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HomeMy Public PortalAbout09 September 10, 2014 CommissionCOMM-COMM-00039 Riverside County TransRortinion Commission MEETING AGENDA TIME/DATE: 9:30 a.m. / Wednesday, September 10, 2014 LOCATION: BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside ?ye COMMISSIONERS eel Chair— Marion Ashley Vice Chair — Daryl Busch Second Vice Chair — Scott Matas Kevin Jeffries, County of Riverside John F. Tavaglione, County of Riverside Jeff Stone, County of Riverside John J. Benoit, County of Riverside Marion Ashley, County of Riverside Deborah Franklin / Art Welch, City of Banning Roger Berg / Jeff Fox, City of Beaumont Joseph DeConinck / To Be Appointed, City of Blythe 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 Karen Spiegel / Eugene Montanez, City of Corona Scott Matas / Russell Betts, City of Desert Hot Springs Adam Rush / Ike Bootsma, City of Eastvale Larry Smith / Robert Youssef, City of Hemet Douglas Hanson / Patrick Mullany, City of Indian Wells Glenn Miller / Michael Wilson, City of Indio Frank Johnston / Micheal Goodland, City of Jurupa Valley Terry Henderson / Don Adolph, City of La Quinta Bob Magee / Natasha Johnson, City of Lake Elsinore Scott Mann / Wallace Edgerton, City of Menifee Jesse Molina / Yxstian Gutierrez, City of Moreno Valley Rick Gibbs / Kelly Bennett, City of Murrieta Berwin Hanna / Kathy Azevedo, City of Norco Jan Harnik / Susan Marie Weber, City of Palm Desert Ginny Foat / Paul Lewin, City of Palm Springs Daryl Busch / Al Landers, City of Perris Ted Weill / To Be Appointed, City of Rancho Mirage Steve Adams / Andy Melendrez, City of Riverside Andrew Kotyuk / Scott Miller, City of San Jacinto Ron Roberts / Jeff Comerchero, City of Temecula Ben Benoit / Timothy Walker, City of Wildomar Basem Muallem, Governor's Appointee Comments are welcomed by the Commission. If you wish to provide comments to the Commission, please complete and submit a Speaker Card to the Clerk of the Board. Riverside County Transportation Cansion TO: Riverside County Transportation Commission FROM: Jennifer Harmon, Office and Board Services Manager DATE: September 3, 2014 SUBJECT: Possible Conflicts of Interest — Riverside County Transportation Commission Agenda of September 10, 2014 The September 10, 2014 agenda of the Riverside County Transportation Commission includes items that may raise possible conflicts of interest. A Commissioner may not participate in any discussion or action concerning a contract or amendment if a campaign contribution of more than $250 is received in the past 12 months or 3 months following the conclusion from any entity or individual listed. Agenda Item No. 8G — Agreement for Toll Organization Planning Support Services Consultant(s): Cambria Solutions, Inc. 515 S. Flower Street, 36th Floor Los Angeles, CA 90071 Greg Hulsizer, Vice President Agenda Item No. 8H — Agreement with SC Engineering for the Preparation of Consent to Common Use Agreements, Legal Descriptions, and Plats to Reestablish Utility Companies' Prior Rights Relocated by the State Route 74 Widening Project Between Dexter Avenue in the City of Lake Elsinore and 7th Street in the City of Perris and Donation Agreement to Transfer Mitigation Property to the Western Riverside County Regional Conservation Authority Consultant(s): SC Engineering 16096 Chiwi Road Apple Valley, CA 92307 R.S. Chavez, President Agenda Item No. 8K — Agreements for On -Call Coordination Public Outreach Services Consultant(s): Arellano Associates 5851 Pine Avenue, Suite A Chino Hills, CA 91709 Genoveva Arellano, Principal RCTC Potential Conflicts of Interest September 10, 2014 Page 2 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, 3rd Floor Riverside, Ca 92501 Marc McIntyre, Vice President 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 Batler, Senior Vice President Tara Byerly From: Tara Byerly Sent: Thursday, September 04, 2014 3:58 PM To: Tara Byerly Cc: Jennifer Harmon Subject: RCTC: September Commission Agenda - 09.10.2014 Importance: High Good afternoon Commissioners: The September Commission Agenda for the meeting scheduled for Wednesday, September 10, 2014 @ 9:30 a.m. is available. Please copy the link: http://www.rctc.ors/uploads/media items/september-10-2014.original.pdf In addition for your review is the attached conflict of interest memo and the form. Please let me know if you have any questions. Thank you. Conflict of Conflict of [nterest Memo.pdf Interest Form.pdf Respectfully, Tara S. Byerly Senior Administrative Assistant RCTC 4080 Lemon Street, 3rd Floor Riverside, CA 92501 (951)787-7141 1 Tara Byerly From: Tara Byerly Sent: Friday, September 05, 2014 6:51 AM To: Tara Byerly Subject: RCTC: September Commission Agenda - 09.10.2014 Good morning Commission Alternates: The September Commission Agenda for the meeting scheduled for Wednesday, September 10, 2014 @ 9:30 a.m. is available: http://www.rctc.org/uploads/media items/september-10-2014.original.pdf Respectfully, Tara S. Byerly Senior Administrative Assistant RCTC 4080 Lemon Street, 3rd Floor Riverside, CA 92501 (951)787-7141 1 RIVERSIDE COUNTY TRANSPORTATION COMMISSION www.rctc.org AGENDA* *Actions may be taken on any item listed on the agenda 9:30 a.m. Wednesday, September 10, 2014 BOARD ROOM County of Riverside Administrative Center 4080 Lemon Street, First Floor, Riverside, CA 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 special assistance is needed to participate in a Commission 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 Commission may, either at the direction of the Chair or by majority vote of the Commission, waive this three minute time limitation. Depending on the number of items on the Agenda and the number of speakers, the Chair may, at his/her discretion, reduce the time of each speaker to two (2) continuous minutes. In addition, the maximum time for public comment for any individual item or topic is thirty (30) minutes. Also, the Commission may terminate public comments if such comments become repetitious. Speakers may not yield their time to others without the consent of the Chair. Any written documents to be distributed or presented to the Commission shall be submitted to the Clerk of the Board. This policy applies to Public Comments and comments on Agenda Items. Under the Brown Act, the Commission should not take action on or discuss matters raised during public comment portion of the agenda that are not listed on the agenda. Commission members may refer such matters to staff for factual information or to be placed on the subsequent agenda for consideration. 5. APPROVAL OF MINUTES — JUNE 11, 2014 Riverside County Transportation Commission Agenda September 10, 2014 Page 2 6. PUBLIC HEARING — ADOPTION OF RESOLUTIONS OF NECESSITY FOR THE ACQUISITION OF FEE, BUILDING ACCESS EASEMENT, BUILDING DEMOLITION EASEMENT, PERMANENT DRAINAGE EASEMENT, PERMANENT WALL FOOTING EASEMENT, TEMPORARY ACCESS EASEMENT, TEMPORARY CONSTRUCTION EASEMENT, AND UTILITY EASEMENT IN PORTIONS OF CERTAIN REAL PROPERTY BY EMINENT DOMAIN, MORE PARTICULARLY DESCRIBED AS ASSESSOR PARCEL NOS. 118-270-034, 118-270-035, 118-270-036, 118-270-038, 118-270-039, AND 118-270-042; 102-270-011; 118-171-040; 118-171-026, AND 118-171-039; 118-171-025; AND 115-060-013, 115-060-015, 117-270-005, AND 117-270-013; LOCATED IN CORONA, RIVERSIDE COUNTY, CALIFORNIA, FOR THE STATE ROUTE 91 CORRIDOR IMPROVEMENT PROJECT, BETWEEN PIERCE STREET ON THE EAST TO THE COUNTY LINE ON THE WEST, IN RIVERSIDE COUNTY, CALIFORNIA Page 1 Overview This item is for the Commission to: 1) Conduct a hearing to consider the adoption of resolutions of necessity, including providing all parties interested in the affected property and their attorneys, or their representatives, an opportunity to be heard on the issues relevant to the resolution of necessity; 2) Make the following findings as hereinafter described in this report: a) The public interest and necessity require the proposed project; b) The project is planned or located in a manner that will be most compatible with the greatest public good and the least private injury; c) The real property to be acquired is necessary for the project; and d) The offer of just compensation has been made to the owner. 3) Adopt Resolutions of Necessity Nos. 14-022, 14-028, 14-029, 14-030, 14-031, and Amended Resolution of Necessity 13-011, "Resolutions of Necessity for the Acquisition of Property Interests in Certain Real Property, by Eminent Domain, More Particularly Described as Assessor Parcel Nos. 118-270-034, 118-270-035, 118-270-036, 118-270-038, 118-270-039, and 118-270-042; 102-270-011; 118-171-040; 118-171-026, and 118-171-039; 118-171-025; and 115-060-013, 115-060-015, 117- 270-005, and 117-270-013, located in Corona, Riverside County, California", for the State Route 91 Corridor Improvement Project (SR-91 CIP), Between Pierce Street on the East to the County Line on the West, in Riverside County, California. 7. ADDITIONS / REVISIONS — The Commission may add an item to the Agenda after making a finding that there is a need to take immediate action on the item and that the item came to the attention of the Commission subsequent to the posting of the agenda. An action adding an item to the agenda requires 2/3 vote of the Commission. If there are less than 2/3 of the Commission members present, adding an item to the agenda requires a unanimous vote. Added items will be placed for discussion at the end of the agenda. Riverside County Transportation Commission Agenda September 10, 2014 Page 3 8. 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. 8A. QUARTERLY FINANCIAL STATEMENTS Page 212 Overview This item is for the Commission to receive and file the Quarterly Financial Statements for the year ended June 30, 2014. 8B. SINGLE SIGNATURE AUTHORITY REPORT Overview This item is for the Commission to receive and file the Single Signature Authority report for the fourth quarter ended June 30, 2014. 8C. QUARTERLY SALES TAX ANALYSIS Overview This item is for the Commission to receive and file the sales tax analysis for Quarter 1 2014 (Q1 2014). 8D. QUARTERLY INVESTMENT REPORT Overview This item is for the Commission to receive and file the Quarterly Investment Report for the quarter ended June 30, 2014. 8E. ANNUAL INVESTMENT POLICY REVIEW Overview This item is for the Commission to: Page 220 Page 222 Page 231 Page 276 1) Adopt Resolution No. 14-015, "Resolution of the Riverside County Transportation Commission Regarding the Revised Investment Policy"; and 2) Adopt the Annual Investment Policy. Riverside County Transportation Commission Agenda September 10, 2014 Page 4 8F. CALPERS DELEGATION OF AUTHORITY TO REQUEST DISBURSEMENTS Overview This item is for the Commission to: Page 291 1) Designate the Chief Financial Officer, Deputy Executive Director, and Finance Manager/Controller to request disbursements from the CaIPERS pre -funding plan; and 2) Authorize the Chair to execute the Delegation of Authority to Request Disbursements. 8G. AGREEMENT FOR TOLL ORGANIZATION PLANNING SUPPORT SERVICES Overview This item is for the Commission to: Page 293 1) Award Agreement No. 14-31-155-00 to Cambria Solutions, Inc. (Cambria) for toll organization planning support services in the amount of $218,840, plus a contingency amount of $31,160, for a total amount not to exceed $250,000; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Authorize the Executive Director to approve contingency work as may be required for the project. 8H. AGREEMENT WITH SC ENGINEERING FOR THE PREPARATION OF CONSENT TO COMMON USE AGREEMENTS, LEGAL DESCRIPTIONS, AND PLATS TO REESTABLISH UTILITY COMPANIES' PRIOR RIGHTS RELOCATED BY THE STATE ROUTE 74 WIDENING PROJECT BETWEEN DEXTER AVENUE IN THE CITY OF LAKE ELSINORE AND 7TH STREET IN THE CITY OF PERRIS AND DONATION AGREEMENT TO TRANSFER MITIGATION PROPERTY TO THE WESTERN RIVERSIDE COUNTY REGIONAL CONSERVATION AUTHORITY Page 326 Overview This item is for the Commission to: 1) Award Agreement No. 14-31-163-00 to SC Engineering for engineering services for the preparation of consent to common use agreements (CCUAs), legal descriptions, and plat maps to establish utility easements for utilities with prior rights relocated by the State Route 74 widening project between Dexter Avenue in the city of Lake Elsinore and 7th Street in the city of Perris, for an amount of $134,358, plus a contingency amount of $13,450, for a total amount not to exceed $147,808; Riverside County Transportation Commission Agenda September 10, 2014 Page 5 2) Approve the Donation Agreement No. 15-31-018-00 between the Commission and the Western Riverside County Regional Conservation Authority (RCA) granting land acquired for mitigation purposes on the SR-74 widening project; 3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements, on behalf of the Commission; 4) Authorize the Executive Director to approve release of contingency work up to the total authorized amount as may be required for the project; and 5) Authorize the Executive Director, pursuant to legal counsel review, to execute agreements with Caltrans to reflect non -funding changes related to the project on behalf of the Commission. 81. QUITCLAIM DEED CONTAINING COVENANTS AND RESTRICTIONS INCLUDING A POWER OF TERMINATION AND THE OPTION TO PURCHASE AGREEMENT FOR THE OLD ELSINORE MUSEUM LINE Page 373 Overview This item is for the Commission to: 1) Approve the quitclaim deed containing covenants and restrictions including a power of termination (quitclaim deed) and the option to purchase agreement (agreement) between the Commission and the city of Perris for the Old Elsinore Museum Line (OEML) as well as the area between 7th and 10th Streets (conveyed properties); and 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the quitclaim deed and the agreement on behalf of the Commission. 8J. AGREEMENT WITH M. S. CONSTRUCTION MANAGEMENT GROUP FOR THE CONSTRUCTION OF THE RIVERSIDE DOWNTOWN STATION OPERATIONS CONTROL CENTER, IN THE CITY OF RIVERSIDE Page 389 Overview This item is for the Commission to: 1) Award Agreement No. 14-31-149-00 to M. S. Construction Management Group for the construction of the Riverside Downtown Station Operations Control Center (RDNOCC), in the amount of $1,533,891, plus a contingency amount of $153,389, for a total amount not to exceed $1,687,280; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; 3) Amend the FY 2014/15 Commuter Rail Short Range Transit Plan (SRTP) to allocate an additional $250,000 of Transportation Development Act (TDA) State Transit Assistance (STA) funds for construction of the RDNOCC; Riverside County Transportation Commission Agenda September 10, 2014 Page 6 4) Reprogram $100,000 of STA funds from the Perris Multimodal project to the RDNOCC; 5) Approve an increase of $737,280 in FY 2014/15 budgeted expenditures for the RDNOCC project; 6) Approve an increase of $350,000 in FY 2014/15 budgeted transfer in to the RDNOCC and corresponding transfer out from the STA fund; and 7) Authorize the Executive Director to approve contingency work as may be required for the project. 8K. AGREEMENTS FOR ON -CALL COORDINATION PUBLIC OUTREACH SERVICES Overview This item is for the Commission to: Page 398 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; and 3) Authorize the Executive Director, or designee, to execute task orders awarded to contractors under the terms of the agreements. 8L. RIVERSIDE TRANSIT AGENCY'S FISCAL YEAR 2014/15 SHORT RANGE TRANSIT PLAN AMENDMENT Overview This item is for the Commission to: Page 421 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 16 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; and Riverside County Transportation Commission Agenda September 10, 2014 Page 7 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. 8M. CITIZENS ADVISORY COMMITTEE/SOCIAL SERVICES TRANSPORTATION ADVISORY COMMITTEE MEMBERSHIP NOMINATIONS Page 425 Overview This item is for the Commission to nominate 10 appointments to the Citizens Advisory Committee/Social Services Transportation Advisory Committee (CAC/SSTAC) effective September 1, 2014. 8N. FISCAL YEAR 2014/15 SAN BERNARDINO ASSOCIATED GOVERNMENTS AGREEMENT FOR INLAND EMPIRE RIDESHARE AND 511 SERVICES Overview This item is for the Commission to: Page 428 1) Approve Agreement No. 15-41-031-00 with the San Bernardino Associated Governments (SANBAG) as part of the Commission's continuing bi-county partnership with SANBAG to deliver commuter/employer rideshare services and operation of the Inland Empire 511 (IE511) system for FY 2014/15 for an amount not to exceed $1,648,300; and 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission. 80. CLAY STREET GRADE SEPARATION Overview This item is for the Commission to: Page 447 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; Riverside County Transportation Commission Agenda September 10, 2014 Page 8 5) Allocate $1,722,000 in CMAQ funding to the County in support of the Clay Street grade separation project; and 6) Approve an increase of $2,432,000 in FY 2014/15 budgeted 2009 Measure A Western County Economic Development expenditures. 8P. STATE AND FEDERAL LEGISLATIVE UPDATE Page 449 Overview This item is for the Commission to receive and file an update on the state and federal legislation. 9. SUBSTITUTION OF STANDBY BOND PURCHASE AGREEMENTS FOR 2009 SALES TAX REVENUE BONDS Overview This item is for the Commission to: 458 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. (WMorgan); 3) Ratify the amended and restated remarketing agreements with Barclays Capital Inc. (Barclays) for 2009 Bonds Series B and Series C and Stifel, Nicolaus & Company (Stifel) for 2009 Bonds Series A, 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; and 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. Riverside County Transportation Commission Agenda September 10, 2014 Page 9 10. SUBSTITUTION OF LETTER OF CREDIT FOR COMMERCIAL PAPER PROGRAM Overview This item is for the Commission to: Page 635 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; and 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. 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 750 Overview This item is for the Commission 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 Riverside County Transportation Commission Agenda September 10, 2014 Page 10 3) Direct staff to work with SCAG and the other county transportation commissions on assigning the appropriate fund source to each MPO ATP regional project for Federal Transportation Improvement Program (FTIP) programming, fund allocations, and timely project delivery. 12. ITEM(S) PULLED FROM CONSENT CALENDAR AGENDA 13. COMMISSIONERS / EXECUTIVE DIRECTOR REPORT Overview This item provides the opportunity for the Commissioners and the Executive Director to report on attended meetings/conferences and any other items related to Commission activities. 14. ADJOURNMENT The next Commission meeting and is scheduled to be held at 9:30 a.m., Wednesday, October 8, 2014, Board Chambers, First Floor, County Administrative Center, 4080 Lemon Street, Riverside. RIVERSIDE COUNTY TRANSPORTATION COMMISSION ROLL CALL SEPTEMBER 10, 2014 Present Absent County of Riverside, District I 21. O County of Riverside, District II County of Riverside, District III County of Riverside, District IV County of Riverside, District V O City of Banning City of Beaumont City of Blythe O O O City of Calimesa O City of Canyon Lake City of Cathedral City City of Coachella City of Corona )2' O ,i2r O O gr x O City of Desert Hot Springs City of Eastvale CI City of Hemet 219 O City of Indian Wells O City of Indio CI City of Jurupa Valley C City of La Quinta O City of Lake Elsinore C City of Menifee O City of Moreno Valley C City of Murrieta O City of Norco O City of Palm Desert City of Palm Springs O C City of Perris � 0 City of Rancho Mirage O City of Riverside O City of San Jacinto CI ,7i City of Temecula 0 O City of Wildomar 0 O Governor's Appointee, Caltrans District 8 O RIVERSIDE COUNTY TRANSPORTATION COMMISSION COMMISSIONER SIGN -IN SHEET SEPTEMBER 10, 2014 NAME AGENCY E_MAIL ADDRESS ---Dj:b10--( b-a.x-l4 ;u O Arn n )101 ��-'A_ _ 0 6At-L 0 I-�� � �-r /? 2 � �/o t/,�.� � �J 14.Q W- I Iv � Al Jf- /1 � t. c-o / •ra/y\4 �'v1��s)1-�. 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Fe--)/ELL,o.�I k, DETACH AND SUBMIT TO THE CLERK OF THE BOARD DATE: CHECK 1 PUBLIC COMMENTS: O AGENDA ITEM NO.: (AS LISTED ON THE AGENDA) NAME: ADDRESS: SUBJECT OF PUBLIC COMMENTS: SUBJECT OF /11-zgli/g.e9,, .z/_,"6-4,,,,Y0,-,L_ AGENDA ITEM: , / 0,/� � �/,0,\. /79 //%G�IG�y �L��--� L;���;vl�v PHONE NO.:77 /--r /z 9'5.4 _ 9 2 ( /z/ Airo/Ay STREET REPRESENTING: .,/���i � A„#.9 NAME OF AGENCY / ORGANIZATION / GROUP CITY ZIP CODE '___- PHONE NO.: BUSINESS ADDRESS: STREET CITY ZIP CODE DATE: DETACH AND SUBMIT TO THE CLERK OF THE BOARD (1 1 1 t-Y4 CHECK IF PUBLIC COMMENTS: O SUBJECT OF PUBLIC COMMENTS: AGENDA ITEM NO.: SUBJECT OF (AS LISTED ON THE AGENDA) NAME: ADDRESS: AGENDA �ITEM: nc� �p1C��)_..17 PHONE O �v S`1`'�Pf- C,cSa-dn7Q d\w U S rp t12 et crn3 STREET _ C ZIP CODE REPRESENTING: (© PC(514 Isixtuin-E c ` NAME OF AGENCY / ORGANIZATION / GROUP PHONE NO.: BUSINESS ADDRESS: STREET CITY ZIP CODE AGENDA ITEM 5 MINUTES RIVERSIDE COUNTY TRANSPORTATION COMMISSION MINUTES Wednesday, June 11, 2014 1. CALL TO ORDER The Riverside County Transportation Commission was called to order by Chair Marion Ashley at 9:35 a.m. in the Board Room at the County of Riverside Administrative Center, 4080 Lemon Street, Riverside, California, 92501. 2. PLEDGE OF ALLEGIANCE Chair Ashley led the Commission in a flag salute. 3. ROLL CALL Commissioners/Alternates Present Marion Ashley Kevin Jeffries Ben Benoit Frank Johnston John J. Benoit Andrew Kotyuk Roger Berg Paul Lewin Daryl Busch Bob Magee Mary Craton Scott Mann Joseph DeConinck Scott Matas Kathleen DeRosa Glenn Miller Deborah Franklin Jesse Molina Rick Gibbs Basem Muallem Berwin Hanna Ron Roberts Douglas Hanson Larry Smith Jan Harnik Karen Spiegel Terry Henderson Ella Zanowic Steven Hernandez 4. PUBLIC COMMENTS Commissioners Absent Steve Adams Adam Rush Jeff Stone John F. Tavaglione Ted Weill Executive Director Anne Mayer presented Staff Analyst Jillian Guizado with a 5-year service award and Multimodal Services Director Robert Yates with a 10-year service award. Chair Ashley introduced and welcomed Kevin Chang from Senator Feinstein's office. Riverside County Transportation Commission Minutes June 11, 2014 Page 2 5. APPROVAL OF MINUTES — APRIL 9 AND MAY 14, 2014 M/S/C (Henderson/Zanowic) to approve the April 9 and May 14, 2014, minutes as submitted. Abstain: Berg, Lewin, and, Smith 6. PUBLIC HEARING — ADOPTION OF A RESOLUTION OF NECESSITY FOR THE ACQUISITION OF FEE, BUILDING ACCESS EASEMENT, BUILDING DEMOLITION EASEMENT, AND TEMPORARY CONSTRUCTION EASEMENT INTERESTS IN PORTIONS OF CERTAIN REAL PROPERTY, BY EMINENT DOMAIN, MORE PARTICULARLY DESCRIBED AS ASSESSOR PARCEL NOS. 118-270-034, 118-270-035, 118-270-036, 118-270-038, 118-270-039, AND 118-270-042 LOCATED IN CORONA, RIVERSIDE COUNTY, CALIFORNIA, FOR THE STATE ROUTE 91 CORRIDOR IMPROVEMENT PROJECT, BETWEEN PIERCE STREET ON THE EAST TO THE COUNTY LINE ON THE WEST, IN RIVERSIDE COUNTY, CALIFORNIA At this time, Chair Ashley recused himself from Agenda Item No. 6 due to a conflict of interest and stepped out of the meeting. At this time, Commissioner Glenn Miller left the meeting. Vice Chair Daryl Busch assumed the Chair, opened the public hearing, and called upon legal counsel to explain the nature and scope of this hearing. Steve DeBaun, legal counsel, explained the purpose of this hearing is for the Board to consider the adoption of Resolution of Necessity No. 14-022 for the acquisition of real property for the State Route 91 Corridor Improvement Project (SR-91 CIP). He stated at the conclusion of this hearing, the Board will be asked to adopt the resolution of necessity and he listed the findings. He explained the purpose of this hearing is to consider the need for acquisition of the property and not to consider the value of the property. Jennifer Harmon, Clerk of the Board, verified the proofs of mailing that certify the notices were sent to the property owners of said parcel numbers are on file with the Commission. The Commission received a written objection from Michael Leifer, Palmieri, Tyler, Wiener, Wilhelm & Waldron, LLP, representing Cardenas Markets, a tenant of the Corona Towne Center, LLC. Additionally, there are two requests to be heard from: 1) Michael Leifer; and 2) Richard Greenberg, Greenberg, Whitcombe, Takeuchi, Gibson & Grayver, LLP, representing Corona Towne Center. Riverside County Transportation Commission Minutes June 11, 2014 Page 3 No. APN CPN Owner RON No. Request to be Heard 1 118-270-034 118-270-035 118-270-036 118-270-038 118-270-039 118-270-042 22218 Corona Towne Center, LLC 14-022 Yes Mark Lancaster, Right of Way Manager, presented the resolution of necessity for the SR-91 CIP and discussed the following areas: • Four findings required by the Board; • Project Map — Parcel location in the project area; • Parcel list; • Offers of just compensation and contact summary for the parcel; • Aerial view of parcel; and • Staff recommendation. Richard Greenberg stated the manner in which the project was designed virtually guarantees this center cannot continue to serve the city of Corona. He discussed his strong concerns regarding the proposed ingress and egress points as well as parking. He stated no solutions have been offered. Michael Leifer discussed his client's concerns regarding orientation and shape of the center in the after condition, parking, removal of access points, and lack of communication. He then discussed his client's proposal and objections dated June 10, which were distributed to the Commissioners. He requested the Commission direct staff to work with Cardenas Markets to reconfigure this site to be commercially viable. He stated there is a second resolution of necessity being proposed related to this property and this resolution hearing should be continued until the other resolution is brought forward. Vice Chair Busch called on any persons who wish to be heard that have an interest in property. There were no requests to speak. At Commissioner Jan Harnik's request for clarification, Michael Leifer provided additional details regarding the reconfiguration proposal from Cardenas Markets related to parking and ingress and egress points. In response to Commissioner Mary Craton's question regarding what is preventing Cardenas Markets from moving forward with its proposal, Mr. Leifer replied the Commission is economically stopping Cardenas Markets. Riverside County Transportation Commission Minutes June 11, 2014 Page 4 Vice Chair Busch stated compensation is not a part of this hearing. Mr. Leifer reiterated the request to direct staff to work with Cardenas Markets to reconfigure this site to be commercially viable and the concern regarding the lack of communication. Commissioner Craton stated the Commission needs a certain portion of the property for the project, however, the Commission should not interfere with the internal process. Mr. Leifer stated the site study plan was submitted to the Commission and the city of Corona; however, there has been no communication as to what would be acceptable to the Commission. This also interferes with reconfiguring this site in such a way that it becomes the highest and best use as a conventional retail center. Anne Mayer stated when there is a need for mitigation on a parcel due to impacts created by a project, the Commission does undertake those efforts and described those types of modifications. Mark Lancaster stated the Commission is not preventing the property owner from internally reconfiguring this site. Staff has not received an appraisal from the property owner to begin a basis for negotiations. He stated the property owner requested the Commission purchase the entire site. He expressed concern the Cardenas Markets' proposal was just received yesterday evening, however, Mr. Leifer claimed it was received months ago. He explained staff is willing to work with Cardenas Markets and Corona Towne Center to achieve a viable site. At Anne Mayer's request, Mark Lancaster clarified the after condition of the parcel. Commissioner Roger Berg expressed his concern the project is not planned and located in a manner that will be the most compatible with the greatest public good and least private injury. He also expressed concern regarding the loss of parking, the after condition, and a lack of consideration for the proposed reconfiguration to ensure a viable site. Commissioner Berg suggested delaying this hearing for a month to obtain additional information. Mark Lancaster discussed the location of the parking spaces in the after condition. Anne Mayer stated the Commission is responsible for the four findings, however, the discussion being held is about to the internal circulation and configuration of the buildings in the remainder parcel. She stated this project is planned in a manner that will be most compatible with the greatest public good and the least private injury. She stated with respect to the internal configuration, the internal mitigation is a matter of how the Commission can accommodate it and how much it costs. Riverside County Transportation Commission Minutes June 11, 2014 Page 5 Commissioner Berg replied he understands and clarified the question is the offer of just compensation as there is nothing showing the Commission evaluated the proposal being discussed. He expressed doubt the Commission made an offer of just compensation. Mark Lancaster replied per the government code, staff made an offer of just compensation based on the Commission's appraisal on January 7, 2014. In response to Commissioner Berg's request for clarification if the just compensation included the consideration of lost parking spaces and possible reconfiguration of the site, Mark Lancaster replied the reconfiguration of a parking lot was looked at by a Commission's engineering consultant. Commissioner Berg expressed he does not believes an engineering consultant is qualified to make commercial real estate recommendations. Steve DeBaun explained this is a legal issue as it is a term of the Commission's offer of just compensation and in this case, the Commission's appraiser is qualified to prepare commercial property appraisals. The government code procedures were followed to make an offer of just compensation. In response to Anne Mayer's question if the property owner was offered $5,000 to have its own appraisal done and if a request has been received, Mark Lancaster confirmed the offer, however, he is not aware of a request. Anne Mayer briefly discussed the acquisition process and stated staff will reiterate the offer of $5,000 to pay for an additional appraisal, noting negotiations will continue after the passage of the resolution of necessity. Mark Lancaster concurred. At Commissioner Andrew Kotyuk's request, Mark Lancaster described all access points of the Corona Towne Center in the after condition. Commissioner Kotyuk expressed appreciation for the explanation. He concurred with the Commissioners' concerns related to parking and frontage for retail locations. He then requested clarification if Cardenas Markets and the property owner discussed and concur with the proposed reconfiguration. Mark Lancaster replied he is unaware of the conversations between the property owner and the tenant. Riverside County Transportation Commission Minutes June 11, 2014 Page 6 Commissioner Kevin Jeffries requested transparent shading on future aerial maps to allow for a better understanding of the existing property to be acquired. He then requested clarification of the existing and proposed ingress and egress points for the shopping center, including signalization, one-way driveways, and commercial delivery trucks. Mark Lancaster described the various existing and proposed ingress and egress points, including projected traffic volumes, access issues, commercial delivery truck access, signalization, and controlled access points. At Commissioner Jeffries' request regarding the loss of parking, Mark Lancaster explained there is a decrease of 138 parking spaces, eight or nine shops will be demolished as well as the Dollar Tree. Mr. Lancaster stated that loss in square footage of building area results in a 2.91 spaces per 1,000 square feet of building, which is similar to the existing 3.14 spaces per 1,000 square feet. In response to Commissioner Jeffries' request for clarification if any business that needs a 3 or above will not be allowed to move into the shopping center going forward, Mark Lancaster replied it is the city of Corona's discretion. Anne Mayer added there is nothing that precludes staff from continuing conversations with Ca!trans and the city of Corona about accommodating one-way driveways. At this time, Commissioner John Benoit left the meeting. Commissioner Bob Magee stated based on the information presented, he cannot make the findings necessary to adopt the resolution of necessity. He expressed Cardenas Markets is an exceptional community partner. He suggested continuing this hearing to allow staff to work with Cardenas Markets and the property owner and return to the Commission with an improved map of the overall design and justification regarding the need and design of 2nd Street. M/S (Magee/Berg) to continue this hearing until the July Commission meeting to allow staff to continue discussions with Cardenas Market and the property owner and return to the Commission with an improved map that clearly illustrates how the overall SR-91 CIP will work. Anne Mayer expressed regret for the aerial map and lack of clarity of what is being built and why it is being built. She explained staff will continue to work through these issues, however, the Commission needs this parcel and the design for 2nd Street and the ramps will not change. Ms. Mayer expressed concern this is a significant parcel for the Commission and a delay will jeopardize the schedule and the design -build contract. Riverside County Transportation Commission Minutes June 11, 2014 Page 7 In response to Commissioner Hanson's questions and requests for clarification regarding 1) negotiations and relocation of lessees being removed, 2) communications and relocation of Cardenas Markets, and 3) the possession process, Mark Lancaster replied 1) staff met and negotiated with the lessees to be removed and those lessee were paid to relocate, 2) while it is appropriate to meet with Cardenas Market, the Commission is obligated to negotiate with the property owner, and 3) unless the owners will stipulate to possession, the Commission must go to court and then described the process. Commissioner Hanson expressed strong concern for the potential damage to the property owner and lessees. Steve DeBaun explained at the time the order for possession is issued, that is an action based on the resolution of necessity. When the value of the property is determined, the various items will be considered by the court, the property owner and tenants will be able to make those arguments, and the court will decide the compensation needed to be paid to all involved assuming there is no earlier settlement to offset the impacts being raised. In response to Commissioner Kathleen DeRosa's request for clarification regarding another resolution coming forward for this property, Mark Lancaster stated Mr. Leifer is referring to an easement for a sign pole along the existing eastbound Lincoln Avenue on ramp, which will be brought to the Commission for approval in July and is separate from the resolution being considered. Commissioner Karen Spiegel expressed the need to work together for the best solution. She stated the after condition of the shopping center provides significantly greater visibility of Cardenas Markets. She expressed her obligation is with the property owner and her desire to work with Cardenas Markets to ensure it is made whole. She then asked if the property owner is supportive of Cardenas Markets' proposed reconfiguration. Anne Mayer expressed concern of the uncertainty that these issues could all be resolved by the next Commission meeting, therefore, it is her recommendation to continue with a commitment staff will work throughout the coming months for resolution. Commissioner Spiegel stated the majority of parking spaces appear to be intact and asked staff to clarify. Mark Lancaster concurred. Commissioner Lewin requested clarification that the property owner is not asking for the reconfiguration; it is being asked for by the tenant. Mark Lancaster concurred. Riverside County Transportation Commission Minutes June 11, 2014 Page 8 Mr. Leifer replied the correspondence dated March 15, 2013, from Mr. Greenberg's office to the city of Corona, which is in the packet distributed to the Commissioners, identifies issues and concerns regarding the project and the landlord's support of the reconfiguration of the internal site. Commissioner Lewin replied he does not believe the landlord's representative stated such at today's hearing. Mr. Greenberg replied that in his discussions with staff, he expressed two concerns, including the new ingress and egress points. While visibility would be improved from the north, the concern is not for Cardenas Markets, it is for the small shop owners. Mr. Greenberg stated in a shopping center, the revenue comes from the smaller shops. He explained moving Cardenas Market solves one major concern of the property owner. However, the 83 parking stalls to the rear of the market are a security concern. Additionally, relocating Cardenas Markets frees up 28 percent of the useless parking spaces. Mr. Greenberg endorses Cardenas Markets' proposal if it is a step towards solving the ingress and egress points along Lincoln Avenue. He expressed he would appreciate the opportunity to continue working with staff on these issues. Commissioner Rick Gibbs discussed the Commission's successful history related to property acquisitions, its ongoing confidence and support of its staff, its commitment to the SR-91 CIP, and the consequences of falling behind on the project schedule. He expressed the Commission should be discussing the finding necessary to adopt the resolution, which he believes have been demonstrated. He recommended moving forward and asked staff to work closely with all parties concerned to reach a solution. Commissioner Harnik expressed appreciation for Mr. Greenberg's and Commissioner Gibbs' comments. She then made a substitute motion to approve the staff recommendation with the understanding staff will continue to work with the parties involved to achieve the best solution. Commissioner Henderson seconded the motion. Vice Chair Busch stated the Commissioners will vote on the substitute motion to support the staff recommendation. Mr. DeBaun stated this is typical and it requires 23 votes to pass. M/S (Harnik/Henderson) to: 1) Make the following findings as hereinafter described in this report: a) The public interest and necessity require the proposed project; b) The project is planned or located in a manner that will be most compatible with the greatest public good and the least private injury; Riverside County Transportation Commission Minutes June 11, 2014 Page 9 c) The real property to be acquired is necessary for the project; and d) The offer of just compensation has been made to the owner. 2) Adopt Resolution of Necessity No. 14-022, "Resolution of Necessity for the Acquisition of Fee, Building Access Easement, Building Demolition Easement, and Temporary Construction Easement Interests in Portions of Certain Real Property, by Eminent Domain, More Particularly Described as Assessor Parcel Nos. 118-270-034, 118-270-035, 118-270-036, 118-270- 038, 118-270-039, and 118-270-042 (CPNs 22218-1, 22218-2, 22218-3, 22218-4, 22218-5, 22218-6, and 22218-7) Located in Corona, Riverside County, California", for the State Route 91 Corridor Improvement Project (SR-91 CIP), between Pierce Street on the East to the County Line on the West, in Riverside County, California. No: Berg, DeConinck, Jeffries, and Magee Steve DeBaun announced the resolution does not pass. He clarified the resolutions of necessity requires a 2/3 vote of the entire membership of the Commission as required to adopt the resolution of necessity. He stated the next order of business is to consider the original motion by Commissioner Magee, which is to continue the agenda item until the July Commission meeting. M/S (Magee/Berg) to continue this hearing until the July Commission meeting to allow staff to continue discussions with Cardenas Market and the property owner and return to the Commission with an improved map that clearly illustrates how the overall SR-91 CIP will work. Yes —10 No-15 Vice Chair Busch announced the motion does not pass. Commissioner Henderson recommended moving forward with the staff recommendation with the understanding there will be continuing discussions between the owner and staff to reach a solution that work for both parties. Mr. DeBaun clarified there is nothing in the Commission's Administrative Code that prohibits the Commission from voting on the same measure twice if the first vote fails. In response to Commissioner Lewin's request for clarification, Mr. DeBaun stated the absent Commissioners are considered 'no' votes. Riverside County Transportation Commission Minutes June 11, 2014 Page 10 M/S (Henderson/Smith) to: 1) Make the following findings as hereinafter described in this report: a) The public interest and necessity require the proposed project; b) The project is planned or located in a manner that will be most compatible with the greatest public good and the least private injury; c) The real property to be acquired is necessary for the project; and d) The offer of just compensation has been made to the owner. 2) Adopt Resolution of Necessity No. 14-022, "Resolution of Necessity for the Acquisition of Fee, Building Access Easement, Building Demolition Easement, and Temporary Construction Easement Interests in Portions of Certain Real Property, by Eminent Domain, More Particularly Described as Assessor Parcel Nos. 118-270-034, 118-270-035, 118-270-036, 118-270- 038, 118-270-039, and 118-270-042 (CPNs 22218-1, 22218-2, 22218-3, 22218-4, 22218-5, 22218-6, and 22218-7) Located in Corona, Riverside County, California", for the State Route 91 Corridor Improvement Project (SR-91 CIP), between Pierce Street on the East to the County Line on the West, in Riverside County, California. No: Berg, DeConinck, DeRosa, Jeffries, Magee, and Molina M/S/C (DeRosa/Matas) to continue this hearing to the July Commission meeting. Yes —13 No-12 Vice Chair Busch announced this motion passes and this hearing will be continued to the July Commission meeting. The individual city votes were not captured due to the voting system being cleared prior to the votes being recorded. At this time, Commissioners Ashley and Miller rejoined the meeting. Riverside County Transportation Commission Minutes June 11, 2014 Page 11 7. PUBLIC HEARING — PROPOSED BUDGET FOR FISCAL YEAR 2014/15 Michele Cisneros, Finance Manager/Controller, presented the proposed Budget for FY 2014/15 and discussed the following areas: • Budget adjustments; • Budget summary; • Funding sources and comparison; • Summary of uses; • Management services; • Regional programs; • Capital program uses; • Capital projects and operations expenditures and highlights; • Functional uses breakdown; • Measure A Management Services; and • Next steps. At this time, Chair Ashley asked if there were any comments from the public. No comments were received. Chair Ashley closed the public hearing. In response to Commissioner Henderson's question about the anticipated growth in sales tax, Michele Cisneros clarified the Commission received a projection of 6.25 percent increase in sales tax for Riverside County from the State Board of Equalization. M/S/C (Busch/B. Benoit) to: 1) Receive input on the proposed Budget for FY 2014/15; 2) Close the public hearing on the proposed Budget for FY 2014/15; and 3) Adopt the proposed Budget for FY 2014/15. 8. ADDITIONS / REVISIONS There were no additions or revisions to the agenda. 9. CONSENT CALENDAR Commissioner Berg requested to pull Agenda Item 9C, "Recurring Contracts for Fiscal Year 2014/15", for further discussion. Commissioner Kotyuk requested to pull Agenda Item 9D, "Quarterly Investment Report", for further discussion. M/S/C (Johnston/Franklin) to approve the following Consent Calendar items. Riverside County Transportation Commission Minutes June 11, 2014 Page 12 9A. QUARTERLY FINANCIAL STATEMENTS Receive and file the Quarterly Financial Statements for the nine months ended March 31, 2014. 9B. APPROPRIATIONS LIMIT FOR FISCAL YEAR 2014/15 Approve Resolution No. 14-020, "Resolution of the Riverside County Transportation Commission Establishing the Commission's Appropriations Limit for Fiscal Year 2014/15". 9E. CONSTRUCTION AGREEMENT WITH DALKE & SONS CONSTRUCTION, INC. FOR STATE ROUTE 91 CORRIDOR IMPROVEMENT PROJECT RIGHT OF WAY PROPERTY MITIGATION PACKAGE 4 1) Award Agreement No. 14-31-103-00 to Dalke & Sons Construction, Inc. (Dalke & Sons) for the construction of State Route 91 Corridor Improvement Project (SR-91 CIP) Right of Way (ROW) Property Mitigation Package 4 in the amount of $2,868,480, plus a contingency amount of $286,848, for a total amount not to exceed $3,155,328; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Authorize the Executive Director to approve contingency work pursuant to the agreement terms up to the total amount. 9F. STATE ROUTE 60 TRUCK CLIMBING/DESCENDING LANE PROJECT — PLANS, SPECIFICATIONS, AND ESTIMATE AND RIGHT OF WAY 1) Approve Agreement No. 12-31-092-02, Amendment No. 2 to Agreement No. 12-31-092-00, with Caltrans to add the plans, specifications and estimate (PS&E) and right of way (ROW) roles and responsibilities for the State Route 60 truck climbing lane project, including current funding commitments; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; and 3) Authorize the Executive Director, pursuant to legal counsel review, to execute future agreements with Caltrans within approved funding amounts. Riverside County Transportation Commission Minutes June 11, 2014 Page 13 9G. PERRIS VALLEY LINE — RIVERSIDE HUNTER PARK STATION UTILITY EASEMENT 1) Approve the Easement Deed between the Commission and the city of Riverside, for Assessor Parcel Number (APN) 249-070-042, for underground utilities necessary for the future Riverside Hunter Park Station without any monetary compensation exchanged between the parties; and 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the deed on behalf of the Commission. 9H. RIVERSIDE TRANSIT AGENCY AND SUNLINE TRANSIT AGENCY FISCAL YEAR 2013/14 SHORT RANGE TRANSIT PLANS AMENDMENTS 1) Approve modifications to Riverside Transit Agency's (RTA) FY 2013/14 operating assistance program to cover additional costs for the following: a) three new positions ($78,970); b) new DAR contractor, Veolia Transportation (Veolia) ($505,162); and c) Comprehensive Operational Analysis (COA) study ($144,432) for a total amount not to exceed $728,564 to be funded with a combination of Local Transportation Fund (LTF) funds, Measure A, and Federal Transit Administration (FTA) Sections 5307, 5309, 5316 (Job Access Reverse Commute), 5317 (New Freedom), and 5309 carryover funds; 2) Approve modifications to SunLine Transit Agency's (SunLine) FY 2013/14 capital improvement program to reflect an additional $4,251,307 in FTA CalStart Section 5309 funds and $900,000 in California Energy Commission (CEC) matching funds for a new battery dominant fuel cell bus project; 3) Change the scope of SunLine's programmed four replacement paratransit vans funded with State Transit Assistance (STA) to two replacements and two expansion vehicles for the provision of paratransit service with no additional cost; 4) Allocate $60,583 in LTF funds to cover the needed funds resulting from the personnel and operating changes outlined above; and 5) Approve amendments to the RTA and SunLine FY 2013/14 Short Range Transit Plans (SRTP) to reflect the changes above. 91. FISCAL YEARS 2014/15 — 2016/17 SHORT RANGE TRANSIT PLANS Approve, in concept, the FYs 2014/15 — 2016/17 Short Range Transit Plans (SRTPs) for the cities of Banning, Beaumont, Corona, and Riverside, Palo Verde Valley Transit Agency (PVVTA), Riverside Transit Agency (RTA), SunLine Transit Agency (SunLine), and the Commission's Rail Program, as presented. At this time, Commissioners Gibbs and Scott Mann left the meeting. Riverside County Transportation Commission Minutes June 11, 2014 Page 14 10. PROPOSED METROLINK BUDGET FOR FISCAL YEAR 2014/15 Sheldon Peterson, Rail Manager, welcomed and introduced Metrolink CEO Michael DePallo and Metrolink CFO Sam Joumblat. He provided the recommendations for Commission approval and stated Mr. Joumblat will present the proposed Metrolink Budget for FY 2014/15. Sam Joumblat presented the proposed Metrolink Budget for FY 2014/15, highlighting the following areas: • Preliminary FY 2014/15 Metrolink Budget; • FY 2014/15 Budget themes — safety, reliability and on -time performance, and security; • Original budget assumptions and changes to the preliminary FY 2014/15 Budget; • Expense Allocation by member agency; • Key drivers for FY 2014/15 expense budget; and • Revenue allocation and subsidy by member agency. Anne Mayer explained at the San Bernardino Associated Governments (SANBAG) June Board of Directors meeting, the Board refused to approve the budget at 8.8 percent increase and will cap it at 3 percent. She asked if San Bernardino County is cutting service due to its shortage of contribution. Mr. Joumbalt replied it was suggested SANBAG reduce service specifically on the San Bernardino Line since the other member agencies seemed to be satisfied with the budget. The Metrolink Technical Advisory Committee will meet June 12 to discuss. Anne Mayer stated neither Commission staff nor any of the other agencies staff are willing to volunteer to cover SANBAG's share of the cost. In response to Commissioner Kotyuk's clarification SANBAG's approval of 3 percent is without a cut in service, Mr. Joumbalt replied correct. Commissioner Spiegel briefed the Commissioners on the Metrolink Board discussions regarding its budget and the Commission's and other member agencies concerns. She expressed the Metrolink Board should not have the member agencies cover SANBAG's costs. In response to Commissioner Hanson's clarification if the Commission's costs will be increased due to SANBAG's cap at 3 percent, Mr. Joumbalt replied there would be a redistribution of some of the fixed costs. Riverside County Transportation Commission Minutes June 11, 2014 Page 15 Commissioner Hanson suggested the Commission cap its contribution to 14 percent as originally allocated to prevent Metrolink from taking additional funding from the Commission. Mr. Joumbalt replied what is being requested is exactly what is being transmitted to the CEO. Metrolink is not adjusting the budget at this time and this is what the Metrolink is capping it as well. Anne Mayer clarified the approval of this budget caps the Commission's contribution at 14 percent. Any increase would require Commission approval. If savings are achieved through cuts in operating costs, then those operational savings would be distributed by formula to all of the member agencies. M/S/C (Kotyuk/Henderson) to: 1) Adopt the preliminary FY 2014/15 Southern California Regional Rail Authority (SCRRA) operating and capital budget; 2) Approve the additional 91 Line service with two additional peak period round trips during the weekday and a new weekend service; 3) Allocate the Commission's funding commitment to the SCRRA in an amount not to exceed $9,817,000 in Local Transportation Fund (LTF) funds for train operations and maintenance; and 4) Allocate the Commission's Section 5309 grant funds in an amount not to exceed $3,421,300 for SCRRA capital rehabilitation projects. At this time, Commissioner Ron Roberts left the meeting. 11. ITEM(S) PULLED FROM CONSENT CALENDAR FOR DISCUSSION At this time, Chair Ashley, Commissioner Jeffries, and Steve DeBaun stepped out of the meeting. Vice Chair Busch assumed the Chair. 9C. RECURRING CONTRACTS FOR FISCAL YEAR 2014/15 Commissioner Berg expressed strong concern regarding the Best Best and Krieger LLP (BB&K) contract as Mr. DeBaun is the legal counsel for Western Riverside Council of Governments (WRCOG) and the Western Riverside County Conservation Authority (RCA), which he believes creates a conflict of interest due to the number of agreements between the agencies. He requested this contract be postponed to address this issue. Riverside County Transportation Commission Minutes June 11, 2014 Page 16 Anne Mayer explained at anytime there is a potential conflict of interest, it is evaluated on a case by case basis. If a case is deemed as a conflict, there is an on -call bench of outside attorneys. In response to Commissioner Berg's citing of a case related to a memorandum of understanding with WRCOG, Anne Mayer stated the particular memorandum of understanding is the subject of legal action the city of Beaumont filed against the Commission, RCA, and WRCOG. She explained there are often times the defendants in cases enter a joint defense agreement where legal counsel is shared or one legal counsel takes the lead in the case. Commissioner Berg expressed concern for Mr. DeBaun's review of agreements as legal for both agencies and it needs to be separated. He suggested discussing it with RCA and WRCOG to reach an agreement. Anne Mayer expressed the Commission is governed by law as are the attorneys involved governed by the conflict of interest law and legal counsel has to disclose potential conflicts and these have to be written waivers or written concurrence. Commissioner Berg stated he does not believe such waivers or concurrences have occurred related to Mr. DeBaun. He suggested taking his concern to the newspaper if the BB&K contract is approved. M/S/C (Magee/Henderson) to: 1) Approve the recurring contracts for Fiscal Year 2014/15; 2) Approve Agreement No. 07-31-164-11, Amendment No. 11 to Agreement 07-31-164-00, with Best Best & Krieger LLP (BB&K) for provide general legal services related to litigation in the amount of $550,000, including contingency of $50,000, for a total amount not to exceed $5,590,100 for FY 2013/14; and 3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements on behalf of the Commission. No: Berg At this time, Chair Ashley and Steve DeBaun rejoined to the meeting. 9D. QUARTERLY INVESTMENT REPORT Commissioner Kotyuk referred to the transaction report by account and requested clarification on where the Commission stands on the portfolio. Riverside County Transportation Commission Minutes June 11, 2014 Page 17 Theresia Trevino replied she will need to evaluate this more thoroughly; however, it is an unrealized gain. Commissioner Kotyuk suggested simplifying the portfolio and requested clarification on where the investment policy in regards to the furthest maturity on the assets that can be held as well as the benchmark to perform. Theresia Trevino replied the investment policy covers the general items. There are also specific investment items included in the bond documents. She will review the specifics and follow up regarding the investment in question as it may be covered by the indenture. However, there is a compliance process for purchasing investments for the trustee and the investment manager. The benchmark is received in the quarterly report and she will ensure this is included in future reports. M/S/C (Hanna/Henderson) to receive and file the Quarterly Investment Report for the quarter ended March 31, 2014. 12. PRESENTATION — STATE ROUTE 91 HIGH OCCUPANCY VEHICLE LANES PROJECT Chair Ashley announced Agenda Item 11 was pulled due to the length of the meeting and will be presented at the July Commission meeting. 13. COMMISSIONERS/EXECUTIVE DIRECTOR'S REPORT Anne Mayer briefed the Commissioners on the annual rating agencies trip to New York as required by the TIFIA loan. 14. ADJOURNMENT There being no further business for consideration by the Riverside County Transportation Commission, adjourned the meeting at 12:07 p.m. The next Commission meeting is scheduled to be held at 9:30 a.m., Wednesday, July 9, 2014, in the Board Room, at the County of Riverside Administrative Center, 4080 Lemon Street, Riverside, California. Respectfully submitted, sUnN)JI),,(L_ H Jennifer Harmon Clerk of the Board AGENDA ITEM 6 PUBLIC HEARING RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Mark Lancaster, Right of Way Manager THROUGH: Anne Mayer, Executive Director SUBJECT: Adoption of Resolutions of Necessity for the Acquisition of Fee, Building Access Easement, Building Demolition Easement, Permanent Drainage Easement, Permanent Wall Footing Easement, Temporary Access Easement, Temporary Construction Easement, and Utility Easement in Portions of Certain Real Property by Eminent Domain, More Particularly Described as Assessor Parcel Nos. 118-270-034, 118-270-035, 118-270-036, 118-270-038, 118-270-039, and 118-270-042; 102-270-011; 118-171-040; 118-171-026, and 118-171-039; 118-171-025; and 115-060-013, 115-060-015, 117-270-005, and 117-270-013; Located in Corona, Riverside County, California, for the State Route 91 Corridor Improvement Project, Between Pierce Street on the East to the County Line on the West, in Riverside County, California STAFF RECOMMENDATION: This item is for the Commission to: 1) Conduct a hearing to consider the adoption of resolutions of necessity, including providing all parties interested in the affected property and their attorneys, or their representatives, an opportunity to be heard on the issues relevant to the resolution of necessity; property owners 2) Make the following findings as hereinafter described in this report: a) The public interest and necessity require the proposed project; b) The project is planned or located in a manner that will be most compatible with the greatest public good and the least private injury; c) The real property to be acquired is necessary for the project; and d) The offer of just compensation has been made to the owner. 