,650.00 FHLMC 3.5YrNc3MoB 09/14/2016 .650 5,000,000.00 5,000,000.00 99.887000 4,994,350.00 -5,650.00 FHLMC 5YrNc6MoB 12/18/2018 1.500 5,000,000.00 5,000,000.00 100.195000 5,009,750.00 9,750.00 FHLMC 5YrNc6MoB 12/18/2018 1.375 10,000,000.00 10,000,000.00 100.175000 10,017,500.00 17,500.00 FHLMC 5YrNc6MoB 12/17/2018 1.375 5,000,000.00 5,000,000.00 100.174000 5,008,700.00 8,700.00 FHLMC 5YrNc6MoB 12/17/2018 1.375 2,675,000.00 2,668,981.25 100.174000 2,679,654.50 10,673.25 FHLMC 5YrNc6MoB 12/27/2018 1.500 13,300,000.00 13,300,000.00 100.232000 13,330,856.00 30,856.00 FHLMC 4YrNc6MoB 12/27/2017 .750 5,000,000.00 5,000,000.00 100.105000 5,005,250.00 5,250.00 FHLMC 5YrNc6MoB 12/27/2018 1.500 10,000,000.00 10,000,000.00 100.232000 10,023,200.00 23,200.00 FHLMC 5YrNc6MoB 12/27/2018 1.150 10,000,000.00 10,000,000.00 100.162000 10,016,200.00 16,200.00 FHLMC 5YrNc6MoB 01/30/2019 1.625 6,750,000.00 6,750,000.00 100.124000 6,758,370.00 8,370.00 FHLMC 5YrNc6MoB 01/30/2019 1.625 10,000,000.00 10,000,000.00 100.124000 10,012,400.00 12,400.00 FHLMC 5YrNc6MoB 02/28/2019 1.500 20,000,000.00 20,000,000.00 100.197000 20,039,400.00 39,400.00 FHLMC 5YrNc6MoB 02/28/2019 1.500 5,000,000.00 5,000,000.00 100.212000 5,010,600.00 10,600.00 FHLMC 5YrNc6MoB 02/28/2019 1.500 15,000,000.00 15,000,000.00 100.197000 15,029,550.00 29,550.00 FHLMC 5YrNc6MoB 02/28/2019 1.500 5,000,000.00 4,997,500.00 100.212000 5,010,600.00 13,100.00 FHLMC 5YrNc6MoB 03/11/2019 1.500 5,000,000.00 5,000,000.00 100.171000 5,008,550.00 8,550.00 FHLMC 3.5Yr 09/29/2017 1.000 10,000,000.00 9,997,340.00 99.794000 9,979,400.00 -17,940.00 FHLMC 3.5Yr 09/29/2017 1.000 10,000,000.00 9,996,800.00 99.794000 9,979,400.00 -17,400.00 FHLMC 3.25Yr 09/29/2017 1.000 10,000,000.00 9,967,700.00 99.794000 9,979,400.00 11,700.00 1.080 238,350,000.00 238,294,622.50 100.082246 238,546,034.25 251,411.75 FNMA DISC NOTE 10/29/2014 .065 25,000,000.00 24,992,190.97 99.983000 24,995,750.00 3,559.03 FNMA DISC NOTE 11/12/2014 .080 9,800,000.00 9,796,493.78 99.978000 9,797,844.00 1,350.22 FNMA DISC NOTE 12/03/2014 .080 5,000,000.00 4,998,033.33 99.970000 4,998,500.00 466.67 FNMA DISC NOTE 12/03/2014 .080 5,075,000.00 5,073,026.39 99.970000 5,073,477.50 451.11 FNMA DISC NOTE 11/19/2014 .080 5,010,000.00 5,008,229.80 99.976000 5,008,797.60 567.80 FNMA DISC NOTE 11/12/2014 .090 3,380,000.00 3,378,749.40 99.978000 3,379,256.40 507.00 FNMA DISC NOTE 12/03/2014 .090 5,000,000.00 4,997,887.50 99.970000 4,998,500.00 612.50 .075 58,265,000.00 58,244,611.17 99.977904 58,252,125.50 7,514.33 FNMA 5Yr 02/04/2016 .253 10,000,000.00 9,990,000.00 100.190000 10,019,000.00 29,000.00 FNMA 5YrNc1YrB 07/10/2017 .850 4,980,000.00 4,980,000.00 99.974000 4,978,705.20 -1,294.80 FNMA 5YrNc1YrB 07/26/2017 1.150 5,000,000.00 5,000,000.00 99.964000 4,998,200.00 -1,800.00 FNMA 5YrNc2YrB 07/25/2017 .750 10,000,000.00 10,000,000.00 100.045000 10,004,500.00 4,500.00 Month End Portfolio Holdings Yield To Maturity Modified Duration Years To MaturityCUSIP Fund: 1 POOL FUND REPOS REPO .100 .003 .003 .100 .003 .003 WFJXX .067 .003 .003 MMKT FIPXX .064 .003 .003 .019 .003 .003POIXX .057 .003 .003 CJPXX .034 .003 .003 MPFXX .060 .003 .003 CALTRUST FND CLTR .403 .003 .003 .403 .003 .003 DDA/PASSBK CASH .079 .003 .003 .079 .003 .003 LOCAL AGCY OBLIG LAO .897 3.093 5.964 .897 3.093 5.964 912828TU4 .184 .336 .337 US TREAS BONDS 912828TU4 .187 .336 .337 912828UP3 .197 .665 .666 912828SE1 .192 .624 .630 912828UP3 .197 .665 .666 912828UK4 .182 .582 .589 912828RZ5 .180 .541 .545 912828RZ5 .180 .541 .545 912828RZ5 .173 .541 .545 912828UK4 .176 .582 .589 .179 .541 .545912828RZ5 1.013 3.118 3.173 912828TB6 .932 2.958 3.003 912828TM2 .212 .628 .633 FHLMC DISC NOTES .100 .194 .195 313396AB9 .100 .509 .510 313397F22 FHLMC BONDS 313397R52 .081 .421 .422 313397P88 .083 .386 .386 .096 .279 .280 3134G3S50 .647 2.313 2.342 3134G32E9 .320 .426 .427 3134G34B3 .500 1.566 1.581 3134G34B3 .500 1.566 1.581 3134G34B3 .500 1.566 1.581 3134G34B3 .500 1.566 1.581 3134G34B3 .500 1.566 1.581 3134G34B3 .507 1.566 1.581 3134G34B3 .507 1.566 1.581 3134G33R9 .450 1.531 1.545 3134G3S50 .600 2.314 2.342 3134G36J4 .650 2.182 2.211 3134G36J4 .656 2.182 2.211 3134G36J4 .650 2.182 2.211 3134G4MB1 1.500 4.303 4.471 3134G4M88 1.375 4.316 4.471 3134G4PC6 1.375 4.313 4.468 3134G4PC6 1.422 4.312 4.468 3134G4QA9 1.500 4.328 4.496 3134G4Q68 .750 3.440 3.496 3134G4QQ4 1.500 4.328 4.496 3134G4RC4 1.150 4.365 4.496 3134G4T81 1.625 4.370 4.589 3134G4T81 1.625 4.370 4.589 3134G4V39 1.500 4.469 4.668 3134G4VL9 1.500 4.469 4.668 3134G4V39 1.500 4.469 4.668 1.510 4.469 4.6683134G4VL9 1.500 4.499 4.699 3137EADL0 1.008 3.179 3.252 3134G4VM7 FNMA DISC NOTES 1.009 3.179 3.252 1.100 3.178 3.252 3137EADL0 3137EADL0 1.087 3.324 3.436 313589M42 .065 .331 .332 313589P23 .080 .369 .370 313589R70 .080 .427 .427 313589R70 .080 .427 .427 313589P98 .080 .388 .389 313589P23 .090 .369 .370 313589R70 .090 .427 .427 .075 .369 .370 3136FP6X0 .310 1.589 1.600 FNMA BONDS 3136G0PU9 .850 2.980 3.030 3136G0RT0 1.150 2.996 3.074 3136G0RW3 .750 3.019 3.071 RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 750 Description Maturity Date Coupon Par Value Book Value Market Price Market Value Unrealized Gain/Loss Month End Portfolio Holdings Yield To Maturity Modified Duration Years To MaturityCUSIP FNMA 5YrNc1YrB 08/15/2017 .750 5,000,000.00 5,000,000.00 99.926000 4,996,300.00 -3,700.00 FNMA 5YrNc1YrB 08/16/2017 .750 5,000,000.00 5,000,000.00 100.079000 5,003,950.00 3,950.00 FNMA 5YrNc1YrB 08/28/2017 .875 10,000,000.00 10,000,000.00 99.806000 9,980,600.00 -19,400.00 FNMA 5YrNc1YrB 09/20/2017 .700 5,000,000.00 5,000,000.00 100.037000 5,001,850.00 1,850.00 FNMA 5YrNc1YrB 09/27/2017 .700 5,000,000.00 5,000,000.00 100.101000 5,005,050.00 5,050.00 FNMA 5YrNc1YrB 09/27/2017 .700 5,000,000.00 5,000,000.00 100.101000 5,005,050.00 5,050.00 FNMA 5YrNc1YrB 09/20/2017 .700 5,000,000.00 5,000,000.00 100.037000 5,001,850.00 1,850.00 FNMA 5YrNc1YrB 11/08/2017 .700 10,000,000.00 10,000,000.00 100.030000 10,003,000.00 3,000.00 FNMA 3YrNc1YrE 10/22/2015 .500 5,000,000.00 5,001,562.50 100.288000 5,014,400.00 12,837.50 FNMA 3YrNc2YrE 11/06/2015 .500 10,000,000.00 10,000,000.00 100.076000 10,007,600.00 7,600.00 FNMA 3YrNc2YrE 11/25/2015 .480 10,000,000.00 10,000,000.00 99.991000 9,999,100.00 -900.00 FNMA 3.5YrNc2YrE 05/26/2016 .550 5,000,000.00 5,000,000.00 99.838000 4,991,900.00 -8,100.00 FNMA 4YrNc1YrB 11/07/2016 .600 5,000,000.00 5,000,000.00 100.043000 5,002,150.00 2,150.00 FNMA 5YrNc6MoB 11/07/2017 .750 5,250,000.00 5,250,000.00 99.816000 5,240,340.00 -9,660.00 FNMA 5YrNc1YrB 12/18/2017 .750 10,000,000.00 10,000,000.00 99.957000 9,995,700.00 -4,300.00 FNMA 3YrNc1YrE 11/06/2015 .500 5,000,000.00 5,000,000.00 100.076000 5,003,800.00 3,800.00 FNMA 5YrNc1YrB 12/13/2017 .800 5,000,000.00 5,000,000.00 99.822000 4,991,100.00 -8,900.00 FNMA 5YrNc1YrB 12/18/2017 .750 8,752,000.00 8,752,000.00 99.957000 8,748,236.64 -3,763.36 FNMA 5YrNc1YrB 12/13/2017 .750 5,000,000.00 5,000,000.00 99.661000 4,983,050.00 -16,950.00 FNMA 5YrNc1YrB 12/26/2017 .750 10,000,000.00 10,000,000.00 99.183000 9,918,300.00 -81,700.00 FNMA 5YrNc1YrB 12/27/2017 .800 5,000,000.00 5,000,000.00 99.411000 4,970,550.00 -29,450.00 FNMA 5YrNc1YrB 12/13/2017 .800 5,000,000.00 5,000,000.00 99.822000 4,991,100.00 -8,900.00 FNMA 5YrNc1YrB 12/26/2017 .700 8,750,000.00 8,750,000.00 99.813000 8,733,637.50 -16,362.50 FNMA 5YrNc1YrB 12/26/2017 .700 10,000,000.00 10,000,000.00 99.874000 9,987,400.00 -12,600.00 FNMA 5YrNc1YrB 01/30/2018 .750 5,000,000.00 5,000,000.00 99.936000 4,996,800.00 -3,200.00 FNMA 5YrNc1YrB 01/30/2018 .700 5,000,000.00 5,000,000.00 99.476000 4,973,800.00 -26,200.00 FNMA 5YrNc6MoB 01/30/2018 .700 7,200,000.00 7,200,000.00 100.033000 7,202,376.00 2,376.00 FNMA 5YrNc1YrB 01/29/2018 .800 10,000,000.00 10,000,000.00 99.941000 9,994,100.00 -5,900.00 FNMA 5YrNc1YrB 01/30/2018 .700 10,000,000.00 10,000,000.00 99.396000 9,939,600.00 -60,400.00 FNMA 5YrNc1YrB 01/30/2018 .750 4,500,000.00 4,500,000.00 99.867000 4,494,015.00 -5,985.00 FNMA 5YrNc1YrB 01/30/2018 .700 10,000,000.00 10,000,000.00 99.659000 9,965,900.00 -34,100.00 FNMA 5YrNc1YrB 02/28/2018 .800 15,000,000.00 15,000,000.00 99.926000 14,988,900.00 -11,100.00 FNMA 5YrNc1YrB 02/28/2018 1.000 10,000,000.00 10,000,000.00 99.793000 9,979,300.00 -20,700.00 FNMA 5YrNc1YrB 02/28/2018 1.000 5,000,000.00 4,998,500.00 99.793000 4,989,650.00 -8,850.00 FNMA 5YrNc6MoB 02/28/2018 1.000 10,000,000.00 10,000,000.00 99.579000 9,957,900.00 -42,100.00 FNMA 5YrNc1YrB 02/20/2018 .800 5,000,000.00 4,993,750.00 99.735000 4,986,750.00 -7,000.00 FNMA 5YrNc6MoB 02/28/2018 1.000 10,000,000.00 10,000,000.00 99.579000 9,957,900.00 -42,100.00 FNMA 5YrNc6MoB 03/06/2018 1.000 10,000,000.00 10,000,000.00 99.556000 9,955,600.00 -44,400.00 FNMA 5YrNc6MoB 03/19/2018 1.000 5,000,000.00 4,998,750.00 99.538000 4,976,900.00 -21,850.00 FNMA 5YrNc6MoB 03/19/2018 1.000 10,000,000.00 10,000,000.00 99.538000 9,953,800.00 -46,200.00 FNMA 5YrNc6MoB 03/19/2018 1.000 5,000,000.00 5,000,000.00 99.538000 4,976,900.00 -23,100.00 FNMA 5YrNc6MoB 03/27/2018 1.000 5,000,000.00 5,000,000.00 100.142000 5,007,100.00 7,100.00 FNMA 5YrNc1YrB 03/27/2018 .800 5,000,000.00 5,000,000.00 99.701000 4,985,050.00 -14,950.00 FNMA 3.5YrNc6MoB 09/27/2016 .625 5,500,000.00 5,498,350.00 99.725000 5,484,875.00 -13,475.00 FNMA 3.5YrNc6MoB 09/27/2016 .625 5,000,000.00 5,000,000.00 99.725000 4,986,250.00 -13,750.00 FNMA 5YrNc6MoB 03/19/2018 1.000 10,000,000.00 10,000,000.00 99.538000 9,953,800.00 -46,200.00 FNMA 5YrNc1YrB 03/28/2018 .850 5,000,000.00 5,000,000.00 99.591000 4,979,550.00 -20,450.00 FNMA 5YrNc1YrB 03/28/2018 .800 5,000,000.00 5,000,000.00 99.500000 4,975,000.00 -25,000.00 FNMA 5YrNc6MoB 03/20/2018 .750 5,000,000.00 4,996,250.00 99.968000 4,998,400.00 2,150.00 FNMA 5YrNc1YrB 03/28/2018 .800 5,000,000.00 5,000,000.00 99.574000 4,978,700.00 -21,300.00 FNMA 3YrNc6MoB 09/26/2016 .650 5,000,000.00 5,000,000.00 99.850000 4,992,500.00 -7,500.00 FNMA 3.5YrNc6MoB 10/25/2016 .700 5,000,000.00 5,000,000.00 99.700000 4,985,000.00 -15,000.00 FNMA 3.5YrNc6MoB 10/25/2016 .700 5,000,000.00 5,000,000.00 99.700000 4,985,000.00 -15,000.00 FNMA 3.5YrNc6MoB 10/25/2016 .700 5,000,000.00 5,000,000.00 99.700000 4,985,000.00 -15,000.00 FNMA 3.5YrNc6MoB 10/25/2016 .700 10,000,000.00 10,000,000.00 99.700000 9,970,000.00 -30,000.00 FNMA 3.5YrNc6MoB 10/25/2016 .700 5,000,000.00 5,000,000.00 99.700000 4,985,000.00 -15,000.00 FNMA 3.5YrNc6MoB 10/25/2016 .700 10,000,000.00 10,000,000.00 99.700000 9,970,000.00 -30,000.00 FNMA 3.5YrNc6MoB 10/25/2016 .700 10,000,000.00 10,000,000.00 99.700000 9,970,000.00 -30,000.00 FNMA 5YrNc6MoC 04/24/2018 .800 10,000,000.00 10,000,000.00 99.259000 9,925,900.00 -74,100.00 FNMA 3.5YrNc6MoB 10/25/2016 .700 5,000,000.00 5,000,000.00 99.700000 4,985,000.00 -15,000.00 FNMA 5YrNc6MoC 04/16/2018 .875 10,000,000.00 10,000,000.00 99.215000 9,921,500.00 -78,500.00 FNMA 5YrNc6MoB 04/30/2018 .750 10,000,000.00 10,000,000.00 99.316000 9,931,600.00 -68,400.00 FNMA 3.5YrNc6MoB 10/25/2016 .625 5,000,000.00 5,000,000.00 99.644000 4,982,200.00 -17,800.00 FNMA 3.5YrNc6MoB 10/25/2016 .625 10,000,000.00 10,000,000.00 99.644000 9,964,400.00 -35,600.00 FNMA 3.5YrNc6MoB 10/25/2016 .625 10,000,000.00 10,000,000.00 99.644000 9,964,400.00 -35,600.00 FNMA 5YrNc1YrB 04/16/2018 .875 5,000,000.00 5,000,000.00 99.215000 4,960,750.00 -39,250.00 FNMA 3.5YrNc6MoB 10/25/2016 .625 20,000,000.00 20,000,000.00 99.644000 19,928,800.00 -71,200.00 FNMA 3.5YrNc6MoB 11/15/2016 .600 10,000,000.00 10,000,000.00 99.519000 9,951,900.00 -48,100.00 FNMA 5YrNc6MoB 04/18/2018 1.000 5,610,000.00 5,610,000.00 99.188000 5,564,446.80 -45,553.20 FNMA 3.5YrNc1YrB 11/15/2016 .600 10,000,000.00 10,000,000.00 99.519000 9,951,900.00 -48,100.00 FNMA 3YrNc6MoB 05/20/2016 .520 10,000,000.00 10,000,000.00 99.751000 9,975,100.00 -24,900.00 FNMA 5YrNc6MoB 05/08/2018 .800 5,000,000.00 5,000,000.00 99.647000 4,982,350.00 -17,650.00 FNMA 3.5YrNc6MoB 12/27/2016 .680 12,000,000.00 12,006,600.00 99.516000 11,941,920.00 -64,680.00 FNMA 3.5YrNc1YrE 11/15/2016 .600 5,000,000.00 5,000,000.00 99.519000 4,975,950.00 -24,050.00 FNMA 3.5YrNc1YrE 11/15/2016 .600 5,000,000.00 5,000,000.00 99.519000 4,975,950.00 -24,050.00 FNMA 3.5YrNc1YrE 11/15/2016 .600 5,000,000.00 5,000,000.00 99.519000 4,975,950.00 -24,050.00 FNMA 3.5YrNc1YrE 11/15/2016 .600 10,000,000.00 10,000,000.00 99.519000 9,951,900.00 -48,100.00 FNMA 3.5YrNc1YrE 11/15/2016 .600 5,000,000.00 5,000,000.00 99.519000 4,975,950.00 -24,050.00 FNMA 5YrNc6MoB 04/30/2018 .750 5,000,000.00 5,000,000.00 99.316000 4,965,800.00 -34,200.00 FNMA 5YrNc6MoB 05/08/2018 .800 21,750,000.00 21,750,000.00 99.647000 21,673,222.50 -76,777.50 FNMA 3.5YrNc1YrB 11/28/2016 .500 10,000,000.00 9,996,000.00 99.370000 9,937,000.00 -59,000.00 FNMA 3.5YrNc1YrB 11/15/2016 .600 3,635,000.00 3,635,000.00 99.519000 3,617,515.65 -17,484.35 FNMA 3.5YrNc1YrB 11/15/2016 .600 10,000,000.00 9,998,500.00 99.519000 9,951,900.00 -46,600.00 FNMA 3.5YrNc1YrB 11/15/2016 .600 10,000,000.00 10,000,000.00 99.519000 9,951,900.00 -48,100.00 FNMA 3.5YrNc1YrB 11/28/2016 .500 752,000.00 739,216.00 99.370000 747,262.40 8,046.40 FNMA 5YrNc6MoB 06/12/2018 .850 10,000,000.00 9,911,500.00 99.617000 9,961,700.00 50,200.00 FNMA 5YrNc6MoB 01/30/2019 1.650 5,000,000.00 5,000,000.00 100.125000 5,006,250.00 6,250.00 FNMA 5YrNc6MoB 01/30/2019 1.650 12,885,000.00 12,885,000.00 100.125000 12,901,106.25 16,106.25 FNMA 1Yr 05/27/2015 .500 20,000,000.00 20,078,200.00 100.276000 20,055,200.00 -23,000.00 FNMA 1.25Yr 05/27/2015 .500 20,000,000.00 20,084,102.60 100.276000 20,055,200.00 -28,902.60 3136G0TZ4 .750 3.074 3.129 3136G0UX7 .750 3.077 3.132 3136G0YU9 .875 3.108 3.164 3136G0B59 .700 3.175 3.227 3136G0E64 .700 3.194 3.247 3136G0E64 .700 3.194 3.247 3136G0B59 .700 3.175 3.227 3136G0W49 .700 3.308 3.362 3135G0QB2 .489 1.304 1.312 3135G0RS4 .500 1.343 1.353 3135G0RY1 .480 1.396 1.405 3135G0RZ8 .550 1.892 1.907 3136G0Y21 .600 2.336 2.359 3136G03B5 .750 3.309 3.359 3136G12F5 .750 3.415 3.471 3135G0RS4 .500 1.343 1.353 3136G13S6 .800 3.398 3.458 3136G12F5 .750 3.415 3.471 3136G12D0 .750 3.406 3.458 3136G14Q9 .750 3.437 3.493 3136G16J3 .800 3.445 3.496 3136G13S6 .800 3.398 3.458 3136G17E3 .700 3.443 3.493 3136G1A66 .700 3.440 3.493 3136G1B40 .750 3.518 3.589 3136G1B32 .700 3.523 3.589 3136G1AQ2 .700 3.523 3.589 3136G1C56 .800 3.511 3.586 3136G1AJ8 .700 3.523 3.589 3136G1AY5 .750 3.518 3.589 3136G1BF5 .700 3.523 3.589 3136G1D97 .800 3.597 3.668 3136G1DA4 1.000 3.580 3.668 3136G1DA4 1.006 3.580 3.668 3136G1DB2 1.000 3.580 3.668 3136G1CW7 .826 3.569 3.647 3136G1DB2 1.000 3.580 3.668 3136G1ET2 1.000 3.596 3.685 3136G1FW4 1.005 3.632 3.721 3136G1FW4 1.000 3.632 3.721 3136G1FW4 1.000 3.632 3.721 3136G1GS2 1.000 3.688 3.742 3136G1GN3 .800 3.672 3.742 3136G1GR4 .634 2.219 2.247 3136G1GR4 .625 2.219 2.247 3136G1FW4 1.000 3.632 3.721 3136G1HC6 .850 3.670 3.745 3136G1HB8 .800 3.674 3.745 3136G1HE2 .765 3.656 3.723 3136G1HP7 .800 3.674 3.745 3135G0VQ3 .650 2.216 2.244 3135G0WE9 .700 2.294 2.323 3135G0WE9 .700 2.294 2.323 3135G0WE9 .700 2.294 2.323 3135G0WE9 .700 2.294 2.323 3135G0WE9 .700 2.294 2.323 3135G0WE9 .700 2.294 2.323 3135G0WE9 .700 2.294 2.323 3136G1JY6 .800 3.746 3.819 3135G0WE9 .700 2.294 2.323 3136G1KB4 .875 3.726 3.797 3136G1KJ7 .750 3.767 3.836 3135G0WL3 .625 2.297 2.323 3135G0WL3 .625 2.297 2.323 3135G0WL3 .625 2.297 2.323 3136G1KB4 .875 3.726 3.797 3135G0WL3 .625 2.297 2.323 3135G0WS8 .600 2.353 2.381 3136G1JW0 1.000 3.729 3.803 3135G0WS8 .600 2.353 2.381 3135G0WW9 .520 1.876 1.890 3136G1KW8 .800 3.785 3.858 3136G14F3 .665 2.467 2.496 3135G0WS8 .600 2.353 2.381 3135G0WS8 .600 2.353 2.381 3135G0WS8 .600 2.353 2.381 3135G0WS8 .600 2.353 2.381 3135G0WS8 .600 2.353 2.381 3136G1KJ7 .750 3.767 3.836 3136G1KW8 .800 3.785 3.858 3136G1LT4 .512 2.393 2.416 3135G0WS8 .600 2.353 2.381 .604 2.353 2.3813135G0WS8 .600 2.353 2.381 3136G1LT4 1.009 2.387 2.416 3135G0WS8 3136G1MU0 1.077 3.873 3.953 3136G1YU7 1.650 4.367 4.589 3136G1YU7 1.650 4.367 4.589 3135G0KM4 .182 .906 .907 3135G0KM4 .157 .906 .907 RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 851 Description Maturity Date Coupon Par Value Book Value Market Price Market Value Unrealized Gain/Loss Month End Portfolio Holdings Yield To Maturity Modified Duration Years To MaturityCUSIP FNMA 3.5Yr 10/26/2017 .875 10,000,000.00 9,905,700.00 99.266000 9,926,600.00 20,900.00 FNMA 1Yr 05/27/2015 .500 25,000,000.00 25,100,000.00 100.276000 25,069,000.00 -31,000.00 FNMA 4Yr 05/21/2018 .875 15,000,000.00 14,701,500.00 98.322000 14,748,300.00 46,800.00 .738 781,564,000.00 781,310,481.10 99.724867 779,413,658.94 -1,896,822.16 FHLB DISC NOTE 10/10/2014 .080 10,000,000.00 9,996,044.44 99.988778 9,998,877.78 2,833.34 FHLB DISC NOTE 10/15/2014 .075 5,000,000.00 4,998,104.15 99.988222 4,999,411.11 1,306.96 FHLB DISC NOTE 10/10/2014 .075 5,000,000.00 4,998,208.33 99.988778 4,999,438.89 1,230.56 FHLB DISC NOTE 10/10/2014 .075 15,500,000.00 15,494,510.42 99.988778 15,498,260.56 3,750.14 FHLB DISC NOTE 10/17/2014 .075 10,000,000.00 9,996,354.17 99.988000 9,998,800.00 2,445.83 FHLB DISC NOTE 10/22/2014 .075 10,000,000.00 9,996,250.00 99.987444 9,998,744.44 2,494.44 FHLB DISC NOTE 10/22/2014 .075 10,000,000.00 9,996,250.00 99.987444 9,998,744.44 2,494.44 FHLB DISC NOTE 10/24/2014 .775 10,000,000.00 9,996,189.58 99.987222 9,998,722.22 2,532.64 FHLB DISC NOTE 10/22/2014 .075 5,000,000.00 4,998,197.92 99.987444 4,999,372.22 1,174.30 FHLB DISC NOTE 10/29/2014 .075 5,000,000.00 4,998,177.08 99.983333 4,999,166.67 989.59 FHLB DISC NOTE 11/05/2014 .078 5,000,000.00 4,998,062.50 99.982361 4,999,118.06 1,055.56 FHLB DISC NOTE 11/05/2014 .077 10,000,000.00 9,996,214.17 99.982361 9,998,236.11 2,021.94 FHLB DISC NOTE 11/07/2014 .078 5,000,000.00 4,998,073.26 99.982083 4,999,104.17 1,030.91 FHLB DISC NOTE 11/12/2014 .078 5,000,000.00 4,998,050.00 99.981389 4,999,069.44 1,019.44 FHLB DISC NOTE 11/14/2014 .076 5,000,000.00 4,998,131.67 99.981111 4,999,055.56 923.89 FHLB DISC NOTE 11/19/2014 .075 10,000,000.00 9,996,229.17 99.980417 9,998,041.67 1,812.50 FHLB DISC NOTE 11/19/2014 .078 15,000,000.00 14,994,117.50 99.980417 14,997,062.50 2,945.00 .126 140,500,000.00 140,447,164.36 99.985214 140,479,225.84 32,061.48 FHLB 4Yr 02/04/2015 .163 15,000,000.00 15,000,000.00 100.034000 15,005,100.00 5,100.00 FHLB 3Yr 05/22/2015 .500 5,000,000.00 5,000,000.00 100.295000 5,014,750.00 14,750.00 FHLB 3Yr 05/04/2015 .700 15,000,000.00 15,000,000.00 100.418000 15,062,700.00 62,700.00 FHLB 5YrNc3MoB 10/10/2017 .625 10,000,000.00 10,000,000.00 100.010000 10,001,000.00 1,000.00 FHLB 3Yr 01/16/2015 .250 5,000,000.00 4,994,000.00 100.072000 5,003,600.00 9,600.00 FHLB 2Yr 02/20/2015 .250 5,000,000.00 4,995,550.00 100.069000 5,003,450.00 7,900.00 FHLB 3.5YrNc6MoB 07/29/2016 .575 5,000,000.00 4,989,500.00 99.990000 4,999,500.00 10,000.00 FHLB 5YrNc3MoB 02/13/2018 .650 7,350,000.00 7,350,000.00 100.028000 7,352,058.00 2,058.00 FHLB 5YrNc6MoB 04/25/2018 .800 10,000,000.00 10,000,000.00 99.724000 9,972,400.00 -27,600.00 FHLB 5YrNc3MoB 04/25/2018 .850 8,350,000.00 8,350,000.00 99.593000 8,316,015.50 -33,984.50 FHLB 3.5YrNc3MoB 10/11/2016 .625 9,400,000.00 9,400,000.00 99.884000 9,389,096.00 -10,904.00 FHLB 3.5YrNc3MoB 10/24/2016 .550 10,000,000.00 10,000,000.00 99.838000 9,983,800.00 -16,200.00 FHLB 4YrNc3MoA 10/11/2016 .700 4,285,714.00 4,285,714.00 100.006000 4,285,971.14 257.14 FHLB 5YrNc6MoB 05/21/2018 .750 12,000,000.00 12,000,000.00 99.013000 11,881,560.00 -118,440.00 FHLB 5YrNC3MoB 05/23/2018 .750 10,000,000.00 10,000,000.00 99.026000 9,902,600.00 -97,400.00 FHLB 5YrNc6MoB 05/25/2018 .750 10,000,000.00 10,000,000.00 99.167000 9,916,700.00 -83,300.00 FHLB 5YrNc6MoB 05/29/2018 .750 5,000,000.00 5,000,000.00 99.372000 4,968,600.00 -31,400.00 FHLB 5YrNc1YrB 06/12/2018 .800 10,000,000.00 10,000,000.00 99.276000 9,927,600.00 -72,400.00 FHLB 5YrNc1YrB 06/12/2018 .800 10,000,000.00 10,000,000.00 99.276000 9,927,600.00 -72,400.00 FHLB 5YrNc3MoB 06/19/2018 .875 5,000,000.00 5,000,000.00 99.045000 4,952,250.00 -47,750.00 FHLB 5YrNc3MoB 06/19/2018 .875 5,000,000.00 5,000,000.00 99.045000 4,952,250.00 -47,750.00 FHLB 5YrNc3MoB 06/19/2018 .875 5,000,000.00 5,000,000.00 99.045000 4,952,250.00 -47,750.00 FHLB 5YrNc3MoB 06/19/2018 .875 10,000,000.00 10,000,000.00 99.045000 9,904,500.00 -95,500.00 FHLB 5YrNc6MoB 06/20/2018 .900 5,000,000.00 4,998,000.00 99.362000 4,968,100.00 -29,900.00 FHLB 5YrNc3MoB 06/20/2018 1.000 13,000,000.00 13,000,000.00 99.167000 12,891,710.00 -108,290.00 FHLB 5YrNc3MoB 06/20/2018 1.250 10,000,000.00 10,000,000.00 98.923000 9,892,300.00 -107,700.00 FHLB 3.5YrNc1MoB 12/19/2016 .750 5,000,000.00 5,000,000.00 99.853000 4,992,650.00 -7,350.00 FHLB 3.5YrNc1MoB 12/19/2016 .750 10,000,000.00 10,000,000.00 99.853000 9,985,300.00 -14,700.00 FHLB 5YrNc3MoB 06/27/2018 1.250 5,000,000.00 5,000,000.00 99.907000 4,995,350.00 -4,650.00 FHLB 5YrNc3MoB 06/27/2018 1.250 5,000,000.00 5,000,000.00 99.907000 4,995,350.00 -4,650.00 FHLB 5YrNc3MoB 06/27/2018 1.250 5,000,000.00 5,000,000.00 99.907000 4,995,350.00 -4,650.00 FHLB 1Yr 08/12/2014 .170 15,000,000.00 14,998,892.55 100.007000 15,001,050.00 2,157.45 FHLB 1Yr 08/20/2014 .170 10,000,000.00 10,000,000.00 100.013000 10,001,300.00 1,300.00 FHLB 1.5Yr 09/22/2014 .220 15,000,000.00 15,005,250.00 100.032000 15,004,800.00 -450.00 FHLB 1Yr 09/03/2014 .125 15,000,000.00 14,990,640.00 100.008000 15,001,200.00 10,560.00 FHLB 1Yr 11/18/2014 .125 25,000,000.00 24,988,764.33 100.011000 25,002,750.00 13,985.67 FHLB 1Yr 02/20/2015 .250 25,000,000.00 25,018,500.00 100.069000 25,017,250.00 -1,250.00 FHLB 1.25Yr 02/18/2015 .210 25,000,000.00 25,000,000.00 100.036000 25,009,000.00 9,000.00 FHLB 1.25Yr 02/18/2015 .210 25,000,000.00 24,998,500.00 100.036000 25,009,000.00 10,500.00 FHLB 1YrNc6MoB 01/21/2015 .240 25,000,000.00 25,000,000.00 100.000000 25,000,000.00 0.00 