3) Adopt Resolutions of Necessity Nos. 14-022, 14-028, 14-029, 14-030, 14-031 and Amended Resolution of Necessity 13-011, "Resolutions of Necessity for the Acquisition of Property Interests in Certain Real Property, by Eminent Domain, More Particularly Described as Assessor Parcel Nos. 118-270-034, 118-270-035, 118-270-036, 118-270-038, 118-270-039, and 118-270-042; 102-270-011; 118-171-040; 118-171-026, and 118-171-039; 118-171-025; and 115-060-013, 115-060-015, 117-270-005, and 117-270-013, located in Corona, Riverside County, California", for the State Route 91 Corridor Improvement Project (SR-91 CIP), Between Pierce Street on the East to the County Line on the West, in Riverside County, California. Agenda Item 6 1 BACKGROUND INFORMATION: The Commission is being asked to consider the adoption of resolutions of necessity including amending a previously adopted resolution of necessity for the interests in the parcels outlined in this agenda item. These interests are required for construction of the SR-91 CIP. The power of eminent domain is used by the Commission only as a last resort to obtain interests necessary for public highway projects after 1) negotiations have stalled; 2) the owner has requested the Commission proceed directly to eminent domain for tax or other advantages; or 3) the eminent domain process is necessary to clear the title to the property. In this case, an offer of just compensation has been made to the property owners for the full Fair Market Value as determined by an appraisal. Commission staff attempted to negotiate amicable settlements in good faith, and will continue to do so throughout the process. Fair Market Value is defined by the State of California and is one of the most inclusive definitions in the United States. It requires the highest and best use of the property be considered. All of the Commission's appraisals must meet the California definition of Fair Market Value. One of the requirements for acquiring property for improvement projects is that an offer of just compensation be made to the property owners of the property. The Commission makes these offers in person whenever possible. The amount of compensation is determined by appraisals prepared by independent appraisal firms licensed by the Bureau of Real Estate Appraisers. The content of these appraisals, what elements are considered in them, and the methodologies used in the preparation are all proscribed by various laws and the Uniform Standards of Appraisal Practice (USPAP), published by the Appraisal Foundation. The Federal Government recognizes the USPAP as generally accepted appraisal standards and requires USPAP compliance for appraisers in federally related transactions. Every appraisal calculates the market value of the acquisition as defined by the California Code of Civil Procedure, based on the highest and best use, as defined in USPAP, and includes consideration of severance damages and project benefits (also defined in the California Code of Civil Procedure). In every case, the owner is invited to accompany the appraiser during the site visit so that as much information as possible is considered in the appraisal. A review appraisal prepared by a different certified appraiser is then conducted to ensure all proper procedures have been followed. Additionally, in accordance with state law, every owner is offered up to $5,000 to reimburse them for the cost to have their own appraisal prepared. Staff will bring to the Commission those interests that meet one of the criteria above. The timing of these resolutions will balance the need to give the property owners as much time as possible to reach an agreement, while at the same time allowing enough time for the Commission to go through the process to obtain possession in time to avoid delays to the design -build contractor. The legal process from adoption of the resolutions of necessity to receiving legal possession of the properties takes approximately 150 days. California eminent domain law provides that a public entity may not commence with eminent domain proceedings until its governing body has adopted a resolution of necessity, which Agenda Item 6 resolution may only be adopted after the governing body has given each party with an interest in the affected property, or their representatives, a reasonable opportunity to appear and be heard on the following matters: 1) The public interest and necessity require the proposed project; 2) The project is planned or located in a manner that will be most compatible with the greatest public good and the least private injury; 3) The real property to be acquired is necessary for the project; and 4) The offer of just compensation has been made to the property owner. Since an agreement has not been reached with some property owners, it may be necessary to acquire necessary interests by eminent domain. The initiation of the eminent domain process is accomplished by the Commission's adoption of resolutions of necessity for the affected properties. Record property owners must be afforded an opportunity to appear at the hearing and lodge objections. A notice of this hearing was sent by first class mail to the property owners, and stated the Commission's intent to consider the adoption of resolutions, the right of the property owners to appear and be heard on these issues, and that failure to file a written request to appear would result in a waiver of the right to appear and be heard. The Commission scheduled this hearing at which all persons who filed a written request in compliance with applicable law may appear and be heard. Aerial views of the parcels subject to this staff report in relation to the SR-91 CIP are attached. Finding 1: Public Interest and Necessity Require the Project SR-91 in Riverside County ranks among the nation's worst commutes. Stop and go traffic is the norm, especially during morning and late afternoon rush hours. Traffic congestion on eastbound SR-91 between the cities of Anaheim and Corona is routinely among the worst 15 areas in the nation. SR-91 is continuing to experience increased congestion as a result of population growth in Riverside and San Bernardino Counties and the increase in jobs in Los Angeles and Orange Counties. Demographic projections for the Southern California Association of Governments (SCAG) region show population and employment in Orange and Riverside Counties are forecast to increase substantially by 2035. As a result, traffic volumes on SR-91 are expected to increase by approximately 50 percent by 2035, which would result in even greater congestion and delays on SR-91. The existing travel demand on SR-91 has led to a heavy directional commute pattern between Los Angeles, Orange, and Riverside Counties that is projected to continue into the future. SR-91 is the only major highway that links Orange and Riverside Counties. Extending from the Orange County/Riverside County line in the city of Corona to Pierce Street in Riverside, the Agenda Item 6 3 SR-91 CIP will add mixed flow lanes, tolled express lanes, improve interchanges, bridges, ramps, and local streets. New freeway to freeway ramp connections between the SR-91 and Interstate 15 also will be made. The SR-91 CIP is designed to reduce delays, improve air quality, offer a choice between regular (mixed flow) lanes and express lanes, allow faster emergency response, relieve local street congestion, and provide better access to public transit and rails. Finding 2: The Project is Planned or Located in a Manner Most Compatible with Greatest Public Good and Least Private Injury A thorough analysis was conducted to find the single best alternative for the SR-91 CIP. Environmental analyses and findings indicate the chosen alignment uniquely satisfies engineering, public health, and environmental issues, and is the most compatible with the greatest public good and least private injury. To minimize private injury, a thorough analysis regarding the need for each property and each interest was conducted in the planning stages of the SR-91 CIP. Efforts during the planning stages included conducting public outreach meetings and seeking feedback about the SR-91 CIP alignment and potential impacts. Staff also met regularly with various local agencies and businesses to determine if modifications to the alignment were necessary to minimize impacts. These efforts continued over the course of years to ensure the alignment design achieved the greatest public good with the least private injury. As part of the acquisition process, unless settlement was reached within the first 30 days after an offer was made, every property owner was provided an opportunity to participate in meetings with project staff. The goal of these meetings was to minimize private injury not only on the basis of information staff obtained through the planning process, but also on the information provided by the property owners. As a result, staff has in some cases included mitigation measures to reduce and minimize impacts to the property. Compliance with the California Environmental Quality Act has been satisfied by Caltrans' certification of an environmental impact report (EIR) in its role as lead agency on August 8, 2012, and the Commission's subsequent consideration of that certified EIR in its role as a responsible agency on November 14, 2012. Finding 3: The Real Property to be Acquired is Necessary for the Project The property interests sought below have been analyzed to determine if a feasible design alternative that exists would alleviate the need for the interest. As indicated above, the property owners of the interests were invited to meet with project staff and provide input to address any concerns the property owners may have with the design of the SR-91 CIP in the manner proposed and the necessity of the acquisition. To the extent the property owners Agenda Item 6 4 raised such concerns; staff took those concerns into consideration and attempted to make design modifications as feasible as possible. In the end, staff recommends the following interests in real property are necessary for the project. RON No. 14-022 - Owner: Corona Towne Center, LLC, a California Limited Liability Company; APNs 118-270-034, 118-270-035, 118-270-036, 118-270-038, 118-270-039, and 118-270-042; CPNs 22218-1, 22218-2, 22218-3, 22218-4, 22218-5, 22218-6, and 22218-7 The real property commonly known as Assessor Parcel Nos. (APNs) 118-270-034, 118-270-035, 118-270-036, 118-270-038, 118-270-039, and 118-270-042 is owned in fee by Corona Towne Center, LLC, a California limited liability company (Corona Towne Center) and is located at 261-401 South Lincoln Avenue, in Corona, California. The subject property is roughly square in shape and is commonly known as the Corona Towne Center, a community shopping center containing 139,003 square feet of gross leasable area on a 10.42 acre (453,889 square foot) site. The subject property is occupied by retail/commercial tenants including Cardenas Markets, Fallas clothing store, Dollar Tree, Yoshinoya restaurant, an animal hospital, and various other businesses. The property is bounded by a former RV sales business to the north, residential properties to the south, commercial businesses to the east, and South Lincoln Street to the west. The north and west sides of the subject property are impacted due to the widening of SR-91, the resulting realignment of the eastbound Lincoln Avenue on and off ramps, and the addition of a new frontage road. West 2nd Street will be extended west through the shopping center from the existing West 2nd Street/Vicentia Avenue intersection to the Lincoln Avenue/D Street intersection. The eastbound Lincoln Avenue on and off ramps will be realigned to intersect with the newly extended West 2nd Street. The Commission is seeking to acquire portions of the subject property including fee, building access easement, building demolition easement, and four temporary construction easement interests. An offer of just compensation for the property interests sought to be acquired was made to the record owner on January 7, 2014. Subsequently, in an effort to minimize impacts to the subject property, staff requested a design change that would require acquiring a lesser interest and would maintain an existing ingress/egress point to the shopping center. Based on the new design, a new revised offer of just compensation for the property interests sought to be acquired was made to the record owner on August 11, 2014. On June 11, 2014, the Commission considered adoption of a resolution of necessity for the purpose of acquiring the property interests set forth in its January 7, 2014 offer. After a hearing on the issues presented herein, the Commission voted to continue the hearing on the adoption of the resolution of necessity to provide staff additional time and opportunity to explore a further design change. Agenda Item 6 5 Legal definition(s), legal description(s) and/or plat map(s) of the portions sought to be acquired are attached as an exhibit to Resolution of Necessity No. 14-022. An aerial view of the parcel and the parcel's relationship to the SR-91 CIP is also attached. A Notice of Hearing to Corona Towne Center was mailed on August 25, 2014. RON No. 14-028 — Owner: Platinum Oil Corporation, a California Corporation; APN 102-270-011; CPNs 22165-1 and 22165-2 The real property commonly known as APN 102-270-011 is owned in fee by Platinum Oil Corporation, a California corporation (Platinum Oil) and is located at 1825 West 6th Street, in Corona, California. The property is roughly square in shape, has a site area of approximately 25,265 square feet, and is improved with a Shell service station, convenience store, associated parking lot, and other improvements. The property is bounded by commercial properties to the north, east, and west and West 6th Street to the south. The south side of the subject property is impacted due to the proposed widening of SR-91 freeway and the resulting curb realignment and widening of West 6th Street. The slight widening of West 6th Street will require a small fee acquisition as well as a temporary construction easement directly affecting the southerly frontage of the subject property. The Commission is seeking to acquire portions of the subject property including fee and temporary construction easement interests. An offer of just compensation for the property interests sought to be acquired was made to the record owner on June 5, 2014. Legal definition(s), legal description(s) and/or plat map(s) of the portions sought to be acquired are attached as an exhibit to Resolution of Necessity No. 14-028. An aerial view of the parcel and the parcel's relationship to the SR-91 CIP is also attached. A Notice of Hearing to Platinum Oil was mailed on July 25, 2014. RON No. 14-029 — Owner: National Community Renaissance of California, a California Non -Profit Public Benefit Corporation; APN 118-171-040; CPNs 22188-1 and 22188-2 The real property commonly known as APN. 118-171-040 is owned in fee by National Community Renaissance of California, a California non-profit public benefit corporation (National Community) and is located at 204 Magdalena Circle, in Corona, California. The subject property is part of a larger multi -family residential complex known as the Corona Del Rey Apartments. The subject property is improved with a 160-unit gated apartment complex, and is located just south of SR-91. The complex consists of 40 two story multi -family residential buildings situated on 40 separate parcels, bisected by D Street. The 48 units located on the south side of D Street are not impacted by the easements or the project as proposed. No building improvements will be impacted by the project, although various site improvements located within the acquisition area (including a strip of asphalt paving, patio fence, landscaping, Agenda Item 6 6 an access door and utility boxes/panels) will be impacted. The larger parcel is bounded by SR-91 to the north, residential properties to the south and west, and commercial properties to the east. The design of SR-91 CIP necessitates the Commission acquire a permanent wall footing easement and temporary construction easement in portions of the subject property as the northerly portion of the subject property is impacted due to the proposed widening of SR-91. Retaining wall construction is included as a part of this widening, and the construction easement directly affects the northern frontage of the subject property. An offer of just compensation for the property interests sought to be acquired was made to the record owner on May 27, 2014. Legal definition(s), legal description(s) and/or plat map(s) of the portions sought to be acquired are attached as an exhibit to Resolutions of Necessity No. 14-029. An aerial view of the parcel and the parcel's relationship to the SR-91 CIP is also attached. A Notice of Hearing to National Community was mailed on July 25, 2014. RON No. 14-030 — Owner: National Community Renaissance of California, a California Non -Profit Public Benefit Corporation; APNs 118-171-026 and 118-171-039; CPNs 22189-1, 22189-2, and 22189-3 The real property commonly known as APNs. 118-171-026 and 118-171-039 is owned in fee by National Community Renaissance of California, a California non-profit public benefit corporation (National Community) and is located at 204 Isabella Way and 205 Magdalena Circle, in Corona, California. The subject property is part of a larger multi -family residential complex known as the Corona Del Rey Apartments. The subject property, is improved with a 160-unit gated apartment complex, and is located just south of SR-91. The complex consists of 40 two story multi -family residential buildings situated on 40 separate parcels, bisected by D Street. The 48 units located on the south side of D Street are not impacted by the easements or the project as proposed. No building improvements will be impacted by the project, although various improvements located within the acquisition area (including a strip of asphalt paving, patio fence, landscaping, an access door, and utility boxes/panels) will be impacted. The larger parcel is bounded by SR-91 to the north, residential properties to the south and west, and commercial properties to the east. The design of the SR-91 CIP necessitates the Commission acquire a fee, permanent wall footing easement, and temporary construction easement in portions of the subject property as the northerly portion of the subject property is impacted due to the proposed widening of the SR-91. Retaining wall construction is included as a part of this widening, and the fee and construction easement directly affects the northern frontage of the subject property. Agenda Item 6 7 An offer of just compensation for the property interests sought to be acquired was made to the record owner on May 27, 2014. The Commission retained the services of Overland, Pacific & Cutler (OPC), a right of way acquisition and relocation firm, to provide relocation assistance as needed. Legal definition(s), legal description(s) and/or plat map(s) of the portions sought to be acquired are attached as an exhibit to Resolutions of Necessity No. 14-030. An aerial view of the parcel and the parcel's relationship to the SR-91 CIP is also attached. A Notice of Hearing to National Community was mailed on July 25, 2014. RON No. 14-031 — Owner: National Community Renaissance of California, a California Non -Profit Public Benefit Corporation; APN 118-171-025; CPNs 22190-1, 22190-2, and 22190-3 The real property commonly known as assessor parcel nos. 118-171-025 is owned in fee by National Community Renaissance of California, a California non-profit public benefit corporation (National Community) and is located at 205 Isabella Way, in Corona, California. The subject property is part of a larger multi -family residential complex known as the Corona Del Rey Apartments. The subject property, is improved with a 160-unit gated apartment complex, and is located just south of SR-91. The complex consists of 40 two story multi -family residential buildings situated on 40 separate parcels, bisected by D Street. The 48 units located on the south side of D Street are not impacted by the easements or the project as proposed. No building improvements will be impacted by the project, although various site improvements located within the acquisition area (including a strip of asphalt paving, patio fence, landscaping, an access door, and utility boxes/panels) will be impacted. The larger parcel is bounded by SR-91 to the north, residential properties to the south and west, and commercial properties to the east. The design of the SR-91 CIP necessitates the Commission acquire a fee, permanent wall footing easement, and temporary construction easement in portions of the subject property as the northerly portion of the subject property is impacted due to the proposed widening of the SR-91. Retaining wall construction is included as a part of this widening, and the fee and construction easement directly affects the northern frontage of the subject property. An offer of just compensation for the property interests sought to be acquired was made to the record owner on May 27, 2014. The Commission retained the services of OPC, a right of way acquisition and relocation firm, to provide relocation assistance as needed. Legal definition(s), legal description(s) and/or plat map(s) of the portions sought to be acquired are attached as an exhibit to Resolutions of Necessity No. 14-031. An aerial view of the parcel and the parcel's relationship to the SR-91 CIP is also attached. A Notice of Hearing to National Community was mailed on July 25, 2014. Agenda Item 6 8 RON No. 13-011 — Owner: Pearl Street Properties, LLC, a Nevada Limited Liability Company, APNs 115-060-013, 115-060-015, 117-270-005, and 117-270-013; CPNs 22275-5, 22275-9, 22275-10, and 22275-11 The real property commonly known as APNs 115-060-013, 115-060-015, 117-270-005, and 117-270-013 is owned in fee by Pearl Street Properties, LLC, a Nevada limited liability company (Pearl Street Properties) and is located at 105 and 211 Pearl Street, in Corona, California. The subject property has an irregular land configuration consisting of 314,936 square feet of land area. The subject property is improved with several buildings of mixed construction including metal clad, wood frame, and reinforced concrete. Specifically, there are two single family residential dwellings, one large produce warehouse/distribution building occupied by Newport Farms, Inc. and other storage buildings. The Commission previously adopted Resolution of Necessity No. 13-011 on June 13, 2013, to acquire fee, permanent access easement, permanent utility easement, permanent wall easement, and temporary construction easement interests in portions of the larger parcel. Subsequent to the adoption of the resolution of necessity, an eminent domain action was filed in Riverside Superior Court, bearing Case No. RIC 1307299, to secure the necessary prejudgment possession of the property. The design of the project has since been modified, and it is now necessary to acquire additional right of way for the project from Pearl Street Properties. The Commission is now seeking to acquire additional portions of the subject property including fee, permanent drainage easement, temporary access easement, and temporary construction easement interests. An offer of just compensation for the additional property interests sought to be acquired was made to the record owner on June 3, 2014. Counsel for the Commission and counsel for Pearl Street Properties have entered into a stipulation to allow the Commission to amend Resolution No. 13-011 to include the additional property interests. Legal definition(s), legal description(s) and/or plat map(s) of the modified and supplemental portions sought to be acquired are attached as an exhibit to Amended Resolution of Necessity No. 13-011. An aerial view of the parcel and the parcel's relationship to the SR-91 CIP is also attached. A Notice of Hearing to Pearl Street Properties was mailed on August 15, 2014. Finding 4: Offers of Just Compensation Have Been Made to the Property Owners Litigation guarantees were obtained from Commonwealth Land Title Insurance Company to confirm and identify the parties with an interest in the parcels affected by the SR-91 CIP. The Commission then served the affected property owners and other interested parties as appropriate, with a notice of the Commission's decision to appraise the property. The Commission had the real property interests appraised by the real estate appraisal firms of Kiley Company and Integra Realty Resources to establish the fair market value of the property interests the Commission is seeking to acquire from the parties identified herein. Agenda Item 6 9 Offers of just compensation were made to the property owners to purchase the property interests, based on the approved appraisals, as required by Section 7267.2 of the California Government Code. However, the Commission will acquire the interests necessary and set forth above from the property owners to ensure the property will be available to meet the time frames associated with the construction of the SR-91 CIP. Fiscal Impact There is no fiscal impact due to adoption of the resolution of necessity. All property acquisition expenses are included in the SR-91 CIP budget. Attachments: 1) Resolution No. 14-022 2) Resolution No. 14-028 3) Resolution No. 14-029 4) Resolution No. 14-030 5) Resolution No. 14-031 6) Resolution No. 13-011 Agenda Item 6 10 ATTACHMENT 1 RESOLUTION NO. 14-022 RESOLUTION OF NECESSITY FOR THE ACQUISITION OF FEE, TEMPORARY CONSTRUCTION EASEMENT, BUILDING ACCESS EASEMENT AND BUILDING DEMOLITION EASEMENT INTERESTS IN CERTAIN REAL PROPERTY, BY EMINENT DOMAIN, MORE PARTICULARLY DESCRIBED AS ASSESSOR PARCEL NOS. 118-270-034, 118-270-035, 118-270-036, 118-270-038, 118-270-039 AND 118-270-042, LOCATED IN CORONA, RIVERSIDE COUNTY, CALIFORNIA, FOR THE STATE ROUTE 91 CORRIDOR IMPROVEMENT PROJECT, BETWEEN PIERCE STREET ON THE EAST TO THE COUNTY LINE ON THE WEST, IN RIVERSIDE COUNTY, CALIFORNIA WHEREAS, the Riverside County Transportation Commission (the "Commission") proposes to acquire fee, temporary construction easement, building access easement and building demolition easement interests in certain real property, located in Riverside County, California, more particularly described as Assessor Parcel Nos. 118-270-034, 118-270-035, 118-270-036, 118-270-038, 118-270-039 and 118-270-042 (CPNs 22218-1, 22218-2, 22218-3, 22218-4, 22218-5, 22218-6 and 22218-7) for the State Route 91 Corridor Improvement Project in Riverside County, California, pursuant to the authority granted to it by section 130220.5 of the California Public Utilities Code; and WHEREAS, pursuant to section 1245.235 of the California Code of Civil Procedure, the Commission scheduled a public hearing for Wednesday, June 11, 2014 at 9:30 a.m., at the County Administration Building, Board of Supervisors Chambers, at 4080 Lemon Street, Riverside, California, and gave to each person whose property is to be acquired and whose name and address appeared on the last equalized county assessment roll, notice and a reasonable opportunity to appear at said hearing and be heard on the matters referred to in section 1240.030 of the California Code of Civil Procedure; and WHEREAS, said hearing has been held by the Commission, and the affected property owner and other interested parties were afforded an opportunity to be heard on said matters; and WHEREAS, the Commission may now adopt a Resolution of Necessity pursuant to section 1240.040 of the California Code of Civil Procedure; NOW, THEREFORE, THE COMMISSION DOES HEREBY RESOLVE AND DECLARE AS FOLLOWS: Section 1. Compliance with California Code of Civil Procedure. There has been compliance by the Commission with the requirements of section 1245.235 of the California Code of Civil Procedure regarding notice and hearing. Section 2. Public Use. The public use for the fee, temporary construction easement, building access easement and building demolition easement interests in the property to be acquired 11 is for the SR-91 Corridor Improvement Project in Riverside County, California. Section 130220.5 of the California Public Utilities Code authorizes the Commission to acquire, by eminent domain, property necessary for such purposes. Section 3. Description of Property. Attached and marked as Exhibit "A" are the legal definitions, legal descriptions and plat maps of the portions of the parcel upon which the fee, temporary construction easement, building access easement and building demolition easement interests to be acquired by the Commission are located, and which describe the general location and extent of the property with sufficient detail for reasonable identification. Section 4. Findings. The Commission hereby finds and determines each of the following: (a) The public interest and necessity require the proposed project; (b) The proposed project is planned or located in the manner that will be most compatible with the greatest public good and least private injury; (c) The property defined, described and/or depicted in Exhibit "A" is necessary for the proposed project; and (d) The offer required by section 7267.2 of the California Government Code was made. Section 5. Use Not Unreasonably Interfering with Existing Public Use. Some or all of the real property affected by the interest to be acquired is subject to easements and rights of way appropriated to existing public uses. The legal descriptions of these easements and rights of way are on file with the Commission and describe the general location and extent of the easements and rights of way with sufficient detail for reasonable identification. In the event the herein described use or uses will not unreasonably interfere with or impair the continuance of the public use as it now exists or may reasonably be expected to exist in the future, counsel for the Commission is authorized to acquire the herein described interest subject to such existing public use(s) pursuant to section 1240.510 of the California Code of Civil Procedure. Section 6. More Necessary Public Use. Some or all of the real property affected by the interest to be acquired is subject to easements and rights of way appropriated to existing public uses. To the extent that the herein described use or uses will unreasonably interfere with or impair the continuance of the public use as it now exists or may reasonably be expected to exist in the future, the Commission finds and determines that the herein described use or uses are more necessary than said existing public use. Counsel for the Commission is authorized to acquire the herein described real property appropriated to such existing public uses pursuant to section 12 1240.610 of the California Code of Civil Procedure. Staff is further authorized to make such improvements to the affected real property that it determines are reasonably necessary to mitigate any adverse impact upon the existing public use. Section 7. Further Activities. Counsel for the Commission is hereby authorized to acquire the hereinabove described real property in the name of and on behalf of the Commission by eminent domain, and counsel is authorized to institute and prosecute such legal proceedings as may be required in connection therewith. Legal counsel is further authorized to take such steps as may be authorized and required by law, and to make such security deposits as may be required by order of court, to permit the Commission to take possession of and use said real property at the earliest possible time. Counsel is further authorized to correct any errors or to make or agree to non- material changes in the legal description of the real property that are deemed necessary for the conduct of the condemnation action, or other proceedings or transactions required to acquire the subject real property. Counsel is further authorized to reduce or modify the extent of the interests or property to be acquired so as to reduce the compensation payable in the action where such change would not substantially impair the construction and operation for the project for which the real property is being acquired. Section 8. Effective Date. This Resolution shall take effect upon adoption. APPROVED AND ADOPTED this 10th day of September, 2014. Marion Ashley, Chair Riverside County Transportation Commission ATTEST: Jennifer Harmon, Clerk of the Board Riverside County Transportation Commission 13 14 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission: (The rights being acquired may be exercised mutually exclusive of each other.) "Fee" (as to 22218-1) also known as fee simple or fee simple absolute, grants to RCTC absolute ownership of the portion of the property to be acquired. "Temporary Construction Easement" (TCE) (as to 22218-2, 22218-3, 22218-4, and 22218-5) refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such rights shall be exercised for a period of six (6) consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under the TCEs shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. "Building Demolition Easement" (as to 22218-6) refers to an exclusive temporary easement and right of way in favor of RCTC, its successors and assigns, for the purpose of demolition, construction, reconstruction, and repair of the building and improvements located therein, together with all necessary rights incidental thereto. Property Owner shall not erect or construct, or permit to be erected or constructed, any building, structure or improvement on, over, or under any portion of the easement, or plant trees or any other vegetation on any portion of the easement except with the prior written consent of RCTC, its successors and assigns. RCTC shall have the right to trim, cut or clear away any trees, brush, or other vegetation from time to time as determined in its sole discretion, without payment of additional compensation. No other easements shall be granted on, under or over the easement without the prior written consent of RCTC, its successors and assigns. Such right shall be exercised for a period of three (3) consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under this easement shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. 17336.02100\9125466.1 EXHIBIT PAGE 1 Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. "Building Access Easement" (as to 22218-7) refers to a non-exclusive temporary easement and right of way in favor of RCTC, its successors and assigns, to use the area to disconnect and tie-in to the existing structure, utilities and mechanical systems, for inspection purposes, and to traverse an access way to access RCTC owned facilities and/or construction site, as determined necessary by RCTC, together with all necessary rights incidental thereto, on, over, under and across the property in connection with the exercise of any easement rights described herein. Property Owner shall not erect or construct, or permit to be erected or constructed, any building, structure or improvement on, over, or under any portion of the easement, or plant trees or any other vegetation on any portion of the easement except with the prior written consent of RCTC, its successors and assigns. No other easements shall be granted on, under or over the easement without the prior written consent of RCTC, its successors and assigns. Such right shall be exercised for a period of three (3) consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under this easement shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. 17336.02100\9125466.1 EXHIBIT PAGE 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 22218-1 Fee Acquisition APN 118-270-034, 35, 36, 38, 39, and 42 Those portions of Parcels 1 through 6, inclusive, of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence along the northerly line of said Parcel 2 South 81°57'20" East 288.27 feet to a point thereon; thence South 72°26'28" West 218.38 feet; thence South 73°45'06" West 161.02 feet to the beginning of a curve concave northerly having a radius of 903.00 feet; thence westerly along said curve 382.42 feet through a central angle of 24°15'53" to the beginning of a compound curve concave northerly having a radius of 1,403.00 feet; thence westerly along said curve 32.48 feet through a central angle of 01°19'36"; thence South 54°27'43" West 54.62 feet; thence South 09°15'36" West 95.59 feet; thence South 08°05'21" West 34.85 feet; thence South 09°23'23" West 155.22 feet to a point, said point being the beginning of a non -tangent curve concave westerly having a radius of 95.00 feet, to which point a radial line bears South 79°06'07" East; thence southerly along said curve 9.83 feet through a central angle of 05°55'39" to a point on the westerly line of said Parcel 6; thence along the westerly line of said Parcels 1 through 6, also being the easterly line of Lincoln Avenue as shown on said parcel map the following five (5) courses: 1. North 08°03'59" East 342.88 feet to the beginning of a curve concave southeasterly having a radius of 14.50 feet; 2. Northeasterly along said curve 22.78 feet through a central angle of 90°00'00"; 3. North 08°03'59" East 65.00 feet to the beginning of a non -tangent curve concave northeasterly having a radius of 14.50 feet, to which point a radial line bears South 08°03'59" West; PA2PTG010501\SURVEYULEGALS\22218_APN_ 118-270-035_036_038_039_042\Legals\22218-1-FEE.doc 6/27/2014 Page 1 of 3 EXHIBIT PAGE 3 PS OMAS 4. Northerly along said curve 22.78 feet through a central angle of 90°00'00"; 5. North 08°03'59" East 82.16 feet to a point thereon, said point being the most southerly corner of Parcel 2070-107B as described in the Final Order of Condemnation, Case No. 217114, Superior Court of said County, a Certified Copy thereof being recorded October 5, 1995 as Instrument No. 333298 of Official Records of said County; thence along the southerly line of said Parcel 2070-107B the following two (2) courses: 1. North 66°09'06" East 12.61 feet and 2. North 86°05'56" East 64.11 feet to a point on the northerly line of said Parcel 1; thence along the northerly line of said Parcel 1 the following four (4) courses: 1. South 81 °55'24" East 214.71 feet to the beginning of a curve concave northerly having a radius of 150.00 feet; 2. Easterly along said curve 72.60 feet through a central angle of 27°43'49" to the beginning of a reverse curve concave southerly having a radius of 150.00 feet; 3. Easterly along said curve 72.51 feet through a central angle of 27°41'53"; and 4. South 81°57'20" East 77.36 feet to the Point of Beginning. Containing 114,644 square feet. This conveyance is made for the purpose of a freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476 See Exhibit `A2' attached hereto and made a part hereof. PA2PTG010501\.SURVEY\LEGALS\22218_APN_118-270-035_036_038_039 042\Lega1s\22218-1-FEE.doc 6/27/2014 Page 2 of 3 EXHIBIT PAGE 4 PS 4MAS Prepared under the direction of Brian E. Bullock, PLS 5260 Date 4 - z 7 /4- PA2PTG010501\S UR VL'Y\LEGALS\22218_APN_118-270-035_036_038_039_0421Legals\22218-1-FEEdoc 6i27n014 Page 3 of 3 EXHIBIT PAGE 5 20 EXHIBIT A2 PARCEL# TITLE AREA APN 2221 8-1 PARCEL 20 /0- 1 0 I N66° 09'06"E 12.61'w I a'' �L-0 iM O N 1 o Co c0 R=14.501' L=22.78'I A=90° 00'00" i D STo 65.00' . N08°03159"E R=1 4.501! L=22.78'1 0=90° 00'00" LINCOLN AVE. 0 z FEE 114,644 S.F. �Pr1i-�t;r I 1 PJ1�/1J�� 51 l 118-270-034,35,36,38,39,42 118-270-023 CO N Q rf) 64.11 6 E Nab 0 PARCEL S81°55'24"E 214.711— R=1 50.00' L=72.60 A=27°43'49" 1 118-270-042 S08°03159"W (R) (22218-1) N08°03159"E (R) R=1403.001 L=32.48' 0=01 ° 1 9'36" p=24° 1 5'53" 44' N08°03159"E 573°10'28"E (R)/ \ 509° 20'34"W ( R ) S54°27'43"W 54.62' 509° 1 5'36"W 95.59' 508°05'21 "W 1J34.85' DOC. #2000-033061 PARCEL 5 118-270-039 PARCEL 118-270-038 579°06'07"E (R) R=95.00' L=9.83' 0=05° 55'39" 118-270-041 PJl�/1J 1 .3/ 91 i 77.36' 581 ° 57'20"E R=150.00' L=72.51' 0=27°41'53" Pr RCE1 L J 118-270-034 O.R. 21 b=)0 93 w w in w w r� 118-270-035 PARC I 3 PARCr L -'ir 118-270-036 I FEET 0 40 BO 160 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB TPOB (R) C ) Indicates Point Of Beginning Indicates True Point Of Beginning Indicates Radial Bearing Title to State Access Prohibited 22218-1 FEE ACQUISITION PREPARED BY: PS O M A S DATE:06-27-14 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 3 Hutton Centre Drive, Ste. 200 Santa Ana California 92707 (714)751-7373/(714)54S 8883 (Fax) 8 RIV 91 5.5 2 2 EXHIBIT2A, PAGE 6 EXHIBIT A2 PARCEL# TITLE AREA APN 22218-1 FEE 114,644 S.F. 118-270-034,35,36,38,39,42 PARCEL 1 P,1 „8„ PARCEL 2 / 62-53 R=150.00: 118-270-023 118-270-024 L=72.51 A=27°41 '53" POB R=1 50.00' L=72.60' A=27°43'49" . 77.36 S81 307.25' ° 57'20"E 365.63' 288.27' PARCEL 2 3b �� PARCEL 1 2 W 1 18-270-034 , qK cal 1 18-270-042 Zg`� SOa53 3� ° Q�W/� 2 � .N - w w �2221 8-1� f. S12 S���o 02. 0 °'.r- = c/) ra'w v 0 M w °aGj 2 w S� 16� 0 IO cn PARCEL 3 q2 3a2' ,R;gp3.002q° 5153 118-270-035 D DOC. #2000-033061 O.R. P.A., P„N„e„ ND, 2 1 b )0 143/ 91-93 PARCEL I FEET 0 40 80 160 240 - - I.) , PARCEL 4 --1 11- 1 18-270-036 11, NOTES LEGEND 2 2 2 1 Q - 1 FEE ACQUISITION Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( )Title to State Access Prohibited _W_J_ PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 (714)751nta Ana, 737347114)5445.8883 [Fax! DATE:06-27-14 REV.: EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V, 91 5. 5 1 2 EXHIBITS PAGE 7 1 2 3 4 5 6 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS EXHIBIT Tr LEGAL DESCRIPTION Ca!trans Parcel No. 22218-2 Temporary Construction Easement APN 118-270-034 That portion of Parcel 2 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly comer of said Parcel 2; thence South 81°57'20" East 288.27 feet along the northerly line of said parcel to a point thereon, said point being the True Point of Beginning; thence South 81 °57'20" East 10.41 feet continuing along said northerly line to a point thereon; thence South 17°33'32" East 13.50 feet; thence South 72°26'28" West 100.00 feet; thence North 17°33'32" West 18.00 feet; and thence North 72°26'28" East 90.62 feet to the True Point of Beginning. Containing 1,779 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `132' attached hereto and made a part hereof. PA2PTG010501`.SURVEY11-BGALS122218_APN_118-270-035_036_038_039_042\Legals`22218-2-TU3 Am 12/10/2012 Page 1 of 2 EXHIBIT PAGE 8 1 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS Prepared under the direction of Brian E. Bullock, PLS 5260 Date /2 -/0 -/Z PA2PTC1010501 \SUR VEY\LEGA LS122218_A PN_ 118-270-035_036_038_039_042\Legals\22218-2-TCE.duc 12/ 10/21)12 Page 2 of EXHIBIT PAGE 9 EXHIBIT B2 PARCEL# TITLE AREA APN 22218-2 TCE 1,779 SO. FT. 118-270-034 118-270-042 118-270-039 118-270-023 PARCEL 51 1 67-63 118-270-024 S81 ° 57'20"E 118-270-035 DOC. #2000-033061 O.R. P,M, NO, 21670 P,l`11„B„ 143/ 91-93 118-270-036 LINE TABLE BEARING DISTANCE L1 S08°07'46"W 53.36' L2 S81°52'14"E 10.00' L3 S81 ° 57'20"E 10.41 ' L4 S17°33'32"E 13.50' L5 S72°26'28"W 100.00' L6 N17°33'32"W 18.00' L7 N72°26'28"E 90.62' CURVE TABLE DELTA RADIUS LENGTH C1 27°43'49" 150.00' 72.60' C2 27°41'53" 150.00' 72.51' 1 FEET 0 40 80 160 240 0 0 N 03 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing Title to State ( (( ( Access Prohibited 22218-2 TEMPORARY CONSTRUCTION EASEMENT PREPARED BY: PS O M A S 3 Hul ton Centre Drive Ste. 200 Sonia Ana, California 92707 (714)751-7375/(714)545 8B83 (Fax) DATE:03-06-12 REV.:2; 12-10-12 EA: OF540 FAtt: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 RIV 91 5.5 1 1 EXHIBIT kPAGE 10 26 1 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `Cl' LEGAL DESCRIPTION Ca!trans Parcel No. 22218-3 Temporary Construction Easement APN 118-270-035 & 036 Those portions of Parcels 3 and 4 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 4; thence South 81 °54'34" East 209.29 feet along the northerly line of said parcel to a point thereon; said point being the beginning of a non -tangent curve concave northerly having a radius of 903.00 feet, to which point a radial line bears South 00°18'16" East; thence easterly along said curve 69.24 feet through a central angle of 04°23'35" to the True Point of Beginning; thence easterly, continuing along said curve 54.34 feet through a central angle of 03°26'53"; thence South 08°08'46" East 18.00 feet to the beginning of a non -tangent curve concave northerly having a radius of 921.00 feet, to which point a radial line bears South 08°08'46" East; thence westerly along said curve 55.43 feet through a central angle of 03°26'53"; thence North 04°41'53" West 18.00 feet to the True Point of Beginning. Containing 988 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit 'C2' attached heretu and made a part hereof. P LPTG010501ISURVErLEGALS 22218_APN_I 18-270-035_016_038_039_04n egalsi22218-3-TCE.doc 12/10/201.2 Page I or EXHIBIT 47PAGE 11 t 2 3 4 5 6 8 9 10 Il 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS Prepared under the direction of /2- /D - / 2 Brian E. Bullock, PLS 5260 Date P A2PTG010501\SURVEYNLEGALR22218_APN_I 18-270-035_036_038_039_0a2{Legals\22218-3-TCE doc 12/ 10/2012 Page 2 of 2 EXHIBIT kPAGE 12 EXHIBIT C2 PARCEL# TITLE AREA APN 22218-3 TCE 988 SO. FT. 118-270-035 & 036 L3 N IM I PARCEL 1 PARCEL P,M,g, 51 / 62-63 C4 ' 519°39'13"E (PRC) 20/0- 10/ A A 1J 4 PARCEL 1 118-270-042 S08°03"59"W (R) N08°03'59"E (R) r L5 118-270-023 P„M, P,>` ,g, PARCEL 3 CS S00°18'16"E (R) S81 °54'34"E 209.29' TPOB 18.00' N04°41'53"W(R) PARCEL 5 118-270-039 C6 DOC. #2000-033061 O.R. PARCEL 6 118-270-038 r 118-270-041 I Cl 00 'o o C L6 NO, 21690 1 '}3/ 9 1 - )3 PARCEL 2 y FEET 0 40 80 160 240 118-270-036 118-270-034 22218-3) 1 8.00' 508°08'46"E(R) 118-270-035 F'ARCEL 3 LINE TABLE BEARING DISTANCE L1 N08°03'59"E 65.00' L2 N08°03'59"E 82.16' L3 N66°09'06"E 12.61' L4 N86°05'56"E 64.11' L5 S81°55'24"E 214.71' L6 S81°57'20"E 77.36' CURVE TABLE DELTA RADIUS LENGTH C1 90°00'00" 14.50' 22.78' C2 90°00'00" 14.50' 22.78' C3 27°43'49" 150.00' 72.60' C4 27°41 '53" 1 50.00' 72.51 ' C5 04°23'35" 903.00' 69.24' C6 03°26'53" 903.00' 54.34' C7 03°26'53" 921.00' 55.43' NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True -Point Of Beginning (R) Indicates Radial Beoring Title to State ) r ) (, Access Prohibited 222 1 8-3 TEMPORARY CONSTRUCTION EASEMENT PREPARED BY: P SOMA S 3 Hutton Centre Drive, Ste. 200 Santa Ana, California 52707 (714)751 7373/(714)545-8883 (Fax) DATE:09-05-12 REV.: 12-10-12 EA: OF540 FA*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 RIV 91 5.5 1 1 EXHIBIT PPAGE 13 30 PS OMAS EXHIBIT `D1' LEGAL DESCRIPTION Caltrans Parcel No. 22218-4 Temporary Construction Easement APN's 118-270-038, & 39 Those portions of Parcels 5 and 6, of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of Parcel 2 of said parcel map; thence along the northerly line of said Parcel 2 South 81 °57'20" East 288.27 feet to a point thereon; thence South 72°26'28" West 218.38 feet; thence South 73°45'06" West 161.02 feet to the beginning of a curve concave northerly having a radius of 903.00 feet; thence westerly along said curve 382.42 feet through a central angle of 24°15'53" to the beginning of a compound curve concave northerly having a radius of 1,403.00 feet; thence westerly along said curve 32.48 feet through a central angle of 01 ° 19'36"; thence South 54°27'43" West 40.53 feet to the True Point of Beginning; thence continuing South 54°27'43" West 14.09 feet; thence South 09°15'36" West 95.59 feet; thence South 08°05'21" West 34.85 feet; thence South 09°23'23" West 155.22 feet to a point, said point being the beginning of a non -tangent curve concave westerly having a radius of 95.00 feet, to which point a radial line bears South 79°06'07" East; thence southerly along said curve 9.83 feet through a central angle of 05°55'39" to a point on the westerly line of said Parcel 6; thence along the westerly line of said Parcel 6, also being the easterly line of Lincoln Avenue as shown on said parcel map, South 08°03'59" West 34.88 feet to a point thereon, said point being the beginning of a non -tangent curve concave southeasterly having a radius of 77.12 feet, to which point a radial line bears North 66°45' 14" West; thence northeasterly along said curve 9.78 feet through a central angle of 07°16'02" to the beginning of a reverse curve concave westerly having a radius of 105.00 feet; thence northerly along said curve 35.24 feet through a central angle of 19°13'53"; thence North PA2PTG010501\SURVEY\LEGALS\22218_APN_118-270-035_036_038_039_042\Legals\22218-4-TCE.doc Page 1 of 2 6/30/2014 EXHIBIT Al PAGE 14 PS OMAS 09°23'56" East 156.30 feet; thence North 08°05'21" East 11.93 feet; thence South 80°46'22" East 10.00 feet; thence North 09°13'38" East 56.43 feet; thence North 80°46'22" West 10.43 feet; thence North 09°15'36" East 71.91 feet to the True Point of Beginning. Containing 3784 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476 See Exhibit `D2' attached hereto and made a part hereof. Prepared under the direction of Brian E. Bullock, PLS 5260 Date PA2PTG010501\SURVEY\LEGALS\22218_APN_118-270-035_036_038_039_042\Legals\22218-4-TCE.doc Page 2 of 2 6/30/2014 EXHIBIT A2PAGE 15 EXHIBIT D2 PARCEL# TITLE AREA APN 22218-4 TCE 3784 S.F. 118-270-038 & 039 PARCEL 1 P,M,2, - PARCr I 2 / 62-63 118-270-023 118-270-024 POB S81 4 77.36 307.25' ° 57'20"E 365.63' 288.27' PARCEL 2 3A PARCEL 12 1 18-270-034 . A6 0 c� 1 18-270-042 p � 3� 2�`� S ° �O A W f� 2 _ LdLLI = t' i p c�1 S� �0 020� rn a- 0 ro co i W w S� 16� PAF�Cr L 3 382 `q2 R,gp3. 5'53 118-270-035 Zq° N DOC. #2000-033061 O.R. P A P„N�g, , NO., 21690 143/ 91-93 PARCEL 3 I FEET 0 40 80 160 240 up PARC. I 'f —1 118-270-036 0 NOTES LEGEND 2 2 2 1 TEMPORARY CONSTRUCTION EASEMENT 8 - 4 Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted, POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing )Title to State ii() Access Prohibited PREPARED BY: PSOMAS Hutton SantaAna, CaliDrive, fornia92 07 e. 200 (714)751-7373/(714)545-8883 (Fax) DATE:06-27-14 REV.: 1; 06-30-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 RR LL 2z tt FXH'IRYT A3PA4'k 1R 5.5 1 3 EXHIBIT D2 PARCEL# TITLE AREA A P N 22218-4 TCE 3784 S.F. 118-270-038 & 039 PARe L ---'-PARDr l; 1 0/0- 101 vi,a, 1 18-270-023 • A ;? J \,,___- 51 i 6 -63 77.36' S81 ° 57'20"E j PAR f r L 1 118-270-042 Pr1RDrl I j 118-270-034 1 D ST. ---1 i! ------- j \ _ PARCEL. 3 r R=1 403.00' I- a2.421 L=32.48' L=3 w 0=01 ° 1 9'36" w 903�00 I / � A=24° 1 5'53" R- j Lu I ' % \ S09°20'34"W (R) DOC. #2000-033061 554°27'43"W 40.53' F) J\JJ, TPOB NO, LU O.R. (/) 71 �9.0 Q j 22218-4 i Pr1RD L 5 118-270-035 —I ' 44i PAR0 I 3 _ - - 118 270 039 Z ! M iv) I if j w,Q W I I-- I . - PARcs,rl Rio i i�rir�CrL 118-270-036 I ' 0 I wi O ' 1 18-270-038 N �i � ) 1 O CO I I ' i i I I , \.i — FEET 0 40 80 160 240 NOTES LEGEND 22218-4 TEMPORARY CONSTRUCTION EASEMENT Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( Title to State �LLJ_ Access Prohibited PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200Santa (714)757Ana, 2707 7373/(714)54598883 (Fox) DATE:06-27-14 REV.: 1, 06-30-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS nn i 2 cv5J vT f)4Pa. C 49 5.5 2 3 v EXHIBIT D2 PARCEL# TITLE AREA APN 22218-4 TCE 3784 S.F. 118-270-038 & 039 S09°20'34"W (R) ��� R=903.00, \ 0-24g15?53" S54°27'43"W 14.091 ° LJJ . R=1403.00' L=32.48' 0=01 ° 1 9'36" S54 27 43 W DOC e # 40.53' 2000-0330610.R. TPOB P NJ, No., 21 )o Q I 15-) r Z `. In --1I rn 6, , t,-) N09° 1 5'36"E p, )\JJ , a„ J 3/ 9 1- 9,3 71 .91 ' N80°46122"W M�2221 8-4� 10.43' Pr1F��'r I 3'38"E —Ij 44 N09° 1 56.43' 118-270-039 I S08°05'21 "W 34.85' S80°46'22"E 10.00' o H \ N08g 05 21 E PARDEL r, 1 ( I 118-270-038 118-270-041 N/�,__----� V) InM I c Mv FMoo I rn S79°06'07"E (R) R=95.00' c9/ ://'''' � M I O NJ o °a, rn O �' \ \\. __ \_, ,' \' 00 ram, --�� \ • \♦ R=105.00' `� / 0=1 9° 1 3'53" `� � / R=77.12'.) L=978' 1 A=07° 1 6'02" / / N66°45'14"W (R) ,'� DETAIL ''� NO SCALE L=9.83' A=05°55139" S73°10'28"E (R) /Z, S08°03'59"W I� i x< 78°43105"E (R) R=105.00' ,I A=19°13'53" ,,-'� 34.88' _ ' N66°45114"W (R) //\ -1 ) I FEET 0 25 50 100 150 NOTES LEGEND 2 2 2 1 TEMPORARY CONSTRUCTION EASEMENT 8 - 4 Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing Title to State 1111 Access Prohibited PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa Ana, Colifornia 92707 (714)481-8053/(714)545-B883 (Fax) DATE:06-27-14 REV.: 1; 06-30-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 2 FXN�%Yr 15PA. 1A 5.5 3 3 1 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 78 29 30 31 PS OMAS EXHIBIT `E1' LEGAL DESCRIPTION Ca!trans Parcel No. 22218-5 Temporary Construction Easement APN 118-270-038 That portion of Parcel 6 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the southwest comer of said parcel; thence North 08°03'59" East 71.55 feet along the westerly line of said parcel to a point thereon; thence South 81°56'01" East 18.00 feet; thence South 08°03'59" West 71.51 feet to a point on the southerly line of said parcel; thence North 82°03'18" West 18.00 feet along said southerly line to the Point of Beginning. Containing 1,288 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `E2' attached hereto and made a part hereof. Prepared under the direction of /2./0-72 Brian E. Bullock, PLS 5260 Date P:UPTG010501\.SURVEYIIEGALSti22218_APN_ I I8-270-035_036_038_039_0,12`Legals\22218-5-rCE doc 12/10/2012 Page I of I EXHIBIT kPAGE 19 EXHIBIT E2 PARCEL# TITLE AREA APN 22218-5 1,288 SQ. FT. 118-270-038 I NIi J PARCEL ° PARCr L 1 PARCEL 2 j 118-270-042 I 118-270-034 I C2 S08° 03'59 W (R) D S T. J N08°03'59"E (R) j 118-270-035 Cl PARCEL 3 I I / / kb rn j �� 1 1 p I 118-270-039 N I I v j I � P„M„ -� P,M,g, NO, 21690 1'13/ 91- 93 _1 tt1 C-.) tt 1 CO Q I v I LINE TABLE LIJ I BEARING DISTANCE Z 0O 1 — r PARCEL 5 L1 L2 N08°03'59"E N08°03'59"E 65.00' 82.16' - v I 1 i Z 144 CURVE TABLE �I I #2000-033061 O.R. DELTA RADIUS LENGTH j DOC. C1 C2 90°00'00" 90°00'00" 14.50' 14.50' 22.78' 22.78' w j 118-270-041 I Q, j !n PARCEL 6 j o 118-270-040 o 118-270-038 o z _ .. j j 1 S81°56'01"E 1 8.00' N82°02'33"W 644.64' a, :Co I 2�2 Z.1 8�- $� in 1 1 8-270-012 � M j inn POBj•'7 i , 508°03'59"W I 71.51' � � TRACT NO,, 21690 0 1�/l,r;� 1 '1/ =)2�73 .i\ j ~ ' I / j 137.00 / 18.I00' N82°03'18"W I FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 2 2 2 1 8 - 5 TEMPORARY by 0.99997476 to obtain ground )Title to State CONSTRUCTION distances. All distances are in feet )�)( Access Prohibited EASEMENT unless otherwise noted. PREPARED BY: DATE:09-05-12 REV.: 12-10-12 EA: OF540 FAtt: PSOMAS Sfe. 200 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 3 lutfon Cenfre Drive, (714)751r-73734715)545588e3 (Fox) 8 R I V 91 5.5 1 1 EXHIBIT A7PAGE 20 38 I 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 I PS OMAS EXHIBIT Tr LEGAL DESCRIPTION Caltrans Parcel No. 22218-6 Building Demolition Easement APN 118-270-034 & 035 Those portions of Parcels 2 and 3 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence South 81 °57'20" East 288.27 feet along the northerly line of said parcel to a point thereon; thence South 72°26'28" West 100.51 feet to the True Point of Beginning; thence South 72°26'28" West 117.88 feet; thence South 73°45'06" West 159.62 feet to a point on the southerly line of said Parcel 2; thence South 81 °56'01" East 251.74 feet along a portion of said southerly line and the prolongation of said portion of said southerly line; thence North 08°03'59" East 116.70 feet to the True Point of Beginning. Containing 14,474 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `F2' attached hereto and made a part hereof. P 12PTG0105011SURVEYILL•'GALS\22218_APN_118-270-035_036_038_039_042\Lega1s122218-6-BDF, doe 12/10/2012 Page 1 of EXHIBIT PPAGE 21 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS Prepared under the direction of Brian E. Bullock, PLS 5260 Date /2-10 -/Z P.12PTGO10501,SURVEYILEGALS122218_APN_118-270-035 036_038_039_04211 ega1s122218-6-13DE.doc 12110/2012 Page 2 or2 EXHIBIT APPAGE 22 EXHIBIT F2 PARCEL# TITLE AREA APN 2221 8-6 BOE 14,474 SO. FT. 118-270-034 & 035 C1 PARCEL 118-270-042 PARCEL l7 —1 11.1 U D_ PARCEL J P,M,g, 118-270-023 POB PARCEL 2 51 / 62- 63 118-270-024 307.25' 81 °57'20"E 288.27' S81°56'01"E 251.74' 118-270-035 DOC. #2000-033061 O.R. PAM, NO, 21690 P,m,a, 143/ 91--93 1187270-036 I' L1 L2 Q Q M- v O NO M CO O in LINE TABLE BEARING DISTANCE L1 508°07'46"W 53.36' L2 581°52'14"E 10.00' L3 572°26'28"W 100.51' CURVE TABLE DELTA RADIUS LENGTH C1 27°43'49" 150.00' 72.60' C2 27°41'53" 150.00' 72.51' FEET 0 40 80 160 240 118 270-003 118-270-016 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. C POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Rodiol Bearing Title to State Access Prohibited 2221 S-6 BUILDING DFMOLITION EASEMENT PREPARED BY: P SOMA S 3 'lutton Cenire Drive Ste. 200 Sonic Ana, California 92707 (714)751-7373/(714)545-8683 tiaXl DATE:09-05-2012 REV.:2; 12-10-2012 EA: OF540 FAQ: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 RIV 91 5.5 1 1 EXHIBIT Al, PAGE 23 42 1 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 PS OMAS EXHIBIT `G1' LEGAL DESCRIPTION Caltrans Parcel No. 22218-7 Building Access Easement APN 118-270-034 & 035 Those portions of Parcels 2 and 3 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence along the northerly line of said Parcel 2 and the general easterly lines of said Parcels 2 and 3 the following four (4) courses: 1) South 81 °57'20" East 307.25 feet to the northeasterly corner of said Parcel 2; 2) South 08°07'46" West 53.36 feet; 3) South 81°52'14" East 10.00 feet; and 4) South 08°07'46" West 106.87 feet to a point thereon; thence North 81 °54'03" West 97.18 feet to a corner of a commercial building, said corner being the True Point of Beginning; thence South 08°09'05" West 10.00 feet along the general easterly face of said building to a point thereon; thence North 81°54'03" West 180.99 feet to a point on the general westerly face of said building; thence North 08°11'21" East 10.00 feet along said general westerly face to a corner of said building; thence South 81 °54'03" East 180.98 feet along the northerly face of said building to the True Point of Beginning. Containing 1,810 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. 31 See Exhibit `G2' attached hereto and made a part hereof. Pa2PTG0105011SURVEYILEGALS122213_APN_118-270-035 036.038_039_042lLcgals%22218-7-F1AF doc 12/10/2012 Page 1 of EXHIBIT kPAGE 24 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 2G 27 28 29 30 31 PS OMAS Prepared under the direction of Brian E. Bullock, PLS 5260 Date 1z-�a-i2 P UPTG010501'6URVGY\1J:GALS\22218_APN_118-270-035_036_038_039_04211.ega1022218-7-RAF.doc 12/10/2012 Page 2 of 2 EXHIBIT A4PAGE 25 EXHIBIT G2 PARCEL# TITLE AREA A P N Cl 2221 8- 7 C2 PARCEL J 118-270-042 PARCEL Lid —1 ca t� EL, P, NO, 21690 P143/ 91- 93 I PARCEL, 4 BAE PARCEL 1 P,M,g, 118-270-023 POB o 1 1 ' 2, 10 0' 118-270-035 1810 SO FT 118-270-034 PARCEL 51 / 62- 63 J 118-270-024 ,-- 307.25' S81 °57'20"E 288.27 I S08° 09'05"W 1 10.00' 1 §0.99' N81 54'03"W I DOC.:#2000-033061 I I r 118-270-036 O.R. 035 L1 S08°07 L2 LINE TABLE BEARING DISTANCE L1 508°07'46"W 53.36' L2 581°52'14"E 10.00' CURVE TABLE DELTA RADIUS LENGTH Cl 27°43'49" 150.00' 72.60' C2 27°41'53" 150.00' 72.51' I FEET 0 40 80 160 240 118-270-003 0 ti e� NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB TPOB (R) C ) Indicates Point Of Beginning indicates True Point Of Beginning Indicates Radial Bearing Title to State (( ( Access Prohibited 22218-7 BUILDING ACCESS EASEMENT PREPARED BY: P SOMA S 3 Pvtton Centre Drive, Ste. 200 Soria Ana, California 92707 (714WA -73734 714)545-8883 Fax; DATE:12-10-2012 REV.: EA: OF540 FAu: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R1V 91 5.5 1 1 EXHIBIT kPAGE 26 46 Corona Towne Center 118-270-034, 035, 036, 038, 039, 042 FEE 114,644 SF TCE (TEMPORARY CONSTRUCTION) 7,839 SF BDE (BUI LDI NG DEMOLI TI ON 14,474 SF BAE (BUI LDI NG ACCESS) 1,810 SF 48 LAW OFFICES RICHARD C- GREENBERG JOHN D. WHITCOMBE: DERRICK K. TAKEUCHI MICHAEL J. GIBSON LEONARD GRAYVER SAMANTHA F. LAMBERG MICHAEL 1 WEINBERGER JOEL L. BENAV1DES AARON M. LAVINE GREENBERG, WHITCOMBE, TAKEUCHI, GIBSON & GRAYVER, LLP 21515 HAWTHORNE BOULEVARD, SUITE 450 TORRANCEJune 16, 2014, CALIFORNIA 90503-6531 (310)540-2000 FAX (310) 540-6609 • (310) 316-0505 E-MAIL. GWTLLP@GWTLLP.COM MICHAEL E. ADLER' PATRICIA M. BAKST' 'OF COUNSEL :Also Member of District of Columbia Bar SENDERS E-MAIL June 17, 2014 OUR FILE BY U.S. MAIL AND E-MAIL Mark A Easter, Esq. 3390 University Avenue, 5`h Floor Riverside, CA 92501 Mark Lancaster, Right of Way Manager Riverside County Transportation Commission P.O. Box 12008 Riverside, CA 92502-2208 Re: Corona Towne Center Gentlemen: Cardenas Markets has proposed to the RCTC a reconfiguration of Corona Towne Center (the "Center") to accommodate a redesign and relocation of its market, so that it faces northward from the south-easterly quadrant of the Center. I am told by its counsel Mike Leifer that the RCTC has declined to consider that proposal because of its belief that our client Hunt Enterprises, Inc., fee owner of the Center, does not support that reconfiguration. As I hope I made clear during the hearing of June 11, 2014, relocation of the Cardenas store as proposed is a necessary element to preserving the Center in its after condition. It will position the store properly, and open the parking currently behind the store that is of no utility in the present configuration. As I have also previously advised the RCTC in correspondence, and on June 11, the other necessary element to retaining a viable center is removal of the shops (with partial relocation) in the southwest portion of the Center, to enable enhanced ingress, egress and circulation, and, we would anticipate; additional ingress from Lincoln Avenue. 49 LAW OFFICES GREENBERG, WHITCOMBE, TAKEUCHI, GIBSON & GRAYVER, LLP Mark A Easter, Esq. Mark Lancaster June 17, 2014 Page 2 Our client would certainly be open to a resolution that resolves both issues, with appropriate mitigation and compensation. We look forward to working with Cardenas Markets and the RCTC to that end. I would be pleased to discuss the matter further with you. cc: Mike Leifer, Esq. Janet Parks Very truly yours(, —0../64- ichard C. Greenberg, For the firm 50 LAW OFFICES RICHARD C. GREENBERG JOHN D. WHITCOMBEI DERRICK K. TAKEUCHI MICHAEL 1. GIBSON LEONARD GRAYVER SAMANTHA F. LAMBERG MICHAEL J. WEINBERGER JOEL L. BENAVIDES AARON M. LAVINE GREENBERG, WHITCOMBE, TAKEUCHI, GIBSON & GRAYVER, LLP 21515 HAWTHORNE BOULEVARD, SUITE 450 TORRANCEJune 16, 2014, CALIFORNIA 90503-6531 (310) 540-2000 FAX (310) 540-6609 (310) 316-0505 E-MAIL: GWTLLP®GWTLLP.COM MICHAEL E. ADLER* PATRICIA M. BAKST* *OF COUNSEL $Also Member of District of Columbia Bar SENDERS E-MAIL June 18, 2014 BY US MAIL AND EMAIL Ms. Janet Parks Real Estate Consultant Riverside County Transportation Commission 2280 Market Street, Suite 200 Riverside, CA 92501 Re: Corona Town Center Dear Janet: Enclosed you will find the following: OUR FILE 1. Completed Cost Reimbursement Application; 2. An abbreviated Appraisal by Buss-Shelger Associates, captioned "Preliminary Analyses Partial Taking Impact Corona Towne Center (the "Appraisal"); 3. Buss-Shelger Invoice for $4850; and 4. A copy of Ron Buss' curriculum vitae. Our office paid the $4,850 invoice, and invoiced our client for the cost advance. Payment pursuant to the cost reimbursement application should be made by instrument payable to the order of Hunt Enterprises, Inc. We do have an earlier, more comprehensive appraisal by Ron Buss, payment for which is not included in this invoice or a matter for the attention of the RCTC. However, in view of the fact that our primary concern is severance damage, pursuant to my discussions with you last month, I asked Ron for an updated and simplified appraisal that would highlight our severance position to share with you and your appraiser. If you feel that discussions might be productive, we would be willing to meet with Ron and your appraiser. Although severance damage to the remainder is by several orders of magnitude our principal difference, we would be prepared to address any other valuation issues that you believe are material. I will be out of town from June 29 through July 9. In view of your time constraints, and my schedule, if we are going to meet it would be best if we could meet before then. 51 LAW OFFICES GREENBERG, WHITCOMBE, TAKEUCHI, GIBSON & GRAYVER, LLP Ms. Janet Parks June 18, 2014 Page 2 Let me know if you need anything further, or have any questions. Very truly yours, Richard C. Greenberg For the firm RCG:nm Enclosures cc: Mark A. Easter (w/ encls.) Mark Lancaster (w/ encls.) Mike Leifer (w/ encls.) PRELIMINARY ANALYSES PARTIAL TAKING IMPACT CORONA TOWNE CENTER 53 54 BUSS-SHELGER ASSOCIATES Real Estate Consultants May 19, 2014 Greenberg, Whitcombe & Takeuchi, LLP 21215 Hawthorne Boulevard, Suite 450 Torrance, California 90503 Attention: Mr. Richard C. Greenberg Attorney -at -Law Reference: Corona Towne Center Update of Integra Appraisal (11/29/2013) Partial Taking Evaluation Freeway Signage Allowance Our File No. 4592A-14 Gentlemen: 865 S. Figueroa Street, Suite 3338 Los Angeles, California 90017 Telephone: (213) 388-7272 Facsimile: (213) 388-5276 E-Mail: bussshelger@pacbell.net In connection with the proposed partial taking of Corona Towne Center, additional market information regarding capitalization rates and other residual considerations are provided in response to the appraisal report (November 19, 2013) completed by Integra Realty Resources ("Appraisal"). The data assembled has been summarized in the following letter and applied with our observations and suggestions to the income prospects for the Center in an "after condition." The results of our evaluation is recapped below, specifics included herein. Before Condition Evaluation $24,775,000 After Condition Evaluation 9,725,000 Partial Taking/Permanent Severance Damage Impact $15,050,000 Additionally, it is unknown whether the sign and signage rights will be replaced in an equally effective location as presently exists in the "after condition", therefore the value of the signage site is also being addressed in this study; it may not be a consideration if properly positioned. Freeway Signage $1,500,000 Excluded from the above are pending severance damages associated with the temporary construction period, as well as damages associated with capital requirements to revamp the entryways, interior parking and traffic corridors, external protection or relocation for the on -site electrical substation, landscaping, etc. Respectfully submitted, BUSS-SHELGER ASSOCIATES Ronald L. Buss j 9.:E.::::•:2:41'1= — .....1,......e rir=r,_....,,,,:z2_. ,a2,. sahtmacco7iiiiiapta - J"vi'a......"..- 3AUDVOU d 1 - t 20 x vi -..v '3AV N700N17 'S tOC 118114)Gf ai3IN bi157.1311d 15.42 133/4S 91= Nd9 IL • :15M3 0 Before Condition Analysis Current Property Composition Land Area: Rentable Area: 139,003 square feet (eight buildings) 18.40 acres (eight Assessor's parcels) Base Rent: Lessee Identity ANCHORS Cardenas Fallas Parades Dollar Tree SHOP SPACE 25 Tenants Vacant Space: Portion of Center Proposed Take Remainder Total Center Leased Rent Sq. Ft. /Sq. Ft. 46,432 23,672 9,000 $ 7.91 $ 6.00 $10.00 Lease Expiration 1/31/15 1/31/15 3/31/21 41,241 $22.43 Varies Square Feet % of Leased Vacant Total 36,605 102,398 139,003 15,455 3,203 18,658 42.2% 3.13% 13.4% Parking: 436 spaces or 3.14 stalls/1,000 rentable sq. ft. Comments: Renewal Options 2-10 Year 3-5 Year 2-5 Year The impact of the proposed taking is clearly evident as the ownership is not able to release space in Building A/B/F as the leases expire due to the pending eminent domain action. Your attention is directed to the facing diagram of the existing center, specifically the two arrows indicating the direct signalized ingress and egress to Lincoln Avenue, a major arterial corridor in Corona. Capitalization Rate As shown on the next page, recent (2013/2014) transfers involving large retail centers with multiple anchor tenants indicate expected returns by investors ranging predominately from 6.9% to 7.7% with one exception at 6.4%. The lower capitalization rate evident in Sale No. 3 is due to the unique dual anchor center with no smaller retail units; there are also three independently owned pad sites that feature a gas station, bank and office. Both national credit tenants in this center have long term leases with multiple options to extend and fixed rental increases; these investment attributes are reflected in the lower capitalization rate of 6.4%. As previously mentioned the bulk of the acquisitions form a general yield rate range from 7.0% to 7.5%, with a definite downtrend evident; the three most recent being 7.0%, 7.0% and 6.9% respectively. ,Try, - • 1�: 1 to z 1174 "*r= �fi ids LO .' wls Lx W & r: r I 41'LI ,Irf ,Lo N A'JFh.ien E. +n+r4 .10 ��I a,yPi t 5 3f1N3/9:8 N 100Nn it '1 a&TJ 4.1. 16* t r�F, e, f "f •VitIA r i� r 44 9 r,t., ,. a 18 V2 away i Sale No. Date Subject Current 1 6/13 2 6/13 3 8/13 4 8/13 5 12/13 Center Identity Property Address Corona Towne Center 261-301 S. Lincoln Avenue, Corona Michael's Plaza 10321-10357 Magnolia Ave. Riverside The Pavilion at Redlands 2054-2094 W. Redlands Blvd., Redlands Food 4 Less Center 555 West 2nd Street San Bernardino Murrieta Plaza 40388-40484 Murrieta Hot Springs Road, Murrieta Canyon Crossings 2550-2585 Canyon Springs & 6141-6225 Valley Springs Parkways, Riverside 6 Vernola Marketplace 1/14 6205-6477 Pats Ranch Road, Mira Loma 7 Towngate Center 3/14 12625 Fredrick Street Moreno Valley Rentable Sq. Ft. Occupancy 139,003 87% 62,834 97% 94,494 99% 83,760 100% 141,122 95% 295,949 93% 210,963 84% 285,770 91% Notable Anchors Cardenas Fallas Parades Dollar Tree Michael's David's Bridal Food 4 Less WalMart Anna's Linens Food 4 Less Ross Dress 4 Less 24 Hour Fitness Dick's Sporting Goods Walgreens Toys R Us Staples Howard's Appliances Party City Ross Dress 4 Less Bed Bath & Beyond Michaels Petco TJ Maxx Home Goods Ross Dress 4 Less Regency Theater Dollar Tree Planet Fitness Sale Price Price/Sq.Ft. Cap Rate $15,000,000 $239 7.7% $17,709,000 $187 7.5% $12,000,000 $143 6.4% $39,000,000 $276 7.5% $61,250,000 $204 7.0% $49,000,000 $232 7.0% $41,071,000 $147 6.9% It should be noted that all of the centers are larger in size at 60,000 square feet plus with a minimum of two anchor tenants; all are well occupied, all are situated within the competitive Inland Empire region. 59 - 3 - Capitalization Analysis In the Before Condition, the subject is a well occupied center with three anchors. Based on the market information, a capitalization rate between 7.0% and 7.5% is considered reasonable; we have adopted 7.25%. This figure has been applied to the net income used in the Integra Realty Appraisal. Effective Gross Income $2,706,222 Less Expenses 909,237 Net Operating Income $1,796,985 Capitalized Value: $1,796,985 = 7.25% $24,786,000 Rounded $24,775,000 After Condition Analysis Background By virtue of the "Taking", the aggregate footage in the "Remainder Parcel" will in theory be reduced to 102,398 square feet, the smaller Dollar Tree anchor being displaced. Parking will be reduced from 436 to 298 spaces; effectively the center will lose 26.3% of its leasable footage, 31.7% of its parking capacity. Of the remaining parking space, 83 stalls are situated to the rear of Buildings D and G; effectively employee parking (see facing diagram). Restated, the quantity of rear building stalls increases from 19.0% of the current total to 27.9% after the Partial Taking. Of equal importance to an evaluation of the Center after the Taking is the prospects for ingress and egress. It is proposed to provide a "curb cut" at the northeast corner of the property off new 2nd Street, there is minimal value to the routing as this secondary routing carries a limited amount of traffic. It is also proposed to provide a signalized point of access at the southwest entry (see double "blue" arrows on aerial photograph facing page 6) as an offset to its current signalized intersection which feature direct access to the Center's customer parking lot. It is envisioned that a single entry lane be installed, plus two exit lanes for both left and right turn vehicles. The practical impact of this concept are two -fold: • Lane stacking will occur for vehicles exiting the center along an elongated internal corridor, and • The fire department effectively will require 12-foot lanes, the three proposed lanes which aggregate 36 feet in width which will eliminate the drive -up parking for the tenants now in Building C. The latter issue exists under any scenario as the "Take" alignment at the northerly end of Building C would create a "bottleneck" under the best of circumstance. The net impact of the proposed new signalized access point is to eliminate Building C entirely, in part to create additional parking for the remaining center due to the imbalance of spaces pointed out previously. 60 - 4 - Capitalization Rate The previous assemblage of shopping center yield rates concluded with a capitalization rate of 7.25% for the subject center due to variety of reasons: • Three anchor tenants; and • Relatively modest market rent increase in 2015 Cardenas Market extension option (2/1/15), as well as a similarly modest rent increase for the Fallas Parades space in August of 2015. Excluding the ingress/egress issue which effectively will require demolition of Building C; the two biggest issues impacting the sustainability of the Center in an "After Condition" are the two anchor tenants cited below, but for different reasons. • Cardenas Markets has not exercised their option to extend, the current term expiring in January of 2015. The lessee had anticipated some level of compensation from RCTC due to the impacts on the Center and their business prospects, lessee remains uncommitted at present. • Fallas Parades is committed only through January 2015; Article XIX - Section 19.02 of their lease allows for the termination of their contract obligation in the event 30% or more of the Center is eliminated as a result of Eminent Domain action. Including Building C, the Center would be reduced by 53,981 square feet, or 38.9% of its present size. Even if their first 5-year renewal option is exercised effective January 2015, the lessee can still vacate at a later point in time if the Center is underperforming. For the purpose of this evaluation, and recognizing the inherent risk of the Center's financial stability and survival, a capitalization rate of 7.75% has been adopted. Capitalization Analysis In the interest of simplicity, our gross revenue estimates assume Cardenas and Fallas will remain in the Center at their 2015 option rents, the actual rents for Building D have also been adopted; Building C to be razed to allow for access and parking needs. Agreement exists with Integra Realty as to operating expenses at $6.54 per square foot, as well as a 7.0% vacancy and collection loss reserve. Gross Revenue Projection: Cardenas — 46,432 Sq. Ft. @ $8.705/sq. ft. $ 404,196 Fallas — 23,672 Sq. Ft. @ $6.60/sq. ft. 171,859 Building D — 14,918 Sq. Ft. @ $18.58/sq. ft. 277,236 Expense Reimbursements — 85,022 Sq. Ft. @ $6.54/sq. ft. 556,044 Total Revenue Potential $1,409,335 Less Vacancy & Collection Reserve (7.0%) 98,655 Effective Gross Revenue $1,310,680 Less Operation Expenses ($6.54/sq. ft.) 556,045 Net Income To Ownership $ 754,635 61 - 5 - Capitalized Value: $754,635 - 7.75% $9,737,225 Rounded $9,725,000 Recapitulation Part Taken The results of our capitalization analyses in a `Before" and "After" condition are recapped below; the value contribution of the freeway signage positioned on a separate property will be addressed subsequently. Before Condition $24,775,000 After Condition 9,725,000 Part Taken/Permanent Severance Damages $15,050,000 Severance Damages The measure of permanent severance damages has been largely accounted for in the removal of Building C from the Remainder Property due to the access related impairments. The balance of the interim severance damages remain to be determined, principally the capital outlay to reconfigure the parking and interior access corridors to conform with the new property boundaries, the relocation of the electrical substation which powers the Center, and the loss of revenue due to the prolonged (two plus years) of the future "Taking" impacts with tenants reluctant to extend occupancy due to the Center's uncertain level of success over time. An additional impact that has not been addressed is the Center's financial performance during construction. Freeway Signage Evaluation Background In October of 1986, a Grant of Easements and Agreement was executed with the previous owners of Corona Towne Center to allow a pylon sign to be placed and maintained adjacent the 91 Freeway per recorded Instrument No. 245689. The adjacent 3.58 acres on the north, fronting the freeway, was an auto sales outlet. Identified on Exhibit C of the Agreement, the owner of the subject center, at its sole expense, is to maintain the Sign Tower Easement and any improvements erected thereon in good condition and repair. In December of 2011, the Riverside County Transportation department acquired the entire holding on the north, the sign will have to be razed as part of the freeway expansion with the revamped off and on ramp system planned. The sign is a focal point of advertising for the subject center in tandem with Lincoln Avenue off ramp access; restated, the signage is a major component to Corona Town Center's exposure to the daily freeway commuters; it is highlighted on an aerial photograph by the "white" arrow. 62 - 6 - Market Information The value is in the permitted situs for the sign tower, the worth of the improvements is a minor component. Accordingly, freeway frontage ground leased sites have been assemble and related to the subject location, the current net income capitalized at 7.0% to arrive at the value of the underlying sign site location. The two value indicators have been contrasted with a current leased site in west Los Angeles to ascertain value differences between freeway frontage and major commercial street exposure. FREEWAY FRONTAGE: • Artesia (91) Freeway @ Avalon Boulevard Lease Term: January 2003 — 25 years Current Rent: $69,000 per year Adjustments: Fixed monetary increase every 5 years Expenses: Totally net to landlord Land Value: $1,000,000 • San Diego (405) Freeway @ Avalon Boulevard Lease Term: August 2005 — 15 years Current Rent: $125,250 per year Adjustments: Annual 3.0% index Expenses: Totally net to landlord Land Value: $1,800,000 NON -FREEWAY FRONTAGE: • West 3`d Street, Lease Term: Current Rent: Adjustments: Expenses: Land Value: East of La Cienega Avenue July 2008 — 9 years $65,400 per year Fixed annual increases Totally net to landlord $925,000 Signage Right Evaluation There is a value spread between freeway versus non -freeway situs. Permitted land parcel command a premium that does not relate to prevailing land values in the immediate district. The principal difference in land values shown above for the two freeway oriented comparables is the average daily freeway traffic volume at each location; these have been compared to the subject site. Signage Location • Artesia (91) Freeway @ Avalon Boulevard • San Diego (405) Freeway @ Avalon Boulevard • Subject Riverside (91) Freeway @ Lincoln Avenue Average Daily Traffic Volume 195,000 261,999 255,000 Land Value $1,000,000 $1,800,000 Clearly the subject location matches more closely with the latter benchmark; we have adopted $1.5 million in this study. Freeway Signage $1,500,000 63 - 7 - 64 VP 1 i! 'ALMA ALIN' 66 ANGELO J. PALMIERI (1928-1998) ROBERT F. WALDRON (1927.1998) ALAN H. WIENER• MICHAEL J. GREENE• DENNIS W GHAN• DAVID D. PARR* CHARLES H. KANTER• PATRICK A. HENNESSEY DON FISHER GREGORY N. WEILER WARREN A. WILLIAMS JOHN R. LISTER MICHAEL H LEIFER SCOTT R. CARPENTER RICHARD A 6ALUS NORMAN J. RODICH RONALD M. COLE MICHAEL L. D'ANGELO STEPHEN A. SCHECK DONNA L. SNOW W W W PALMIERI, TYE' WIENER. WILHELM &WALDRON RYAN M. EASTER ELISE M KERN MELISA R. PEREZ MICHAEL I. KEHOE CHADWICK C. BUNCH ANISH J. BANKER RYAN M. PRAGER BLAINE M. SEARLE ERIN BALSARA NADERI CANDICE L. LEE ERICA M SOROSKY MICHAEL P. BURNS JOSHUA J. MARX ERIN K. OYAMA STEVEN R. GUESS KATHERINE M. HARRISON BRIAN GLICKLIN MICHAEL C. CHO, OF COUNSEL ROBERT C. IHRKE. OF COUNSEL JAMES E. WILHELM, OF COUNSEL DENNIS G. TYLER•, RETIRED •A PROFESSIONAL CORPORATION VIA E-MAIL & U.S. MAIL 2603 MAIN STREET EAST TOWER — SUITE 1300 IRVINE, CALIFORNIA 92614-4281 (949)851-9400 www.ptwww.com Mark Easter Best, Best & Krieger 3390 University Ave., 5th Floor PO Box 1028 Riverside, CA 92502 June 23, 2014 P.O. BOX 19712 IRVINE, CA 92623 9712 WRITER'S DIRECT DIAL NUMBER (949)851.7294 WRITER'S DIRECT FACSIMILE NUMBER (949)825-5412 FIRM'S DIRECT FACSIMILE NUMBERS (949) 851.1554 (949)757-1225 mlei/er@ptwww.com REFER TO FILE NO. 36964.000 Re: Riverside County Transportation Commission - Cardenas Market and Corona Towne Center Dear Mark: On June 20, 2014 I sent you an email asking for you to call me to discuss the RCTC's proposed acquisition. In response, you sent me an email claiming that from your perspective, the property owner and Cardenas' concerns regarding reconfiguration and the taking were "compensation" issues and that they do not need to be resolved before the next Resolution of Necessity hearing. We strongly disagree. It was obvious from the public hearing on June 11, 2014, that the RCTC Commissioners were directing staff to work with Cardenas and the property owner to seek a solution. 1254253.1 67 PALMIERI, TYLER. WIENER, WILHELM &WALDRON � Mark Easter June 23, 2014 Page 2 At the public hearing, RCTC staff represented to the Commissioners that they would do so. So far, staff has not made any attempt to work with us. On June 13, 2014, my office sent a message to you and Mark Lancaster stating that we would like to hear back concerning Cardenas' proposed alternative design. In response, you emailed asking clarification of which proposed alternative design I was referring to. On June 16, 2014, my associate, Erin Naderi, responded to you advising that the alternative design submitted in the Cardenas objection letter to the June 11th hearing was the same alternative design submitted over a year ago to the City of Corona and RCTC's acquisition agent, OPC. On Monday, June 16th, I had a telephone conversation with you regarding this matter. You did not say that the issue did not need to be dealt with or discussed before the Resolution of Necessity hearing. Rather, then, you claimed that RCTC was stymied, felt its hands were tied, and did not know what to do because the property owner was not supporting the Cardenas' plan for reconfiguration. I promptly disagreed with you and advised you that RCTC staff was trying to set up an excuse for not acting and not considering the reconfiguration. On Tuesday, June 17th, the property owner's attorney, Richard Greenberg, cleared up RCTC staffs feigned confusion and again clarified that the property owner did support the Cardenas' plan for reconfiguration. I again reached out to you on June 20th, and now the story has changed. From staff, addressing these issues should be postponed until sometime in the hazy future. 1254253.1 68 PALMILRI. TYLER. WIENER. WILHELM CXWALDRO . Mark Easter June 23, 2014 Page 3 Staff has done the opposite of what it was directed to do by the RCTC Commissioners. It has done the opposite of what it told its Commissioners it would do. It is evading. It is feigning confusion and it is refusing to address the RCTC project, impacts and reconfiguration. Staffs conduct is causing even greater impact on Cardenas Markets. MHL:mp cc: Clients Richard Greenberg, Esq. (via e-mail) Mark Lancaster (via e-mail) 11'4253.1 69 70 Indian Wells (760) 568-2611 Irvine (949) 263-2600 Los Angeles (213) 617-8100 Ontario (909) 989-8584 Mark A. Easter (951)826-8237 mark.easter@bbklaw.com BEST BEST & KRIEGER ATTORNEYS AT LAW 3390 University Avenue, 5th Floor, P.O. Box 1028, Riverside, CA 92502 Phone: (951) 686-1450 I Fax: (951) 686-3083 I www.bbklaw.com June 24, 2014 VIA E-MAIL - MLEIFER@PTWWW.COM Michael H. Leifer Palmieri, Tyler, Weiner, Wilhelm & Waldron LLP 2603 Main Street East Tower - Suite 1300 Irvine, CA 92614 Sacramento (916) 325-4000 San Diego (619) 525-1300 Walnut Creek (925) 977-3300 Washington, DC (202) 785-0600 Re: Riverside County Transportation Commission - Cardenas Market and Corona Towne Center Dear Mr. Leifer: I am in receipt of your letter dated June 23, 2014. The manner in which Corona Towne Center elects to reconfigure its remainder property, in order to mitigate what it believes are the severance damages to the Corona Towne Center that will be caused by RCTC's SR-91 Project, is indeed a severance damages issue, as it does not pertain to the findings of need and necessity that the Commission must make in order to adopt a Resolution of Necessity at the Commission meeting in July. I am sorry that you do not agree with our position, but that is your prerogative. The rest of your letter appears to be bent on trying to create a paper trail so that you can "tell on" RCTC staff at the next Commission meeting and accuse RCTC staff of "avoiding" meeting with the property owners, or even "faking" it. To set the record straight, your office chose to wait until the evening before the last Resolution of Necessity hearing to submit objections to the adoption of the Resolution, along with a reconfiguration or mitigation plan that you never previously provided to our office. After the Resolution of Necessity hearing on June 11th, Mr. Lancaster met with Corona Towne Center and its legal counsel at the County Administration Building. You were also present. At the time, it was entirely unclear if the Corona Towne Center was in support of Cardenas' mitigation plan. In fact, the Corona Towne Center representatives expressed their view that they were more concerned with the fate of the smaller tenants at the shopping center than they were Cardenas Market. As a result, when we had our telephone conversation on June 16, 2014, I explained to you that I was not sure what you expected RCTC to do, because 1) it remained unclear whether the Corona Towne Center group was in support of your plan; 2) the plan has not been approved by 17336.02100\8919762.1 71 BEST BEST & KRIEGER ATTORNEYS AT LAW Michael Leiffer June 24, 2014 ' Page 2 r� the City of Corona; and 3) it came unaccompanied by any appraisal analysis. You responded that you understood, and you further acknowledged that the only purpose of your inquiry on the previous Friday (rune 13th) was to "get our attention". You said nothing about my confusion being feigned. Since that time, Mr. Greenberg's office has confirmed that Corona Towne Center is in support of your client's proposed mitigation plan. Your letter now accuses RCTC staff of "evading and feigning confusion," but what are you specifically asking RCTC to do? RCTC is not the entity that would approve the plan. If you are alluding to who would be paying for what under your client's proposed plan, then those are, in fact, just compensation issues that are not going to be resolved before the next hearing, and RCTC is under no formal or informal obligation to resolve them before the next hearing. For the record, there is nothing RCTC is doing (or is failing to do) that is preventing Corona Towne Center and Cardenas Market from going forward with the proposed mitigation plan. Meanwhile, your ongoing objections and resistance to RCTC adopting a Resolution of Necessity is creating MORE uncertainty and confusion about the timing of construction and the need for implementing any mitigation plan. In that regard, it would seem to us that the greatest impact on Cardenas Market is currently being caused by your law firm. MAE:mvv 17336.0210018919762.1 Very truly yours, c� Mark A. Easter of BEST BEST & KRIEGER LLP 72 ATTACHMENT 2 RESOLUTION NO. 14-028 RESOLUTION OF NECESSITY FOR THE ACQUISITION OF FEE AND TEMPORARY CONSTRUCTION EASEMENT INTERESTS IN PORTIONS OF CERTAIN REAL PROPERTY, BY EMINENT DOMAIN, MORE PARTICULARLY DESCRIBED AS ASSESSOR PARCEL NO. 102-270-011, LOCATED IN CORONA, RIVERSIDE COUNTY, CALIFORNIA, FOR THE STATE ROUTE 91 CORRIDOR IMPROVEMENT PROJECT, WHICH COVERS THE AREA BETWEEN PIERCE STREET ON THE EAST TO THE COUNTY LINE ON THE WEST, IN RIVERSIDE COUNTY, CALIFORNIA WHEREAS, the Riverside County Transportation Commission (the "Commission") proposes to acquire fee and temporary construction easement interests in portions of certain real property, located in Riverside County, California, more particularly described as Assessor Parcel No. 102-270-011 (CPNs 22165-1 and 22165-2), for the State Route 91 Corridor Improvement Project in Riverside County, California, pursuant to the authority granted to it by section 130220.5 of the California Public Utilities Code; and WHEREAS, pursuant to section 1245.235 of the California Code of Civil Procedure, the Commission scheduled a public hearing for Wednesday, September 10, 2014 at 9:30 a.m., at the County Administration Building, Board of Supervisors Chambers, at 4080 Lemon Street, Riverside, California, and gave to each person whose property is to be acquired and whose name and address appeared on the last equalized county assessment roll, notice and a reasonable opportunity to appear at said hearing and be heard on the matters referred to in section 1240.030 of the California Code of Civil Procedure; and WHEREAS, said hearing has been held by the Commission, and the affected property owners and other interested parties were afforded an opportunity to be heard on said matters; and WHEREAS, the Commission may now adopt a Resolution of Necessity pursuant to section 1240.040 of the California Code of Civil Procedure; NOW, THEREFORE, THE COMMISSION DOES HEREBY RESOLVE AND DECLARE AS FOLLOWS: Section 1. Compliance with California Code of Civil Procedure. There has been compliance by the Commission with the requirements of section 1245.235 of the California Code of Civil Procedure regarding notice and hearing. Section 2. Public Use. The public use for the fee and temporary construction easement interests in portions of the property to be acquired is for the SR-91 Corridor Improvement Project in Riverside County, California. Section 130220.5 of the California Public Utilities Code authorizes the Commission to acquire, by eminent domain, property necessary for such purposes. 73 Section 3. Description of Property. Attached and marked as Exhibit "A" are the legal definitions, legal descriptions and plat maps of the fee and temporary construction easement interests to be acquired by the Commission that describe the general location and extent of the property with sufficient detail for reasonable identification. Section 4. Findings. The Commission hereby finds and determines each of the following: (a) The public interest and necessity require the proposed project; (b) The proposed project is planned or located in the manner that will be most compatible with the greatest public good and least private injury; (c) The property defined, described and/or depicted in Exhibit "A" is necessary for the proposed project; and (d) The offer required by section 7267.2 of the California Government Code was made. Section 5. Use Not Unreasonably Interfering with Existing Public Use. Some or all of the real property affected by the interests to be acquired is subject to easements and rights of way appropriated to existing public uses. The legal descriptions of these easements and rights of way are on file with the Commission and describe the general location and extent of the easements and rights of way with sufficient detail for reasonable identification. In the event the herein described use or uses will not unreasonably interfere with or impair the continuance of the public use as it now exists or may reasonably be expected to exist in the future, counsel for the Commission is authorized to acquire the herein described interests subject to such existing public use(s) pursuant to section 1240.510 of the California Code of Civil Procedure. Section 6. More Necessary Public Use. Some or all of the real property affected by the interests to be acquired is subject to easements and rights of way appropriated to existing public uses. To the extent that the herein described use or uses will unreasonably interfere with or impair the continuance of the public use as it now exists or may reasonably be expected to exist in the future, the Commission finds and determines that the herein described use or uses are more necessary than said existing public use. Counsel for the Commission is authorized to acquire the herein described real property appropriated to such existing public uses pursuant to section 1240.610 of the California Code of Civil Procedure. Staff is further authorized to make such improvements to the affected real property that it determines are reasonably necessary to mitigate any adverse impact upon the existing public use. Section 7. Further Activities. Counsel for the Commission is hereby authorized to acquire the hereinabove described real property in the name of and on behalf of the Commission by eminent domain, and counsel is authorized to institute and prosecute such legal proceedings as may 74 be required in connection therewith. Legal counsel is further authorized to take such steps as may be authorized and required by law, and to make such security deposits as may be required by order of court, to permit the Commission to take possession of and use said real property at the earliest possible time. Counsel is further authorized to correct any errors or to make or agree to non- material changes in the legal description of the real property that are deemed necessary for the conduct of the condemnation action, or other proceedings or transactions required to acquire the subject real property. Counsel is further authorized to reduce or modify the extent of the interests or property to be acquired so as to reduce the compensation payable in the action where such change would not substantially impair the construction and operation for the project for which the real property is being acquired. Section 8. Effective Date. This Resolution shall take effect upon adoption. APPROVED AND ADOPTED this 10th day of September, 2014. Marion Ashley, Chair Riverside County Transportation Commission ATTEST: Jennifer Harmon, Clerk of the Board Riverside County Transportation Commission 75 76 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission. (The rights being acquired may be exercised mutually exclusive of each other.) "Fee," also known as fee simple or fee simple absolute, grants to RCTC absolute ownership of the portion of the property acquired. "Temporary Construction Easement (TCE)" refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such right shall be exercised for a period of six (6) consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. 17336.02100\9125481.1 77 EXHIBIT A, PAGE 1 78 PS OMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 22165-1 Fee Acquisition APN 102-270-011 In the City of Corona, County of Riverside, State of California, being a portion of Parcel 1 as shown on Parcel Map No. 19394 filed in Book 117, Pages 100 and 101 of Parcel Maps, Riverside County Records, being two (2) parcels described as follows: Parcel No. 1 Beginning at the most westerly corner of Parcel 1 of said parcel map; thence North 09°26'15" East 3.50 feet along the westerly line thereof to a point thereon; thence South 80°33'41" East 40.10 feet; thence South 09°26'19" West 3.50 feet to a point on the southerly line of said Parcel 1; thence North 80°33'41" West 40.10 feet along said southerly line to the Point of Beginning. Containing 140 square feet. Parcel No. 2 Beginning at the most westerly corner of Parcel 1 of said parcel map; thence South 80°33'41" East 60.10 feet along the southerly line of said Parcel 1 to a point thereon, said point being the True Point of Beginning; thence North 09°26'19" East 3.50 feet; thence South 80°33'41" East 83.55 feet; thence North 54°33' 18" East 8.07 feet to a point on the general easterly line of said Parcel 1, said point also being the beginning of a non -tangent curve concave northwesterly having a radius of 13.00 feet, to which point a radial line bears South 63°31'36" East; thence southwesterly along said general easterly line and said curve 16.56 feet through a central angle of 72°57'55" to a point on the southerly line MA2PTG010501\ SURVEY \LEGALS\22165_APN_102-270-011\Legals\22165-1-Fee.docx Page 1 of 1/13/2014 79 EXHIBIT A, PAGE 2 PS OMAS of said Parcel 1; thence North 80°33'41" West 76.84 feet along said southerly line to the Point of Beginning. Containing 298 square feet This conveyance was made for the purpose of freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `A2' attached hereto and made a part hereof. Prepared under the direction of Brian E. Bullock, PLS 5260 Date -/3-1� MA2PTG010501\SURVEY\LEGALS\22165_APN_102-270-011\Legals\22165-1-Fee.docx Page 2 of 2 1/13/2014 80 EXHIBIT A, PAGE 3 EXHIBIT A2 PARCEL# TITLE GRANTOR AREA APN 22165-1 PCL 1 FEE PLATINUM OIL COMPANY 140 SQ.FT. 102-270-011 22165-1 PCL 2 FEE PLATINUM OIL COMPANY 298 SQ.FT. 102-270-011 6 225 4 FREEWAY 3 9� RIVERSIDE - ROUTE 102-270-005 S80°41 '20"E 1 02-270-002 1 0.96' N�go 40'23"E � �\ 2,--1 f> ] q6°97 SAC, l > 102-270-003 `��� 0, �\�J�W PARCEL 1 �,, � �I \(:) in . P.M. 1 1 7 ---;� . c1v o /1 00-1 01 ro' f. N PARCEL N0. 1 1 � 0 221 65-1 cl, Q ° PARCEL NO. 201 2�o_ppgZ 102- _ 22165-1 � w` ""--"ice'—� SIXTH STRE - POB � �80°33,41 Ji 136.94 W_ ET PARCEL NO. 1 & � PARCEL N- . 2-- R=1 3.00' A=90° 1 2'21 " SEE SHEET 2 T OP B- L=20.47' PARCEL NO. 2 -_� FOR DETAIL LEGEND Lij POB Indicates Point Of Beginning W Z TPOB Indicates True Point Of Beginning (i)1 Q (R) Indicates Radial Bearing g. � CD I ( ) Title to State 1 1 1 1 1 Access Prohibited NOTES Coordinates and bearings are on 2 2 1 6 5- 1 CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide FEE ACQUISITION by 0.99997476 to obtain ground distances. All distances are in feet ' unless otherwise noted. FEET 0 40 80 160 240 PREPARED BY: DATE:08-17-12 REV.1: 01-08-14 EA: OF540 FA#: PSOMAS DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 3 Hutton Centre Drive, Ste. 200 Santo (714)751n California 7373/(714)545-88B3 (Fax) 8 R I V 81 91 4.3 1 2 EXHIBIT A2 PARCEL# TITLE GRANTOR AREA APN 22165-1 PCL 1 FEE PLATINUM OIL COMPANY 140 SQ.FT. 102-270-011 22165-1 PCL 2 FEE PLATINUM OIL COMPANY 298 SQ.FT. 102-270-011 tr) ' I 1 o I I I C) o I 1 1 I 1 NO 0p I I O (11 ) N I I N- N a- PARCEL 1 ' ' `n 1.co C) l P.M. 1 1 7/1 00-1 01 i i o —,,� 1 I o - , 1 1 w I 1 0 , a- �) I 1 � O I I -CO N , O Lo I 1 Ln i N o o I II in O N z S09°26 19"W PARCEL No. 1 N09°26'19"E i i on N 3050,— 3.50' 1 1 0 �__ 0 221 65-1 PARCEL NO. 2 ; i 3.50' S80°33 41"E amm40.10' 7- 1111110111. 40. _ \ 1 11 — 22165-1 _1 1 N54°33,----_ I _ 818 'E S63°31'36"E(R) 10,� a S8 ° 07 S8 0 33' i R=1 3.00' 0 33 41 E 60, 41 E 83.55, li‘ N80° 10 76og4, Ll 0=72°57'5511 r L=1 6.56 POB 3 41"W 13694,1111._ PARCEL NO° 1 & R=13.00' PARCEL NO. 2 TPOB 0=90°12'21" PARCEL NO. 2 L=20.47' w° SIXTH STREET o Io LEGEND Q ct POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing CL CO ( ) Title to State II I I I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 FEE ACQUISITION 6 5- 1 distances. All distances are in feet unless otherwise noted. Ii i i ' FEET 0 15 30 60 90 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santo (714)751Ana, 7373/(714)545-8883 (Fax) DATE:08-17-12 REV.1: 01-08-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 82 91 4.3 2 2 3 PS OMAS EXHIBIT 931' LEGAL DESCRIPTION Caltrans Parcel No. 22165-2 Temporary Construction Easement APN 102-270-011 In the City of Corona, County of Riverside, State of California, being a portion of Parcel 1 as shown on Parcel Map No. 19394 filed in Book 117, Pages 100 and 101 of Parcel Maps, Riverside County Records, described as follows: Beginning at the most westerly corner of said Parcel 1; thence North 09°26'15" East 3.50 feet along the westerly line to the True Point of Beginning; thence continuing North 09°26'15" East 5.69 feet along said westerly line; thence South 80°33'41" East 149.37 feet to the easterly line of said Parcel 1; thence South 54'33'18" West 8.07 feet; thence North 80°33'41" West 83.55 feet; thence South 09°26'19" West 3.50 feet to the southerly line of said Parcel 1; thence North 80°33'41" West 20.00 feet along said southerly line; thence North 09°26' 19" East 3.50 feet; thence North 80°33'41" West 40.10 feet to the True Point of Beginning. Containing 904 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit 132' attached hereto and made a part hereof. M:12PTG0105011SURVEYTEGALS122i65_APN_102-270-0111Legals122165-2-TCE.docx Page 1 of 2/28/2014 83 EXHIBIT A, PAGE 6 PSOMAS Prepared under the direction of 2 • Z e • 2014- Jeremy L. Evans, PLS 5282 Date MA2PTG01050] SURVEYTEGAL5122165 APN_102-270-0111Legals122165-2-TCE.doex Page 2 of 2/28/2014 84 EXHIBIT A, PAGE 7 EXHIBIT B2 PARCEL# TITLE GRANTOR AREA A P N 22165-2 TCE PLATINUM OIL COMPANY 904 SOFT. 102-270-011 DE FREEWAY � a 9� RIVERS 6 ROTE 225 4 3 102-270-005 r% ! l., A 11 r �SkCJ>\� \J�3l S80°41'20"E >>�J \\ 10.96 102-270-002 �� ���, �y� <�� i \ --) ���\ N79° 40,23,,E '� 14 6.9- 'r PARCEL 1 o 102-270-003 P.M. NO. 19394 J: o P.M.B. 117 -.xi • o ry /1 00-1 01 ' ' o cV to Q ' � � ° ° N co O oo4z � 22165-2) uo �- PROPOSED — ��� \ A 02_210 ���— R/W TPOB .' \ ~�J / �18 0 ° 4" SD(T -OB H S rREE ~136 941 'W— 4 R =1 3.0 0 r SEE SHEET 2 0=90°12'21" EXISTING R/W L-20.47' FOR DETAIL "A„ LEGEND L, POB Indicates Point Of Beginning W TPOB Indicates True Point Of Beginning (i")�Q (R) Indicates Radial Bearing �f ( ) Title to State Ill II Access Prohibited f1 NOTES 2 2 1 6 5- 2 Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances, Divide TEMPORARY CONSTRUCTION EASEMENT by 0.99997476 to obtain ground ' distances. All distances are in feet unless otherwise noted. FEET 0 40 80 160 240 PREPARED BY: DATE:08-17-12 REV.2: 02-28-14 EA: OF540 FA#: PSOMAS DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 3 Hutton Centre Drive, Ste. 200 Sonto (714)75n T373/(714)545-HU (Fax) 8 R I V Q 91 4. 3 1 2 EXHIBIT A, PAGE 8 EXHIBIT B2 PARCEL# TITLE GRANTOR AREA APN 22165-2 TCE PLATINUM OIL COMPANY 904 SOFT. 102-270-011 r J LINE TABLE o L1-509°26'1 9"W 3.50' il r f .) a N oL2-N80° 33'41 "W 20.00 r f O! ON ii f o L3-N09°26'19HE 3.50' r r raj 7 v � L4-N09°26'15"E 5.69' ' r o (,I ONa L5-554°33'18"W 8.07' r' r` 7 cu f 1 co �)j ' 'r r O w PARCEL 1 rr )r Cl L1, _� P.M. NO. 19394 rr ,' o ro a- to P.M.B. 117 r r = co ni � � O o /1 00-1 01 r rr � N � • rn • i (Y) O O O r N 4-1 Ro 7 0. 00 � ' 26" o �4 S800, , 22165-2) r'i=3.g1 3 O 41 r� - ,' r - r r TPOB �r, r �4g�37'J r J 3.50' Ns033,41"w ` L3 L1 POB 40. 1 a L2 Naa°33' L5 41 W N80°33'41"w 83e35, � j ° , S63 31 36"E(R) W. ix r„, ,y S1"REET 136.94, PROP=90° osE w DETAIL "A" R=1 3.00' 1 2'21 " L=20.47 �xrs r jNa O tLJJ LEGEND Q 7 POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) indicates Radial Bearing Q.. LD { )Title to State I i I i I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 TEMPORARY CONSTRUCTION 6 5- 2 EASEMENT distances. All distances are in feet unless otherwise noted. ' FEET 0 150 60 90 PREPARED BY: PSOMAS 3 Hutton Centre Drive, ste. 200 Sonic , California (714)751Ana 7373/(719)54592707 8883 (Fax) DATE:08-17-12 REV.2: 02-28-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V Rh 91 4.3 2 2 EXHIBIT A PAGE 9 Platinum Oil Company 102-270-011 FEE 438 SF TCE (TEMPORARY CONSTRUCT! ON) 904 SF 87 ATTACHMENT 3 RESOLUTION NO. 14-029 RESOLUTION OF NECESSITY FOR THE ACQUISITION OF PERMANENT WALL FOOTING EASEMENT AND TEMPORARY CONSTUCTION EASEMENT INTERESTS IN PORTIONS OF CERTAIN REAL PROPERTY, BY EMINENT DOMAIN, MORE PARTICULARLY DESCRIBED AS ASSESSOR PARCEL NO. 118-171-040, LOCATED IN CORONA, RIVERSIDE COUNTY, CALIFORNIA, FOR THE STATE ROUTE 91 CORRIDOR IMPROVEMENT PROJECT, WHICH COVERS THE AREA BETWEEN PIERCE STREET ON THE EAST TO THE COUNTY LINE ON THE WEST, IN RIVERSIDE COUNTY, CALIFORNIA WHEREAS, the Riverside County Transportation Commission (the "Commission") proposes to acquire permanent wall footing easement and temporary construction easement interests in portions of certain real property, located in Riverside County, California, more particularly described as Assessor Parcel No. 118-171-040 (CPNs 22188-1 and 22188-2) for the State Route 91 Corridor Improvement Project in Riverside County, California, pursuant to the authority granted to it by section 130220.5 of the California Public Utilities Code; and WHEREAS, pursuant to section 1245.235 of the California Code of Civil Procedure, the Commission scheduled a public hearing for Wednesday, September 10, 2014 at 9:30 a.m., at the County Administration Building, Board of Supervisors Chambers, at 4080 Lemon Street, Riverside, California, and gave to each person whose property is to be acquired and whose name and address appeared on the last equalized county assessment roll, notice and a reasonable opportunity to appear at said hearing and be heard on the matters referred to in section 1240.030 of the California Code of Civil Procedure; and WHEREAS, said hearing has been held by the Commission, and the affected property owner and other interested parties were afforded an opportunity to be heard on said matters; and WHEREAS, the Commission may now adopt a Resolution of Necessity pursuant to section 1240.040 of the California Code of Civil Procedure; NOW, THEREFORE, THE COMMISSION DOES HEREBY RESOLVE AND DECLARE AS FOLLOWS: Section 1. Compliance with California Code of Civil Procedure. There has been compliance by the Commission with the requirements of section 1245.235 of the California Code of Civil Procedure regarding notice and hearing. Section 2. Public Use. The public use for permanent wall footing easement and temporary construction easement interests in portions of certain real property to be acquired is for the SR-91 Corridor Improvement Project in Riverside County, California. Section 130220.5 of the California Public Utilities Code authorizes the Commission to acquire, by eminent domain, property necessary for such purposes. 88 Section 3. Description of Property. Attached and marked as Exhibit "A" are the legal definitions, legal descriptions and plat maps of the portions of the parcel upon which the permanent wall footing easement and temporary construction easement interests to be acquired by the Commission are located, and which describe the general location and extent of the property with sufficient detail for reasonable identification. Section 4. Findings. The Commission hereby finds and determines each of the following: (a) The public interest and necessity require the proposed project; (b) The proposed project is planned or located in the manner that will be most compatible with the greatest public good and least private injury; (c) The property defined, described and/or depicted in Exhibit "A" is necessary for the proposed project; and (d) The offer required by section 7267.2 of the California Government Code was made. Section 5. Use Not Unreasonably Interfering with Existing Public Use. Some or all of the real property affected by the interests to be acquired is subject to easements and rights of way appropriated to existing public uses. The legal descriptions of these easements and rights of way are on file with the Commission and describe the general location and extent of the easements and rights of way with sufficient detail for reasonable identification. In the event the herein described use or uses will not unreasonably interfere with or impair the continuance of the public use as it now exists or may reasonably be expected to exist in the future, counsel for the Commission is authorized to acquire the herein described interests subject to such existing public use(s) pursuant to section 1240.510 of the California Code of Civil Procedure. Section 6. More Necessary Public Use. Some or all of the real property affected by the interests to be acquired is subject to easements and rights of way appropriated to existing public uses. To the extent that the herein described use or uses will unreasonably interfere with or impair the continuance of the public use as it now exists or may reasonably be expected to exist in the future, the Commission finds and determines that the herein described use or uses are more necessary than said existing public use. Counsel for the Commission is authorized to acquire the herein described real property appropriated to such existing public uses pursuant to section 1240.610 of the California Code of Civil Procedure. Staff is further authorized to make such improvements to the affected real property that it determines are reasonably necessary to mitigate any adverse impact upon the existing public use. Section 7. Further Activities. Counsel for the Commission is hereby authorized to acquire the hereinabove described real property in the name of and on behalf of the Commission by 89 eminent domain, and counsel is authorized to institute and prosecute such legal proceedings as may be required in connection therewith. Legal counsel is further authorized to take such steps as may be authorized and required by law, and to make such security deposits as may be required by order of court, to permit the Commission to take possession of and use said real property at the earliest possible time. Counsel is further authorized to correct any errors or to make or agree to non- material changes in the legal description of the real property that are deemed necessary for the conduct of the condemnation action, or other proceedings or transactions required to acquire the subject real property. Counsel is further authorized to reduce or modify the extent of the interests or property to be acquired so as to reduce the compensation payable in the action where such change would not substantially impair the construction and operation for the project for which the real property is being acquired. Section 8. Effective Date. This Resolution shall take effect upon adoption. APPROVED AND ADOPTED this 10th day of September, 2014. Marion Ashley, Chair Riverside County Transportation Commission ATTEST: Jennifer Harmon, Clerk of the Board Riverside County Transportation Commission 90 91 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission: "Permanent Wall Footing Easement" grants to RCTC, including its successors and assigns, a permanent easement to construct, maintain, operate repair, alter, replace, and remove footings, under, along and across the easement area. "Temporary Construction Easement (TCE)" refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such right shall be exercised for a period of 12 consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. 17336.02100\8415488.1 92 EXHIBIT A, PAGE 1 93 PS OMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 22188-1 Permanent Wall Footing Easement APN 118-171-040 In the City of Corona, County of Riverside, State of California, being a portion of Sofia Lane ("C" Street, Lots "D" and "L") as shown on the map of Tract No. 2687, filed in Book 48, Pages 65 and 66 of Maps, in the office of the County Recorder of said county, said portion of Sofia Lane having been vacated by Resolution No. 97-43 of The City of Corona recorded June 24, 1997 as Document No. 222392 of Official Records of said County, described as follows: Beginning at the northwesterly corner of said Tract No. 2687; thence South 81 °54'57" East 172.94 feet along the northerly line of said Tract No. 2687 to the intersection of said northerly line with the northerly prolongation of the centerline of Magdalena Circle (Grant Avenue, Lot "C") as shown on said Tract No. 2687; thence South 08°17'36" West 4.42 feet along said prolongation; thence North 81°25'05" West 172.92 feet to the westerly line of said Tract No. 2687; thence North 07°58'00" East 2.91 feet along said westerly line to the Point of Beginning. Containing 634 square feet. See Exhibit `A2' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. M:12PTG0105011S URVEYILEGALS122188-22i90_APN_118-171-025,026,039,&0401Leeals122188-1-PE. doc 3/12/2014 Page 1 of 2 94 EXHIBIT A, PAGE 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 P5 oMAS Prepared under the direction of L�� 3•I1 Jeremy L. Evans, PLS 5282 Date MA2PTG0105011SURVEYILEGALS122188-22190_APN_118-171-025,026,039,&0401Legals122188-1-PE, doe 3/3/2014 Page 2 of 2 95 EXHIBIT A, PAGE 3 EXHIBIT A2 PARCEL# TITLE AREA APN 221 88-1 ESMT 634 SOFT. 1 1 8-1 71 -040 ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL 1 1 1 l C/L STATIONING 1 4 1 7 8 9 1 1 280 1 2 3 4 C221 88— 1 EXISTING R/W PROPOSED R/W POB S81 °54'57"E 360.80' �— .. S79°02'59"E 31 1 .39' - - - - t i-1-t '- 1-1 -F 1-1-1 I - \ - - - - �„�,� 5 rREE rJ _0 1 I 1 1 _____ag__ .. SOFIA LANE_ /�j--- -- �_ �— 1 I ITT 7 1 \$.` 1 11a 17r-o4o �- 1 r �' I - �"� I I __ V/ ------4--_ .� y - - 0 1 1 1i 118-171-039 0 1 118-171-026 � 118-171-025 1 1 11 I i ~ 1 C 4ZrW 1-1 1 -1 1 118-17]-038 1-I 118-171-027 1- � � � I� � lb 118 171-024 r-) = 1 0I ,U �� 1 Et �I 1 D _1 Lii I-1 rr7 m O 09 1 �11 �U �I�I LD O 0 1 L11 718-171-042 -. 1 g 1118-171-037 118-171-028 I L 118 171-023 p srzi 60 1,1�11 l r— I -1 b l I 0 1 --1 1 LOT 10 1 co 1 Q ,- O I �I _' 11�1 rDp 1Q z Ir� 1 011 in 118-171-036 LR1d1 �� �' s -I " 1 O °� ^1N1 t�')'i N 1 118 171-043 �11 Cc L 118-171-022 O 1 I a, t ai 1 1 1 18-1 71-029 0 1 � 'n - - I - I I - - i �� ..`11 i -a V 1 I _ 1\•.\0 '`1 N81°56`00"1W - - - ! �'1 ``l St'G� 1 18-1 71-035 - '7\1I 60' fr, 1 18-1 71-044 1 � � 1 18-1 71-030 j 20.00' DOCo N0. �11� 2010— 0043661 q11 O.Ro; 1118-171-021 z I I 1 I nl = 1118-17]-045 ��I "C .1) Tv) -1 o 0) o � 1118-171-034 - 11- 118-] i vQ 1,_ 1 1- 118-171--031 -,I � I o 71-020 0 0 LEGEND l -Ii a 0 POB Indicates Point Of Beginning LOT I 't , o0 T1B I f ci 118-171-019 o =- TPOB Indicates True Point Of Beginning , 171-032 1 v) -- (R) Indicates Radial Bearing ( ) Title to State J_J_J-L Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 PERMANENT WALL. 1 8 8- 1 FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. I �� sommummomummou FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Mutton Centre Drive, Ste. 200Santo (714)481Ana, B053/(714)545-8E83 (Fax) DATE: 01-21-13 REV.:2; 02-25-14 EA: OF540 FM*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS p I� T�! R 1 Y % 91 5, 3 1 2 EXHIBIT A PAGE 4 EXHIBIT A2 PARCEL# TITLE AREA APN 221 88-1 ESMT 634 SOFT, 1 1 8-1 71 -040 DETAIL "A" 'i ROUTE 91 RIVERSIDE FREEWAY EXISTING R/W (221 B8-1 POB y�S81°54`57"E 360.80' � 1 72,94' — - - ° � -- -� 6� N81 25'05"W 1 72.92' M N I� N J �' I ("C" STREET) SOFIA LANE o � o V� 0 W I I I I I _ _ — - , \ r: i CO 1 18-1 71-040 / o I. ti [ w I I I I 20' W co _ O 0I S Z 'II 0 °R° OOA30i 0__ I 0 --I U Qa ? I0 N0° �11,Vo � 00C° - , �1jCc � O ' c" r.D Q d ZE 1 18— 7 71 —041 2.3 i 30' o >�05 I I i 1 I ti 0 LEGENDc'j POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( )Title to State I I I I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 PERMANENT WALL 1 8 8- 1 FOOTING EASEMENT distances. All distances in feet are unless otherwise noted. FEET 0 15 30 60 90 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santo 2707 (714)48 Ana, 8053/I(7o14)545g88B3 (Fax) DATE: 01-21-13 REV.:2; 02-25-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 92 91 5,3 2 2 EXHIBIT A PAGE 5 PS OMAS EXHIBIT `131' LEGAL DESCRIPTION Caltrans Parcel No. 22188-2 Temporary Construction Easement APN 118-171-040 In the City of Corona, County of Riverside, State of California, being a portion of Tract 2687, as said tract is shown on that map, filed in Book 48 of Maps, Pages 65 and 66, in the office of the County Recorder of said county, described as follows: Beginning at the northwesterly corner of said tract; thence South 07°58'00" West 1.60 feet along the westerly line of said tract to a point thereon, said point being the True Point of Beginning; thence South 81°25'05" East 172.93 feet to a point on the northerly prolongation of the centerline of Grant Avenue, also known as Magdalena Circle, as shown on said map; thence South 08°17'36" West 56.50 feet along said centerline and its northerly prolongation to a point on said centerline; thence North 81 °25'05" West 27.78 feet; thence North 33°28'29" West 26.94 feet; thence North 81°25'05" West 127.00 feet to a point on said westerly line; thence North 07°58'00" East 36.50 feet along said westerly line to the True Point of Beginning. Containing 7,043 square feet. See Exhibit `132' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. PA2PTG010501\SURVEY\LEGALS\22188-22190_APN_I18-171-025,026,039,&040\Legals\22188-2-TCE.doc 1/21/2013 Page 1 of 2 98 EXHIBIT A, PAGE 6 PS OMAS Prepared under the direction of l 2/--I3 Brian E. Bullock, PLS 5260 Date PA\2PTG010501\SURVEY\LEGALS\22188-221 90_APN_118-171-025,026,039,&040\Legals\22188-2-TCE.doc 1/21/2013 Page 2 of 2 99 EXHIBIT A, PAGE 7 EXHIBIT B2 PARCEL# TITLE AREA APN 221 88-2 TCE 7043 SQ.FT. 1 1 8-1 71 -040 .i, ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL / C/L STATIONING I 1 1 I 1 1 1 1 7 8 9 280 1 2 3 4 EXISTING R/W �22188- ) PROPOSED R/W POB S81 °54'57"E 360.80' . - S79°02159"E 311 .39' — _ _ - TPOB - - _ - I "C" -- ... 1 I1-_ STREET _ _\\ I (A.K.A. SOFIA LANE) --- -�r /-_� I l 118-171-040 '� y -- /- r NI co• --- I�------ -� - m�------�I—� 1 118-171-039 8 118-171-026 q 118-171-025 1 I —1 I —1 ^ ?-� " Q i j —1 • c Q z �1 I NI ti 14.1 Q �� � w' _^ 1 1 18-1 71 -041 QWWII ,- YQU J JI 1 18-1 71 -038 1 1 18- 1 71-027 1 R z Q b 1 18-1 71-024 p 00 1 D 1 —1 Q ri L) _l 1 O -1 ; J_i J M co O^ I -i --- Q UI LT Q m if) O in W, nl -IUI Q W, 1 1 18-1 1 18-1 71-037 118-171-028 1 1_ 118-171-023 O o —1 71-042 1- 1 6 0 ;, I --1 I J n- r 1` J Q 0 1--)1 LOT 10 1 p 1^ O 1 1 1 1 1 Q 1 _j , 1 Q, O a0 Z I `Q I` 1 , S c) r.-,r W Q 1 o 1 118-171-036 m1 ! ` — 1 Y `' N' co ^ NI 1 �\11, -1 ,. 1 1 118-171-043 1 118-171-022 O 1 �I 1 o 1 �Ir31 pi 118-171-029 q1 Q Q oin -- 1 -1 11 11 U 1 W ��� \�J' S \ 1 16, ro N81 ° 56'00W --- 1 t`l �S 118-171-035 -IC311 ,l1 60 1 118-171-044 j Q 118-171-030 20.00' DOC° NO. 1- 2010- 91 0043661 ai O.R.i -1 118-171-021 ,z 1118-1 71-045 �11 1 O o 4 1 18-1 71-034 \2 11 118-171-031 1_1 (i 1 0 118-171-02001 o LEGEND _II _II 1 0 POB Indicates Point Of Beginning 9 9 I LOT 14 1 co 00 1 1 1 18- 1 71-019 O -- TPOB Indicates True Point Of Beginning 1 118-171-032 1 _1 v) ^ (R) Indicates Radial Bearing ( )Title to State II 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain ground 2 2 1 TEMPORARY CONSTRUCTION 8 8- 2 EASEMENT distances. All distances are in feet unless otherwise noted. FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa (714)481Ana, 8053/(714)545-8883 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 1 nn 91 5.3 1 2 EXHIBIT A, PAGE 8 EXHIBIT B2 PARCEL# TITLE AREA APN 221 88-2 TCE 7043 SQ.FT. 1 1 8-1 71 -040 ROUTE 91 RIVERSIDE FREEWAY EXISTING R/W POB °54'57"E S81 360.80' S81 °25'05"E 1 72.93' —__-/77\ 0 0 TPOB C22188-2� (.O Ln 0 - - - -1-, l9 I .,, "C" STREET N81 °25'05"W C (A.K.A. SOFIA LANE) N33°28'29"W 1 27.00' \ \ 26.94' LO M or— � 'wo_ in CO cn o 7 CO coI 118-171-040 o w i I� 27.78' 20' N81 ° 25'05 W w r` 03 8 I I pp 1 o f Z i j \/ 36b� O .R ` L 2p1 �� �OA '2D -1I J U Y Q Q J I NO o ,r. -60 J., 00 Z �- QOC' -isal; �1sjo Q J 0 " ' ca Q o cz i Q 1 1 8- 1 71 -041 -3> 3 30' o I �� 1 ti LEGEND 0o POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State JJJ__L Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 1 2 2 1 TEMPORARY CONSTRUCTION 8 Q U- 2 EASEMENT distances. All distances are in feet unless otherwise noted. ' FEET 0 15 30 60 90 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santo (714)481Ana, 8053/(7114)545-8883 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V i rn 91 5.3 2 2 EXHIBIT A, PAGE 9 -SR--91 W/ ATOLL bk SR-9-1 E/-B T-0L1,LAI- National Community Renaissance of California 118-171-040 1 PWFE (WALL FOOTI NG) 634 SF TCE (TEMPORARY CONSTRUCTION) 7,043 SF 102 ATTACHMENT 4 RESOLUTION NO. 14-030 RESOLUTION OF NECESSITY FOR THE ACQUISITION OF FEE, PERMANENT WALL FOOTING EASEMENT AND TEMPORARY CONSTUCTION EASEMENT INTERESTS IN PORTIONS OF CERTAIN REAL PROPERTY, BY EMINENT DOMAIN, MORE PARTICULARLY DESCRIBED AS ASSESSOR PARCEL NOS. 118-171-026 AND 118- 171-039, LOCATED IN CORONA, RIVERSIDE COUNTY, CALIFORNIA, FOR THE STATE ROUTE 91 CORRIDOR IMPROVEMENT PROJECT, WHICH COVERS THE AREA BETWEEN PIERCE STREET ON THE EAST TO THE COUNTY LINE ON THE WEST, IN RIVERSIDE COUNTY, CALIFORNIA WHEREAS, the Riverside County Transportation Commission (the "Commission") proposes to acquire fee, permanent wall footing easement and temporary construction easement interests in portions of certain real property, located in Riverside County, California, more particularly described as Assessor Parcel Nos. 118-171-026 and 118-171-039 (CPNs 22189-1, 22189-2 and 22189-3) for the State Route 91 Corridor Improvement Project in Riverside County, California, pursuant to the authority granted to it by section 130220.5 of the California Public Utilities Code; and WHEREAS, pursuant to section 1245.235 of the California Code of Civil Procedure, the Commission scheduled a public hearing for Wednesday, September 10, 2014 at 9:30 a.m., at the County Administration Building, Board of Supervisors Chambers, at 4080 Lemon Street, Riverside, California, and gave to each person whose property is to be acquired and whose name and address appeared on the last equalized county assessment roll, notice and a reasonable opportunity to appear at said hearing and be heard on the matters referred to in section 1240.030 of the California Code of Civil Procedure; and WHEREAS, said hearing has been held by the Commission, and the affected property owner and other interested parties were afforded an opportunity to be heard on said matters; and WHEREAS, the Commission may now adopt a Resolution of Necessity pursuant to section 1240.040 of the California Code of Civil Procedure; NOW, THEREFORE, THE COMMISSION DOES HEREBY RESOLVE AND DECLARE AS FOLLOWS: Section 1. Compliance with California Code of Civil Procedure. There has been compliance by the Commission with the requirements of section 1245.235 of the California Code of Civil Procedure regarding notice and hearing. Section 2. Public Use. The public use for fee, permanent wall footing easement and temporary construction easement interests in portions of certain real property to be acquired is for the SR-91 Corridor Improvement Project in Riverside County, California. Section 130220.5 of the California Public Utilities Code authorizes the Commission to acquire, by eminent domain, property necessary for such purposes. 103 Section 3. Description of Property. Attached and marked as Exhibit "A" are the legal definitions, legal descriptions and plat maps of the portions of the parcel upon which the fee, permanent wall footing easement and temporary construction easement interests to be acquired by the Commission are located, and which describe the general location and extent of the property with sufficient detail for reasonable identification. Section 4. Findings. The Commission hereby finds and determines each of the following: (a) The public interest and necessity require the proposed project; (b) The proposed project is planned or located in the manner that will be most compatible with the greatest public good and least private injury; (c) The property defined, described and/or depicted in Exhibit "A" is necessary for the proposed project; and (d) The offer required by section 7267.2 of the California Government Code was made. Section 5. Use Not Unreasonably Interfering with Existing Public Use. Some or all of the real property affected by the interests to be acquired is subject to easements and rights of way appropriated to existing public uses. The legal descriptions of these easements and rights of way are on file with the Commission and describe the general location and extent of the easements and rights of way with sufficient detail for reasonable identification. In the event the herein described use or uses will not unreasonably interfere with or impair the continuance of the public use as it now exists or may reasonably be expected to exist in the future, counsel for the Commission is authorized to acquire the herein described interests subject to such existing public use(s) pursuant to section 1240.510 of the California Code of Civil Procedure. Section 6. More Necessary Public Use. Some or all of the real property affected by the interests to be acquired is subject to easements and rights of way appropriated to existing public uses. To the extent that the herein described use or uses will unreasonably interfere with or impair the continuance of the public use as it now exists or may reasonably be expected to exist in the future, the Commission finds and determines that the herein described use or uses are more necessary than said existing public use. Counsel for the Commission is authorized to acquire the herein described real property appropriated to such existing public uses pursuant to section 1240.610 of the California Code of Civil Procedure. Staff is further authorized to make such improvements to the affected real property that it determines are reasonably necessary to mitigate any adverse impact upon the existing public use. Section 7. Further Activities. Counsel for the Commission is hereby authorized to acquire the hereinabove described real property in the name of and on behalf of the Commission by 104 eminent domain, and counsel is authorized to institute and prosecute such legal proceedings as may be required in connection therewith. Legal counsel is further authorized to take such steps as may be authorized and required by law, and to make such security deposits as may be required by order of court, to permit the Commission to take possession of and use said real property at the earliest possible time. Counsel is further authorized to correct any errors or to make or agree to non- material changes in the legal description of the real property that are deemed necessary for the conduct of the condemnation action, or other proceedings or transactions required to acquire the subject real property. Counsel is further authorized to reduce or modify the extent of the interests or property to be acquired so as to reduce the compensation payable in the action where such change would not substantially impair the construction and operation for the project for which the real property is being acquired. Section 8. Effective Date. This Resolution shall take effect upon adoption. APPROVED AND ADOPTED this 10th day of September, 2014. Marion Ashley, Chair Riverside County Transportation Commission ATTEST: Jennifer Harmon, Clerk of the Board Riverside County Transportation Commission 105 106 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission. (The rights being acquired may be exercised mutually exclusive of each other.) "Fee," also known as fee simple or fee simple absolute, grants to RCTC absolute ownership of the portion of the property acquired. "Permanent Wall Footing Easement" grants to ROTC, including its successors and assigns, a permanent easement to construct, maintain, operate repair, alter, replace and remove footings, under, along and across the easement area. "Temporary Construction Easement (TCE)" refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such right shall be exercised for a period of 12 consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. 17336.02100\8415483.1 107 EXHIBIT A, PAGE 1 108 PS OMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 22189-1 Fee Acquisition APN 118-171-026 & 039 In the City of Corona, County of Riverside, State of California, being a portion of Tract 2687, as said tract is shown on that map, filed in Book 48 of Maps, Pages 65 and 66, in the office of the County Recorder of said county, described as follows: Beginning at the northwesterly corner of said tract; thence South 81 °54'57" East 218.43 feet along the northerly line of said tract to a point thereon, said point being the True Point of Beginning; thence easterly, continuing along said northerly line the following two (2) courses: 1) South 81°54'57" East 142.37 feet and 2) South 79°02'59" East 141.47 feet to a point thereon, said point being the northerly terminus of the centerline of Garfield Avenue, also known as Isabella Way, as shown on said map; thence South 08°17'36" West 3.41 feet along said centerline to a point thereon; thence North 77°32'51" West 118.79 feet; thence North 81 °25'05" West 165.22 feet to the True Point of Beginning. Containing 325 square feet. See Exhibit `A2' attached hereto and made a part hereof. This conveyance is made for the purpose of a freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. PA2PTG010501\SURVEY\LEGALS\22188-22190_APN_I 18-171-025,026,039,&040\Legals\22189-1-Fee.doe 1/21/2013 Pagel of 2 109 EXHIBIT A, PAGE 2 PS OMAS The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of /-2/-/3 Brian E. Bullock, PLS 5260 Date PA\2PTG010501 \SURVEY\LEGALS\22188-22190_APN_118-171-025,026,039,&040\Legals\22189-1-Fee.doc 1/21/2013 Page 2 of 2 110 EXHIBIT A, PAGE 3 EXHIBIT A2 PARCEL# TITLE AREA A P N 22189-1 FEE 325 SQ.FT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL / C/L STATIONING I I I I I I I I 7 8 9 280 1 2 3 4 EXISTING R/W (221 89-1 PROPOSED R/W POB S81 °54'57"E 360.80' _ S79°02'59"E 31 1 .39' - 218.43' T�POB --� - - ( \•-1 - _ — _ t 1—I � i-I� 1-1 F-I -k o - — .sr-- I i - �C' STREET _ — (A.K.A. SOFIA LANE) -- �� l 1 1 \ I //---- —I I LrJr 1_�_=�---� -1--'1 1— 1 18-1 71 -039 1 18- 1 71-026 j 1 18-1 71 -025 1 Q 1 t l .q—r- Q IO —1 ° 1 z --`1 o Q 'sr w o 1 1 18-1 71-041 � Y Q V1 1 18-1 71 -038 1— 1 18- 1 71-027 o z Q 1 1 18-1 71-024 O^ L • 0 Ct 1 r) 1 1 -1 W J —t M o 1 Q U1 r 1 >- Q m to>.- - O Di —ILII Q Li1 In W1 1 18-1 71-042 1 18-1 71 -037 118-171-028 1_118-171-023 —1 o _l 1— 1 6Q � I —11 1 1 q r� ICI 1 J 0 1 --1I LO-r 10 1 p -i J Q^ OI 1 QI -1 -1 IQ1 6`OP Q O op Z s 1 1 1` I t -J W Q n1 118-171-036 mlNl L13�� c -1 Yi" N ° ^ ^ Ni 1A,�j' ^I 1 1 18-1 71-043 1 118- 1 71-022 1— 1 01 J of 1 118-171-029 of Q Q 9 � - - 1 -1 CIS 00 ' t C7 1 S _ � �� N81 ° 56100"IW --- ! � 1 ,11 118-171-035 —ICI N 1 60' —'1 ro 1118-171-044 Q 118-171-030 1 � 20.00 DOC. NO. 1i �- 2010- 91 0043661 bi O.R.i � 118-171-021 z 1 1 1 '�I Q 1 I N rn 1118-1 71-045 `� v 1 18-1 71-034 L 118-171-020 O o \�� 1 18- 1 71 -031 _ C� 0 LEGEND ?; of t 0 POB Indicates Point Of Beginning 1 LOT 14 1118-171-019 w o p TPOB Indicates True Point Of Beginning 1 118-171-032 1 cn ^ (R) Indicates Radial Bearing ( ) Title to State 1 1 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 FEE ACQUISITION 8 9- 1 distances. All distances are in feet unless otherwise noted. ' i FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200Santo (714)481Ana, 8053/(714)545-8883 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT --- COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 111 91 5.3 1 2 EXHIBIT A, PAGE 4 EXHIBIT A2 PARCEL# TITLE AREA APN 22189-1 FEE 325 SQ.FT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY / C/L STATIONING 9 280 1 2 LINE TABLE L1 - SO 8°17'36"W 3.41' EXISTING R/W POB TPOB (22189-1 PROPOSED R/W - S81 °54'57"E 360.80' - S79°02'59"E 31 1 .39' k_____ 218.43' - 142.37' 141.47' T— I `o 1 1 8.79' iVent _ 41C"T STREET N — — i A.K.A. SOFIA LANE)N77°32'51"WI- — — - ' LOT 21 --r— — : — — _ _---- � 4 in o � I� �q 1 1 — 1-1 1 18-1 71-1040 — -r 1� 1 1 18-1 71-026 l oT a eo 1 LOT 22 I 118-171-039 " I 1.-Li \ 1 — — 7-- , b I ,�J a- I Co W 0' �' LOT 9 1 o-r 23 Q Q --.1 1 18-1 71-038 , _ � o Lc)1 I 14.1 o 118-171-041 �V�, ��r ��I CJ 118-171-027 z Q oo iQ Z 1 1 cr n �• ' ! I G � U j , 1_OT 20 j - 1 I J Q -J \vf I 2 } I C� DOC . NO. 201 0— >-i 004 1-Li I 3661 O.R. o W W CO o ILD J J 1 18-1 71-042� 1 118-171-037 ... 1 18-1 71-028 Q N- ^ 11- QI ct l o �Q Q 01 r ao 1 1- 1 1 LOT 19 LOT 10 CD Q ^ I I 1 1 LEGEND I ; I I • IN 1 szE POB Indicates Point Of Beginning 118-171-0316 118-171-029 �- I' TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing LOT la 1 1 LOT 11 I-1 1-1 ( )Title to State J_J_L1_ Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 FEE ACQUISITION 1 8 9- 1 distances. All distances are in feet unless otherwise noted. I i I FEET 0 30 60 120 180 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santo California (714)481n 8053/(7114)54592707 8883 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 1 7 91 5.3 2 2 EXHIBIT A, PAGE PS OMAS EXHIBIT `BF LEGAL DESCRIPTION Ca'trans Parcel No. 22189-2 Permanent Wall Footing Easement APN 118-171-026 & 039 In the City of Corona, County of Riverside, State of California, being a portion of Sofia Lane ("C" Street, Lot "D") as shown on the map of Tract No. 2687, filed in Book 48, Pages 65 and 66 of Maps, in the office of the County Recorder of said county, said portion of Sofia Lane having been vacated by Resolution No. 97-43 of The City of Corona recorded .tune 24, 1997 as Document No. 222392 of Official Records of said County, described as follows: Beginning at the northwesterly corner of said Tract No. 2687; thence South 81 °54'57" East 172.94 feet along the northerly line of said Tract No. 2687 to the intersection of said northerly line with the northerly prolongation of the centerline of Magdalena Circle (Grant Avenue) as shown on said Tract No. 2687, said intersection also being the True Point of Beginning; thence continuing South 81 °54'57" East 45.49 feet along said northerly line; thence South 81 °25'05" East 165.22 feet; thence South 77°32'51" East 118.79 feet to the centerline of Isabella Way (Garfield Avenue), as shown on said Tract No. 2687; thence South 08°17'36" West 3.51 feet along said centerline; thence North 77°32'51" West 72.88 feet; thence North 79°15'22" West 47.58 feet; thence North 81 °25'05" West 208.96 feet to said northerly prolongation of the centerline of Magdalena Circle; thence North 08°17'36" East 4.42 feet along said northerly prolongation to the True Point of Beginning. Containing 1,452 square feet. See Exhibit 132' attached hereto and made apart hereof. M:12PTG0105011SURVEYILEGALS122188-22190 APN_118-171-025,026,039,&04011,ega1s122189-2-PE.doe 3/12/2014 Page 1 of 2 113 EXHIBIT A, PAGE 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of rya 3 . r 1. 2 (4- Jeremy L. Evans, PLS 5282 Date N1:12 PTG 01050115URVEYILEGAL5122188-22190_APN_118-171-025,026,039,&0401Legals122189-2-PE.doe 3/3/2014 Page 2 of 2 114 EXHIBIT A, PAGE 7 EXHIBIT A2 PARC ELit TITLE AREA A P N 22189-2 ESMT 1452 SOFT. 118-171-026 & 039 ROUTE 91 RI VERSDE FREEWAY Y SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL / C/L STATIONING I 1 1 1 1 1 I 1 7 8 9 280 1 2 3 4 EXISTING R/W (22189-2 PROP05ED R/W POB 581°54'57"E 360.80" �S79°02'59"E 311.39' 1 72.94' r TP ` ~� `_ _ - -'-("C" STREET) -� I SOFIA LANE ,------_____ LOT 7 1 1 118-171-040 `q �r _�'-+- ~ � --.-��,� CO — /"----_4._ V [� i- I I -� .�- - q 1 18- 1 71 -039 a 11 1 1 18-1 71-026 1 18-1 7P 025 1 z w 1 - -. u W , I? 1 cl' w 1 ]8-171-041 1 -t- 118-1 71-038 1 1 118-171-027 8 i Z - i 1 ]8-171-024 rroo O 1- _tI Qti p _Jr -t , m 00 }.- g 4 13' 1 >- 1 Q --J 1 1) }- - va- O i�t ^1LJ1 w � 1 18- 1 71 -092 € 1 18- 1 71 -037 118-171-028 ~) 1 UJ '� ]]8-171-023 o 60. 1 -J 1 1 °- -� F01-JI 1 OT 10 p W �I Q 01 i t _1 -11"1 r�JQ 1 �i 1 1 1 18-1 71-- 036 I C. 0, `' O co •- NI ,11 1 ^INI ��' ---. I N I I 1 18-1 71-043 ;, 1 1 -1°I 1 118-171-022 o I I I o 1 1 0 118-171-029 bI � q in 1 IA° ' -1 1 -1 1 (7 1 t~ i N81 ° 56'00"W _ _ _ _J -0 1 e' r 1 18-1 71-035 - 1 i`l 60' - in 1 18-1 71-044 I - 1 1(.1 1 18- 1 71-030 1 1- 20. 00' �DOC. NO �11 z 2010- g111 0043661 b1 O.R. 1118-171-021 f '� � 1 1 I 1 1 ,1 1118-1 71 045 Cr 1 -1 o "s .4, € P 18-1 71-034 -' 1 � 118-171-020 of �n 1� 1 -) 118--171-031 ;- ( j 1 n O LEGEND i-] _.1 1 O 1 _t 1 0 ti 1 1 ° POB Indicates Point Of Beginning ��r 1 , �0 118-171-032 1- I 118-171-019 p TPOB Indicates True Point Of Beginning 1 I 1 _1 cn (R) Indicates Radial Bearing ( ) Title to State 1 1 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 PERMANENT WALL 1 8 9- 2 FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. I I FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa (714)48 Ana, 8053/(7a19)545g 8883 (Fax) DATE: 01-21-13 REV.:2; 02-25-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R IV 117, 91 5.3 1 2 EXHIBIT A PAGE 8 EXHIBIT B2 PARCEL# TITLE AREA APN 22189-2 ESMT 1452 SO FT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING ` I I I � 9 280 1 2 LINE TABLE DETAIL "A" L1 - S08°17136"W 3.51' L2 - N08°17'36"E 4.42' EXISTING RAN 22189-2) PROPOSED R/W TPOB POB - 172.94' S81 ° 54 "57"E 360.801 7,---- S 79° 02'59"E 31 1 .39' 45.49v--` 581 °25'05"E 1 65.22' 577°32'51 "E 118.79' — — — — iminum - env . L2 N81 °25"05"W 208,96' � o ~'MIIME _ _ y� V �("C" STREET) 1�-- \ — SOF�IA LANE 7—� - _- — I/ — �I LOT 11 ��� Q -.E. L1 N ' ti Ir- o 1 47.58' 1 18-1 71-1040 — i i 1 18- ] 71 -026 LD r 8 co1 LOT ?.2 I 118-171-039 R Lu I� 1 € O p 1 '. � r j t1 S J b�� NI- -' r °o W 118-171-038 111. LOT 7 LOT 73 1 � �6�' �' U I 1 W , N ; 1 1 8- 1 71 -041 z 1Z " € 1 18- ] 71 -027 Z 11- Z i ct �� I � 5�'� I 1 O f 20 j ,- I LET 24 I DOC. NO. 201 0- wll 0043661 O.R. o i w IC N I Ii) - 1 18-171 -Io4z 1 118-171-037 -(I 1 18-1 71-028 --1 - Ik- I -::(I ct w - 1 60' 1 OI 1 cr.) co1- 1 LOT 19 1 LOT t o L7 N 1 ._ � !n :IT 1 LEGEND ' i„ '- POB Indicates Point Of Beginning 118-171 0316 1 1 18-1 71-029 i i_1 TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing LOT 13 1 LOT 11 � � i_1 ( } Title to State J_LL1_ Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 PERMANENT WALL S 9- 2 FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. i I FEET 0 30 60 120 180 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 266 (714(481n 6�053/(714)345-8883 (Fax) DATE: 01-21-13 REV,:2; 02-25-14 EA: OF540 FAtt: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V H 6 91 5.3 2 2 EXHIBIT A PAGE 9 PS OMAS EXHIBIT `CV LEGAL DESCRIPTION Caltrans Parcel No. 22189-3 Temporary Construction Easement APN 118-171-026 & 039 In the City of Corona, County of Riverside, State of California, being a portion of Tract 2687, as said tract is shown on that map, filed in Book 48 of Maps, Pages 65 and 66, in the office of the County Recorder of said county, described as follows: Beginning at the northwesterly corner of said tract; thence South 81 °54'57" East 172.94 feet along the northerly line of said tract to a point thereon, said point being the intersection of said northerly line with the northerly prolongation of the centerline of Grant Avenue, also known as Magdalena Circle, as shown on said map; thence South 08°17'36" West 3.10 feet along said prolongation of said centerline to a point thereon, said point being the True Point of Beginning; thence South 81 °25'05" East 210.57 feet; thence South 77°32'51 " East 118.92 feet to a point on the centerline of Garfield Avenue, also known as Isabella Way, as shown on said map; thence South 08°17'36" West 49.34 feet along last said centerline to a point thereon; thence North 77°58'55" West 30.77 feet; thence North 36°13'39" West 19.61 feet; thence North 77°32'51" West 75.77 feet; thence North 81 °25'05" West 164.01 feet; thence South 54°08'06" West 28.56 feet; thence North 81 °25'05" West 24.65 feet to a point on said centerline of Grant Avenue; thence North 08°17'36" East 56.50 feet along last said centerline and said northerly prolongation of last said centerline to the True Point of Beginning. Containing 13,209 square feet. See Exhibit `C2' attached hereto and made a part hereof. PA2PTG010501 \SURVEY\LEGALS\22188-22190_APN_118-171-025,026,039,&040\Legals\22189-3-TCE.doc 1/21/2013 Page 1 of 2 117 EXHIBIT A, PAGE 10 1 PS OMAS The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of /-2/- /3 Brian E. Bullock, PLS 5260 Date PA2PTG010501 \SURVEY\LEGALS\22188-22190_APN_ 118-171-025,026,039,&040\Legals\22189-3-TCE.doe 1 /21 /2013 Page 2 of 2 118 EXHIBIT A, PAGE 11 EXHIBIT C2 PARCEL# TITLE AREA APN 221 89-3 TCE 13209 SOFT. 1 1 8-1 71 -026 & 039 ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL / C/L STATIONING 1 I 1 1 1 I I 1 7 8 9 280 1 2 3 4 EXISTING R/W (22189-3) PROPOSED R/W POB S81 ° 54'57"E 360.80' — _ _ _ S79°02'59"E 31 1 .39' -_ - T P Oter- 1-t 1- 1-I -F 1- 1-1 - r I -r 1-1 - - r _ 1- "C" _.0_ - 1 STREET _ _ (A.K.A. SOFIA LANE) ------- -_ I I �_.-_- - _ _ _ _ _ I O_r % \ I 1 118-171-040 cl 1 1 r -te-+--t--�� 1 ` co -- / V/ -- -+- -' 1 18-1 71 -039 1 1 18-1 71 -026 0 1 118-171-025 o -1 1 1 1 - vr � '� -1 ° � Q 1 • YQU --1 J1 1 1 8-1 71-038 cN - 1 1 18-1 71-027 I- 1 z Q 1 1 18-1 71-024 M o co ^ 01 -1 Q • � �I QI -1 0 1 -1 ; -J -1 J IM co 00 �- 1 " Q UI >- Q m 1 to �- - vi- O 0p o J11 118-171-042 118-171-037 118-171-028 v) 118-171-023 � 1-1 6 0 1,,�j 1` J 0 1 0 1 -1 1 LOT 1 0 p -1 —1 0 1 Q 1 -1 -1 1 Q 1 r' �- 10P J Q p 1 z 1 �� W1 p I to 1 1 1 18-1 71-036 m C) 1 � j1ff3/ '- 1 ;r O co _m NI t_l l �I -INI ,11>> Y� N I I , 118-171-043 1 I E 118-171-022 o I 1 � 1 QI >��1 QI 118-171-029 p1 Q QI o Ln - - i 1 1 W3 ' —1 i _II cD "jar 1" 10 ° N81 56 00 -- -! 