FHLB 1Yr 01/06/2015 .190 25,000,000.00 25,000,000.00 100.035000 25,008,750.00 8,750.00 FHLB 1YrNc6MoE 02/26/2015 .210 25,000,000.00 25,000,000.00 100.010000 25,002,500.00 2,500.00 FHLB 3YrNc6MoB 03/24/2017 .900 5,000,000.00 5,000,000.00 100.162000 5,008,100.00 8,100.00 FHLB 3.5YrNc6MoE 09/26/2017 1.050 5,000,000.00 5,000,000.00 100.040000 5,002,000.00 2,000.00 FHLB 3.25YrNc3MoB 06/27/2017 1.050 10,000,000.00 9,997,500.00 100.080000 10,008,000.00 10,500.00 FHLB 3.25YrNc6MoB 06/26/2017 1.000 10,000,000.00 10,000,000.00 100.163000 10,016,300.00 16,300.00 FHLB 5YrNc3MoB 03/27/2019 1.000 10,000,000.00 10,000,000.00 100.038000 10,003,800.00 3,800.00 FHLB 5YrNc3MoB 03/27/2019 1.500 5,000,000.00 5,000,000.00 99.903000 4,995,150.00 -4,850.00 FHLB 5YrNc3MoB 04/15/2019 1.500 10,000,000.00 10,000,000.00 99.692000 9,969,200.00 -30,800.00 FHLB 5YrNc3MoB 04/16/2019 1.500 10,000,000.00 10,000,000.00 100.039000 10,003,900.00 3,900.00 FHLB 5YrNc3MoB 04/17/2019 1.750 10,000,000.00 10,000,000.00 99.592000 9,959,200.00 -40,800.00 FHLB 5YrNc3MoB 04/17/2019 1.750 10,000,000.00 10,000,000.00 99.592000 9,959,200.00 -40,800.00 FHLB 5YrNc3MoB 04/23/2019 1.800 10,000,000.00 10,000,000.00 99.917000 9,991,700.00 -8,300.00 FHLB 1YrNc6MoE 04/24/2015 .200 25,000,000.00 25,000,000.00 99.985000 24,996,250.00 -3,750.00 FHLB 5YrNc3MoB 04/17/2019 1.750 8,435,000.00 8,435,000.00 99.592000 8,400,585.20 -34,414.80 FHLB 5YrNc3MoB 04/17/2019 1.750 5,000,000.00 5,000,000.00 99.592000 4,979,600.00 -20,400.00 FHLB 6Mo 10/21/2014 .080 10,000,000.00 9,999,430.00 99.996000 9,999,600.00 170.00 FHLB 5YrNc3MoB 04/15/2019 1.500 3,000,000.00 3,000,000.00 99.692000 2,990,760.00 -9,240.00 FHLB 5YrNc6MoB 05/13/2019 1.700 10,000,000.00 10,000,000.00 99.862000 9,986,200.00 -13,800.00 FHLB 9Mo 01/22/2015 .090 25,000,000.00 24,995,784.75 99.982000 24,995,500.00 -284.75 FHLB 5YrNc3MoB 04/29/2019 1.500 3,000,000.00 3,000,000.00 100.097000 3,002,910.00 2,910.00 FHLB 5YrNc3MoB 05/06/2019 1.650 10,000,000.00 10,000,000.00 99.527000 9,952,700.00 -47,300.00 FHLB 5YrNc3MoB 04/23/2019 1.800 4,250,000.00 4,250,000.00 99.917000 4,246,472.50 -3,527.50 FHLB 5YrNc3MoB 05/21/2019 1.750 6,650,000.00 6,650,000.00 99.998000 6,649,867.00 -133.00 FHLB 5YrNc3MoB 05/28/2019 1.750 10,000,000.00 10,000,000.00 100.059000 10,005,900.00 5,900.00 FHLB 5YrNc3MoB 05/21/2019 1.750 5,000,000.00 5,000,000.00 99.963000 4,998,150.00 -1,850.00 3135G0PQ0 1.141 3.258 3.326 FHLB DISC NOTES 3135G0KM4 .119 .907 .907 3135G0WJ8 1.396 3.804 3.893 .726 2.849 2.900 313385J98 .080 .279 .279 313385K62 .075 .293 .293 313385J98 .075 .279 .279 313385J98 .075 .279 .279 313385K88 .075 .298 .299 313385L53 .075 .312 .312 313385L53 .075 .312 .312 .078 .317 .318313385L79 .075 .312 .312 313385M45 .075 .331 .332 313385L53 313385N36 .078 .350 .351 313385N36 .077 .350 .351 313385N51 .078 .356 .356 313385P26 .078 .369 .370 313385P42 .076 .375 .375 313385P91 .075 .388 .389 313385P91 .078 .388 .389 .076 .328 .328 313372KE3 .163 .594 .600 FHLB BONDS 313378AC5 .500 .891 .893 313378U58 .700 .840 .844 313380UF2 .625 3.235 3.282 313381H24 .307 .543 .548 313381YP4 .293 .637 .644 313381VK8 .636 2.060 2.082 313381XU4 .650 3.581 3.627 313382PH0 .800 3.749 3.822 313382PP2 .850 3.745 3.822 313382LE1 .625 2.258 2.285 313382SL8 .550 2.297 2.321 313380S57 .700 2.255 2.285 313382Y31 .750 3.825 3.893 3133833M1 .750 3.831 3.899 3133833J8 .750 3.836 3.904 3133834M0 .750 3.848 3.915 3133836N6 .800 3.879 3.953 3133836N6 .800 3.879 3.953 313383CP4 .875 3.892 3.973 313383CP4 .875 3.892 3.973 313383CP4 .875 3.892 3.973 313383CP4 .875 3.892 3.973 313383EM9 .908 3.892 3.975 313383EN7 1.000 3.884 3.975 313383EP2 1.250 3.862 3.975 313383G62 .750 2.442 2.474 313383G62 .750 2.442 2.474 313383KJ9 1.250 3.882 3.995 313383KJ9 1.250 3.882 3.995 313383KJ9 1.250 3.882 3.995 313383UE9 .177 .118 .118 313383W64 .170 .140 .140 313382LT8 .188 .230 .230 313383XP1 .187 .178 .178 3130A0C81 .170 .386 .386 313381YP4 .189 .638 .644 3130A0FX3 .210 .632 .638 3130A0FX3 .215 .632 .638 3130A0JD3 .240 .557 .562 3130A0JV3 .190 .516 .521 3130A0UA6 .210 .654 .660 3130A15J3 .900 2.688 2.734 3130A1AQ1 1.050 3.168 3.244 3130A17J1 1.058 2.937 2.995 3130A1C89 1.000 2.937 2.992 3130A1B98 1.000 4.625 4.742 3130A16Q6 1.500 4.543 4.742 3130A1EQ7 1.500 4.593 4.795 3130A1EW4 1.500 4.596 4.797 3130A1G44 1.750 4.567 4.800 3130A1G44 1.750 4.567 4.800 3130A1HP6 1.800 4.577 4.816 3130A1HR2 .200 .815 .816 3130A1G44 1.750 4.567 4.800 3130A1G44 1.750 4.567 4.800 3130A1M96 .091 .309 .310 3130A1EQ7 1.500 4.593 4.795 3130A1QH4 1.700 4.645 4.871 3130A1PW2 .113 .563 .564 3130A1LA4 1.500 4.632 4.833 3130A1Q50 1.650 4.632 4.852 3130A1HP6 1.800 4.577 4.816 3130A1TJ7 1.750 4.660 4.893 3130A1VH8 1.750 4.679 4.912 3130A1T32 1.750 4.660 4.893 RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 952 Description Maturity Date Coupon Par Value Book Value Market Price Market Value Unrealized Gain/Loss Month End Portfolio Holdings Yield To Maturity Modified Duration Years To MaturityCUSIP FHLB 5YrNc3MoB 05/21/2019 1.750 9,500,000.00 9,500,000.00 99.998000 9,499,810.00 -190.00 FHLB 5YrNc3MoB 05/22/2019 1.800 10,000,000.00 10,000,000.00 100.048000 10,004,800.00 4,800.00 FHLB 3.5YrNc6MoB 11/28/2017 1.250 6,550,000.00 6,550,000.00 99.739000 6,532,904.50 -17,095.50 FHLB 5YrNc3MoB 05/06/2019 1.650 10,000,000.00 10,000,000.00 99.891000 9,989,100.00 -10,900.00 FHLB 3.75Yr 03/09/2018 1.375 7,000,000.00 7,011,690.00 100.321000 7,022,470.00 10,780.00 FHLB 3YrNc3MoB 05/22/2017 1.100 10,000,000.00 10,000,000.00 100.130000 10,013,000.00 13,000.00 FHLB 5YrNc3MoB 05/28/2019 1.650 10,000,000.00 10,000,000.00 99.196000 9,919,600.00 -80,400.00 FHLB 5YrNc3MoB 06/12/2019 1.000 10,000,000.00 10,000,000.00 99.956000 9,995,600.00 -4,400.00 FHLB 5YrNc3MoB 05/28/2019 1.650 2,200,000.00 2,200,000.00 99.196000 2,182,312.00 -17,688.00 FHLB 5YrNc3MoB 06/11/2019 1.600 15,000,000.00 15,000,000.00 99.667000 14,950,050.00 -49,950.00 FHLB 5YrNc3MoB 06/18/2019 1.500 10,000,000.00 10,000,000.00 99.545000 9,954,500.00 -45,500.00 FHLB 5YrNc3MoB 06/17/2019 1.550 20,000,000.00 20,000,000.00 99.703000 19,940,600.00 -59,400.00 FHLB 5YrNc3MoB 06/18/2019 1.500 15,000,000.00 15,000,000.00 99.545000 14,931,750.00 -68,250.00 FHLB 5YrNc3MoB 06/26/2019 1.500 8,000,000.00 8,000,000.00 100.054000 8,004,320.00 4,320.00 FHLB 5YrNc3MoB 06/26/2019 1.500 15,000,000.00 15,000,000.00 100.089000 15,013,350.00 13,350.00 FHLB 5YrNc3MoB 06/26/2019 1.625 6,000,000.00 6,000,000.00 100.035000 6,002,100.00 2,100.00 FHLB 5YrNc3MoB 06/26/2019 1.625 5,000,000.00 5,000,000.00 100.035000 5,001,750.00 1,750.00 FHLB 5YrNc3MoB 06/26/2019 1.170 10,000,000.00 10,000,000.00 100.222000 10,022,200.00 22,200.00 FHLB 1YrNc9MoB 07/17/2015 .200 25,000,000.00 25,000,000.00 99.961000 24,990,250.00 -9,750.00 .834 903,970,714.00 903,952,715.63 99.841793 902,540,571.84 -1,412,143.79 FFCB 5Yr 04/20/2016 .223 10,000,000.00 9,995,000.00 100.154000 10,015,400.00 20,400.00 FFCB 3Yr 03/16/2015 .520 5,000,000.00 4,988,430.00 100.242000 5,012,100.00 23,670.00 FFCB 3Yr 05/01/2015 .500 5,000,000.00 4,997,000.00 100.251000 5,012,550.00 15,550.00 FFCB 2.5Yr 07/24/2015 .194 15,000,000.00 14,996,061.75 100.085000 15,012,750.00 16,688.25 FFCB 2Yr 01/07/2015 .250 10,000,000.00 9,988,850.00 100.035000 10,003,500.00 14,650.00 FFCB 2Yr 01/07/2015 .250 15,000,000.00 14,991,750.00 100.035000 15,005,250.00 13,500.00 FFCB 3YrNc1YrC 04/11/2016 .430 5,000,000.00 4,994,250.00 99.896000 4,994,800.00 550.00 FFCB 1.25 Yr 08/08/2014 .170 10,000,000.00 10,000,000.00 100.009000 10,000,900.00 900.00 FFCB 1.25Yr 08/08/2014 .170 15,000,000.00 14,995,907.55 100.009000 15,001,350.00 5,442.45 FFCB 1Yr 08/25/2014 .180 25,000,000.00 25,000,000.00 100.016000 25,004,000.00 4,000.00 FFCB 2Yr 09/11/2014 .250 3,800,000.00 3,803,114.97 100.030000 3,801,140.00 -1,974.97 FFCB 1.25Yr 02/13/2015 .190 25,000,000.00 24,995,300.00 100.036000 25,009,000.00 13,700.00 FFCB 1.25Yr 02/13/2015 .190 25,000,000.00 24,996,000.00 100.036000 25,009,000.00 13,000.00 FFCB 1.75Yr 08/25/2015 .280 15,000,000.00 15,000,000.00 100.063000 15,009,450.00 9,450.00 FFCB 1.25Yr 02/13/2015 .190 25,000,000.00 24,996,075.00 100.036000 25,009,000.00 12,925.00 FFCB 3YrNC1YrA 12/09/2016 .680 5,000,000.00 4,992,500.00 99.776000 4,988,800.00 -3,700.00 FFCB 1Yr 01/16/2015 .160 25,000,000.00 25,000,000.00 100.016000 25,004,000.00 4,000.00 FFCB 1Yr 01/16/2015 .160 15,000,000.00 15,000,000.00 100.016000 15,002,400.00 2,400.00 FFCB 1Yr 09/10/2015 .250 10,000,000.00 9,996,800.00 99.978000 9,997,800.00 1,000.00 FFCB 2Yr 03/03/2016 .375 10,000,000.00 10,001,000.00 99.899000 9,989,900.00 -11,100.00 FFCB 1.25Yr 06/04/2015 .190 15,000,000.00 14,999,475.00 99.950000 14,992,500.00 -6,975.00 FFCB 1.25Yr 05/01/2015 .500 15,000,000.00 15,055,545.00 100.251000 15,037,650.00 -17,895.00 FFCB 1.25Yr 06/04/2015 .190 20,000,000.00 20,000,600.00 99.950000 19,990,000.00 -10,600.00 FFCB 1.25Yr 06/04/2015 .190 15,000,000.00 15,000,000.00 99.950000 14,992,500.00 -7,500.00 FFCB 1Yr 06/10/2015 .230 15,000,000.00 15,000,900.00 100.088000 15,013,200.00 12,300.00 FFCB 1.25Yr 06/04/2015 .190 15,000,000.00 15,004,770.00 99.950000 14,992,500.00 -12,270.00 FFCB 1Yr 05/01/2015 .130 15,000,000.00 14,999,367.90 99.947000 14,992,050.00 -7,317.90 FFCB 1.25Yr 05/14/2015 .190 33,150,000.00 33,150,000.00 99.978000 33,142,707.00 -7,293.00 .226 416,950,000.00 416,938,697.17 100.020673 417,036,197.00 97,499.83 FAMCA DISC NOTE 12/03/2014 .080 10,000,000.00 9,995,978.00 99.970000 9,997,000.00 1,022.00 .080 10,000,000.00 9,995,978.00 99.970000 9,997,000.00 1,022.00 FAMCA 3Yr 07/02/2015 .550 10,000,000.00 9,989,000.00 100.303000 10,030,300.00 41,300.00 FAMCA 2Yr 01/23/2015 .320 5,000,000.00 5,000,000.00 100.105000 5,005,250.00 5,250.00 FAMCA 3Yr 01/28/2016 .425 5,000,000.00 5,000,000.00 100.136000 5,006,800.00 6,800.00 FAMCA 5YrNc6MoB 04/03/2018 .875 10,000,000.00 10,000,000.00 100.109000 10,010,900.00 10,900.00 FAMCA 15Mo 08/11/2014 .200 25,000,000.00 24,995,975.00 100.005000 25,001,250.00 5,275.00 FAMCA 1Yr 11/03/2014 .230 30,000,000.00 30,000,000.00 100.040000 30,012,000.00 12,000.00 FAMCA 1Yr 10/10/2014 .200 25,000,000.00 25,000,000.00 100.025000 25,006,250.00 6,250.00 FAMCA 2Yr 01/06/2015 .185 50,000,000.00 49,997,294.50 100.029000 50,014,500.00 17,205.50 FAMCA 1Yr 01/15/2015 .190 25,000,000.00 24,998,750.00 100.032000 25,008,000.00 9,250.00 FAMCA 1Yr 02/03/2015 .185 25,000,000.00 24,998,750.00 100.031000 25,007,750.00 9,000.00 FAMCA 1.25Yr 06/29/2015 .170 25,000,000.00 25,000,000.00 100.003000 25,000,750.00 750.00 FAMCA 1Yr 06/30/2015 .178 25,000,000.00 25,000,000.00 100.013000 25,003,250.00 3,250.00 FAMCA 5YrNc6MoB 06/06/2019 1.650 10,000,000.00 10,000,000.00 100.191000 10,019,100.00 19,100.00 FAMCA 5YrNc6MoB 06/06/2019 1.600 10,000,000.00 10,000,000.00 100.220000 10,022,000.00 22,000.00 .338 280,000,000.00 279,979,769.50 100.052893 280,148,100.00 168,330.50 LOUISIANA STATE 05/15/2016 .540 12,070,000.00 12,070,000.00 100.000000 12,070,000.00 0.00 OHIO STATE 11/01/2014 .280 9,355,000.00 9,355,000.00 100.000000 9,355,000.00 0.00 COUNTY OF RIVERSIDE TEETER 10/15/2014 .370 1,635,000.00 1,635,000.00 100.000000 1,635,000.00 0.00 WASHINGTON STATE 02/01/2015 .200 11,590,000.00 11,590,000.00 100.000000 11,590,000.00 0.00 LOUISIANA STATE 02/01/2015 .220 24,755,000.00 24,747,821.05 99.971000 24,747,821.05 0.00 MAINE STATE 06/01/2015 .200 11,295,000.00 11,292,853.95 99.981000 11,292,853.95 0.00 .280 70,700,000.00 70,690,675.00 99.986810 70,690,675.00 0.00 GE CAPITAL CORP 07/03/2014 .140 10,000,000.00 9,995,333.30 99.999278 9,999,927.78 4,594.48 NESTLE 07/07/2014 .100 35,000,000.00 34,988,138.89 99.997833 34,999,241.67 11,102.78 TOYOTA MOTOR CORP 07/09/2014 .150 10,000,000.00 9,995,000.00 99.997111 9,999,711.11 4,711.11 COCA-COLA CO 07/21/2014 .130 30,000,000.00 29,987,216.67 99.992778 29,997,833.33 10,616.66 TOYOTA MOTOR CORP 07/30/2014 .150 15,000,000.00 14,992,500.00 99.989528 14,998,429.17 5,929.17 GE CAPITAL CORP 07/30/2014 .120 20,000,000.00 19,992,000.00 99.989528 19,997,905.56 5,905.56 COCA-COLA CO 07/31/2014 .130 25,000,000.00 24,989,166.67 99.989167 24,997,291.67 8,125.00 NESTLE 08/04/2014 .120 10,000,000.00 9,995,933.33 99.987722 9,998,772.22 2,838.89 TOYOTA MOTOR CORP 08/05/2014 .150 10,000,000.00 9,995,041.67 99.987361 9,998,736.11 3,694.44 COCA-COLA CO 07/10/2014 .090 15,000,000.00 14,996,512.50 99.996750 14,999,512.50 3,000.00 GE CAPITAL CORP 08/07/2014 .120 25,000,000.00 24,990,000.00 99.986639 24,996,659.72 6,659.72 UC REGENTS 08/07/2014 .150 25,000,000.00 24,987,500.00 99.986639 24,996,659.72 9,159.72 3130A1TJ7 1.750 4.660 4.893 3130A1UM8 1.800 4.657 4.896 3130A1VN5 1.250 3.326 3.416 3130A1PZ5 1.650 4.632 4.852 313378A43 1.330 3.574 3.693 3130A1WH7 1.100 2.838 2.896 3130A1YW2 1.650 4.692 4.912 3130A1ZE1 1.000 4.815 4.953 3130A1YW2 1.650 4.692 4.912 3130A22D7 1.600 4.735 4.951 3130A23Z7 1.500 4.767 4.970 3130A23Y0 1.550 4.757 4.967 3130A23Z7 1.500 4.767 4.970 3130A2AH9 1.500 4.789 4.992 1.500 4.789 4.9923130A2B62 1.625 4.773 4.992 3130A2BX3 1.625 4.773 4.992 3130A2BX3 FFCB BONDS 3130A2E77 1.170 4.832 4.992 3130A2G75 .200 1.045 1.047 .836 2.674 2.761 31331KHV5 .250 1.800 1.808 3133EAHP6 .598 .708 .710 3133EANJ3 .520 .833 .836 3133ECBA1 .218 1.065 1.066 3133ECCE2 .306 .518 .523 3133ECCE2 .281 .518 .523 3133ECKZ6 .469 1.770 1.784 3133ECNW0 .170 .107 .107 3133ECNW0 .193 .107 .107 3133ECVH4 .180 .153 .153 3133EAT81 .162 .200 .200 3133ED7H9 .205 .618 .625 3133ED7H9 .203 .618 .625 3133EDAL6 .280 1.150 1.153 3133ED7H9 .203 .618 .625 3133EDBK7 .731 2.416 2.447 3133EDDR0 .160 .544 .548 3133EDDR0 .160 .544 .548 3133EDEK4 .270 1.192 1.197 3133EDG63 .370 1.666 1.677 3133EDGB2 .193 .926 .929 3133EANJ3 .178 .834 .836 3133EDES7 3133EDGB2 3133EDGB2 .188 .926 .929 3133EDGB2 .190 .926 .929 .225 .943 .945 .162 .927 .929 3133EDKV3 .134 .835 .836 3133EDFD9 .190 .871 .871 .223 .779 .783 FMAC DISC NOTES 31315LR75 .080 .427 .427 .080 .427 .427 31315PQK8 .587 .999 1.005 FARMER MAC 31315PWS4 .320 .562 .567 31315PYY9 .425 1.568 1.581 31315PRT8 .875 3.690 3.762 31315PA74 .213 .115 .115 31315PX20 .230 .345 .345 31315P6N4 .200 .279 .279 31315PJ59 .190 .516 .521 31315PW54 .195 .541 .545 31315P3J6 31315P4J5 31315P2B4 .190 .591 .597 31315PU49 .170 .996 .997 .178 .999 1.000 1.650 4.714 4.937 31315P4C0 1.600 4.721 4.937 .343 .987 1.007 546415L73 .540 1.862 1.877 MUNI BONDS 6775212D7 .280 .339 .340 .370 .292 .29376914AAE2 .200 .585 .592 546415S27 .251 .585 .592 93974DDY1 56052AXR2 .220 .918 .921 .294 .817 .824 36959JG31 .140 .008 .008 COMM PAPER 64105HG71 .100 .019 .019 89233HG99 .150 .025 .025 19121BGM5 .130 .057 .058 89233HGW8 .150 .082 .082 36959JGW7 .120 .082 .082 19121BGX1 .130 .085 .085 64105HH47 .120 .096 .096 89233HH56 .150 .098 .099 19121BGA1 .090 .027 .027 36959JH71 .120 .104 .104 91411UH73 .150 .104 .104 RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 1053 Description Maturity Date Coupon Par Value Book Value Market Price Market Value Unrealized Gain/Loss Month End Portfolio Holdings Yield To Maturity Modified Duration Years To MaturityCUSIP GE CAPITAL CORP 08/11/2014 .120 10,000,000.00 9,995,933.33 99.985194 9,998,519.44 2,586.11 PROCTER & GAMBLE 07/09/2014 .080 5,000,000.00 4,999,011.11 99.997111 4,999,855.56 844.45 NESTLE 08/11/2014 .110 15,000,000.00 14,994,408.33 99.985194 14,997,779.17 3,370.84 TOYOTA MOTOR CORP 08/13/2014 .140 35,000,000.00 34,983,666.67 99.984472 34,994,565.28 10,898.61 PROCTER & GAMBLE 07/17/2014 .090 25,000,000.00 24,994,187.50 99.994222 24,998,555.56 4,368.06 NESTLE 08/14/2014 .100 9,000,000.00 8,997,000.00 99.984111 8,998,570.00 1,570.00 UC REGENTS 08/07/2014 .150 7,700,000.00 7,696,567.08 99.986639 7,698,971.19 2,404.11 COCA-COLA CO 08/05/2014 .110 8,000,000.00 7,997,628.89 99.987361 7,998,988.89 1,360.00 WAL-MART 07/28/2014 .090 25,000,000.00 24,994,500.00 99.990250 24,997,562.50 3,062.50 WAL-MART 07/28/2014 .090 25,000,000.00 24,994,500.00 99.990250 24,997,562.50 3,062.50 PROCTER & GAMBLE 08/08/2014 .080 40,000,000.00 39,991,644.44 99.986278 39,994,511.11 2,866.67 PROCTER & GAMBLE 08/07/2014 .080 25,000,000.00 24,994,944.44 99.986639 24,996,659.72 1,715.28 TOYOTA MOTOR CORP 09/08/2014 .130 30,000,000.00 29,987,108.33 99.967417 29,990,225.00 3,116.67 GE CAPITAL CORP 09/11/2014 .140 40,000,000.00 39,981,333.33 99.966000 39,986,400.00 5,066.67 CHEVRON 07/15/2014 .070 75,000,000.00 74,991,104.17 99.994944 74,996,208.33 5,104.16 TOYOTA MOTOR CORP 08/12/2014 .130 15,000,000.00 14,995,179.17 99.984833 14,997,725.00 2,545.83 TOYOTA MOTOR CORP 09/12/2014 .150 15,000,000.00 14,992,500.00 99.965528 14,994,829.17 2,329.17 COCA-COLA CO 09/16/2014 .110 8,164,000.00 8,161,405.66 99.963639 8,161,031.48 -374.18 COCA-COLA CO 09/10/2014 .100 9,350,000.00 9,347,454.72 99.966472 9,346,865.15 -589.57 GE CAPITAL CORP 10/06/2014 .140 10,000,000.00 9,995,255.56 99.948806 9,994,880.56 -375.00 COCA-COLA CO 10/06/2014 .120 5,279,000.00 5,276,923.59 99.948806 5,276,297.45 -626.14 CHEVRON 08/06/2014 .080 15,000,000.00 14,998,100.00 99.987000 14,998,050.00 -50.00 CHEVRON 09/08/2014 .090 25,000,000.00 24,994,437.50 99.967417 24,991,854.17 -2,583.33 COCA-COLA CO 10/06/2014 .120 30,000,000.00 29,988,400.00 99.948806 29,984,641.67 -3,758.33 CHEVRON 09/10/2014 .090 25,000,000.00 24,994,375.00 99.966472 24,991,618.06 -2,756.94 CHEVRON 09/09/2014 .100 25,000,000.00 24,994,166.67 99.966944 24,991,736.11 -2,430.56 TOYOTA MOTOR CORP 10/17/2014 .140 10,000,000.00 9,995,333.33 99.943000 9,994,300.00 -1,033.33 .110 797,493,000.00 797,231,411.85 99.981999 797,349,443.63 118,031.78 TORONTO DOMINION 07/14/2014 .150 20,000,000.00 20,000,000.00 100.000000 20,000,000.00 0.00 TORONTO DOMINION 08/29/2014 .130 30,000,000.00 30,000,000.00 100.000000 30,000,000.00 0.00 TORONTO DOMINION 09/17/2014 .140 30,000,000.00 30,000,000.00 100.000000 30,000,000.00 0.00 .139 80,000,000.00 80,000,000.00 100.000000 80,000,000.00 0.00 .428 4,840,342,714.00 4,839,735,132.12 99.934456 4,837,170,144.50 -2,564,987.62 .428 4,840,342,714.00 4,839,735,132.12 99.934456 4,837,170,144.50 -2,564,987.62 36959JHB2 .120 .115 .115 74271UG95 .080 .025 .025 64105HHB1 .110 .115 .115 89233HHD9 .140 .120 .121 74271UGH7 .090 .047 .047 64105HHE5 .100 .123 .123 91411UH73 .150 .104 .104 19121BH51 .110 .098 .099 93114FGU2 .090 .077 .077 93114FGU2 .090 .077 .077 74271UH86 .080 .107 .107 74271UH78 .080 .104 .104 89233HJ88 .130 .191 .192 36959JJB0 .140 .200 .200 16677KGF4 .070 .041 .041 89233HHC1 .130 .118 .118 89233HJC9 .150 .202 .203 19121BJG5 .110 .213 .214 19121BJA8 .100 .197 .197 36959JK69 .140 .268 .268 19121BK65 .120 .268 .268 16677KH63 .080 .101 .101 16677KJ87 .090 .191 .192 19121BK65 .120 .268 .268 16677KJA2 .090 .197 .197 16677KJ95 .100 .194 .195 .140 .298 .29989233HKH6 .110 .117 .117 NCDS 89112T3E2 .150 .038 .038 89112UBB6 .130 .164 .164 89112UED9 .140 .216 .216 .139 .152 .152 .422 1.335 1.367Grand Total Total Fund .422 1.335 1.367 RIVERISIDE COUNTY TREASURER-TAX COLLECTOR 1154 55 1 Mutual Funds maturity may be interpreted as weighted average maturity not exceeding 60 days. 2 Or must have an investment advisor with not less than 5 years experience and with assets under management of $500,000,000. THIS COMPLETES THE REPORT REQUIREMENTS OF CALIFORNIA GOVERNMENT C0DE 53646 Investment Category Maximum Maturity Authorized % Limit S&P/ Moody's Maximum Maturity Authorized % Limit S&P/ Moody's Actual % MUNICIPAL BONDS (MUNI) 5 YEARS NO LIMIT NA 3 YEARS 15%AA-/Aa3/AA-1.46% U.S. TREASURIES 5 YEARS NO LIMIT NA 5 YEARS 100%NA 5.89% LOCAL AGENCY OBLIGATIONS (LAO) 5 YEARS NO LIMIT NA 3 YEARS 2.5%INVESTMENT GRADE 0.01% FEDERAL AGENCIES 5 YEARS NO LIMIT AAA 5 YEARS 100%NA 59.24% COMMERCIAL PAPER (CP)270 DAYS 40%A1/P1 270 DAYS 40%A1/P1/F1 16.47% CERTIFICATE & TIME DEPOSITS (NCD & TCD) 5 YEARS 30%NA 1 YEAR 25% Combined A1/P1/F1 1.65% REPURCHASE AGREEMENTS (REPO) 1 YEARS NO LIMIT NA 45 DAYS 40% max, 25% in term repo over 7 days A1/P1/F1 3.10% 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 0.00% CALTRUST SHORT TERM FUND NA NA NA DAILY LIQUIDITY 1.0%NA 1.12% MONEY MARKET MUTUAL FUNDS (MMF) 60 DAYS (1)20%AAA/Aaa (2) DAILY LIQUIDITY 20%AAA by 2 Of 3 RATINGS AGC. 7.96% 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 3.10% GOVERNMENT CODE COUNTY INVESTMENT POLICY The Treasurer’s Pooled Investment Fund was in FULL COMPLIANCE with the Treasurer’s Statement of Investment Policy. The County’s Investment Policy is more restrictive than the Califor- nia Government Code. This policy is reviewed annually by the County’s Investment Oversight Committee and approved by the County Board of Supervisors. Full Compliance RIVERSIDE COUNTY TREASURER-TAX COLLECTOR 13 56 57 County of Riverside Treasurer-Tax Collector Capital Markets 4080 Lemon Street, 4th Floor Riverside, CA 92502-2205 www.treasurer-tax.co.riverside.ca.us (951) 955-3979 58 AGENDA ITEM 7E RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Theresia Trevino, Chief Financial Officer THROUGH: John Standiford, Deputy Executive Director SUBJECT: Annual Investment Policy Review STAFF RECOMMENDATION: This item is for the Committee to: 1) Adopt Resolution No. 14-015, “Resolution of the Riverside County Transportation Commission Regarding the Revised Investment Policy”; 2) Adopt the Annual Investment Policy; and 3) Forward to the Commission for final action. BACKGROUND INFORMATION: Section XIV of the Investment Policy requires an annual investment policy review and specifically states that the “Chief Financial Officer shall annually render to the Board a statement of investment policy, which the Board must consider at a public meeting. Any changes to the policy shall also be considered by the Board at a public meeting.” Based on a review of the Investment Policy approved by the Commission on June 7, 2012, and consideration of changes to the California Government Code as of January 1, 2014, staff in consultation with Payden & Rygel Investment Management, one of the