1 118-171-035 1 -1C41 I (' I 60' -, i IW 118-171-044 Q 118-171-030 � 20.00 DOC° NO. 1- 2010- Ql 0043661 0i O.R.; -1 118-171-021 1z 1 '11 Q 1 t\l a, 1i18-171-045 DI -1 o v- aryl 118-171-034 1 18-1 71 -020 0 0 \n I - 1 18-1 71 -031 , i ( 1 0 LEGEND 1 ,, _1Y �o rZi _ POB Indicates Point Of Beginning 9 9 1 1 LOT 1�} 1 i � on co Q 1 18-1 71-019 p •- TPOB Indicates True Point Of Beginning 118-171-032 1 i -1 1 to •- (R) Indicates Radial Bearing ( ) Title to State JJJ__L Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 TEMPORARY CONSTRUCTION 8 9- 3 EASEMENT nl distances. All distances are in feet unless otherwise noted. I Iit I FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa (714)481Ana, 8053/(7114)545-8883 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 1 _9 91 5.3 1 2 EXHIBIT A, PAGE 12 EXHIBIT C2 PARCEL# TITLE AREA APN 221 89-3 TCE 13209 SOFT. 1 1 8-1 71 -026 & 039 LINE TABLE L 1 - S08° 1 7'36"W 3.1 0' L2 - S08° 1 7'36"W 49.34' L3 - N36° 1 3'39"W 1 9.61 ' L4 - S54°08'06"W 28.56' ROUTE 91 RIVERSIDE FREEWAY L5 - N08° 1 7'36"E 56.50' / C/L STATIONING 9 280 1 2 ROUTE 91 RIVERSIDE FREEWAY EXISTING R/W 22189-3) PROPOSED R/W POB S81°54'57"E 360.80' S79°02'59"E 311.39' 1 72.94' ---\ -F L1 - - t 1- I -h -1- 1-1 -1 -1- f 1-i o o� S81 25 05 E 21 0.57 0 - S77°32'51 "E .Mime - -\"C" STREET J TPOB (A.K.A. SOFIA LANE) 118.92' 1- _ - `l — , /_-- o --�-- �-- �- — y N81 25 05 W 161.01 LOT 21 L3 -- — -�� - - - - - 75,77' \ N77°32'51 "W N J N 0 i-' 1L. Q 1 18- 1 71-1040 \ L4 — 1 — c 1� I I � 1 18-1 71-039 1 1 LD-r 8 % c_° 1 LOT 22 o4.65 Ni81 25 05 W 118-171-026 00.77 N77 58 515 W w � 1 _ _ j•Z '11 �� j1t 6 / ' NO I I CO w W 0' 5' LOT 9 LOT 23 1 Q Q 1 1 18-1 71-038 ,'_ i.o • --.1-1 I I L.V o I 118-171-041 Z ! `1 Q U »� � (Yi NO l ( 118-171-027 � Z Q I� IQ ) OZ \ I c C7 Q• � � (--)1 ri. ' 1_ O r _I CJ I I I � � oo - 1- 1 Q Q 1 1 I LOT 2,1 DOC. NO. 2010- >- 0043661 O.R. o W1 '� l 1-Li � w CO N Ito �I `, _� � 1 1 18-1 71-042 118-171-037 118-171-028 Q - 11- I Q1 cc � IQ 60 I Q oo - I LOT 19 NI LOT 10 CD • Q ^ 1 1 1 I LEGEND 1 • I" POB Indicates Point Of Beginning 118-171-0316 1 1 18-1 71-029 Q TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing LOT 18 1 1 LOT 11 10 1-1 ( ) Title to State J_L_LL Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 TEMPORARY CONSTRUCTION 8 9- 3 EASEMENT distances. All distances are in feet unless otherwise noted. FEET 0 30 60 120 180 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa (714)481Ana, 8053/(7114)545-8883 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 120 91 5.3 2 2 EXHIBIT A, PAGE 13 -SR=91-W/B TOLLIANE SOFI A LANE National Community Renaissance of California 118-171-026, 118-171-039 { II SR-91 E/ B FEE 325 SF PWFE (WALL FOOTI NG) 1,452 SF TCE (TEMPORARY CONSTRUCTION) 13,209 SF 121 ATTACHMENT 5 RESOLUTION NO. 14-031 RESOLUTION OF NECESSITY FOR THE ACQUISITION OF FEE, PERMANENT WALL FOOTING EASEMENT AND TEMPORARY CONSTUCTION EASEMENT INTERESTS IN PORTIONS OF CERTAIN REAL PROPERTY, BY EMINENT DOMAIN, MORE PARTICULARLY DESCRIBED AS ASSESSOR PARCEL NO. 118-171-025, LOCATED IN CORONA, RIVERSIDE COUNTY, CALIFORNIA, FOR THE STATE ROUTE 91 CORRIDOR IMPROVEMENT PROJECT, WHICH COVERS THE AREA BETWEEN PIERCE STREET ON THE EAST TO THE COUNTY LINE ON THE WEST, IN RIVERSIDE COUNTY, CALIFORNIA WHEREAS, the Riverside County Transportation Commission (the "Commission") proposes to acquire fee, permanent wall footing easement and temporary construction easement interests in portions of certain real property, located in Riverside County, California, more particularly described as Assessor Parcel No. 118-171-025 (CPNs 22190-1, 22190-2 and 22190-3) for the State Route 91 Corridor Improvement Project in Riverside County, California, pursuant to the authority granted to it by section 130220.5 of the California Public Utilities Code; and WHEREAS, pursuant to section 1245.235 of the California Code of Civil Procedure, the Commission scheduled a public hearing for Wednesday, September 10, 2014 at 9:30 a.m., at the County Administration Building, Board of Supervisors Chambers, at 4080 Lemon Street, Riverside, California, and gave to each person whose property is to be acquired and whose name and address appeared on the last equalized county assessment roll, notice and a reasonable opportunity to appear at said hearing and be heard on the matters referred to in section 1240.030 of the California Code of Civil Procedure; and WHEREAS, said hearing has been held by the Commission, and the affected property owner and other interested parties were afforded an opportunity to be heard on said matters; and WHEREAS, the Commission may now adopt a Resolution of Necessity pursuant to section 1240.040 of the California Code of Civil Procedure; NOW, THEREFORE, THE COMMISSION DOES HEREBY RESOLVE AND DECLARE AS FOLLOWS: Section 1. Compliance with California Code of Civil Procedure. There has been compliance by the Commission with the requirements of section 1245.235 of the California Code of Civil Procedure regarding notice and hearing. Section 2. Public Use. The public use for fee, permanent wall footing easement and temporary construction easement interests in portions of property to be acquired is for the SR-91 Corridor Improvement Project in Riverside County, California. Section 130220.5 of the California Public Utilities Code authorizes the Commission to acquire, by eminent domain, property necessary for such purposes. 122 Section 3. Description of Property. Attached and marked as Exhibit "A" are the legal definitions, legal descriptions and assessor parcel map of the portion of the parcel upon which the fee, permanent wall footing easement and temporary construction easement interests to be acquired by the Commission are located, and which describe the general location and extent of the property with sufficient detail for reasonable identification. Section 4. Findings. The Commission hereby finds and determines each of the following: (a) The public interest and necessity require the proposed project; (b) The proposed project is planned or located in the manner that will be most compatible with the greatest public good and least private injury; (c) The property defined, described and/or depicted in Exhibit "A" is necessary for the proposed project; and (d) The offer required by section 7267.2 of the California Government Code was made. Section 5. Use Not Unreasonably Interfering with Existing Public Use. Some or all of the real property affected by the interests to be acquired is subject to easements and rights of way appropriated to existing public uses. The legal descriptions of these easements and rights of way are on file with the Commission and describe the general location and extent of the easements and rights of way with sufficient detail for reasonable identification. In the event the herein described use or uses will not unreasonably interfere with or impair the continuance of the public use as it now exists or may reasonably be expected to exist in the future, counsel for the Commission is authorized to acquire the herein described interests subject to such existing public use(s) pursuant to section 1240.510 of the California Code of Civil Procedure. Section 6. More Necessary Public Use. Some or all of the real property affected by the interests to be acquired is subject to easements and rights of way appropriated to existing public uses. To the extent that the herein described use or uses will unreasonably interfere with or impair the continuance of the public use as it now exists or may reasonably be expected to exist in the future, the Commission finds and determines that the herein described use or uses are more necessary than said existing public use. Counsel for the Commission is authorized to acquire the herein described real property appropriated to such existing public uses pursuant to section 1240.610 of the California Code of Civil Procedure. Staff is further authorized to make such improvements to the affected real property that it determines are reasonably necessary to mitigate any adverse impact upon the existing public use. Section 7. Further Activities. Counsel for the Commission is hereby authorized to acquire the hereinabove described real property in the name of and on behalf of the Commission by 123 eminent domain, and counsel is authorized to institute and prosecute such legal proceedings as may be required in connection therewith. Legal counsel is further authorized to take such steps as may be authorized and required by law, and to make such security deposits as may be required by order of court, to permit the Commission to take possession of and use said real property at the earliest possible time. Counsel is further authorized to correct any errors or to make or agree to non- material changes in the legal description of the real property that are deemed necessary for the conduct of the condemnation action, or other proceedings or transactions required to acquire the subject real property. Counsel is further authorized to reduce or modify the extent of the interests or property to be acquired so as to reduce the compensation payable in the action where such change would not substantially impair the construction and operation for the project for which the real property is being acquired. Section 8. Effective Date. This Resolution shall take effect upon adoption. APPROVED AND ADOPTED this 10th day of September, 2014. Marion Ashley, Chair Riverside County Transportation Commission ATTEST: Jennifer Harmon, Clerk of the Board Riverside County Transportation Commission 124 125 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission. (The rights being acquired may be exercised mutually exclusive of each other.) "Fee," also known as fee simple or fee simple absolute, grants to RCTC absolute ownership of the portion of the property acquired. "Permanent Wall Footing Easement" grants to ROTC, including its successors and assigns, a permanent easement to construct, maintain, operate repair, alter, replace and remove footings, under, along and across the easement area. "Temporary Construction Easement (TCE)" refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such right shall be exercised for a period of 12 consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. 17336.02100\9125496.1 126 EXHIBIT A, PAGE 1 127 PS OMAS EXHIBIT `Al' LEGAL DESCRIPTION Ca'trans Parcel No. 22190-1 Fee Acquisition APN 118-171-025 In the City of Corona, County of Riverside, State of California, being a portion of Lot 7 of Tract No. 2687 as shown on the map filed in Book 48, Pages 65 and 66 of Maps, records of said County, together with those portions of Isabella Way, (Garfield Avenue, Lot "I"), Sofia Avenue, ("C" Street, Lot "D") and the alley shown as Lot "J" of said Tract No. 2687, vacated and abandoned by Resolution No. 97-43, recorded June 24, 1997 as Instrument No. 222392 of Official Records of said County, lying adjacent to said Lot 7, which would pass by operation of law upon conveyance, described as follows: Beginning at the northeasterly conger of said Tract No. 2687; thence South 08°04'00" West 7.88 feet along the easterly line of said Tract No. 2687; thence North 77°32'51" West 117.34 feet; thence South 12°27'09" West 1.50 feet; thence North 77°32'51" West 10.00 feet; thence North 12°27'09" East 1.50 feet; thence North 77°32'51" West 42.87 feet to the centerline of said Isabella Way; thence North 08°17'36" East 3.41 feet along said centerline to the northerly line of said Tract No. 2687; thence South 79°02'59" East 169.91 feet along said northerly line to the Point of Beginning. Containing 973 square feet. See Exhibit `A2' attached hereto and made a part hereof. This conveyance is made for the purpose of a freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. M:12PTG0105011SURVEYILI GALS122188-22190 APNW118-171-025,026,039,&0401LegaIs122190-1-Fee.doe 3/12/2014 Page 1 of 128 EXHIBIT A, PAGE 2 PS OMAS The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of 3 r l . ear 4- Jeremy L. Evans, PLS 5282 Date M:12PTG0105011SURVEY LEGALS122188-22190_APN_118-171-025,026,039A0401Lega[s122190-1-Fee.doc 3/3/2014 Page 2 of 2 129 EXHIBIT A, PAGE 3 EXHIBIT A2 PARCEL# TITLE AREA APN 221 90T-1 PEE 973 SQ.FT. 1 1 8--1 71 -026 & 039 -ii ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 / C/L STATIONING FOR DETAIL 1 4 1 1 I i I 7 8 9 280 1 2 3 4 EXISTING R/W EXISTING R/W PROPOSED R/W 221 90-1 - S81 ° 54 "57"E 360.80' - S79° 02'59"E 31 1 .39' POB l _-_ _ - --1-��"C" STREET) -o _ 1 SOFIA LANE -- -- _ _ _�c�:1._ ----____- 7__ 1118-171-040 "\_- �� cs) ��3----- 1 r- _ �� 1 1� 0 1 b 1 � 18-171-039 q 118-171-026 118-171-025 1 Z Ili I — .r- i Q i � I -1 � W� I q 01 I -� I� I 1 Q w o0 1 118-171-041 � ❑C U 118-171-038 118-171 027 0 > - 1 118-171-024 in ,- 1 I I Q U -1 -1 j 1 1 ro co col �I 1 s • 11 n 1 o 0 �1 - in I W ]18-171-042 1 ]]8-171-037 Li UI 118-171--028 I -1 W 118-171-023 114.1 a o ^ o �11 1 60 _;�I 1 1�1 _11 1 �1-1I L�r Jo ❑ m iJ a O I -1 -1 1 rr7 1i 1 o� zI 1 �� O in ]18-171-036 L°I�1 r+t iN oo - ni � �1I C -IN 1��,� 11 1 1 1 18-1 71-043 I c 1 l- 118-171-022 1 0 1 ;, 1 ?. J 1- 1 1 1 18-1 71-029 q 1 Q I Q 1 u1 - 1 ° _1 _I 1 C7 3 I � i~ N81 ° 56'00"1W -J -- .t) I 118-171-035 1I NI 60' -1 II 1n 1118-171-044 1 Q iri 118-171-030 20.00 1" 1DOC. N0. , 1 201 0 �1 0043661 'DI O.R.I 1 118-171--021� -� A€ � 1 I 1 �1 - rn 1118-171-045 Cc1 p m ,sr , 1 118-171-034 -1 -1 , 1-o 118-171-020 1 vQ 1� 1 118--171-031 -» C� c) o 0 LEGEND 1 _ii 1 _1, o - POB Indicates Point Of Beginning 1 LD7 14 1 11-- 0 o m 118-171-032 118-171--019 o �- TPOB Indicates True Point Of Beginning j € 1 i •- (R) Indicates Radial Bearing C----) Title to State I I I I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 FEE ACQUISITION 1 9 ®- 1 distances. All distances are in feet unless otherwise noted. FEET Q 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Dr'iye, Ste. ZOO 2767 (71nta 4)4B1n 8D53/(7a14)545rnio 98BB3 (Fax) DATE: 01-21-13 REV.: 2; 02-25-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 130 91 5.3 1 2 EXHIBIT A PAGE 4 EXHIBIT A2 PARCEL# TITLE AREA APN 221 90-1 FEE 973 SQ.FT. 1 1 8-1 71 --025 LINE DATA BEARING DISTANCE L1 N77°32'51 "W 42.87` L2 N12°27'09"E 1 ,50' L3 N77° 32'51 "W 1 O.QQ' L4 S12°27'09"W 1.50` 118-171-047 DETAIL "A" EXISTING RAN N08° 1 7`36HE 3.41' ROUTE 91 RIVERSIDE FREEWAY PROPOSED R/W S79°02'59"E 311.39' POB C () �.11:1110 - - -_- _ _ "W 7.88' �a _ _ _N77°32'51 ALLEY �LOi 71,j„---- 1_1 7.34' - --- 0o L1 i L4 L T l (221 90- 1 - ~- _ >� 5- k I ' /� DOC. NO. 2010-0043661 O.R. VACATED AND ABANDONED PER 1- c) _ �- M 0") •zz- z � (fr � w` RES. NO. 97-43, REC'd 6-24-1 997 b r° AS INST. NO. 222392, O.R. 1r�J..� � o i w CO � .. O - c\I q �� I o W � I: c) -� \O' f 1 18-1 71-024 5-- Co o CAD a CC 1 '�i��c� VACATED AND ABANDONED w 00 30' PER RES. NO. 97-43, REC'D 6-24-1997 AS -.z NN r-- LEGEND INST. NO. 222392, O.R. 1 2 n POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State L.IJLJ- Access Prohibited NOTES Coordinates and bearings are on CGS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 FEE ACQUISITION 9 �j V- 1 distances. All distances are in feet unless otherwise noted. f FEET 0 15 30 60 90 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 2707 (711n a4)9448180534715458883 (Fax) DATE: 01-21--13 REV.: 3; 02-25-14 EA: 0E540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 t I V 131 91 5.3 2 2 EXHIBIT A, PAGE 5 PS OMAS EXHIBIT `BP LEGAL DESCRIPTION Ca'trans Parcel No. 22190-2 Permanent Wall Footing Easement APN 118-171-025 In the City of Corona, County of Riverside, State of California, being a portion of Lot 7 of Tract No. 2687 as shown on the map filed in Book 48, Pages 65 and 66 of Maps, records of said County, together with those portions of Isabella Way, (Garfield Avenue, Lot "I"), Sofia Avenue, ("C" Street, Lot "D") and the alley shown as Lot "J" of said Tract No. 2687, vacated and abandoned by Resolution No. 97-43, recorded June 24, 1997 as Instrument No. 222392 of Official Records of said County, lying adjacent to said Lot 7, which would pass by operation of law upon conveyance, described as follows; Beginning at the northeasterly corner of said Tract No. 2687; thence South 08°04'00" West 7.88 feet along the easterly line of said Tract No. 2687, to the True Point of Beginning; thence North 77°32'51" West 117.34 feet; thence South 12°27'09" West 1.50 feet; thence North 77°32'51" West 10.00 feet; thence North 12°27'09" East 1.50 feet; thence North 77°32'51" West 42.87 feet to the centerline of said Isabella Way; thence South 08° 17'36" West 3.51 feet along said centerline; thence South 77°32'51" East 170.22 feet to said easterly line; thence North 08°04'00" East 3.51 feet to the True Point of Beginning. Containing 581 square feet. See Exhibit `132' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean M:12PTG0105011SURVEYILEGALS122188-22190 APN 118-171-025,026,039,&0401Legals122190-2-PE.doc 3/12/2014 Page 1 of 2 132 EXHIBIT A, PAGE 6 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS oMAS combination factor for this conversion is 0.99997476. Prepared under the direction of CG�-no .3 • (1, ZD / 4- Jeremy L. Evans, PLS 5282 Date M:12PTG0105011Si1RVEYILEGALS122188-22190 APN_118-171-025,026,039,&0401Legals122190-2-PE.doe 3/3/2014 Page 2 of 133 EXHIBIT A, PAGE 7 EXHIBIT B2 PARCEL# TITLE AREA APN 221 90-2 ESMT 581 SQ.FT. 1 1 8-1 71 -026 & 039 .i, ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 / C/L STATIONING FOR DETAIL 1 1 1 1 1 1 1 1 7 8 9 280 1 2 3 4 EXISTING R/W PROPOSED R/W 22190-2 - S81 ° 54'57"E 360.80' S79°02159"E 31 1 .39' POB / - + 1-1-t + I -I + 1-1-1 - �T +' 1-1 -k - - - __ - -, 1 1 "C" S TREE T) ___SOFIA_LANE=__ `�___� — Eric__. I L� � ' „.---�' , ,i i �;F_j 1 .—^�T TPOIB 118-171-040 co 1-I o j b 1 118-171-039 _i 118-171-026 ! 118-171-025 7 i 1 M 1 Ww of �c\I 1 1 —.. W I� I I 'Kr~ " w e 1 18-1 71-041 1- 1 q t 1 18-1 71-038 1 1 1 18-1 71-027 o Z 1 18- 1 71 -024 I -- I Co �- .i 1 ? f Q �n 1 �` - O �J 1 o -J 118-171-042 •;-•1 11 118-171-037 118-171-028 € W 1_ 118--171-023 1i p ti 60' 1-'�11 I ti -I � �, -1 I L O T J O i Q c a 1 _1 � R �lI -1i' ���P 1Q o d -.J ,' to mill 118-171-036 MINI � i" CO N1I V\'-) ,I � IN 1 1 18-1 71-043 � L ,_ I cc 1 1- 1 18-1 71-022 I j 1 18 1 71-029 11 o -- I i �� a o � I I qi\�� �1 1 `60` 1 N81 °56'00"iW ---- �" 1 118-171-035 -' 118-171-030 �1 -. fv) 1 118-171-044 1 Ic9i 20.00' 1- -.1 1 ,_I 1DOCo NOa 1— 2010— , q 1 0043661 biI Oeo, Q R1 118-171-021 — z 1 �I Q 1 t�l 1 1118-1 71-045 Cr I 1 -1 o , I 1 18-1 71 -034 --rn 1 1 0 y� .� 118-171-031 1_1 C.i a 118--171-020 O LEGEND 11 1 �1 1 'V 1 — o Pp8 Indicates Point Of Beginning 1 LOT 14 1 o a co 118-171-032 q 118-171-019 - TPOB Indicates True Point Of Beginning 1 _i cn (R) Indicates Radial Bearing ( ) Title to State 1J_11L Access Prohibited NOTES Coordinates and bearings are an CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 PERMANENT WALL 9 0- FOOTING 2 EASEMENT distances. All distances are in feet unless otherwise noted. ' FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 290 to Aa, California 92707 (71,1)481n 805347114)545-8E63 (Fax) DATE: 01-21-13 REV.: 2; 02-25-14 EA: OF540 FM*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 1 91 5.3 1 2 EXHIBIT A, PAGE 8 EXHIBIT B2 PARCEL# TITLE AREA AP 221 90-2 ESMT 581 SOFT. 1 1 8-1 71 -025 LINE DATA BEARING DISTANCE 'il L1 N77°32'51 "W 42.87' L2 N12°27'09"E 1.50' L3 N77°32'51 "W 1 0.00` L4 S12°27`09"W 1,50' 118-171-047 DETAIL "A" N08° 1 7'36"E EXISTING R/W 3.41 ' ROUTE 91 RIVERSIDE FREEWAY PROPOSED R/W S79°02'59"E 311.39' L2 L4 POB AI A 1 69.91 ' _ 111h1._1 in o t08°17`36HE 1111111-11ThUllimuwu,IrW, 117.34' S77` 32'51 "E wt�luv. 7.88` AILLEY- r_0- trjn ` - _ 1 70.22� -=- 0\ 3,51' _ _ ��- L31 - r TPOB -___ --_ter --=±: � I LOT 1 '71- `- (22190-2 Lc, o ° o w ‹t. DOC , NO. 201 0-0043661 O.R. VACATED AND ABANDONED PER - c_-) .__--:o .,- 1n co c5, ,(- �i z j Q w CO RES. NO 97-43, REC'D 6-24-1997 TO AS INST, NO. 222392, O.R. , r-- to �0 ,�, 7.) o - �� , - 0 0 %''`' .O �,3 C a (.' �P' 118--171-024 o M "� CCO 'Y VACATED AND ABANDONED co 30' PER RES. N0. 97-43, REC'D 6-24-1997 AS N r� `_ � LEGEND INST. NO. 2223929 O.R. I ti POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 PERMANENT WALL 9 O- 2 FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. i FEET 0 15 30 60 90 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 n B053/Ifornia (714)545g2707 (714)4Ana, 8883 (Fax) DATE: 01 -21 -13 REV.: 3; 02-25-14 EA: OF540 FA#: DISTRICT COUNTY - ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 136 91 5.3 2 2 EXHIBIT A PAGE 9 PS OMAS EXHIBIT `C1' LEGAL DESCRIPTION Caltrans Parcel No. 22190-3 Temporary Construction Easement APN 118-171-025 In the City of Corona, County of Riverside, State of California, being a portion of Tract 2687, as said tract is shown on that map, filed in Book 48 of Maps, Pages 65 and 66, in the office of the County Recorder of said county, described as follows: Beginning at the northeasterly corner of said tract; thence South 08°04'00" West 11.39 feet along the easterly line of said tract to a point thereon, said point being the True Point of Beginning; thence South 08°04'00" West 36.61 feet continuing along said easterly line to a point thereon; thence North 77°32'51" West 123.75 feet; thence South 55° 17'25" West 23.89 feet; thence North 81 ° 19' 19" West 29.03 feet to a point on the centerline of Garfield Avenue, also known as Isabella Way, as shown on said map; thence North 08°17'36" East 56.07 feet along said centerline to a point thereon; thence South 77°32'51" East 170.23 feet to the True Point of Beginning. Containing 6,907 square feet. See Exhibit `C2' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. PA2PTG010501 \ SURVEY \LEGALS\22188-22190_APN_ 118-171-025,026,039,&040\Legals\22190-3-TCE.doc 1/21/2013 Page 1 of 2 136 EXHIBIT A, PAGE 10 PS OMAS Prepared under the direction of Brian E. Bullock, PLS 5260 Date PA2PTG010501 \SURVEY\LEGALS\22188-22190_APN_118-171-025,026,039,&040\Legals\22190-3-TCE.doc 1/21/2013 Page 2 of 2 137 EXHIBIT A, PAGE 11 EXHIBIT C2 PARCEL# TITLE AREA APN 22190-3 TCE 6907 SOFT. 118-171-025 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY / C/L STATIONING I I I I I I I I 7 8 9 280 1 2 3 4 SEE SHEET 2 PROPOSED R/W FOR DETAIL EXISTING R/W - S81 °54'57"E 360.80' POB S79°02'59"E 31 1 .39' - --- \, - - �ta� __ or��► - "C" -'` 1 STREET --`, (A.K.A. SOFIA LANE) I- - ' .--- __ _____ ---` -- 1 LOT i TPOB 1 1 1 118-1 71-040 N.- -- �t -r - m - - N 1 18-1 71-039 oil 1 18-1 71-026 t � I 1 18-1 71-025 , .. I o o 1 -t _i Q 1 I N Qwwi Q N W n --1- M I-'J ' 1 18-1 71 -041 Y Q Ui 1 18-1 71-038 1- 1 18-1 71-027 o z Q1 1- J 1 18-1 71 -024 ( o _,i Qo�i _,i -i i w _� 1 i,t co O co - 1' >-1 �� Q �l rr i >-1 Q Q to 1 I >-'(, o 1 N OO 1n 1 �i-1 wi 118-1 71-042 118-171-037 118-171-028 vli ,_ 118-171-023 i4% 0 6 0 t_I�j ri I` 1'_1 Q I- O I --11 1 L o-r 1 D J -t , J, _ O 1 IQ 1QI , Q IQ�` O m z �,--or (3/cam -J m OI In 118-171-036 mIOI j —1 � Y1 Imo`, 0� N1 N N -iNi ��,�� - w 1N 1 1 118-171-043 � �i cr Ql 118-171-022 1 O I �i c1 0 J 1 18- 1 71-029 Q �i o i cn - i }; l y0 , C3 '� � N81 °56'OO iW ---! i1-0- 1 18-1 71-035 - i N 60' - r' 1 1 18-1 71-044 Q is i 1 18- 1 71-030 1- 20.00 DOC. NO. 0 1- 2010- 91 0043661 ai O.R. 118-171-021 1118-171-045 •01 1i ��i ( 118-171-034 118-171-020 O O o yn 81 118-171-031 ,1 („)11a LEGEND _11 _II '' O 0 •- POB Indicates Point Of Beginning 1 ,or 1�� h a o 1 co 118-171-019 TPOB Indicates True Point Of Beginning 1 118-171-032 1 i s in -- (R) Indicates Radial Bearing ( ) Title to State LLLL Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain ground 2 2 1 TEMPORARY CONSTRUCTION 9 0- 3 EASEMENT distances. All distances are in feet unless otherwise noted. i FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa (714)481Ana, 8053/(7114)545-8883 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V --,09 1 5.3 1 2 EXHIBIT A, PAGE 12 EXHIBIT C2 PARCEL# TITLE AREA APN 221 90-3 TCE 6907 SOFT. 1 1 8-1 71 -025 ROUTE 91 RIVERSIDE FREEWAY 118- 1 71 -047 —Th EXISTING R/W PROPOSED R/W S79°02'59"E 311.39' POB TPOB Nz � c) _ — , S77°32'51 "E 1 70°23� -_,. --�.�. .' 11 .39' V► n.m _ W 03 - ro o z N- O Ln- 1 \ I . I .4 (0 N77°32'51"W—o ,`L _ � 12 �h i lrn0 — — — - � Z Q = DOC. NO. 2010-0043661 O.R. 29.03' 1 N81 ° 1 9'1 9"W ,- -r/0 I b-' Ps'; 1 0,> ---- -+ —7 ,r- ro M o m o - °o 1 I o N O� `- --I 1_,.. Q f to -.1I C� ��' Y. ^ .CJ I 05 � 'Q I- . 0�>' Q Q 0 � O m O M <1- IW Q`— —I 1 18-1 71 - 024 i J I m .- 30' i Q I O IN N_ i LEGEND I I I ,- POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( )Title to State J_L_LL Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 TEMPORARY CONSTUCTION 9 0- 3 EASEMENT distances. All distances are in feet unless otherwise noted. I FEET 0 15 30 60 90 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa Aa California 92707 (714)481n 8053/(7114)545-8883 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 139 91 5.3 2 2 EXHIBIT A, PAGE 13 National Community Renaissance of California 118-171-025 mouremaumbwiliegommti— MMONIMINOOMM—&". FEE 973 SF PWFE (WALL FOOTI NG) 581 SF TCE (TEMPORARY CONSTRUCTION) 3,229 SF SR- 9a E/-3 TOLL -LANE. la 14U ATTACHMENT 6 RESOLUTION NO. 13-011 A RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION AMENDING RESOLUTION OF NECESSITY NO. 13-011 TO ACQUIRE ADDITIONAL PROPERTY INTERESTS IN PORTIONS OF CERTAIN REAL PROPERTY, BY EMINENT DOMAIN, MORE PARTICULARLY DESCRIBED AS ASSESSOR PARCEL NOS. 115- 060-013, 115-060-015; 117-270-005 and 117-270-013 LOCATED IN CORONA, RIVERSIDE COUNTY, CALIFORNIA, FOR THE STATE ROUTE 91 CORRIDOR IMPROVEMENT PROJECT, WHICH COVERS THE AREA BETWEEN PIERCE STREET ON THE EAST TO THE COUNTY LINE ON THE WEST, IN RIVERSIDE COUNTY, CALIFORNIA WHEREAS, on June 12, 2013, the Riverside County Transportation Commission (the "Commission") adopted Resolution of Necessity No. 13-011 to acquire fee, permanent wall easement, permanent access easement, permanent utility easement and temporary construction easement interests (CPNs 22275-1, 22275-2, 22275-3, 22275-4, 22275-6, 22275-7 and 22275-8) in portions of certain real property, located in Riverside County, California more particularly described as Assessor Parcel Nos. 115-060-013, 115-060-015, 117-270-005 and 117-270-013 ("Subject Property"). WHEREAS, the Commission now proposes to acquire additional fee, temporary access easement, permanent drainage easement and temporary construction easement interests (CPNs 22275-5, 22275-9, 22275-10 and 22275-11) in portions of the Subject Property for the State Route 91 Corridor Improvement Project in Riverside County, California, pursuant to the authority granted to it by section 130220.5 of the California Public Utilities Code; and WHEREAS, the property owner and the Commission having entered into a stipulation on July 30, 2014 the Court entered an Order authorizing the Commission to amend Resolution of Necessity 13-011 to add the additional property interests; and WHEREAS, pursuant to section 1245.235 of the California Code of Civil Procedure, the Commission scheduled a public hearing for Wednesday, September 10, 2014 at 9:30 a.m., at the County Administration Building, Board of Supervisors Chambers, at 4080 Lemon Street, Riverside, California, and gave to each person whose property is to be acquired and whose name and address appeared on the last equalized county assessment roll, notice and a reasonable opportunity to appear at said hearing and be heard on the matters referred to in section 1240.030 of the California Code of Civil Procedure; and WHEREAS, said hearing has been held by the Commission, and the affected property owner and other interested parties were afforded an opportunity to be heard on said matters; and WHEREAS, the Commission may now adopt a Resolution amending Resolution of Necessity 13-011 pursuant to section 1240.040 of the California Code of Civil Procedure; 141 NOW, THEREFORE, THE COMMISSION DOES HEREBY RESOLVE AND DECLARE AS FOLLOWS: Section 1. Compliance with California Code of Civil Procedure. There has been compliance by the Commission with the requirements of section 1245.235 of the California Code of Civil Procedure regarding notice and hearing. Section 2. Amendment to Resolution of Necessity 13-011. Resolution of Necessity 13-011 adopted on June 12, 2013 is amended to add the additional fee, temporary access easement, permanent drainage easement and temporary construction easement interests (CPNs 22275-5, 22275-9, 22275-10 and 22275-11). Section 3. Public Use. The public use for the fee, permanent wall easement, permanent access easement, permanent utility easement and temporary construction easement interests (CPNs 22275-1, 22275-2, 22275-3, 22275-4, 22275-6, 22275-7 and 22275-8) and for the additional fee, temporary access easement, permanent drainage easement and temporary construction easement interests (CPNs 22275-5, 22275-9, 22275-10 and 22275-11) to be acquired in portions of the Subject Property is for the State Route 91 Corridor Improvement Project in Riverside County, California. Section 130220.5 of the California Public Utilities Code authorizes the Commission to acquire, by eminent domain, property necessary for such purposes. Section 4. Description of Property. Attached and marked as Exhibit "A" are the legal definitions, legal descriptions and plat maps of the portions of the parcel upon which all of the property interests to be acquired by the Commission are located, and which describe the general location and extent of the property with sufficient detail for reasonable identification. Section 5. Findings. The Commission hereby finds and determines each of the following: (a) The public interest and necessity require the proposed project; (b) The proposed project is planned or located in the manner that will be most compatible with the greatest public good and least private injury; (c) The property defined, described and/or depicted in Exhibit "A" is necessary for the proposed project; and (d) The offer required by section 7267.2 of the California Government Code was made. Section 6. Use Not Unreasonably Interfering with Existing Public Use. Some or all of the real property affected by the interests to be acquired is subject to easements and rights of way appropriated to existing public uses. The legal descriptions of these easements and rights of way 142 are on file with the Commission and describe the general location and extent of the easements and rights of way with sufficient detail for reasonable identification. In the event the herein described use or uses will not unreasonably interfere with or impair the continuance of the public use as it now exists or may reasonably be expected to exist in the future, counsel for the Commission is authorized to acquire the herein described interests subject to such existing public use(s) pursuant to section 1240.510 of the California Code of Civil Procedure. Section 7. More Necessary Public Use. Some or all of the real property affected by the interests to be acquired is subject to easements and rights of way appropriated to existing public uses. To the extent that the herein described use or uses will unreasonably interfere with or impair the continuance of the public use as it now exists or may reasonably be expected to exist in the future, the Commission finds and determines that the herein described use or uses are more necessary than said existing public use. Counsel for the Commission is authorized to acquire the herein described real property appropriated to such existing public uses pursuant to section 1240.610 of the California Code of Civil Procedure. Staff is further authorized to make such improvements to the affected real property that it determines are reasonably necessary to mitigate any adverse impact upon the existing public use. Section 8. Further Activities. Counsel for the Commission is hereby authorized to acquire the hereinabove described real property in the name of and on behalf of the Commission by eminent domain, and counsel is authorized to institute and prosecute such legal proceedings as may be required in connection therewith. Legal counsel is further authorized to take such steps as may be authorized and required by law, and to make such security deposits as may be required by order of court, to permit the Commission to take possession of and use said real property at the earliest possible time. Counsel is further authorized to correct any errors or to make or agree to non- material changes in the legal description of the real property that are deemed necessary for the conduct of the condemnation action, or other proceedings or transactions required to acquire the subject real property. Counsel is further authorized to reduce or modify the extent of the interests or property to be acquired so as to reduce the compensation payable in the action where such change would not substantially impair the construction and operation for the project for which the real property is being acquired. Section 9. Effective Date. This Resolution shall take effect upon adoption. APPROVED AND ADOPTED this 10th day of September, 2014. Marion Ashley, Chair Riverside County Transportation Commission ATTEST: Jennifer Harmon, Clerk of the Board Riverside County Transportation Commission 143 144 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission: (The rights being acquired may be exercised mutually exclusive of each other.) "Fee," also known as fee simple or fee simple absolute, grants to RCTC, absolute ownership of the property. "Permanent Wall Footing Easement" grants to RCTC, including its successors and assigns, a permanent easement to construct, maintain, operate repair, alter, replace, and remove footings, under, along and across the easement area, together with all necessary and convenient means of ingress and egress to and from the easement area or strip or parcel of land, for the purpose of constructing, reconstructing, maintaining, operating, repairing, renewing, or enlarging in any manner the footings together with any and all of the purposes hereinbefore mentioned. "Temporary Construction Easement" (TCE) refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. With respect to CPN 22275-7 and 22275-8, such right shall be exercised for a period of 12 months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. With respect to CPN 22275-11, such right shall be exercised for a period of thirty-six (36) consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under this easement shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. "Utility Easement" grants to RCTC, including its successors and assigns, a permanent and perpetual easement, to relocate, construct, operate, use, maintain, alter, add to, reconstruct, enlarge, repair, renew, replace, inspect and/or remove, at any time and from time to time, underground utilities, including but not limited to sewers, water, electrical systems and communication systems, consisting wires, underground conduits, cables, vaults, manholes, handholds, and including above -ground enclosures, markers and concrete pads and other appurtenant fixtures and equipment necessary or useful for conveying electric energy to be used for light, heat, power, and for transmitting intelligence by electrical means and/or other purposes, in, under, on, over, along and across the land, as determined necessary by RCTC, its successors and assigns, together with all necessary rights of ingress and egress to the easement area in connection with the exercise of any of the easement rights. 173 3 6.02100\9131264.1 145 Property owners shall not erect or construct, or permit to be erected or constructed, any building, structure or improvement on, over or under any portion of the easement, or plant any tree or trees or plant any other vegetation or flora on any portion of the easement except at the written consent of RCTC, its successors and assigns. RCTC will not unreasonably withhold from Grantor, its successors and assigns, the right to utilize the easement area for parking, driveway access, landscaping (exclusive of vertical penetration), open space and density or floor area calculation. RCTC shall be entitled to trim, cut, or clear away any trees, brush, or other vegetation or flora from time to time determined in its sole discretion without payment of any additional compensation. No other easement or easements shall be granted on, under or over the easement without obtaining the prior written consent of RCTC, its successors and assigns. "Permanent Drainage Easement" refers to a perpetual drainage easement in favor of RCTC, its successors and assigns, together with a right of way upon, through, under, over and across the hereinafter described real property for the installation, construction, maintenance, repair, replacement, reconstruction, and inspection of an underground enclosed storm drainage system including any all structures and appurtenances incidental thereto designed to convey storm water runoff Property Owner may use the surface of the easement area for parking and to traverse over in a manner that will not interfere with or be detrimental to the use of said easement and right-of- way by RCTC, its successors and assigns. Property Owner shall not erect or construct, or permit to be erected or constructed, any building, structure or improvement on, over, or under any portion of the easement, or plant trees or any other vegetation on any portion of the easement except with the prior written consent of RCTC, its successors and assigns. RCTC shall have the right to trim, cut or clear away any trees, brush, or other vegetation from time to time as determined in its sole discretion, without payment of additional compensation. No other easements shall be granted on, under or over the easement without the prior written consent of RCTC, its successors and assigns. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. "Temporary Access Easement" refers to a non-exclusive temporary easement and right of way in favor of RCTC, its successors and assigns, together with the right to traverse and maintain an access way to access RCTC owned facilities and/or construction sites, as determined necessary by RCTC, together with all necessary rights incidental thereto, on, over, under, and across the property in connection with the exercise of any easement rights described herein. Property Owner shall not erect or construct, or permit to be erected or constructed, any 173 3 6.02100\9131264.1 146 building, structure or improvement on, over, or under any portion of the easement, or plant trees or any other vegetation on any portion of the easement except with the prior written consent of RCTC, its successors and assigns. RCTC shall have the right to trim, cut or clear away any trees, brush, or other vegetation for the duration of the easement as determined in its sole discretion, without payment of additional compensation. No other easements shall be granted on, under or over the easement without the prior written consent of RCTC, its successors and assigns. Such right shall be exercised for a period of thirty-six (36) consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under this easement shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. 173 3 6.02100\9131264.1 147 148 AS EXHIBIT `Al' LEGAL DESCRIPTION 3 4 Caltrans Parcel No. 22275-1 5 Fee Acquisition 6 APN 117-270-007 7 8 In the City of Corona, County of Riverside, State of California, being a portion of the 9 land described as Parcel 2 in the Quitclaim Deed recorded August 2, 2006 as Document to No. 2006-0565691 of Official Records of said County, described as follows: 11 12 Beginning at the southeasterly corner of said Parcel 2; thence North 81°40'38" West 13 212.14 feet along the general southerly line of said Parcel 2 to a point on the westerly line 14 of the land described in the Final Order of Condemnation entered September 29, 1915, in 15 Case No. 6889, Superior Court of said Riverside County, a Certified Copy thereof being 16 recorded October 4, 1915 in Book 427, Page 282 of Deeds, Records of said County, said 17 point being the True Point of Beginning; thence North 81°40'38" West 19.65 feet 18 continuing along said general southerly line to the beginning of a curve concave 19 northeasterly having a radius of 25.00 feet; thence northwesterly along said curve and 20 said general southerly line 15.87 feet through a central angle of 36°21'56"; thence South 21 81°26'22" East 29.38 feet to a point on said westerly line, said point being the beginning 22 of a non -tangent curve concave northeasterly having a radius of 206,53 feet, to which 23 point a radial line bears South 52°17'05" West; thence southeasterly along said curve and 24 said westerly line 6.96 feet through a central angle of 01°55'52" to the True Point of 25 Beginning. 26 27 28 Containing 130 square feet 29 30 31 See Exhibit 'A2' attached hereto and made apart hereof. PA2PTG010501\SURVEY\LEGALSk22275 APN 117-270-007iLegals\22275-1-Fee,doex Page 1 of 2 10/17/2012 0 A 1 2 This conveyance is made for the purpose of a freeway and the Grantor hereby releases 3 and relinquishes to the Grantee any and all abutter's right or access, appurtenant to 4 Grantor's remaining property, in and to said freeway. 5 6 The distances described herein are grid distances and are based on California Coordinate 7 System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing 8 grid distances by the mean combination factor of the courses being described. The mean 9 combination factor for this conversion is 0.99997476. 10 Il 12 t Prepared under the direction of 13 14 15 16 17 Brian B. Bullock, PLS 5260 18 19 20 21 22 23 24 25 26 27 28 29 30 31 7-72 Date PA2PTG010501\SURVEY\LEGALS122275_APN_ 7-270-007Tegals\22275-I-Fee.docx Paue 7 of 2 10/17/2012 150 FARCE 117-270-003 TITLE 7-2 0-00 SHEET 2 360 GRANTOR T A 30 SO. FT. SHEET INDEX ROUTE 91 RIVERSIDE FREEWAY EGEND PO8 indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ) Title to State [Access Prohibited NOTES Coordinates and bearings ore on iCCS 1983(2007.00) Zone 6, Distances and 'stationing ore grid distances. Divide lby 0.99997476 to obtain ground ldistances. All distances are in feet ianless otherwise noted, PREPARED BY: 3 33323300 Centre 02 02e, Ste, 200 S0321.0 Ana, Col:f3-23300 92707 03242351-237:1227 2022,42088323 ,333331 8 FEET 0 365 APN 117-270-007 1 -060-016 \ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING 100 FEE .4COUISITION 200 40C, 600 DATE:06-15_12 REV.: 10-17-12 EA:. 0[540 FA#: DISTRICT COUNTY ROUTE I SHEET PM SHEET NO. TOTAL SHEETS T3 ci 151 EXHIBIT A2 PARCEL.# TITLE GRANTOR AREA APN 22275-1 FEE PEARL STREET PROP 130 SOFT. 117-270--007 30' 1-r Lij C re) � 0 �• o CV co M t O z A`89051 "7 4„ Rz25,0a, Lz3�,21' A=36°21 '56 Rz25.00' �2A LEGEND t POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Beoring Title to State I I I I Access Prohibited 19.65' N8 7 °40,38„ w POR , LOT 3 g gL OCX 73 SOUTH ROJERSIDE LAND AND WATER COMPANY MS 9/6 POL 2 2006-056569J 0,R, N$1°40'38 4 TPae 212.74, PROPOSE R/W ROUTE 91 RIVERSIDE FREEWAY NOTES Coordinates and bearings ore on CCS 1993(2007.00) Zane 6. Distances and stationing Ore grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. 22275-1 FEE ACQUISITION E >•ummi lmommimmomm FEET 0 10 20 -00 60 PREPARED BY: PSOMAS 3 Horton Centre Drive Ste. 200 Sonto *no, Coiirorni0 92707 i714i751-7373it714E545-8883 (Cox) DATE: 6-15-12 REV.: 10-t 7-12 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 Rev 91 6.9 2 2 152 3 4 5 6 10 ll 12 1 14 15 16 17 18 19 23 24 25 26 27 28 29 30 31 EXi IBIT 'Br LEGAL DESCRIPTION Caltrans Parcel No. 22275-2 Fee Acquisition APN 115-060-013, 015 and 1 7-270-005. 013 In the City of Corona, County of Riverside, State of California, being a portion of the land described as Parcels 1, 2, 3 and 4 in the Quitclaim Deed recorded August 2, 2006 as Document No. 2006-0565691 of Official Records of said County:, described as follows: Beginning at the southeasterly corner of said Parcel. 2; thence North 81°40'38" West 61.21 feet along the general southerly line of said Parcel 2 to a point on the easterly line of the land described in the Final Order of Condemnation entered September 29, 191.5, in Case No. 6889, Superior Court of said Riverside County, a Certified Copy thereof being recorded October 4, 1915 in Book 427, Page 282 of Deeds, Records of said County, said point also being the beginning of a non -tangent curve concave northeasterly having a radius of 1.76.53 feet, to which point a radial. line bears Sou.th 37°58'42" West; thence northwesterly along said curve and said easterly line 8.81. feet through a central angle of 02°51'28"; thence South 81°26'22" East 57.22 feet to the beginning of a curve concave northerly having a radius of 2,851.00 feet; thence easterly along said curve 767.34 feet through a central angle of 15°25'16"; thence North 41°20'45" West 18.21 feet to the beginning of a non -tangent curve concave northerly having a radius of 2,837.00 feet, to which point a radial line bears South 06'38'56" East; thence easterly along said curve 339.28 feet through a central angle of 06°51'08" to the beginning of a non -tangent curve concave northerly having a radius of 2,837.00 feet, to which point a -radial line bears South 14'40'09" East; thence easterly along said curve 48.35 feet through a central angle of 00°58'35" to the general easterly line of said Parcel 4; thence South 09'22'38" West 73.38 :feet along the general easterly line of said Parcel 4 to the southeasterly corner thereof and the beginning of a non -tangent curve concave northwesterly having a radius of 1,950.00 feet, to which point a radial line bears South I 8'23'16" East; thence westerly MX2PTG010501'SURVEY\LEGALSA22275_APN_Il7-270-005_117-270-013_115-060-013Tegafs\22275-2-FEE.docx 6/7/2013 Page I of "? 153 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 `>2 23 24 25 26 27 along the general southerly line of said Parcel 4 and along said curve 199.21 feet through a central angle of 05°51'11" to the most southerly comer thereof, also being a point on the northeasterly line of said Parcel 3; thence South 41'19'57" East 15.92 feet along said northeasterly line to the most easterly corner of said Parcel 3; thence along the southerly line of said Parcel 3 North. 78'58'24" West 131.00 feet to the most easterly comer of said Parcel 1, said point being the beginning of a non -tangent curve concave northerly, having a radius of 2,000.00 feet, to which point a radial line bears South 08'20'59" East; thence westerly along the southerly line of said Parcel I the following two (2) courses: 1) along said curve 581.97 feet through a central angle of 16°40'20" and 2) North 81°40'38" West 123.15 feet to the Point of Beginning. Containing 41,255 square feet. This conveyance is made for the purpose of a freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. See Exhibit `B2' attached hereto and made a part hereof. The distances described. herein are grid distances and are based on California Coordinate Sy -stem of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion. is 0.99997476. 're yared under the direction of Date / 1,422PTG010501aSURVErlIGALS\22275.21,,PN221121-270-00522.1.7-270-0122115-060-0131„egais\22275-2-FEEdocx. 6/212P I a Page 2 of 2 154 PARCEL# TITLE GRANTOR AREA APN 22275-2 FEE FM_ PEARL STREET ROP 41,255 115-060-013 & 015 117-270-005 & 013 SHEET INDEX SHEET 3 NCJ 2D06-056c:')71 :FOL. : 1 POB 360 SHEET 4 SHEET 5 2227' 115-060-016 ROUTE 91 RIVERSIDE FREEWAY \\_ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing (-__---) Title to State 1 ii I ; Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and sta ioAiling are and di- J eSs Divide t,y }=G?,97476 to obtain res. All distcnces dFre irl ise noted, FEE AC OUI I TION FEET 0 DATE:06-15-12 REV,: 06-07-1 200 EA: OF540 400 FA#: 600 155 PARCEL# TITLE GRANTOR A R E A A P N 22275- 2 FEE PEARL STREET pRDp' 41.255 S-0. 'r-T. 115-060-013 117 27O OO5 P-,� & 015 013 FDR. LOT :�; BLOCX 7---� S CUTH R|V�BSlDE iAND AMO �ATER �O&4��NY I "ill -,-! 9/�) pOTR. F, CL. 2 OOC. NO. 20O6- 05cl) C)| D.R. A=02051'28^ R=l76.53' L=8.8l�- S81o26'22"E 57.22' \ -- -- -- �- -- 'A=15c 25'16" R=2857.00'-- ^_' / --TT-F—|�- -- /-- N87o4O'3 N8,7`4O'38"� /2J.15' �OR. �ECT!ON 3D R�NCHO EEL �OB8AMTE k�B 1/8 PcL. / DO�. �O. 200�� -- O56569/ O.G. - 6�/66 \ ROUTE 91 RIVERSIDE FREEWAY P0B {ndico+eo point Of Beginning /r0B indico+es True Point Or Beginning (R) |ndico+co Radio! 8eoring { }rir/a to srotle | | | | iAccess Proribi+*d NOTES Cunrcllnoteo ond Leorings ore on |CCS 19831,2007.0O) Zone 6. Dlstonucm and |sto,ioning ore griu !�a+ooces. n�v|ue /oy i O' 9gBS7176 +o ob/oln groun� �is�unc�o. x|| U/n,onc�s or� fee+ un|ess o'msrw�sa noted. ROUTE 91 RIVERSIDE FREEWAY / CIL STATIONING FEE 4COUJ"S/7/0v 5O oO 115o PREPARED BY: DATE: 05-15-12 REv.'08-O7-l3 Ex: OF54O Fx4' MISTR lCT SHEET P� |�HEET NO �T�T4L �HEETS| � ^| � / 1 + � | 156 PARCEL# TITLE GRANTOR AREA APN 222(5-2 FEE PEARL STREET PROP. 41 ,z. _ . FT, 115-060-013 117-270-005 a & 015 013 FrOYM EH-Fe-TP.1.)N --"HT) RANCHO EL SDERANTP- MEI 1/ E3 o..1 ____ h- ___ ....._ A:=15825'16" LU -7 LU (J) .23 A--,16840'20" I\ 1°40'38"W 23.15' C2_2275-2 POI— 1 DOrH ND, 200(L)- 05mS.56cil 0,H, PROPOSED RIW R=285 .00' R=2000.00' EXISTING R/W/ =767.34'2r-1- L=581.97' ROUTE 9 1 RIVERSIDE FREEWAY LEGEND ROB Indicates Point Of Beginning TP03 Indicates True Point Of Beginning (R) indicates Radial Bearing (-- Title to State iilllAccess Prohibited NOTES Coordinates and becriogs arc on CCS 1933(2007.00) Zone 6. Ws -Fences and stationinc are grid distances. Divide by 0.99997476 to obtain ground distances. 411 distances are in feet unless otherwise noted. ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING FEET 0 FEE ACOLliSI T iON 50 100 150 PREPARED BY: 1 REV.: 06-07-13 DATE: 06-15-12 i 1 1 1 IDISTRICTICOUNTYIROUTFI SHEET PM SHEET NO,ITOTAI SHEETS L ; t- , --f--- ---1 ' R I V I 81 1 6.9, I 5 i EA: OF540 A#: 157 PARCEL# TITLE GRANTOR AREA APN 22275- 'I -LE PEARL !FEET , OP. 41,255 . FT 115-060-013 117-270-005 & & 015 015 FOR, SFDTJON 3c) RE3IAJ, RANDHo EL SOE1RANTr it F I'D FBI J COO, NO, 200.,(,)- 05LE591 DOR, pRopp_g Lim-16°40'20" 22275-2 RES, ROU-- 365 LEGEND POB Indicates Point Of Beginning TPOB indicates True Point Of Beginning ) Indicates Radial Bearing Title to State Access Prohibited NOTES Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances, Divide by 0.99997476 to obtain around distances. All distances ore in feet unless otherwise noted. 3'56' FOL- 3 m 121,Ong„ NO, 2H00%'-- 056561D„R, PC!, Fine, NO, 2006- 0591 f\-_0(6° 5"8 33 • EFOR, LOT, 12-A \--ASSmg-SOR'S MAP NO, 3J AM2 JP42-43 S06° SA '38"E (R) so8 - icJINGJ---/211 IDE 91 RIVERS D9 '3A" - _131.o0' N78°58'244 REEWA ROUTE 97 RIVERSIDE FREEWAY C/L STATIONING FEE ACOUISITION FEET C 25 5 kiMMOOMMMWMWW. 100 150 PREPARED BY: DATE: 06-15-2012 REV.: 06-07-1 1,0T"PIE lEOUNTm-POHTFI FHEET mg g, mg- ggi , I8 1 kiv D, EA: OF 540 FA#: PM mg-ggHEF T NO.1 TOT,,,,AL (94-45 E 6 49 4 158 w P4RCF1L# TITLE GRANTOR A R E A A P N 22275-2 FEE PE4RL STREET pROP. 41`255 SO. FT' ll5-UG0-Ol� O15 1>7-27O-OO5 6i 0l] m m m '/7 4 ^ T ^ & s^�� A S13o30'D3"E (R) OOD, NO, 2006- O�65�91 O.R. � -~- 7�/.0--~= ' - N78o�8'24"w ` NO j 63/6�),,� ~. - 'u / m(l ` w� POB [nUioo+ca Point Of Beglnning rpOB (ndicoteo True Point Or Beginning (R> |ndicofea Rodio| 8enring ( )Title to stote | III L*cccss Prohibited NOTES Coordinates on0 L�ooringn ore on 'CS 198](2007.00) Zcnc 6' U�u+oncea om1 a|o-Yoning ore grid u;sloncea. Dlvlcia �y 0.9999/476 +o obtoin around d'olonoeo. m| U[s�onCc3 ^rc in feet un|cns o+hcrx�ae noteu. `REP4RED BY: / l\=00058'35^ +~ R=28j7.00' L=18.35 S15o38'45"E (R) 115-060-815 o ROUT[ 9/ RIVERS/DE FREEWAY C/L STATIONING FEE xC�'U/S/OON rE2T o 25 50 /o3 |5o � DATE. 06-15-12 REv.:06-07-/ Ex: Op54O Fx#: / �HEET P� T0T4L SHEET 6.8 ^ - --� ---- 159 160 PSOMAS EXHIBIT 'Cl 2 LEGAL DESCRIPTION 3 4 Caltrans Parcel No. 22275-3 5 Permanent Wall Footing Easement 6 APN 117-270-007 7 8 In the City of Corona, County of Riverside, State of Califomia, being a portion of the 9 land described as Parcel 2 in the Quitclaim Deed recorded August 2, 2006 as Document to No. 2006-0565691 of Official Records of said County, described as follows: 11 12 Beginning at the southeasterly comer of said Parcel 2; thence North 81°40'38" West 13 212.14 feet along the general southerly line of said Parcel 2 to a point on the westerly line 14 of the land described in the Final Order of Condemnation entered September 29, 1915, in 15 Case No. 6889, Superior Court of said Riverside County, a Certified Copy thereof being 16 recorded October 4, 1915 in Book 427, Page 282 of Deeds, Records of said County; said 17 point being the beginning of a non -tangent curve concave northeasterly having a radius of 18 206.53 feet, to which point a radial line bears South 50°21'13" West; thence 19 northwesterly along said curve and said westerly line 6.96 feet through a central angle of 20 01°55'52" to the True Point of Beginning; thence North 81°26'22" West 29.38 feet to a 21 point on the general southerly line of said Parcel 2, said point being the beginning of a 22 non -tangent curve concave northeasterly having a radius of 25,00 feet, to which point a 23 radial line bears South 44°41'18" West; thence northwesterly along said curve and said 24 general southerly line 10.77 feet through a central angle of 24°40'57" to a point thereon; 25 thence South 81°26'22" East 28.54 feet to a point on said westerly line of said land 26 described in said Final Order of Condemnation, said point being the beginning of a non- 27 tangent curve concave northeasterly having a radius of 206.53 feet, to which point a 28 radial line bears South 55°24'29" West; thence southeasterly along said curve and said 29 westerly line 11.26 feet through a central angle of 03°07'25" to the True Point of 30 fling. 31 P:\2PTGO1 10/17/2012 0 SURVEY \LEGALS‘22275_APN_117-270-007\Legals122275-3-PEdocx Page 1 of 2 161 2 3 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 SOMAS Containing 235 square feet. See Exhibit `C2' attached hereto and made apart hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of Brian E. Bullock, PLS 5260 Date P:12PTG0105 10/17/2012 /e) - /7-/ URVEY\LEGALS122275AP1V_117-270- 7 \L gals\22275-3-PEdocx Page 2 of 2 162 TtTI E ESMT PARCE 22275-3 7-270-00 117..270_004 AREA 235 SO. FT. SHEET INDEX 0 . 2006-0565691 POL. SHEET 2 360 \ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING APN 117-270-007 115-060-0 6 EGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) IndicoteS Radial Bearing C----) Title to State I I I (Access Prohibited NOTES Coordinates and bearings ore on CCS 1983(2007.001 Zone 6. Distances and stationing are grid distances. Divide by 0.99947476 to oatein ground distances. AII distances ore ;n feet unless otherwise noted. PREPARED By: DATE: 06-15-12 FUT 0 100 REV.: 10-17-12 PERMANENT WALL FOOTING EASEMENT 400 'OO EA: OF-540 FAxt: 600 -A ',..eritre k-e, 2,30 IDISTRICT COUNTY ROUTE SHEET PM !SHEET NO. TOTAL SHEETS Ar—J, 5,?,707 8 RIV 9 1 163 &=-:89°51•74, R:4:25.00, L'39.21' EGEND POB Indicates Point Of beginning TPOB Indicates true Point Of Beginning (R) Indicates Radial Bearing Title fa State Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997470 to obtain ground distances. Ail distances cre in feet unless otherwise noted. PREPARED BY: 3 Hutton Centre Ortse, Ste, 200 t Souto Aunt CH1;401000 9200 t t7o0021-72730700014-8883 000 19.65' N81°40'38" CURVE DATA RADIUS DELTA LENGTH 25.0 206.53' N8 rPoB 24°40'57" 03°07'2 RADIAL DATA R1 DEARING' S69°22'14"W '91 0,'L 10.77' .26' FOR, LOT COX V3 SOUTH VERS1DE LAND AND WATE7R COMPANY MS 9/' 272.1 PRo ROUTE 91 RIVERSIDE FREEWAY FEET PERkfANENT WAI_1 FOOTING EASEMENT le 20 40 60 DATE: 6-15 12 REV.: 10- 7-12 DISTRICT NTY ROUTE EA: OF540 FAn: SHEET PM SHEET NO. R "' ,9 R/ 6 TOTAL SHEETS' 164 2 3 4 5 6 SOMAS EXHIBIT `D1 LEGAL DESCRIPTION Caltrans Parcel No. 22275-4 Permanent Wall Footing Easement APN 117-270-005 & 013 7 8 In the City of Corona, County of Riverside, State of California, being a portion of the 9 land described as Parcels 1, and 2 in the Quitclaim Deed recorded August 2, 2006 as io Document No. 2006-0565691 of Official Records of said County, described as follows: 11 12 Beginning at the southeasterly comer of said Parcel 2; thence North 81°40'38" West 13 161.21 feet along the general southerly line of said Parcel 2 to a point on the easterly line 14 of the land described in the Final Order of Condemnation entered September 29, 1915, in 15 Case No. 6889, Superior Court of said Riverside County, a Certified Copy thereof being 16 recorded October 4, 1915 in Book 427, Page 282 of Deeds, Records of said County, said 17 point also being the beginning of a non -tangent curve concave northeasterly having a 18 radius of 176.53 feet, to which point a radial line bears South 37°58'42" West; thence 19 northwesterly along said curve and said easterly line 8.81 feet through a central angle of 20 02°51'28" to a point on said easterly line, said point being the True Point of Beginning; 21 thence northwesterly continuing along last said curve and said easterly line 14.10 feet 22 through a central angle of 04°34'41"; thence South 81°26'22" East 68.83 feet to the 23 beginning of a curve concave northerly having a radius of 2,843.00 feet; thence easterly 24 along said curve 759.69 feet through a central angle of 15°18'37"; thence South 25 41°19'57" East 9.71 feet to the beginning of a non -tangent curve concave northerly 26 having a radius of 2,851.00 feet, to which point a radial line bears South 06°51'38" East; 27 thence westerly along said curve 767.34 feet through a central angle of 15°25'16"; thence 28 North 8l '26'22" West 57.22 feet to the True Point of Beginning. 29 30 Containing 6,614 scinare feet 3 1 PA2PT0010501 \SURVEY\ LEG 10/9/2012 2275_APN_117-270-005 and 013 I i 5 460-013 and 015Qegals122275-4-PE.docx Page 1 of 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 3; 0 AS See Exhibit 'D2' attached hereto and made a part hereof, The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of Brian E. Bullock, PLS 5260 /0 -69-1Z Date P:12PTG010501\SURVEYTEGAL5122275_,APN _1 17-270-005 and 013_115-060-013 and Oi 5 Legais122275-4-PEdocx 10/9/2012 Page 2 of 2 166 PARCE PEARL STREET PROP. SHEET INDEX SHEET 3 SHEET 4 TPOB 117-270-005 & 013 Fn. r ROUTE 91 RIVERSIDE FREEWAY \ROUTE 91 RIVERSIDE FREEWAY C✓L STATIONING EGEND POB Indicates Point 0f Beginning TPOB Indicates True Point Of Beginning' (R) Indicates Radial Bearing ) Title to State Access Prohibited NOTES Ct�orclinotes at:d bearings ore on CCS 1983(2007.00) Zane 6, Distances and inning are grid distances. Divide 997476 to obtain ground All ktances ore in feet unless otherwise noted, �t by PREPARED BY: RUT 0 PERMANENT WALL FOOTING EASEMENT 100 400 ATE:06-1 12 REV,: 70-09-12 EA: OF540 FA#: 600 167 PARCE 22275-4 PROPOSED C2 TITLE FOR, SOUTH R1V`rRS1O LAND AND I,A TER COWANY d 9 /'6 GRANTOR PEAR1 STREET PROP. TPOB C1 FOR, OJG, N0, 0565o9 1 2 4 SO.LT.1 117-270-005 & 013 S45°24'51"W{R) S40°50 1µ0"WAR N81 °401354 EXISTING R/W S37"58'42''W{R) CURVE DATA DELTA C RADIUS 02° 51 '28" 176.53 04°34'41 176.53 1 5°25'1 6", 2851.00 EGEND • POB Indicates Paint Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing J Title to State _1 Access Prohibited NOTES Ocst�rdinetes and bearings ore can O 1983(2007,00 Zane C. Distances and stationing are grin distances. Divide by 0.99997476 to obtain ground distances. All di ;trances care unless otherwnoted. PREPARED air: DATE:06-15 LENGTH 8.81' 14.10' 767.34' 16 FOR T 3 PC!, 1 DOC, NO, 200�- 031°5691 O,R, R.S. 6316.(:) '37" R-284' .00' L=75 .21 7 2: 81°a POB L1 L2 N LINE DATA BEARING 5 0'38"W DISTANCE S81°26'22"E 68.83' N81 °26'22"W 57.22' ROUTE 91 RIVERSIDE FREEWAY O _.�,.... — —�. STAT1r`IINTG ROUTE 91 RIVERSIDE FREEWAY FEET PERMANENT WALL FOi TING E -E ENT 50 10 REV.: 10-09=12 EA s OF540 FA#: SKEET PM SHEET NO 15 TOTAL SHEET 168 PARCEL# Z7275-4 TITLE ESMT GRANTOR PEARL STREET PROP. POR, 8ECT|ON 30 R�N�HO EL SOBRA0TE mg |/8 A=15025'16" N81a40'38^W 72].5' AREA 6614 SQ.FT. PROPOSED R/W R=2851.00' _ 4PK 117-270-005 & Ol] PCL. | DDC. NO, 2006- 0&�5�)9) O.R. A=16040'20" R=2000.00' EXISTING, R/ -- __�- ./ ROUTE 91 RIVERSIDE FREEWAY pOB <ndica+-s point Of Beginning rpO8 Indicates True Point 0r Beginning (R) Indicates Ronio/ oeor|oy �. }Title to State ] | | | |AcceSs prorilDi/eu � NOTES Loorm|notea ond Oyoringa ore on CCS 1983(20o7.00) 70ne 6. D7s+onces m s+ntynning qre grilg diotonces. Div/(le by o�ee997476 to obtain grounu distances. All u|atancrs ore in feet un/ess other*s no�ed. PREP«REO er: ,n . OATE.O6-15-}2 DISTRICT | 67. ,97' ROUTE 91 RIVERSIDE FREEWAY FEET 8 oS oo REV-: 10-09-12 E^' or540 UNTYIROUTE SHEET PM ---' 6.8 100 150 FA9x ( ______-__ I SHEET N0�TOT4L SHEETS! - 3 | 4 I � 169 PARCE 22275 GRANTOR 4 ESMT PC!, 1 ND ?C 9 I O. ° 40' 20„ ©' F'Ci , 3 IOC., No, 2906 05U569 1 O , R _ EXISTING R/W ROUTE 9 1 RIVERS ROUTE 91 RIVERS STATIONING LEGEND PO8 In es Paint Of beginning TP08 Indicates True Point of Beginning (R) indicates Radial Bearing ( Title to State 3 I I I I access ProtMbited NOTES .'oardinates and bearings are on CCS 1983(2007.00) Zone 6. Distances stationing are grid distances. Divide by 0.99997176 to obtain ground distances, all distances are in feet otherwise noted. n er3:r Drive, liDATE: 06- 1 5s 1 2 ,DISTRICT }ll 1— FEET FOR. [ r1T, 1 ASSESSJR' S i9> 31 ANS 17 12-43 71' PROPOSED R/W 541 ° 1 9'57"E 12.13' DE FREEWAY ©E FREE N7 AY 8'244 PERlA T WAL„L FCOT!NG EASEMENT 25 REV.: 10-09-1? ROUTE 50 100 Ex: 0E540 FA#: SHEET PM SHEET 10 TOTAL SHEET 170 PS OMAS EXHIBIT `E1' LEGAL DESCRIPTION Caltrans Parcel No. 22275-5 Temporary Access Easement APN 115-060-013, 015 and 117-270-005, 013 In the City of Corona, County of Riverside, State of California, being a portion of the land described as Parcels 1, 2, 3 and 4 in the Quitclaim Deed recorded August 2, 2006 as Document No. 2006-0565691 of Official Records of said County, described as follows: Beginning at the southeasterly corner of said Parcel 2; thence North 81°40'38" West 161.21 feet along the general southerly line of said Parcel 2 to a point on the easterly line of the land described in the Final Order of Condemnation entered September 29, 1915, in Case No. 6889, Superior Court of said Riverside County, a Certified Copy thereof being recorded October 4, 1915 in Book 427, Page 282 of Deeds, Records of said County, said point also being the beginning of a non -tangent curve concave northeasterly having a radius of 176.53 feet, to which point a radial line bears South 37°58'42" West; thence northwesterly along said curve and said easterly line 83.74 feet through a central angle of 27°10'45" to a point on said easterly line, said point being the True Point of Beginning; thence continuing northwesterly along last said curve and said easterly line 29.96 feet through a central angle of 09°43'31" to a point thereon; thence South 80°17'36" East 46.41 feet to the beginning of a curve concave northerly having a radius of 224.00 feet; thence easterly along said curve 24.60 feet through a central angle of 06°17'32"; thence South 86°35'08" East 123.46 feet to the beginning of a curve concave southerly having a radius of 1,686.00 feet; thence easterly along said curve 151.42 feet through a central angle of 05°08'45" to the beginning of a compound curve concave southerly having a radius of 500.00 feet; thence easterly along said curve 63.00 feet through a central angle of 07° 13'08"; thence South 74°13'16" East 50.63 feet to the beginning of a curve concave northerly having a radius of 350.00 feet; thence easterly along said curve 65.39 feet through a central angle of 10°42'19" to the beginning of a compound curve concave MA2PTG010501\SURVEYILEGALS\22275 APN_117-270-005 and 013_115-060-013 and 015ROSEVELLE\Legats\22275-5- Access.docx 4/22/2014 171 Page 1 of 3 PS OMAS northerly having a radius of 1,432.00 feet; thence easterly along said curve 137.16 feet through a central angle of 05°29'16" to the beginning of a compound curve concave northerly having a radius of 375.00 feet; thence easterly along said curve 169.53 feet through a central angle of 25°54'09" to the beginning of a reverse curve concave southerly having a radius of 325.00 feet; thence easterly along said curve 154.43 feet through a central angle of 27°13'30"; thence South 89°05'30" East 63.16 feet; thence South 02°32'29" West 25.01 feet; thence North 89°05'30" West 62.45 feet to the beginning of a curve concave southerly having a radius of 300.00 feet; thence westerly along said curve 142.55 feet through a central angle of 27°13'30" to the beginning of a reverse curve concave northerly having a radius of 400.00 feet; thence westerly along said curve 180.83 feet through a central angle of 25°54'09" to the beginning of a compound curve concave northerly having a radius of 1,457.00 feet; thence westerly along said curve 114.83 feet through a central angle of 04°30'56" to the beginning of a compound curve concave northerly having a radius of 400.00 feet; thence westerly along said curve 80.25 feet through a central angle of 11°29'40"; thence North 74°24'15" West 34.28 feet to the beginning of a curve concave southerly having a radius of 400.00 feet; thence westerly along said curve 35.97 feet through a central angle of 05°09'10" to the beginning of a compound curve concave southerly having a radius of 1,660.00 feet; thence westerly along said curve 203.64 feet through a central angle of 07°01'43 "; thence North 86°35'08" West 123.46 feet to the beginning of a curve concave northerly having a radius of 250.00 feet; thence westerly along said curve 27.46 feet through a central angle of 06°17'32"; thence North 80°17'36" West 31.59 feet to the True Point of Beginning. Containing 26,164 square feet. See Exhibit `E2' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. MA2PTG010501\SURVEY\LEGALS\22275 APN_117-270-005 and 013_115-060-013 and 015ROSEVILLE\Legals\22275-5- Access.docx 4/22/2014 Page 2 of 3 172 PS OMAS Prepared under the direction of r Brian E. Bullock, PLS 5260 4- z3- l4 Date MA2PTG010501\SURVEY\LEGALS\22275_APN_117-270-005 and 013_115-060-013 and 015ROSEVILLE\Legals\22275-5- Access.docx 4/22/2014 Page 3 of 3 173 174 EXHIBIT E2 PARCEL# TITLE AREA APN 22275-5 TAE 26,164 SQ. FT. 115-060-013 & 015 117-270-005 & 013 SHEET INDEX 117-270-003 117_ SHEET 3 SHEET 4 SHEET 5 2?0-004 1 w 1 SHEET E E T 2 — A ` j° &S° F° R° R, no I 11 g_3p0 1 1 5-060-016 i- v) DOD, � Q POL, 2 W 1 021 1 NO„ 2006-05656911 D,R, ,, 1 - 1 POL , J I ,`. -- N r�, ���_'�v4 117-270-006 1 3/66 I �_---_______ �,,: ..i, '`,. .. J TPOB POB ' .. ss T. 3 ., 22275- ) 365 360 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing . ( )Title to State 1 1 1 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 2 7 5- 5 TEMPORARY ACCESS EASEMENT distances. All distances are in feet unless otherwise noted. FEET 0 100 200 400 600 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa (714)751n 7373/(714)54598883 (Fox) DATE:06-15-12 REV. 4:04-22-14 EA:0E540 FA#: DISTRICT COUNTYIROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 17 91 6.9 1 5 EXHIBIT E2 PARCEL# TITLE AREA APN 22275-5 TAE 26,164 SQ. FT. 115-060-013 & 015 117-270-005 & 013 1---- Li W cc (,) POR. LOT 3; CLOCK 73 SOUTH RIVERSIDE LAND POR, PCL, 2 POR , SECTION 30 AND WATER COMPANYDOC, NO, 2006- T,3S,; R,6W, Ma 7/0 0565691 0 , R , RANCHO EL SOaRANTE R2 TPOB ma 1/ cc W S86° 35'08"E 0=05° 08'45" — L 1 C3 1 23.46' R=1 686.00' L=1 51 .42' a 0 R122275- j ,� L5 C14 N 86°35'08" C-'- 123.46' 0 v > — — — — _, — _ 0 N81 ° _ W — — _ 0=07°01'43" R=1660.00' L=203.64' 1 DOC., NO, 2006- _ 0565691 O ., R ., M LL 40 38 W 1 61 .21 PROPOSED R/W `-*- °40'38"W i ti N81 EXISLU TING R/W POB 123.15' °ham �i\ ROUTE 91 RIVERSIDE FREEWAY CURVE DATA LINE DATA DELTA 'RADIUS LENGTH BEARING DISTANCE Cl 27°10'45" 176.53' 83.74' L1 S80°17136"E 46.41' C2 09°43'31" 176.53' 29.96' L5 N80°17'36"W 31.59' C3 06°17'32" 224.00' 24.60' R1 S65°09'27"W C1 4 06° 1 7'32" 250.00' 27.46' R2 S74° 52'58"W ROUTE 91 RIVERSIDE FREEWAY LEGEND C/L STATIONING POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 9 360 ( ) Title to State I I I I 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 2 7 5- 5 TEMPORARY ACCESS EASEMENT distances. All distances are in feet unless otherwise noted. ' FEET 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 (714)751n 73734714)54598883 (Fax) DATE:06-15-12 REV. 4:04-22-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 176 91 6.9 2 5 EXHIBIT E2 PARCEL# TITLE AREA APN 22275-5 TAE 26,164 SQ. FT. 115-060-013 & 015 117-270-005 & 013 PM. SECT I ON 30 T,39.; R.6W. RANCHO PCL , 1 EL SO2RANTr DOC, NO, 2006- ma 1/8 0565691 O.R, S74° 1 3'1 6"E 50.63' —C4 C5 R,S, � //�� C6 C8 C7 ` C13 C12 �22275-5� N — 1 w — N74°24'15"k- 34.28'y — — — — — f CT-1 — — — — — — — �— — — —I C10 _ — — — — — _ C9 � w w w EXISTING R/W PROPOSED R/W = cn _ \cn LIJ w w =16°40'20" R=2000.00' L=581.97' --Lii N81 °40'38"W 123.15' ROUTE 91 RIVERSIDE FREEWAY CURVE DATA CURVE DATA DELTA RADIUS LENGTH DELTA RADIUS LENGTH C4 05°08'45" 1686.00' 151.42' C9 25°54'09" 400.00' 180.83' C5 07°13'08" 500.00' 63.00' C10 04°30'56" 1457.00' 114.83' C6 10°42'1 9" 350.00' 65.39' C1 1 1 1 °29'40" 400.00' 80.25' C7 05°29'16" 1432.00' 137.16' C12 05°09'10" 400.00' 35.97' C8 25°54'09" 375.00' 169.53' C13 07°01'43" 1660.00' 203.64' ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 363 2 ( )Title to State 1 1 1 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 2 7 5- 5 TEMPORARY ACCESS EASEMENT distances. All distances are in feet unless otherwise noted. FEET 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 (714)751n 7373/(714)54598883 (Fax) DATE:06-15-12 REV. 4: 04-22-14 EA: OF540 FM*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 1/ 7 91 6.9 3 5 EXHIBIT E2 PARCEL# TITLE AREA APN 22275-5 TAE 26,164 SQ. FT. 115-060-013 & 015 117-270-005 & 013 rr)_ = (r) Li]1 o FOrrin , LLD�S r OT 1 ON �:3O J , 3S,,: R,�W, RANCHO EL SO8;-ANTr ME) 1 /0 PCL, 1 DOC, NO 200'v` 05J5W 91 O,R ° 50,109 250 R,3� 5 °00 -- R-Q 00 PROPOSED R/W —ui 69. °5AIog0°83 or, Os R,S, 53' R-2000°00 EXISTING Pei ; jJ�Ot: J�c)9 � 0. > /> r N,� `f N JJ ` N /7, R,325 _ — N FOR, LOT, 12-A ASSESSOR'S MAF � NO, / 4321 \ r�M2 1//r —43 N 13, 30" q3, ° 2 4 ° °0 " i N,L4- 013 105�` _7u.2° 2 R,300 ° DO pCI 1 DOC, NO, 200'�� 31 .00, L1°g7 v) N78°58'24"W - m N 0 0rri -73 -' FREEWAY ROUTE 91 RIVERSIDE FREEWAY Ln E- w w w w L 2 \ — R/W p=16°40,20 LINE DATA BEARING DISTANCE L2 S89°05'30"E 63.16' L4 N89°05'30"W 62.45' ROUTE 91 RIvERSIDE C/L STATIONING 1 6 LEGEND POB Indicates TPOB Indicates (R) Indicates Point Of Beginning True Point Of Beginning Radial Bearing to State Prohibited ( ) Title 1 1 1 1 1 Access NOTES FEET 2 2 2 7 5- 5 TEMPORARY ACCESS EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. ' 0 25 50 100 150 PREPARED BY: PSOMAS SantatAna, Calon Centre iforrniae92707 200 (714)751-7373/(714)545-8883 (Fax) DATE:06-15-12 REV. 4: 04-22-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 1/8 R IV 91 6. 9 4 5 EXHIBIT E2 PARCEL# TITLE AREA APN 22275-5 TAE 26,164 SQ. FT. 115-060-013 & 015 117-270-005 & 013 i � LINE DATA t 66' _- — BEARING DISTANCE .5��g Ru'26� 59 L2 S89°05'30"E 63.16' L3 S02°32'2911W 25.01' L4 N89°05'3011W 62.45' ..-- A.Ta S77°3412„E — . F. R.R. 14 88 / I i � _ L 2 ---, --- poi , 4 '-r) DOD NJ , 900 - J 0565691 0, R, � L4 1n 115-060-015 w I = i w I l� PJR , I JT , 12-r1 rn N ASSESSOR'S AP � N I NO , .31 � 6, MAE) 1 /42-43 o m R.S. ,S3lbn cn g Q2�', ) 0 PROPOSED R/WOq 0 000 L�1g e °32 �g 5 "'- A\( EW EXISTING R/W FRE E N783500 S41°19'57"E �ERSI� ° 8 24 "W 1 5.92 RD\-)oeE 91 RI 31 0 LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) 9 ROUTE 91 RIVERSIDE FREEWAY Indicates Radial Bearing C/L STATIONING )Title to State 1 1 1 II Access Prohibited NOTES � Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain 2 2 2 // S - S TEMPORARY ACCESS EASEMENT ground distances. All distances are in feet unless otherwise noted. i' FEET 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Ste. 200 Santa (714)751Ana, 7373/(711D4)5459 883 (Fax) DATE:06-15-12 REV. 4:04-22-12 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 1 i9 91 6.9 5 5 180 2 4 / 6 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 3 1 EXHIBIT 'F1' LEGAL DESCRIPTION Ca trans Parcel No. 22275-6 Permanent Utility Easement APN 115-060-013 & 015 In the City of Corona, County of Riverside, State of Califomia, being a portion of the land described as Parcels 3 and 4 in the Quitclaim Deed recorded August 2, 2006 as Document No. 2006-0565691 of Official Records of said County, described as follows: Beginning at the northeasterly comer of said Parcel 4; thence along the general northerly line thereof the following two (2) courses: I) North 77°34'12" West 140.88 feet to the beginning of a curve concave northerly having a radius of 5,779.66 and 2) westerly along said curve 76.62 feet through a central angle of 00°45'34" to a point thereon; thence South 02°32'29" West 95,94 feet to the beginning of a non -tangent curve concave northerly having a radius of 2,837.00 feet, to which point a radial line bears South 09°59'54" East; thence westerly along said curve 73.33 feet through a central angle of 01'28'52" to the True Point of Beginning; thence continuing westerly along said 2,837.00 foot radius curve 14.82 feet through a central angle of 00°17'58"; thence North 39°12'38" East 32.30 feet; thence North 51°44'48" West 248.65 feet to a point on the northerly line of said Parcel 3; thence South 74°26'30" East 64.80 feet along said northerly line to a point thereon; thence South 51°44'48" East 206.79 feet; thence South 39°12'38" West 25.00 feet; thence North 51°44'48" West 7.50 feet; thence South 39°12'38" West 21.53 feet to the True Point of Beginning. Containing 6,181 square feet, See Exhibit 'F2' attached hereto and rnade a part hereof PA2PTGO 0500SUR VEYIEGALS‘22275_AFN_117-270-005 a_nd 013i 15-060-013 and 0151Lcgals \22275-6-PUE,docx Page of 2 0/9f20! 2 181 The distances described herein are grid distances and are based on California Coordinate 3 System of 1983, Zone 6, 2007,00 epoch. Ground distances may be obtained by dividing 4 grid distances by the mean combination factor of the courses being described. The mean 5 combination factor for this conversion is 0.99997476. 6 9 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 78 29 30 31 Prepared under the direction of Brian E. Bullock, PLS 5260 Date PA2PTC010501)511RVErIEGAL,S122275_APN_117-270-005 and 013_115-060-013 and 0151.LegalsX22275-6-PUE docx Page 2 of 2 0/9(20 APN -013 015 PARCEL# 22275-6 -270-003 7-270-007 TITLE PUE 1�7-270-00, PCI 2 7-270-006 GRANTOR PEARL STREET PROP. AREA SCE. FT. SHEET INDEX 200a-0565671 r rI J SHEET 2 ROUTE 91 RIVERSIDE FREEWAY \ ROUTE 97 RIVERSIDE FREEWAY C/L STATIONING EGEND . P06 [ndicates Point Of E3eyinning TPO3 Indicates True Point Of Beginning (R) Indicates Radial Bearing Title to State access Prohibited NOTES tes and bearings are on -7.00) Lone 6. Distances and ng are gri distances. Divide 747E to obtain ground stances. A! distances are in teed' otherwise noted. PARED BY: DATE: 06-15-12 .DISTRIL.T FEET PEP-A-EiUT UTILITY EASCMEN 5 183 PARCEL# !TITLE PUE EGEND PEARL STREET PROP. ndicates Point Of Beginning True Point Of Beginning Radial Bearing -) Title to State 1.1 i Access Prohibited NOTES ICoordinates and bearings are on CCS 1983(2007.00) Zane 6, ii tonce ;ing are, grid distances, Divide y 0.99997476 to obtain ground Ai! distances are j unless otherwise ncted. jPREPARED A. 6,181 SO. R2 L 4 ` R3 2 W .0©' S41 ° 1 9'57" 1 5.92' R3 R4 513°11`22"W 509°59`54"E 508°13'04"E 115-060-013 & 015 L1 L2 L4 & Sa F� Ro R. 67 59' CI r 0 BE L€NE DATA ARtNG BtSTANCE N39° 1 2'38"E 539 2'38"W N51 5 44'4 S39 1 2'38" LOT, 1 lY ��2AA - SOR S AH POB NO, 31 PCL., 4 NO. 2006- '>91 O<R, A PERMANENT UTILITY EASEMENT 32.30' 25.00' 7.50" 21 .53' 160 240 DATE: 06-15-2012 REV.: 2; 10-09-12 EA: 0F540 FA#: ! SHEET NO J TOTAL SHEETS! T I COUNTY ROUTE SHEET PM 184 PSOMAS EXHIBIT `G1 LEGAL DESCRIPTION Caltrans Parcel No. 22275-7 Temporary Construction Easement APN 117-270-007 In the City of Corona, County of Riverside, State of Califomia, being a portion of the land described as Parcel 2 in the Quitclaim Deed recorded August 2, 2006 as Document No. 2006-0565691 of Official Records of said County, described as follows: Beginning at the southeasterly corner of said Parcel 2; thence North 81°40'38" West 212.14 feet along the general southerly line of said Parcel 2 to a point on the westerly line of the land described in the Final Order of Condemnation entered September 29, 1915, in Case No. 6889, Superior Court of said Riverside County, a Certified Copy thereof being recorded October 4, 1915 in Book 427, Page 282 of Deeds, Records of said County; said point being the beginning of a non -tangent curve concave northeasterly having a radius of 206.53 feet, to which point a radial line bears South 50°21'13" West; thence northwesterly along said curve and said westerly line 18.22 feet through a central angle of 05°03'17" to the True Point of Beginning; thence North 81°26'22" West 28.54 feet to a point on said general southerly line of said Parcel 2, said point being the beginning of a non -tangent curve concave easterly having a radius of 25.00 feet, to which point a radial line bears South 69°22'14" West; thence northerly along said curve and said general southerly line 12.54 feet through a central angle of 28°44'54" to a point thereon; thence South 81°26'22" East 21.31 feet to a point on said westerly line of said land described in said Final Order of Condemnation, said point being the beginning of a non -tangent curve concave northeasterly having a radius of 206.53 feet, to which point a radial line bears South 59°49'01" West; thence southeasterly along said curve and said westerly line 15.89 feet through a central angle of 04°24'31" to the True Point of;beginning. Containing 304 square feet. PA2PTG01050 SURVEY \LEGALS\22275_APN_117-270-007Tegals',22275-7-TCE,doex Page 1 of 2 10/I7/2012 185 PSO AS 1 2 See Exhibit 'GT attached hereto and made apart hereof. 3 4 The distances described herein are grid distances and are based on California Coordinate 5 System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing 6 grid distances by the mean combination factor of the courses being described. The mean 7 combination factor for this conversion is 0.99997476. 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 epared under the direction of E. Bullock, PLS 5260 / 7 lZ Date PA2PTG010 OIVSURVEY\LEGALS;22275_APN i 17-270-007ILega 2275-7-TCE.docx Page 2 of 2 10/17/2012 186 PARCE 22275-7 7- TITLE 117-270_004 117-270-006 1°40'3 212.14 GRANTOR PEARL STREET PROP. 4 SQ. FT. SHEET INDEX DDI NO, 2006-0 t 691 O. . POL. R'8- 63/66 SHEET 2 360 ROUTE 91 RIVERSIDE FREEWAY EGEND POB Indicates Point Of Beginning TP08 Indicates True Point Of Beginning (R) Indicates Radial Bearing Title to State III I (Access Prohibited APN 117-270-007 1 -060-01 5 ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING NOTES 'Coordinates and bearings are on CCS 1983(2007.001 Zone 6. Distances and stationing are grid distances. Divide ty 0.99997476 to obtain ground distances. Ali distances ore in feet unfess otherwise noteW PREPARED BY: Dui tart re Dr „te., 200 Son Ar,l, Cot 127P7 R1V „ , DATE: 06-1 DISTRICT TEMPORA Y CONSTRUCTION EASEMENT FEET 0 100 200 u -12 REV.: 10-17-12 COUNTY ROUTE 400 EA: 0F540 FA#: 600 SHEET PM r, SHEET NO. TOTAL SHEETS 187 PARCEL 22275-7 GRANTOR PEARL STREET PROP TITLE TCE 3o' LINE DATA 1\18122622- . 54' BEARING DISTANCE S81°26'22"E 21.31' LEGEND POB indicates Point Of Beginning TPOB indicates True Point Of Beginning (R) Indicates Radial Hearing Title to State Access Prohibited Cl AREA 304 SOFT. APN 117-270-007 U VE DATA RADIUS DELTA LENGTH 25.00' C2 206.5 ' .10'384 28°44'54" 0 4 ° 2 4' 3 1" RADIAL DATA BEARING S69°22'14"W R2 N81 52'51"W 559°49'01"W PGI 2 15.89' 0 T 7 3 Tl I RlVERSIOL. LAND D WATER COMPANY MS 9/,,,J 40'384 -14' P OPOSED R ROUTE 91 RIVERSIDE FREEWAY NOTES °ordinates and becrihgs are on CCS 1983(2007,00) 7one 6, Distances and stationing ore grid distances. Divide by 0.99997476 fo obtain ground distances. All distances are in feet unless otherwise noted. PREPARED Bt: -1 i-12 !DISTRICT 3 Hut/00 Centre Drive, See. 200 Sento Ann, Wiforein CO22707 phi 1 itintisiRcriiiiiisirRaut FEET 0 TEMPOPARY CONSTRUCT ION EASEMENT 0 REV,: 1 0-1 7-12 20 -10 EA! OF540 FA#: COUNTY RO LITE SHEET PM SHEET NO. co ERR 2, T— TOTAL SHEETS] 2 188 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS© AS EXHIBIT LEGAL DESCRIPTION Caltrans Parcel No. 22275-8 Temporary Construction Easement APN 117-270-005 & 013 In the City of Corona, County of Riverside, State of California, being a portion of the land described as Parcels 1 and 2 in the Quitclaim Deed recorded August 2, 2006 as Document No. 2006-0565691 of Official Records of said County, described as follows: Beginning at the southeasterly corner of said Parcel 2; thence North 81°40'38" West 161.21 feet along the general southerly line of said Parcel 2 to a point on the easterly line of the land described in the Final Order of Condemnation entered September 29, 1915, in Case No. 6889, Superior Court of said Riverside County, a Certified Copy thereof being recorded October 4, 1915 in Book 427, Page 282 of Deeds, Records of said County, said point also being the beginning of a non -tangent curve concave northeasterly having a radius of 176.53 feet, to which point a radial line bears South 37°58'42" West; thence northwesterly along said curve and said easterly line 22.91 feet through a central angle of 07°26'09" to a point on said easterly line, said point being the True Point of Beginning; thence continuing northwesterly along said easterly line and said curve 18.72 feet through a central angle of 06°04'33" to a point thereon; thence South 81°26'22" East 83.19 feet to the be: ng of a curve concave northerly having a radius of 2,831.00 feet; thence easterly along said curve 294.53 feet through a central angle of 05°57'39"; thence North 59'49'50" East 46.06 feet; thence South 74°24'15" East 73.17 feet; thence South 87°22'34" East 66.13 feet; thence South 02'37'26" West 10.98 feet to the beginning of a non -tangent curve concave northerly having a radius of 2,839,00 feet, to which point a radial line bears South 00°57'28" East; thence easterly along said curve 20.04 feet through a central angle of 00°24'16", thence North 02°37'26" East 8,02 feet to the beginning of a non -tangent curve concave northerly having a radius of 2,831.00 feet, to which point a radial line bears South 01'22'25" East, thence easterly along said curve P:\2PTC1010501 \SURVEYtLEGALS\22275_APN_ 17-270-005 and 013 J15-060-013 and 015Eegals122275-8-TCE docN Page 1 of 2 to/9(2012 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 "")1 22 23 24 25 26 27 28 29 30 S A 278.36 feet through a central angle of 05°38'01" to a point on the easterly line of said Parcel 1; thence South 41°19'57" East 6.07 feet along said easterly line to a point thereon, said point being the beginning of a non -tangent curve concave northerly having a radius of 2,837.00 feet, to which point a radial line bears South 07°04'21" East; thence westerly along said curve 20.99 feet through a central angle of 00°25'26"; thence South 41°21'39" East 8.50 feet to the beginning of a non -tangent curve concave northerly having a radius of 2,843.00 feet, to which point a radial line bears South 06°44'59" East; thence westerly along said curve 759.69 feet through a central angle of 15°18'37"; thence North 81°26'22" West 68.83 feet to the True Point of Beginning. Containing 11,819 square feet. See Exhibit `112' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described* The mean combination factor for this conversion is 0.99997476. Prepared under the direction of Brian E. Bullock, PLS 5260 /0 -09-/2 Date PA2PIGO 0501 \ SURVEYALEGALSA22275_APN_117-270-005 and 01 egalsQ2275-8-TCEdocx Paige 2 of 2 t 0/9,2012 190 TITLE' TCE PARCEL# 22275-8 7-270-003 SHEET 2 GRANTOR PEARL STREET PROP. AREA ,81 9 SO.F T , SHEET INDEX SHEET 3 SHEET q "9 300_021 DC , NO, 2006— 05656 9 1 i PCL, 1 TPOt,POB 360 APN 117-270-005 & 01 ) 5-060-0 ROUTE 91 RIVERSIDE FREEWAY \ROUTE 91 RIVERSIDE FREEWAY C1L STATIONING EGEND POB Indicates Point Of Eieginning TP08 Indicates True Point Of Beginning (R) Indicates Radial Bear' Title to State I I I .1 Access Prohibited NOTES Coordinotes and bearings are an CS 1983(2007rt00) Zone 6, Distances and gng are grid distances. Divide 97476 to ob'nin ground tances. All distances are in feet ss Otherwise noted. ~PARED BY: DATE:06-15w 2 FEET TEMPORARY CONS7RUEit0 _AEMENT 100 200 C.. 60e REV.: 10-09- 1 2 EA: OP540 FAn: DISTRICT 1 COUNTY ROUTE SHEET PM 1SHEET NO —TOTAL SHEETS 191 PARCEL# 22275-8 TITLE GRANTOR I TCE PEARL STREET PROP. AREA SQ.FT. APN 117-270-005 & 013 FOR, �+ SOUTH AND v� PROPOSED R S45°24'51"W(R)/ S37°58'42'W(R) CURV ELTA N 0 EXISTING ATA RADIUS ENGTH C1 07"2Ci"09' C2' 06°04'33" 176.53 176.53 22.91' 8.72' LEG_END PO8 Indicates Point Of Beginning TP08 Indicates True Point 0f Beginning (R) Indicates Radial Bearing Title to State Access Prohibited t` OTES _. Coordinates and oeorings ore on CGS 13 3(2007.00) Zone 5. Distances and PCL NO, 200i- 69I 0.R POB 7 FOR, 'SECTION ,I 0 T ,3S, j fR, 6W, RANCHO SOSRANTS me I/8 N NE DATA PCL, I N0, 200�- 2 °40'38"W BEARING DISTANCE L2 S81 °26'22"E N81 °26'22"W ROUTE 91 RIVER OE FREEWAY CAL STATIONING 360 ROUTE 91 R rE S DE FREEWAY ng are grid distances. Divide TEMPORARY rONSTRU 'HON EASEMENT 97476 to obtain ground ss -a cea Ali distances are in feet -t 0 25 50 00 150 PREPARED 5Y: pDATE: 08-15-12 REV.:10-12 EA: 0E5410 FA#: Sle, eS27;t7 DISTRICT ¢ CGi iF q . ROUTE, SHEET r SHEET NOg€ TOTAL SHEETS 192 PARCEL# 22275-8 TITLE TCE GRANTOR PEARL STREET PROP. SEOTI ON11 3:J 3S, ; RANCH.° EL SOBRAINTE IVI 2 1/3 N 59 ° 4 9' 50"E 46.06' S 2°35'59"W (R) ©=05° 57'39" R=2831.00' L=294.53' 81 °40'38" v 123.1 5' S74024,1 1 7 ' (222:75-0 R=2843.00'u \PROPOSED R/W AREA 6 0-2©„ LINE DATA FARING SO2° 37'26" NO2°37'26"E LEGEND R=2000.00` EXISTING RA/ S©.F T. ,PN 117-270-005 & 013 PCL, I NO, 10Jb- ' 1 0,R f RADIAL DATA R1 R2 R3 BEARING SOO° 57 '28"E S01°21'44"E SO1 ° 22'25"E S87°22°34"E L4 _66.1 3` C =5)31 C RVE DATA DELTA I RADIUS LENGTH 00 24'16" 2839.00' 4 05° 38'01 °' 2831 .00' 20.04' 278.36' ROUTE 91 RIVERSIDE FREEWAY POB Indicates Point 0f Beginning TPCB Indicates True Point Of Beginning (.R) Indicates Radial Bearing ) title to Stale (Access Prohibited NOTES Coordinates rind becrings are on CCS 1983(2G07.00) Zene 6, € stationing are -arid distances. 0 ty 0.99997476 to onto€n ground ices. A!! distances ore in PREPARaC c. t CATE:06-15-12 DISTRIC ROUTE 91 ,RIVERSIDE C/Lw STATIONING TEMP RAPY CvSTAJC' N EASEMENT RP ET REV.: 1 0-09- 1 2 EA: 0E540 FA#. COUNT ROUTE( SHEET' PM \SHEET NO. TOTAL SHEETS 193 PARCEL# 22275-8 TITLE TCE GRANTOR PEARL STREET PROP. PC!, I DOC, NO, ?JCS 05 9 1 ROUT EGEND POB Indicates Point Of Beginning TP08 Indicates True Point Of Beginning (R) Indicates Radial Bearing Title to State Access Prohibited NOTES L8ordirEat s and bearings are on US 1 3(20 7.00) Zane a. Distances a€ stationing are grid distances. Divide by 0.99997476 to .obtain ground distances. All distances are in feet unless the✓,vis noted. PREPARED BY: AREA 11819 SO.FT. DO C . 0665691 RivERS APN 270-005 & 013 ROUTE 91 RIVERSIDE FREEWAY /C/L STATIONING TEMPORARY CONSTRUCTION EASEMENT .DATE: 06--1 5-1 2 REV.: 1 B-09- 1 2 EA: 0E 540 SHEET PM 1 A€ : EFT NG.1TOTAL SHEETS' 194 PS OMAS EXHIBIT IV LEGAL DESCRIPTION Caltrans Parcel No. 22275-9 Fee Acquisition APN 117-270-013 In the City of Corona, County of Riverside, State of California, being a portion of the land described as Parcel 1 in the Quitclaim Deed recorded August 2, 2006 as Document No. 2006-0565691 of Official Records of said County, being described as follows: Beginning at the southeasterly corner of Parcel 2 of said deed; thence North 81 °40'38" West 161.21 feet along the general southerly line of said Parcel 2 to a point on the easterly line of the land described in the Final Order of Condemnation entered September 29, 1915, in Case No. 6889, Superior Court of said Riverside County, a Certified Copy thereof being recorded October 4, 1915 in Book 427, Page 282 of Deeds, Records of said County, said point also being the beginning of a non -tangent curve concave northeasterly having a radius of 176.53 feet, to which point a radial line bears South 37°58'42" West; thence northwesterly along said curve and said easterly line 8.81 feet through a central angle of 02°51'28"; thence South 81 °26'22" East 57.22 feet to the beginning of a curve concave northerly having a radius of 2,851.00 feet; thence easterly along said curve 718.79 feet through a central angle of 14°26'43" to a point, said point being the True Point of Beginning; thence North 04°49'37" West 9.99 feet to the beginning of a non - tangent curve concave northerly having a radius of 2,841.30 feet, to which point a radial line bears South 05°53'14" East; thence westerly along said curve 25.00 feet through a central angle of 00°30'15"; thence South 04°49'37" East 9.99 feet to a point on said 2,851.00 foot radius curve, to which point a radial line bears South 05°22'57" East; thence easterly along said curve 25.00 feet through a central angle of 00°30'09" to the True Point of Beginning. Containing 250 square feet MA2PTG010501\SURVEYTEGALS\22275_APN_117-270-005 and 013_115-060-013 and 015ROSEVILLE\Legals\22275-9- FEE.doex 4/23/2014 Page 1 of 2 195 PSOMAS The above described conveyance is made for the purpose of a freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. See Exhibit `I2' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of Brian E. Bullock, PLS 5260 Date 4 -z3-/¢ MA\2PTG010501\SURVEY\LEGALS\22275_APN_117-270-005 and 013_115-060-013 and 015ROSEVILLE\Legals\22275-9- FEE.docx 4/23/2014 Page 2 of 2 196 EXHIBIT I2 PARCEL# TITLE AREA APN 22275-9 FEE 250 SO. FT. 117-270-013 SHEET INDEX 117-270-003 '-2�0_004 o SHEET 3 SHEET 4 SHEET 5 I A I- j'(XS.F I R" R. w SHEET 2 I i y 9 3p 1 1 5-060-01 6' N W v) OOC � I 2 P✓ , °-021 NO, 200n-05 )5 )9 1 I 0 , R , - N p C L, 1 �^`' �' �� �. " - ---'Iu 117-270-006 R c 1PCL' -f i 03/66 22275-9 �=;-': '`,�, --; • _ "- _ _ I 1 o 3�r POB TPOB 365 360 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State 11 11 I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 2 7 5- 9 FEE ACQUISITION distances. All distances are in feet unless otherwise noted. 1 FEET 0 100 200 400 600 PREPARED BY: PSOMAS Huttonrive, Ste. 200 Santa Ana, California 92707 (717373/(71Centre 04)545 8883 (Fax) DATE:06-15-12 REV. 4: 04-23-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 197 91 6. 9 1 4 EXHIBIT I2 PARCEL# TITLE AREA APN 22275-9 FEE 250 SQ. FT. 117-270-013 ti LiI, Lu � (r) -1 cc "Q fill PROPOSED -- - c3 0 O C — I. R/W FOR, LOT SOUTH T�1Vrt�jl�r AND WATER 1V1e _ — — __ — — — — ��— --- ,-:- ct o ,-2 8L OCX 3 LAND COMPANYRANCHO 9/6 FOR, PCL , 2 DOC, NO, 7006- 0565691 0 , R ., A=02° 51 '28" R=176.53' L=8.81 ' — — — — — — S81 °26'22"E — — 57.22 — p=1 5°25'1 6" , — 0_14°26'43" N81 °40'38"W 1 61 .21 ' — R=2851 'FOR, T.,3So El OOC, 0565691 R ., S ., .00' L=71 SECTION 30 R.,6W,, SOSRANTr Mg J /O PCL I NO, 2006- O , R , — — — 63/66 L=76_7.34' _ 8.79'— — — M w w 0 / N81°40'38"W o o EXISTING R/W POB 123.15 w oco o 0 (/) N. in ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY w (/) C/L STATIONING LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 9 360 ) Title to State 1 1 1 1 I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 2 7 5- 9 FEE ACQUISITION distances. All distances are in feet unless otherwise noted. 1 FEET 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 (714)751n 73734 7114)545-8883 (Fox) DATE: 06-15-12 REV. 4: 04-23-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 198 91 6.9 2 4 EXHIBIT I2 PARCEL# TITLE AREA APN 22275-9 FEE 250 SQ. FT. 117-270-013 N I— w w w N _ 15—° POR, SECTION 30 r ., 3 S ., y R ., J IJ11 RANCHO EL SUARANTr Mil 1/8 R , S , L�/6b — __.— _ T /z R=2851 .00 2-5'16—" — — — — — DOC, 05.65 PCL , 1 NO, 200�- 91 0,R, PROPOSED R/W — —� — Q=- i— w w _ J6734 —L=_ _ __ L=71 8.79' — — — — —= 0=1 4° 26'43" =16°40'20" N81 °40'38"W 123.15' ROUTE 91 2 R=2000.00' EXISTING R/W L=581.97' -- FREEWAY RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE C/L STATIONING 363 LEGEND POB Indicates Point Of TPOB Indicates True Point (R) Indicates Radial Beginning Of Beginning Bearing ( ) Title to State I I 11 I Access Prohibited NOTES FEET �/ 2 2 2 / S - 9 FEE ACQUISITION Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. ' 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 (714)751n 7373/(7114)545-8883 (Fax) DATE:06-15-12 REV. 4:04-23-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 199 91 6.9 3 4 EXHIBIT I2 PARCEL# TITLE AREA APN 22275-9 FEE 250 SO. FT. 117-270-013 wMw � w w >JJis' Sr0T1 JN 30 RANCr10 r l SJBRANTr R'S' prL. ° 1 ..-- Doc, No, 700- -- 05b5:4391 O,R, „ -"- — OSED R /W PROP -- p=1 _4° 2_6 43 \- V 8.79 ° 4020R __ p-16 '" �� �--/ i DE o \\`_--, 1 9 / 22275 I _ _ R1 1 -- — R2 Cl - li, 111111r I- , C2 R4 718e79' " R3 TPO 1_ 0 1 4° 20 43 R=2851 \ — 6,=15 25'16'1 —� \ ____ -' 365 Po „ 3 \ DDC, NJ„ 200 - 05-" 1 0 R, '63 ' DJG, i 05-n5a71 � i — — *Mg �, illii 1 22275-9�IV TPOgL=581 °97S 000.00 Da° „E 2 20,59 I _�.J S EXISTING RAW RIVERSIDE �' — \ — _ \ �1 \ g J -j67e34�� .,- �� — ROUTE 91 RIVERSIDE \ -- \ prl , ND, l R) R°UTE QOR, L ol, As8r§SOR �NJ, �\ - -� 112-ram I S MAP 31 43 — — \ �� , 4 \ 700.6 - 0„R, < < ::10\35\18\.\020\:: FREEWAY RADIAL DATA R1 - S05°53'14"E R2 - 505°22'59"E R3 - S05°22'57"E R4 - S05° 53'06"E FREEWAY C/L STATIONING LINE DATA 9.99 E 9.99 L=25.00' p=00°30'1 5" L=25.00' p=00°30'09" LEGEND L1 - N04o49;37;;W L2 - SO4 49 37 CURVE DATA POB Indicates TPOB Indicates (R) Indicates Point Of Beginning True Point Of Beginning Radial Bearing to State Prohibited ( ) Title C1 - R=2841 .30' C2 - R=2851 .00' I I I I I Access NOTES FEET 2 2 2 7 5- 9 FEE ACQUISITION Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. ' 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 (714)751n 7373/(714)545-8883 (Fax) DATE:06-15-2012 REV. 4:04-23-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 2C0 91 6.9 4 4 PS OMAS EXHIBIT `J1' LEGAL DESCRIPTION Caltrans Parcel No. 22275-10 Permanent Drainage Easement APN 117-270-013 In the City of Corona, County of Riverside, State of California, being a portion of the land described as Parcel 1 in the Quitclaim Deed recorded August 2, 2006 as Document No. 2006-0565691 of Official Records of said County, being described as follows: Beginning at the southeasterly corner of Parcel 2 of said deed; thence North 81 °40'38" West 161.21 feet along the general southerly line of said Parcel 2 to a point on the easterly line of the land described in the Final Order of Condemnation entered September 29, 1915, in Case No. 6889, Superior Court of said Riverside County, a Certified Copy thereof being recorded October 4, 1915 in Book 427, Page 282 of Deeds, Records of said County, said point also being the beginning of a non -tangent curve concave northeasterly having a radius of 176.53 feet, to which point a radial line bears South 37°58'42" West; thence northwesterly along said curve and said easterly line 8.81 feet through a central angle of 02°51'28"; thence South 81 °26'22" East 57.22 feet to the beginning of a curve concave northerly having a radius of 2,851.00 feet; thence easterly along said curve 718.79 feet through a central angle of 14°26'43" to a point, said point being the True Point of Beginning; thence easterly continuing along last said curve 48.55 feet through a central angle of 00°58'32"; thence North 41 °20'45" West 12.13 feet to a point, said point being the beginning of a non -tangent curve concave northerly having a radius of 2,841.30 feet, to which point a radial line bears South 06°43'13" East; thence westerly along said curve 41.32 feet through a central angle of 00°50'00"; thence South 04°49'37" East 9.99 feet to the True Point of Beginning. Containing 449 square feet. MA2PTG010501\SURVEY\LEGALS\22275_APN_117-270-005 and 013_115-060-013 and 015ROSEVILLE\Legals\22275-10- PDE. docx 4/23/2014 Page 1 of 2 201 PS OMAS See Exhibit `.12' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of Brian E. Bullock, PLS 5260 Date 4 - f3 -/4 NI: \2PTG010501\SURVEY\LEGALS\22275_APN_117-270-005 and 013_115-060-013 and 015ROSEVILLE\Legals\22275-10- PDE. docx 4/23/2014 Page 2 of 2 202 EXHIBIT J2 PARCEL# TITLE AREA A P N 22275-10 ESMT 449 SO. FT. 117-270-013 SHEET INDEX 117-270-003 / ,to-0p4 o SHEET 3 SHEET 4 A`j-�s.F R` R, w SHEET 2 9- >> 3p0 1 1 5-060-01 6 � IV) DOC, P, 2 J crR,s 021 NO, 200t-05b5b911 0,R, ss FO, I ..` _ - 17.1 117-270-006 03/66 1►2275-10 - _- -;�--- -------------- - _ --- ; -- — �rnTr,r -- -r --- _- --'--- - - - ' -------- -i--- - <:� _ -------- - ----_=w--=.��.--: ' ! J , nrn i —1 0 3/ POB 365 360 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( -) Title to State 1 1 1 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 2 7 5- PERMANENT DRAINAGE 1 0 EASEMENT distances. All distances are in feet unless otherwise noted. FEET 0 100 200 400 600 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa (714)751n 73734714)545g8883 (Fax) DATE:02-10-14 REV.: 04-23-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 2 D 3 91 6.9 1 4 EXHIBIT J2 PARCEL# TITLE AREA APN 22275-10 ESMT 449 SQ. FT. 117-270-013 1--- W ct 1--- v) J Cc Q Lu PROPOSED FOR, LOT SOUTH R1VrRS1Dr AND WATER r 1V18 _ — _ -� OOP — — — — b. _�—i.� �-� R/W o 3; SL OOK 13 LAND COMPANY )/� FOR, PCL, 2 DOC, NO, 7006- 0565691 D ., R 0=02°51'28" R=176.53' L=8.81' S81 °26'22"E _ — 57.22 — A=15°2516" — — 0=1 4 A — N81 °40'38"W 1 61 .21' ° 26'4 3" — — FOR, SECTION 30 _r „�S � ; R , �I,11, RANCHO EL SOSRANT MEI 1 /8 PCL, 1 — DOC, NO 7006- 05n51-)91 0 , R , R.,S., .63/�6 R=2851 .00' L=767.34' — , L=718.79' N81°40'38"W M w w _ 0 o EXISTING R/W POB 123.15' w °q `n , o 0 (,) � M ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY cn C/L STATIONING LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 9 360 ( ) Title to State 1 1 1 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 2 7 5_ 1 PERMANENT DRAINAGE 0 EASEMENT distances. All distances are in feet unless otherwise noted. FEET 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 (714)751n 7373/(714)545-8883 (Fax) DATE:02-10-14 REV. : 04-23-14 EA OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 2 04 91 6.9 2 4 EXHIBIT J2 PARCEL# TITLE AREA APN 22275-10 ESMT 449 SQ. FT. 117-270-013 N I— w w w 0=15°25'16" POR , SECTION 30 T „3S ; R , 6 lill , RANCHO EL SOSRANTr M8 1 /8 R ., S ., — ,— T z � R=2851.00_ — — — — — — 63/66 -_— �— — R=2000.00' EXISTING DOC, 0565691 PCL, 1 NO 2006- 0, R, PROPOSED R/W _— - -- -- _ = v 1— w w cn w — — R/W — — jL=767_34 — — — L=71 8.79' — — — — — 0=14°26'43" =16°40'20" ROUTE 91 2 N81 °40'38"W 123.15' L=581.97' FREEWAY -- RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE C/L STATIONING 363 LEGEND POB Indicates Point Of TPOB Indicates True Point (R) Indicates Radial Beginning Of Beginning Bearing ( ) Title to State 1 1 1 1 1 Access Prohibited NOTES FEET �/ 2 2 2 / S- 1 0 PERMANENT DRAINAGE EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0,99997476 to obtain ground distances. All distances are in feet unless otherwise noted. 1 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 (714)751n 73734 714)545-8883 (Fax) DATE:02-10-14 REV. : 04-23-14 EA:OF540 FM*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 2 C 5 91 6.9 3 4 EXHIBIT J2 PARCEL# TITLE AREA APN 22275-10 ESMT 449 SO. FT. 117-270-013 rn w Li 0 W W cn FCf�., Sr C r1 CN .JJ FOR, SE' 1 ., 3So; f`;., �fJ' llll� ;�r1NCH0 rL SO8RANTr R A/18 1/2 PC I_ , 1 / CCC, NO., 7006- i 0565691 C , R , , � � _ � / PROPOSED RPN � / _ _41. _ R=2851 p=1 5° 25 1 6! ° 2 6 43, L=T18�TTPOB 0=1 4 ° R=2pp0.00 __ 0=16 40 20 J-, / DETAIL \\EXIST 1 30 / 22275-10 _ i _ i — _ TPOB RQ / vs - / 79' R1 / 6_14°26 °, pp p1525, I�R2g51p-- �-- 365 PCL 3 \ �� �/ D0565691 0,R, � S 63 / / , � i 0' / / DOC, / 0565691 � / / _ 3q- — ►- 7 . . —� _ _ sp6° /222 75-10 =581 -97 ° p 5g„E I spg 2 � Riw IN RIVERSIDE \____ � RIVE — -- _ R3 _ C2 �L1 ,. \ C1 R2 _/ 4 —T18.3T6T3 L 6 ROUTE 91 RIVERSIDE \ i \ -- ' PGL , NO, 51 0 ) R��TE UR I_JT r� JCi�.3l , rl� Al\/1. 1 /-f �\ � \ , 11 -A All;�fr' it �1� � f3 �- N/ / \ \ \ \ \ 24, A 4N 7006- 0 R / / (\ 38„E (R) \ 131. N78°58 FREEWAY RADIAL DATA R1 - S05°53'06"E R2 - S06° 51 R3 _ S06°43'13"E R4 S05°53'14"E FREEWAY '38"E C/L STATIONING LINE DATA W 1 2.1 3 E 9.99 L=48.55' 0=00°58/32" L=41 .32' 0=00°50'00H LEGEND L1 - N41 020 45 L2 - SO4 49 37 CURVE DATA POB Indicates TPOB Indicates (R) Indicates Point Of Beginning True Point Of Beginning Radial Bearing to State Prohibited C1 - R=2851 .00' C2 - R=2841 .30' ( -) Title I I I I I Access NOTES FEET 2 2 2 7 5- 1 0 PERMANENT DRAINAGE EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. ' 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 (714)751n 7373/(7014)545-8883 (Fax) DATE:02-10-14 REV. : 04-23-14 EA:OF540 FM*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 2C6 91 6.9 4 4 PS OMAS EXHIBIT `Kl' LEGAL DESCRIPTION Caltrans Parcel No. 22275-11 Temporary Construction Easement APN 115-060-015 In the City of Corona, County of Riverside, State of California, being a portion of the land described as Parcel 4 in the Quitclaim Deed recorded August 2, 2006 as Document No. 2006-0565691 of Official Records of said County, described as follows: Beginning at the southeasterly corner of said Parcel 4; thence North 09°22'38" East 73.38 feet along the general easterly line of said parcel to a point thereon, said point being the True Point of Beginning; said point also being the beginning of a non -tangent curve concave northerly having a radius of 2,837.00 feet, to which point a radial line bears South 15°38'45" East; thence westerly along said curve 48.35 feet through a central angle of 00°58'35" to a point, said point being the beginning of a non -tangent curve concave northerly having a radius of 2,837.00 feet, to which point a radial line bears South 13°30'03" East; thence westerly along said curve 173.43 feet through a central angle of 03°30'10"; thence North 02°32'29" East 95.94 feet to a point on the general northerly line of said Parcel 4, said point being the beginning of a non -tangent curve concave northerly having a radius of 5,779.66 feet, to which point a radial line bears South 13°11'22" West; thence easterly along said general northerly line the following two (2) courses: 1) along said curve 76.62 feet through a central angle of 00°45'34" and 2) South 77°34'12" East 140.88 feet to the most easterly corner of said Parcel 4; thence South 09°22'38" West 0.59 feet along said general easterly line to the True Point of Beginning. Containing 10,698 square feet. MA2PTG010501\SURVEI'\LEGALS\22275_APN_117-270-005 and 013_115-060-013 and 015ROSEVILLE\Legals\22275-11- TCE.docx 4/23/2014 Page 1 of 2 207 PS OMAS See Exhibit `1(2' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of Brian E. Bullock, PLS 5260 .-2,?•/4 Date MA\2PTG010501\SURVEY\LEGALS\22275_APN_117-270-005 and 013_115-060-013 and 015ROSEVILLE\Legals\22275-11- TCE.docx 4/23/2014 Page 2 of 2 208 EXHIBIT K2 PARCEL# TITLE AREA APN 22275-11 TCE 10,698 SOFT. 115-060-015 SHEET INDEX 117-270-003 1/7-270 004 oti SHEET 2 To �So F O Re R' NN 1�i1 1 7 9 300 1 1 5-060-01 6 N � 30C, cc PCI , 2 Q W 021 NO 00 —05 5- 9J 0,R, PCL, 1 �., . -n' ` '-CI R ` ` ,� ., r __- _ —_ nr "; __-----_ ______-______________ ::_, (;� -" �P 0 g POB 365 360 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State 1 1 1 1 1 Access Prohibited NOTES �/ Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 1 2 2 2 / S- 1 TEMPORARY CONSTRUCTION 1 1 EASEMENT distances. All distances are in feet unless otherwise noted. FEET 0 100 200 400 600 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 (714)7Ana, 1n 7373/(714)545g8883 (Fax) DATE:06-15-12 REV. 5: 04-23-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 2C9 91 6.9 1 2 EXHIBIT K2 PARCEL# TITLE AREA APN 22275-11 TCE 10,698 SOFT. 115-060-015 CURVE DATA DELTA RADIUS LENGTH 119-30p_p21 C6 00°58'35" 2837.00' 48.35' CC A. T ° S.F. R.R. p��l =02°39 �R" F?_577g 66 " Ao p°� ��PZL 267.5g,° �A � � � S C 0* 034 2 DEL � 4°53q„ 77 1 E 140°88, i ° \ S15 3845"E (R ) _ m ;fc�0 S13°30'03"E (R-IN) N N Q C\f ' )C� t� c\i? . 0 ,�� �ir>> 22275-11 CC w ° CP'I 6c) 0� , ice. co �> �P 11 5-060-01 5 � LiJ = cn w � o 0� 0 , A"E ) A3 in °, N zSo°059 5 p" L�1�3° �'�r� �T 1 ��r1 �'�a, �--- 03° 30 g37 poo A .: SS._M G l AF) 0 i � � Al p= R,2 NO, 31 z �S770 R/w r11�/Ja 1 /,f2-,i` / -- 140.88 E \ in PpS0 PRO R,S, pA'' lRl 2 32 „ R,1 g5 S ° IAA D�0 Iw R .D 3/bn 2A �9°�° / 0.59 o °oo �- P 0� i P 08 . -co I E lRl C6 m cv °23'1 i 5``F- m In cv I g 0 aA `1 n.'�° S \ S\ 5 3 R rn I o \ DETAIL �/ 1S�ZNC EX 1=5 i i - 131.00' s DE �--, N78°58,244 76:5770 ERSI ° 9c' /9 S,% R I F U-� E F REEW A � o RO 3 LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ROUTE 91 RIVERSIDE FREEWAY ( ) Title to State C/L STATIONING I I I I I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 2 7 5- TEMPORARY CONSTRUCTION 1 1 EASEMENT distances. All distances are in feet unless otherwise noted. ' FEET 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa (714)751n 7California 92707 373/(714)545-M33 (Fax) DATE:06-15-12 REV. 5: 04-23-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 2 1 R I V D 91 6. 9 2 2 Pearl Street Properties, LLC 117-270-005, 117-270-013 115-060-013, 115-060-015 FEE 250 SF PDE (DRAT NAGE) 449 SF TAE (TEMPORARY ACCESS) 26,164 SF TCE (TEMPORARY CONSTRUCT! ON) 10,698 SF 211 LAW OFFICES GREENBERG, WHITCOMBE, TAKEUCHI, GIBSON & GRAYVER, LLP RICHARD C. GREENBERG JOHN D. WHITCOMBE$ DERRICK K. TAKEUCHI MICHAEL I. GIBSON LEONARD GRAYVER SAMANTHA F. LAMBERG MICHAEL J. WEINBERGER JOEL L. BENAVIDES AARON M. LAVINE $Also Member of District of Columbia Bar VIA E-MAIL & U.S. MAIL 21515 HAWTHORNE BOULEVARD, SUITE 450 TORRANCE, CALIFORNIA 90503-6531 (310)540-2000 FAX (310) 540-6609 • (310) 316-0505 E-MAIL: GWTLLP@GWTLLP.COM September 9, 2014 Members of the Board of the Riverside County Transportation Commission c/o Jennifer Harmon, Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3fd Floor Riverside, CA 92501 Re: Taking of portions of Corona Towne Center Dear Board Members: MICHAEL E.ADLER• PATRICIA M. BAKST• 'OF COUNSEL SENDERS E-MAIL RGREENBERG@G WTLLP.COM OUR FILE 100-2701 This firm represents Corona Towne Center, LLC ("CTC"), the property owner of the Corona Towne Center ("Center") property located on Lincoln Boulevard. CTC requests that this letter be made part of the administrative record on this matter. CTC has informed Riverside County Transportation Commission ("RCTC") staff of its concerns and objections relating to RCTC's proposed project and takings from the Center. CTC's concerns have not been met. While CTC understands the RCTC and Caltrans mission to widen the 91-Freeway, RCTC and Caltrans have not taken reasonable measures in planning to minimize the adverse economic impact on the Center. As the project has been designed, the Center is not viable in the after condition. Prior to the proposed project, the Center was developed and configured to be accessed from Lincoln. Four entry points and four drive aisles from Lincoln led into the center. The parking and access adequately served the anchor tenants as well as the entire center; however, there was no surplus parking. Parking spaces behind the Cardenas Market are not used by patrons. In the proposed "after condition" the remaining buildings will still be oriented towards Lincoln while the RCTC project proposes to provide primary access from a new side road -- 2"d Street. The Center will effectively have egress to Lincoln that is not workable. The queuing to the one driveway LAW OFFICES GREENBERG, WHITCOMBE, TAKEUCHI, GIBSON & GRAYVER, LLP Members of the Board of the Riverside County Transportation Commission September 9, 2014 Page 2 slated to remain in its entirety will result in a bottleneck that would be impassable. Since the last RCTC meeting, RCTC has proposed a minor modification to the project, to include an additional access point to Lincoln. While this change does provide an additional access point to Lincoln, the driveway is limited as it only allows for a right -turn in and a right -turn out. This means that this driveway will only allow entrance to the Center to vehicles travelling north on Lincoln -- vehicles that would have to pass the other Lincoln access point before reaching this additional entrance. The driveway would likewise only allow exit to Lincoln for vehicles that wish to continue travelling north on Lincoln. Yet, the majority of the customers coming to the subject property come from the south. This additional driveway does nothing to help the majority of the traffic to the subject property. We have been advised that the perceived constraints by the RCTC preclude any further modification of the planned project to mitigate CTC's concerns and damage to the Center. We want to leave no misapprehension about the fact that the proposed design does not minimize damage to the Center. Similarly, we want to make it abundantly clear that CTC does not agree that the RCTC-proposed site reconfiguration is the appropriate reconfiguration of the site. The RCTC-proposed site reconfiguration is not suitable or desirable for CTC. Such site reconfiguration only addresses one issue -- parking. However, it fails to address the deeply flawed egress and circulation, nor does it take into consideration that the remaining parking includes 80 spaces of virtually no utility as the Center will now be configured. Neither does it address the key fact that the buildings are no longer oriented towards the main access points/frontage. This property would not have been developed, built or redeveloped, nor would any knowledgeable buyer even consider purchasing the Center as it is outlined in the RCTC-proposed site reconfiguration. Very truly yours, Richard C. Greenberg for the firm RCG/rsc ANGELO J. PALM ROBERT F. WALD ALAN H. WIENER• MICHAEL J. GREENE. DENNIS W. GHAN• DAVID D. PARR* CHARLES H. KANTER• PATRICK A. HENNESSEY DON FISHER GREGORY N. WEILER WARREN A. WILLIAMS JOHN R. LISTER MICHAEL H. LEIFER SCOTT R. CARPENTER RICHARD A. SALUS NORMAN J. RODICH RONALD M. COLE MICHAEL L. D'ANGELO STEPHEN A. SCHECK DONNA L. SNOW w W W PALMIERI, TYLER, WIENER, WILHELM &WALDRON IERI (1928-1998) RON (1927-1998) RYAN M. EASTER ELISE M. KERN MELISA R. PEREZ MICHAEL I. KEHOE CHADWICK C. BUNCH ANISH J. BANKER RYAN M. PRAGER BLAINE M. SEARLE ERIN BALSARA NADERI CANDICE L. LEE ERICA M. SOROSKY MICHAEL P. BURNS JOSHUA J. MARX ERIN K. OYAMA STEVEN R. GUESS KATHERINE M. HARRISON BRIAN GLICKLIN MICHAEL C. CHO, OF COUNSEL ROBERT C. IHRKE, OF COUNSEL JAMES E. WILHELM, OF COUNSEL DENNIS G. TYLER•, RETIRED •A PROFESSIONAL CORPORATION VIA E-MAIL & U.S. MAIL 2603 MAIN STREET EAST TOWER — SUITE 1300 IRVINE, CALIFORNIA 92614-4281 (949) 851-9400 www. ptwww.com September 4, 2014 Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92501 _ ij;'e S -5 P.O. BOX 19712 IRVINE, CA 92623-9712 WRITER'S DIRECT DIAL NUMBER (949)851-7294 WRITER'S DIRECT FACSIMILE NUMBER (949)825-5412 FIRM'S DIRECT FACSIMILE NUMBERS (949) 851-1554 (949)757-1225 mleifer©ptwww.com REFER TO FILE NO. 36964-000 Re: Corona Towne Center, LLC - Parcel No. 22218-1; 22218-2; 22218- 3; 22218-4; 22218-5; 22218-6; 22218-7; 22218-8 Our Clients: Cardenas Markets Dear Clerk: This office represents Cardenas Markets, the anchor tenant of Corona Towne Center, LLC. The purpose of this letter is to notify the Riverside County Transportation Commission that Cardenas Markets intends to appear and be heard at the Resolution of Necessity hearing scheduled for September 10, 2014. cc: Client 1304085.1 ANGELO J. PALM ROBERT F. WALD ALAN H. WIENER* MICHAEL J. GREENE* DENNIS W. GHAN' DAVID D. PARR' CHARLES H. KANTER* PATRICK A. HENNESSEY DON FISHER GREGORY N. WEILER WARREN A. WILLIAMS JOHN R. LISTER MICHAEL H. LEIFER SCOTT R. CARPENTER RICHARD A. SALUS NORMAN J. RODICH RONALD M. COLE MICHAEL L. D'ANGELO STEPHEN A. SCHECK DONNA L. SNOW W W W PALMIERI, TYLER, WIENER, WILHELM &WALDRON; IERI (1926-1998) RON (1927-1998) RYAN M. EASTER ELISE M. KERN MELISA R. PEREZ MICHAEL I. KEHOE CHADWICK C. BUNCH ANISH J. BANKER RYAN M. PRAGER BLAINE M. SEARLE ERIN BALSARA NADERI CANDICE L. LEE ERICA M. SOROSKY MICHAEL P. BURNS JOSHUA J. MARX ERIN K. OYAMA STEVEN R. GUESS KATHERINE M. HARRISON BRIAN GLICKLIN MICHAEL C. CHO, OF COUNSEL ROBERT C. IHRKE, OF COUNSEL JAMES E. WILHELM. OF COUNSEL DENNIS G. TYLER*, RETIRED 'A PROFESSIONAL CORPORATION VIA E-MAIL & U.S. MAIL 2603 MAIN STREET EAST TOWER — SUITE 1300 IRVINE, CALIFORNIA 92614-4281 (949) 851-9400 www.ptwww.com September 9, 2014 Members of the Board of the Riverside County Transportation Commission c/o Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92501 Re: P.O. BOX 19712 IRVINE, CA 92623-9712 WRITER'S DIRECT DIAL NUMBER (949) 851-7294 WRITER'S DIRECT FACSIMILE NUMBER (949)825-5412 FIRM'S DIRECT FACSIMILE NUMBERS (949)851-1554 (949)757-1225 mleifer@ptwww.com REFER TO FILE NO. 36964-000 Taking of portions of Cardenas Markets' business location at Corona Towne Center; Proposed Resolution of Necessity No. 14- 022 Dear Board Members: Cardenas Markets ("Cardenas"), is the anchor tenant of the Corona Towne Center retail center located on Lincoln Boulevard. Cardenas requests that this letter and its enclosures be made part of the administrative record on this matter. This letter follows the June 10, 2014 and July 8, 2014 letters to the RCTC Board and enclosures as included in the administrative record on this matter, as well as RCTC's entire file to be included in the administrative record on this matter, as it relates to this property, including, but not limited to, internal communications, reports, notes, correspondence and any submittals or communications with the City of Corona (much of which has not been produced to the property owner or this stakeholder). 1310507.3 PALMIERI, TYLER, WIENER, WILHELM &WALDRON Jennifer Harmon September 9, 2014 Page 2 This matter came before this Board on June 11, 2014 for consideration of adoption of a resolution of necessity to authorize takings from Corona Towne Center. The Board did not adopt the resolution of necessity and the matter was continued to the next Commission meeting --July 9, 2014. At the July 9, 2014 meeting, at the request of RCTC Staff, the matter was continued to the Commission's September 2014 meeting. At the June 11, 2014 Commission meeting, the first one, this Board directed staff to sit down and meet with Cardenas (and the property owner) to discuss the Cardenas - proposed reconfiguration plan and the obvious concerns by the Board, the property owner and Cardenas relating to the proposed project --which necessitates the reconfiguration of the subject property. Staff has not worked with the property owner and Cardenas to discuss site reconfiguration and the other impacts of the proposed takings and project. Since the June 11, 2014 meeting, Cardenas has been attempting to start a dialogue and meet with RCTC staff. (See Ex. 1.) Cardenas did not receive any meaningful official response from RCTC staff. RCTC staff has not officially offered any comments to the Cardenas proposed reconfiguration plan. Basically, it is ignoring the reconfiguration plan as its official position. Later, Cardenas learned that instead of working with Cardenas and Corona Towne Center property owner, RCTC staff covertly sought to obtain approval for a right/in- right/out only driveway on Lincoln. Staff supposedly obtained agreement by the City of Corona for the right/in-right/out driveway. Staff held a meeting with the property owner and Cardenas on August 28, 2014. At the meeting, Staff was asked to provide the documentation, if any, and analysis, if any, for the very recent site reconfiguration change. Staff did not have any of the documentation at the meeting that staff called for the purpose. Staff has not provided the documentation or analysis for the driveway to date. That was the only reconfiguration change proposed. Despite repeated requests by Cardenas, RCTC staff has not addressed the Cardenas -proposed site reconfiguration. RCTC staff has not addressed the very real concerns of the property owner and its anchor tenant, Cardenas, relating to the whole host of impacts caused by the RCTC proposed takings and project. 1310507.3 PALMIERI, TYLER, WIENER, WILHELM &WALDRON Jennifer Harmon September 9, 2014 Page 3 As Cardenas explained at the June 11, 2014 Commission meeting, the RCTC project will leave a center that was developed and oriented towards Lincoln having primary access from a new side road--2nd Street. Corona Towne Center will be turned on its side. Yet, RCTC staff has been unwilling to discuss the severe impact that will be caused to Corona Towne Center that will require reconfiguration of the buildings. The self-serving "re -design" conducted by RCTC staff to add a limited driveway from Lincoln does little to address the concerns of Cardenas or the property owner as it expressed at the late August meeting with RCTC staff. Despite this Board's direction, staff has not officially commented on Cardenas' proposed site reconfiguration. Instead, staff (and the revised appraisal report and precondemnation offer) are officially ignoring the Cardenas -proposed reconfiguration. At a prior meeting, staff conceded that these are the biggest takes on the biggest property in the widening project. Why then, did staff wait to address this property at the "end" --when staff claims that it is too late to make substantive changes to the project? Common sense dictates that the bigger issues are dealt with first. This Board directed staff to address the problems its project was causing to the center and Cardenas. Essentially, staffs official position is that it is refusing to address the Cardenas - proposed site reconfiguration. Despite being obligated to do so and promising to do so, staff has not even provided the data demonstrating how, at this late date, it could add a driveway apron as "reconfiguration," but, it cannot address the reconfiguration that is actually required. The revised appraisal is invalid. The revised appraisal argues that there is no need for reconfiguration. Its invalidity is confirmed by staffs conduct --even though staffs conduct to reconfigure is inadequate. By directing staff to address the Cardenas -proposed reconfiguration plan, this Board agrees that the RCTC appraisal's conclusion is invalid. 1310507.3 PALMIERI, TYLER, WIENER, WILHELM &WALDRON Jennifer Harmon September 9, 2014 Page 4 Hunt Enterprises, and an appraiser on its behalf, determined that the RCTC appraiser's conclusion is invalid. Cardenas, the largest stakeholder at the property, does not agree with the RCTC appraiser's conclusion. Staffs conduct in adding a driveway underscores the need to reconfigure the center. Therefore, the real parties in interest all agree that reconfiguration is necessary. Yet, the appraisal asserts that it is not. Therefore, it is invalid. Cardenas anticipates that RCTC staff and legal counsel will argue that this argument is simply a "compensation issue." However, this Board is required to make findings before adopting a resolution of necessity. One such finding is that an offer based upon a valid appraisal was made. Here, the appraisal is invalid, thus this Board cannot make that required finding. Another finding this Board is required to make is that the proposed project is planned or located in the manner that will be most compatible with the greatest public good and least private injury. Here, where all real parties in interest agree that reconfiguration is necessary yet none is provided, this Board cannot make that required finding. Cardenas reasserts its objections to the proposed resolution of necessity. Cardenas maintains and reasserts all of the objections it made in advance of and at the June 10, 2014 Commission meeting. Cardenas incorporates herein by this reference its objections made in its June 10, 2014 letter to the Board (Ex. 2), including but not limited to: • The RCTC-proposed mitigation and reconfiguration of the site should not be part of the RCTC public project and should not be approved as part of the Resolution of Necessity. The RCTC-proposed mitigation and reconfiguration is not suitable or desirable for Cardenas Markets. • The project has not been located or planned in a manner compatible with the greatest public good and least private injury. 1310507.3 PALMIERI, TYLER, WIENER, WILHELM &WALDRON n Jennifer Harmon September 9, 2014 Page 5 • Section 7 of the proposed resolution is an invalid delegation of legislative authority. It violates Cardenas' rights to substantive and procedural due process. If adopted as proposed, the resolution is void. • RCTC is incapable of conducting a fair, legal and impartial hearing on the proposed adoption of the resolution of necessity. RCTC staff has left this large significant taking as one of the last to be brought to the RCTC Board for consideration. Cardenas believes the timing was strategic on RCTC staffs part such that staff will claim no further changes to the project in terms of time or the nature of the project. RCTC staffs purposeful delay on bringing this significant taking to the Board was an effort to avoid really dealing with the concerns of the property owner and its anchor tenant. Staff officially and inappropriately ignored this Board's direction to meet with Cardenas and provide comments relating to the Cardenas -proposed site reconfiguration. For all of the foregoing reasons, the reasons set forth in Cardenas' prior objection letters dated June 10, 2014 and July 8, 2014, Cardenas requests that this Board not adopt any resolution of necessity authorizing takings from the Corona Towne Center. Very truly yours, MHL:mp Enclosures Exhibit 1: July 8, 2014 letter to RCTC Board with enclosures Exhibit 2: June 10, 2014 letter to RCTC Board (without enclosures) cc: Client 1310507.3 EXHIBIT 1 ANOELO J. PALMIERI (1920-1990) ROBERT F WALDRON (1927.1991) ALAN N WIENER' MICNAEL J GREENE* DENNIS W OMAN' DAVID D. PARR' CHARLES M KANTER' PATRICK A NENNESSEY DON FFSNER GREGORY N. WEILER WARREN A. WILLIAMS JONN R LISTER MICNAEL M LEIFER SCOTT R. CARPENTER RICHARD A SALUS NORMAN J RODICM RONALD M COLE MICNAEL L. D ANOELO STEPNEN A SCMECK DONNA L. SNOW W PALMIERI, TYLER, WIENER. WILHEL.M & WALDRON RYAN M EASTER EL/SE M KERN MEL1SA R PEREZ MICNAEL 1 KENOE CHADWICK C. BUNCH ANISM J. BANKER RYAN M PRAOER BLAINE M SEARLE ERIN BALSARA NADERI CANDICE L. LEE ERICA M SOROSKY MICNAEL P. BURNS JOSMUA J. MARX ERIN K OYAMA. STEVEN R. GUESS KATHERINE M HARRISON BRIAN OLICKLIN MICNAEL C. CMO, OF COUNSEL ROBERT C. IMRKE, OF COUNSEL JAMES E WILHELM. OF COUNSEL DENNIS O. TYLER', RETIRED 2603 MAIN STREET EAST TOWER — SUITE 1300 IRVINE, CALIFORNIA 92614-4281 (949) 851-9400 www. ptwwW . CO m July 8, 2014 VIA E-MAIL & U.S. MAIL Members of the Board of the Riverside County Transportation Commission c/o Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92501 P.O. BOX 19712 IRVINE. CA 92823-9712 WRITER'S DIRECT DIAL NUMBER (949) 851-7294 WRITER'S DIRECT FACSIMILE NUMBER (949) 825.5412 FIRM'S DIRECT FACSIMILE NUMBERS (949) B51-1554 (949) 757.1225 mleiler®plwww. com REFER TO FILE NO. 36964-000 Re: Taking of portions of Cardenas Markets' business location at Corona Towne Center APNs 118-270-034, 35, 36, 38, 39, 40, 41 and 42 Dear Board Members: Cardenas Markets ("Cardenas"), is the anchor tenant of Corona Towne Center retail center located on Lincoln Boulevard. Cardenas requests that this letter and its enclosures be made part of the administrative record on this matter. Additionally, Cardenas requests that RCTC's entire file, as it relates to this property, including, but not limited to, internal communications, reports, notes, correspondence and any submittals or communications with the City of Corona be included as part of the administrative record on this matter. This matter came before the Commission on June 11, 2014 for adoption of a resolution of necessity to authorize takings from Corona Towne Center. The Commission did not adopt the resolution of necessity and the matter was continued to the next Commission meeting --July 9, 2014. 1266315.1 PALMIERI, TYLER. WIENER. WILHELM &WALDRON3 Jennifer Harmon July 8, 2014 Page 2 Since the June 1 lth meeting, Cardenas has been attempting to start a dialogue and meet with RCTC staff to discuss reconfiguration of the Corona Towne Center site. Cardenas has not received any meaningful response from RCTC staff. RCTC staff has not offered any comments to the Cardenas proposed reconfiguration plan. RCTC staff has not offered to meet with Cardenas to discuss the RCTC project or reconfiguration of Corona Towne Center. The correspondence between this office and RCTC staff is enclosed. On July 3, 2014, we received a letter from RCTC attorney, Mark Easter, advising that RCTC staff would be requesting a continuance of the Resolution of Necessity to September 2014. In the event that this matter is not continued, Cardenas renews its prior objections made in its June 10, 2014 object letter to the Commission and Cardenas' counsel's comments at the June 11, 2014 hearing. At this time, RCTC should not adopt any resolution of necessity authorizing takings from the Corona Towne Center. MHL:mp Enclosures cc: Client 1266315.1 ATTACHMENT 1 Michelle M. Pase From: Erin BaIsere Naderi <ENaderi@ptwww.com> Sent Friday, June 13, 2014 4:52 PM To: 'Mark Easter; 'mlancaster@rctc.org' Cc: 'rgreenberg@gwtllp.com'; Michael H. Leifer, Michelle M. Pase Subject: RCTC partial acquisition of Corona Towne Center/Cardenas Markets' Site Please see the below message and attachment from Mike Leifer: Mark and Mark, We would like to hear back concerning Cardenas' proposed alternative design previously submitted last year to the City of Corona and RCTC's acquisition agent, OPC, and further discuss early next week. Please contact me to discuss. Very Truly Yours, Mike Leifer cc: clients Erin B. Naderi I Associate Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP 2603 Main Street, Suite 1300 I Irvine, CA 92614 Direct Dial (949) 851-7348 I Fax (949) 825-5426 Email Bioaraphy j Vcari Website IRS Circular 230 Disclosure: Pursuant to Internal Revenue Service Circular 230, only formal opinions satisfying specific requirements may be relied on for the purpose of avoiding certain penalties under the Internal Revenue Code. Any tax advice contained in this communication (including attachments) does not constitute a formal opinion satisfying such requirements. Accordingly, we must advise you that any such tax advice was not intended or written to be used, and cannot be used, by you or any other person as such an opinion for the purpose of (i) avoiding penalties imposed under the Intema) Revenue Code or (ii) promoting, marketing or recommending to another party any matters addressed herein. This message and any attached documents contain information from the law firm of Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP that may be privileged and confidential and protected from disclosure. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to the message and deleting it from your computer. Thank you. 1 ATTACHMENT 2 9 Michelle M. Pase From: Erin Balsara Naderi <ENaderi@ptwww.com> Sent: Monday, June 16, 2014 10:29 AM To: 'Mark Easter' Cc: Michael H. Leifer; Michelle M. Pase Subject: RE: RCTC partial acquisition of Corona Towne Center/Cardenas Markets' Site Mark, The alternative design that was submitted in the Cardenas objection letter to the resolution of necessity was the same alternative design that was submitted in 2013 to the City of Corona and RCTC's acquisition agent, OPC. Thanks, Erin From: Mark Easter [mailto:Mark.Easter@bbklaw.com] Sent: Saturday, June 14, 2014 6:07 PM To: Erin Balsara Naderi Subject: Re: RCTC partial acquisition of Corona Towne Center/Cardenas Markets' Site We need clarification as to which proposed alternative design Mr. Leifer is referring to. Is it the same design he presented to the Commission at the Resolution of Necessity hearing? Sent from my iPad On Jun 13, 2014, at 16:53, "Erin Balsara Naderi" <ENaderi@otwww.com> wrote: Please see the below message and attachment from Mike Leifer: Mark and Mark, We would like to hear back concerning Cardenas' proposed alternative design previously submitted last year to the City of Corona and RCTC's acquisition agent, OPC, and further discuss early next week. Please contact me to discuss. Very Truly Yours, Mike Leifer cc: clients Erin B. Naderi I Associate Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP 2603 Main Street, Suite 1300 I Irvine, CA 92614 Direct Dial (949) 851-7348 1 Fax (949) 825-5426 <image001.jpg> Email j Biography 1 Vcard 1 Websitc 1 IRS Circular 230 Disclosure: Pursuant to Internal Revenue Service Circular 230, only formal opinions satisfying specific requirements may be relied on for the purpose of avoiding certain penalties under the Internal Revenue Code. Any tax advice contained in this communication (including attachments) does not constitute a formal opinion satisfying such requirements. Accordingly, we must advise you that any such tax advice was not intended or written to be used, and cannot be used, by you or any other person as such an opinion for the purpose of (i) avoiding penalties imposed under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any matters addressed herein. This message and any attached documents contain information from the law firm of Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP that may be privileged and confidential and protected from dscbsure. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to the message and deleting it from your computer. Thank you. IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment). This email and any files or attachments transmitted with it may contain privileged or otherwise confidential information. If you are not the intended recipient, or believe that you may have received this communication in error, please advise the sender via reply email and immediately delete the email you received. 2 ATTACHMENT 3 GRFFN13FRG, NN HITCOM13F, TAKFUCH1, ( !MOY GR N Fit I l I' .tune 17. 2014 13Y U.S. Mall_ AND E-MA1L. Mark A Easter, Esq. 3390 University Avenue, 5th Floor Riverside, CA 92501 Mark Lancaster, Right of Way Manager Riverside County Transportation Commission P.O. 13o\ 12008 Ri‘ersicle. CA 92502-2208 Re' Corona 1 ownc Center C,ent)emen. Cardenas Markets has proposed to the RCfC a reconfiguration of Corona Towne Center (the "C'enter") to accommodate a redesign and relocation of its market, so that it faces northward from the south-easterl) quadrant of the Center. I am told by its counsel Mike Leifer that the RC'TC has declined to consider that proposal because of its belief that our client l lunt Enterprises. Inc.. fee owner of the Center. does not support that reconfiguration_ As I hope 1 made clear during the hearing of June 11, 2014. relocation of the Cardenas store as proposed is a necessary element to preserving the Center in its after condition. It will position the store properly, and open the parking currently behind the store that is of no utility in the present configuration. As) have also previously advised the RCFC in correspondence, and on June 11. the other necessary element to retaining; a viable center is removal of the shops (with partial relocation) in the ,•outhvkest portion of the Center, to enable enhanced ingress. egress and circulation, and. we would anticipate, additional ingress from Lincoln Avenue. S GREE:NBERG, WHITCOMBE,TKF.LCIiI, GIBSON & GRAVVER, I.LP Miark A taster. Esq. Mark Lancaster June 17. 2014 Page 2 Our client would certainly be open to a resolution that resohcs both issues. with appropriate mitigation and compensation. We look lorward to working with Cardenas Markets and the I C' TC to that end 1 would be pleased to discus, the matter further with }uu. \tern tru! v curs. re•&4-7 ichard C. Greenberg. 1.or the !tent ce• \like l oiler. 1 sq. Janet Parks ATTACHMENT 4 PALMIERI. TYLI k. WIEN R. WILFUL'1 &WALDRON, ANGELO J. PALWERI (1Sl6.Up) ROSERT F. WALDRON (1027-/ESS) ALAN M WIENER* RYAN M MICNAEL J. ORtENt• ELISE N KERN DENNIS W ONAN• MELISA R. PEREZ DAVIO D. PARR• MICHAEL I. KENO( CHARTES M KANTER• CHADWICK C. BUNCH PATRICKA MENNNNNEY ANISH J. BANKER CON FISHER RYAN M PRAGER GREGORY N woman ELAINE M. SEARLE W A WILLIAM. ERIN NADERI JOHN R LISTER CANOK:E L TEE MICNAEL N LEIFER ERICA M BOROSKY SCOTT R. CARPENTER MICNAEL P. BURNS RICHARO A SALUS JOSHUA J. MARK NORMAN J RODICM ERIN K. OYAMA RONAL D M, COLE STEVEN R. CUESS MICNAEL L. OANOELO KATNERINE M HARRISON STEPHEN A SCNECK BRIAN OLICKLIN DONNA L. SHOW MICNAEL c. CNO. OF COYNSEI ROSERT C. IMRK! DI COUNSEL JAMES E. WILHELM OP COUNSEL DENNIS D. TYLER•. RETIRED •A PAOTLITH4H•I CV4►O.41 O. VIA E-MAIL & U.S. MAIL 2603 MAIN STREET EAST TOWER — SUITE 1300 IRVINE, CALIFORNIA 92614-4261 (949) 851-9400 www.ptwww.com Mark Easter Best, Best & Krieger 3390 University Ave., 5th Floor PO Box 1028 Riverside, CA 92502 June 23, 2014 P.O. BOX 19712 IRVINE, CA 92623 9712 WRITER S DIRECT DIAL NUMBER (949) 851 7294 WRITER'S DRECT FACSIMILE NUMBER (9491 825 5412 F Rio 8 D RECT FAGS LL LE NLMBERS (949) 851 1554 (949)757.1225 mI61Isreplwww COm REFER TO FIl E NO. 38984 OOO Re: Riverside County Tramortation Conunission - Cardenas Market and Corona Towne Center Dear Mark: On June 20, 2014 I sent you an email asking for you to call me to discuss the RCTC's proposed acquisition. In response, you sent me an email claiming that from your perspective, the property owner and Cardenas' concerns regarding reconfiguration and the taking were "compensation" issues and that they do not need to be resolved before the next Resolution of Necessity hearing. We strongly disagree. It was obvious from the public hearing on June 11, 2014, that the RCTC Commissioners were directing staff to work with Cardenas and the property owner to seek a solution. 1254253.1 PALMIERI, TYLER, WIENER, WILH ELM & WALDRON � Mark Easter June 23, 2014 Page 2 At the public hearing, RCTC staff represented to the Commissioners that they would do so. So far, staff has not made any attempt to work with us. On June 13, 2014, my office sent a message to you and Mark Lancaster stating that we would like to hear back concerning Cardenas' proposed alternative design. In response, you emailed asking clarification of which proposed alternative design I was referring to. On June 16, 2014, my associate, Erin Naderi, responded to you advising that the alternative design submitted in the Cardenas objection letter to the June 1 lth hearing was the same alternative design submitted over a year ago to the City of Corona and RCTC's acquisition agent, OPC. On Monday, June 16th, I had a telephone conversation with you regarding this matter. You did not say that the issue did not need to be dealt with or discussed before the Resolution of Necessity hearing. Rather, then, you claimed that RCTC was stymied, felt its hands were tied, and did not know what to do because the property owner was not supporting the Cardenas' plan for reconfiguration. I promptly disagreed with you and advised you that RCTC staff was trying to set up an excuse for not acting and not considering the reconfiguration. On Tuesday, June 17th, the property owner's attorney, Richard Greenberg, cleared up RCTC staffs feigned confusion and again clarified that the property owner did support the Cardenas' plan for reconfiguration. I again reached out to you on June 20th, and now the story has changed. From staff, addressing these issues should be postponed until sometime in the hazy future. 