Commission’s investment management firms, has determined that changes should be made to: 1) Distinguish scope of investment policy pertaining to operating and bond/debt portfolios; 2) Revise basis of percentage limitations applicable to municipal bonds, U.S. corporate debt, commercial paper, and certificates of deposit; 3) Revise minimum number of ratings required from a Nationally Recognized Statistical Rating Organization (NRSRO) for municipal bonds, U.S. corporate debt, commercial paper, and certificates of deposit from two NRSROs to one NRSRO while maintaining AA category ratings for long-term securities and P-1/A-1/or F-1 category ratings for short- term securities; 4) Revise maximum maturity from three to five years for municipal bonds; 5) Permit investments in high quality mortgage and asset-backed securities for a maximum maturity of five (5) years and not to exceed 10 percent of the Commission’s operating investment portfolio; Agenda Item 7E 59 6) Delete provision to exceed maximum maturity permitted if the Commission grants express authority to make an investment specifically or as part of an investment program, as this provision has not and is not expected to be used for the Commission’s operating portfolio. Staff consulted with the County Treasurer’s Office as well as the Commission’s financial advisors, Fieldman, Rolapp & Associates, in order to determine an appropriate level of changes primarily affecting the Commission’s operating portfolio while adhering to the investment objectives, in priority order, of safety, liquidity, and return on investment. Attachments: 1) Resolution No. 14-015 2) Investment Policy (draft) Agenda Item 7E 60 ATTACHMENT 1 RESOLUTION NO. 14-015 RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION REGARDING THE REVISED INVESTMENT POLICY WHEREAS, the Riverside County Transportation Commission (the “Commission”) currently retains the authority to add, delete or otherwise modify the Commission’s policies and procedures. NOW, THEREFORE, the Riverside County Transportation Commission does hereby resolve as follows: Section 1. The Riverside County Transportation Commission hereby adopts the Investment Policy, as revised on September 10, 2014, and attached as Exhibit A. APPROVED AND ADOPTED this 10th day of September, 2014. _____________________________________ Marion Ashley, Chair Riverside County Transportation Commission ATTEST: _________________________________ Jennifer Harmon Clerk of the Board 61 BLANK ATTACHMENT 2 INVESTMENT POLICY I. Introduction The purpose of this document is to identify policies and procedures that enhance opportunities for a prudent investment program and to organize and formalize investment-related activities. II. Scope It is intended that this Policy cover all funds (except retirement funds) and investment activities under the direction of the Commission. Investment activities may be classified between operating and bond/debt portfolios. III. Delegation of Authority Pursuant to the Commission’s Administrative Code, the Board’s management responsibility for the investment program is hereby delegated for a one-year period to the Executive Director who shall monitor and review all investments for consistency with this investment policy. Subject to review, the Board may renew the delegation of authority pursuant to this section each year. The Executive Director may delegate these duties to his designee (“Chief Financial Officer”). The Commission may delegate its investment decision making and execution authority to an investment advisor. The advisor shall follow this Policy and such other written instructions as are provided. IV. Prudence All persons authorized to make investment decisions on behalf of the Commission are subject to the prudent investor standard. Investments shall be made with care, skill, prudence and diligence under circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the Commission that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the Commission. Authorized individuals acting in accordance with this Policy and written procedures and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided deviations from expectations are reported in a timely fashion. 62 V. Objective The Commission’s primary investment objectives, in priority order, shall be: 1. Safety. Safety of principal is the foremost objective of the investment program. Investments of the Commission shall be undertaken in a manner that seeks to ensure preservation of capital in the portfolio. 2. Liquidity. The investment portfolio of the Commission will remain sufficiently liquid to enable the Commission to meet its cash flow requirements. 3. Return on Investment. The investment portfolio of the Commission shall be designed with the objective of maximizing return on its investments, but only after ensuring safety and liquidity. The Commission may from time to time sell securities that it owns in order to better reposition its portfolio assets in accordance with updated cash flow schedules, yield opportunities existing between market sectors, or simply market timing. VI. Investments California Government Code Section 53601 governs the investments permitted for purchase by the Commission. Within the investments permitted by Code, the Commission seeks to further restrict eligible investments to the investments listed in Section VI.1 below. Percentage limitations, where indicated, apply at the time of purchase. Percentage holdings with any one non-U.S. Government issuer or non-Federal Agency issuer are further restricted to a maximum of 10% (direct and indirect commitments). Rating requirements where indicated, apply at the time of purchase. In the event a security held by the Commission is subject to a rating change that brings it below the minimum specified rating requirement, the Chief Financial Officer shall be authorized to act immediately and to notify the Board of any actions taken in regards to the security. The course of action to be followed will then be decided on a case-by-case basis, considering such factors as the reason for the rate drop, prognosis for recovery or further rate drops, and the market price of the security. 1. Eligible Investments A. U.S. Government Issues. United States Treasury notes, bonds, bills, or certificates of indebtedness, or those for which the faith and credit of the United States are pledged for the payment of principal and interest. Revised September 10, 2014 63 B. Federal Agency Securities. Federal agency or United States government-sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises. C. Municipal Bonds. Registered treasury notes or bonds of any of the other 49 United States, in addition to California, payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency or authority of any of the other 49 United States, in addition to California. Such securities must have a maximum maturity of five (5) years and ratings from at least one Nationally Recognized Statistical Rating Organization (NRSRO) as follows: at least “Aa3/AA-/or AA-“ which denotes “Aa3” by Moody’s Investors Service (Moody’s), or “AA-" by Standard & Poor’s (S&P), or “AA-" by Fitch Ratings (Fitch); or as otherwise approved by the Commission. Registered general obligation treasury notes or bonds of any of the 50 United States. Such securities must have a maximum maturity of five (5) years and ratings from at least one NRSRO as follows: at least “Aa3/AA-/or AA-“ or as otherwise approved by the Commission. Taxable or tax-exempt bonds, notes, warrants, or other evidences of indebtedness of any local agency within the State of California with a maximum maturity of five (5) years and ratings from at least one NRSRO as follows: at least “Aa3/AA-/or AA-“ (the minimum rating shall apply to the local agency, irrespective of any credit enhancement), including bonds, notes, warrants, or other evidences of indebtedness payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by either the local agency, a department, board, agency, or authority of the local agency, or of any local agency within this state. Investments in municipal bonds are further limited to 25% of surplus funds. D. Tri-Party Repurchase Agreements. Tri-party repurchase agreements are to be used solely as short-term investments not to exceed 30 days. The Commission may enter into tri-party repurchase agreements with primary government securities dealers rated “A” or better by two NRSROs. Counterparties should also have (i) a short-term credit rating of at least P-1/A-1/ or F-1; (ii) minimum assets and capital size of $25 billion in assets and $350 Revised September 10, 2014 64 million in capital; (iii) five years of acceptable audited financial results; and (iv) a strong reputation among market participants. The following collateral restrictions will be observed: Only U.S. Treasury securities or Federal Agency securities, as described in V.1 A and B, will be acceptable collateral. All securities underlying tri-party repurchase agreements must be delivered to the Commission's custodian or fiscal agent bank versus payment or be handled under a properly executed tri-party repurchase agreement. The total market value of all collateral for each tri-party repurchase agreement must equal or exceed 102 percent of the total dollar value of the money invested by the Commission for the term of the investment. For any tri-party repurchase agreement with a term of more than one day, the value of the underlying securities must be reviewed on an on-going basis according to market conditions. Market value must be calculated each time there is a substitution of collateral. The Commission or its trustee shall have a perfected first security interest under the Uniform Commercial Code in all securities subject to tri-party repurchase agreement. The Commission shall have properly executed a PSA agreement with each counterparty with which it enters into tri-party repurchase agreements. E. U.S. Corporate Debt. Medium-term notes, defined as all corporate and depository institution securities with a maximum remaining maturity of five years or less, issued by corporations organized and operating within the United States or depository institutions licensed by the United States or any state and operating within the United States. Eligible investment shall be rated “Aa3/AA-/or AA-” or better by at least one NRSRO. Investments in U.S. Corporate Debt are further limited to 25% of surplus funds F. Commercial Paper. Commercial paper rated in the highest category by one or more nationally recognized statistical rating organization (NRSRO). The entity that issues the commercial paper shall meet all of the following conditions in either paragraph (1) or paragraph (2): (1) The entity meets the following criteria: (A) Is organized and operating in the United States as a general corporation. (B) Has total assets in excess of five hundred million dollars ($500,000,000). (C) Has debt other than commercial paper, if any, that is rated “A” or higher by at least one NRSRO. (2) The entity meets the following criteria: (A) Is organized within the United States as a special purpose corporation, trust, or Revised September 10, 2014 65 limited liability company. (B) Has program-wide credit enhancements, including, but not limited to, over collateralization, letters of credit, or surety bond. (C) Has commercial paper that is rated at least “P-1/A-1/or F-1”, or the equivalent, by at least one NRSRO. Purchases of eligible commercial paper may not exceed 270 days maturity nor represent more than 10 percent of the outstanding paper of an issuing corporation. Investments in commercial paper are limited to a maximum of 25% of surplus funds. G. Banker’s Acceptances. Banker's acceptances issued by domestic or foreign banks, which are eligible for purchase by the Federal Reserve System. Purchases of banker’s acceptances may not exceed 180 days maturity. Eligible banker’s acceptances are restricted to issuing financial institutions with short-term paper rated in the highest category by one or more nationally recognized rating service. Investments in banker’s acceptances are further limited to 40% of surplus funds with no more than 30% of surplus invested in the banker’s acceptances of any one commercial bank. H. Money Market Mutual Funds. Shares of beneficial interest issued by diversified management companies that are money market funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1, et seq.) and that invest solely in U.S. treasuries, obligations of the U.S. Treasury, and repurchase agreements relating to such treasury obligations. The Commission may invest in shares of beneficial interest issued by accompany shall have met either of the following criteria: (1) Attained the highest ranking or the highest letter and numerical rating provided by not less than two nationally recognized rating services. (2) Retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience managing money market mutual funds with assets under management in excess of five hundred million dollars ($500,000,000). The purchase price of shares of beneficial interest purchased pursuant to this subdivision shall not include any commission that the companies may charge. Investments in Money Market Mutual Funds are further limited to 20% of surplus funds. I. Riverside County Pooled Investment Fund (“RCPIF”). The Commission may invest in the Riverside County Pooled Investment Revised September 10, 2014 66 Fund. As on-going due diligence, the Chief Financial Officer shall obtain the information listed below: • A description of eligible investment securities and a written statement of investment policy. • A description of the interest calculation, the frequency of interest distributions, and the treatment of gains and losses in the portfolio. • A description of how often the securities are priced, how the securities are safeguarded, and the audit arrangements. • A description of who may invest in the program, how often they may invest, and what size deposits and withdrawals are allowed. • A schedule for receiving statements and portfolio listings. • A fee schedule, and when and how fees are assessed. • The composition of the investment fund for each reporting period. J. State of California Local Agency Investment Fund (“LAIF”). The Commission may invest in LAIF. As on-going due diligence, the Chief Financial Officer shall obtain the information listed below: • A description of eligible investment securities and a written statement of investment policy. • A description of the interest calculation, the frequency of interest distributions, and the treatment of gains and losses in the portfolio. • A description of how often the securities are priced, how the securities are safeguarded, and the audit arrangements. • A description of who may invest in the program, how often they may invest, and what size deposits and withdrawals are allowed. • A schedule for receiving statements and portfolio listings. • A fee schedule, and when and how fees are assessed. • The composition of the investment fund for each reporting period. K. Certificates of Deposit. Negotiable Certificates of Deposit (NCD’s): NCDs are money market instruments issued by a bank. They specify that a sum of money has been deposited, payable with interest to the bearer of the certificates on a certain date. NCDs are issued by nationally or state chartered bank or state or federal savings and loan Revised September 10, 2014 67 association. All purchases must be from institutions rated the highest letter and number rating (P-1/A-1/or F-1) as provided for by at least one NRSRO, as designated by the U.S. Securities and Exchange Commission. The maturity of NCDs shall not exceed 180 days to maturity, and purchases of NCDs shall not exceed thirty percent (30%) of the Commission’s investment portfolio. NCDs shall be evaluated in terms of the credit worthiness of the issuing institution, as these deposits are uninsured and uncollateralized promissory notes. FDIC-insured Certificates of Deposit: The principal amount of the investment must be federally insured through the Federal Deposit Insurance Corporation (FDIC). No more than the prevailing FDIC insured coverage amount may be invested with any one deposit. Certificates of Deposit placed through the Certificate of Deposit Account Registry Service (CDARS) shall be considered fully insured, assuming that the total amount invested with any participating bank is limited to the prevailing FDIC insured coverage amount. Interest on the principal must be paid to the Commission at least annually. The placement of Certificates of Deposit with local banks that qualify in accordance with Government Code section 53601(h) is encouraged. The Commission, at its discretion, may invest a portion of its surplus funds in certificates of deposit at a commercial bank, savings bank, savings and loan association, or credit union using a private sector entity to assist in the placement of such certificates, provided that it complies with Government Code Section 53601.8. Such investments may not exceed in total twenty percent (20%) of the Commission’s funds invested pursuant to Government Code Sections 53601.8, 53635.8 and 53601, and shall have a maximum maturity of one year from the date of the deposit. Collateralized Certificates of Deposit: For investments exceeding $100,000, there will be a waiver of collateral for the first $100,000 deposited and protected by FDIC insurance. The remainder of the deposit shall be fully collateralized by U.S. Treasury and Federal Agency securities having maturities less than five years. The District must receive written confirmation that these securities have been pledged in repayment of the time deposit. The securities pledged as collateral must have a current market value greater than the dollar amount of the deposit in keeping with the ratio requirements specified in Section 53652 of the Government Code. Additionally, a statement of the collateral shall be provided to the Commission on a monthly basis. Such investments may not exceed in total fifteen percent (15%) of the Commission’s funds invested pursuant to Government Code Sections 53601.8, 53635.8 Revised September 10, 2014 68 and 53601, and shall have a maximum maturity of one year from the date of the deposit. L. Time Deposits. Federal Deposit Insurance Corporation insured money market savings accounts or time deposits which are deposited through depository institutions which are participants of the Money Market Insured Deposit Account Service (“MMIDAS”). M. Mortgage and Asset-backed Securities. Any mortgage pass- through security, collateralized mortgage obligation, mortgage- backed or other pay-through bond, equipment lease-backed certificate, consumer receivable-backed bond of a maximum of five (5) years’ maturity. Securities eligible for investment under this subdivision shall be issued by an issuer and rated at least “A3/A-/or A-“ for the issuer’s debt as provided by at least one NRSRO and rated in the rating category of “AAA” or its equivalent (excluding U.S. Government/Agency-backed structured products which will be permitted with their prevailing ratings even if those ratings are below the rating category of “AAA”) by at least one NRSRO. Purchase of these securities may not exceed 10% of the Commission’s operating investment portfolio. 2. Eligible Investments for Bond Proceeds Bond proceeds shall be invested in securities permitted by the applicable bond documents. If the bond documents are silent as to permitted investments, bond proceeds will be invested in securities permitted by this Policy. With respect to maximum maturities, the Policy authorizes investing bond reserve fund proceeds beyond the five years if prudent in the opinion of the Chief Financial Officer. 