1254253_1 PALMIE RI. TYLE R., WIENER. WILHELM &WALDRON. Mark Easter June 23, 2014 Page 3 Staff has done the opposite of what it was directed to do by the RCTC Commissioners. It has done the opposite of what it told its Commissioners it would do. It is evading. It is feigning confusion and it is refusing to address the RCTC project, impacts and reconfiguration. Staffs conduct is causing even greater impact on Cardenas Markets. MHL:mp cc: Clients Richard Greenberg, Esq. (via e-mail) Mark Lancaster (via e-mail) 1254253.1 ATTACHMENT 5 Indlan Wells (750) 588.2511 Irvine (949) 203-2500 Los Angeles (213)517-8100 Ontario (909) 080-8584 Mark A. Easter (951)826-8237 mark.easter@bbklaw.com BEST BEST & KRIEGER ATTORNEYS AT LAW 3390 Unhierslty Avenue, 5th Floor, P.O. Box 1028. RArerskle, CA 92502 Phone: (951) 886-1450 I Fax (951) MB-3083 I www.bbklaw.com June 24, 2014 VIA E-MAIL - MLEIFER [QPTWWW.COM Michael H. Leifer Palmieri, Tyler, Weiner, Wilhelm & Waldron LLP 2603 Main Street Fast Tower - Suite 1300 Irvine, CA 92614 Sacramento (910) 325-4000 San Diego (819) 525-1300 Walnut Creek (925) 977-3300 Washington, DC (202) 785-0800 Re: Riverside County Transportation Commission - Cardenas Market and Corona Towne Center Dear Mr. Leifer. I am in receipt of your letter dated June 23, 2014. The manner in which Corona Towne Center elects to reconfigure its remainder property, in order to mitigate what it. believes are the severance damages to the Corona Towne Center that will be caused by RCTC's SR-91 Project, is indeed a severance damages issue, as it does not pertain to the findings of need and necessity that the Commission must make in order to adopt a Resolution of Necessity at the Commission meeting in July. I am sorry that you do not agree with our position, but that is your prerogative. The rest of your letter appears to be bent on trying to create a paper trail so that you can "tell on" RCTC staff at the next Commission meeting and accuse RCTC staff of "avoiding" meeting with the property owners, or even "faking" it. To set the record straight, your office chose to wait until the evening before the last Resolution of Necessity hearing to submit objections to the adoption of the Resolution, along with a reconfiguration or mitigation plan that you never previously provided to ow office. After the Resolution of Necessity hearing on June 1 lth, Mr. Lancaster met with Corona Towne Center and its legal counsel at the County Administration Building. You were also III present. At the time, it was entirely unclear if the Corona Towne Center was in support of Cardenas' mitigation plan. In fact, the Corona Towne Center representatives expressed their view that they were more concerned with the fate of the smaller tenants at the shopping center than they were Cardenas Market. As a result, when we had our telephone conversation on June 16, 2014, I explained to you that I was not sure what you expected RCTC to do, because 1) it remained unclear whether the Corona Towne Center group was in support of your plan; 2) the plan has not been approved by 17336.02100189197a I Michael Leiffer June 24, 2014 ' Page 2 I NW BEST BEST & KRIEGER ATTORNEYS AT LAW r the City of Corona; and 3) it came unaccompanied by any appraisal analysis. You responded that you understood, and you further acknowledged that the only purpose of your inquiry on the previous Friday (June 13th) was to "get our attention". You said nothing about my confusion being feigned. Since that time, Mr. Grreenberg's office has confirmed that Corona Towne Center is in support of your client's proposed mitigation plan. Your letter now accuses RCTC staff of "evading and feigning confusion," but what are you specifically asking RCTC to do? RCTC is not the entity that would approve the plan. If you are alluding to who would be paying for what under your client's proposed plan, then those are, in fact, just compensation issues that are not going to be resolved before the next hearing, and RCTC is under no formal or informal obligation to resolve them before the next hearing. For the record, there is nothing RCTC is doing (or is failing to do) that is preventing Corona Towne Center and Cardenas Market from going forward with the proposed mitigation plan. Meanwhile, your ongoing objections and resistance to RCTC adopting a Resolution of Necessity is creating MORE uncertainty and confusion about the timing of construction and the need for implementing any mitigation plan. In that regard, it would seem to us that the greatest impact on Cardenas Market is currently being caused by your law firm. Very truly yours, E-er Mark A. Easter of BEST BEST & KRIEGER LLP MAE:mvv 19336.02100S/919762.1 ATTACHMENT 6 ANGELO J. PALMIERI (1528. 15Y8) ROBERT F. WALDRON (192T-TBiS) ALAN N WIENER• MICHAEL J. GREENE• DENITIB W GNAW DAVID D. PARR. CHARLES I/ KANTER• PATRICK A HENNEBBEY DON FISHER GREGORY N WE L ER WARREN A. WILLIAMS J01414 R, LISTER MICHAEL H. LEIFER SCOTT R. CARPENTER RICHARD A. SALUS NORMAN J RODICH RONALD N COLE MICHAEL L. D ANGELO STEPHEN A. SCNECK DONNA L. SNOW PAL' RI.. TYLER. WIENER. WILHELM &WALDRON RVAN M EASTER 0,18E M. KERII MELISA R. PEREZ MICHAEL ! KENDE CHADWICK C. BUNCH AMBIT J RANKER RYAN M PRAGER KAIME N REARLE ERIN DIADEM CANDICE L LEE ERICA M BOROSKY MICHAEL P. BURNS JOSHUA J. MARK ERIN R. OVAMA STEVEN R. GUESS KATHERINE M HARRISON BR/AN GLICKLIN MICHAEL C. CNO. OF COUNSEL ROBERT C. MAKE, OF COUNSEL JAMES E. WILHELM. OF COUNSEL DENNIS G. TYLER% RETIRED '. 110.1..10.•L COR•OR.tIOR VIA E-MAIL & U.S. MAIL 2603 MAIN STREET EAST TOWER — SUITE 9 300 IRVINE. CALIFORNIA 921314 4261 (949) 651-9400 www. ptwww. corn Mark Easter Best, Best & Krieger 3390 University Ave., 5th Floor PO Box 1028 Riverside, CA 92502 July 1, 2014 P.O. 80K 19712 IRVINE. CA 92623.9712 WRITER S DIRECT DIAL NUMBER (949) 551.7294 wN TER'S DIRECT FAGS MILE Rohm R (949)825.5412 FIRM 8 DIRECT FACE MILE NUMBERS (949) 851-1554 (949)757-1225 mhifer.plwww.tom REFER TO FILE N0. 39984.000 Re: Riverside County Transportation Commission - Cardenas Market and Corona Towne Center Dear Mark: This is in response to your June 24, 2014 letter. Your claims that we are causing our own damage by asserting our constitutional and statutory rights to object to the adoption of the resolution of necessity are unfounded and inappropriate. That is especially so considering our objections are obviously well founded considering the RCTC Commission could not obtain enough votes on June 11, 2014 to adopt the resolution of necessity. Even more, the RCTC Commissioners repeatedly directed staff to work with Cardenas and the property owner. RCTC staff represented that it would. 12573032 PALM) ERI.TYLER. WIENER. WILHELM &WALDRON3 Mark Easter July 1, 2014 Page 2 Some of those quotes from the audio transcript of the resolution of necessity hearing are as follows: Mark Lancaster: "And as always, staff will continue to work with the property owners in an attempt to negotiate a settlement." "We are definitely willing to work with Cardenas -- and the Corona Towne Center itself -- to come up with a viable site." "I, I think it's, as a good -neighbor policy, it is appropriate to meet with Cardenas, and I've actually been wanting to meet with them for quite some time." City of Lake Elsinore: ". . . ask our Staff to spend some more time with the Cardenas folks and the property owner ..." City of Palm Desert: "...understanding that we will continue working on what is best for the property owner..." Based on the directions from the Commission and staffs representations, we again reached out to seek RCTC staffs position and comment on Cardenas' proposed reconfiguration of the Corona Towne Center site. Yet staff has been silent. No comments have been received by staff pertaining to the Cardenas' proposed reconfiguration. Neither staff, nor your office, have offered to meet with Cardenas and the property owner. Further, claims that Cardenas did not provide its reconfiguration plan "to [)]our office" before the evening before the June 11, 2014 Resolution of Necessity hearing is absurd. 1257505.2 PALMIERI.TYLER. WIENER WILHELM &WALDRON3 Mark Easter July 1, 2014 Page 3 The Cardenas proposed site reconfiguration was provided to RCM's agent, Janet Parks at Overland Pacific & Cutler and to the City of Corona in April and May of 2013. The fact that your client and its agents may have failed to inform you of the same is wholly irrelevant. In your letter, it is asserted that the reconfiguration issue is simply a "compensation" issue. We disagree. This is more than a "compensation" issue. This goes to a fundamental element of the adoption of a resolution of necessity --whether the project complies with the greatest public good and least private injury. Further, if this were simply a "compensation" issue, why was RCTC staff and its agents working on numerous iterations of "mitigation plans" for the site? Why were numerous iterations of those plans submitted to the City of Corona, if not necessary? Why were RCTC staff and its agents meeting with City of Corona officials numerous times over the years? If Cardenas did not object and make its position known that site reconfiguration is necessary in order to have a viable site after the RCTC project and raised those issues for the first time later in the "compensation" phase of the trial, I am fairly confident that RCTC and your office would have been launching claims of "sandbagging." Cardenas wants to and is entitled to address with the RCTC the proposed reconfiguration plan for the site. Very truly yours, MHL:mp cc: Clients Richard Greenberg, Esq. (via e-mail) 1257505.2 ATTACHMENT 7 Indian Wells (780) 566-2611 Irvine (649) 263-2600 Los Angeles (213) 6174100 Ontario (909) 989-8584 Mark Easter (951)826-8237 Mark. Eaatertabbidaw.corn BEST BEST $r KRIEGER 3 ATTORNEYS AT LAW 3390 University Avenue, 5th Floor. P.O. Box 1028, Riverside. CA 92502 Phone: (951) 686-1450 f Fax: (951) 686-3083 ( www bbkaw.com July 3, 2014 VIA US MAIL AND E-MAIL Richard C. Greenberg Greenberg, Whitcombe, Takeuchi, Gibson & Grayver LLP 21515 Hawthorne Blvd. Suite 450 Torrance, CA 90503 rgreenberg@gwtllp.com Michael H, Leifer Palmieri, Tyler, Weiner, Wilhelm & Waldron LLP 2603 Main Street East Tower - Suite 1300 Irvine, CA 92614 mleifer@ptwww.com sacssm.nto (918) 325-4000 Son Dlepo (619) 525-1300 Walnut Creek (925)977.3300 Washington. DC (202) 785.0800 Re: Riverside County Transportation Commission - Cardenas Market and Corona Towne Center Dear Messrs. Greenberg and Leifer: Please be advised that staff for the Riverside County Transportation Commission ("RCTC") will be requesting at the July 9, 2014 Resolution of Necessity hearing that the hearing as to the Corona Towne Center parcel be continued to September 2014 so that RCTC can further review the project design and further investigate alternatives. Veryly yours aster or BEST BEST & KRIEGER LLP 17336.0210019065743 3 EXHIBIT 2 ANGELO J. PALMIERI (1020. 1990) ROBERT F. WALDRON (1027-1000) ALAN H. WIENER' MICHAELJ GREENE' DENNIS W GHAN' DAVID D. PARR' CHARLES H. KANTER' PATRICK A HENNESSEY DON FISHER GREGORY N WEILER WARREN A. WILLIAMS JOHN R. LISTER MICHAEL H. LEIFER SCOTT R. CARPENTER RICHARD A SALUS NORMAN J. RODICH RONALD M COLE MICHAEL L. D'ANGELO STEPHEN A. =HECK DONNA L. SNOW W PA1 ERI, TYLER,WIENI R, WILHEL,M & WALDRON RYAN M EASTER ELISE M KERN MELISA R. PEREZ MICHAEL I. KEHOE CHADWICK C. BUNCH ANIBH J. BANKER RYAN M. PRAGER BLAINE M. SEARLE ERIN BALSARA NADERI CANDICE L. LEE ERICA M SOROSKY MICHAEL P. BURNS JOSHUA J. MARX ERIN K. OYAMA STEVEN R. GUESS KATHERINE M HARRISON BRIAN GLICKLIN MICHAEL C. CHO OF COUNSEL ROBERT C. IHRKE. OF COUNSEL JAMES E. WILHELM OF COUNSEL DENNIS G. TYLER'. RETIRED "A PRGFESSIONAL CORP.-RAT',.-N VIA E-MAIL & U.S. MAIL 2603 MAIN STREET EAST TOWER — SUITE 1300 IRVINE, CALIFORNIA 92614-4281 (949) 851-9400 www.ptwww.com June 10, 2014 Members of the Board of the Riverside County Transportation Commission c/o Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92501 Re: Taking of portions of Cardenas Markets' business location at Corona Towne Center Dear Board Members: P.O. BOX 19712 IRVINE, CA 92823-9712 WRITER'S DIRECT DIAL NUMBER (949) 851-7294 WRITER'S DIRECT FACSIMILE NUMBER (949) 825 5412 FIRM'S DIRECT FACSIMILE NUMBERS (949) 851-1554 (949) 757-1225 mleIferalp(Www.com REFER TO FILE NO. 38984-DOD Cardenas Markets ("Cardenas"), is the anchor tenant of Corona Towne Center retail center located on Lincoln Boulevard. Cardenas requests that this letter and its enclosures be made part of the administrative record on this matter. Additionally, Cardenas requests that RCTC's entire file, as it relates to this property, including, but not limited to, internal communications, reports, notes, correspondence and any submittals or communications with the City of Corona be included as part of the administrative record on this matter. Cardenas is a significant stakeholder in the City of Corona and the County of Riverside. Cardenas has been the anchor tenant in a synergistic retail center --Corona Towne Center --for approximately 10 years. Corona Towne Center was a great site for Cardenas. Because of the RCTC project that is changing. 1244391.2 PALMIERI, TYLER. WIENER. WILHELM & WALDRON Jennifer Harmon June 10, 2014 Page 2 Cardenas serves over one million customers at the location through the assistance of about 130 onsite employees (over 85 percent of the employees live in Corona). Cardenas wants to continue to operate from this site. Cardenas wants its many employees to continue to assist this family -owned business from this site for years to come. The RCTC project puts all that in significant question. Cardenas has so informed the City of Corona, RCTC senior staff and the property owner of its concerns about the viability of this center. What has Cardenas received in response from RCTC staff? Very little. Cardenas has largely been ignored. Its concerns have been ignored. For over two years the Cardenas ownership has expressed concern directly to the RCTC staff about proposed impacts to its business location caused by takings from the Cardenas -anchored center. What did Cardenas seek from RCTC staff? A plan and a commitment from RCTC that would put Cardenas in the same position as it was as if the project had not gone forward. That is, Cardenas sought to be made whole for the impacts to its business location. It is understood that the RCTC and Caltrans mission is to widen the 91. It must also be RCTC's mission to economically protect those in the path of the widening. How should Cardenas be put in the same position? Prior to the project, the Cardenas store was situated as an anchor to the Corona Towne Center. The Center was developed and configured to be accessed from Lincoln. Four entry points and four drive aisles from Lincoln led to an extremely visible anchor location. The parking field was situated in front of Cardenas. Cardenas is entitled to and has sought no more than what it had in terms of site configuration. Because of the numerous takings and the nature of the infrastructure, the remainder of Corona Towne Center is totally misconfigured and misoriented. The Corona Towne Center was developed to be a Lincoln Avenue -oriented development. All primary access points were from Lincoln Avenue. The building orientation was directed to the Lincoln Avenue orientation. The RCTC project flips the remainder of the property on its side. Effectively it will have no Lincoln Avenue access. The one driveway slated to remain, out of four, is the shortest possible drive aisle and creates the biggest bottleneck. RCTC staff is proposing more access from a new side road--2nd Street while all of the buildings will still be oriented towards Lincoln Avenue. Tens of thousands of square -feet of synergistic retail building will be demolished. The aesthetics of the Center and the presentation of the Cardenas Market business location are proposed "no shrift" or at best "short shrift." 1244391.2 PALMIERI, TYLER. WIENER, WILHELM &WALDRON Jennifer Harmon June 10, 2014 Page 3 Despite all of those significant impacts, at this time, RCTC has ignored Cardenas requests to relocate the business to another location in the Center so that it will be re- oriented to its prior street orientation. Moreover, RCTC has not offered any amount of compensation for such damages to Cardenas, or as far as Cardenas is aware, to the property owner. Instead, RCTC has hired a company to come up with a hypothetical, "for litigation" study that concludes 1 + 1 = 5. RCTC has completely ignored the fact that the buildings are no longer oriented in the correct direction and that the site will be under the siege of construction for years to come. It is ignoring that it has an obligation to put Cardenas in a position in which it is or can be made whole. RCTC has ignored Cardenas and continues to do so. RCTC's elaborate scheme to avoid paying Cardenas its just compensation only works, in theory, if the someone else does what RCTC assumes under RCTC's precise timing. For certain, RCTC is not treating this significant stakeholder properly. 1. Mitigation and reconfiguration of the site is not part of the RCTC "public proiect." At the time of preparation of this objection letter, Cardenas Markets continue to get bits and pieces of information from RCTC. On Friday, June 5, 2014 and Monday June 9, 2014, RCTC's counsel, Mark Easter, advised this office that the RCTC proposed site reconfiguration plan was not part of the RCTC public project and was not being adopted as part of the Resolution of Necessity. The RCTC proposed site reconfiguration should not be part of the RCTC public project and should not be approved as part of the Resolution of Necessity. To the extent RCTC attempts to do so, Cardenas objects. The RCTC proposed site reconfiguration --the basis upon which the precondemnation appraisal and offer were based --is not suitable or desirable for Cardenas Markets. As discussed above, the RCTC proposed site reconfiguration plan requires the implementation by someone else (presumably the property owner) on a specific timetable in between RCTC activities on or around the property. Further, the RCTC proposed site reconfiguration plan only addresses one issue --parking. It does not address the fact that the buildings are no longer oriented towards the main access points/frontage. 1244391.2 PALMIEE I. TYLER. WIENER. WILHELM &WALDRON Jennifer Harmon June 10, 2014 Page 4 The property would never have been developed, built or redeveloped in the way outlined in the RCTC proposed site reconfiguration. A private property owner would not get approved to develop the property in that way. That demonstrates that there is significant damage that is not being addressed. It is not being addressed to Cardenas and it is not being addressed to the property owner either (as far as we are informed). In discussions with the property owner, Cardenas has been advised that the property owner/landlord does not believe the RCTC proposed reconfiguration plan is viable. Cardenas has been in discussions with its landlord, Corona Towne Center, LLC and the City of Corona, relating to a site reconfiguration that would change the orientation of the buildings and parking in Corona Towne Center to fit with the proposed RCTC project that changes the on and off ramp to SR-91, adds a new frontage road, and changes the primary access to and from the Corona Towne Center to be from the new frontage road. A copy of the conceptual site reconfiguration being proposed by Cardenas Markets is attached hereto as Exhibit 2. 2. The project has not been located or planned in a manner compatible with the greatest public good and least private injury. The Design/Build project plans are not complete. Without the design being known, the Commission cannot make the required findings that any of the proposed takings are necessary for the project or that the project has been located or planned in a manner compatible with the greatest public good and greatest private injury. In fact, Cardenas Markets is still getting bits and pieces of information from RCTC just prior to the resolution of necessity hearing. Cardenas Markets does not have a complete understanding of the takings that are being proposed, including, but not limited to, the building demolition easement and the vaguely referenced "building access easement." Is not clear what portion of property the "building access easement" applies to, though it appears to be a small area. Further, the wording of the "building access easement" is very broad and does not appear to limit RCTC in any way. RCTC's proposed takings are either taking too little, in which case RCTC will likely exceed the scope of the takings improperly requiring the property owner and/or tenant to monitor the RCTC project and file an inverse condemnation case, or taking too much. 1244391.2 PALMIERI. TYLER. WIENER WILHELM St. WALDRON- Jennifer Harmon June 10, 2014 Page 5 3. The proposed resolution is an invalid delegation of legislative authority. The proposed resolution gives RCTC's attorney the ability to change the taking at counsel's sole discretion. Such delegation is an invalid delegation of the Commission's authority. At each of the resolution hearings on this project, staff has repeated how the Commission must make certain findings to authorize the specific takings proposed. The Commission is in fact required by the Eminent Domain Law to make such findings as the legislative body for RCTC. (Code Civ. Proc., § 1245.210, subd.(a).) However, the proposed resolution provides that counsel, not the Commission, "is further authorized to reduce or modify the extent of the interests or property to be acquired so as to reduce the compensation payable in the action where such change would not substantially impair the construction and operation for the project for which the real property is being acquired." (Proposed Resolution, Section 7, last sentence [emphasis added].) The Commission should know, and in fact must know, the taking it is approving. Likewise, when RCTC is authorizing its attorneys to take property, the property owner and tenant are entitled to know what property and property rights are being taken. The proposed resolution fails to provide the basic and fundamental information of what is being taken. The proposed resolution is an invalid delegation of legislative authority contrary to law. It violates my clients' rights to substantive and procedural due process. If adopted as proposed, the resolution is void. 4. RCTC is incapable of conducting a fair, legal and impartial hearing on the proposed adoption of the resolution of necessity. As a condition precedent to the exercise of the power of eminent domain, a public entity must hold a public hearing to determine whether a particular taking meets the public interest and necessity criteria articulated in Code of Civil Procedure section 1240.030. (Code Civ. Proc., § 1245.235.) If, after such public hearing, the public entity determines that the proposed taking meets that criteria, then it must adopt a resolution of necessity before proceeding to condemn the property. (Code Civ. Proc., §§ 1240.040, 1245.220.) Implicit in this requirement of a hearing and the adoption of a resolution of necessity is the concept that, in arriving at its decision to take, the public entity engages in a good faith and judicious consideration of the pros and cons of the issue and that the 1244391.2 4 # PALMIERI. TYLER. WIENER. WILHELM ISLWALDRON Jennifer Harmon June 10, 2014 Page 6 decision to take be buttressed by substantial evidence of the existence of the three basic requirements set forth in Code of Civil Procedure section 1240.030. (Redevelopment Agency v. Norm's Slauson (1985) 173 Ca1.App.3d 1121, 1125-1126.) In the absence of a fair and impartial hearing, the resolution of necessity is void. Here, RCTC has already committed itself to the project and has contractually committed itself to the adoption of this resolution of necessity. The sole reason staff seeks authorization to acquire the property and property rights now is RCTC's contractual agreement to deliver the set right of way regardless of whether the proposed right of way is actually needed. This was again confirmed to me at a January 6th meeting with RCTC staff. Even so, RCTC has contracted away its ability to decide not to acquire or delay acquiring the right of way proposed. RCTC contractually committed to delivery of the right of way without actually knowing if the project as designed actually requires the proposed right of way. Adoption of the resolution under these facts is an abuse of discretion. MHL:mp Enclosures Exhibit 1: RCTC Before Condition Access Map and RCTC proposed site reconfiguration plan Exhibit 2: Cardenas existing site plan, Cardenas proposed site reconfiguration plan and renderings Exhibit 3: Correspondence with senior RCTC staff cc: Client 1244391.2 9/10/2014 �pRUJecr FAST lOSNtlQO THE COMMISSION IS REQUESTED TO MAKE THE FOLLOWING FINDINGS : 1. The public interest and necessity require the proposed project; 2. The project is planned or located in a manner that will be most compatible with the greatest public good and the least private injury; 3. The real property to be acquired is necessary for the project; and 4. The offer of just compensation has been made to the property owner. r +-11:=1 15 ... a halal WOK A 4111%lamsidim liu,rtsriw BiallAiWornisiar�r 1 9/10/2014 4�R2JEcz fASt'FQAWAA'D 1. Corona Towne Center, LLC, a California limited liability company 2. Platinum Oil Company, a California corporation 3. National Community Renaissance of California, a California nonprofit public benefit corporation 4. National Community Renaissance of California, a California nonprofit public benefit corporation 5. National Community Renaissance of California, a California nonprofit public benefit corporation 6. Pearl Street Properties, LLC, a Nevada limited liability company of pROJEcT AST ♦OAWARG N. 1 2 3 4 5 6 ©wnershn Corona Towne ;Center, LLC; Platinum Oil Company National Community Renaissance of California National Community Renaissance of California National Community Renaissance of California Pearl Street Properties, LLC Offer Date August 6, 2014 July 22 2014 May 27, 2014 May 27, 2014 June , 2014 2 9/10/2014 9apROJeT HST FORWARD 1 2 4` 5 6 Ownership Corona"tlTowne 'Center, LLC: Platinum oil Company National Community ;- Renaissance of California National Community Renaissance of California National Community Renaissance of California's. Pearl Street Properties, LLC In Person Meetings 4 4. Mailings 2 Phone Contacts 22 E-Mails 31 9 5 Total 23 19 40 3 9/10/2014 9/ pROJECT MST kOPWAkD ORIGINAL DESIGN •INCOOUBOLN LEV •RIONTE TUPM D 9T ER-91 CORRIDOR IMPROVEMENT PROJECT PARSONS 4 9/10/2014 91 pROJECT 7 I FASTFOAWARD IM►NOVtMCNY PgOJEOT siik PARSONS FEE 114,644 SF TCE(TEMPORARY CONSTRUCTION) 7,839 SF BDE (BUILDING DEMOLITION 14,474 SF BAE (BUILDING ACCESS) 1,810 SF 5 9/10/2014 FEE 438 SF TCE (TEMPORARY CONSTRUCTION) 904 SF 6 9/10/2014 ROJECT MST IOSS10110 i • M�'1/IF i ill ►# ylti� w..-YMf -A4Y - i/ • a*'# s z ■ • i r � _ - 3," #4NRili. code i 7 9/10/2014 FEE 325 SF moomommummi PWFE (WALL FOOTING) 1,952 SF TCE (TEMPORARY CONSTRUCTION) 13,209 SF 8 9/10/2014 FEE 973 SF PWFE (WALL FOOTING) 581 SF TCE (TEMPORARY CONSTRUCTION) 3,2295E oFr i 9 9/10/2014 FEE 250 SF PDE (DRAINAGE) 449 SF TAE (TEMPORARY ACCFs) 26,164 SF TCE (TEMPORARY CONSTRUCTION) 10,698 SF 10 9/10/2014 91 pROJ cT FAST WXW,RD THE COMMISSION ADOPT A RESOLUTION OF NECESSITY BASED ON THE FOLLOWING FINDINGS: 1. The public interest and necessity require the proposed project; 2. The project is planned or located in a manner that will be most compatible with the greatest public good and the least private injury; 3. The real property to be acquired is necessary for the project; and 4. The offer of just compensation has been made to the property owner. 11 ICON No. ly-o22 ANGELO J. PALMIERI (1920-1996) ROBERT F. WALDRON (1927-199a) ALAN H. WIENER' MICHAEL J. GREENE• DENNIS W. OHAN• DAVID D. PARR* CHARLES H. KANTER• PATRICK A HENNESSEY DON FISHER GREGORY N. WEILER WARREN A. WILLIAMS JOHN R. LISTER MICHAEL H.. LEIFER SCOTT R. CARPENTER RICHARD A. SALUS NORMAN J. RODICH RONALD M_ COLE MICHAEL L. D'ANGELO STEPHEN A =HECK DONNA L. SNOW 0 W PALMIERI. TYLER, WIENER. WILHELM &WALDRON RYAN M EASTER ELISE M KERN MELISA R PERE2 MICHAEL 1 KEHOE CHADWICK C. BUNCH ANISH J. BANKER RVAN M PRAGER BLAINE M SEARLE ERIN BALBARA NADER! CANDICE L LEE ERICA M. SOROSKY MICHAEL P. BURNS JOSHUAJ MARK ERIN K. OYAMA STEVEN R. GUESS KATHERINE M HARRISON BRIAN GLICKLIN MICHAEL C. CHO, OF COUNSEL ROBERT C. IHRKE, OF COUNSEL JAMES E WILHELM, OF COUNSEL DENNIS O. TYLER•, RETIRED •A PAOr E6010NAL CORPORATION VIA E-MAIL & U.S. MAIL 2603 MAIN STREET EAST TOWER — SUITE 1300 IRVINE, CALIFORNIA 92614-4281 (949) 851-9400 www.ptwww.COM September 4, 2014 Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92501 Re: Dear Clerk: P.O. BOX 19712 IRVINE, CA 92823-9712 WRITER'S DIRECT DIAL NUMBER (949) 851-7294 WRITER'S DIRECT FACSIMILE NUMBER (949) 825.5412 FIRM'S DIRECT FACSIMILE NUMBERS (949) 851-1554 (949)757-1225 mleiler®ptwww.com REFER TO FILE NO. 36964-000 Corona Towne Center, LLC - Parcel No. 22218-1; 22218-2; 22218- 3; 222184; 22218-5; 22218-6; 22218-7; 22218-8 Our Clients: Cardenas Markets This office represents Cardenas Markets, the anchor tenant of Corona Towne Center, LLC. The purpose of this letter is to notify the Riverside County Transportation Commission that Cardenas Markets intends to appear and be heard at the Resolution of Necessity hearing scheduled for September 10, 2014. cc: Client 1304085.i Indian Wells (760) 568-2611 Irvine (949) 263-2600 Los Angeles (213) 617-8100 Ontario (909) 989-8584 BEST BEST & KRIEGER ATTORNEYS AT LAW 3390 University Avenue, 5th Floor, P.O. Box 1028, Riverside, CA 92502 Phone: (951) 686-1450 I Fax: (951) 686-3083 I www.bbklaw.com Margaret L. Barnes (951) 826-8357 margaret.barnes@bbklaw.com File No. 17336.02100 August 26, 2014 VIA HAND DELIVERY Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, P Floor Riverside, California 92501 C �_ ,1.I\VIE AUG 26 2014 i itiVERSIDE CUUNTY 'RANSPORTATION COMMISSION I) r Sacramento (916) 325-4000 San Diego (619) 525-1300 Walnut Creek (925) 977-3300 Washington, DC (202) 785-0600 Re: Notice of Hearing to Property Owner as to Corona Towne Center, LLC; APNs 118-270-034, 118-270-035, 118-270-038, 118-270-039 and 118-270-042; CPNs 22218-1, 22218-2, 22218-3, 22218-4, 22218-5, 22218-6 and 22218-7 RCTC/SR91 CIP Project Dear Jennifer: Attached is the original Notice of Hearing to Property Owner, with proof of mailing, of the hearing on the adoption of a resolution of necessity scheduled for September 10, 2014, as to fee, temporary construction easement, building demolition easement and building access easement interests for property sought for the project. This notice is being provided for your use in noting the date of mailing at the hearing. Please do not hesitate to contact me, should have any questions. Very truly yours, ��L.. cL. • �ls%`tom-l�L- Margafet L. Barnes Senior Litigation Paralegal for BEST BEST & KRIEGER LLP Attachment 17336.02100\9191020.1 NOTICE OF HEARING TO CONSIDER ADOPTION OF A RESOLUTION OF NECESSITY Pursuant to Section 1245.235 of the California Code of Civil Procedure, you are hereby notified that at a regular meeting to be held on Wednesday, September 10, 2014, at 9:30 a.m., at the Riverside County Administration Building, Board of Supervisors Chambers, located at 4080 Lemon Street, Riverside, California, the Commission of the Riverside County Transportation Commission intends to consider adopting a Resolution of Necessity, authorizing the commencement of eminent domain proceedings for the acquisition of real property interests in property that, according to the last equalized county assessment roll, is owned by you. The public use for which this resolution of necessity will be considered is for the SR-91 Corridor Improvement Project in Riverside County, California. The definition of the property rights to be acquired, together with the legal descriptions and corresponding depictions, are attached to this notice. A hearing will be held at the time and place mentioned above. You have the right to appear and be heard on the following matters: 1. Whether the public interest and necessity require the project for which the property is sought to be acquired. 2. Whether the project is planned or located in the manner that will be most compatible with the greatest public good and least private injury. 3. Whether the property sought to be acquired by eminent domain and described in the Resolution of Necessity is necessary for the proposed project. 4. Whether the offer required by Section 7267.2 of the California Government Code has been made. 17336.02100\9134547.1 Pursuant to California Code of Civil Procedure section 1245.235(b)(3), your failure to file a written request with RCTC to appear and be heard within 15 days from the date that this Notice is mailed may result in the waiver of your right to appear and be heard on the above - stated matters and issues that are the subject of the hearing. ALL COMMUNICATIONS SHOULD BE ADDRESSED TO: Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3`d Floor Riverside, California 92501 DATE OF HEARING: PLACE OF HEARING: DATED: August , 2014. Wednesday, September 10, 2014 9:30 a.m. Riverside County Administration Building Board of Supervisors Chambers 4080 Lemon Street Riverside, California 92501 BEST BEST & KRIEGER LLP Bv: ark A. Easter Artin N. Shaverdian Attorneys for Riverside County Transportation Commission 17336.0210019134547.1 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission: (The rights being acquired may be exercised mutually exclusive of each other.) "Fee" (as to 22218-1) also lalown as fee simple or fee simple absolute, grants to RCTC absolute ownership of the portion of the property to be acquired. "Temporary Construction Easement" (TCE) (as to 22218-2, 22218-3, 222184, and 22218-5) refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such rights shall be exercised for a period of six (6) consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under the TCEs shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. "Building Demolition Easement" (as to 22218-6) refers to an exclusive temporary easement and right of way in favor of RCTC, its successors and assigns, for the purpose of demolition, construction, reconstruction, and repair of the building and improvements located therein, together with all necessary rights incidental thereto. Property Owner shall not erect or construct, or permit to be erected or constructed, any building, structure or improvement on, over, or under any portion of the easement, or plant trees or any other vegetation on any portion of the easement except with the prior written consent of RCTC, its successors and assigns. RCTC shall have the right to trim, cut or clear away any trees, brush, or other vegetation from time to time as determined in its sole discretion, without payment of additional compensation. No other easements shall be granted on, under or over the easement without the prior written consent of RCTC, its successors and assigns. Such right shall be exercised for a period of three (3) consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under this easement shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. 173 36, 02100\9125466.1 EXHIBIT A, PAGE 1 Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. "Building Access Easement" (as to 22218-7) refers to a non-exclusive temporary easement and right of way in favor of RCTC, its successors and assigns, to use the area to disconnect and tie-in to the existing structure, utilities and mechanical systems, for inspection purposes, and to traverse an access way to access RCTC owned facilities and/or construction site, as determined necessary by RCTC, together with all necessary rights incidental thereto, on, over, under and across the property in connection with the exercise of any easement rights described herein. Property Owner shall not erect or construct, or permit to be erected or constructed, any building, structure or improvement on, over, or under any portion of the easement, or plant trees or any other vegetation on any portion of the easement except with the prior written consent of RCTC, its successors and assigns. No other easements shall be granted on, under or over the easement without the prior written consent of RCTC, its successors and assigns. Such right shall be exercised for a period of three (3) consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under this easement shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. 17336.02100\9125466. l EXHIBIT A, PAGE 2 r 2 3 4 6 7 8 9 10 11 t2 13 14 15 I6 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 22218-1 Fee Acquisition 11PN 118-270-034, 35, 36, 38, 39, and 42 Those portions of Parcels 1 through 6, inclusive, of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of .Parcel Maps, Records of said County, described as follows: 'I Beginning at the most northerly comer of said Parcel 2; thence along the northerly line of said Parcel 2 South 81°57'20" East 288.27 feet to a point thereon; thence South 72°26'28" West 218.38 feet; thence South 73°45'06" West 161.02 feet to the beginning of a curve concave northerly having a radius of 903.00 feet; thence westerly along said curve 382.42 feet through a central angle of 24°15'53" to the beginning of a compound curve concave northerly having a radius of 1,403.00 feet; thence westerly along said curve 32.48 feet through a central angle of 01°19'36"; thence South 54°27'43" West 54.62 feet; thence South 09°15'36" West 95.59 feet; thence South 08°05'21" West 34.85 feet; thence South 09'23'23" West 155.22 feet to a point, said point being the beginning of a non -tangent curve concave westerly having a radius of 95.00 feet, to which point a radial line bears South 79°06'07" East; thence southerly along said curve 9.83 feet through a central angle of 05°55'39" to a point on the westerly line of said Parcel 6; thence along the westerly line of said Parcels 1 through 6, also being the easterly line of Lincoln Avenue as shown on said parcel map the following five (5) courses: 1. North 08°03'59" East 342.88 feet to the beginning of a curve concave southeasterly having a radius of 14.50 feet; 2. Northeasterly along said curve 22.78 feet through a central angle of 90°00'00"; 3. North 08°03'59" East 65,00 feet to the beginning of a non -tangent curve concave northeasterly having a radius of 14.50 feet, to which point a radial line bears South 08'03'59" West; PA2PTG0105'))1'',SU YILEGALS122218 APN...118-270-035 036 038 039 0421Lega1A22218-1-FEE.doc Pagc 1 of 6/2..7/7014 EXHIBIT A, PAGE 3 2 5 6 7 8 9 lU it 12 13 14 15 16 17 1.8 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS 4. Northerly along said curve 22.78 feet through a central angle of 90°00'00"; 5. North 08°03'59" East 82.16 feet to a point thereon, said point being the most southerly comer of Parcel 2070-107B as described in the .Final Order of Condemnation, Case No. 217114, Superior Court of said County, a Certified Copy thereof being recorded October 5, 1995 as Instrument No. 333298 of Official Records of said County; thence along the southerly line of said Parcel 2070-107B the following two (2) courses: 1. North 66°09'06" East 12.61 feet and 2. North 86°05'56" East 64.11 feet to a point on the northerly line of said Parcel l; thence along the northerly line of said Parcel 1 the following four (4) courses: 1. South 81 °55'24" East 214,71 feet to the beginning of a curve concave northerly having a radius of 150.00 feet; 2. Easterly along said curve 72.60 feet through a central angle of 27°43'49" to the beginning of a reverse curve concave southerly having a radius of 150.00 feet; 3. Easterly along said curve 72.51 feet through a central angle of 27°41'53"; and 4. South 81 °57'20" East 77.36 feet to the Point of Beginning. Containing 114,644 square feet. This conveyance is made for the purpose of a freeway and the Grantor .hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. The distances described herein are grid distances and are based on California Coordinate System of 1983, Lone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476 See Exhibit `A2' attached hereto and made a part hereof. P-2PT0010501 a VE`hLEGALS122218_APN_118-270-035_036 038_039 0421Lega1s\22218-1-FEE.doc 6:27/2014 Page 2 of 3 EXHIBIT A, PAGE 4 I I, PSOMAS Prepared under the direction of Brian E. Bullock,, PLS 5260 Date - 27- 14- PA2PTGO 10501 \SUR V ErtliCiALS \ 2.221ELAPNL I I 8-270-035_036_038239_0,I2 \ Legals\22218-1-FELdoe 6127/7.014 Page 3 of 3 EXHIBIT A, PAGE 5 EXHIBIT A2 PARCEL# TITLE AREA APN 22218-1 FEE 114,644 5.F. 118--270-034,35,36,38,39,42 r PARCEL PARCEL 1 20 70 - 107 P P01 j 5 1 18-270-023 , ., ill A a2 2 51 / 62-63 77.36' N66° 09'06 ;E 12.61 )~ 11. 581'75524E 214. 71 '----'. 581 ° 57'20"E 64• "E w into 86°05 56 R=150.00' � PARCEL 1 =27°43' a=27 43 49 R=150.00' L=72.51' A=27°41'53" � ni' I 1 18-270-042 (2221 8-1) PARCEL °m 2 o I z 118-270-0341 R=14.501; L=22.78'�.00111L S08°03`59"W (R) A=90 00 00 ' D ST. ! I N08°03159"E / (R) R=1403.00' L=32.48' PARCEL 3 42: I-- w 65.00' N08°03'59'°E=01 L-3a2' ° 1 9'36" 3 oot W r '` -..- -.,R...90 ✓ t- — N R=14.50 ! L=22.78' 1 \ ©'�4° 1 5"53" Lu ©=90°00'00". I co �, j I rn Q jI � s09°20'34"W 554°27'43"W 54.62' S09° 1 5'36"W 95.59' (R) DOC. #2000-033061 P�1\01, P � N1.. 2 .. 143/ 1\1Dr 91 - Lu O.R. `n 21 ��1U 93 "W P`1r�Cr 1 1$-270-035 Z1 44' 1 S S08°05`21 34.85' PARCEL 3 I O 118-270-039 U I 1.1, Z i cn � I rn ® __-- q. __._____- PARCEL -4 I M PAR DEL 1; a i 18-270-036 10 N N O I z i LO• rn 1 18-270-038 N ��a CO 1 I ) o in S79°06'07"E (R) — iiiiiihro._ S73°10128"E (R), r R=95.00' f L=9.83' A=05° 55139" I I—ommR mitimmiNMWER FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zane 6. Distances and stationing are grid distances. Divide to POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 2 2 2 '( Q _ 1 1 U by 0.99997476 obtain ground )Tiffs to State FEE ACQUISITION distances. Ail distances ore in feet I((( Access Prohibited unless otherwise noted, PREPARED BY: DATE: 06-27-14 REV.: EA: OF540 FA#: PSOMAS Centre e200 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS t+A Sanara/California (714)751-373/C714)54S-8883 (Fax) 8 R I y 91 C • C 2 2 EXHIBIT A, PAGE 6 EXHIBIT A2 PARCELi* TITLE AREA APN 22218-1 FEE 114,644 S.F. 118-270-034,35,36 38,39,42 /i PARCEL PaA/1,8a /R=150.00 PARCEL 2 / 62-63 1 18-270-023 1 18-270-024 L=72.51` A=27°41'53" P013 R=150.00' L=72.60' A=27° 43'49" . 77.36 S81 I 307.25' o ' 57 20 E 365.63 288.27' PARCEL 2 -6 PARCEL 1 2°5 118-270-034 a6'W 1 i 8-270-042 3�O 2`6 5pac,3 Q, IA� , O w (2221 8-1� µ S�Z Sa1\0 Op rn� z 0 6'`N Q- 0 re) 00 W oA5 2 W SI 161 ,0 in �O V) PARCEL 3 3$�'a2 �p�•0p ° 5'S3 Q 1 18-270-035 F�'—° - --- D'2 DOC. #2000-033061 .'i O.R. P P,N,S, M, NO, 21690 1 3/ 91- 3 PARCEL Iffilmomminuini 3 FEET 0 0 4BO 160 240 _ Li) PARCEL 4 _t 1341 118-270-036 L) 0- NOTES LEGEND Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide P08 Indicates Point Of Beginning TP08 Indicates True Point Of Beginning (R) Indicates Radial Bearing 2 2 2 1 S - 1 by 0.99997476 to obtain ground ( )Title to State FEE ACQUISITION distances. All distances are in feet 1i1I Access Prohibited unless otherwise noted. PREPARED 8Y: DATE: 06-27-14 REV.: EA:OF540 FA#: PSOMAS 3 ton Centre Drive 5tc, n DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS Santo Ana, 73/(714)54 4x7a7 , (?14)751 �737D/(11 AISGS-88D3 {i'axb 8 R I V 91 5.5 1 2 EXHIBIT A, PAGE 7 " 2 5 7 10 11 12 13 l4 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `131' LEGAL DESCRIPTION Caltrans Parcel No. 22218-2 Temporary Construction Easement APN 118-270-034 That portion of Parcel 2 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly comer of said Parcel 2; thence South 81�57'20" East 288.27 feet along the northerly line of said parcel to a point thereon, said point being the True Point of Beginning; thence South 81 �57'20" East 10.41 feet continuing along said northerly line to a point thereon; thence South 17�33'32" East 13.50 feet; thence South 72�26'28" West 100.00 .feet; thence North 17�33'32" West 18.00 feet; and thence North 72�26'28" East 90.62 feet to the True Point of Beginning. Containing 1,779 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit 132' attached hereto and made a part hereof. P.12PTCi0100 'SURVEY\1,C:GALS':22218_ N_118-27041;5_336_0:41_039.. 94ZLegals`22218-2=11.1 doe 12 1012012 Page I a?. EXHIBIT A, PAGE 8 7 8 9 10 11 E i 12 13 14 IS 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS Prepared under the direction of Brian E. Bullock, PI.S 5260 Date PAPTC.i010501 iSURVEY!LEGAL5122218_APN_118-270-03i_036_038_039_042kLegalc122218-2-TCF dac 12110!2012 Page 2 of 2 EXHIBIT A, PAGE 9 EXHIBIT B2 PARCEL# TITLE AREA APN 22218-2 TCE 1,779 SO. FT. 118-270-034 C1 V°0 \ L*1.1, \� C2 r<•o V{11 r PARCr L 118-270-042 PATCEL 1 P,M E3, PARCEL 2 51 / 62-63 f118-270-024 -- 307.25' S81°57'20"E 288.27 PARCEL 2 [ i 8-270-0341 PARCEL 3T 4`} 178-270-039 P. +/1, P. M. B. 118-270-035 DOC. #2000-033061 O.R. NO, 21 690 143/ 91-93 (.2218 J L1 L3 L4 L2 io Q' v .r- v o M co Icn O LINE TABLE BEARING DISTANCE L1 S08°07'46"W 53.36' L2 S81°52'14"E 10.00' L3 581°57'20"E 10.41' L4 517°33'32"E 13.50' L5 572°26'29"W 100.00' L6 N17°33'32"W 18.00' L7 N72°26'28"E 90.62' CURVE TABLE DELTA RADIUS LENGTH C1 27°43'49" 150.00' 72.60' C2 27°41'53' 150.00' 72.51' 118-270-036 FEET 0 40 80 160 240 118-270-003 0 N 1 co NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zane 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. C POB Indicates Paint Of Beginning TPOB Indicates True Paint Of Beginning (R) Indicates Radial Bearing Title to State 11 U Access Prohibited 22218-2 TEMPORARY CONSTRUCT f ON EASEMENT PREPARED BY: PS O M A S 3 HOW'', Centre Ori,e Ste. 800 Sonia Ano, CoWernie 98707 f 718)151-t30/C7te)Se5 8883 (Cnel DATE:03-06-12 REV.:2; 12-10-12 EA: OF540 FAn: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 RIV 91 5.5 1 1 EXHIBIT A, PAGE 10 3 4 5 6 7 8 9 10 11 t2 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 I 11 1, I t PSOMAS EXHIBIT `CI' LEGAL DESCRIPTION Caltrans Parcel No. 22218-3 Temnoran' Construction Easement APN 118-270-035 & 036 Those portions of Parcels 3 and 4 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of Califomia, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 4; thence South 81 °54'34" East 209,29 feet along the northerly line of said parcel to a point thereon; said point being the beginning of non -tangent curve concave northerly having a radius of 903.00 feet, to which point a radial line bears South 00°18'16" East; thence easterly along said curve 69.24 feet through a central angle of04°23'35" to the True Point of Beginning; thence easterly, continuing along said curve 54.34 feet through a central angle of 03°26'53"; thence South 08°08'46" East 18.00 feet to the beginning of a non -tangent curve concave northerly having a radius of 921.00 feet, to which point a radial line bears South 08°08'46" East; thence westerly along said curve 55.43 feet through a central angle of 03°26'53 "; thence North 04'41'53" West 18.00 feet to the True Point of Beginning. Containing 988 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `C2' attached hereto and made a part hereof. € aPTGOIO501,SURVEI^LEGALSt.2221A APN_115-270-035 016_038_039_042A e8,als+22218-3-1Cl .doc 12/10/2012 Pnge 1 or2 EXHIBIT A, PAGE 11 r 2 3 4 5 PSOMAS Prepared under the direction of �t a. c'.. • , ag. 6 Brian E. Bullock, PLS 5260 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 2=l 25 26 27 28 29 30 31 /2-M - /2 Date P:'2PT001050I STAVE MEGA l.St2,,y18 APN 118.270-035 03ri 038 039 042'1.cuts1222iS-3-T(Edoc 12110/2012 _ _ _ _ _ _ Pagr 2 of 2 EXHIBIT A, PAGE 12 " e " EXHIBIT C2 PARCEL# TITLE AREA APN 2221 8-3 TCE 988 S0. FT. 118-270-035 & 036 L3 N IC2 o T. C1 PO8 PARCEL 1 PARCEL 2010- 101 A ! L4-.: PARCEL 1 118-270-042 S08�03'59"W (R) P.M.a, 51 / 62-63 C4 519�39'13"E (PRC) 1J L5 118-270-023 P,M. P,M,S., ' N08�03'59"E IR) PARC;=L 3 / S00�18'16"E (R) 581 �54'3,1"E 209.29' _.. TPOB,i 1 8.00' N04�41'53"W(R) PARCEL 5 118-270-039 -10 1 DOC. #2000-033061 O.R. PARCEL 6 118-270-038 "1- op 1 FEET 0 1111111111111111. C L6 NO, 21b,40 1 '}3/ 9 1 93 PARCEL 2 40 80 160 240 118-270-034 (22218-3 1 8.00' SO8�08'46"E(R) 118-270-035 PARCEL 3 LINE TABLE BEARING DISTANCE L1 N08�03'59"E 65.00' L2 N08�03'59"E 82.16' L3 N66�09'06"E 12.61' L4 N86�05'56"E 64.11' L5 581�55'24"E 214.71' L6 581 �57'20"E 77.36' CURVE TABLE DELTA RADIUS LENGTH C1 90�00'00" 14.50' 22.78' C2 90�00'00" 14.50' 22.78' C3 27�43'49" 150.00' 72.60' C4 27�41'53" 150.00' 72.51' C5 04'23'35" 903.00' 69.24' C6 03�26'53" 903.00' 54.34' C7 03�26'53" 921.00' 55.43' NOTES LEGEND Coordinates and bearings are on CCS 19133(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. C POB Indicates Point Of Beginning TPOB Indicates True.Point Of Beginning (R) Indicates Radial Bearing )Title to State ) r) 1 Access Prohibited 22218-3 TEMPORARY CONSTRUCTION EASEMENT PREPARED BY: PS�MS 3 Hutton Centre Drive, Ste. 206 Son:a Ano, Colifornio 92767 (714)751 7373/{i 4)54S 6803 Wax) DATE:09-05-12 REV.: 12-10-12 EA: 0E540 FAtt: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R1V 91 5.5 1 1 EXHIBIT A, PAGE 13 PS OMAS EXHIBIT `D 1' LEGAL DESCRIPTION Caltrans Parcel No. 22218-4 Temporary Construction Easement APN's 118-270-038, & 39 Those portions of Parcels 5 and 6, of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of Parcel 2 of said parcel map; thence along the northerly line of said Parcel 2 South 81 °57'20" East 288.27 feet to a point thereon; thence South 72°26'28" West 218.38 feet; thence South 73°45'06" West 161.02 feet to the beginning of a curve concave northerly having a radius of 903.00 feet; thence westerly along said curve 382.42 feet through a central angle of 24°15'53" to the beginning of a compound curve concave northerly having a radius of 1,403.00 feet; thence westerly along said curve 32.48 feet through a central angle of 01 ° 19'36"; thence South 54°27'43" West 40.53 feet to the True Point of Beginning; thence continuing South 54°27'43" West 14.09 feet; thence South 09°15'36" West 95.59 feet; thence South 08°05'21" West 34.85 feet; thence South 09°23'23" West 155.22 feet to a point, said point being the beginning of a non -tangent curve concave westerly having a radius of 95.00 feet, to which point a radial line bears South 79°06'07" East; thence southerly along said curve 9.83 feet through a central angle of 05°55'39" to a point on the westerly line of said Parcel 6; thence along the westerly line of said Parcel 6, also being the easterly line of Lincoln Avenue as shown on said parcel map, South 08°03'59" West 34.88 feet to a point thereon, said point being the beginning of a non -tangent curve concave southeasterly having a radius of 77.12 feet, to which point a radial line bears North 66°45' 14" West; thence northeasterly along said curve 9.78 feet through a central angle of 07°16'02" to the beginning of a reverse curve concave westerly having a radius of 105.00 feet; thence northerly along said curve 35.24 feet through a central angle of 19°13'53"; thence North P:\2PTG010501\SURVEY\LEGALS\22218_APN_118-270-035_036_038_039_042\Lega(s\22218-4-TCE.doc Page 1 of 2 6/30/2014 EXHIBIT A, PAGE 14 1 PS OMAS 09°23'56" East 156.30 feet; thence North 08'05'21" East. 11.93 feet; thence South 80°46'22" East 10.00 feet; thence North 09'13'38" East 56.43 feet; thence North 80°46'22" West 10.43 feet; thence North 09'15'36" East 71.91 feet to the True Point of Beginning. Containing 3784 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476 See Exhibit `D2' attached hereto and made a part hereof Prepared under the direction of Brian E. Bullock, PLS 5260 Date PA2PTG010501 SURVE,YTE:GALS`•.22218 APN 1.1.8-20-035 — 036— 038_039_042\Legals\22218-4= OEaloe Page 2 of 2 6/30t2014 - EXHIBIT A, PAGE 15 EXHIBIT D2 PARCEL# TITLE AREA APN 22218-4 TCE 3784 S.F. 118-270-038 & 039 PARCEL 1 P,1V1,8, PARC L 2 / 62-63 118-270-023 118-270-024 POB 4 77.36 S810 307.25' 57 20 E 365.63 288.27' P A R 0 E L 2 1:(2) PARCEL 1 118-270-034 A6 �36 \ cv 1 18-270-042 0 `� pas 1 �� 0 62 S 3• A !� 2 I w w = 0 , • „� S1 0 52 0' Sa11 p 0 v- v . r� v- 0 r-0 M 0 0 q5 OZ w S'l 61 ' 0 - PARCr L 3 L� 3�2 °AZ R=gp3 .pp 5 53 1 18-270-035 2A0 D` DOC. #2000-033061 O.R. P.M. P.,1V1.,5, NO. 21690 1 3/ 91- 3 PARCEL FEET 0 40 80 160 240 L7 —I PARCr L z1 —1 1 18-270-036 0 P 11_ NOTES LEGEND 2 2 2 1 8 - 4 TEMPORARY CONSTRUCTION EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing Title to State Access Prohibited PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santo Ana California 92707 (714)751-7373/(714)545-8883 (Fax) DATE: 06-27-14 REV.: 1, 06-30-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS 8 ,],� FX1 F�1MYT A PAP-1' 1 R 5. 5 1 3 EXHIBIT D2 PARCEL# TITLE AREA APN 22218-4 TCE 3784 S.F. 118-270-038 & 039 PARCEL PARCEL 1 070-l J l P, NJ J, 1 18-270-023 A A J , 51 / b2.-b3 77.36' S81 ° 57'20"E I PARCEL 1 I 1 18-270-042 PARCEL I 118-270-034 J D ST. - -------1 R=1403.00' PARCEL 3 r- 1 I I L=32.48' �p=01 ° g2. �,3 •A21 w 1 9'36„ w 9p3`00 0 r'` C p=24° 15'53"R= w Lu I ' ' \ S09°20'34"W ' S54°27'43"W 40.53' TPOB (R) DOC. #2000-033061 P .A ., NO., O.R. o 21690 > I ; ; PA,8, 1 3/ 91 -93 Q I i ' 22218-4� PARCEL 5 1 18-270-035 ZO r ' 4411 PARCEL 3 _ 1 118-270-039 z I M�� '� I I-J ----� I PARCEL 4 —J WIa w11-- I •si- I =iw OM 1 PARCEL b O 1 1 18-270-036 I o I w Cr 1118-270-038 v Ul w I � I I I I I I ( I I I I ) ( 1 \ i i I FEET 0 40 80 160 240 NOTES LEGEND 2 2 2 1 8- 4 TEMPORARY CONSTRUCTION EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( )Title to State 1t1 Access Prohibited PREPARED BY: PSOMAS 3 Hutton Centre Drive Ste. 200 Santa Ana Col ifornia �32707 (714)751-�373/(714)545-BBB3 (Fox) DATE:06-27-14 REV.: 1; 06-30-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 pr V\, CVLJ' l: T A q CAPI 4 T 5.5 2 3 EXHIBIT D2 PARCEL# TITLE AREA APN 22218-4 TCE 3784 S.F. 118-270-038 & 039 \ S09°20'34"W (R) ��� R=90 .00, �-- ��- 0-24 15'53" S54°27'43"W 1 4.09' uJ io �� R=1403.00' L=32.48' A=01 ° 1 9'36" S54 27 43 W DOC. # 40.53' 2000-0330610.R. TPOB F NJ, NO 2 J 690 Q I o, in -r) .. N09° 1 5'36"E p , iyi „ 5 „ J 3/ 9 1 - 93 o _I 1 rn (3) 'N80°46'22"W Z 2221 8-i) 0 r r 10.43' PARCEL 5' j N09° 1 3'38"E J 44 56.43' 118-270-039 I S08°05'21"W 34.85' S80°46'22"E � 1 0.00' F �� NO8° 905 21 E PARCEL 8 i � , 118-270-038 118-270-041 i j inin 1+7 o I rn 'ii S79°06'07"E (R) R=95.00' � .� c9 in M 1 O o oo rn, O �' \ \.. __ \.� °O• r� / N66°45'14"W DETAIL NO SCALE 1 R=77.12' L=9.78' 1 0=07° 16'02" (R) / �,� L=9.83' 0=05°55'39" S73°10'28"E (R) //, S08°03'59"W I ,' I 1S 78°43'05"E (R) /�'� R=105.00' 11 p=19°13'53' ,- -------- ' 34.88' .' _ N66°45'14"W (R) //`- -1 FEET 0 25 50 100 150 NOTES LEGEND _ " 4 TEMPORARY CONSTRUCTION EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing )Title to State Access Prohibited _U_LL PREPARED BY: PSOMAS 3 Hutton Centre Drive Ste 200 Santa Ano, California 92707 (714)481-80534714)545-8883 (Fax) DATE:06-27-14 REV.: 1; 06-30-14 EA:OF540 FAvt: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 p FY1-RRlT\/ T a qq PAA 111 5.5 3 3 r ]0 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `E1' LEGAL DESCRIPTION Caltrans Parcel No. 2221.8-5 5 "' Temporary Construction Easement 6 APN 118-270-038 7 8 That portion of Parcel 6 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the southwest corner of said parcel; thence North 08°03'59" East 71.55 feet along the westerly line of said parcel to a point thereon; thence South 81°56'01" East 18.00 feet; thence South 08°03'59" West 71.51 feet to a point on the southerly line of said parcel; thence North 82°03'18" West 18.00 feet along said southerly line to the Point of Beginning. Containing 1,288 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `E2' attached hereto and made a part hereof. Prepared under the direction of �- Gam. /2-A9-72 Brian E. Bullock, P1.S 5260 Date P:12PTG010501\5URVEY%EliAIS,22218_APN_I 18-270-035_036_018y9_042'Legais`22218-5-rCE doc 12/10/2012 rate I or I EXHIBIT A, PAGE 19 EXHIBIT E2 PARCEL# TITLE AREA APN 22218-5 TCE 1,288 S0. ET. 118-270-038 CV !PARCEL 1 PARCEL 2 I -' ' 118-270-042 .— "' j ! ._----- 118-270-034 i C2 S08°03'59"W (R1 - D ST. J < N08°03'59"E (R) j 118-270-035 C1 -' PARCEL 3 I—___ , .— c� II .qr o 118-270-039 � I . 1 c P.M, - 1 F' , l . S . NO. 2170 ., 1 43/ 91- 93 _i tLl V' n` co Q 1 v 1 LINE TABLE LI-j 1 BEARING DISTANCE Z —1_ 0 � 1 PARCEL 0 L1 L2 NOS°03'59"E N08°03'59"E 65.00' 82.16' - U I Z 4 4 _---- 1 CURVE TABLE --I I DOC. #2000-033061 O.R. DELTA RADIUS LENGTH j C1 C2 90°00'00" 90°00'00" 14.50' 14.50' 22.78' 22.78' 1 w 118-270-041 in j u' PARCEL 6 i a 118-270-040i jo co 118-270-038 Z j i 1 581 ° 56'01 "E 18.00' N82°02'33"W 644.64' 0) j � in r18-270-Or2 I In;� POBj •' 508°03'59"W 1' 71.51' "- o TRACT �1U 21690 �``,°� � M.8.. 154/ 92-93 .i I r— 137.00` '.immm. 18.j00' N82°03 18"W I- plIMIlill.111111111111111111111111 FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide POB Cndicates Point Of Beginning TP08 Indicates True Point Of Beginning (R) Indicates Radial Bearing 2 2 2 1 8 - 5 TEMPORARY by 0.99997476 to obtain ground ( )Title to State CONSTRUCTION distances. All distances are in feet (1 1 Access PrahiDited EASEMENT unless otherwise noted. PREPARED BY: DATE: 09-05-12 REV.: 12-10-12 EA: OF540 FAtt: PSOMAS 3 tut+on Cet;tre prf:,c, Ste. 2n DISTRICT COUNTY ROUTE SHEET Pad SHEET NO. TOTAL SHEETS Scrto A-q, C^ 31C,nic;•'07 (714)f51-73231; ti4)3-15-8333 (�^.Y 8 RIV 9 t t . 1 1 EXHIBIT A, PAGE 20 1 2 3 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 23 ?4 26 27 28 29 30 31 PS OMAS EXHIBIT IT LEGAL DESCRIPTION Caltrans Parcel No. 22218-6 Building Demolition Easement APN 118-270-034 & 035 Those portions of Parcels 2 and 3 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence South 81 °57'20" East 288.27 feet along the northerly line of said parcel to a point thereon; thence South 72'26'28" West 100.51 feet to the True Point of Beginning; thence South 72°26'28" West 117.88 feet; thence South 73°45'06" West 159.62 feet to a point on the southerly line of said Parcel 2; thence South 81°56'01" East 251.74 feet along a portion of said southerly line and the prolongation of said portion of said southerly line; thence North 08°03'59" East 116.70 feet to the True Point of Beginning. Containing 14,474 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described, The mean combination factor for this conversion is 0.99997476. See Exhibit `F2' attached hereto and made a part hereof. P i2PIG010501 LSURV LYILEGA LSt222I8_APN_I18.270.033_036_038,_039_042\Legals122218-6•11DF doc 12/ 02012 Page 1 of EXHIBIT A, PAGE 21 4 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS oMAs Prepared under the direction of Brian E. Bullock, PLS 5260 Date P.N2PTG010501 SURVEY LEGALS`22218 APN 9I8-270-035 .036_038 039 042 I eg11s'22218-6-1313F,.doc 12/10/2012 Huge 2 of 2 EXHIBIT A, PAGE 22 EXHIBIT F2 PARCEL# TITLE AREA APN 22218-6 BDE 14,474 SO. FT. 118-270-034 & 035 C1 PARCr i 718-270-042 PARCEL 1 P,M,ga 118-270-023 PARCr L 3 � L.- POB PARCEL 2 51 / 62-63 718-270-024 307.25' 581°57'20"E - 288.27' 1 18-270-034 581°56'01"E 251.74' 118-270-035 DOC. #2000-033061 O.R. P,M, NO, 21690 P.M,r1, 143/ 91-93 118-270-036 L1 3 La cc m- Ira co 1� v7 LINE TABLE BEARING DISTANCE L1 S08°07'46"W 53.36" L2 S81°52'14"E 10.00' L3 S72°26'28"W 100.51" CURVE TABLE DELTA RADIUS LENGTH C1 27°43'49" 150.00' 72.60' C2 27°41'53" 150.00' 72.51' I FEET 0 40 80 160 240 178 270-003 718-270-015 NOTES LEGEND Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radio! Bearing Title to State ! ► ! Access Prohibited 3 2221.8-6 BUILDING OFMOLITION EASEMENT PREPARED BY: PSOMAS 3 `otton Centre Orive St-„ 200 Soitc Aro, Co! fornia 92707 l 1141751.7373/it14l545^UO3 `oK DATE:09-05-2012 REV.:2; 12-10-2012 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 RCV 91 5.5 1 1 EXHIBIT A, PAGE 23 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 78 29 30 31 I PSOMAS EXHIBIT `GP LEGAL DESCRIPTION Caltrans Parcel No. 22218-7 Building Access Easement APN 118-270-034 & 035 Those portions of Parcels 2 and 3 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence along the northerly line of said Parcel 2 and the general easterly lines of said Parcels 2 and 3 the following four (4) courses: 1) South 81°57'20" East 307.25 feet to the northeasterly comer of said Parcel 2; 2) South 08°07'46" West 53.36 feet; 3) South 81 °52'14" East 10.00 feet; and 4) South 08°07'46" West 106.87 feet to a point thereon; thence North 81 °54'03" West 97.18 feet to a corner of a commercial building, said corner being the True Point of Beginning; thence South 08°09'05" West 10.00 feet along the general easterly face of said building to a point thereon; thence North 81°54'03" West 180.99 feet to a point on the general westerly face of said building; thence North 08°11'21" East 10.00 feet along said general westerly race to a comer of said building; thence South 81'54'03" East 180.98 feet along the northerly face of said building to the True Point of Beginning, Containing 1,810 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `02' attached hereto and made a part hereof. P:12PTG01050RSURVEMEGA LSi22213_AI'N_1i3.270-035.036 03$,039,042"Lega1st22213-7-8AFdoc 12/10(2012 Page 1 of 2 EXHIBIT A, PAGE 24 3 4 5 6 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS it Prepared under the direction of Brian E. Bullock. PLS 5260 Date 1z-/a-/Z P`.?P'1`601050I,SURVEY!I.17GALS122218_APN_118.270-035_03b 038039_A21LegalsL2218-7-RAFaide 12/ 10l2012 Page 2 of EXHIBIT A, PAGE 25 EXHIBIT G2 PARCEL# TITLE AREA APN C1 22218-7 BAE PARCEL 1 C2 PARCEL 118-270-042 PARCEL 3 ..- t P,M, NO. 21690 P.1•l.2, J43/ 91— 93 PARCEL 4 P.M.O. 118-270-023 POB 77.36' 1 1401" 10.00t 118-270-035 1 81 0 S0. FT. PARCEL 2 'J / F2-63 118-270-024 ��- - 307.25' S81 °57'20"E -- 288.27 PARCEL 2 118-270-034 1,22218-7 581 ° 54'03"E 180.98' M_. 1 §10.99' N81 54'03"W 508° 09'05"W 10.00' 118-270-034 & 035 I r IN81 ° 54'03"W I 97.1 8' i I DOC.I#2000-033061 • I r i 1 18-270-036 O.R. TPOB L1 L2 LINE TABLE BEARING DISTANCE L1 508°07'46"W 53.36' L2 581°52'14"E 10.00' CURVE TABLE DELTA RADIUS LENGTH C1 27°43'49" 150.00' 72.60' C2 27°41'53" 150.00' 72.51' I FEET 0 I-� 40 80 rmmilimmmumwmi 160 240 118-270-003 NOTES LEGEND Coordinates and bear`ngs are on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. PO8 TP08 (R) C ) Indicates Point Of Beginning Indicates True Point Of Beginning Indicates Radial Bearing Title to State t i t t Access Prohibited 22218-7 BUILDING ACCESS EASEMENT PREPARED BY: PSOMAS 7 H.Ittnn Cen>re °rlue, Ste. 7,0 Sarin Ann Ghiilnrnfo 92707 t714t+51-7373vt710545.9883 DATE:12-1 2012 REV.: EA: OF540 FA*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO TOTAL SHEETS 8 R1V 91 5.5 i EXHIBIT A, PAGE 26 R PROOF OF MAILING NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on Augusti✓-2014, I mailed a copy of the attached notice by first-class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel Nos. 118-270-034, 118-270-035, 118-270-036, 118-270-038, 118-270-039 and 118-270-042 (CPNs 22218-1, 22218-2, 22218-3, 22218-4, 22218-5, 22218-6 and 22218-7): Corona Towne Center, LLC Record Owner 4416 West 154`1i Street Lawndale, CA 90260 Corona Towne Center, LLC Record Owner 251-401 North Lincoln Avenue Corona, CA 92882 Corona Towne Center, LLC Record Owner 10410 South Vintage Avenue, Suite A Ontario, CA 91761 Richard G. Greenberg, Esq. Courtesy Copy Greenberg, Whitcombe & Takeuchi, LLP 21515 Hawthorne Boulevard, Suite 450 Torrance, CA 90503-6531 Michael H. Leifer, Esq. Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP 2603 Main Street, Suite 1300 Irvine, CA 92614 Dated: Augusr7✓`2014. Courtesy Copy Margaret L. Barnes 17336.02100\9134547.1 1RckN1 1\)0. vy -022 ANGE IO J. PALMIERI (1926,199e) ROBERT F. WALDRON (1927-19911) ALAN H. WIENER.' MICHAEL J,GREENE' DENNIS W, GHAN• DAVID D. PARR. CHARLES H, KANTER• PATRICK A. HENNESSEY DON FISHER GREGORY N; WEILER WARREN A. WILLIAMS JOHN R. LISTER MICHAEL H. LEIFER SCOTT R. CARPENTER RICHARD A.. SALUS NORMAN J. RODICH RONALD M. COLE MICHAEL L. D'ANGELO STEPHEN A. SCHECK DONNA L. SNOW PAI.. RYAN M. EASTER ELISE LI KERN MELISA R. PERE2 MICHAEL I. KEHOE CHADWICK C. BUNCH ANISH J. BANKER RYAN M. PRAGER BLAINE M. SEARLE ERIN BALSARA NADERI CANDICE L. LEE ERICA M.. SOROSKY MICHAEL P. BURNS JOSHUA J. MARX ERIN K. OYAMA STEVEN R. GUESS KATHERINE M.. HARRISON BRIAN GLICKLIN MICHAEL C. CHO., OF COUNSEL ROBERT C. IHRKE, OF COUNSEL JAMES E. WILHELM; OF COUNSEL DENNIS G. TYLER•, RETIRED 'A PROr EASIOMAL CORPOPAT101 IERI, TYLER. WIENF R, WI LHELM &L WALDRON: VIA E-MAIL & U.S. MAIL 2603 MAIN STREET EAST TOWER — SUITE 1300 IRVINE, CALIFORNIA 92614-4281 (949)851-9400 lvww. ptwww. com June 10, 2014 Members of the Board of the Riverside County Transportation Commission c/o Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92501 Re: Taking of portions of Cardenas Markets' business location at Corona Towne Center Dear Board Members: P.O. BOX 19712 IRVINE, CA 92623-9712 WRITER'S DIRECT DIAL NUMBER (949) 851-7294 WRITER'S DIRECT FACSIMILE NUMBER (949) 825-5412 FIRM'S DIRECT FACSIMILE NUMBERS (949) 851-1554 (949) 757-1225 mleeleraiptwww.com REFER TO FILE NO. 36964-000 Cardenas Markets ("Cardenas"), is the anchor tenant of Corona Towne Center retail center located on Lincoln Boulevard. Cardenas requests that this letter and its enclosures be made part of the administrative record on this matter. Additionally, Cardenas requests that RCTC's entire file, as it relates to this property, including, but not limited to, internal communications, reports, notes, correspondence and any submittals or communications with the City of Corona be included as part of the administrative record on this matter. Cardenas is a significant stakeholder in the City of Corona and the County of Riverside. Cardenas has been the anchor tenant in a synergistic retail center --Corona Towne Center --for approximately 10 years. Corona Towne Center was a great site for Cardenas. Because of the RCTC project that is changing. ►244391.2 PALMIERI, TYLER, WIENER, WILHELMtWALDRON7 Jennifer Harmon June 10, 2014 Page 2 Cardenas serves over one million customers at the location through the assistance of about 130 onsite employees (over 85 percent of the employees live in Corona). Cardenas wants to continue to operate from this site. Cardenas wants its many employees to continue to assist this family -owned business from this site for years to come. The RCTC project puts all that in significant question. Cardenas has so informed the City of Corona, RCTC senior staff and the property owner of its concerns about the viability of this center. What has Cardenas received in response from RCTC staff? Very little. Cardenas has largely been ignored. Its concerns have been ignored. For over two years the Cardenas ownership has expressed concern directly to the RCTC staff about proposed impacts to its business location caused by takings from the Cardenas -anchored center. What did Cardenas seek from RCTC staff? A plan and a commitment from RCTC that would put Cardenas in the same position as it was as if the project had not gone forward. That is, Cardenas sought to be made whole for the impacts to its business location. It is understood that the RCTC and Caltrans mission is to widen the 91. It must also be RCTC's mission to economically protect those in the path of the widening. How should Cardenas be put in the same position? Prior to the project, the Cardenas store was situated as an anchor to the Corona Towne Center. The Center was developed and configured to be accessed from Lincoln. Four entry points and four drive aisles from Lincoln led to an extremely visible anchor location. The parking field was situated in front of Cardenas. Cardenas is entitled to and has sought no more than what it had in terms of site configuration. Because of the numerous takings and the nature of the infrastructure, the remainder of Corona Towne Center is totally misconfigured and misoriented. The Corona Towne Center was developed to be a Lincoln Avenue -oriented development. All primary access points were from Lincoln Avenue. The building orientation was directed to the Lincoln Avenue orientation. The RCTC project flips the remainder of the property on its side. Effectively it will have no Lincoln Avenue access. The one driveway slated to remain, out of four, is the shortest possible drive aisle and creates the biggest bottleneck. RCTC staff is proposing more access from a new side road--2nd Street while all of the buildings will still be oriented towards Lincoln Avenue. Tens of thousands of square -feet of synergistic retail building will be demolished. The aesthetics of the Center and the presentation of the Cardenas Market business location are proposed "no shrift" or at best "short shrift." 