3. Ineligible Investments As provided in California Government Code Section 53601.6, the Commission shall not invest any funds in inverse floaters, range notes, mortgage derived interest-only strips or in any security that could result in zero interest accrual if held to maturity. The purchase of any security not listed in Section VI.1 above, but permitted by the California Government Code, is prohibited unless the Board approves the investment either specifically or as a part of an Revised September 10, 2014 69 investment program approved by the Board. VII. Maximum Maturities Maturities of investments will be selected to provide necessary liquidity, minimize interest rate risk, and maximize earnings. Current and expected yield curve analysis will be monitored and the portfolio will be invested accordingly. Because of inherent difficulties in accurately forecasting cash flow requirements, a portion of the portfolio should be continuously invested in readily available funds. Where this Policy does not specify a maximum remaining maturity at the time of the investment, no investment shall be made in any security, other than a security underlying a repurchase or reverse repurchase agreement authorized by this section, that at the time of the investment has a term remaining to maturity in excess of five years. VIII. Performance Standards The Chief Financial Officer shall continually monitor and evaluate the portfolio’s performance. IX. Reporting The Chief Financial Officer shall prepare and provide to the Board and the Executive Director, within 30 days following the end of the quarter, a portfolio report, which includes the following information: • Type of investment • Name of issuer • Date of maturity • Date of purchase • Par value • Original purchase cost • Call date (if applicable) • Current market value of securities • Unrealized market value gain/loss • Coupon rate, if applicable • Yield to maturity • Credit quality, as determined by one or more NRSROs, of each investment • Average duration of portfolio • Listing of all investment transactions during the quarter • A statement that the portfolio complies with the investment policy, or the manner in which the portfolio is not in compliance Revised September 10, 2014 70 • A statement denoting the ability of the Commission to meet its liquidity requirements for the next six months, or provide an explanation as to why sufficient money shall, or may not be, available. X. Investment Procedures The Chief Financial Officer, as the Board’s designee, is responsible for ensuring compliance with the Commission’s investment policies and establishing written procedures and internal controls for the operation of the investment program. No person may engage in investment transactions except as provided under the terms of this Policy and the written procedures established by the Chief Financial Officer. The written procedures should address: delegation of authority to subordinate staff members, control of collusion, separation of transaction authority from accounting and record keeping, written confirmations of transactions, reconciliation of custody statements, and wire transfer procedures and agreements. An independent analysis by an external auditor shall be conducted annually to review internal control, account activity, and compliance with policies and procedures. XI. Authorized Broker Dealers and Financial Institutions The Chief Financial Officer shall maintain a list of authorized broker/dealers and financial institutions which are approved for investment purposes. It shall be the Commission’s policy to purchase securities only from those authorized institutions and firms. Separate lists shall be maintained for broker/dealers and financial institutions approved for repurchase agreements and those approved for the purchase of other securities. If an investment advisor is used, they may use their own list of approved broker/dealers and financial institutions for investment purposes. To be eligible, a firm must meet the following minimum criteria: (i) an institution licensed by the state as a broker-dealer, or from a member of a federally regulated securities exchange, from a national or state-chartered bank, from a federal or state association or from a brokerage firm designated as a primary government dealer by the Federal Reserve bank; and (ii) all broker/dealer firms and individuals must be properly registered with the NASD and/or SEC to transact business in the relevant geographic locations and product sectors. In addition, counterparties for Repurchase Agreements shall be limited to primary government securities dealers rated “A” or better by two NRSROs. Counterparties shall also have (i) a short-term credit rating of at least P-1/A-1/or F-1; (ii) minimum assets and capital size of $25 billion in assets and $350 million in capital; (iii) five years of acceptable audited financial results; and (iv) a strong reputation among market participants. The Chief Financial Officer shall select broker/dealers and other financial institutions on the basis of the firm’s expertise and credit worthiness. The Revised September 10, 2014 71 Commission shall annually send a copy of the current investment policy to all dealers approved to do business with the Commission. Each broker dealer or financial institution that has been authorized by the Commission shall be required to submit and annually update a Broker/Dealer Questionnaire which includes the firm’s most recent financial statements. The Chief Financial Officer shall maintain a file for each firm approved for investment purposes, which includes the most recent Broker/Dealer Questionnaire. XII. Safekeeping and Custody To protect the Commission’s assets, all securities owned by the Commission shall be held in safekeeping in the Commission’s name by a third party bank trust department, acting as agent for the Commission under the terms of a custody agreement executed by the bank and the Commission. All securities will be received and delivered using standard delivery versus payment (DVP) procedures; the Commission's safekeeping agent will only release payment for a security after the security has been properly delivered. Physical delivery securities shall be avoided whenever possible, as book entry securities are much easier to transfer and account for since actual delivery of a document never takes place. In addition, delivered securities must be properly safeguarded against loss or destruction. The potential for fraud and loss increases with physically delivered securities. XIII. Ethics and Conflicts of Interest The Commission adopts the following policy concerning conflicts of interest: 1. Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program or which could impair their ability to make impartial investment decisions. 2. Officers and employees involved in the investment process shall disclose any material financial interest in any financial institution that conducts business with the Commission, and they shall further disclose any large personal financial/investment positions that could be related to the performance of the Commission’s portfolio. 3. Officers shall refrain from undertaking personal investment transactions with the same individual with whom business is conducted on behalf of the Commission. XIV. Investment Policy Review Revised September 10, 2014 72 The Chief Financial Officer shall annually render to the Board a statement of investment policy, which the Board must consider at a public meeting. Any changes to the policy shall also be considered by the Board at a public meeting. Revised September 10, 2014 73 AGENDA ITEM 8 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Michele Cisneros, Finance Manager/Controller THROUGH: Theresia Trevino, Chief Financial Officer SUBJECT: CalPERS Delegation of Authority to Request Disbursements STAFF RECOMMENDATION: This item is for the Committee to: 1) Designate the Chief Financial Officer, Deputy Executive Director, and Finance Manager/Controller to request disbursements from the CalPERS pre-funding plan; 2) Authorize the Chair to execute the Delegation of Authority to Request Disbursements; and 3) Forward to the Commission for final action. BACKGROUND INFORMATION: On June 13, 2007, the Commission approved a plan to pre-fund the Commission’s post retirement health benefits liability, approved a policy to fund 100 percent of the annual required contributions, adopted Resolution No. 07-005 “Agreement and Election of Riverside County Transportation Commission to Pre-fund Other Post Employment Benefits through CalPERS”, designated the Chief Financial Officer and Accounting and Human Resources Manager to request disbursements from the CalPERS pre-funding plan, and authorized the Chair to execute the Delegation of Authority to Request Disbursements on behalf of the Commission. Since the Commission is a member of the Public Employees’ Medical and Hospital Care Act (PEMHCA), it is required to periodically update CalPERS forms. Therefore, CalPERS requested the Delegation of Authority to Request Disbursements form be updated to correct the change in position title from Accounting and Human Resources Manager to Finance Manager/Controller. Additionally, CalPERS provided the ability to delegate a third position title to the Delegation of Authority to Request Disbursements. Staff recommends the Chief Financial Officer, Deputy Executive Director, and Finance Manager/Controller be designated to request disbursements from the pre-funding plan and the Chair be authorized to execute the Delegation of Authority to Request Disbursements, which is included as an attachment. This staff report has no financial impact. Attachment: Delegation of Authority to Request Disbursements Agenda Item 8 74 DELEGATION OF AUTHORITY TO REQUEST DISBURSEMENTS OPEB Delegation of Authority (1/13) RESOLUTION OF THE (GOVERNING BODY) OF THE (NAME OF EMPLOYER) The delegates to the incumbents (GOVERNING BODY) in the positions of and (TITLE) and/or (TITLE) authority to request on (TITLE) behalf of the Employer disbursements from the Other Post Employment Prefunding Plan and to certify as to the purpose for which the disbursed funds will be used. By Title Witness Date 75 AGENDA ITEM 9 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Theresia Trevino, Chief Financial Officer THROUGH: John Standiford, Deputy Executive Director SUBJECT: Substitution of Standby Bond Purchase Agreements for 2009 Sales Tax Revenue Bonds STAFF RECOMMENDATION: This item is for the Committee to: 1) Adopt Resolution No. 14-026, “Resolution of the Riverside County Transportation Commission Authorizing the Execution and Distribution of an Offering Memorandum Relating to the Outstanding Sales Tax Revenue Bonds, Ratifying Prior Authorizations of the Execution and Delivery of One or More Standby Agreements and One or More Remarketing Agreements, and Authorizing the Taking of All Other Actions Necessary in Connection Therewith”; 2) Ratify the replacement of the standby bond purchase agreements (SBPAs) and accompanying fee letters (collectively referred to as Liquidity Facilities) for the 2009 Sales Tax Revenue Bonds Series A, Series B, and Series C (2009 Bonds) with The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) in place of the Liquidity Facilities currently provided by JPMorgan Chase Bank, N.A. (JPMorgan); 3) Ratify the amended and restated remarketing agreements with Barclays Capital Inc. (Barclays) and Stifel, Nicolaus & Company (Stifel), as remarketing agents; 4) Approve the draft remarketing memorandum related to the new Liquidity Facilities for the 2009 Bonds and authorize the Executive Director and/or other authorized representative to approve distribution of the remarketing memorandum by Barclays and Stifel; 5) Approve the estimated costs of $250,000 to be incurred in connection with the replacement of the Liquidity Facilities to be paid from 2009 Measure A Western County Bond Financing Program funds; and 6) Forward to the Commission for final action. BACKGROUND INFORMATION: At its August 2009 meeting, the Commission adopted Resolution 09-017 and authorized the issuance of $185 million in sales tax revenue bonds. The bonds were issued in October 2009 as variable rate bonds in three series – A, B, and C – which require liquidity support, with a final maturity in June 2029. As a variable rate debt issue, the 2009 Bonds were integrated with the Agenda Item 9 76 interest rate swaps executed in 2006 and 2008 that became effective in October 2009. Interest rates on the bonds are reset weekly by the remarketing agents – Barclays; Stifel, as assigned by De La Rosa & Co. Inc.; and Backstrom McCarley Berry & Co. LLC. (Backstrom) – with such rates determined, in part, based on the market performance of similar, tax-exempt bonds with similar liquidity support. To support each series of the 2009 Bonds, the Commission executed three SBPAs with JPMorgan for two-year Liquidity Facilities, which expired on September 29, 2011. At its July 2011 meeting, the Commission adopted Resolution 11-010 (together with Resolution 09-017, the authorizing resolutions) regarding the extension of the Liquidity Facilities for a three-year period through September 29, 2014, and changes in certain terms, including a reduction in the cost of the Liquidity Facilities and the release of all of the approximately $14.4 million debt service reserve. The release of the reserve fund allowed the Commission to fund additional project costs. DISCUSSION: Since the current Liquidity Facilities with JPMorgan expire in September, the Commission recently conducted a procurement for the extension or replacement of the Liquidity Facilities or an alternative structure. At the July 2014 meeting, the Commission awarded the replacement of the Liquidity Facilities to BTMU and authorized the Executive Director, pursuant to legal counsel review, to execute the agreements on behalf of the Commission. Staff has substantially completed negotiations regarding the terms and conditions of the SBPAs and accompanying fee letters, for which the current draft forms are attached to this staff report. The replacement Liquidity Facilities will become effective on September 18 (substitution date), and the Liquidity Facilities with JPMorgan will terminate on such date without the assessment of a termination fee. Staff reassessed remarketing agent assignments and renegotiated the remarketing fees; Backstrom advised that it intends to resign as the remarketing agent for Series C effective on the substitution date. Accordingly, staff, in consultation with the Commission’s financial advisors, Fieldman, Rolapp & Associates (Fieldman), reassigned the remarketing agents as follows: • Barclays will terminate its remarketing duties related to Series A, with a current outstanding amount of $70.9 million, and commence remarketing duties for Series B and Series C on the substitution date; and • Stifel will terminate its remarketing duties related to Series B, with current outstanding amounts of $54.21 million and $29.19 million, respectively, and commence remarketing duties for Series A on the substitution date. Additionally, the fees paid to the remarketing agents will be reduced by 40 percent as of the substitution date. The form for the amended and restated remarketing agreements is included with this staff report. Agenda Item 9 77 In connection with the Authorizing Resolutions, the Commission authorized the execution and delivery by the Commission of any agreement that amended and/or replaced any of the financing agreements or remarketing agents relating to the 2009 Bonds. Staff, Fieldman, and legal counsel have reviewed the SBPAs, including the accompanying fee letter, and the remarketing agreements. Although Commission approval of the agreements is not required, staff requests their ratification. As a result of the replacement of the Liquidity Facilities provider for the 2009 Bonds, an offering document, or remarketing memorandum, is required to describe the new Liquidity Facilities and information about BTMU as well as to adopt a related resolution approving that document. Disclosure counsel prepared the attached draft remarketing memorandum, and bond counsel prepared the attached Resolution No. 14-026 regarding the approval of the remarketing memorandum and ratification of prior authorization regarding agreements. Staff requests the Commission’s approval of Resolution No. 14-026 and the form of the remarketing memorandum and authorization of the remarketing memorandum’s distribution in connection with the replacement of the Liquidity Facilities for the 2009 Bonds. The remarketing memorandum is required under state and federal securities laws prohibiting the public offer and sale of securities such as the 2009 Bonds, unless all matters that would be material to an investor in the 2009 Bonds have been adequately disclosed and there is no omission of material facts. As noted in previous debt issuances, the Commissioners serving on the Board as the governing body of the issuer of the 2009 Bonds are expected to read and be familiar with the information described in the remarketing memorandum. The Commissioners may employ the services of experts to take the lead in the drafting and review of the remarketing memorandum; however, the Commissioners have the duty to review the information and bring to the attention of those responsible for the preparation of the offering document any misstatements or omissions in the draft and to ask questions if they are unclear about the information or their role. For issues of sales tax revenue bonds secured by SBPAs, the Commissioners may rely on the professional advice of experts as to the disclosure regarding the bank. Accordingly, each Commissioner’s responsibility for information in the remarketing memorandum is limited to information regarding the Commission. Staff will be available at the September Commission meeting to respond to the identification of any misstatements or omissions or to such questions related to the draft remarketing memorandum. Professional services costs to be incurred in connection with the replacement of the Liquidity Facilities are estimated at $250,000. Such professional services include the financial advisor, bond counsel, disclosure counsel, general counsel, bank counsel, remarketing agent counsel, and rating agencies. The FY 2014/15 budget includes sufficient amounts for the Liquidity Facility and professional services costs, and a budget adjustment is not required. Agenda Item 9 78 NEXT STEPS: The current Liquidity Facilities expire on September 29, 2014. Due to the timing provisions relating to mandatory tender of the 2009 Bonds and subsequent remarketing of the 2009 Bonds on the substitution date under the replacement Liquidity Facilities and new remarketing agent assignments, it is important for the Commission to approve staff’s recommendations at this Commission meeting. Financial Information In Fiscal Year Budget: Yes Year: FY 2014/15 Amount: $250,000 Source of Funds: 2009 Measure A Western County Bond Financing Budget Adjustment: No GL/Project Accounting No.: 264 19 65101/65520 $250,000 Fiscal Procedures Approved: Date: 08/14/2014 Attachments: CD Enclosed 1) Resolution No. 14-026 2) Draft Standby Bond Purchase Agreement Form 3) Draft Fee Letter 4) Draft Amended and Restated Remarketing Agreement Form 5) Draft Remarketing Memorandum Agenda Item 9 79 AGENDA ITEM 10 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Theresia Trevino, Chief Financial Officer THROUGH: John Standiford, Deputy Executive Director SUBJECT: Substitution of Letter of Credit for Commercial Paper Program STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve Agreement No. 14-19-150-00 to State Street Bank and Trust Company (State Street Bank) for letter of credit (LOC) in the stated amount of $60.75 million related to the 2005 Commercial Paper Program for a period of three years, in an amount not to exceed $600,000; 2) Adopt Resolution No. 14-027, “Resolution of the Riverside County Transportation Commission Ratifying and Confirming Prior Authorization Relating to Its Commercial Paper Notes, Including the Execution and Delivery of a Substitute Credit Agreement and Related Documents, and a Supplement to Offering Memorandum and the Taking of All Other Actions Necessary in Connection Therewith”; 3) Ratify the draft reimbursement agreement and accompanying fee letter for the provision of a letter of credit (collectively referred to as Liquidity Facility) by and between the Commission and State Street Bank relating to the Commission’s Commercial Paper Notes, Series A and authorization for the Executive Director and/or other authorized representative to approve and execute the final reimbursement agreement; 4) Approve the draft supplemental offering memorandum related to the new Liquidity Facility for the Commercial Paper Notes, Series A and authorize the Executive Director and/or other authorized representative to approve distribution of the supplement to the offering memorandum by Barclays Capital Inc. (Barclays), as commercial paper dealer; 5) Approve the estimated costs of $200,000 related to the replacement of the Liquidity Facility to be paid from 2009 Measure A Western County Bond Financing Program funds; and 6) Forward to the Commission for final action. BACKGROUND INFORMATION: In February 2005, the Commission authorized a $200 million commercial paper program to advance right of way acquisition, environmental mitigation, and project development related to Agenda Item 10 80 the 2009 Measure A. The commercial paper program in the amount of $185 million was established with the Commission’s adoption of Resolution No. 05-001 in March 2005. The Commission entered into agreements with Barclays, as assigned by Lehman Brothers, and Bank of America Merrill Lynch (BAML), formerly Banc of America Securities LLC, to serve as the commercial paper dealers for the $110 million Series A commercial paper notes (Series A notes) and $75 million Series B commercial paper notes (Series B notes), respectively. A five-year, $190 million direct pay letter of credit with Bank of America, N.A. (Bank of America) was obtained as a Liquidity Facility for the commercial paper program and expired in March 2010. As a result of Commission action in February 2010, the letter of credit with Bank of America was extended to March 2012 and the commercial paper program was reduced to $120 million. Due to the reduction in commercial paper program in 2010, the dealer agreements were also amended to reflect $75 million for Barclays and $45 million for BAML. The letter of credit for the commercial paper program functions as security for investors in the Commission’s commercial paper notes if the Commission were unable to pay off or refinance the outstanding notes at maturity. In 2012 staff determined that the commercial paper program should be maintained at $120 million to continue the short-term financing activities in anticipation of the issuance of the long-term financing for the State Route 91 Corridor Improvement Project (91 Project). Accordingly, staff solicited banks for interest and availability for a letter of credit to support the commercial paper program upon the expiration of the Bank of America Liquidity Facility. At its March 2012 meeting, the Commission adopted Resolution No. 12-009 (together with Resolution No. 05-001, the Authorizing Resolutions) to ratify the replacement Liquidity Facilities with Union Bank, N.A. (Union Bank) and The Bank of Tokyo- Mitsubishi UFJ, Ltd. (Bank of Tokyo) for the Series A notes and Series B notes, respectively. These Liquidity Facilities expire on October 17, 2014. Following the conclusion of the 91 Project financing activities in July 2013, the Commission terminated the Liquidity Facility with Bank of Tokyo for the Series B notes and the related dealer agreement with BAML. Accordingly, the effect left only the Series A notes supported by the Union Bank Liquidity Facility expiring on October 17, 2014. At the September 2013 meeting, the Commission adopted Resolution No. 13-021 to reduce the commercial paper program to $60 million. Procurement Process Based upon a review of the objectives of the commercial paper program and consideration of potential short-term financing needs of the Commission over the next few years, staff commenced a procurement for the extension or replacement of the Liquidity Facility for the Series A notes. Staff determined the weighted factor method of source selection to be the most appropriate for this procurement, as it allows the Commission to identify the most advantageous proposal with price and other factors considered. Non-price factors include elements such as qualifications of financial institutions and the ability to respond to the Commission’s needs for liquidity support or alternative structure(s) as set forth under the terms of Request for Proposals (RFP) No. 14-19-150-00. Agenda Item 10 81 The RFP was released by staff and advertised in the Press Enterprise on July 2, 2014. A pre- proposal conference call was held on July 9; five firms participated. Commission staff responded to all questions submitted by potential proposers prior to the July 10 response deadline. Seven firms – BAML; Barclays.; Citigroup Global Markets Inc.; State Street Bank; U.S. Bank National Association; Bank of Tokyo.; and Wells Fargo Bank, N.A. – submitted proposals prior to the July 24 submittal deadline. All seven firms submitted responsive and responsible proposals. Utilizing the evaluation criteria set forth in the RFP, the seven firms were evaluated and scored by an evaluation committee comprised of Commission staff with consultation provided by the Commission’s financial advisory firm, Fieldman, Rolapp & Associates (Fieldman). Based on the evaluation committee’s assessment of the written proposals, pursuant to the terms of the RFP, the evaluation committee recommends a letter of credit and reimbursement agreement for the 2005 Commercial Paper Program. The evaluation committee does not recommend an alternative structure due to cost, administrative burden, legal, and/or tax and accounting considerations. The top four financial institutions proposing on the letter of credit in descending order were: • State Street Bank • Barclays • Wells Fargo Bank, N.A. • BAML The evaluation committee recommends a reimbursement agreement and accompanying fee letter with State Street Bank for a $60 million letter of credit and applicable interest coverage of $750,000 for a stated amount of $60.75 million for a period of three years at a cost not to exceed $600,000, including bank counsel fees, as that financial institution earned the highest total evaluation score under the evaluation criteria of the RFP. Staff and its financial team have substantially concluded negotiations with State Street Bank regarding the terms and conditions of the letter of credit. The initial draft of the letter of credit and reimbursement agreement and accompanying fee letter are attached to this staff report. The recommended financial institution’s fees were competitively established and considered fair and reasonable based upon adequate price competition under the above referenced procurement process. The fees represent a 43 percent reduction from the current letter of credit fees. State Street Bank offered the most advantageous combination of qualifications, liquidity support, and pricing. Staff is confident State Street Bank will provide the Commission with the required liquidity support at the best possible price and terms. Next Steps In connection with the authorizing resolutions, the Commission authorized the Commission’s representatives to take any action necessary for the amendment of documents without further Agenda Item 10 82 authorization by the Commission. Staff, Fieldman, and legal counsel have reviewed the letter of credit and reimbursement agreement, including the accompanying fee letter. Although Commission approval of these agreements is not required, staff requests their ratification. As a result of the new Liquidity Facility with State Street Bank, a supplemental offering memorandum will be required to describe the new letter of credit and information about State Street Bank. Disclosure counsel prepared the attached draft supplemental offering memorandum, and bond counsel prepared the attached Resolution No. 14-027 regarding the approval of the supplemental offering memorandum and ratification of prior authorization regarding agreements. Staff requests the Commission’s approval of Resolution No. 14-027 and the form of the supplemental offering memorandum and authorization of the supplemental offering memorandum’s distribution in connection with the replacement of the Liquidity Facility for the 2005 Commercial Paper Program. Although there currently are no outstanding commercial paper notes, the supplemental offering memorandum is required under state and federal securities laws prohibiting the offer and sale of securities such as the 2005 Commercial Paper Program, unless all matters that would be material to an investor in the 2005 Commercial Paper Program have been adequately disclosed and there is no omission of material facts. As noted in previous debt issuances, the Commissioners serving on the Board as the governing body of the issuer are expected to read and be familiar with the supplement to the offering memorandum. The Commissioners may employ the services of experts to take the lead in the drafting and review of such offering document; however, the Commissioners have the duty to review the information and bring to the attention of those responsible for the preparation of the offering document any misstatements or omissions in the draft and to ask questions if they are unclear about the information or their role. For issues of commercial paper notes secured by a letter of credit, the Commissioners may rely on the professional advice of experts as to the disclosure regarding the banks, and investors are told on the cover page to make their investment decisions solely on the basis of the creditworthiness of the bank. Accordingly, each Commissioner’s responsibility for information in the supplement is limited to information regarding the Commission. Staff will be available at the Commission meeting to respond to the identification of any misstatements or omissions or to such questions related to the draft of the supplemental offering memorandum, which is included with this staff report. Professional services costs to be incurred in connection with the replacement of the Liquidity Facility are estimated at $200,000. Such professional services include the financial advisor, bond counsel, disclosure counsel, general counsel, bank counsel, and rating agencies. The FY 2014/15 budget includes sufficient amounts for the Liquidity Facility fees and for professional services costs, and a budget adjustment is not required. Agenda Item 10 83 Financial Information In Fiscal Year Budget: Yes N/A Year: FY 2014/15 FY 2015/16+ Amount: $350,000 $450,000 Source of Funds: 2009 Measure A Western County Bond Financing Budget Adjustment: No N/A GL/Project Accounting No.: 264 19 65XXX $200,000 (professional services) 264 19 65505 $600,000 (bank fees) Fiscal Procedures Approved: Date: 08/15/2014 Attachments: CD Enclosed 1) Resolution No. 14-027 2) Draft Reimbursement Agreement 3) Draft Fee Agreement 4) Draft Supplemental Offering Memorandum Agenda Item 10 84 AGENDA ITEM 11 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Shirley Medina, Planning and Programming Director THROUGH: John Standiford, Deputy Executive Director SUBJECT: Active Transportation Program – Recommended Statewide Competitive Program of Projects and Proposed Projects for the Metropolitan Planning Organization Active Transportation Program Regional Program Cycle 1, Fiscal Years 2014/15 and 2015/16 STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve the staff recommendation for the Riverside County Active Transportation Program (ATP) projects for inclusion in the Metropolitan Planning Organization (MPO) ATP Regional Program Cycle 1 consisting of the top seven highest scoring projects identified in Table 2; 2) Submit the seven projects to the Southern California Association of Governments (SCAG) for inclusion in the MPO ATP Regional Program and direct staff to work with SCAG and the Commission’s Technical Advisory Committee (TAC) on adjusting the amount of the approved projects, if necessary, in order to be constrained within Riverside County’s MPO ATP target for FY 2014/15 and FY 2015/16; 3) Allow staff to assign the appropriate fund source to each MPO ATP regional project in Riverside County for Federal Transportation Improvement Program (FTIP) programming and fund allocation purposes; and 4) Forward to the Commission for final action. BACKGROUND INFORMATION: SB 99 created the ATP focusing state and federal funds toward projects that improve public health and reduce greenhouse gases. Project categories for these funds mainly include pedestrian and bike facilities or programs that enhance or encourage walking and bicycling. The first cycle of the ATP began with the release of a call for projects on March 20, 2014. The call for projects included three categories of funding: Funding Category Amount Statewide Competitive $ 184,050,000 Small Urban and Rural Competitive (10 percent set aside) 36,810,000 Large MPO Competitive (40 percent set aside) 147,240,000 Total Available ATP Funds – Cycle 1 $ 368,100,000 Agenda Item 11 85 Applications were due to the California Transportation Commission (CTC) and Caltrans by May 21. A total of 771 project applications valued at over $1 billion in funds were submitted to the CTC. Scoring of applications was managed by Caltrans and involved the participation of various agencies including, but not limited to, regional transportation planning agencies, MPOs, Caltrans, councils of governments, county public health departments, and advocacy and interest groups such as Safe Routes to Schools (SRTS), California Bicycle Coalition, and Rails to Trails. In total, Riverside County agencies submitted 34 projects requesting over $54 million of ATP funding through this first cycle of funding. CTC/Caltrans Statewide Competitive Funding Recommendations On August 8, the CTC released its draft project recommendations for the statewide competitive component, which is scheduled for approval on August 20. The draft recommendations include the following projects for Riverside County: TABLE 1 CTC/CALTRANS RECOMMENDED FUNDING FOR RIVERSIDE COUNTY – STATEWIDE COMPETITION Agency Project ATP Funds *DAC Score Riverside County City of Jurupa – SRTS $ 500,000  94.7 Jurupa Valley Troth Street – SRTS 627,000  91.5 Riverside County City of Indio – SRTS 500,000  90.3 Perris Murrieta Road Pedestrian Imp. 1,100,000  89.7 Jurupa Valley Pyrite Street – SRTS 665,000  89.0 Riverside Downtown Bike/Pedestrian Imp. 877,000  88.0 CVAG CV-Link 10,900,000  87.0 Perris PVSD Trail 1,202,000  86.3 Indio A Jackson Elementary Pedestrian Imp. 2,581,000  84.7 Moreno Valley Citywide – SRTS Pedestrian Imp. 1,640,000  84.3 San Jacinto Safe & Active San Jacinto – SRTS 989,000  82.0 Riverside County ATP City of Perris – SRTS 350,000  79.7 Riverside County Statewide Total $ 21,931,000 *DAC – Disadvantaged Community per CTC guidelines MPO Regional ATP Funding Recommendation Per the SCAG ATP agreement with the county transportation commissions, projects not recommended for the statewide competitive pot would be considered for funding from the MPO regional competitive pot. The SCAG MPO share is approximately $74 million for infrastructure projects and $3.9 million for planning activities. The MPO ATP funds are distributed as follows: Agenda Item 11 86 County Funding Imperial $718,000 Los Angeles $40,411,000 Orange $12,389,000 Riverside $9,012,000 San Bernardino $8,376,000 Ventura $3,389,000 Total $74,295,000 At the April Commission meeting, staff presented SCAG’s ATP guidelines that allow each county transportation commission to add 10 points to the CTC score for projects that are consistent with adopted local and regional plans, which the Commission approved. All Riverside County projects are consistent with, at a minimum, the SCAG adopted 2012 Regional Transportation Plan/Sustainable Communities Strategy that identifies active transportation projects as a strategy in reducing greenhouse gas emissions, specifically bicycle and pedestrian improvement projects. Adding 10 points to Riverside County project scores to the projects not recommended for the statewide competitive program results in the following projects being recommended for the Riverside County share of the MPO ATP regional program: TABLE 2 MPO RIVERSIDE COUNTY ATP FUNDING RECOMMENDATIONS Agency Project CTC Score CTC Score + 10 pts ATP Funds Cumulative Total Riverside County Clark Street Sidewalk and Intersection Safety Improvements 79.5 89.5 $ 721,000 $ 721,000 Riverside County Avenida Rambla Sidewalk Safety Improvements 79.3 89.3 356,000 1,077,000 Riverside County Grapefruit/4th Pedestrian and Road Improvements 79.0 89.0 2,330,000 3,407,000 Riverside Iowa/Martin Luther King Boulevard Bike Improvements 75.0 85.0 267,000 3,674,000 Coachella ATP Improvements 74.3 84.3 1,764,000 5,438,000 Riverside Wells/Arlanza Sidewalk Improvements 71.3 81.3 1,782,000 7,220,000 Riverside Norte Vista Sidewalk Improvements 69.0 79.0 2,575,000 *9,795,000 Total Riverside County MPO/ATP Share $9,012,000 *County share is overprogrammed by $783,000. Projects below are recommended as contingency in the event projects cannot be delivered Eastvale SRTS at Multiple Schools: signalized crossings and radar speed displays 68.3 78.3 $ 479,000 $10,274,000 Riverside County Install Sidewalks and Safety Improvements 67.7 77.7 878,000 11,152,000 Riverside County Mecca Sidewalk and Roadway Safety Improvements 65.7 75.7 571,000 11,723,000 Agenda Item 11 87 Riverside Railroad Crossing Sidewalk Improvements 59.0 69.0 1,655,000 13,378,000 Palm Springs Bicycles on Every Street (Class II & III) 57.0 67.0 1,700,000 15,078,000 Riverside Bridge Lighting Improvements 56.7 66.7 326,000 15,404,000 Riverside Santa Ana River Trail Improvements 52.3 62.3 3,211,000 18,615,000 Riverside County 3rd Place Sidewalk & Roadway Safety Improvements 52.3 62.3 881,000 19,496,000 Temecula Santa Gertrudis Creek Pedestrian/ Bicycle Trail Extension and Interconnect 52.0 62.0 3,543,000 23,039,000 Wildomar Murrieta Creek Multi-Use Trail Connectivity Phase 1 51.0 61.0 861,000 23,900,000 Riverside Ramona Sidewalk Improvement 46.0 56.0 3,923,000 27,823,000 Murrieta Murrieta Creek Trail-Copper Canyon Bridge and Clinton Keith Trail 42.5 52.5 577,000 28,400,000 Riverside Co Parks Salt Creek Parkway, Phase III 42.5 52.5 3,251,000 31,651,000 Jurupa Area Recreation and Park District Horseshoe Lake Park Trailhead 34.3 44.3 391,000 32,042,000 SCAG will recommend approval of the project below in its 5 percent planning pot WRCOG Subregional Active Transportation Plan 80 90 $ 333,000 $32,375,000 Staff will discuss partial funding or reduced funding for one or more projects with project sponsors and SCAG to determine if any adjustment is needed to maintain Riverside County’s ATP target. SCAG will compile and review all of the six county transportation commission’s project recommendations into one MPO program that meets the SCAG MPO fund level of $74.295 million. It is possible that one county may be underprogrammed allowing another county to overprogram. If this is the case, SCAG will keep a record and carryover any debits/credits in the next ATP cycle to make certain each county gets its fair share. Per ATP guidelines, a minimum of 25 percent of the MPO program must benefit disadvantaged communities. All projects in the above table, with the exception of Iowa/Martin Luther King Boulevard Bike Improvements, qualified as disadvantaged communities. To qualify as a disadvantaged community, projects had to meet one of the following criteria: • Median Household Income of less than $49,120; • CalEnvironScreen score must be 38.46 or higher; and/or • Percentage of students eligible for free or reduced price meals must be at least 75 percent As previously indicated, the ATP program consists of state and federal funding. For projects approved in the statewide competitive component, the CTC will assign either state or federal funds at the time of allocation. Projects approved under the MPO regional program will be assigned state or federal funding prior to or soon after the CTC approval in November in order Agenda Item 11 88 to program the appropriate fund source in the FTIP. Staff will make every effort to assign the appropriate color of money to ensure project delivery success to the extent possible. Next Steps Upon approval of the MPO Riverside County projects, staff will submit the seven highest scoring projects to SCAG for inclusion in the MPO ATP Regional Program Cycle 1, which will be approved at the SCAG Regional Council meeting on October 2. SCAG will submit the MPO Regional ATP projects to the CTC for final approval at the CTC’s November 12 meeting. There will be future ATP funding cycles with the next cycle scheduled within the year. Staff will continue to participate in CTC/Caltrans working groups to further develop and improve the ATP guidelines and process and participate in future evaluations of ATP project applications. Staff will work closely with project sponsors in preparing allocation funding requests and requests for obligating federal funds. Project sponsors must obtain concurrence from the Commission on each allocation request for funding as required by the CTC. Projects will also be required to be included in the FTIP. As a condition of the project allocation for the statewide and MPO ATP programs, the CTC will require project sponsors to submit semi-annual reports on the activities and progress made toward implementation of the project, and a final delivery report is required upon project completion. The purpose of the reports is to ensure that the project is implemented in a timely manner according to the scope and budget identified in the project application. ATP funds are administered through the CTC, Caltrans, and Federal Highway Administration. The Commission is not a recipient of these funds; therefore, there is no fiscal impact to the Commission’s budget. Agenda Item 11 89 Active Transportation Program (ATP) Update Shirley Medina Planning and Programming Director August 25, 2014 ATP Funding Funding Category Amount Statewide Competitive (50 percent set aside)$ 184,050,000 Small Urban and Rural Competitive (10 percent set aside)36,810,000 Large MPO Competitive (40 percent set aside)147,240,000 Total Available ATP Funds –Cycle 1 $ 368,100,000 CTC/Caltrans Approved Funding for Riverside County –Statewide Competition TABLE 1 Agency Project ATP Funds *DAC Score Riverside County City of Jurupa –SRTS $ 500,000 94.7 Jurupa Valley Troth Street –SRTS 627,000 91.5 Riverside County City of Indio –SRTS 500,000 90.3 Perris Murrieta Road Pedestrian Imp.1,100,000 89.7 Jurupa Valley Pyrite Street –SRTS 665,000 89.0 Riverside Downtown Bike/Pedestrian Imp.877,000 88.0 CVAG CV-Link 10,900,000 87.0 Perris PVSD Trail 1,202,000 86.3 Indio A Jackson Elementary Pedestrian Imp.2,581,000 84.7 Moreno Valley Citywide –SRTS Pedestrian Imp.1,640,000 84.3 San Jacinto Safe and Active San Jacinto –SRTS 989,000 82.0 Riverside County ATP City of Perris –SRTS 350,000 79.7 Riverside County Statewide Total $ 21,931,000 *DAC –Disadvantaged Community per CTC guidelines SCAG/MPO share of ATP Funding County Funding Imperial $718,000 Los Angeles $40,411,000 Orange $12,389,000 Riverside $9,012,000 San Bernardino $8,376,000 Ventura $3,389,000 Total $74,295,000 MPO Riverside County ATP Funding Recommendations TABLE 2 Agency Project CTC Score CTC Score + 10 pts ATP Funds Cumulative Total Riverside County Clark Street Sidewalk and Intersection Safety Improvements 79.5 89.5 $721,000 $721,000 Riverside County Avenida Rambla Sidewalk Safety Improvements 79.3 89.3 356,000 1,077,000 Riverside County Grapefruit/4th Pedestrian and Road Improvements 79.0 89.0 2,300,000 3,377,000 Riverside Iowa/Martin Luther King Boulevard Bike Improvements 75.0 85.0 267,000 3,644,000 Coachella ATP Improvements 74.3 84.3 1,764,000 5,408,000 Riverside Wells/Arlanza Sidewalk Improvements 71.3 81.3 1,782,000 7,190,000 Riverside Norte Vista Sidewalk Improvements 69.0 79.0 2,575,000 *9,765,000 Total Riverside County MPO/ATP Share $9,012,000 *County share is overprogrammed by $753,000. Projects below are recommended as contingency in the event projects cannot be delivered Eastvale SRTS at Multiple Schools: signalized crossings and radar speed displays 68.3 78.3 $479,000 $10,274,000 Riverside County Install Sidewalks and Safety Improvements 67.7 77.7 878,000 11,152,000 Riverside County Mecca Sidewalk and Roadway Safety Improvements 65.7 75.7 571,000 11,723,000 Riverside Railroad Crossing Sidewalk Improvements 59.0 69.0 1,655,000 13,378,000 Palm Springs Bicycles on Every Street (Class II & III)57.0 67.0 1,700,000 15,078,000 Riverside Bridge Lighting Improvements 56.7 66.7 326,000 15,404,000 Riverside Santa Ana River Trail Improvements 52.3 62.3 3,211,000 18,615,000 Riverside County 3rd Place Sidewalk & Roadway Safety Improvements 52.3 62.3 881,000 19,496,000 Temecula Santa Gertrudis Creek Pedestrian/ Bicycle Trail Extension and Interconnect 52.0 62.0 3,543,000 23,039,000 