1244391.2 PALMIERI, TYLER. WIENER, WILHELM &WALDRON_ Jennifer Harmon June 10, 2014 Page 3 Despite all of those significant impacts, at this time, RCTC has ignored Cardenas requests to relocate the business to another location in the Center so that it will be re- oriented to its prior street orientation. Moreover, RCTC has not offered any amount of compensation for such damages to Cardenas, or as far as Cardenas is aware, to the property owner. Instead, RCTC has hired a company to come up with a hypothetical, "for litigation" study that concludes 1 + 1 = 5. RCTC has completely ignored the fact that the buildings are no longer oriented in the correct direction and that the site will be under the siege of construction for years to come. It is ignoring that it has an obligation to put Cardenas in a position in which it is or can be made whole. RCTC has ignored Cardenas and continues to do so. RCTC's elaborate scheme to avoid paying Cardenas its just compensation only works, in theory, if the someone else does what RCTC assumes under RCTC's precise timing. For certain, RCTC is not treating this significant stakeholder properly. 1. Mitigation and reconfiguration of the site is not part of the RCTC "public project." At the time of preparation of this objection letter, Cardenas Markets continue to get bits and pieces of information from RCTC. On Friday, June 5, 2014 and Monday June 9, 2014, RCTC's counsel, Mark Easter, advised this office that the RCTC proposed site reconfiguration plan was not part of the RCTC public project and was not being adopted as part of the Resolution of Necessity. The RCTC proposed site reconfiguration should not be part of the RCTC public project and should not be approved as part of the Resolution of Necessity. To the extent RCTC attempts to do so, Cardenas objects. The RCTC proposed site reconfiguration --the basis upon which the precondemnation appraisal and offer were based --is not suitable or desirable for Cardenas Markets. As discussed above, the RCTC proposed site reconfiguration plan requires the implementation by someone else (presumably the property owner) on a specific timetable in between RCTC activities on or around the property. Further, the RCTC proposed site reconfiguration plan only addresses one issue --parking. It does not address the fact that the buildings are no longer oriented towards the main access points/frontage. 1244391.2 PALMIERI. TYLER. WIENER. WILHELM &,WALDRON` Jennifer Harmon June 10, 2014 Page 4 The property would never have been developed, built or redeveloped in the way outlined in the RCTC proposed site reconfiguration. A private property owner would not get approved to develop the property in that way. That demonstrates that there is significant damage that is not being addressed. It is not being addressed to Cardenas and it is not being addressed to the property owner either (as far as we are informed). In discussions with the property owner, Cardenas has been advised that the property owner/landlord does not believe the RCTC proposed reconfiguration plan is viable. Cardenas has been in discussions with its landlord, Corona Towne Center, LLC and the City of Corona, relating to a site reconfiguration that would change the orientation of the buildings and parking in Corona Towne Center to fit with the proposed RCTC project that changes the on and off ramp to SR-91, adds a new frontage road, and changes the primary access to and from the Corona Towne Center to be from the new frontage road. A copy of the conceptual site reconfiguration being proposed by Cardenas Markets is attached hereto as Exhibit 2. 2. The project has not been located or planned in a manner compatible with the greatest public good and least private injury. The Design/Build project plans are not complete. Without the design being known, the Commission cannot make the required fmdings that any of the proposed takings are necessary for the project or that the project has been located or planned in a manner compatible with the greatest public good and greatest private injury. In fact, Cardenas Markets is still getting bits and pieces of information from RCTC just prior to the resolution of necessity hearing. Cardenas Markets does not have a complete understanding of the takings that are being proposed, including, but not limited to, the building demolition easement and the vaguely referenced "building access easement." Is not clear what portion of property the "building access easement" applies to, though it appears to be a small area. Further, the wording of the "building access easement" is very broad and does not appear to limit RCTC in any way. RCTC's proposed takings are either taking too little, in which case RCTC will likely exceed the scope of the takings improperly requiring the property owner and/or tenant to monitor the RCTC project and file an inverse condemnation case, or taking too much. 1244391.2 PALMIERI. TYLER. WIENER. WILHELM &WALDRON- Jennifer Harmon June 10, 2014 Page 5 3. The proposed resolution is an invalid delegation of legislative authority. The proposed resolution gives RCTC's attorney the ability to change the taking at counsel's sole discretion. Such delegation is an invalid delegation of the Commission's authority. At each of the resolution hearings on this project, staff has repeated how the Commission must make certain findings to authorize the specific takings proposed. The Commission is in fact required by the Eminent Domain Law to make such findings as the legislative body for RCTC. (Code Civ. Proc., § 1245.210, subd.(a).) However, the proposed resolution provides that counsel, not the Commission, "is further authorized to reduce or modify the extent of the interests or property to be acquired so as to reduce the compensation payable in the action where such change would not substantially impair the construction and operation for the project for which the real property is being acquired." (Proposed Resolution, Section 7, last sentence [emphasis added].) The Commission should know, and in fact must know, the taking it is approving. Likewise, when RCTC is authorizing its attorneys to take property, the property owner and tenant are entitled to know what property and property rights are being taken. The proposed resolution fails to provide the basic and fundamental information of what is being taken. The proposed resolution is an invalid delegation of legislative authority contrary to law. It violates my clients' rights to substantive and procedural due process. If adopted as proposed, the resolution is void. 4. RCTC is incapable of conducting a fair, legal and impartial hearing on the proposed adoption of the resolution of necessity. As a condition precedent to the exercise of the power of eminent domain, a public entity must hold a public hearing to determine whether a particular taking meets the public interest and necessity criteria articulated in Code of Civil Procedure section 1240.030. (Code Civ. Proc., § 1245.235.) If, after such public hearing, the public entity determines that the proposed taking meets that criteria, then it must adopt a resolution of necessity before proceeding to condemn the property. (Code Civ. Proc., §§ 1240.040, 1245.220.) Implicit in this requirement of a hearing and the adoption of a resolution of necessity is the concept that, in arriving at its decision to take, the public entity engages in a good faith and judicious consideration of the pros and cons of the issue and that the 1244391.2 PALMIERI. TYLER. WIENER. WILHELM & WALDRON'_ Jennifer Harmon June 10, 2014 Page 6 decision to take be buttressed by substantial evidence of the existence of the three basic requirements set forth in Code of Civil Procedure section 1240.030. (Redevelopment Agency v. Norm's Slauson (1985) 173 Ca1.App.3d 1121, 1125-1126.) In the absence of a fair and impartial hearing, the resolution of necessity is void. Here, RCTC has already committed itself to the project and has contractually committed itself to the adoption of this resolution of necessity. The sole reason staff seeks authorization to acquire the property and property rights now is RCTC's contractual agreement to deliver the set right of way regardless of whether the proposed right of way is actually needed. This was again confirmed to me at a January 6th meeting with RCTC staff. Even so, RCTC has contracted away its ability to decide not to acquire or delay acquiring the right of way proposed. RCTC contractually committed to delivery of the right of way without actually knowing if the project as designed actually requires the proposed right of way. Adoption of the resolution under these facts is an abuse of discretion. MHL:mp Enclosures Exhibit 1: RCTC Before Condition Access Map and RCTC proposed site reconfiguration plan Exhibit 2: Cardenas existing site plan, Cardenas proposed site reconfiguration plan and renderings Exhibit 3: Correspondence with senior RCTC staff cc: Client 1244391.2 EXHIBIT 1 3/11L3If CHIC VI 4.1,0,61 " • 1.4 afaria j..=7: It; = 7.2^21%.74t2E2.:Sarr• 3/117' N709IVI7 S' 1I8IHX3 2:81N30 NMO_L it • Jr -- maw ma woo. e *AMIN nel/M1r amen err Awe um I wars 0 §*not e :161.0170.11,0fi .17.07.ra:op:"' -- „- „.,— 0 1S VLSIA V2/213IS 1.1•11141.Z•VglIMIN21411•11:40.01,10. aYl 'a amps eT re: e.;•," Zre'• anfial -Wad Ins MISIM :aro. S77V1S113S0daid 6.6e NO111011109 03S0d02ld 31111 VIVO 00101M1 11•7111,7011l7 EXHIBIT 2 The Parts Acquired 58 Before Condition Access Map Corona Towne Center - CPN 22218 I I I (E) 97 FREEWAY ON RAMP Retail BOK Retat etad Refer!R Corona Towne Center Cardenas Market 301 S. Lincoln Ave., Corona, CA 92882 Reconfigure Site Due To RCTC Takings r; NEW CARDENAS '. :,:,cr,• �a�r�•h,r u 1 a 141ur n, 1 !l cO Site Shutt, - Reconfigured Site Prz.�,p�Sci� .� i �A. , _ �- r. .... ..........�....__.._.__..__. �u,.a....... Y w w w. +�Ab CF , rw waist— _..._. NW., bead,* £ ba YW F.e•wa YMM 0lr0.yWLq C v 4 �— Site Study - Site Plan Corona Towne Center Cardenas Market 301 S. Lincoln Ave., Corona, CA 92882 litueolnp Sei*.Cdrars 1 i Salo . Chn.7-p hotly Reth—TEArliv- Owlish. Fier An* I, 4,...,0 F.I...e r ::-.... t:' ----, tt- ----1, -,_27 14. .t: I Z. * - ,,,, ----- - ...... :- - - 4-4." , ....._. 7. wiiiiras . ....._... 3 411.r., -r...' .-1-1, , ru. fyik**11* Awe 1 .44000 I Me !V) i Man I • A .0 ,41 ..,:..171 11461 M., 0' '' ' '61',1 't. ' -J'r2+ •;'w''r-10.tF.... rkUZ" , ,::'+' M 7*"...... Vii Peary . a .aa AI wro lit ,o.. 'Svoa .... Fifir, V Pr4 oglarlidio44414 1I1449 ail$ n ue to tog lQ{M'J 0 WMCl 11.110400 SYOt-03 (6174 �1 lei - Nl IWDra buwo 18 wiz Z88Z6 VJ 'mewoD "'NW "1"11 l 'S LOC 4a3pn v snuapanJ wimp junta-( vow.) +aIVAION•iaMf - APRs MS saw ra ',nano •v.v Ivan vi in JoRao3 sOLVsy OV0403 MINIa..ri era VO = WOO ni 'saliva Vomits mason ZUZ6 VD 'mRa/o) 'any alauurl "S L06 ;avvyQ svuap tva .14103 211010,E uuoio) e04+e+xd+474,11 - APRS oiH nua va 40111113 eu.wl Otuwo3 smw em RM) ra apt tcaet ri l.Lt.KJ blq 'RI Dwell MI WOW 2'v tua,par3. wxvtrwusurustiivii 'PAW — sew lwijyxU - EXHIBIT ANGELO J PALMIEFU It/2/•IS/B.) ROSERT F WALDRON 11927.11101P ALAN H WIENER' ROBERT C IHRKE• MICHAEL J GREENE• DENNIS W CHAN• DAVID O PARR• CHARLES H KANTER• PATRICK A HENNNNNEY DON FISHER GREGORY N WEILER WARREN A WILLIAMS JOHN R LISTER MICHAEL H LEIFER SCOTT R RICHARD A SALUS NORMAN J RODICH RONALD M COLE MICHAEL I. O ANGELO STEPHEN A SCHECK JAMES E WILHELM OF COUNSEL DENNIS G TYLER OF COUNSEL PROxe.xalnwi CORPORxnolx PALMIERI TYLER• WI ENER WI LHELM & WALDRONt DONNA L SNOW RYAN M EASTER ELISE M KERN MELT/A R PERE2 MICHAELt KENO! CHADWICK.0 BUNCH ANIBH J B ROBERT H GARRETSON RYAN M PRAGER BLAINE II SEARLE JERAO BELT2 ERIN BAIBARA RADE Rs ERICA L1 SOROSKY PETER MOSLEH JOSHUAJ MARK ERIN K OYAMA STEVEN R GUESS VIA E-MAIL & U.S. MAIL Mark LaBonte Overland, Pacific & Cutler 2280 Market Street, Suite 205 Riverside, CA 92501 2603 MAIN STREET EAST TOWER SUITE 1300 IRVINE, CALIFORNIA 92614-4261 (949)661-9400 www ptwww com October 15. 2012 P O BOx 18712 IRVINE CA 92623.9712 WRITER'S DIRECT DIAL NUMBER )9491 1351>T294 WRITER'S DIRECT FACSIMILE NUMBER )949a 825-5412 FaRY'S DIRECT FACSIMILE NUMBERS i9493 051, 1554 (NW 757.1225 mNHBr®p1ww cam REFER TO FILE NO 38884-DOD 38848-DOD Re: Riverside County Transportation Commission —Eminent Domain Acquisitions Dear Mark: Mike Kehoe and I attended the most recent RCTC open house on behalf of a number of clients last month. At the open house, one client (a principal of Corona Autoplex) was told by you, that RCTC was in the acquisition phase and that he needed to attempt to relocate his business at this time. At the same open house, you informed that another client, (Cardenas Markets), was in the RCTC planning phase and it did not have to attempt to relocate at this time. Nothing available at the open house or on display at the open house displayed that distinction. RCTC's position as to both was inconsistent and unsupported in various aspects. PALMIERI TILER. WIENER. WILHELM&WALDRON; Mark LaBonte October 15, 2012 Page 2 RCTC's position leaves both businesses currently subject to tremendous uncertainty. Both businesses seek further information from RCTC in the form of meetings with any or all applicable RCTC representatives. Please contact the undersigned to schedule the meetings. MHL:mp 00 Indian Wells (760) 588-2811 Irvine (949)263-2600 Los Angeles (213) 617.8100 Ontario (909) 989-8564 Mona M. Nemat mona. nemat@ bbkiaw, com ids BEST BEST & KRIEGER ATTORNEYS AT LAW 3390 University Avenue, 5th Floor, P.O. Box 1028, Riverside, CA 92502 Phone: (951) 686-1450 I Fax: (951) 686-3083 ) www.bbklaw.com November 8, 2012 VIA EMAIL MLEIFERQPTW W W.COM Michael H. Leifer Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP 2603 Main Street, Suite 1300 Irvine, CA 92614 Dear Michael: Sacramento (916) 325.4000 San Diego (819) 525-1300 INalnut Creek (925) 977-3300 Washington, DC (202) 785-0600 Re: Riverside County Transportation Commission (RCTC) — Cardenas Market This responds to your October 15, 2012 letter to Mark LaBonte of Overland, Pacific and Cutler, Riverside County Transportation Commission's (RCTC) relocation consultant for the 91 Corridor Improvement Project (Project), regarding questions you raised on Cardenas Market's relocating. Your questions regarding Corona's Autoplex's possible relocation are addressed via separate letter. As you may be aware, the Project, which is still in the planning stages, is anticipated to be quite large and focuses on increasing capacity and reducing congestion for an existing 14-mile stretch of SR-91 and a 6-mile stretch along Interstate 15. Accordingly, given the scale of the Project, some businesses will need relocation assistance while others will not. RCTC does not anticipate relocation of Cardenas Market as a result of the Project at this time. We do understand your clients desire to meet and discuss the Project however. Accordingly, staff and consultants would be happy to meet with your clients, but we ask that the record owner be present at any such meeting for now. As you may know, there has been no offer made to buy any interests in the property yet. There is a concern that if RCTC were to meet with a tenant before an offer has been made, the owner may assert that RCTC interfered with the lease between the owner and the tenant. If having the owner present is not feasible, then it makes sense to have the meeting after the offer is made. We anticipate that an offer will be made in the next 60 days. 17336.02100\7651199.1 Michael Liefer November 8, 2012 Page 2 I ti BEST BEST & KRIEGER ATTORNEYS AT LAW Pleases let us know how you wish to proceed. If the owner is going to join in on the meeting, please provide dates and times when everyone is available. Please also provide a list of general discussion points so we can ensure the appropriate staff members attend. 17336.02100\7651199.1 Sincey, 0— Mona M. Nemat for BEST BEST & KRIEGER LLP ANGELO J PAL41ER111920.1000) ROBERT F WALDRON 11927.1000) ALAN M WIENER' ROBERT C IMRKE' MICMAEL J GREENE• DENNIS W GNAW DAM D PARR• CHARLES M KANTER' PATRICK A HENNESSEY DOM FISHER GREGORY N WEILER WARREN A WILLIAMS JOMN R L,STER MICMAEL N LEIPER SCOTT R CARPENTER RICHARD A SALUS NORMAN J RODICM RONALD M DOLE MICMAEL L D'ANOELO STEPHEN A SCMECK PALMIERI TYLER. WIENER WILHELM Si. WALDROW DONNA L SNOW RYAN M FASTER ELISE M KERN MELISA R PERE2 MICHAEL4 KENOE CIIADWICK C BUNCM AMISM J BANKER ROBERT M GARRETSON RYAN M PRAGER BLAINE M SEARLE JERAD SELT2 ERIN BALBARA NADER. ERICA M SOROSKY PETER MOSLEM JOSNUA J MAR% ERIN K OYAMA STEvEN R Mina JAMES E WILHELM OF COUNSEL DENNIS G TYLER, OF COUNSEL f90/[)1WNAL CORrO.IAf104 VIA E-MAIL & U.S. MAIL 2603 MAIN STREET EAST TOWER - SUITE 1300 IRVINE. CALIFORNIA 92614-4281 (949) 851-9400 www ptwww com Mona Nemat Best, Best & Krieger 3390 University Ave., 5th Floor PO Box 1028 Riverside, CA 92502 November 30, 2012 Re: Riverside County Transportation Commission - Cardenas Market Dear Ms. Nemat: P O 90x 19712 IRVINE CA 92823-9712 WRITER'S DIRECT DIAL NUMBER (949) 851-7294 WRITER'S DIRECT FACSIMILE NUMBER (949)825.5412 FIRM'S DIRECT FACSIMILE NUMBERS (949)1151-1554 (949)757-1225 misllsr®ptwww Gem REFER TO FILE NO 35954-000 This responds to your letter earlier in November concerning Cardenas Market. Your letter responded to our letter to Mark LaBonte of OPC. We wrote to Mark LaBonte because he and the OPC team was holding itself out to the public as the point of contact relating to RCTC's ongoing and future acquisition activities for the 91 project. In fact, we were present at a meeting held by RCTC and staffed by OPC personnel in their team uniforms. The reason why the public and their representatives attended was to view the right-of-way acquisition maps to see whether and how they would be impacted by RCTC acquisition. The individual property owners were not there for the juice and cookies. Further, Mark LaBonte personally told another one of our clients at the meeting, the owner of Corona Autoplex, that his business was in the process of being acquired Mr. LaBonte also admonished the owner of the Corona Autoplex that he had an obligation to RCTC to attempt to relocate. 823983 1 PALMIERI, TYLER, WIENER, WILHELM & WALDRON Mona Nemat November 30, 2012 Page 2 As you know OPC is most well-known for providing right of way acquisition and related services for public agencies. OPC has been actively working for RCTC concerning the widening project for some time. In fact, acquisition activities by RCTC and its agents like RCTC have been occurring for a period of years. At this point, RCTC has acquired properties for the 91 widening project. According to RCTC's latest statements to the media, the acquisitions are in the double digits. RCTC, through its agents, is currently negotiating to acquire properties/property interests for the project. Further, the environmental document has been approved and a Record of Decision issued by Caltrans on the selected alignment. Thus, this project has been planned. It has been and is being "done." Like the other property owners at the meeting trying to obtain full and transparent disclosure from RCTC, Cardenas has rights as a business and holder of property rights. Cardenas is affected by RCTC's project. Particularly because of the size of the business and number of its employees, Cardenas should be provided full and transparent disclosure early and on an ongoing basis. It has not been. RCTC has already met with the Cardenas' lessor without Cardenas present. It is believed that RCTC has met with City personnel and other consultants and officials about Cardenas' business location. Cardenas has not been present or informed about the nature and scope of the meetings. Why was Cardenas not invited to the discussions or the meetings? It is the anchor business on the affected property. Cardenas has leasehold rights that RCTC may have already interfered with by virtue of its exclusion. Cardenas has sincere concern that RCTC is negotiating with the lessor and communicating with other public agencies to its detriment either vis-a-vis the lease or the project impacts. We request all written communications and notes of same between RCTC (inclusive of its agents and consultants) and Cardenas Market's lessor concerning the 91 widening project (euphemistically labeled the Corridor Improvement Project by RCTC). We also request notes and documents pertaining to communications with the City and Caltrans that concern Cardenas' business location. Should it be necessary, please consider this request to be pursuant to the Public Records Act. As you are aware, all of the requested information is discoverable and will be obtained at some point. 823983 i PALMIERI. TYLER. WIENER WILHELM &WALDRONs Mona Nemat November 30, 2012 Page 3 As for the meeting that was requested some time ago, Cardenas wishes to receive full and transparent disclosure of the project's impacts on its site. It wants to receive this information on an on -going basis. RCTC should determine who to send to such meetings on its behalf, Please provide available dates for such a meeting. The sooner the better. How about next Wednesday or Thursday? MHL:mp cc: Client Michael I. Kehoe 823983. I ANGELO J PALMIERI leas-1009} ROBERT F WALORON 0927.10095 ALAN N WIENER' ROBERT C. IHRKE' MICNAEL J. GREENE' DENNIS W GNAN' DAVID D PARR' CHARLES N KANTER- PATRICK A NENNEBSEY DON FISHER GREGORY N WEILER WARREN A WILLIAMS JOHN R LISTER MICNAEL H LEIFER SCOTT R CARPENTER RICHARD A SALU8 NORMAN J. RODICH RONALD M COLE MICNAEL L O'ANGELO STEPHEN A SCHECK JAMES E WILHELM. OF COUNSEL DENNIS O TYLER, OF COUNSEL PALMIERI TYLER. WIENER. WILHELM& WALDRON DONNAL SNOW RYAN M EASTER ELISE M KERN MEL18A R PEREZ MICNAEL t KENOE CHADWICK C BUNCH mow, l BANKER ROBERT N GARRETSON RYAN M PRAGER BLAINE M JERAD SELTZ ERIN BALSARA NADERI ERICA M SOROBKV PETER MOSLEH JOSHUAJ MARK ERIN K OYAMA STEVEN R GUESS •. PROI ISSIONA, GOR►OR.hON VIA E-MAIL & U.S. MAIL 2603 MAIN STREET EAST TOWER — SUITE 1300 tRVINE. CALIFORNIA 92614-4281 (949) 1351-9400 www, ptwww , corn Mona Nemat Best, Best & Krieger 3390 University Ave., 5th Floor PO Box 1028 Riverside, CA 92502 December 7, 2012 PO BOX 19712 IRVINE.CA 92023.9712 WRITER'S DIRECT DIAL NUMBER 19491 851.7294 WRITER'S DIRECT FACSIMILE NUMBER (949) 825-5417 FIRM'S DIRECT FACSIMILE NUMBERS 1949) 851.1554 ;949)757-1225 mlBlfBreppiNwnv Cam REFER TO FILE NO 38984-000 Re: Riverside County Transportation Commission - Cardenas Market Dear Ms. Nemat: The purpose of this letter is to again contact you on behalf of my client, Cardenas Markets, to obtain a response and a meeting scheduled with RCTC. Thank you for your attention to this matter. MHL:mp cc: Client 823983 I LAW OFFICES RICHARD C. GREENBERG JOHN D. WHITCOMBE3 Much 4, 2013DERRICK K. TAKEUCHI MICHAEL J.. GIBSON SAMANTHA F. L.AMBERG LEONARD GRAVVER MICHAEL J. WEINBERGER JOEL L. BENAVIDES TAke Member of District of Columbia Bar GREENBERG, WHITCOMBE & TAKEUCHI, LLP 21313 HAWTHORNE BOULEVARD, SUITE 430 TORRANCE, CALIFORNIA 90303.6531 (J 10) 540.2000 FAX (310) 340 6609 • (310) J16.0305 E-MAJL, GWTLLP®GWTLLP.COM March 15, 2013 VIA E-MAIL FOLLOWED BY U.S. MAIL Jason Scott, Mayor (JScottOsi.corona.ca.us) Karen Spiegel, Mayor Pro Tem (KSpiegel@ci.corona.ca.us) Dick Haley, Council Member (DHaley(a@ci.corona.ca.us) Eugene Montanez, Council Member (EMontanez@a ci.corona.ca.us) Stan Skipworth, Council Member (SSkipworth@ci.corona.ca.us) Corona City Hall 400 S. Vicentia Ave. Corona, CA 92882 Re: Corona Towne Center Dear Mayor Scott, Mayor Pro Tem Spiegel, and members of the Council: MICHAEL E. ADLER• •OF COUNSEL SENDERS EMAIL rgre nbag@gw4p cam OUR FILE 100-270I We represent the property owner of Corona Towne Center. As you likely know, Corona Towne Center (the "Center") fronts on Lincoln Avenue, and West 2" Street and is immediately south of the 91 Freeway. We believe that City staff is aware that the Center is slated to be very significantly impacted by the RCTC 91 project ("Project"). The Project will require the acquisition of large portions of the Center. The remaining land will be left in a totally different shape. All aspects of the Center will be severely impacted by the Project. From my client's perspective, the Project will have an extremely adverse impact upon the size, shape, access, marketability, utility and other elements of the Center. The anchor tenant of the Center, Cardenas, feels just as strongly about the impacts to the Center. Both the property owner and Cardenas believe that the Center cannot continue to function as an anchored center with ancillary retail shop space as the acquisition for the Project is now configured. The anchor tenant's location in the Center would have to change for Cardenas or any anchor tenant to be viable in the Center in its reduced and altered shape. From what we understand, the Project leaves Corona Towne Center with no left-in/left-out turning movement. If that is the case, access to and from the Center will be extremely poor for this type of development. In addition to all of the other impacts, this will reduce rental rates for the retail space and make those spaces more difficult to lease. A signalized entrance on 2nd Street with a westbound turning movement must be included in this Project. The Center has thrived and has been a solid contributor to the City as a center for retailers small and large. It directly benefits the City and has done so for a long time. It has also been a very strong business location for its tenants. LAW OFFICES GREENBERG, WHITCOMBE & TAKEUCHI, LLP Council Board Members Corona City Hall March 15, 2013 Page 2 This Project is and has been a matter of great concern to the owners and to Cardenas. It should also be of great concern to the City because the 91 widening threatens the continued survival of a thriving Center. We understand that the City staff has had many discussions with RCTC personnel. Unfortunately, we were not included in those discussions. We are concerned that those discussions may not have taken into consideration the elements necessary, and we believe feasible, to minimize the adverse impact of the takings. We would like to meet at your earliest convenience to explore planning and design alternatives that would enable the Center to remain viable. Cardenas Markets joins in this request. We, our client, and representatives of Cardenas Markets look forward to meeting with you and the appropriate concerned members of your staff as soon as possible. Thank you for your anticipated cooperation. Very truly yours, zii.A.„ Richard C. Greenberg For the firm RCG:cl cc: Michael Leifer, Esq. For Cardenas Markets ANGELO J. PALMIERI (1026.1090) ROBERT F. WALDRON (1927.1990) ALAN 1/. WIENER• MICHAEL J. GREENE• DENNIS W CHAN• DAVID O. PARR' CHARLES H KANTER• PATRICK A. HENNESSEY DONFISHER GREGORY N, WEILER WARREN A. WILLIAMS JOHN R. LISTER MICHAEL H. LEIFER SCOTT R.. CARPENTER RICHARD A. SALUS NORMAN J. ROOICH RONALD II. COLE MICHAEL L. O'ANOELO STEPHEN A. SCHECK DONNA L. SNOW PALMIERI. TYLER. WIENER WILHELM &WALDRON RYAN M. EASTER ELISE M KERN MELISA R. PERE2 MICNAEL I. KEHOE CHADWICK C. BUNCH ANION J BANKER RYAN M PRAGER BLAINE M.. SEARLE ERIN BALSARA MADERI CANDICE L. LEE ERICA M.. BOROSKY MICHAEL P. BURNS JOSHUAJ MARX ERIN K. OYAMA BTEVEN R. GUESS KATHERINE II. HARRISON BRIAN GLICKLIN MICHAEL C. CHO, OF COUNSEL ROBERT C IHRKE, OF COUNSEL JAMES E WILHELM, OF COUNSEL DENNIS O. TYLER•, RETIRED •A •110/19910M1 L 1011 VIA E-MALT. & U.S. MAIL 2603 MAIN STREET EAST TOWER — SUITE 1300 IRVINE, CALIFORNIA 92614-4261 (949) 1351-9400 www, ptwww, com Mark Easter Best, Best & Krieger 3390 University Ave., 5th Floor PO Box 1028 Riverside, CA 92502 June 9, 2014 P.O. BOX 19712 IRVINE, CA 92823,9712 WRITER'S DIRECT DIAL NUMBER (949) 851-7294 WRITER'S DIRECT FACSIMILE NUMBER (949) 825.5412 FIRM'S DIRECT FACSIMILE NUMBERS (949) e51-1ss4 (949) 757-1225 mleilereplwww.com REFER TO FILE MO. 38954.000 Re: Riverside County Transportation Commission - Cardenas Market and Corona Towne Center Dear Mark: To follow-up on our Friday emails, this is to confirm that the only work RCTC is proposing to do to the Corona Towne Center remainder is demolition of buildings and construction of new access points. Anything else discussed in RCTC's precondemnation appraisal (i.e., reconfiguration of the site, parking, etc.) is conceptual and is not part of the RCTC public project. 1244483.1 PALMIERI, TYLER. WIENER, WILHELM &WALDRON'1; Mark Easter June 9, 2014 Page 2 Please confirm prior to the resolution of necessity hearing. Very truly yours, MHL:mp 1197669.1 Erin Balsara Naderi From: Mark Easter <Mark.Easter@bbklaw.com> Sent: Monday, June 09, 2014 5:38 PM To: Michelle M. Pase Cc: Michael H. Leifer; Erin Balsara Naderi Subject: RE: RCTC - Cardenas Market and Corona Towne Center Responding to your letter, RCTC's offer to the owner included a severance damage component of $1,154,978, which was based on a Proactive mitigation plan for replacing the hardscape, landscaping, other improvements and re -configuring parking. This plan is conceptual and is neither something that RCTC itself will be doing as part of its project, or requiring the owner to do. RCTC's project DOES include the demolition of several buildings, including the property on the north end of the building, and the Dollar Tree building, as well as the construction of several new access points. I believe this is reflected in the Temporary Construction Easements that RCTC is acquiring as well. Feel free to call me if you have any questions. From: Michelle M. Pase [mailto:MPase(aptwww.com] Sent: Monday, June 09, 2014 4:25 PM To: Mark Easter Cc: Michael H. Leifer; Erin Balsara Naderi; Michelle M. Pase Subject: RCTC - Cardenas Market and Corona Towne Center Dear Mr. Easter: At the request of Mr. Leifer, attached in PDF format is a correspondence of today's date regarding the above referenced matter. Please review. Thank you. Michelle Pase I Assistant to Michael H. Leifer, Erin B. Naderi, and Steven R. Guess Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP 2603 Main Street, Suite 1300 I Irvine, CA 92614 Direct Dial (949) 851-7325 I Facsimile (949) 851-1554 NAt1111 11111lWILMAl��tliifINt Email Website �11A1 r it v IRS Circular 230 Disclosure: Pursuant to Internal Revenue Service Circular 230, only formal opinions satisfying specific requirements may be relied on for the purpose of avoiding certain penalties under the Internal Revenue Code. Any tax advice contained in this communication (including attachments) does not constitute a formal opinion satisfying such requirements. Accordingly, we must advise you that any such tax advice was not intended or written to be used, and cannot be used, by you or any other person as such an opinion for the purpose of (i) avoiding penalties imposed under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any matters addressed herein. This message and any attached documents contain information from the law firm of Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP that may be privileged and confidential and protected from disclosure. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any 1 dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to the message and deleting it from your computer. Thank you. IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this j communication (or in any attachment). This email and any files or attachments transmitted with it may contain privileged or otherwise confidential information. If you are not the intended recipient, or believe that you may have received this communication in error, please advise the sender via reply email and immediately delete the email you received. ANGELO J. PALMIERI (1020-1900) ROBERT F. WALDRON (1927.199S) ALAN M. WIENER• MICHAEL J. GREENE• DENNIS W. OMAN' DAVID D. PARR' CHARLES M KANTER. PATRICK A HENNESSEY DON FISHER GREGORY N. WEILER WARREN A. WILLIAMS JOMN R, LISTER MICHAEL M, LEIFER SCOTT R.CARPENTER RICMARD A. SAWS NORMAN J. RODICH RONALD M. COLE MICHAEL L. ° ANGELO STEPHEN A. SCHECK DONNA L. SNOW 0 PALMIERI, TYLER, WIENER, WILHELIM &WALDRON RYAN M.EASTER ELISE M KERN MELISA R. PEREZ MICHAEL I. KEHOE CMADWICK C BUNCH AMISH J. BANKER RYAN M, PRAGER BLAINE M. SEARLE ERIN BALSARA NADERI CANDICE L. LEE ERICA M SOROSKY MICHAEL P. BURNS PETER MOSLEM JOSHUA J. MARK ERIN K. OYAMA STEVEN R. GUESS BRIAN OLICKLIN MICHAEL C. CHO, OF COUNSEL ROBERT C. IHRKE, OF COUNSEL JAMES E. WILMELM, OF COUNSEL DENNIS G. TYLER', RETIRED •A PROFESSIONAL CORPORATION 2603 MAIN STREET EAST TOWER — SUITE 1300 IRVINE, CALIFORNIA 92614-4281 (949) 851-9400 www.ptwwW.com May 7, 2014 VIA E-MAIL & U.S. MAIL Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92501 P.O. BOX 19712 IRVINE, CA 92623-9712 WRITER'S DIRECT DIAL NUMBER (949) 851-7294 WRITER'S DIRECT FACSIMILE NUMBER (949) 625-5412 RAM'S DIRECT FACSIMILE NUMBERS (949) 851-1554 (949) 757-1225 mleltereptwww.Com REFER TO FILE NO. 36984-000 Re: Corona Towne Center, LLC - Parcel No. 22218-1; 22218-2; 22218- 3; 22218-4; 22218-5; 22218-6; 22218-7; 22218-8 RON NQ y _ O22. Our Clients: Cardenas Markets Dear Clerk: This office represents Cardenas Markets, the anchor tenant of Corona Towne Center, LLC. The purpose of this letter is to notify the Riverside County Transportation Commission that Cardenas Markets intends to appear and be heard at the Resolution of Necessity hearing scheduled for June 11, 2014. MHL:mp cc: Client 1216995.1 Indian Wells (760) 568-2611 Irvine (949) 263-2600 Los Angeles (213) 617-8100 Ontario (909) 989-8584 BEST BEST & KRIEGER ATTORNEYS AT LAW 3390 University Avenue, 5th Floor, P.O. Box 1028, Riverside, CA 92502 Phone: (951) 686-1450 I Fax: (951) 686-3083 I www.bbklaw.com Margaret L. Barnes (951) 826-8357 margaret.barnes@bbklaw.com File No. 17336.02100 June 10, 2014 VIA HAND DELIVERY Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 Sacramento (916) 325-4000 San Diego (619) 525-1300 Walnut Creek (925) 977-3300 Washington, DC (202) 785-0600 n�s�I��NIC 1-1\\ JuN io 2014 RIVERSIDECOUNTY TRANSPORTATICOMMISSION Re: Amended Notice of Hearing to Property Owners , as to Corona Towne Center, LLC RCTC/SR91 CIP Project Rox o2 2. Dear Ms. Harmon: Attached is the original Amended Notice of Hearing to Property Owners, with proof of mailing, of the hearing on the adoption of a resolution of necessity scheduled for June 11, 2014. Please do not hesitate to contact me, should have any questions Sincerely, n 1 rgare : arnes Best Bes Krieger LLP MLB:mvv Enclosure 17336.02100\8863894.1 114 - 022 AMENDED NOTICE OF HEARING TO CONSIDER ADOPTION OF A RESOLUTION OF NECESSITY Pursuant to Section 1245.235 of the California Code of Civil Procedure, you are hereby notified that at a regular meeting to be held on Wednesday, June 11, 2014, at 9:30 a.m., at the Riverside County Administration Building, Board of Supervisors Chambers, located at 4080 Lemon Street, Riverside, California, the Commission of the Riverside County Transportation Commission intends to consider adopting a Resolution of Necessity, authorizing the commencement of eminent domain proceedings for the acquisition of real property interests in property that, according to the last equalized county assessment roll, is owned by you. The public use for which this resolution of necessity will be considered is for the SR-91 Corridor Improvement Project in Riverside County, California. The definition of the property rights to be acquired, together with the legal descriptions and corresponding depictions, are attached to this notice. A hearing will be held at the time and place mentioned above. You have the right to appear and be heard on the following matters: 1. Whether the public interest and necessity require the project for which the property is sought to be acquired. 2. Whether the project is planned or located in the manner that will be most compatible with the greatest public good and least private injury. 3. Whether the property sought to be acquired by eminent domain and described in the Resolution of Necessity is necessary for the proposed project. 4. Whether the offer required by Section 7267.2 of the California Government Code has been made. 17336.02100\8825305.1 Pursuant to California Code of Civil Procedure section 1245.235(b)(3), your failure to file a written request with RCTC to appear and be heard within 15 days from the date that this Notice is mailed may result in the waiver of your right to appear and be heard on the above - stated matters and issues that are the subject of the hearing. ALL COMMUNICATIONS SHOULD BE ADDRESSED TO: Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3`d Floor Riverside, California 92501 DATE OF HEARING: PLACE OF HEARING: DATED: May 30, 2014. Wednesday, June 11, 2014 9:30 a.m. Riverside County Administration Building Board of Supervisors Chambers 4080 Lemon Street Riverside, California 92501 BEST BEST & KRIEGER LLP By: A. Easter Artin N. Shaverdian Attorneys for Riverside County Transportation Commission 17336.02100\8825305.1 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission: (The rights being acquired may be exercised mutually exclusive of each other.) "Fee" (as to 22218-1) also known as fee simple or fee simple absolute, grants to RCTC absolute ownership of the portion of the property to be acquired. "Temporary Construction Easement" (TCE) (as to 22218-2, 22218-3, 22218-4, and 22218-5) refers to the right of ROTC, its successors and assigns, to engage in construction and related activities for the project. Such rights shall be exercised for a period of 6 consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under the TCEs shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. "Building Demolition Easement" (as to 22218-6) refers to an exclusive temporary easement and right of way in favor of RCTC, its successors and assigns, for the purpose of demolition, construction, reconstruction, and repair of the building and improvements located therein, together with all necessary rights incidental thereto. Property Owner shall not erect or construct, or permit to be erected or constructed, any building, structure or improvement on, over, or under any portion of the easement, or plant trees or any other vegetation on any portion of the easement except with the prior written consent of RCTC, its successors and assigns. No other easements shall be granted on, under or over the easement without the prior written consent of RCTC, its successors and assigns. Such right shall be exercised for a period of 3 consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under this easement shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. 17336.02100\8819430.1 EXHIBIT A, PAGE 1 "Building Access Easement" (as to 22218-7) refers to a non-exclusive temporary easement and right of way in favor of RCTC, its successors and assigns, to use the area to disconnect and tie-in to the existing structure, utilities and mechanical systems, for inspection purposes, and to traverse an access way to access RCTC owned facilities and/or construction site, as determined necessary by RCTC, together with all necessary rights incidental thereto, on, over, under and across the property in connection with the exercise of any easement rights described herein. Property Owner shall not erect or construct, or permit to be erected or constructed, any building, structure or improvement on, over, or under any portion of the easement, or plant trees or any other vegetation on any portion of the easement except with the prior written consent of RCTC, its successors and assigns. No other easements shall be granted on, under or over the easement without the prior written consent of RCTC, its successors and assigns. Such right shall be exercised for a period of 3 consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under this easement shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. 17336.02100\881.9430.1 EXHIBIT A, PAGE 2 1 3 4 5 6 7 8 9 10 H 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 PS OMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 2221.8-1 Fee Acquisition APN 118-270-034, 35, 36, 38, 39, and 42 Those portions of Parcels 1 through 6, inclusive, of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence along the northerly line of said Parcel 2 South 81 °57'20" East 288.27 feet to a point thereon; thence South 72°26'28" West 218.38 feet; thence South 73°45'06" West 161.02 feet to the beginning of a curve concave northerly having a radius of 903.00 feet; thence westerly along said curve 405.45 feet through a central angle of 25°43'33"; thence South 50°04' 12" West 38.02 feet; thence South 09°13'38" West 145.98 feet to the beginning of a curve concave westerly having a radius of 168.00 feet; thence southwesterly along said curve 68.33 feet through a central angle of 23°18' 10" to the beginning of a reverse curve concave southeasterly having a radius of 146.00 feet; thence southwesterly along said curve 45.53 feet through a central angle of 17°52'05" to a point on the westerly line of said Parcel 6; thence along the westerly line of said Parcels 1 through 6, also being the easterly line of Lincoln Avenue as shown on said parcel map the following five (5) courses: 1. North 08°03'59" East 293.97 feet to the beginning of a curve concave southeasterly having a radius of 14.50 feet; 2. Northerly, northeasterly and easterly along said curve 22.78 feet through a central angle of 90°00'00'; P\2PTG01050I\SURVEY\LEGALS122218_APN_I18-270-035_036_038 039 0421Legals\22218-1-PEE.doe 12/10/2012 Page 1 of 3 EXHIBIT A, PAGE 3 PS OMAS 3. North 08°03'59" East 65.00 feet to a point, said point being the beginning of a non -tangent curve concave northeasterly having a radius of 14.50 feet, to which point a radial line bears South 08°03'59" West: 4. Westerly, northwesterly and northerly along said curve 22.78 feet through a central angle of 90°00'00"; 5. North 08°03'59" East 82.16 feet to a point thereon, said point being the most southerly corner of Parcel 2070-107B as described in the Final Order of Condemnation, Case No. 217114, Superior Court of said County, a Certified Copy thereof being recorded October 5, 1995 as Instnlment No. 333298 of Official Records of said County; thence along the southerly line of said Parce12070-107B the following two (2) courses: 1. North 66°09'06" East 12.61 feet and 2. North 86°05' 56" East 64.11 feet to a point on the northerly line of said Parcel 1; thence along last said southerly line and the northerly line of said Parcel 1 the following four (4) courses: 1. South 81°55'24" East 214.71 feet to the beginning of a curve concave northerly having a radius of 150.00 feet; 2. easterly along said curve 72.60 feet through a central angle of 27°43'49" to the beginning of a reverse curve concave southerly having a radius of 150.00 feet; 3. easterly along said curve 72.51 feet through a central angle of 27°41'53' ; and 4. South 81°57'20" East 77.36 feet to the Point of Beginning. Contains 119,587 square feet. This conveyance is made for the purpose of a freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combinationfactor for this conversion is 0.99997476 RUPTG010501 \SURV EY\LEGALS122218_APN_I 18-270-035_036_038_039_042\Legais122218.1-FEE.doc 12/10/2012 Page 2 of 3 EXHIBIT A, PAGE 4 1 2 3 4 5 6 7 8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 P S O MAS See Exhibit `A2' attached hereto and made a part hereof. Preparedunder the direction of Brian E. Bullock, PLS 5260 /2-/0 - /2. Date PA2PTG010501\SURVEY\LE..GALS\22218_APN_118-270-035_036_038039 042\Legals\22218-1-EEE.doc 12/10/2012 Page 3 of 3 EXHIBIT A, PAGE 5 EXHIBIT A2 PARCEL# TITLE AREA APN 22218-1 FEE 119,587 S.F. / PARCEL r�l�C L 1 P,M,8, PARCEL f ARC L 2 -1 / 62-63 118-270-023 118-270-024 1..1 C6 P®B C5 ,-- -77.36 S81 1 307.25' ----, °57'20"E 365.63' ' " 288.27' , PARDEL I 3; 21a- L 7 L8 cv 11 ;.270-042 relA z 2 b W �( �y iIILRL. cj 17 'vQ s- X , � � il4t0 40,3q . � 0 �.. M ° q5 W S 11�1 o UL PARCEL ,3 LINE TABLE gp5•g5 BEARING DISTANCE R= gp3•pp °q '33j1 118-270-035 L1 L2 N08o03'S9"E N08 03 59"E 65.00' 82.16' `�_ p-25 DOC. #2000-033061 O.R. L3 L4 N66°09'06"E N86°05'56"E 12.61' 64.11' P, P , N bl, NO,21690 B 1 43/ 7 1 -93 L5 L6 L7 L8 581°55'24"E 581°57'20"E 508 07'46' W 581 ° 52'1 4"E 214.71' 77.36' 53.36' 10.00' PARCEL 3 CURVE TABLE DELTA RADIUS LENGTH .'ii Cl 23°18'10" 168.00' 68.33' --( ID PAiiCr 1} C2 C3 C4 17°52'05" 90°00'00" 90°00'00" 146.00' 14.50' 14.50' 45.53' 22.78' 22.78' —1 w 118-270-036 C5 27°43'49" 150.00' 72.60' 72.51' 0 C6 27°41'53" 150.00' Pr' a, FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Beoring 2 2 Z 1 8 - 1 obtain ground ( ) Title to State FEE ACQUISITION distances. All distances are in feet ))i) Access Prohibited unless otherwise noted. PREPARED BY: DATE:03-06-12 REV.:3; 12-10-12 EA: OF540 FAQ: PSOMAS 3 Hutton Centre Drive, Ste. 200 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS (714)751n 7373/(714)54S-8883 (Fox) 8 R I V 91 5.5 1 2 EXHIBIT A, PAGE 6 EXHIBIT A2 PARCEL# TITLE AREA APN 22218-1 FEE 119,587 S.F. 118-270-034,35,36,38,39,42 SEE SHEET 1 FOR LINE C6 L6 AND CURVE TABLES PARCEEL 1 r , 1118-270-023 C5 _ PARCEL 20 /0` 1 0 / A :1 � 51 / 62 - 63 2221 ' 1 � w L5 Q L 3 ``• `w — L 14: ?Aga L. 1118-274-0341 C4 ''.'W.R.,�. S08*0 STo i �!.:1��i,D 'PARC) i3 `— '�ia05,A5 w I �x --�"' �903t-- A=25°43'33" v1 w N I Lu � 44' ��-coQ ,r,-Irn \ s09°28'39"W (R) DOC. 4t2000-033061 S50°04'12"W 38.02' P.M.NO. P,M,5 1'r3/ JJ w O.R. `A 21690 )3 I,- PARCEL J 1 1 8-270-035 Z —1 � o I PARCEL 3 LA rn U m 118-270-039 I !n ,; Z ---- i O N---- `I I °o P�1r�C�l 'v .... v- PARCEL 4o z o 118-270-036 I 118-270-038 0o N I C 2 �\N75°20'16"W (R)- ,- r- �� FEET 0 40 80 160 240 NOTES LEGEND 2 2 2 1 S _ 1 1 FEE ACQUISITION Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing Tifiie to State 1(il Access Prohibited PREPARED BY: PSOMAS 3 Hution Centre Drive, Ste. 200 2707 (714)751-7373/(714)545-8883 Vox) DATE:03-06-12 REV.: 3; 2-10-12 EA: OF540 FM*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V f� J 1 5.5 2 2 EXHIBIT A, PAGE 7 1 3 4 5 6 9 10 11 12 13 14 15 1.6 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `131' LEGAL DESCRIPTION Caltrans Parcel No. 22218-2 Temporary Construction Easement APN 118-270-034 That portion of Parcel 2 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence South 81 °57'20" East 288.27 feet along the northerly line of said parcel to a point thereon, said point being the True Point of Beginning; thence South 81°57'20" East 10.41 feet continuing along said northerly line to a point thereon; thence South 17°33'32" East 13.50 feet; thence South 72°26'28" West 100.00 feet; thence North 17°33'32" West 18.00 feet; and thence North 72°26'28" East 90.62 feet to the True Point of Beginning. Containing 1,779 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `132' attached hereto and made a part hereof. PA2PTG0105011S U R V EY\LEGALS12221.8_APN_ 118-270-03 5_036_038_039_042\Legals`32 218-2-TC E. doe 12/10/2012 Page I of EXHIBIT A, PAGE 8 1 2 3 4 5 6 7 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS Prepared under the direction of Brian E. Bullock, PLS 5260 Date �2 -/4 12 PA2PTG010501 lSUR VEYILEGALS122218_APN_ 118-270-03 5_036_038_039_0421Lega ls122218-2-TCE.. doe 12/10/2012 Page 2 of 2 EXHIBIT A, PAGE 9 EXHIBIT B2 PARCEL# TITLE AREA APN 22218-2 TCE 1,779 S0. FT. 118-270-034 \s PARCEL 1 \`S'° P,m,5. \"'7g PARCr I 2 51 1 62-63 rn \ � 1 18-270-023 1 18-270-024 TPOB o o \� Cz ` P O B 3 0 7.2 5" —� L 3 o \--o C1 \1?-, \� ` S81°57'20"E 77 36 _____ 365.63' 288 27 .. ........: .............. 40 L4 N o1 :2 �.; L1 PARCEL 1 ,.,°' L5 � L2 118-270-042 I L 6 (s) PARCEL 2 I 00- s�� . "vv � 1 118-270-034 i No 0 Mo N _ _IkI� PARCEL 3 LINE TABLE BEARING DISTANCE 118-270-035 L1 S08°07'46"W 53.36' -- L2 S81°52'14"E 10.00' >< DOC. #2000-033061 O.R. L3 L4 S81°57'20"E S17°33'32"E 10.41' 13.50' P , N1 a No, 21690 L5 L6 L7 S72°26'28"W N17°33'32"W N72°26'28"E 100.00' 18.00' 90.62' rn P,NI,e. 143/ 91-93 1-1) In o PARDEL 3 CURVE TABLE 1 DELTA RADIUS LENGTH al 2 (v C1 27°43'49" 150.00' 72.60' C2 27°41'53" 150.00' 72.51' °0 PARDEL '1 118-270-036 FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing _ TEMPORARY obtain ground distances. All distances are in feet )Title to State 1()I Access Prohibited CONSTRUCTION EASEMENT unless otherwise Hated. PREPARED BY: DATE:03-06-12 REV.:2; 12-10-12 EA: OF540 FAn: PSOMAS ,ente 200 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS Soniaton A a,Cal iforniae92707 (710 751- W3/(714)545--8BH (Fax) 8 R I V 91 5.5 1 1 EXHIBIT A, PAGE 10 I 2 3 4 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `C1' LEGAL DESCRIPTION Caltrans Parcel No. 22218-3 Temporary Construction Easement APN 118-270-035 & 036 Those portions of Parcels 3 and 4 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 4; thence South 81 °54'34" East 209.29 feet along the northerly line of said parcel to a point thereon; said point being the beginning of a non -tangent curve concave northerly having a radius of 903.00 feet, to which point a radial line bears South 00°18'16" East; thence easterly along said curve 69.24 feet through a central angle of 04°23'35" to the True Point of Beginning; thence easterly, continuing along said curve 54.34 feet through a central angle of 03°26'53'; thence South 08°08'46" East 18.00 feet to the beginning of a non -tangent curve concave northerly having a radius of 921.00 feet, to which point a radial line bears South 08°08'46" East; thence westerly along said curve 55.43 feet through a central angle of 03°26'53"; thence North 04°41'53" West 18.00 feet to the True Point of Beginning. Containing 988 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `C2' attached hereto and made a part hereof. PA2PTG0105011SURVEYILEGALS122218_APN_1 18-270-035_036_038_039_042\Legals'i22218-3-TCF_.doc 12/10/2012 Page 1 of 2 EXHIBIT A, PAGE 11 1 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS Prepared under the direction of /y Brian E. Bullock, PLS 5260 Date /2- /D - / Z PA\2PTG010501 \SURVEY\LEGALS\22218_APN_118-270-035_036_038_039__042\Legals122218-3-TCE.Jac 12/10/2012 Page 2 of 2 EXHIBIT A, PAGE 12 EXHIBIT C2 PARCEL# TITLE AREA APN 22218-3 TCE 988 SQ. FT. 118-270-035 & 036 PARCEL 1 P,M,51, 51 / 62-63 C4 - L6 pRCEL S19°39'13"E (PRC) 20/0- 1 0/ A %? _0 118-270-023 C3 ' ..: L5.- L3 L I I , PA, NO, 21690 PARCEL 1 N0 J' 1 18-270-042 P ° �11' �'' 1 '13/ 9 1 - 93 PARCEL 2 118-270-034 i C2 S08°03159"W (R) D STo N08°03'59"E (R) PARCEL 3 C5 - C6,: C1 '' ' 500° 18' 16"E (R) V S81 °54'34"E 209.29' - '46"E(R) POB C'` 508° 8. TPOB lLo I cr, in I ' 1 8.00' o NOQ°41'S3"W(R) -~ O`I c) 1 o 118-270-035 I� cv (.si 44' 3 PARCEL J _ -1 _1 lu 0 n_ N 1 co PARCEL 3 Q� I 118-270-039 LINE TABLE I BEARING DISTANCE Z 1 uj O I � _ I DOC. #2000-033061 O.R. L1 L2 N08°03'59"E N08°03'59"E 65.00' 82,16' (.3Lin Z , 0 J I ao I o t PARCEL v r o 1 L3 L4 L5 L6 N66°09'06"E N86°05'56"E 581 °55'24"E 581 ° 57'20"E 12.61' 64.1 1 ' 214.71 ' 77.36' 1 I 118-270-038 0 CURVE TABLE I N DELTA RADIUS LENGTH 1 �O .- C1 C2 C3 C4 C5 90°00'00" 90°00'00" 27°43'49" 27°41'53" 04°23'35" 14.50' 14.50' 150.00' 150.00' 903.00' 22.78' 22.78' 72.60' 72.51' 69.24' C6 03°26'53" 903.00' 54.34' I C7 03°26'53" 921.00' 55.43' FEET 0 40 80 160 240 NOTES LEGEND 2 2 2 1 S - 3 TEMPORARY CONSTRUCTION EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True'Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State O(I Access Prohibited PREPARED BY: PSOMAS 3 Huttan Centre Drive, Ste. 200 Santa , California 92707 (7141751Ana 7373/(7114)545-8883 (Fax) DATE:09-05-12 REV.: 12-10-12 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 5 1 1 EXHIBIT A, PAGE 13 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 2g 29 30 31 PS OMAS EXHIBIT `D1' LEGAL DESCRIPTION Caltrans Parcel No. 2221.8-4 Temporary Construction Easement APN 118-270-039 That portion of Parcel 5 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most westerly corner of said parcel; thence South 81°56'01" East 27.23 feet along a portion of the southerly line of said parcel to a point thereon; thence North 09°13'38" East 15.90 feet to the True Point of Beginning; thence North 09°13'38" East 56.43 feet; thence South 80°46'22" East 20.00 feet; thence South 09°13'38" West 56.43 feet; and thence North 80°46'22" West 20.00 feet to the True Point of Beginning. Containing 1,129 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `D2' attached hereto and made a part hereof. Prepared under the direction of Brian E. Bullock, PLS 5260 Date P:\2PTG0105011SURV EY\LEGA.LS\22218_APN_118-270-035_036_038_039_042\Legals\22218-4-TCE.doc 12/10/2012 Pape 1 of 1 EXHIBIT A, PAGE 14 EXHIBIT D2 PARCEL# TITLE AREA APN 22218-4 TCE 1,129 SO. FT. 118-270-039 PARCEL 1 P.M,E, 51 / 62-63 C4 L6 PARCEL S19°39'13"E—(PRC) '� r �. e ��1� 1 �l 1 118-270-023 3 4 �,<,,,,. 5 7- ' L 3 Mm2 .: Y .. i-,` PARCEL 1 P.M, NO, 21690 N I �1 1 18-270-042 P , loll , E ., 1 —''r.3/ ) 1 `- 93 PARCEL 2 118-270-034 I IC2 S08°03'59"W (R) �- D ST. I C1 - N08°03'5911E (R) PARCEL — I DOC. #2000-033061 O.R. , Lc,_W Iv-) r\, M --s 0 0 118-270-035 • 3''"'�; c ° 580°46'22"E PARCEL J 20.00' _1 Li.1 N ' PARCEL .3 _ I .o 118-270-039 0 co 4 4 ' I z ---a� � Q� o 20.00" LINE TABLE a; 56.43' BEARING DISTANCE Z I � _n S09° 1 3'38"W L1 N08°03'59"E 65.00' O I inx ` L2 N08°03'59"E 82.16' C) j o j � . _ �TPOB '" r'"f ( L3 L4 N66°09'06"E N86°05'56"E 12.61' 64.11 ' J o ® z A. �. N80 46022"W '- L5 L6 581°55'24"E S81°57'20"E 214.71' 77.36' 27.23' ro CURVE TABLE 581 ° 56'01 "E (i) DELTA RADIUS LENGTH PARCEL 6 `o - -- C 1 C2 C3 90° 00'00" 90°00'00" 27°43'4911 1 4.50' 1 4.50' 150.00' 22. 78' 22.78' 72.60' 118-270-038 C4 27°41'53" 150.00' 72.51' FEET 0 40 80 160 240 NOTES LEGEND Q 2 2 2 1 V - 4 TEMPORARY CONSTRUCTION EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State l((( Access Prohibited PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santo Ano, California 92707 (714)751-73734714)545-8883 (Fox) DATE:09-05-12 REV.: 12-10-12 EA: OF540 FM*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 RIV 91 5.5 1 1 EXHIBIT A, PAGE 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 1.9 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `E1' LEGAL DESCRIPTION Caltrans Parcel No. 22218-5 Temporary Construction Easement APN 118-270-038 That portion of Parcel 6 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the southwest corner of said parcel; thence North 08°03'59" East 71.55 feet along the westerly line of said parcel to a point thereon; thence South 81°56'01" East 18.00 feet; thence South 08°03'59" West 71.51 feet to a point on the southerly line of said parcel; thence North 82°03'18" West 18.00 feet along said southerly line to the Point of Beginning. Containing 1,288 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `E2' attached hereto and made a part hereof. Prepared under the direction of /2-/0-72 Brian E. Bullock, PLS 5260 Date PAA2PTG010501 \SORVEYILEGA.LS122218_APN_ 118-270-035_036_038_039_0421Legals122218-5-TCE.doc 12/10/2012 Page 1 of 1 EXHIBIT A, PAGE 16 EXHIBIT E2 PARCEL# TITLE AREA APN 22218-5 TCJJE++ 1,288 S0. FT. 118-270-038 EL 1 PARCEL 7 --'� 718-270-042 I 118-270-034 I C2 _S08°03'59"W (R) I D STo — N08°03'59"E (R) r------- ` I [118-270-035 Cl - - ` PARCEL 3 L.- j n j -1 ( o I 118-270-039 o N. I . I Q j I � ;',loll, NO, 21690 --I P,m,,e, 143/ 91 � 93 _1 Lt1 f, n`_ o1 CO <L I Q " 1 LINE TABLE I BEARING DISTANCE J j Q _ I PARCEL 5 L1 L2 N08°03'59"E N08°03'59"E 65.00' 82.16' - vI 1 ( Z 144 CURVE TABLE —1 I DOC. #2000-033061 O.R. DELTA RADIUS LENGTH j C1 C2 90°00'00" 90°00'00" 14.50' 14.50' 22.78' 22.78' w 1 18-270-041 ( m i 1-° 'Ij PARCEL 6 0 118-270-040 ° I� 118-270-038 O z s. a, s3 t z :. c_ ... �;� . , a ��< ��a .�`.r ;., ,r . K , .�, .T ar. .: �a._. S81 ° 56'01 "E 1 8.00' N82°02'33' W 644.64' is co in 1 18-270-012 POBu° S08°03'59"W : 71 .51 ;-0 TRACTNO,1 ��1� rn Ml J4/ 92-93 _.__ 1 18.j00' N82°03'1 8 I ��"W FEET 0 40 80 760 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide P08 Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 2 2 2 1 8 - 5 TEMPORARY by 0.99997476 to obtain ground )Title to State CONSTRUCTION distances. All distances are in feet (Pi( Access Prohibited EASEMENT unless otherwise noted. PREPARED BY: DATE:09-05-12 REV.: 12-10-12 EA: OF540 FAtt: P S O A S 3 Hutton Centre Drive, Ste. 200 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS Sento Ana, Colifornio 92707 (714)751-7373/(714)545-0883 (Fax) 8 R I V 91 5. 5 1 1 EXHIBIT A, PAGE 17 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `F1' LEGAL DESCRIPTION Caltrans Parcel No. 2221.8-6 Building Demolition Easement APN 118-270-034 & 035 Those portions of Parcels 2 and 3 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence South 81 °57'20" East 288.27 feet along the northerly line of said parcel to a point thereon; thence South 72°26'28" West 100.51 feet to the True Point of Beginning; thence South 72°26'28" West 117.88 feet; thence South 73°45'06" West 159.62 feet to a point on the southerly line of said Parcel 2; thence South 81 °56'01" East 251.74 feet along a portion of said southerly line and the prolongation of said portion of said southerly line; thence North 08°03'59" East 116.70 feet to the True Point of Beginning. Containing 14,474 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `F2' attached hereto and made a part hereof. PA2PTG0105011S URVEY\LEGALS\22218_APN_118-270.035_036_038_039_0421Legais\22218-6-BDE.doc 12/10/2012 Page 1 of 2 EXHIBIT A, PAGE 18 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS Prepared under the direction of Brian E. Bullock, PLS 5260 PA2PTG010501 \SURVEY\LEGALS\22218_APN_ 113-270-035_036_038_039_042Tegals\22218-6-BDE.doc 1211.0/2012 Page 2 of 2 EXHIBIT A, PAGE 19 EXHIBIT F2 PARCEL# TITLE AREA A P N 22218-6 BDE 14,474 S0. FT. 118-270-034 & 035 v, i',�r?Cr L 1 I \`Q° P,M,8, \ °,19 PARCEL 2 51 / 62-63 M 118-270-023 118-270-024 o o �; V` C2 POB 307.25' ) o N \'� C1 \T1 \J 77 36 S81 l- °57'20'E 365.63 288 27' col �- ..`�", ' .,s, PARCEL 2 TPOB 3 k1 PARCEL J 1 18-270-034 �„ -- ' - L L2 °2�2� 1 18-270-042 Sl \1- 6 `u 4.oLn io Sri'`° �- o Q5 r�2 (5. r:M �9 0 ° : vQ dl- r Q- 0 O 1 0 5 —co O M N- N I O C10 -r3x S81°56'01"E 251.74' PARCEL 3 718-270-035 LINE TABLE 5 -- ' BEARING DISTANCE r DOC. #2000-033061 O.R. L1 L2 508°07'46"W S81°52'14"E 53.36' 10.00' L3 572°26'28"W 100.51' P,M„ P,N,B„ NO, 21690 143/ 91-93 PARCEL I 3 CURVE TABLE DELTA RADIUS LENGTH C1 27°43'49" 150.00' 72.60' C2 27°41'53" 150.00' 72.51' 1S7 PARCEL '1 i Lo 118-270-036 U FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing / 2221_8-6 BUILDING obtain ground iTitle to State. DEMOLITION distances. All distances are in feet I)ii Access Prohibited EASEMENT unless otherwise noted. PREPARED BY: DATE:09-05-2012 REV.:2; 12-10-2012 EA: OF540 FA#: PSOMAS 3 'iutton Centre Drive, Ste, 200 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS Santo Ano California 92707 (714)751-7373/i714)SA5-e9e3 (Fake 8 R I V 91 5.5 1 1 EXHIBIT A, PAGE 20 PS OMAS EXHIBIT `GP LEGAL DESCRIPTION Caltrans Parcel No. 22218-7 Building Access Easement APN 118-270-034 & 035 Those portions of Parcels 2 and 3 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence along the northerly line of said Parcel 2 and the general easterly lines of said Parcels 2 and 3 the following four (4) courses: 1) South 81°57'20" East 307.25 feet to the northeasterly corner of said Parcel 2; 2) South 08°07'46" West 53.36 feet; 3) South 81°52'14" East 10.00 feet; and 4) South 08°07'46" West 106.87 feet to a point thereon; thence North 81 °54'03" West 97.18 feet to a corner of a commercial building, said corner being the True Point of Beginning; thence South 08°09'05" West 10.00 feet along the general easterly face of said building to a point thereon; thence North 81°54'03" West 180.99 feet to a point on the general westerly face of said building; thence North 08°11'21" East 10.00 feet along said general westerly :face to a corner of said building; thence South 81 °54'03" East 180.98 feet along the northerly face of said building to the True Point of Beginning. Containing 1,810 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `G2' attached hereto and made a part hereof. P:12PT001050 RSUR VEY\LEGALS122218_APN_ 118-270-035_036_038_039_04211,ega1s122218-7-RA E.doe 12/10/2012 Page 1 of 2 EXHIBIT A, PAGE 21 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS Prepared under the direction of wg-Pe /2-/©-/2 Brian E. .Bullock, PLS 5260 Date P^2PTCi010501 \SUR V GY\LBGALS\22218_APN__ 118-270-035_036_038_ 039042\Legais'22218-7-BAE.doc 12/ l0/2012 Page 2 of 2 EXHIBIT A, PAGE 22 EXHIBIT G2 PARCEL# TITLE AREA APN 22218-7 BAE 1810 SQ. FT. 118-270-034 & 035 PARCEL 1 P,N1,6, 1 ARCr L, l 5 1 / .):2-_>3 M 118-270-023 118-270-024 0 0 C2 POB 307.25' 0 C1 , 77 36' ...,. S81°57'20"E �-- 365.63' I 288 27' :........r. :fi....... ... N p �- .v ¢.,.;;:8 e r,x:. <....; F.A.7 r. 1 f.::aE PARCEL 2 L1 PARCEL J 1 18-270-034 - L2 118-270-042 `° r IN81°54'03"W `�:' �. _ o °54'03"E ': rn `r— o (v S81 180.9 I 8'... .. r rr) c1 ,-- E° 1 ' „" `; e� wr -St rs-, ,- x �r x« --w' �- T , 1 P 0 B a Pr1;-�Cr I NO$�p,00 N81"54903'W v 1 1 18-270-035 I 508° 09105"W 1 1 0.00' 1` 0 I o P , NL P . M , 0 DOC.1#2000-033061 O.R. NO, 21690 I " , 143/ 91- 3 LINE TABLE PARCEL ,� I BEARING DISTANCE L1 L2 508°07'46"W S81°52'14"E 53.36' 10.00' I 17 - - -1 Pr11�CEI 'f CURVE TABLE - - - DELTA RADIUS LENGTH ttl I I C1 27°43'49" 150.00' 72.60' o 118-270-036 C2 27°41'53" 150.00' 72.51' t� a, I FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zane 6. Distances and stationing ore grid distances. Divide POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 2 2 2 1 S - 7 BUILDING by 0.99997476 to obtain ground Title to State ACCESS distances. All distances are in feet I'll Access Prohibited EASEMENT unless otherwise noted. PREPARED BY: DATE:12-10-2012 REV.: EA: OF540 FA#: PSOMAS Putton200 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS Soria A aC Califorr-niae92707 (719)751-7373/1719)545-8883 (Fax) 8 R I V 91 5. 5 1 1 EXHIBIT A, PAGE 23 PROOF OF MAILING NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on May 30 2014, I mailed a copy of the attached notice by first- class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel Nos. 118-270-034, 118-270-035, 118-270-036, 118-270-038, 118-270-039, 118-270-040, 118-270- 041 and 118-270-042 (CPNs 22218-1, 22218-2, 22218-3, 22218-4, 22218-5, 22218-6 and 22218-7): Corona Towne Center, LLC 4416 West 154`s Street Lawndale, CA 90260 Record Owner Corona Towne Center, LLC 251-401 North Lincoln Avenue Corona, CA 92882 Record Owner Corona Towne Center, LLC 10410 South Vintage Avenue, Suite A Ontario, CA 91761 Record Owner Richard G. Greenberg, Esq. Greenberg, Whitcombe & Takeuchi, LLP 21515 Hawthorne Boulevard, Suite 450 Torrance, CA 90503-6531 Courtesy Copy Michael H. Leifer, Esq. Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP 2603 Main Street, Suite 1300 Irvine, CA 92614 Courtesy Copy Dated: May 30, 2014. oef Margaret L. Barnes 17336.02100\8825305.1 Indian Wells (760)568-2611 Irvine (949) 263-2600 Los Angeles (213) 617-8100 Ontario (909) 989-8584 11019: BEST BEST & KRIEGER ATTORNEYS AT LAW 3390 University Avenue, 5th Floor, P.O. Box 1028, Riverside, CA 92502 Phone: (951) 686-1450 I Fax: (951) 686-3083 I www.bbklaw.com Margaret L. Barnes (951)826-8357 margaret.barnes@bbklaw.com File No. 17336.02100 April 28, 2014 VIA HAND DELIVERY Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 p[EC I1WI APR 28 f M k RIVERSIDE COUNTY TRANSPORTATION COMMISSION J Sacramento (916)325-4000 San Diego (619) 525-1300 Walnut Creek (925) 977-3300 Washington, DC (202) 785-0600 Re: Notice of Hearing to Property Owners as to T & C Exchange Accommodators, Inc. (Assessor Parcel No. 118-270-003, CPN 22217), Corona Towne Center, Inc. (Assessor Parcel Nos. 118-270-034, 118-270- 035, 118-270-036, 118-270-038, 118-207-039, 118-270-040, 118-270-041 and 118-270-042, CPNS 22218-1 through 22218-8), and VEJ Corona LP (Assessor Parcel No. 118-050-002, CPN 22171-1) RCTC/SR91 CIP Project Dear Jennifer: RON No. 1t-I- 02-2_ Attached are the original Notices of Hearing to Property Owners, with proofs of mailing, of the hearing on the adoption of a resolution of necessity scheduled for June 11, 2014, as to T & C Exchange Accommodators, Inc., Corona Towne Center, Inc. and VEJ Corona LP, for right of way, possessory and/or leasehold interests sought for this project. These are the only parcels to be considered for the adoption of resolutions of necessity at that hearing with regard to this project. Please do not hesitate to contact me, should have any questions. Very truly yours, ietteeeseetOW Margaret. Barnes Senior Litigation Paralegal for BEST BEST & KRIEGER LLP Attachments 17336.02100\8755118.1 a ORIGINAL �y-0 NOTICE OF HEARING TO CONSIDER ADOPTION OF A RESOLUTION OF NECESSITY Pursuant to Section 1245.235 of the California Code of Civil Procedure, you are hereby notified that at a regular meeting to be held on Wednesday, June 11, 2014, at 9:30 a.m., at the Riverside County Administration Building, Board of Supervisors Chambers, located at 4080 Lemon Street, Riverside, California, the Commission of the Riverside County Transportation Commission intends to consider adopting a Resolution of Necessity, authorizing the commencement of eminent domain proceedings for the acquisition of real property interests in property that, according to the last equalized county assessment roll, is owned by you. The public use for which this resolution of necessity will be considered is for the SR-91 Corridor Improvement Project in Riverside County, California. The definition of the property rights to be acquired, together with the legal descriptions and corresponding depictions, are attached to this notice. A hearing will be held at the time and place mentioned above. You have the right to appear and be heard on the following matters: 1. Whether the public interest and necessity require the project for which the property is sought to be acquired. 