Wildomar Murrieta Creek Multi-Use Trail Connectivity Phase 1 51.0 61.0 861,000 23,900,000 Riverside Ramona Sidewalk Improvement 46.0 56.0 3,923,000 27,823,000 Murrieta Murrieta Creek Trail-Copper Canyon Bridge and Clinton Keith Trail 42.5 52.5 577,000 28,400,000 Riverside Co Parks Salt Creek Parkway, Phase III 42.5 52.5 3,251,000 31,651,000 Jurupa Area Recreation and Park District Horseshoe Lake Park Trailhead 34.3 44.3 391,000 32,042,000 SCAG will recommend approval of the project below in its 5 percent planning pot WRCOG Subregional Active Transportation Plan 80.0 90.0 $333,000 $32,375,000 AGENDA ITEM 12 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Eliza Echevarria, Community Relations Manager THROUGH: John Standiford, Deputy Executive Director SUBJECT: Agreements for On-Call Coordination Public Outreach Services STAFF RECOMMENDATION: This item is for the Committee to: 1) Award the following agreements to provide on-call coordination public outreach services for a three-year term and two one-year options to extend the agreement in an amount not to exceed an aggregate value of $500,000; a) Agreement No. 14-31-118-00 with Arellano Associates; b) Agreement No. 14-31-119-00 with Moore lacofano Goltsman, Inc. (MIG); and c) Agreement No. 14-31-120-00 with Simon Wong Engineering, Inc.; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements, including option years, on behalf of the Commission; 3) Authorize the Executive Director, or designee, to execute task orders awarded to contractors under the terms of the agreements; and 4) Forward to the Commission for final action. BACKGROUND INFORMATION: Over the last three years, the Commission maintained an on-call construction coordination public outreach agreement, which expired in June 2014. This agreement was utilized to meet the outreach needs for specific capital projects that were contractually deficient in this area. While the need was met for those on-call outreach efforts, the agreement was project specific and did not meet the public outreach needs in any other areas of the Commission. With the 10-Year Western Riverside County Highway Delivery Plan well underway, the public outreach needs have grown. The current outreach needs are, for the most part, met by a subconsultant component of construction management primary agreements with the Commission. However, the Commission has had an increasing need for public outreach services that fall outside of the subconsultant’s scope of work that are currently in place. This on-call public outreach agreement would fill the gap on needs that are not captured in any current agreement. Some examples of these types of tasks would be: business expo special events, video production and social media enhancements for Commission marketing, rail safety Agenda Item 12 90 education, incorporation of public outreach emerging technologies, and smaller capital projects without a public outreach component. The agreements for the on-call coordination public outreach services bench will allow the Commission to have the ability to respond to the technological advances that are constantly changing and will allow the Commission to keep the public informed in the multifaceted ways in which the community receives information. This agreement will also allow the Commission to expand on events that come about by other successful efforts from individual projects. The Commission would also be able to provide an overarching external communications outreach that would offer a comprehensive outreach program to the communities and commuters of Riverside County. Procurement Process Staff determined the weighted factor method of source selection to be the most appropriate for this procurement, as it allows the Commission to identify the most advantageous proposal with price and other factors considered. Non-price factors include elements such as qualifications of financial institutions and the ability to respond to the Commission’s needs for on-call coordination public outreach services as set forth under the terms of Request for Proposals (RFP) No. 14-31-118-00. RFP No. 14-31-118-00 for on-call coordination public outreach services was released by staff on May 8, 2014. A public notice was advertised in the Press Enterprise, and the RFP was posted on the Commission’s PlanetBids website, which is accessible through the Commission’s website. Utilizing PlanetBids, emails were sent to 26 firms, five of which are located in Riverside County. Through the PlanetBids website, 31 firms downloaded the RFP, four of these firms are located in Riverside County. A pre-bid conference was held on May 22, attended by six firms; one firm is local to Riverside County. Staff responded to all questions submitted by potential proposers prior to the May 29 clarification deadline date. Eight firms – Arellano Associates (Chino Hills); CALTROP (Rancho Cucamonga); FSB Core Strategies (Costa Mesa); Green Com, Inc. (Riverside); Hill International (Ontario); MBI Media (Covina); MIG (Riverside); and Simon Wong Engineering, Inc. (Riverside) – submitted responsive and responsible proposals prior to the June 5, 2:00 p.m. submittal deadline. Utilizing the evaluation criteria set forth in the RFP, all firms were evaluated and scored by an evaluation committee comprised of Commission and Orange County Transportation Authority staff. Based on the evaluation committee’s assessment of the written proposals and pursuant to the terms of the RFP, the evaluation committee shortlisted and invited five firms to the interview phase of the evaluation and selection process. Interviews of the shortlisted firms – Arellano Associates; Green Com, Inc.; MBI Media; MIG; and Simon Wong Engineering, Inc. – were conducted on July 16. The evaluation committee conducted a subsequent evaluation of each firm. Accordingly, the evaluation committee recommends contract award to Arellano Associates, MIG, and Simon Agenda Item 12 91 Wong Engineering, Inc. for on-call coordination public outreach services, as these firms earned the highest total evaluation scores. The multiple award, on-call, indefinite delivery/indefinite quantity task order type contracts do not guarantee work to any of the awardees; therefore, no funds are guaranteed to any consultant. Pre-qualified consultants will be selected for specific tasks based on information contained in their proposal. Services will be provided through the Commission’s issuance of contract task orders to the consultants on an as-needed basis. The Commission’s standard form professional services agreement will be entered into with the consultants subject to any changes approved by the Executive Director, and pursuant to legal counsel review. Staff oversight of the agreement will maximize the effectiveness of the consultants and minimize costs to the Commission. Financial Information In Fiscal Year Budget: Yes N/A Year: FY 2014/15 FY 2015/16+ Amount: $ 150,000 $ 350,000 Source of Funds: Measure A, Local Transportation Fund, TUMF, and Motorist Assistance Administration Funds Budget Adjustment: No N/A GL/Project Accounting No.: 001001 65520 00000 0001 101 15 65520 Fiscal Procedures Approved: Date: 08/14/2014 Attachment: Standard Form On-Call Professional Services Agreement Agenda Item 12 92 APPENDIX B -1 17336.02100\8354633.2 MODEL CONTRACT Agreement No. 14-31-118-00 RIVERSIDE COUNTY TRANSPORTATION COMMISSION AGREEMENT FOR ON-CALL CONSTRUCTION COORDINATION PUBLIC OUTREACH SERVICES WITH [CONSULTANT] 1.PARTIES AND DATE. This Agreement is made and entered into this ___ day of ______, 2014, by and between the RIVERSIDE COUNTY TRANSPORTATION COMMISSION ("the Commission") and [NAME OF FIRM] ("Consultant"), a [LEGAL STATUS OF CONSULTANT e.g., CORPORATION]. 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 and in the task order(s) to be issued pursuant to this Agreement and executed by the Commission and Consultant ("Task Order"). Consultant represents that it is a professional consultant, experienced in providing on-call [INSERT TYPE OF SERVICES] services 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 [INSERT TYPE OF SERVICES] services, on an on-call basis. Services shall be ordered by Task Order(s) to be issued pursuant to this Agreement for future projects as set forth herein (each such project shall be designated a “Project” under this Agreement). 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, on an on-call basis, as 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 types of Services to be provided are generally described in Exhibit “A” attached hereto and incorporated herein by reference. The Services shall be more particularly described in the individual Task Order issued by the Commission’s Executive Director or designee. No Services shall be performed unless authorized by a fully executed Task Order in the form attached 93 APPENDIX B -2 17336.02100\8354633.2 hereto as Exhibit "C". All Services shall be subject to, and performed in accordance, with this Agreement, the relevant Task Order, 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 ________________, unless earlier terminated as provided herein. Consultant shall complete the Services within the term of this Agreement and shall meet any other established schedules and deadlines set forth in the Task Order. All applicable indemnification provisions of this Agreement shall remain in effect following the termination of this Agreement. 3.3 Schedule of Services. Consultant shall perform the Services expeditiously, within the term of this Agreement, and in accordance with the specific schedule that shall be set forth in the Task Order ("Schedule of Services"). Consultant shall be required to commence work within five (5) days of receiving a fully executed Task Order. 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 each Schedule, the Commission shall respond to Consultant’s submittals in a timely manner. Upon the Commission’s request, Consultant shall provide a more detailed schedule of anticipated performance to meet the relevant 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, agent or representative 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 94 APPENDIX B -3 17336.02100\8354633.2 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: [INSERT NAME], or as otherwise specified in the relevant Task Order. 3.7 Commission’s Representative. Commission hereby designates the 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. Commission’s Representative shall also review and give approval, as needed, to the details of Consultant’s work as it progresses. Consultant shall not accept direction from any person other than Commission's Representative or his or her designee. 3.8 Consultant’s Representative. Consultant hereby designates [INSERT NAME], 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 and as described in the relevant Task Order. 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. Any employee of Consultant or its sub-consultants who is determined by the Commission to be uncooperative, incompetent, a threat to the adequate or timely completion of the Project, a threat to the safety of persons or property, or any employee 95 APPENDIX B -4 17336.02100\8354633.2 who fails or refuses to perform the Services in a manner acceptable to the Commission, shall be promptly removed from the Project by the Consultant and shall not be re- employed to perform any of the Services or to work on the Project. 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. 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 96 APPENDIX B -5 17336.02100\8354633.2 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 [Reserved] 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 the 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. (i) 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 97 APPENDIX B -6 17336.02100\8354633.2 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. (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). 98 APPENDIX B -7 17336.02100\8354633.2 (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. (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. 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 99 APPENDIX B -8 17336.02100\8354633.2 Consultant shall procure a bond guaranteeing payment of losses and related investigation costs, claims and administrative and defense expense s. 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. 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 a n 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 and incorporated herein by reference. Compensation shall be on the basis of direct costs plus a fixed fee as further set forth in 100 APPENDIX B -9 17336.02100\8354633.2 Exhibit “B”. The total compensation per Task Order shall be set forth in the relevant Task Order, and shall not exceed said amount without written approval of the Commission’s Executive Director. 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. Consultant shall submit to Commission a monthly statement which indicates work completed and hours of Services rendered by Consultant. The statement shall describe the amount of Services and supplies provided since the initial commencement date, or since the start of the subsequent billing periods, as appropriate, through the date of the statement. Commission shall, within forty-five (45) days of receiving such statement, review the statement and pay all approved charges thereon. 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 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 101 APPENDIX B -10 17336.02100\8354633.2 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: _____________________ Riverside County _____________________ Transportation Commission _____________________ 4080 Lemon Street, 3rd Floor Riverside, CA 92501 _____________________ 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 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 102 APPENDIX B -11 17336.02100\8354633.2 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 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 103 APPENDIX B -12 17336.02100\8354633.2 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 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 Commission, its directors, officials, officers, employees, consultants, agents and volunteers free and harmless from any and all claims, demands, causes of action, costs, expenses, liability, loss, damage or injury, in law or 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 Consultant, its officials, officers, employees, agents, consultants and contractors arising out of or in connection with the performance of the Services, the Project, this Agreement, or any Task Order, including without limitation the payment of all consequential damages and 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 Commission or its directors, officials, officers, employees, consultants, agents and volunteers. Consultant shall pay and satisfy any judgment, award or decree that may be rendered against Commission or its directors, officials, officers, employees, consultants, agents and volunteers, in any such suit, action or other legal proceeding. Consultant shall reimburse Commission and its directors, officials, officers, employees, consultants, agents and/or volunteers, for any and all legal expenses and costs incurred by each of them in connection therewith or in 104 APPENDIX B -13 17336.02100\8354633.2 enforcing the indemnity herein provided. Consultant's obligation to indemnify shall not be restricted to insurance proceeds, if any, received by Commission or its directors, officials, officers, employees, consultants, agents 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 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. 3.27 Prohibited Interests. 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 105 APPENDIX B -14 17336.02100\8354633.2 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. 3.28 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 pro vi- sions 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. 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. 3.31 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 106 APPENDIX B -15 17336.02100\8354633.2 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. 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 107 APPENDIX B -16 17336.02100\8354633.2 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. 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] 108 APPENDIX B -17 17336.02100\8354633.2 SIGNATURE PAGE TO RIVERSIDE COUNTY TRANSPORTATION COMMISSION AGREEMENT FOR ON-CALL CONSTRUCTION COORDINATION PUBLIC OUTREACH SERVICES WITH [INSERT CONSULTANT] IN WITNESS WHEREOF, the parties hereto have executed the Agreement on the date first herein above written. RIVERSIDE COUNTY [INSERT CONSULTANT] TRANSPORTATION COMMISSION By:_____________________________ By:________________________ [INSERT NAME], Chairman Signature ________________________ Name [NOT NEEDED IF APPROVED BY COMMISSION] ________________________ Title By: ____________________________ Anne Mayer Executive Director APPROVED AS TO FORM: ATTEST: By: _____________________________ By: ________________________ Best Best & Krieger LLP Its: Secretary General Counsel 109 A-1 17336.02100\8354633.2 EXHIBIT "A" SCOPE OF SERVICES On-Call and As-Needed [INSERT DESCRIPTION OF SERVICES] Services Such [INSERT DESCRIPTION OF SERVICES] services may include, but are not limited to, the following work activities: [INSERT SERVICES] 110 B 17336.02100\8354633.2 EXHIBIT "B" COMPENSATION [INSERT] 111 C 17336.02100\8354633.2 EXHIBIT "C" SAMPLE TASK ORDER FORM RIVERSIDE COUNTY TRANSPORTATION COMMISSION TASK ORDER Task Order No. _______ Contract: [INSERT NAME OF CONTRACT] Consultant: [INSERT NAME OF CONSULTANT] The Consultant is hereby authorized to perform the following work subject to the provisions of the Contract identified above: List any attachments: (Please provide if any.) Dollar Amount of Task Order: Not to exceed $_____,_____.00 Completion Date: _____________, 20___ The undersigned consultant hereby agrees that it will provide all equipment, furnish al l materials, except as may be otherwise noted above, and perform all services for the work above specified in accordance with the Contract identified above and will accept as full payment therefore the amount shown above. Riverside County Transportation Commission Consultant Dated: _________________ Dated: _________________ By: ________________________ By: ____________________ 112 AGENDA ITEM 13 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Martha Durbin, Staff Analyst Josefina Clemente, Transit Manager THROUGH: Robert Yates, Multimodal Services Director SUBJECT: Riverside Transit Agency’s Fiscal Year 2014/15 Short Range Transit Plan Amendment STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve modification to Riverside Transit Agency’s (RTA) FY 2014/15 capital improvement program to reflect additional funding of $4,125,000 in Congestion Mitigation and Air Quality (CMAQ) and $911,880 in FY 2012/13 Proposition 1B California Transit Security Grant Program (CTSGP) funds; 2) Allocate $998,101 in additional State Transit Assistance (STA) funds to provide capital matching funds for the CMAQ funds awarded to RTA for its Intelligent Information System (ITS) project; 3) Reallocate $1,163,866 of Local Transportation Fund (LTF) funds from the ITS project to the Expansion Heavy Duty Revenue Vehicles project; 4) Approve RTA’s FY 2014/15 Short Range Transit Plan (SRTP) Amendment No. 1 to reflect the changes above, subject to approval by RTA’s board of directors; and 5) Forward to the Commission for final action. BACKGROUND INFORMATION: At its July 2014 meeting, the Commission approved and adopted the FY 2014/15 operating and capital funding allocations for Riverside County based on the FY 2014/15 SRTPs prepared by each transit operator. Since that approval, a number of capital funding changes occurred that require modification to RTA’s approved SRTP Table 4 capital budget. RTA’s Capital Assistance In January 2014, RTA received a grant award totaling $4,125,000 in CMAQ federal funds for its ITS project under the Commission’s Multi-funding Call for Projects. The ITS capital award will fund the development and implementation of RTA’s next generation ITS. The project’s goal is to provide RTA with the tools for improved fleet management that will promote efficiency of RTA operations, enhance service planning and evaluation functions, and provide real-time vehicle location and departure information to the public, thereby increasing ridership within Agenda Item 13 113 the system. Staff’s recommendation is to reflect the awarded CMAQ funding of $4,125,000 in the amended SRTP and allocate $998,101 of STA funds as local match for the ITS project. Due to the CMAQ award, RTA requested the reallocation of approved LTF funds of $1,163,866 from the ITS project back to its expansion project for heavy duty revenue vehicles. RTA originally programmed funds from the Expansion Heavy Duty Revenue Vehicles project to the ITS project in the FY 2013/14 SRTP as a precautionary measure as there was no guarantee at that time of a CMAQ award. Additionally, RTA was awarded a total of $911,880 from the FY 2012/13 Proposition 1B CTSGP through the state of California’s Office of Emergency Services for RTA’s Operations and Facilities Security Improvements project. The funds were received by RTA in June of this year; therefore, it is recommended the funds be reflected in the FY 2014/15 SRTP due to projected expenditures in this fiscal year. RTA will utilize these funds for necessary and/or desired security and safety improvements that include but are not limited to its facilities/infrastructure at its operating sites, its revenue and non-revenue vehicles that support bus transit service operations, and its transit centers/bus stops. Modification requests for RTA’s FY 2014/15 SRTP are as follows: • Reflect $4,125,000 in CMAQ funding for RTA’s ITS project; • Allocate $998,101 of STA funding to provide the local match funds for the ITS project; • Reallocate $1,163,866 of LTF funds from the ITS project to the Expansion Heavy Duty Revenue Vehicles project; and • Reflect $911,880 in CTSGP funds for the Operations and Facilities Security Improvements project. Financial Impact Staff reviewed RTA’s revised plan and recommends approval of the capital funding modifications and related amendment to the FY 2014/15 SRTP. Staff also recommends this approval be conditional until such time the full RTA Board of Directors approves the amendment. RTA’s Budget and Finance Committee will be meeting on the same day the Commission meets on September 10. Full approval by the RTA Board of Directors is then expected to take place at its September 25 meeting. Since the federal CMAQ and state CTSGP funds are directly allocated to RTA and the LTF reallocation is a movement of funds within FY 2014/15 projects, the only financial impact to the Commission is the allocation of $998,101 of additional STA funds. There are sufficient Western County STA funds allotted in the FY 2014/15 budget to cover the additional STA matching funds for the ITS project. The attachment shows a comparison of the original and modified FY 2014/15 SRTP Table 4, detailing changes and adjustments in funding sources for RTA. Agenda Item 13 114 Financial Information In Fiscal Year Budget: Yes Year: FY 2014/15 Amount: $998,101 Source of Funds: STA Western County Budget Adjustment: No GL/Project Accounting No.: 002201 86102 241 62 86102 Fiscal Procedures Approved: Date: 08/12/2014 Attachment: RTA FY 2014/15 Capital Assistance by Funding Source Agenda Item 13 115 Riverside Transit Agency FY 2014/15 SRTP - Table 4 Amendment #1 Capital Assistance by Funding Source Table 1a. Currently Approved Capital Funding Plan Project Description Capital Project Number Total Amount of Funds LTF STA Prop 1B CTSGP Section 5307 - Riv- San Bernardino Section 5307 - Temecula/ Murrieta Section 5307 - Hemet/San Jacinto CMAQ Section 5339 Bus & Bus Facilities Replacement Revenue Vehicles - (12) COFR FY15-1 2,438,640 365,796 2,072,844 Replacement Revenue Vehicles - (26) DAR FY15-2 1,886,870 283,030 1,603,840 Expansion Revenue Vehicles - (10) DAR FY15-3 839,950 125,993 713,957 Replace Support Vehicles/Trucks - (19)FY15-4 735,480 147,096 588,384 Fareboxes - DO & CO FY15-5 3,396,600 679,320 2,717,280 Associated Transit Improvements FY15-6 150,000 30,000 80,000 40,000 Capitalized Tire Lease FY15-7 302,099 60,420 241,679 Maintenance/Support Equipment FY15-8 98,815 19,763 79,052 Facility Maintenance FY15-9 332,618 66,524 266,094 Information Systems FY15-10 467,200 93,440 373,760 Bus & Bus Facilities Projects (incl Rte 1 Ltd Infrastructure)FY15-11 1,975,203 395,041 1,580,162 Expansion Revenue Vehicles-(14) DO Heavy Duty-Rt 1 LTD FY15-12 8,050,000 2,012,500 6,037,500 Expansion Heavy Duty Revenue Vehicles -TDA Roll Forward FY15-13 12,518,826 9,343,192 3,175,634 Information Systems - ITS (SRTP 13/14) -TDA Roll Forward 1,163,866 1,163,866 Total: Capital $34,356,167 $12,519,558 $5,442,057 $0 $5,674,931 $989,115 $2,112,844 $6,037,500 $1,580,162 Table 1b. Modified Capital Funding Plan Project Description Capital Project Number Total Amount of Funds LTF STA Prop 1B CTSGP Section 5307 - Riv- San Bernardino Section 5307 - Temecula/ Murrieta Section 5307 - Hemet/San Jacinto CMAQ Section 5339 Bus & Bus Facilities Replacement Revenue Vehicles - (12) COFR FY15-1 2,438,640 365,796 2,072,844 Replacement Revenue Vehicles - (26) DAR FY15-2 1,886,870 283,030 1,603,840 Expansion Revenue Vehicles - (10) DAR FY15-3 839,950 125,993 713,957 Replace Support Vehicles/Trucks - (19)FY15-4 735,480 147,096 588,384 Fareboxes - DO & CO FY15-5 3,396,600 679,320 2,717,280 Associated Transit Improvements FY15-6 150,000 30,000 80,000 40,000 Capitalized Tire Lease FY15-7 302,099 60,420 241,679 Maintenance/Support Equipment FY15-8 98,815 19,763 79,052 Facility Maintenance FY15-9 332,618 66,524 266,094 Information Systems FY15-10 467,200 93,440 373,760 Bus & Bus Facilities Projects (incl Rte 1 Ltd Infrastructure)FY15-11 1,975,203 395,041 1,580,162 Expansion Revenue Vehicles-(14) DO Heavy Duty-Rt 1 LTD FY15-12 8,050,000 2,012,500 6,037,500 Expansion Heavy Duty Revenue Vehicles -TDA Roll Forward FY15-13 12,518,826 9,343,192 3,175,634 Information Systems - ITS (SRTP 13/14) -TDA Roll Forward - - NEW Expansion Heavy Duty Revenue Vehicles 1,163,866 1,163,866 NEW Intelligent Information System - ITS 5,123,101 998,101 4,125,000 NEW Operations and Facilities Security Improvements (FY 12/13 Prop 1B)911,880 911,880 Total: Capital $40,391,148 $12,519,558 $6,440,158 $911,880 $5,674,931 $989,115 $2,112,844 $10,162,500 $1,580,162 DIFFERENCE BETWEEN CURRENTLY APPROVED & MODIFIED CAPITAL PLAN $6,034,981 $0 $998,101 $911,880 $0 $0 $0 $4,125,000 $0 Table 1 - Capital Assistance 116 Riverside Transit Agency’s Fiscal Year 2014/15 Short Range Transit Plan Amendment Budget and Implementation Committee August 25, 2014 Modification Requirement 2 SRTP Amendment•Capital Funding Changes •Capital Project Changes BUDGET PROCESS 3 Funding Adjustments ITS Project: CMAQ $4,125,000 and STA $998,101 Expansion Heavy Duty Revenue Vehicles: LTF $1,163,866 Operations and Facilities Security Improvements: CTSGP $911,880 Staff Recommendation Forward to the Commission for final action. Approve RTA’s FY 2014/15 SRTP Amendment No. 1 to reflect the changes above, subject to approval by RTA’s board of directors; and Reallocate $1,163,866 LTF from the ITS project to the Expansion Heavy Duty Revenue Vehicles project; Allocate $998,101 in additional STA funds to provide capital matching funds for the CMAQ funds awarded to RTA for its ITS project; Approve modification to RTA’s FY 2014/15 capital improvement program to reflect additional funding of $4,125,000 in CMAQ and $911,880 in FY 2012/13 Prop 1B CTSGP funds; AGENDA ITEM 14 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Martha Durbin, Staff Analyst Josefina Clemente, Transit Manager THROUGH: Robert Yates, Multimodal Services Director SUBJECT: Citizens’ Advisory Committee/Social Services Transportation Advisory Committee Membership Nominations STAFF RECOMMENDATION: This item is for the Committee to: 1) Nominate 10 appointments to the Citizens’ Advisory Committee/Social Services Transportation Advisory Committee (CAC/SSTAC) effective September 1, 2014; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: The Transportation Development Act (TDA) provides direction for administering both Local Transportation Fund (LTF) and State Transit Assistance (STA) funds, which are used to support operational and capital expenditures for public transit. Section 99238 of the TDA regulations requires the Commission to have a CAC/SSTAC as part of the oversight process in administering the TDA funds. The TDA regulations further require that the membership must contain the following categorical areas: 1) One representative of a potential transit user 60 years of age and older; 2) One representative of a potential transit user who is disabled; 3) Two representatives of the social service providers for seniors; 4) Two representatives of the social service providers for the disabled, including one representative of a social service transportation provider, if one exists; 5) One representative of a social service provider for persons of limited means; and 6) Two representatives of a Consolidated Transportation Service Agency(s) designated as such pursuant to subdivision (a) of Section 15975 of the Government Code, including one representative from an operator, if one exists. As stated above, candidates are to be recruited from a broad spectrum of social service providers and the general public to represent older adults, persons with disabilities, and persons of limited means. Appointments are for an initial one-year term and some will be extended in the future to ensure continuity of service for the Committee. The adopted bylaws for the CAC/SSTAC state that membership can consist of up to fifteen members appointed by the Commission, in the manner provided by the Commission in accordance with Section 99238. Agenda Item 14 117 Committee members then shall serve at the will and pleasure of the Commission and without compensation. DISCUSSION: The memberships of the previous RCTC CAC/SSTAC members expired on June 30, 2014. In recent years, attendance has been irregular and meetings often failed to reach a quorum. In order to fill the positions, staff asked Commissioners for input, advertised for applications, and conducted individualized outreach to social service providers. It is important the Commission have access to community feedback both to comply with new Title VI Civil Rights regulation and with state TDA statues. As such, citizen appointments made to the CAC/SSTAC by Commissioners are critical to the success of the Commission and its charge to oversee transit services in Riverside County. While two of the ten CAC positions are filled by Riverside Transit Agency and Sunline Transit Agency, it is important to have actual citizen participation especially from those who serve seniors and persons with disabilities. The CAC/SSTAC will open a dialogue between citizen appointee representatives and the public transit and specialized transit programs of Riverside County around matters of mutual concern. Therefore, the Riverside County transit operators and specialized transit providers will be invited to attend and participate in the CAC/SSTAC meetings as well. The CAC/SSTAC serves the Commission by participating in the transit needs hearing and reviewing the Short Range Transit Plans developed by public transit operators as part of the Commission’s annual budget development process. In moving forward, staff hopes to utilize the Committee not only to receive input but also to provide information to social service providers on upcoming grant opportunities and changes in the law that would affect the mission of various non-profit agencies. With effective two-way communication, the Commission will be able to work closely with social service agencies to ensure efficient delivery of specialized transit services to impacted communities. Staff identified the individuals on the attachment for nomination as citizen representatives to the Committee. Each represents the constituencies identified in state law and reside in a number of communities throughout the county in order to provide a perspective from a wide geographic area. Attachment: CAC/SSTAC Representative and Categorical Membership List Agenda Item 14 118 Riverside County Transportation Commission Name / Area Represented Categorical Membership Per TDA Qualifications 1. Mary Venerable / Perris Potential transit user 60 years of age and older Federal Retiree and Lake Elsinore Senior Center Representative 2. Pamela Brown / Riverside Citizen representing potential transit users who are disabled City of Riverside Human Relations Commission - Chair; former Headstart program manager 3. Jack Marty / Banning Social service provider for seniors Retirement Community Resident; VNA & Hospice Of Southern California - Hospice Volunteer 4. Richard Smith / Western Riverside County and Coachella Valley Social service provider for seniors Independent Living Partnership Executive Director 5. Linda Samulski / Coachella Valley Social service transportation provider for the disabled Service Coordinator for the Guide Dogs of the Desert and Desert Blind and Handicapped Association.Transit User who is Bi-lingual. 6. Priscilla Ochoa / Western Riverside County Social service provider for the disabled Blindness Support Services Travel Trainer. 7. Laura Hernandez / Southwest Riverside County Social service provider for persons of limited means Participates in the ADA RTA Committee and T-Now Southwest. Transit User who is Bi-lingual. 8. Miguel Duran / Western Riverside County and Coachella Valley Social service provider for persons of limited means 2-1-1 Riverside Connect / VetLink Program Coordinator 9. Riverside Transit Agency Staff / Western Riverside County Consolidated Transportation Service Agency Consolidated Transportation Service Agency for Western Riverside County 10. SunLine Transit Agency Staff / Coachella Valley Consolidated Transportation Service Agency Consolidated Transportation Service Agency for Coachella Valley Categorical Nominations to the Citizens Advisory Committee / Social Services Transportation Advisory Council 119 Citizens Advisory Committee/Social Services Transportation Advisory Committee Membership Nominations Budget and Implementation Committee August 25, 2014 TDA Regulation: Section 99238 Requires the Commission to appoint the CAC/SSTAC members. Requires that membership contain the following categorical areas: •One representative of a potential transit user 60 years of age and older; •One representative of a potential transit user who is disabled; •Two representatives of the social service providers for seniors; •Two representatives of the social service providers for the disabled, including one representative of a social service transportation provider, if one exists; •One representative of a social service provider for persons of limited means; and •Two representatives of a Consolidated Transportation Service Agency(s) designated as such pursuant to subdivision (a) of Section 15975 of the Government Code, including one representative from an operator, if one exists. Recommended Membership Name / Area Represented Categorical Membership Per TDA Qualifications 1. Mary Venerable / Perris Potential transit user 60 years of age and older Federal Retiree and Lake Elsinore Senior Center Representative 2. Pamela Brown / Riverside Citizen representing potential transit users who are disabled City of Riverside Human Relations Commission - Chair; former Headstart program manager 3. Jack Marty / Banning Social service provider for seniors Retirement Community Resident; VNA & Hospice Of Southern California - Hospice Volunteer 4. Richard Smith / Western Riverside County and Coachella Valley Social service provider for seniors Independent Living Partnership - Executive Director 5. Linda Samulski / Coachella Valley Social service transportation provider for the disabled Service Coordinator for the Guide Dogs of the Desert and Desert Blind and Handicapped Association.Transit User who is Bi-lingual. 6. Priscilla Ochoa / Western Riverside County Social service provider for the disabled Blindness Support Services Travel Trainer 7. Laura Hernandez / Southwest Riverside County Social service provider for persons of limited means Participates in the ADA RTA Committee and T-Now Southwest. Transit User who is Bi-lingual. 8. Miguel Duran / Western Riverside County and Coachella Valley Social service provider for persons of limited means 2-1-1 Riverside Connect / VetLink Program Coordinator 9. Riverside Transit Agency Staff / Western Riverside County Consolidated Transportation Service Agency Consolidated Transportation Service Agency for Western Riverside County 10. SunLine Transit Agency Staff / Coachella Valley Consolidated Transportation Service Agency Consolidated Transportation Service Agency for Coachella Valley Staff Recommendation Forward to the Commission for final action. Nominate 10 appointments to the Citizens Advisory Committee/Social Services Transportation Advisory Committee effective September 1, 2014; and AGENDA ITEM 15 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Tanya Love, Goods Movement Manager THROUGH: John Standiford, Deputy Executive Director SUBJECT: Clay Street Grade Separation STAFF RECOMMENDATION: This item is for the Committee to 1) Deobligate $2,432,000 in 2009 Measure A Western County Economic Development Funds previously allocated to the County of Riverside (County) for the Interstate 215/Van Buren Interchange project; 2) Reprogram $2,432,000 in 2009 Measure A Western County Economic Development Funds to the County for the Clay Street grade separation project; 3) Approve Agreement No. 08-31-124-00, Amendment No. 1 to Agreement No. 08-31-124-00, with the County for the I-215/Van Buren Interchange project and the Clay Street grade separation project; 4) Deobligate $1,722,000 in Congestion Mitigation Air Quality (CMAQ) funds allocated to the city of Banning (Banning) for the Sunset Avenue grade separation project; 5) Allocate $1,722,000 in CMAQ funding to the County in support of the Clay Street grade separation project; 6) Approve an increase of $2,432,000 in FY 2014/15 budgeted 2009 Measure A Western County Economic Development expenditures; and 7) Forward to the Commission for final action. BACKGROUND INFORMATION: On behalf of the city of Jurupa Valley, the County is serving as the lead agency to construct a grade separation at Clay Street located within the city of Jurupa Valley at Union Pacific Railroad between Van Buren Boulevard and Limonite Avenue. Once constructed with a projected completion date of December 2015, the $35,899,000 project will eliminate conflicts between vehicles and trains providing efficient, reliable, and uninterrupted freight and vehicular movement. The Clay Street grade separation project was one of 12 Trade Corridor Improvement Fund (TCIF) projects – located throughout Riverside County – receiving $150 million in Proposition 1B funding from the California Transportation Commission (CTC). In order to meet the CTC requirement that all TCIF projects must start construction no later than December 2013, the Commission allocated $1,199,246 in CMAQ funding to cover a shortfall in the construction Agenda Item 15 120 phase for the Clay Street grade separation project at its December 2013 meeting. At the time of allocation, Commission staff was aware of a funding shortfall remaining in the right of way and utility phase, but the actual dollar amount was unknown. At this time, County staff identified that $4,154,000 in additional funds is required due to higher than anticipated right of way and utility costs. To cover the funding shortfall, staff is requesting that $1,722,000 in CMAQ funding originally allocated for the Sunset Avenue grade separation project, located in Banning, be shifted to the Clay Street grade separation project. The County is also serving as the lead agency for the Sunset Avenue project and, in April 2014, identified as part of the CTC contract award process that there was $1,722,000 in unused CMAQ funds available. The Sunset Avenue grade separation project is under construction and is expected to be complete in October 2015. In addition to the CMAQ funding, staff is requesting that $2,432,000 in 2009 Measure A Western County Economic Development Funds allocated to the County in June 2011 in support of the I-215/Van Buren Interchange project be reprogrammed to support the Clay Street grade separation project. If approved, the $1,722,000 in CMAQ funds and the $2,432,000 in 2009 Measure A Western County Economic Development funds will cover the remaining $4,154,000 shortfall on the Clay Street grade separation project. Regarding the CMAQ funding, there is no financial impact to the Commission’s budget as federal CMAQ funds do not flow through the Commission. Financial Information In Fiscal Year Budget: No Year: FY 2014/15 Amount: $2,432,000 Source of Funds: 2009 Measure A Western County Economic Development Fund Budget Adjustment: Yes GL/Project Accounting No.: XX4008 814XX 268 31 814XX Fiscal Procedures Approved: Date: 08/14/2014 Agenda Item 15 121 AGENDA ITEM 16 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Budget and Implementation Committee FROM: Aaron Hake, Government Relations Manager THROUGH: John Standiford, Deputy Executive Director SUBJECT: State and Federal Legislative Update STAFF RECOMMENDATION: This item is for the Committee to: 1) Receive and file an update on the state and federal legislation; and 2) Forward to the Commission for final action. BACKGROUND INFORMATION: Legislative activity in Sacramento and Washington, D.C. has been busy on the transportation front despite month-long recesses in July and August by the Legislature and Congress respectively. The approaching end of the legislative cycle has put several issues on the front burner. The Legislature adjourns at the end of August and the Governor will sign bills in September. Congress will return after Labor Day for a few weeks before adjourning in October for the elections, followed by a lame duck session in November and December. State RCTC Legislation Reaches Governor Brown’s Desk Upon returning from July recess, both of the Commission’s sponsored bills, AB 1721 (Linder) and SB 953 (Roth), cleared their final votes in the Legislature and were sent to the Governor’s desk. On Friday August 15, Governor Brown signed SB 953 into law. This bill provides the Commission and SANBAG with parking enforcement authority at the rail stations these agencies own and operate. AB 1721 provides tolling agencies such as the Commission with the authority to charge discounted rates to green or white-stickered low emissions vehicles, rather than being required to allow them to travel free of charge. Each bill received bi-partisan support throughout the year. Commission staff and advocate Mark Watts will be communicating with the Governor’s office to seek his signature on AB 1721. Agenda Item 16 122 Comprehensive Tolling Legislation Falters in Committee SB 983 (Hernandez) is a bill that emerged mid-session, sponsored by LA Metro. The bill re- opens the state approval process for high occupancy toll (HOT) lanes the Commission’s I-15 Express Lanes went through in 2008. The pilot program for HOT lanes expired at the beginning of this year, and only provided for a limited number of HOT lane projects in the state. Projects were subject to the review of the California Transportation Commission and a public hearing process that most transportation policy watchers agree worked well. The original legislation also required ratification of HOT lane projects by the Legislature. SB 983 would remove the sunset date on the HOT lane program and keep the Legislature out of the approval process. Language in SB 983 would protect the financial obligations of regional transportation agencies such as the Commission and provide a rational, predictable framework that agencies could use to move projects forward. The Commission’s legislative platform supports more innovation in transportation policy, protecting transportation revenues, local control of facilities that are the financial responsibility of local agencies, and finding solutions to the funding gap for our state’s infrastructure. All of these goals are achieved by SB 983. Despite broad consensus from transportation agencies in Los Angeles, San Diego, San Bernardino, Riverside, and the Bay Area, and close alignment with the Brown Administration’s California Transportation Infrastructure Priorities, for unknown reasons the bill was held on the suspense file of the Assembly Appropriations Committee by Chairman Mike Gatto. Commission staff worked closely with LA Metro to provide amendments to the bill that would improve project delivery of HOT lanes and provide additional regional flexibilities. Commission staff will continue working with LA Metro, the Administration, and other stakeholders to resurrect this effort in the next session of the Legislature. Federal Highway Trust Fund Patched Through May 2015 Just before Congress adjourned for the summer, agreement was reached on a short-term stop- gap measure to keep the Highway Trust Fund (HTF) solvent through May 2015. The HTF was scheduled to dip below reserve levels needed to maintain cash flow on August 1, threatening a slow-down or rationing of payments to states for transportation projects. The result would have been project stoppages and costly delays during the peak construction season. The House and Senate identified several non-transportation revenue sources to infuse $11 billion into the HTF after a series of back-and-forth proposals. Senators Tom Carper (D-DE) and Barbara Boxer (D-CA) pushed for a shorter term measure that would fund the HTF through December 31, 2014, to keep the pressure on Congress to produce a longer-term, reliable funding plan for surface transportation. While many in the transportation community welcomed this effort by Senator Boxer and Senator Carper to force Congress to address the glaring lack of stability in our nation’s transportation funding, industry leaders did not want to risk an HTF shortfall in the Agenda Item 16 123 immediate term if consensus could not be reached. Thus, the same predicament that faced Congress this year will approach them next year, with many new members in the new session following the 2014 elections. RCTC Pursues Rail Grant for Coachella Valley-San Gorgonio Pass Rail Service The Federal Railroad Administration (FRA) released a notice of funding availability in early July for $19,827,500 in grants for passenger rail corridor investment plans. The solicitation fits the needs of the Coachella Valley-San Gorgonio Pass rail study underway. Commission staff decided to pursue this grant opportunity, seeking $3 million to complete the service development plan and environmental work that would be needed before the project can go to construction. Due to the recent policy change to provide a bus-rail split for Coachella Valley Transit Development Act funds, a funding source is readily available to provide the 20 percent matching funds required. The Commission has partnered with the Caltrans Division of Rail on the application. Caltrans agreed to be the lead applicant for the funds to satisfy federal eligibility requirements, however the Commission will continue to administer the study. The California State Transportation Agency views Coachella Valley-San Gorgonio Pass rail service as a key linkage to the state’s overall rail vision of connectivity to LOSSAN, Metrolink, and eventually high-speed rail. Commissioner Greg Pettis, Executive Director Anne Mayer, Rail Manager Sheldon Peterson, and Government Relations Manager Aaron Hake met with key FRA staff and U.S. Department of Transportation leadership to discuss the Commission’s forthcoming grant application. While in Washington, D.C. the team met with key congressional offices along the proposed rail corridor to secure support for the grant. The Commission’s message of high local financial commitment, demonstrated success on federal projects, and overall vision for an integrated Southern California rail and transit network was favorably received. The Commission is in need of letters of support from public and private stakeholders in the region to submit with the grant application. Any Commissioners wishing to extend letter requests to other bodies they sit on or organizations they are connected to in their communities would be helpful. Letters of support can be coordinated through Aaron Hake at ahake@rctc.org or (951) 787-7141. Showcasing Commission Projects During the summer recess periods for the Legislature and Congress when elected officials spend time home in their districts, the Commission has taken the opportunity to update Riverside County legislative offices on some of the Commission’s major construction and planned projects. In July, legislative staffers from Riverside, Orange and San Bernardino Counties were invited to a special construction briefing on the SR-91 Corridor Improvement Project at the project headquarters in Corona. The Commission, Caltrans, and Atkinson-Walsh Joint Venture provided Agenda Item 16 124 these aides with up-to-date information on what their constituents can expect to experience over the next several months on SR-91. In August, Congressman Mark Takano and his Washington staff took a tour of the Perris Valley Line construction along with Chair Marion Ashley and Vice Chair Daryl Busch. Commission staff also provided a briefing on Perris Valley Line and Coachella Valley-San Gorgonio Pass Rail to a joint meeting of San Bernardino and Riverside County legislative offices hosted by SANBAG. Commission staff will continue to communicate closely with state and federal delegation offices to ensure that they are informed with the many activities the Commission is undertaking, and the policy issues that impact the Commission’s ability to deliver projects. Attachment: 2013-14 Bill Matrix Agenda Item 16 125 RIVERSIDE COUNTY TRANSPORTATION COMMISSION - POSITIONS ON STATE AND FEDERAL LEGISLATION – August 2014 Legislation/ Author Description Bill Status Position Date of Board Adoption SB 1228 (Hueso) This bill continues the existence of the TCIF indefinitely in order to receive funds from non-Proposition 1B sources, and governs the distribution of non-Proposition 1B funds. From APPR. committee: Do pass as amended. (Ayes 17. Noes 0.) (August 14, 2014). SUPPORT July 9, 2014 SB 1390 (Correa) This bill would create a new conservancy program within the State Coastal Conservancy for the purpose of acquiring lands within a half-mile of the Santa Ana River riverbed in order to preserve open space, provide recreational opportunities, and enhance the overall condition of the Santa Ana River. Supporters of the bill intend for the conservancy program to be a vehicle to accept funding from grants and other sources of revenue to protect, promote, and restore the Santa Ana River for the benefit of the residents of the Inland Empire and Orange County. Several conservancy programs exist throughout the state, including the Coachella Valley Mountains Conservancy. No state funding is provided by SB 1390. From APPR. committee: Do pass. (Ayes 13. Noes 4.) (August 14, 2014). SUPPORT IN CONCEPT July 9, 2014 AB 2036 (Mansoor) Existing law authorizes certain toll facilities on public highways. This bill would authorize a toll facility to be initially implemented on a public highway within the boundaries of the County of Orange only if the toll facility is approved by a 2/3 vote of the electorate in the county, and would define “public highway” and “toll facility” for these purposes. In committee: Set, second hearing. Hearing canceled at the request of author. (April 28, 2014). OPPOSE UNLESS AMENDED April 9, 2014 SB 1451 (Hill & Roth) An act to amend and repeal Section 21177 of the Public Resources Code, relating to environmental quality. This bill would require the alleged grounds for noncompliance shall have been presented to a public agency prior to the close of the public hearing on the project if the grounds for noncompliance were not known and could not have been known with the exercise of reasonable diligence during the public comment period or if no public comment period was provided by CEQA. The bill would limit the standing of a person objecting to the project prior to the close of the public hearing on the project before the filing of notice of determination to an action or proceeding challenging a project for which no public comment period was provided by CEQA. Set, first hearing. Hearing canceled at the request of author. (May 6, 2014). SUPPORT April 9, 2014 AB 2651 (Linder) This bill would prohibit weight fee revenue from being transferred from the State Highway Account to the Transportation Debt Service Fund or to the Transportation Bond Direct Payment Account, and from being used to pay the debt service on transportation general obligation bonds. In committee: Set, first hearing. Hearing canceled at the request of author. (April 21, 2014). SUPPORT April 9, 2014 126 Legislation/ Author Description Bill Status Position Date of Board Adoption HR 29 (Gomez) This nonbinding resolution of the State Assembly expresses opposition to “outsourcing of public services and assets, which harms transparency, accountability, shared prosperity, and competition.” The resolution also supports, “processes that give public service workers the opportunity to develop their own plan on how to deliver cost-effective, high-quality services.” The resolution references the Taxpayer Empowerment Agenda (TEA), a proposal by a group called “In the Public Interest”, which is a project of a national coalition known as the Partnership for Working Families. Read. Amended. Adopted. (Ayes 44. Noes 22. Page 4332.) (April 3, 2014). OPPOSE April 9, 2014 AB 2728 (Perea) This bill would prohibit weight fee revenue from being transferred from the State Highway Account to the Transportation Debt Service Fund or to the Transportation Bond Direct Payment Account for the purpose of payment of the debt service on transportation general obligation bonds, and would also prohibit loans of weight fee revenue to the General Fund. In committee: Set, second hearing. Held under submission. (May 23, 2014). SUPPORT April 9, 2014 AB 515 (Dickinson) This bill pertains to CEQA reform. AB 515 proposes to require the courts to specify actions, which must be taken by an agency to remedy CEQA violations and a timeframe within which those violations must be taken. In committee: Set, second hearing. Hearing canceled at the request of author. (June 15, 2014). SEEK AMENDMENTS April 9, 2014 AB 2197 (Mullin) This bill would require that temporary license plate system be developed by the Department of Motor Vehicles (DMV). AB 2197 would require this new system to be operative by July 1, 2015. This bill would ensure that all lawfully purchased vehicles leave the dealership with some form of identification that can be read from the roadway by law enforcement. In committee: Set, second hearing. Held under submission. (May 23, 2014). SUPPORT April 9, 2014 SB 785 (Wolk) This bill consolidates a number of existing statutes authorizing local governments to use design-build for certain types of projects. Design-build for public transit projects is included in the consolidation. Read second time and amended. Ordered to second reading. (Aug. 13, 2014) SUPPORT IF AMENDED April 9, 2014 SB 969 (DeSaulnier) The bill would require the agency administering a megaproject to establish a peer review group and to take specified actions to manage the risks associated with a megaproject including establishing a comprehensive risk management plan, and regularly reassessing its reserves for potential claims and unknown risks. Because this bill would require local agencies to perform additional duties, the bill would impose a state-mandated local program. Set, first hearing. Referred to APPR. Suspense file. (July 2, 2014) OPPOSE UNLESS AMENDED April 9, 2014 SB 990 (Vidak) This bill would require that 5% of Local Transportation Funds (LTF) and funds from the Regional Transportation Improvement Program (RTIP) be set-aside by agencies such as the Commission for disadvantaged small communities for congestion relief and safety needs. Set, second hearing. Failed passage in committee. (Ayes 3. Noes 8. Page 3312.) Reconsideration granted. (April 29, 2014). OPPOSE April 9, 2014 AB 1721 (Linder) Today, state law prohibits tolling of zero-emission vehicles in designated high- occupancy toll (HOT) lanes. This bill would exclude from the above-described exemption a toll imposed for passage in HOT lanes designated for State Highway Route 15 in Riverside County. Senate amendments concurred in. To Engrossing and Enrolling. (August 14, 2014). SPONSOR January 8, 2014 127 Legislation/ Author Description Bill Status Position Date of Board Adoption SB 953 (Roth) This bill will provide parking enforcement authority to RCTC for the Metrolink commuter rail stations we own and operate for the residents of Riverside County. Approved by Governor. Chaptered by Secretary of State. Chapter 192, Statutes of 2014. (August 15, 2014). SPONSOR January 8, 2014 AB 14 (Lowenthal) Formalizes creation of a State Freight Advisory Council and commits the state to authoring a State Freight Plan every 5 years, pursuant to MAP-21. Approved by the Governor. Chaptered by Secretary of State – Chapter 223, Statutes of 2013. (Sept. 6, 2013). SUPPORT April 13, 2013 AB 179 (Boganegra) Previous version reduced the amount of time transportation agencies can retain personally identifiable customer information for electronically-collected highway tolls and transit fares, from 4.5 years to six months. Amendments extend the time period back to 4.5 years, removing a conflict with the statute of limitations during which customers can challenge tolls and fare charges, which is up to 4 years. The bill also enacts new privacy provisions for electronic transit fare collection. Unknown impacts exist for transit operators RTA, SunLine and Metrolink for future implementation of electronic fare systems. Approved by the Governor. Chaptered by Secretary of State – Chapter 375, Statutes of 2013. (Sept. 27, 2013). NEUTRAL June 12, 2013 AB 266 (Blumenfield) Extends by an additional 10 years a pilot program previously opposed by RCTC. Ultra- low emission vehicles (mostly electric cars) are exempted from paying tolls on tolled facilities, except for toll projects in L.A. County. This bill represents a state mandate that cuts into local revenue for infrastructure that local governments are providing to the state. This policy erodes the user-pay concept inherent in many areas of transportation finance. This bill represents a current and future threat to the viability of innovative infrastructure financing in California as low-emission vehicles become more popular. The pilot program has only been in existence for less than one year. Approved by the Governor. Chaptered by Secretary of State – Chapter 405, Statutes of 2013. (Sept. 28, 2013). OPPOSE April 13, 2013 AB 487 (Linder) Requires government employees participating in the DMV confidentiality program to provide a workplace address so that parking, toll, and traffic violations can still be enforced. Died pursuant to Art. IV, Sec. 10(c) of the Constitution. (Jan. 31, 2014). From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. (Feb. 3, 2014). SUPPORT April 13, 2013 AB 574 (Lowenthal) Formerly, this bill reformed the process by which cities and counties apply to the State for relinquishment of state highways to local jurisdictions. The bill has been amended in its entirety. The bill now proposes policy to guide the expenditure of the state’s cap-and-trade program, which was authorized by AB 32 (Pavley, 2006) and is administered by the California Air Resources Board (CARB). The bill provides for regional control of the expenditure of cap-and-trade funds. The Commission, along with SCAG and other transportation commissions in Southern California have requested amendments that would direct cap-and-trade funds to directly to transportation commissions rather than Metropolitan Planning Organizations (MPO’s) Died pursuant to Art. IV, Sec. 10(c) of the Constitution. (Jan. 31, 2014). From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. (Feb. 3, 2014). SUPPORT IF AMENDED June 12, 2013 128 Legislation/ Author Description Bill Status Position Date of Board Adoption AB 1081 (Medina) Requires goods movement infrastructure projects and financing options from the private sector to be included in the Governor’s annually submitted 5-year infrastructure plan and international trade & investment strategy. In committee: Held under submission. (August 30, 2013). SUPPORT June 12, 2013 SB 337 (Emmerson) Relinquishes portions of SR-74 to the City of Hemet. The City of Hemet is the sponsor of this bill. This bill builds on previous legislation that authorized relinquishment of SR-74 to the Cities of Palm Desert, Perris, and Lake Elsinore. Returned to Secretary of Senate pursuant to Joint Rule 56. (Feb. 3, 2014) Hearing cancelled at request of author. This bill’s language has been incorporated into SB 788, the Senate Transportation Omnibus Bill. SUPPORT April 13, 2013 SB 731 (Steinberg) Enacts modest changes to CEQA, mostly relating to private development. Joint Rule 62(a) file notice suspended. (Page 3247). Set, First hearing. Hearing cancelled at the request of author. (Sept. 11, 2013). MONITOR/ WORK WITH AUTHOR April 13, 2013 AB 37 (Perea) This bill would allow would allow project applicants to require lead agencies to prepare a record of proceedings concurrently with the preparation of CEQA documents. This has the potential to accelerate future judicial proceedings by giving both sides of a CEQA lawsuit the opportunity to prepare for court. AB 37 is supported by business groups and is currently unopposed, awaiting a vote on the Assembly floor. Read second time. Ordered to third reading. (August 5, 2014) SUPPORT June 12, 2013 AB 401 (Daly) Authorizes the use of best value design-build for the I-405 widening project by OCTA. The language of this bill is nearly identical to that of the Commission’s AB 2098 (Miller), which was approved in 2010. The project will add one general purpose lane in each direction. Approved by the Governor. Chaptered by Secretary of State – Chapter 586, Statutes of 2013. (Oct. 5, 2013). SUPPORT June 12, 2013 AB 543 (Campos) This bill would require a lead agency to translate, as specified, certain notices required by the act and a summary of any negative declaration, mitigated negative declaration, or environmental impact report when a group of non-English-speaking people, as defined, comprises at least 25% of the population within the lead agency’s jurisdiction and the project is proposed to be located at or near an area where the group of non- English-speaking people comprises at least 25% of the residents of that area. By requiring a lead agency to translate these notices and documents, this bill would impose a state-mandated local program. In committee: Placed on APPR. Suspense file. (August 14, 2014). OPPOSE June 12, 2013 129 Legislation/ Author Description Bill Status Position Date of Board Adoption AB 756 (Melendez) Allows public works projects to be granted Leadership designation by the Governor for the purposes of a 2011 law that provides expedited judicial review for CEQA challenges. The Commission seeks amendments that would clarify elgibility of regional transportation agencies (such as the Commission) to utilize this fast-tracking for public transit projects. Note: the underlying 2011 law has recently been ruled unconstitutional. Died pursuant to Art. IV, Sec. 10(c) of the Constitution. (Jan. 31, 2014). From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. (Feb. 3, 2014). SUPPORT if Amended June 12, 2013 SB 778 (Committee on Transportation & Housing) Senate “omnibus” bill of non-controversial items. This omnibus includes language from SB 337 (Emmerson), which relinquishes SR-74 to the city of Hemet. Other provisions of the bill include non-substantive technical corrections to existing law and deletion of obsolete provisions such as the 1984 Olympics special license plate program. Returned to Secretary of Senate pursuant to Joint Rule 56. (Feb. 3, 2014). SUPPORT June 12, 2013 AB 493 (Daly) This bill would authorize operators of toll facilities on federal-aid highways to fully implement technologies or business practices that provide for the interoperability of electronic toll collection programs on and after the date specified in MAP-21. The bill would limit the information that may be disclosed through participation in an interoperability program, as specified. Approved by the Governor. (Aug. 12, 2013). Chaptered by Secretary of State – Chapter 79, Statutes of 2013. (Aug. 12, 2013). SUPPORT June 12, 2013 130