2. Whether the project is planned or located in the manner that will be most compatible with the greatest public good and least private injury. 3. Whether the property sought to be acquired by eminent domain and described in the Resolution of Necessity is necessary for the proposed project. 4. Whether the offer required by Section 7267.2 of the California Government Code has been made. 17336.02100\8755168.1 Pursuant to California Code of Civil Procedure section 1245.235(b)(3), your failure to file a written request with RCTC to appear and be heard within 15 days from the date that this Notice is mailed may result in the waiver of your right to appear and be heard on the above -stated matters and issues that are the subject of the hearing. ALL COMMUNICATIONS SHOULD BE ADDRESSED TO: Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 DATE OF HEARING: PLACE OF HEARING: DATED: April 26, 2014. Wednesday, June 11, 2014 9:30 a.m. Riverside County Administration Building Board of Supervisors Chambers 4080 Lemon Street Riverside, California 92501 BEST BES KRIEGER LLP B v: ark A. Easter Artin N. Shaverdian Attorneys for Riverside County Transportation Commission 17336.02100\8755168. l Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission: "Fee" (as to 22218-1) also known as fee simple or fee simple absolute, grants to RCTC absolute ownership of the portion of the property to be acquired. "Temporary Construction Easement" (TCE) (as to 22218-2, 22218-3, 22218-4, 22218-5 and 22218-8) refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such right shall be exercised for a period of 6 months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under the TCEs shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or. negligently, any interference with or harm to the rights conveyed hereunder. "Building Demolition Easement" (as to 22218-6) refers to a temporary easement and right of way in favor of RCTC, its successors and assigns, together with all necessary rights incidental thereto, on, over, under and across the property in connection with the exercise of any easement rights described herein. Property Owner shall not erect or construct, or permit to be erected or constructed, any building, structure or improvement on, over, or under any portion of the easement, or plant trees or any other vegetation on any portion of the easement except with the prior written consent of RCTC, its successors and assigns. No other easements shall be granted on, under or over the easement without the prior written consent of RCTC, its successors and assigns. Such right shall be exercised for a period of 3 months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under this easement shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. 173 36.02100\8755928.1 Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. "Building Access Easement" (as to 22218-7) grants to RCTC, including its successors and assigns, a non-exclusive temporary easement and right of way in favor of RCTC, its successors and assigns, to facilitate the building demolition described in 22218-6, together with all necessary rights incidental thereto, on, over, under and across the property in connection with the exercise of any easement rights described herein. Property Owner shall not erect or construct, or permit to be erected or constructed, any building, structure or improvement on, over, or under any portion of the easement, or plant trees or any other vegetation on any portion of the easement except with the prior written consent of RCTC, its successors and assigns. Such right shall be exercised for a period of 3 months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under this easement shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. 17336.02100\8755928.1 1 2 3 4 5 6 7 8 9 10 I 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 PSOMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 22218-1 Fee Acquisition APN 118-270-034, 35, 36, 38, 39, and 42 Those portions of Parcels 1 through 6, inclusive, of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence along the northerly line of said Parcel 2 South 81°57'20" East 288.27 feet to a point thereon; thence South 72°26'28" West 218.38 feet; thence South 73°45'06" West 161.02 feet to the beginning of a curve concave northerly having a radius of 903.00 feet; thence westerly along said curve 405.45 feet through a central angle of 25°43'33"; thence South 50°04' 12" West 38.02 feet; thence South 09'13'38" West 145.98 feet to the beginning of a curve concave westerly having a radius of 168.00 feet; thence southwesterly along said curve 68.33 feet through a central angle of 23°18' 10" to the beginning of a reverse curve concave southeasterly having a radius of 146.00 feet; thence southwesterly along said curve 45.53 feet through a central angle of 17°52'05" to a point•on the westerly line of said Parcel 6; thence along the westerly line of said Parcels 1 through 6, also being the easterly line of Lincoln Avenue as shown on said parcel map the following five (5) courses: 1. North 08°03'59" East 293.97 feet to the beginning of a curve concave southeasterly having a radius of 14.50 feet; 2. Northerly, northeasterly and easterly along said curve 22.78 feet through a central angle of 90°00'00"; P:12PTG0105011SURVEY !LEGALS122218_APN_118-270-035_036 038_039_0421Legals122218-1-FEE.doc 12/10/2012 Page 1 of 3 EXHIBIT A, PAGE 3 l 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS 3. North 08°03'59" East 65.00 feet to a point, said point being the beginning of a non -tangent curve concave northeasterly having a radius of 14.50 feet, to which point a radial line bears South 08°03'59" West; 4. Westerly, northwesterly and northerly along said curve 22.78 feet through a central angle of 90°00'00"; 5. North 08°03'59" East 82.16 feet to a point thereon, said point being the most southerly corner of Parcel 2070-107B as described in the Final Order of Condemnation, Case No. 217114, Superior Court of said County, a Certified Copy thereof being recorded October 5, 1995 as Instrument No. 333298 of Official Records of said County; thence along the southerly line of said Parcel 2070-107B the following two (2) courses: 1. North 66°09'06" East 12.61 feet and 2. North 86'05'56" East 64.11 feet to a point on the northerly line of said Parcel 1; thence along last said southerly line and the northerly line of said Parcel 1 the following four (4) courses: 1. South 81°55'24" East 214.71 feet to the beginning of a curve concave northerly having a radius of 150.00 feet; 2. easterly along said curve 72.60 feet through a central angle of 27°43'49" to the beginning of a reverse curve concave southerly having a radius of 150.00 feet; 3. easterly along said curve 72.51 feet through a central angle of 27°41'53"; and 4. South 81'57'20" East 77.36 feet to the Point of Beginning. Contains 119,587 square feet. This conveyance is made for the purpose of a freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476 PA2PTG010501\SURVEY\LEGALS`.22218_APN_i 18-270-035 036_038_039_042\Legals122218.1-FEE_doc 12/10/2012 Page 2 of 3 EXHIBIT A, PAGE 4 1 2 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS See Exhibit `A2' attached hereto and made a part hereof. Prepared under the direction of Brian E. Bullock, PLS 5260 /Z-V • j7 Date PA2PTGOl 0501 \SURVEY\LEGALS\22218_APN_118-270-035_036_038_039_0421Legals\222:18-1-FEE.doc 12/ 10/2012 Page 3 of 3 EXHIBIT A, PAGE 5 EXHIBIT A2 PARCEL# TITLE AREA APN 22218-1 FEE 119,587 S.F. 118-270-034,35,36,38,39,42 PARCEL 1 P,M,EI, PARCEL 2 51 / 62-63 118-270-023 116-270-024 2221$-1 C6 POB C5 77.36 . S81 -- I 307.25 --� °57'20"E 365.63' 288.27' -5 rl L 7 FARCES 1 21 $ ' L 8 cv 11$-270-0d2 ,2a ' � 2�O w w. PARG L . - S t 2 up al r— N P 1 470 -034� ,0 p� : r,co 1 ° w, G w S� 16� p2 o 0 �l 01 +, >. s r, LINE TABLE p5• BEARING DISTANCE R DOC. #2000-033061 O.R. L3 L4 N66°09'06"E N86°05'56"E 12.61' 64.11' P, P.,M,g., All„ NO 21690 143/ 91-93 L5 L6 L7 L8 581°55'24"E S81°57'20"E S08°07'46"W 581°52'14"E 214.71' 77.36' 53.36' 10.00' PARCEL 3 CURVE TABLE DELTA RADIUS LENGTH C1 23°18'10" 168.00' 68.33' L7 --'I PARCEL 4 C2 C3 C4 17°52'05" 90°00'00" 90°00'00" 146.00' 14.50' 14.50' 45.53' 22.78' 22.78' —1 toC6 118-270-036 72.511' 27°41'53" 150.00' o ]ti FEET 0 40 80 160 240 NOTES LEGEND _ FEE ACQUISITION Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing (---7) Title to State I t I ( Access Prohibited PREPARED BY: PSOMAS 3 Hu+ton Centre Drive, Ste. zoo nta a, California 92707 (714)751 7373/(714)545-B883 (Fox) DA7E:03-06-12 REV.:3; 12-10-12 EA: OF540 FAtt: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 9 1 5. 5 1 2 EXHIBIT A, PAGE 6 EXHIBIT A2 PARCEL# TITLE AREA APN 22218-1 FEE 119,587 S.F. 118-270-034,35,36,38,39,42 SEE SHEET 1 FOR LINE C6 L6 AND CURVE TABLES RARrri ) P 1•/1,�� �, 118-270-023 C5� PARC I �0 /0� 10l A a6.� 51 / 62- (22218-i , / L5 rl L3 I —I- - - _ i PARCEL I j (\, f18-270=042� ..PARC. L 2 t It i 8-i it o.74^ j C 4 ,----V S08 03 59 W_IRI, D S T e � i C3 � N 9r1.3.�9,. �_IR1 �- PARCEL 3 , , � ,�,ApS°A� LA w I i N I j (Ni W v \ S09°28'39"W (R) DOC. #2000-033061 S50°04'12"W 38.02' P,1U1, -co NO., O.R. v) 216 90 I !s_ PARCEI. J 1 18-270-035 Z _I o) O! PARCEL 3 I w rn U' ! O 1 18-270-039 � I O N -J i � O ., 1--)ARCEL 6 ---- v PARCEL -4 z O 118-270-036 I 118-270-038 0 I N 1 co I I C2 �NN75°20'16"W (R)- r FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicotes Radial Beoring 2 2 2 1 8 - 1 obtain ground C ) Title to State FEE ACOUISITION distances. All distances ore in feet I I I I Access Prohibited unless otherwise noted. PREPARED BY: DATE:03-06-12 REV.: 3; 12-10-12 EA: OF540 FAu: PSOMAS 3 Hution Centre Drive, Ste. ?0D DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS Sonia Ana, alifornia2707 (714)751-7313/(114)54598883 (Fax) 8 R I V 91 5. 5 2 2 EXHIBIT A, PAGE 7 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `Bl' LEGAL DESCRIPTION Caltrans Parcel No. 22218-2 Temporary Construction Easement APN 118-270-034 That portion of Parcel 2 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of Califomia, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence South 81 °57'20" East 288.27 feet along the northerly line of said parcel to a point thereon, said point being the True Point of Beginning; thence South 81°57'20" East 10.41 feet continuing along said northerly line to a point thereon; thence South 17°33'32" East 13.50 feet; thence South 72°26'28" West 100.00 feet; thence North 17°33'32" West 18.00 feet; and thence North 72°26'28" East 90.62 feet to the True Point of Beginning. Containing 1,779 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `132' attached hereto and made a part hereof. PA2PTG010501 iS UR V EYILEGALS122218_APN_ 118-270-035_036_038_039_042\Legals\22218-2-TC Gdoc 12/10/2012 Page 1 of EXHIBIT A, PAGE 8 2 3 4 5 6 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS Prepared under the direction of Zifai4ex Brian E. Bullock, PLS 5260 Date /2-/O PA2PTG010501ISURVEY\LEGA LS\22218_APN_l I8-270-035_036_038_039_0421Legals\22218-2-TCE.doe 12/10/2012 Page 2 of 2 EXHIBIT A, PAGE 9 EXHIBIT B2 PARCEL# TITLE AREA APN 22218-2 TCE 1,779 S0. FT. 118-270-034 �; P�� VCrL 1 \�° P,M,8, \`1, PARCEL 51 / 62-63 'n \ 1 s-27o-023 1 18-270-024 TPOB c) \ c�` C 2 POB 307.25' —� L3 0 N \� -73 Cl \� -✓ 77.36' S81 �--- °57'20"E 365.63' 288 27' L4 co — .: PARCEL ) ... ,„. r' '` L 1 L2 118-270-042 I �� L6 a ko w PARCEL 2 i I o �� . r-- o 1 118-270-034 I 0 No » rn co N J I co co °o PARCEL 3 LINE TABLE BEARING DISTANCE 118-270-035 L1 508°07'46"W 53.36' -� L2 S81°52'14"E 10.00' DOC. #2000-033061 O.R. L3 L4 S81°57'20"E S17°33'32"E 1.41' 13.50' P ANl , NO, 2 1 !....) )0 L5 L6 L7 S72°26'28"W N17°33'32"W N72°26128"E 100.00' 18.00' 90.62' rn P,>•i,a.. 1 3/ 91- 3 10 M PARCEL 3 CURVE TABLE .__1�1 DELTA RADIUS LENGTH IQ U O 'i C1 27°43'49" 150.00' 72.60' n' C2 27°41'53" 150.00' 72.51' `o PARCEL4 118-270-036 i FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distonces. Divide by 0.99997476 to POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 2 _ TEMPORARY obtain ground iTitle to State CONSTRUCTION distances. All distances ore in feet ((i( Access Prohibited EASEMENT unless otherwise noted. PREPARED BY: DATE:03-06-12 REV.:2; 12-10-12 EA: OF540 FA*: PSOMAS 3 Hct Yon Centre Drive, Ste, 200 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS Sonfo (714)751Amp, 7373/(714)545-8M (Fox) 8 R I V 91 5.5 1 1 EXHIBIT A, PAGE 10 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS EXHIBIT C1' LEGAL DESCRIPTION Caltrans Parcel No. 22218-3 Temporary Construction Easement APN 118-270-035 & 036 Those portions of Parcels 3 and 4 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 4; thence South 81 °54'34" East 209.29 feet along the northerly line of said parcel to a point thereon; said point being the beginning of a non -tangent curve concave northerly having a radius of 903.00 feet, to which point a radial line bears South 00° 18' 16" East; thence easterly along said curve 69.24 feet through a central angle of 04°23'35" to the True Point of Beginning; thence easterly, continuing along said curve 54.34 feet through a central angle of 03°26'53"; thence South 08°08'46" East 18.00 feet to the beginning of a non -tangent curve concave northerly having a radius of 921.00 feet, to which point a radial line bears South 08°08'46" East; thence westerly along said curve 55.43 feet through a central angle of 03°26'53 "; thence North 04°41'53" West 18.00 feet to the True Point of Beginning. Containing 988 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `C2' attached hereto and made a part hereof. P:12PTG0105011SURV EYILEGALS122218_APN_118-270-035_036_038_039_0421Legals122218-3-TCE.doc 12/10/2012 Page 1 of 2 EXHIBIT A, PAGE 11 1 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS Prepared under the direction of zlij'a".4.‘ Brian E. Bullock, PLS 5260 Date /2-/l1- /z P:\2PTG010501\SURVEY\LEGALS\22218_APN_118-270-035_036_038_039_042\Legals\22218-3-TC E.doc 12/10/2012 Page 2 of 2 EXHIBIT A, PAGE 12 EXHIBIT C2 PARCEL# TITLE AREA APN 22218-3 TCE 988 SO. FT. 118-270-035 & 036 PARCEL 1 P,M,S, 51 162-6,3 C4 -- L6 PARCELS 19° 39' 1 3"E (PRC ) --.. - _ ...._.... _.. 2010-- J 07 A 2,2 1 18-270-023 ` L5 C3 /4-7... .. j L3 w ` i p PARCEL Cr J J ., M , NO ., 21690 J 1 18-270-042 P,m,a, 1'f3/ 91-9,3 PARCEL 2 I \118-270-034 C2 (R) �Mg S08°03'59"W D ST-e � N08°03'59"E (R) PARCEL ,3 r ,4 C5- / Cl S00°18116"E (R) C6 :. :� 581°54'34"E 209.29' \ 18.00' POB C1 508°08'46"E(R) j TPOB j00 In 18.00' '0 118-270-035 N T . j Q LU 44' PARCEL 5 b_i L� ti ( - j Q, i 118-270-039 LINE TABLE i BEARING DISTANCE Z I w O _ I DOC. #2000-033061 O.R. L1 L2 N08°03'59"E N08°03'59"E 65.00' 82.16' I M Z ! o '--, 10 ,I co I z r r PARCEL J ( ( p ( L3 L4 L5 L6 N66°09'06"E N86°05'56"E 581°55'24"E S81°57'20"E 12.61' 64.11' 214.71' 77.36' I I 118-270-038 oo CURVE TABLE I N DELTA RADIUS LENGTH co — C1 C2 C3 C4 C5 90°00'00" 90°00'00" 27°43'49" 27°41'53" 04°23'35" 14.50' 14.50' 150.00' 150.00' 903.00' 22.78' 22.78' 72.60' 72.51' 69.24' C6 03°26'53" 903.00' 54.34' I C7 03°26'53" 921.00' 55.43' FEET 0 40 80 160 240 NOTES LEGEND 2 2 2 1 8 - 3 TEMPORARY CONSTRUCTION EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtoin ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True'Point Of Beginning (R) Indicates Radial Bearing C )Title to State )i)( Access Prohibited PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 ia 92707 (214)751r� 7373/(214)54S-8883 (Fax) DATE:09-05-12 REV.: 12-10-12 EA: OF540 FM*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5.5 1 1 EXHIBIT A, PAGE 13 L rr I 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `D1' LEGAL DESCRIPTION Ca!trans Parcel No. 222184 Temporary Construction Easement APN 118-270-039 That portion of Parcel 5 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most westerly comer of said parcel; thence South 81 °56'01" East 27.23 feet along a portion of the southerly line of said parcel to a point thereon; thence North 09°13'38" East 15.90 feet to the True Point of Beginning; thence North 09°13'38" East 56.43 feet; thence South 80°46'22" East 20.00 feet; thence South 09°13'38" West 56.43 feet; and thence North 80°46'22" West 20.00 feet to the True Point of Beginning. Containing.1,129 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `D2' attached hereto and made a part hereof. Prepared under the direction of Brian E. Bullock, PLS 5260 Date P:12PTGO [05011SURVEYILEGALS122218_APN_118-270-035_036_038_039_0421Legais122218 4-TCE.doc [2/10/2012 Page 1 of 1 EXHIBIT A, PAGE 14 EXHIBIT D2 PARCEL# TITLE AREA APN 22218-4 TCE 1,129 SO. FT. 118-270-039 PARCEL 1 P„N1,5„ 31 1 62-63 C4 L6 PARCEL 519°39'13"E (PRC) ----------. 2070-- 107 A 2: a 1 18-270-023 0� L5 L 3 j P, M, ND, 21690 f ARDE I 1 J 1 18-270-042 P loll 131 9 1 y3 PARCEL 2 118-270-034 j C2 ;. S08°03'59"W (R) D ST. r N08°03'59""E (R) / PARCEL 3 i C 1 '' DOC . #2000- 033061 O.R. w M ;� I iv �'iv-) v o (0 118-270-035 v I •`"' • j � --w 580°46'22"E PARCEL 20.00' >i PARCEL 0 118-270-039co - Lij 44' I M a, 20.00' Q`�� ;O LINE TABLE L4-1 cn 56.43' BEARING DISTANCE Z I � � 509°13'38""W L1 N08°03'59""E 65.00' O I !n �► ���„ ;: L2 N08°03'59""E 82.16' Ci j o ° "" m TPOB z ( ) L3 L4 N66°09'06"�E N86 05 56 E 12.61' 64.11 ' 1co -I o Q I z 0. 20.00' ` N80°46 22" W v L5 L6 S81°55'24"E S81 °57'20""E 214.71' 77.36' 1 27.23' �o CURVE TABLE I 581 °56'01' E ci) DELTA RADIUS LENGTH j j PARCEL 6 ^o ,_ C1 C2 C3 90°00'00" 90°00'00" 27°43'49" 14.50' 14.50' 150.00' 22.78' 22.78' 72.60' 1 18-270-038 C4 27°41 'S3" 1 50.00' 72.51 ' FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide 0.99997476 to POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 2 2 2 1 8 - 4 TEMPORARY by obtain ground ( ) Title to State CONSTRUCTION distances. All distances are in feet ((i ( Access Prohibited EASEMENT unless otherwise noted. PREPARED BY: DATE:09-05-12 REV.: 12-10-12 EA: OF540 FAst: PSOMAS Hutton ,itrne7 ADO DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS Santo AnaCataia9270 (714)751-7373/(714)545-8883 (Fax) 8 R I V 91 5.5 1 1 EXHIBIT A, PAGE 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1.5 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `El' LEGAL DESCRIPTION Caltrans Parcel No. 22218-5 Temporary Construction Easement APN 118-270-038 That portion of Parcel 6 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the southwest corner of said parcel; thence North 08°03'59" East 71.55 feet along the westerly line of said parcel to a point thereon; thence South 81 °56'01" East 18.00 feet; thence South 08°03'59" West 71.51 feet to a point on the southerly line of said parcel; thence North 82°03'18" West 18.00 feet along said southerly line to the Point of Beginning. Containing 1,288 square feet.. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `E2' attached hereto and made a part hereof. Prepared under the direction of C.' I2-t0-t2 Brian E. Bullock, PLS 5260 Date PAZPTG010501\SURVEY\L.EGALS122218_APN_ 118-270-035_036_038_039_0.421Legais\22218-5-TCE.doc 12/10/2012 Page 1 or l EXHIBIT A, PAGE 16 EXHIBIT E2 PARCEL# TITLE AREA APN 22218-5 TCE 1,288 SQ. FT. 118-270-038 • N' J PARCEL 1 PARCEL 118-270-042I I - 118-270-034 IC2 (R) S08°03'59"W j ST. N08°03'59"E (R) j 118-270-035 Cl - ` PARCEL 3 I - iLD I NI 0 118-270-039 N I . j Q P,M, NO., 21690 j i 1 P�1V1.,B, 143/ 91-93a. 1.L1 0 � Q I sr I LINE TABLE I BEARING DISTANCE �� j I PARCEL L1 L2 N08°03'59"E N08°03'59"E 65.00' 82.16' - 44' CURVE TABLE --J I DOC. #2000-033061 O.R. DELTA RADIUS LENGTH j C1 C2 90°00'00" 90°00'00" 14.50' 14.50' 22.78' 22.78' w `; 118-270-041 al 'n PARCEL 6 j 0 118-270-040 ° co io 118-270-038 z - I j S81 ° 56'01 "E 1 8.00' N82°02'33"W 644.64' �, G m �n 1 18-270-012 I j in . 508°03'59"W POBj to• 71.51 -0 ''' 00 TRACT NO., 21690 0 M,B, 154/ 92-93 1 3 7.00' 1 8.IOQ' N82°0311 B W I FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide to POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radio! Bearing 2 2 2 1 8 - 5 TEMPORARY by 0.99997476 obtain ground ( )Title to State CONSTRUCTION distances. All distonces are in feet lilt Access Prohibited EASEMENT unless otherwise noted. PREPARED BY: DATE:09-05-12 REV.: 12-10-12 EA: OF540 FAst: PSOMAS 3 Hutton Centre Drive, Ste. 200 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS Sento Ana, 2707 (714)7 1-7373/(714)54598883 (Fox) 8 R I V 91 5.5 1 1 EXHIBIT A, PAGE 17 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT Tr LEGAL DESCRIPTION Caltrans Parcel No. 22218-6 Building Demolition Easement APN 118-270-034 & 035 Those portions of Parcels 2 and 3 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence South 81 °57'20" East 288.27 feet along the northerly line of said parcel to a point thereon; thence South 72°26'28" West 100.51 feet to the True Point of Beginning; thence South 72°26'28" West 117.88 feet; thence South 73°45'06" West 159.62 feet to a point on the southerly line of said Parcel 2; thence South 81°56'01" East 251.74 feet along a portion of said southerly line and the prolongation of said portion of said southerly line; thence North 08°03'59" East 116.70 feet to the True Point of Beginning. Containing 14,474 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `F2' attached hereto and made a part hereof. P:12PTG010501 \SURVEY\LEGALS\22218_APN_ 118-270-035_036_038_039_042\Legals\22218-6-BDE.doc 12/10/2012 Page 1 of 2 EXHIBIT A, PAGE 18 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS Prepared under the direction of Brian E. Bullock, PLS 5260 Date lZ-/a -/Z PA2PTG010501\SUAVEYILEGALS122218_APN_118-270-035_036_038 039_042Tegals\22218-6-BDE.doc 12/10/2012 Page 2 of 2 EXHIBIT A, PAGE 19 EXHIBIT F2 PARCEL# TITLE AREA APN 22218-6 BDE 14,474 SO. FT. 118-270-034 & 035 �J, PARCEL 1 \�° P., MA, \� PARCEL 2 51 / 62-63 M � a 118-270-023 118-270-024 o \ -\ C2 , POB 307.25 o \�q C1 \-0, \� 1 -77.36' S81°57'20"E �-- 365.63' 288.27 N co - PARCEL L 2 TPOB L1 PARCEL 1 1 18-270-034 �� ..- ''Z� i � L2 02- a .. �� 1 18-270-042 Sl �0 ' ' w of o u-) 0 LD ,,1y o A5 06 2 6 (-- , M w o .1-- o S13 59 �- co rr--�oo ZO Mao �O N t — O f(f) ( c° ts_vxr 111‘214 CA" 100 04g, t S81 ° 56'01 "E 251 .74' PARCEL 3 118-270-035 L[NE TABLE ti — — BEARING DISTANCE DOC. #2000-033061 O.R. L1 L2 508°07'46"W 581°52'14"E 53.36' 10.00' L3 572°26'28"W 100.51' P.,1V1, P,P11.,F_-1., NO, 21690 143/ 9 1 -93 PARCEL 3 CURVE TABLE DELTA RADIUS LENGTH C1 27°43'49" 150.00' 72.60' C2 27°41'S3" 150.00' 72.51' to PARCEL 1} _1 t_l 118-270-036 Ca t~' t>, I FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 2 C8_ BUILDING obtain ground )Title to State DEMOLITION distances. All distances ore in feet 1 1 1 1 Access Prohibited EASEMENT unless otherwise noted. PREPARED BY: DATE:09-05-2012 REV.:2; 12-10-2012 EA: OF540 FAtt: PSOMAS 3 Hutton Centre Drive Ste. 200Sant DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS - )n 7373/(7114)545-88 (71475183 (Fax) 8 R I V 91 5. 5 1 1 EXHIBIT A, PAGE 20 l 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS EXHIBIT `G1' LEGAL DESCRIPTION Caltrans Parcel No. 22218-7 Building Access Easement APN 118-270-034 & 035 Those portions of Parcels 2 and 3 of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly comer of said Parcel 2; thence along the northerly line of said Parcel 2 and the general easterly lines of said Parcels 2 and 3 the following four (4) courses: 1) South 81°57'20" Fast 307.25 feet to the northeasterly comer of said Parcel 2; 2) South 08°07'46" West 53.36 feet; 3) South 81°52'14" East 10.00 feet; and 4) South 08°07'46" West 106.87 feet to a point thereon; thence North 81°54'03" West 97.18 feet to a corner of a commercial building, said corner being the True Point of Beginning; thence South 08°09'05" West 10.00 feet along the general easterly face of said building to a point thereon; thence North 81°54'03" West 180.99 feet to a point on the general westerly face of said building; thence North 08°11'21" East 10.00 feet along said general westerly face to a corner of said building; thence South 81°54'03" East 180.98 feet along the northerly face of said building to the True Point of Beginning. Containing 1,810 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit `G2' attached hereto and made a part hereof. PA2PTG01050118UR VEYULEG ALS122218_APN_I 18-270-035_036_038_039_042\Legals122218-7-BA E.doc 12/10/2012 Page 1 of 2 EXHIBIT A, PAGE 21 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS Prepared under the direction of Brian E. Bullock, PLS 5260 Date /2-io-/2 P: 2PTG010501 \SURVEY\LEGALS\22218_APN_118-270-035_036_038_039_042\Legalsl22218-7-RAE.doe 12/10/2012 Page 2 of 2 EXHIBIT A, PAGE 22 EXHIBIT G2 PARCEL# TITLE AREA APN 22218-7 BAE 1810 S0. FT. 118-270-034 & 035 r'A'W L 1 P.Wl, PARCr L 2 51 1 6)2- �3 m 118-270-023 118-270-024 0 0 C2 POB -- - 307.25' 0 N C 1 S81 77 36' ...- _ ° 57'20"E 365.63' 288 27' :.. t.. _5 ... :. - roI ^ r- S.l., _;:5.^ Y _: 5�';j'.s', .....Y :c ..,-. G..:>a J:;. d.% t�',.-. -... ,.,..\„1 PARCr L 2 ,� L1 y: PARCEL ) 1 18-270-034 � - L2 t 118-270-042 I `° r 1N81 °54'03"W -' (-0 . 1 I 97.18' O rn • o I .. ° N S81 180.98'. 54'03"E 1 i Q In o ^ ►' ,t TPOB �,2� s° 1 i'Ai�Cr L 0 0 I 1 �0.99' N 10.0 N81 54 03"W I q- 1 1 18-2 70-035 I S08°09'05"W 1 10.00" '` 0 L— 1 ' CO O P,N1, P,N1,El, DOC.1 #2000-033061 O.R. �I NO, 21.690 I 1'Ir3/ 91-93 r LINE TABLE PARCr L 3 1 BEARING DISTANCE i L1 L2 S08°07'46"W S81°52'14"E 53.36' 10.00' 1 17 _ _ PARJAL 4I ` CURVE TABLE _ _ � — _ I DELTA RADIUS LENGTH ___I( al I C1 27°,13'49" 150.00' 72.60' 0 118-270-036 C2 27°41'53" 150.00' 72.51' - a FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing I _ 1 BUILDING obtain ground )Title to State ACCESS distances, All distances are in feet III' Access Prohibited EASEMENT unless otherwise noted. PREPARED BY: DATE:12-10-2012 REV.: EA: OF540 FAit: PSOMAS Drive, 200 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS Sonic AnO, Coilfornio92707 (710751-737347141545-8883 (Pai) 8 RIV 91 5.5 1 1 EXHIBIT A, PAGE 23 PS OMAS EXHIBIT `H1' LEGAL DESCRIPTION Caltrans Parcel No. 22218-8 Temporary Construction Easement APN 118-270-034, 35, 36, 38, 39, and 41 Those portions of Parcels 2 through 6, inclusive, of Parcel Map No. 21690 in the City of Corona, County of Riverside, State of California, as per the map filed in Book 143, Pages 91 through 93, inclusive, of Parcel Maps, Records of said County, described as follows: Beginning at the most northerly corner of said Parcel 2; thence along the northerly line of said Parcel 2 South 81 °57'20" East 288.27 feet to a point thereon, said point being the True Point of Beginning; thence continuing along said northerly line and the general easterly lines of said Parcels 2 and 3 the following four (4) courses: 1) South 81°57'20" East 18.98 feet to the northeasterly corner of said Parcel 2; 2) South 08°07'46" West 53.36 feet; 3) South 81°52'14" East 10.00 feet; and 4) South 08°07'46" West 106.87 feet to a point thereon; thence North 81 °54'03" West 97.18 feet to a corner of a commercial building; thence along the face of said building the following thirty-seven (37) courses: 1) North 81°54'03" West 180.98 feet; 2) South 08°11'21" West 66.99 feet; 3) South 53°11'59" West 14.20 feet; 4) North 81°54'22" West 2.65 feet; 5) South 08°05'38" West 3.53 feet; 6) South 81°43'51" East 2.61 feet; 7) South 08°00'11" West 68.90 feet; 8) North 81°53'06" West 2.62 feet; 9) South 08°06'54" West 3.48 feet; 10) South 81°16'55" East 2.66 feet; 11) South 37°16'03" East 14.34 feet; 12) South 08°07'12" West 65.16 feet; 13) South 08°06'12" West 44.35 feet; 14) North 81 °55'36" West 140.13 feet; 15) North 08°10'41" East 11.65 feet; 16) North 81°49'19" West 39.95 feet; 17) North 07°55'55" East 11.30 feet; 18) North 81°59'09" West 50.55 feet; 19) South 08°00'51" West 1.33 feet; 20) North 83°32'54" West 0.61 feet; 21) South 08°14'03" West 10.92 feet; 22) North 81 °52'36" West 57.29 feet; 23) North 08°04'04" East 8.37 feet; 24) South 81 °47'40" East 0.70 feet; 25) North 08° 12'20" East 3.45 feet; 26) North 82°26' 11 " West 3.03 feet; 27) P:12PT0010501\SURVEYILEGALS122218_APN_ 1 18-270-035_036_038_039_0421Legals\22218-8-TCE.doc 12/10/2012 Page I of 3 EXHIBIT A, PAGE 24 PS OMAS South 07°33'49" West 2.61 feet; 28) North 81 °56'34" West 70.99 feet; 29) North 07°49'51" East 2.58 feet; 30) North 82°10'09" West 2.99 feet; 31) South 08°27'10" West 3.42 feet; 32) South 81°32'50" East 0.58 feet; 33) South 08°03'26" West 8.34 feet; 34) North 81 °56'36" West 41.50 feet; 35) North 08° 12'22" East 4.00 feet; 36) North 81 °47'38" West 70.95 feet; and 37) South 08°04'39" West 264.95 feet to a corner of a commercial building; thence South 08'04'39" West 10.30 feet to a point on the southerly line of said Parcel 6; thence North 82°03'18" West 67.11 feet along said southerly line to the southwesterly corner of said Parcel 6; thence North 08°03'59" East 168.45 feet along the westerly line of said Parcel 6 to a point thereon, said point being the beginning of a non -tangent curve concave southeasterly having a radius of 146.00 feet, to which point a radial line bears North 75°20'16" West; thence northeasterly along said curve 45.53 feet through a central angle of 17°52'05" to the beginning of a reverse curve concave westerly having a radius of 168.00 feet; thence northerly along said curve 68.33 feet through a central angle of 23°18'10"; thence North 09°13'38" East 145.98 feet; thence North 50°04'12" East 38.02 feet to the begimvng of a non -tangent curve concave northerly having a radius of 903.00 feet, to which point a radial line bears South 09°28'39" West; thence easterly along said curve 405.45 feet through a central angle of 25°43'33"; thence North 73°45'06" East 161.02 feet; thence North 72°26'28" East 218.38 feet to the True Point of Beginning. Containing 157,013 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476 See Exhibit ` 12' attached hereto and made a part hereof. PAI2PTG010501 \SURVEY\LEGALS\22218_APN_ 118-270-035_036_038_039_042\Legais\22218-8-TCE.doc 12/10/2012 Page 2 of 3 EXHIBIT A, PAGE 25 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS Prepared under the direction of Brian E. Bullock, PLS 5260 Date IZ-to -12 PA2PTU010501 SURVEY\LPGALS\22218_APN_118-270-035_036_038_039_0421Legalsl22218-8-TCE.doc 12/10/2012 Page 3 of 3 EXHIBIT A, PAGE 26 EXHIBIT H2 PARCEL# TITLE AREA APN 22218-8 TCE 157,013 SO. FT. 118-270-034, 035, 036, 038, 039, & 041 ' 1 PARCEL P,M.,2, PARCEL EL 2 51 / 62-63 in 118-270-023 118-270-024 TPOB 0>cb C6 ` p08 307.25' �\ �' o C5 S81 77.36' ° 57'20"E 365.63' 288.27' ' �, / 1 co - PARCEL ) .. .Z\a L 1 L2 1 18-270-042 PARCEL 2 E1 ,2 1 'Z6 ko N 118-270-034 ,a, o �yi o w w ,.. „ 1 1 0 N81 °541'03"W m ( <, -in ° Ag1p6 _ 1 QZ 180 16 98' 1 97 18' -- y°'.. -. "DFttt:."., �� Q. M °p ..,b'YL,?r.10J:;.. ,S,..Fe.'S! ,Y.. .r'X.,..:_ � :. „� ate` '21 "W „ vwi rl 3 5,q5 �` € 508° 1 1 66.99' o —..; Q l�G� � �-'q � S53° 1 1 '59"W 1 4.20' �- ` _9Q3•�QQ �°g3133 118-270-035 "�g� ;; � -.. � 2 — `' � �� _ t �' ;�-SEE DETAIL "A" SHEET 3 `.• � o N .i J Q►'- LULL! � P,M, `� r'7.,11/1. DOC. #2000-033061 O.R. SO$ 00 1 1 W 68.90 NO, 21��0 �" SEE DETAIL "B" SHEET 3 :a 2 „ 1'i3/)l-e�.� t`,>_.� i � Q= LINE TABLE M� W S37° 16'03"E 1 4.34' BEARING DISTANCE o (- 'I3 Z 65.16' LS Pi1F�Cs✓L S08°07'1211W L4 L1 L2 L3 508°07'46"W 581 °52'14"E N08° 1 0'41 "E °49'19"W 53.36' 10.00' 1 1 .65' /- t U7 ` I L 7 PARCEL 44.35' \\SS 508° 06' 1 2"W L4 L5 L6 N81 N07°55'55"E N81 ° 59'09"W 39.95' 11.30' 50.55' ___) �,. »� ., .,_ . _ » :� L7 508° 1 4'03"W 10.92' N81° 36"W 0 �-� CURVE TABLE 140.13' D L3 118-270-036 DELTA RADIUS LENGTH � . L5 C5 27°43'49" 1 50.00' 72.60' I FEET 0 40 80 160 240 C6 27°41'53" 150.00' 72.51' NOTES LEGEND Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 2 2 2 8 - 8 TEMPORARY Title to State CONSTRUCTION )1!) Access Prohibited EASEMENT PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santo Ana, Colio 92707 (714)751- 373/(7°14)545-8883 (Fax) DATE: 12-10-2012 REV.: EA: OF540 FM: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 5 1 3 EXHIBIT A, PAGE 27 EXHIBIT H2 PARCEL# TITLE AREA AP 22218-8 TCE 157,013 SO. FT. 118-270-034, 035, 036, 038, 039, & 041 C6� L13 PARCEL l PARCEL i�il 1 1 B-270-023 CS PARCEL 20 l0 1 c� I Aw � / b2�o3 � . Li 2 _.. r- j L10 —L11- ._ , j 118-270-042 1--- w j j � '. j j PARCEL 1 P ., M, NO, 2 1 690 \fj .) 1V1,B, 1 43/ 9I -93 = N w N i j C4 PARCEL 2 118-270-034 S08°03'59"W (R) D ST. ! °D I —J N08°03'59"E (R) DOC. #2000-033061 O.R. •A5' j C3 % -A .. , off- �` I 6=25°43'33" M . 1 18-270-035 I o � � � S09°28'39"W (R) PAi2C�'L � N � PAr'�CrL .� I N50°04'12"E 118-270-039 I CO Er- j � v � � � �w 38.02' � _ � f 00 � N08°04'04"E � Q ! 44' -rla' 8.37' LINE TABLE BEARING I DISTANCE F'o I`n Q o �� Z O I_ Ln Z ,., m N08° 1 2'22"E z N81 °47'38"W 7095' 508 03'26 W• Q ° N81 56'34 W 70 99 L Q Lu C, L8 L9 L10 L11 N08°03'59"E N08 03'59 N66°09'06"E N86°05'56"E E 65.00' 82.16' 12.61' 64.11' IM o�d»``} 'o �` ---_ L12 581 °55'24"E 214.71' J I 00 '� L13 5810 57'20" E 77.36' o z cs { .p € co ro of .50' CURVE TABLE j o�- r�ir1 o ( N81 56'36 W DELTA RADIUS LENGTH I 1 N75°20'16"WI (R) _1 v°: t�l ov ca o C2 oN .cl' 0 N °3 57.29' N81 °52 36"W C1 C2 C3 23° 1 8'10" 1 7°52'05" 90°00'00" 1 68.00' 146.00' 14.50' 68.33' 45.53' 22.78' - — — — — I N 0-. ::: 1 18-270-041 C4 90° 00'00" 14.50' 22.78' C5 C6 27°43'49" 27°41'53" 150.00' 150.00' 72.60' 72.51' SEE SHEET 3 FOR DETAILS SEE SHEET 3 I FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to POB Indicotes Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 2 ^ _ ^ 88 TEMPORARY obtain ground ( ) Title to State CONSTRUCTION distances. All distances are in feet Access Prohibited EASEMENT unless otherwise noted. _LLLL PREPARED BY: DATE:12-10-2012 REV.: EA: OF540 FM: PSOMAS 200 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS Santoon Ana,enire Califorrmap92707 (714)751-73734714)545-6683 (Fax) 8 R I V 91 5. 5 2 3 EXHIBIT A, PAGE 28 EXHIBIT H2 PARCEL# TITLE AREA A P N 22218-8 TCE 157,013 S0. FT. 118-270-034, 035, 036, 038, 039, & 041 �V�► I 1 a N �o ,> ` = SEE SHEET 2 DOC. #2000-033061 PARCEL 4 O.R. LLI �� '' 718-270-036 coif 1s- M 1 18-270-041 Q C2 N .q., dig , v w i .� w . ' Q 0 1 18-270-040 �J o 0 O -, N co O U , 10 o `" ' _. 1_1 � o1 In J Li v 1,-.. N82°02'33"W 644.64' 0I co- z is): z 1 � `coin °O - 118-270-012 44' I I o rr) o —0 M° TRACT Flo. 21690 — co 00 M �, 1 54/ 9 2- 3 i I' p.11' ., DETAIL 1 37.00' N82°03'18"W "A" t � ° 1 N81 ° 59'09"W NOT TO SCALE o 0)y� rt,,h ' yv S08°05'38"W '� ": :, 3.53' r :... �h I N81 6S, Sq - 581 °463i 51 "E i 22-W N81 53'06 W 2.62' � �5A o O ,6 1)'' S 8° I o l 68 0 , ! '90-74 S81016 • t 2,66''3 E .S`J, - R .° 50.55 -- r I S08°00'51 vV 3 1 1 .33' o- N83°32'54"W - " 1` 0.61 ' v01 2.„ So8°00'1 1 "w 1 5�4) �r9� p DETAIL B 9-.?-, co- o 2 I, „ „ DETAIL C 68.90' . F NOT TO SCALE ,,, 1 NOT TO SCALE S07°33'49"W `1' N07°49'51"E 2.61' L15�Th, o � � � L16 f? 2.58' N81°56'34"W 1 vN i—'1 k ° v N81 56'34"W LINE TABLE .— 70.99 I roc) N . � 1 70.99'--- BEARING DIST co O w z I - DETAIL "D" ;1-0 o u-) N. „ „ L14 L15 L16 L17 581 47'40"E N82°26'11"W N82°10'09"W 581°32'50"E 0.70' 3.03' 2.99' 0.58' NOT TO SCALE %�o ;Y,M DETAIL E too° SEE SHEET 2 I o�.,.. o o co,, •`t NOT TO SCALE owl! FOR CURVE TABLE f I z FEET 0 40 80 160 240 NOTES LEGEND Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing 22 2 1 8 - 8 TEMPORARY to obtain ground ( ) Title to State CONSTRUCTION distances. All distances are in feet lilt Access Prohibited EASEMENT unless otherwise noted. PREPARED BY: DATE:12-10-2012 REV.: EA: OF540 FAtt: PSOMAS 3 NUt+on Centre Drive, Ste. 200 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 2707 (7 07 1na73734714)54598883 (r'axi 8 R I V 91 5.5 3 3 EXHIBIT A, PAGE 29 PROOF OF MAILING NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on April 26, 2014, I mailed a copy of the attached notice by first-class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as to Assessor Parcel Nos. 118-270-034, 118-270-035, 118-270-036, 118-270-038, 118-270-039, 118-270-040, 118-270- 041 and 118-270-042 (CPNs 22218-1, 22218-2, 22218-3, 22218-4, 22218-5, 22218-6, 22218-7 and 22218-8): Corona Towne Center, LLC 4416 West 154t Street Lawndale, CA 90260 Record Owner Corona Towne Center, LLC 251-401 North Lincoln Avenue Corona, CA 92882 Record Owner Corona Towne Center, LLC 10410 South Vintage Avenue, Suite A Ontario, CA 91761 Record Owner Richard G. Greenberg, Esq. Greenberg, Whitcombe & Takeuchi, LLP 21515 Hawthorne Boulevard, Suite 450 Torrance, CA 90503-6531 Courtesy Copy Michael H. Leifer, Esq. Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP 2603 Main Street, Suite 1300 Irvine, CA 92614 Courtesy Copy Dated: April 26, 2014. ,,,,,,,t e 4-,e,,,,,,...___ L?)447. Margaret L. Barnes 17336.02100\8755168.1 R (3'N 1)0. 14 - 026 NOTICE OF HEARING TO CONSIDER ADOPTION OF A RESOLUTION OF NECESSITY Pursuant to Section 1245.235 of the California Code of Civil Procedure, you are hereby notified that at a regular meeting to be held on Wednesday, September 10, 2014, at 9:30 a.m., at the Riverside County Administration Building, Board of Supervisors Chambers, located at 4080 Lemon Street, Riverside, California, the Commission of the Riverside County Transportation Commission intends to consider adopting a Resolution of Necessity, authorizing the commencement of eminent domain proceedings for the acquisition of real property interests in property that, according to the last equalized county assessment roll, is owned by you. The public use for which this resolution of necessity will be considered is for the SR-91 Corridor Improvement Project in Riverside County, California. The definition of the property rights to be acquired, together with the legal descriptions and corresponding depictions, are attached to this notice. A hearing will be held at the time and place mentioned above. You have the right to appear and be heard on the following matters: 1. Whether the public interest and necessity require the project for which the property is sought to be acquired. 2. Whether the project is planned or located in the manner that will be most compatible with the greatest public good and least private injury. 3. Whether the property sought to be acquired by eminent domain and described in the Resolution of Necessity is necessary for the proposed project. 4. Whether the offer required by Section 7267.2 of the California Government Code has been made. 17 3 3 6.02100\910407 3.1 Pursuant to California Code of Civil Procedure section 1245.235(b)(3), your failure to file a written request with RCTC to appear and be heard within 15 days from the date that this Notice is mailed may result in the waiver of your right to appear and be heard on the above - stated matters and issues that are the subject of the hearing. ALL COMMUNICATIONS SHOULD BE ADDRESSED TO: Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 DATE OF HEARING: PLACE OF HEARING: DATED: July 25, 2014. Wednesday, September 10, 2014 9:30 a.m. Riverside County Administration Building Board of Supervisors Chambers 4080 Lemon Street Riverside, California 92501 BEST BEST & KRIEGER LLP By: Mark A. Easter Kevin J. Abbott Attorneys for Riverside County Transportation Commission JUL 28 2014 J� RIVERSIDE COUNTY TRANSPORTATION COMMISSION 17336.02 l 00\9 l 04073.1 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission. (The rights being acquired may be exercised mutually exclusive of each other.) G°Fee," also known as fee simple or fee simple absolute, grants to RCTC absolute ownership of the portion of the property acquired. "Temporary Construction Easement (TCE)" refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such right shall be exercised for a period of six (6) consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. 173 36.02100\9125481.1 EXHIBIT A, PAGE 1 Ps OMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 22165-1 Fee Acquisition APN 102-270-01.1 In the City of Corona, County of Riverside, State of California, being a portion of Parcel 1 as shown on Parcel Map No. 19394 filed in Book 117, Pages 100 and 101 of Parcel Maps, Riverside County Records, being two (2) parcels described as follows: Parcel No. 1 Beginning at the most westerly corner of Parcel 1 of said parcel map; thence North 09°26'15" East 3.50 feet along the westerly line thereof to a point thereon; thence South 80°33'41" East 40.10 feet; thence South 09°26'19" West 3.50 feet to a point on the southerly line of said Parcel 1; thence North 80°33'41" West 40.10 feet along said southerly line to the Point of Beginning. Containing 140 square feet. Parcel No. 2 Beginning at the most westerly corner of Parcel 1 of said parcel map; thence South 80°33'41." East 60.10 feet along the southerly line of said Parcel 1 to a point thereon, said point being the True Point of Beginning; thence North 09°26'19" East 3.50 feet; thence South 80°33'41" East 83.55 feet; thence North 54°33' 18" East 8.07 feet to a point on the general easterly line of said Parcel l., said point also being the beginning of a non -tangent curve concave northwesterly having a radius of 13.00 feet, to which point a radial line bears South 63°31'36" East; thence southwesterly along said general easterly line and said curve 16.56 feet through a central angle of 72°57'55" to a point on the southerly line M.'\2PTG010501\SURVETLGGALs\22165_APN_102-270-011\Legals\22165-1-Fee.doex Page 1 of 1/13/2014 EXHIBIT A, PAGE 2 PSOMAS 1 of said Parcel l; thence North 80°33'41" West 76.84 feet along said southerly line to the 2 ( Point of Beginning. 3 4 Containing 298 square feet 5 6 This conveyance was made for the purpose of freeway and the Grantor hereby releases 7 and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to 8 Grantor's remaining property, in and to said freeway. 9 10 The distances described herein are grid distances and are based on California Coordinate 11 System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing 12 grid distances by the mean combination factor of the courses being described. The mean 13 combination factor for this conversion is 0.99997476. 14 15 See Exhibit `A2' attached hereto and made a part hereof. 1.6 17 18 19 20 Prepared under the direction of 21 22 23 24 j t.,,_ /--13' 14 25 Brian E. Bullock, PLS 5260 Date 26 27 28 29 30 31 N4A2PTG010501 SURVEY\LEGALS\22165 APN._._102-270-011\Legals\22165-1-Fee.docx Page 2 of 2 1/13/2014 EXHIBIT A, PAGE 3 EXHIBIT A2 PARCEL# TITLE GRANTOR AREA APN 22165-1 PCL 1 FEE PLATINUM OIL COMPANY 140 SQ.FT. 102-270-011 22165-1 PCL 2 FEE PLATINUM OIL COMPANY 298 SQ.FT. 102-270-011 3 RO�TE 91 ___--- - `-� f_ _--t -1---"1'f 225 4 FREEWAY RIVERSIDE _- ---- /�/'� '. 6 --- / S80°41'20"E 1 1�� sk(��J\� 1 r .0 �\O\w �0° _ 1 02- 27 0- 004 --__.---' O __--- --------"`- _-- o . ti 1- , ' ri ' .- R=13.00 0=90°12'21" L=20.47' 1 0 2- 2 7 0- O 0 5 0.96'� N7g° 40'23,�� A46•97 PARCEL 1 in. P.M. 117 --,6- N /1 00-1 01 � N PARCEL NO. 1 o 102-270-002 -- _ w• SIXTH 102-270-003 __ ``'-------- `-- STREE7 F vr- ° � 22165-D � rn Z _ \8 °33 --- 2 PARCEL NO 2 )i 2 216 5 -1 ' 'tom.._--, 41,, 94 ' w- -- tPOB''---- PARCEL _____ N0. _P& PARCEL NO. 2 SEE SHEET PARCEL NO. 2 'j"--- r o � W .. (1)(Q• QjCt Q.1Cp FOR DETAIL --- _____ LEGEND POB Indicates Point TPOB Indicates True (R) Indicates Radial Of Beginning Point Of Beginning Bearing ( ) Title to State I I I 1 ( Access Prohibited NOTES FEET 2 2 1 6 5- 1 FEE ACQUISITION I Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. 0 40 80 160 240 PREPARED BY: PSOMAS 3 4utton Centre Drive, Ste. 200 Sunta (7141751Ana, 7373/(7145545-8B83 (Fax) DATE:08-17-12 REV.1: 01-08-14 EA:OF540 FAak: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 4. 3 1 2 EXHIBI f A, PAGE 4 EXHIBIT A2 PARCEL# TITLE GRANTOR AREA APN 22165-1 PCL 1 FEE PLATINUM OIL COMPANY 140 SOFT. 102-270-011 22165-1 PCL 2 FEE PI._.ATINUM OIL COMPANY 298 SOFT. 102-270-011 r I ' ' r r o r r 7 ro t r -. O cv r r f�] 1 r` p r r O N r r ti I —1 � o a- PARCEL 1 r r � Lo 1 rrP.M. 1 1 7/100-101 r r r< O ti 1 -.._"_ r t O CI. W r r p , a- in I t y' r` 1 O .- t r Co N pCD I I N ' r I 1 r O o r r M O ti cs)SO ° o r ! o N z 9 26 19"W PARCEL No. 1 N09 26 19 E r I o cv 3.50 r r 3.5p;"-_ 0 221 65-1 PARCEL NO. 2 r r __ 3.5 0 S80 4 03 41 El 0 i I 400 " __ r r N54°33:"`-- 18„E f - S63°31'36"E(R) 8. 10. 07, ro S80 33,41E60p5g0°3'3g1 „E83.55, ) R1 3.00' . =55" 76� ° 84 N80 33 L=1 6.56' POB 4?"W 136,94 PARCEL NO. 1 & R=13.00' __�`_ PARCEL NO. 2 TPOB o=90°12/21" —""--, ` PARCEL N0. 2 L=20.47' --_ --- 14/' SIXTH ____ _"1 S T REE T • --- - - _ _ 4--...._—M1--" _ O lO LEGEND Q ct- POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing Q (..) (___._.___) Title to State J I I I ( Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain 2 2 1 6 5- 1 FEE ACQUISITION ground distances. All distances are in feet unless otherwise noted. FEET 0 15 30 60 90 PREPARED BY: P S 0 A S 3 Hottor. Centre Drive, Ste. 200 Senta Ana, Colifornia 92707 (710751-7373/(7'0545-8893 (Fox) DATE:08-17-12 REV.1: 01-08-14 EA:OF540 FM*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 RI V 91 4.3 2 2 PS OMAS EXHIBIT `131' LEGAL DESCRIPTION Caltrans Parcel No. 22165-2 Temporary Construction Easement APN 102-270-011 In the City of Corona, County of Riverside, State of California, being a portion of Parcel 1 as shown on Parcel Map No. 19394 filed in Book 117, Pages 100 and 101 of Parcel Maps, Riverside County Records, described as follows: Beginning at the most westerly corner of said Parcel 1; thence North 09°26'15" East 3.50 feet along the westerly line to the True Point of Beginning; thence continuing North 09°26'15" East 5.69 feet along said westerly line; thence South 80°33'41" East 149.37 feet to the easterly line of said Parcel 1; thence South 54°33'18" West 8.07 feet; thence North 80°33'41" West 83.55 feet; thence South 09°26' 19" West 3.50 feet to the southerly line of said Parcel 1; thence North 80°33'41" West 20.00 feet along said southerly line; thence North 09°26' 19" East 3.50 feet; thence North 80°33'41" West 40.10 feet to the True Point of Beginning. Containing 904 square feet. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. See Exhibit 132' attached hereto and made a part hereof. MA2PTG010501\SURVEYILEGALS122165 APN_102-270-011U.egals\22165-2-TCE.docx Page 1 of 2 2/28/2014 EXHIBIT A, PAGE 6 I ( Prepared under the direction of 2 3 4 $ �% rr�y er i Z. 2.6• 2.014_ 6 Jeremy L. Evans, PLS 5282 Date 7 8 9 10° 11 12 13 14 15 16 17 18 19 20 21 22 �3 24 25 26 27 28 29 30` 31 M:12PTG01050I\SURVEYTEGALS122165_APN 102-270-011\Legals\22165-2-TGE.doex Page 2 of 2 212812b14 EXHIBIT A, PAGE 7 EXHIBIT B2 PARCEL# TITLE GRANTOR AREA APN 22165-2 TCE PLATINUM OIL COMPANY 904 SOFT. 102-270-011 FREEWAY a R— - 9� RISER SIpE22� -r TE 6 4 3 102-270-005 (2 O Pt f-kv> \ S80°41'20"E ) 1 02-270-002 ?l's-0 3 >> 1 0.96' ,0' �}�,e '� \C-)1 N79° 40123"E � Q '110U 146.97 PARCEL 1 102-270-003 � , P.M. NO. 19394 0 P.M.B. 117 as iv /100-101 • . .. N O N rs `--1 M N r ° t co o 22165-2` 4z 0 PROPOSED A02-210- �--'`— —`1 ` � - �;' R/W TPOB -''� J N80°3 spay iC% `` 'y � I3 41 s 9 �W�:-i S / Re T -��` R=1 3.00 SEE SHEET 2-90°12'21' _ EXISTING R/W - =20.47' FOR DETAIL "A„ r LEGEND (3W Qf Cu POB Indicates Point Of Beginning TPOB Indicates, True Point Of Beginning 01r Q (R) Indicates Radial Bearing ( )Title to State If! III I I Access' Prohibited NOTES •2 2 1 6 5- 2 Coordinates and bearings are on CCS .1963(2007.00) Zone 6. Distances and stationing are grid distances. Divide TEMPORARY CONSTRUCTION EASEMENT by 0.99997476 to obtain ground I distances. All distances are in feet unless otherwise noted. FEET 0 40 80 160 240 PREPARED BY: DATE:08-17-12 REV.2: 02-28-14 EA:OF540 FA#: PSOMAS 3 Hutton Centre Drive Ste 200Santa DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS , California 92707 O (714)751'-7373/(714)545-8883 (Fox) R I V 91 4.3 1 2 EXHIBIT A PAGE 8 EXHIBIT B2 PARCEL# TITLE GRANTOR AREA APN 22165-2 TCE PLATINUM OIL COMPANY 904 SO.FT•. 102-270-011 r LINE TABLE rr~- `_+i -._ tr o L 1- 509° ' 261 9"W 3.50' r 1' _. 7 o N L2-N80° 33'41 "W 20.00 +' r �' o (1)L3-N09°26'19HE 3.50' r ' 1'9 0 N (~ L4-N09°26'1 5"E 5.69' ' +! o (NI or. (i L5-554°33'18"W 8.07' / +' •'� Ltj � +r ,+ oo w PARCEL 1 r' rr o a, , Ln P.M. NO. 19394 r , 0 1 W �+- Zo P.M.B. 1 1 7 rr r . N � o o /1 00-101 r` ++ ;O N 0 � r rh 0 o r z Q_ 1 Ro 13.0p' r ' 4'26" + r 0 o L4 S80°33'q' „E 221 65-2 v� j+L-3,-, ri r _ 1 f -T P OB- + ~149.37,J .,i, 3.50' ` N80L3 L l POB 40,7p'1 w L2 N80°33'47"W tea' N80°33'4I 83.5L5 563° 31 '36"E R "w ^�"~-�•-� W' SIXrk, 3 TREE T 136•94' P p S R/w - DETAIL "A" R=1 3.00' ° �� A=901 2 21 zusT N R/ `� o la LEGEND Q r POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing Cl. C0 ( ) Title to State 1 1 1 I I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain 2 2 1 6 5- 2 TEMPORARY CONSTRUCTION EASEMENT ground distances. All distances are in feet unless otherwise noted. I FEET 0 15 30 60 90 PREPARED BY: PSOMAS 3 Hui -ton Centre Drive, Ste. 200 Santa Ana, California 9210/ 1714)751-7373/(714)545-8883 (Fox) DATE:08-17-12 REV.2: 02-28-14 EA:OF540 FAtt: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 4.3 2 2 EXHIBIT A PAGE 9 PROOF OF MAILING NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on July 25, 2014, I mailed a copy of the attached notice by first- class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel Nos. 102-270-011 (CPNs 22165-1 and 22165-2): Platinum Oil Corporation 1825 West 6h Street Corona, CA 92882 Platinum Oil Corporation c/o Corporation Service Company 801 Adlai Stevenson Drive Springfield, IL 62703 Dated: July 25, 2014. Record Owner Record Owner Margaret L. Barnes 17 3 3 6.02100\910407 3.1 Indian Wells (760)568-2611 Irvine (949) 263-2600 Los Angeles (213) 617-8100 Ontario (909)989-8584 BEST BEST & KRIEGER ATTORNEYS AT LAW 3390 University Avenue, 5th Floor, P.O. Box 1028, Riverside, CA 92502 Phone: (951) 686-1450 I Fax: (951) 686-3083 I www.bbklaw.com Margaret L. Barnes (951)826-8357 margaret.barnes@bbklaw.com File No. 17336.02100 August 7, 2014 Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 Sacramento (916)325-4000 San Diego (619) 525-1300 Walnut Creek (925) 977-3300 Washington, DC (202) 785-0600 pC© .:E.11M V IA D DELIVERY AUG 117 i, RIVERSIDE COUNTY TRANSPORTATION COMMISSION Re: Notice of Hearing to Consider Adoption of a Resolution of Necessity, as to National Community Renaissance of California, APNs 118-171-040 (CPNs 22188-1 and 22188-2); 118-171-026 and 118-171-039 (CPNs 22189-1, 22189-2 and 22189-3); 118-171-025 (CPNs 22190-1, 22190-2 and 22190-3) RCTC/SR91 CIP Project RON1 Nos. 1 `-1 021 Dear Jennifer: 1 4 _ O 30 We discovered that the address to which the hearing notices were mailed on July 25, 2014 was incorrect, and the envelope containing the notices was returned by the post office. National Community Renaissance provided us with its new address. We appended new proofs of second mailing to the hearing notices that were initially sent to National Community Renaissance and re -mailed them today. Attached are the original proofs of second mailing. Please attach these to the original hearing notices that were sent to you previously. Also attached are full copies of the modified notices. Please do not hesitate to contact me, should have any questions. Very truly yours, MargL. Barnes Senior Litigation Paralegal for BEST BEST & KRIEGER LLP Attachments 17336.02100\9150799.1 PROOF OF SECOND MAILING OF NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on August 7, 2014, I mailed a copy of the attached notice by first-class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel No. 118- 171-040 (CPNs 22188-1 and 22188-2): National Community Renaissance of California 9421 Haven Avenue, #100 Rancho Cucamonga, CA 91730 Dated: August 7, 2014. Record Owner Margaret L. Barnes 17336.02100\9104073.1 PROOF OF SECOND MAILING OF NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on August 7, 2014, I mailed a copy of the attached notice by first-class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel Nos. 118-171-026 and 118-171-039 (CPNs 22189-1, 22189-2 and 22189-3): National Community Renaissance of California 9421 Haven Avenue, # 100 Rancho Cucamonga, CA 91730 Dated: August 7, 2014. Record Owner Margaret L. Barnes 17336.02100\9104073.1 PROOF OF SECOND MAILING OF NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on August 7, 2014, I mailed a copy of the attached notice by first-class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel No. 118- 171-025 (CPNs 22190-1, 22190-2 and 22190-3): National Community Renaissance of California 9421 Haven Avenue, #100 Rancho Cucamonga, CA 91730 Dated: August 7, 2014. Record Owner 17336.02100\9104073.1 NOTICE OF HEARING TO CONSIDER ADOPTION OF A RESOLUTION OF NECESSITY Pursuant to Section 1245.235 of the California Code of Civil Procedure, you are hereby notified that at a regular meeting to be held on Wednesday, September 10, 2014, at 9:30 a.m., at the Riverside County Administration Building, Board of Supervisors Chambers, located at 4080 Lemon Street, Riverside, California, the Commission of the Riverside County Transportation Commission intends to consider adopting a Resolution of Necessity, authorizing the commencement of eminent domain proceedings for the acquisition of real property interests in property that, according to the last equalized county assessment roll, is owned by you. The public use for which this resolution of necessity will be considered is for the SR-91 Corridor Improvement Project in Riverside County, California. The definition of the property rights to be acquired, together with the legal descriptions and corresponding depictions, are attached to this notice. A hearing will be held at the time and place mentioned above. You have the right to appear and be heard on the following matters: 1. Whether the public interest and necessity require the project for which the property is sought to be acquired. 2. Whether the project is planned or located in the manner that will be most compatible with the greatest public good and least private injury. 3. Whether the property sought to be acquired by eminent domain and described in the Resolution of Necessity is necessary for the proposed project. 4. Whether the offer required by Section 7267.2 of the California Government Code has been made. 17336.02100\9104073.1 Pursuant to California Code of Civil Procedure section 1245.235(b)(3), your failure to file a written request with RCTC to appear and be heard within 15 days from the date that this Notice is mailed may result in the waiver of your right to appear and be heard on the above - stated matters and issues that are the subject of the hearing. ALL COMMUNICATIONS SHOULD BE ADDRESSED TO: Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 DATE OF HEARING: PLACE OF HEARING: DATED: July 25, 2014. Wednesday, September 10, 2014 9:30 a.m. Riverside County Administration Building Board of Supervisors Chambers 4080 Lemon Street Riverside, California 92501 BEST BEST & KRIEGER LLP B Mark A. Easter Kevin J. Abbott Attorneys for Riverside County Transportation Commission 17336.02100\9104073.1 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission: "Permanent Wall Footing Easement" grants to RCTC, including its successors and assigns, a permanent easement to construct, maintain, operate repair, alter, replace, and remove footings, under, along and across the easement area. "Temporary Construction Easement (TCE)" refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such right shall be exercised for a period of 12 consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. 17336.02100\8415488.1 EXHIBIT A, PAGE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No, 22188-1 Permanent Wall Footing Easement APN 118-171-040 In the City of Corona, County of Riverside, State of California, being a portion of Sofia Lane ("C" Street, Lots "D" and "L") as shown on the map of Tract No. 2687, filed in Book 48, Pages 65 and 66 of Maps, in the office of the County Recorder of said county, said portion of Sofia Lane having been vacated by Resolution No. 97-43 of The City of Corona recorded June 24, 1997 as Document No. 222392 of Official Records of said County, described as follows: Beginning at the northwesterly corner of said Tract No. 2687; thence South 81 °54'57" East 172.94 feet along the northerly line of said Tract No. 2687 to the intersection of said northerly line with the northerly prolongation of the centerline of Magdalena Circle (Grant Avenue, Lot "C") as shown on said Tract No. 2687; thence South 08°17'36" West 4.42 feet along said prolongation; thence North 81°25'05" West 172.92 feet to the westerly line of said Tract No. 2687; thence North 07°58'00" East 2.91 feet along said westerly line to the Point of Beginning. Containing 634 square feet. See Exhibit `A2' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. M:\2PT0010501\SURVEY1LEGALS\22188-22190 APN_118-171-025,026,039,&040\Legal s\22188-1-PE.doc 3/12/2014 Page 1 of 2 EXHIBIT A, PAGE 2 1 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 70 21 2Z 23 24 25 26 2.7 28 29 30 31 PSOMAS Prepared under the direction of .t7Cirrul • ) • WI el— Jeretny L. Evans.*.PLS 5282. Date MA2PTG 010501 \ SURVEY \LEGALS‘22188-22190. -025,025,03940401Legals\22:188-1-PE.dac \22188-1-PE. 3/3/2014 Paget pf. 2 EXHIBIT A, PAGE 3 EXHIBIT A2 PARCEL# TITLE AREA APN 22188-1 ESM7 634 SOFT. 118-171-040 ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL 1 1 / / C/L STATIONING 1 1 1 1 7 8 9 1 1 280 1 2 3 4 (22188-1 EXISTING R/W PROPOSED R/W POB S81 °54'57"E 360.80' S79°02'59"E 31 1.39' _ --- - _ -s - - _� -r i-1-t -1- 1-1 -t t-1-i I - 1-1 s--- -"C" ( STREET) ---. - SOFIA LANE 1 -y~ 1 \ - — _ s 1 _0f N. �1 �118-171-040 I N, - - �Ff--- -- t71 ro -� �/ _____�4---- °,° T - 1- 118-171-039 o 1 118-171-026 1-' 1 1 1 18-1 71-025 o o Q -f- - Q 1 ~ -a Q Z cv as �1 8 •1' ' 1 18- 1 71-041 1- w W -4 118-1 71-038 1- 1 18- 1 71-027 � --. Q o 1 18-1 71 -024 re)L.�I to M V j U 1--1 m I—�CO Q <C J tq v- O - I.n I 1 Lu 1 18. 1 71-042 1 18- ] 71 -037 -- (-% 1 18-1 71 -028 ~1 �tl 1-. 1 ] 8-1 71 -023 L p z 0 J I-. 60 -.I o ,� _1 _1 Lor I O _1 Q v, o i¢ QJ bP Q Q o z I• w �' m 1 �� 1 18-1 71-036 t0 4S/'off✓ ^ ` 1 co �- N N �Iti n N 1 1 18- 1 71-043 � 1-- 1 18-1 71-022 o I v� 1 18-171-029 _ � � i Fdk 1' 6 1') N81 ° 56'001 W ---� . v N a [T - 1 ] 8- ] 71-035 - Cl - 0' i ] 18-1 71 -044 Q t.s► 1 18-1 71-030 ; 1-• 20.00 DOC. NO. 1-- 201 0- Q 0043661 E) O.R. -1 118-171-021 —1 A Q I N 1�18-i7]-045 1' rri- 0 1118-171-034 - 11-. 1 18-1 71-020 O O o , N2 1 I- 1 18- 1 71-031 1__. is 1 LEGEND o -_1 J i o POB Indicates Point Of Beginning i LOT 14 i 1-m co Q 1 18- 1 71-019 O - TPOB Indicates True Point Of Beginning 1 118 171-032 i __I N (R) Indicates Radial Bearing ( ) Title to State J.J_ J_ Access Prohibited NOTES Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8 8- 1 PERMANENT WALL FOOTING EASEMENT ( mimmEmm distances. All distances are in feet unless otherwise noted. FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste, 200 (7a14)481 8053/47141545-8ee3 (Fax) DATE: 01-21-13 REV.:2; 02-25-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5.3 1 2 EXHIBIT A, PAGE 4 EXHIBIT A2 PARCEL# TITLE AREA APN 22188-1 ESMT 634 SO.FT. 118-171-040 DETAIL "A" ROUTE 91 RIVERSIDE FREEWAY EXISTING R/W (22188-1� POB ° S81 54'57"E 360.80' V/ --- 1 72.94' - - M N f"-- N , . - ("C" STREET) SOFIA LANE -zo OD o (n 0 1 co\\;\ f-_.... .... _ i i _ `- -\ \ . \ \ a- 1 CO .... ~ o ; 1 18-1 71-040 1 .-/ - --wo � 2 0' w C° r O � z-O0Q3f° L0 4 Z! 1 O .R . Z O 51 -, z -q ---1 U ct -- (-) w 5-- J ---I-' OC. Na' Ss;��/t AS/ M'CI' 'q r _ U � - TO -cc 118-171 -041 23 3 0 ' i " rn gat 1 1 LEGEND co POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( )Title to State i i ( i Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8 8- 1 PERMANENT WALL FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. FEET 0 15 30 60 90 PREPARED BY: PSOMAS Hutton San4aAna, California92707 200 (714)481-8053/(714)545-8883 (Fax) DATE: 01-21-13 REV.:2; 02-25-14 EA:OF540. FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5.3 2 2 EXHIBIT A, PAGE 5 PS OMAS EXHIBIT `BP LEGAL DESCRIPTION Caltrans Parcel No. 22188-2 Temporary Construction Easement APN 118-171-040 In the City of Corona, County of Riverside, State of California, being a portion of Tract 2687, as said tract is shown on that map, filed in Book 48 of Maps, Pages 65 and 66, in the office of the County Recorder of said county, described as follows: Beginning at the northwesterly corner of said tract; thence South 07°58'00" West 1.60 feet along the westerly line of said tract to a point thereon, said point being the True Point of Beginning; thence South 81°25'05" East 172.93 feet to a point on the northerly prolongation of the centerline of Grant Avenue, also known as Magdalena Circle, as shown on said map; thence South 08° 17'36" West 56.50 feet along said centerline and its northerly prolongation to a point on said centerline; thence North 81°25'05" West 27.78 feet; thence North 33°28'29" West 26.94 feet; thence North 81°25'05" West 127.00 feet to a point on said westerly line; thence North 07°58'00" East 36.50 feet along said westerly line to the True Point of Beginning. Containing 7,043 square feet. See Exhibit 132' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Lone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. PA2PTG010501 \SURVEY\LEGALS\22188-22190_APN__118-171-025,026,039,&0,10\l,egals\22188-2-TCE.doe 1 i21/201"3 Page 1 of 2 EXHIBIT A, PAGE 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSO►MAS Prepared under the direction of l 2/ 13 Brian E. Bullock, PLS 5260 Date PA2PTG010501\SURV EY\LE,GALS\22188-22190_APN_118-171-025,026,039,&040\Legals\22188-2= CCE.Joc [21/2013 Page 2 of 2 EXHIBIT A, PAGE 7 EXHIBIT B2 PARCEL# TITLE AREA APN 22188-2 TCE 7043 SOFT. 118-171-040 iiik lir ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL / C/L STATIONING 1 I 1 I I I I I 7 8 9 280 1 2 3 4 EXISTING R/W-PROPOSED R/W POB r _.3 S81°54'57"E , 360.80' S79°02'59"E 31 1 .39' -- T - - iw_ _ 1 -1 1 "C' STREET I (A.K.A. SOFIA I /'r LANE) --..-� _..� i 1 LOT 7 i ' 118-171-040 N =-� N m _� m -� — _ _ '_ 1 18- 1 71-039 p 1 18-1 71-026 1- 1 -. 1 18-1 71-025 o I - _i -t 1 — v 'r::: _i "^I o I I W k I m s; I ;r v f 118-171-041 1- Zjrcjl 118-171-038 118-171-027 Z q 0 118-171-024I rLu czi �i o -I >-1Q i 1 MI m op N- � j --- q C)I rr a.. I 1 I q Ln to I 1, 1 >--,, _ o o O� o Lir1 118-171-042 j 1 1 18-1 71-037 J 118-171-028 I f 7 118-171-023 iV-i` -I+` O t 60 t•- I"- ,�1 0 1 0 --J LOT 10 } p _1 ice.; v i f q -1 -- q 17 J I I� .€ O Z ��� Q 1 co E40 0 I 118-171-036 CO ( Sa !4�/ - L 11- iOj' ao . n1 1 -'1N 0, 1 x 118-171-043 I .� - i 1-- 118-171-022 1N't O j; I r3-j q! 118-171-029 Q1 q " 1 o I in - - (B -I '� 1 r�0 > eithG i N81 ° 56'00"iW ; -- -- ¢, '`i 1 18-1 71-035 - nt 60` -1 i 1 18-1 71 -044 ,q 1 C�11 1 1 8-1 71 -030 I i 1-. 20. 00 lr DOC. NO. 0 1— 1 2010— 1.-. 0043661 Qi G.R.� 0 118-171-021 iR Z I 1 _1 � I i N � M � 1 18-1 71-045 �1 m1 � v �'� ()S I i 1 18- 1 71-034 - -' 1 I�o 1 1 8-1 71 -020 2 O y 1 1 1 8- 1 71 -031 }., 1 Czy I i LEGEND �;_, �1 _10 POB Indicates Point Of Beginning LOT 14 }- w a° 118-171-019 '( MOB Indicates True Point Of Beginning 118-171-032 ; _1 iO r (R) Indicates Radial Bearing ( ) Title to State I 1 I I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground p 2 2 1 O- 2 TEMPORARY CONSTRUCTION EASEMENT distances. All distances are in feet unless Otherwise noted. �, FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive Stea California . 200 Sata (Tn4)481'- 8053/( 1114)S45-8883 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 3 1 2 EXHIBIT A, PAGE 8 EXHIBIT B2 PARCEL# TITLE AREA APN 22188-2 TCE 7043 SOFT. 118-171-040 • ROUTE 91 RIVERSIDE FREEWAY EXISTING R/W POB ° 581 54'57"E 360.80' 581 °25'05"E 1 72.93' ; '0 TPOB O - - -T n t� a "C" STREET .,. ...:. - .. � __._ rN81 $ (A.K.A. SOFIA LANE) ._:_: � � M N33°28'29"Wi'� _.:: _ ". 26.94 lD O, :In r- u) CT o 7 °25'05"W 1 27.00' . \ ) o (n E: 03 - co I 1 18-1 71-040 . , w i� ( 20' i - 27.78' N81 °25'051 w ti 03 a o o z %` I W ti�0� '' 1 0 .R . w pg36�° Q 2p'\ °-p o� 6- (..) CC Q � x • z Q w w Np ° s V\0', 5�0b z 00C ° s 0c," Ll0 ° -x o 0 CO Q 1 18-1 71-041 >3 30' o 0)1 ) ti LEGEND eoi POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing j ( ) Title to State III ) Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8- 2 TEMPORARY CONSTRUCTION EASEMENT distances. All distances are in -Feet unless otherwise noted. I plossimil FEET 0 15 30 60 90 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste.. 200Santo (714)481Ana, 8053/(7114)545-8893 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5.3 2 2 EXHIBIT A, PAGE 9 PROOF OF MAILING NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on July 25, 2014, I mailed a copy of the attached notice by first- class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel No. 118- 171-040 (CPNs 22188-1 and 22188-2): National Community Renaissance of California 9065 Haven Avenue, #100 Rancho Cucamonga, CA 91730 Dated: July 25, 2014. Record Owner r dy W/2,- Margaret L. B arnes 17 3 3 6.02100\910407 3.1 PROOF OF SECOND MAILING OF NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on August 7, 2014, I mailed a copy of the attached notice by first-class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel No. 118- 1.71-040 (CPNs 22188-1 and 22188-2): National Community Renaissance of California 9421 Haven Avenue, #100 Rancho Cucamonga, CA 91730 Dated: August 7, 2014.. Record Owner Margaret L. Barnes 17336.02100\9104073.1 NOTICE OF HEARING TO CONSIDER ADOPTION OF A RESOLUTION OF NECESSITY Pursuant to Section 1245.235 of the California Code of Civil Procedure, you are hereby notified that at a regular meeting to be held on Wednesday, September 10, 2014, at 9:30 a.m., at the Riverside County Administration Building, Board of Supervisors Chambers, located at 4080 Lemon Street, Riverside, California, the Commission of the Riverside County Transportation Commission intends to consider adopting a Resolution of Necessity, authorizing the commencement of eminent domain proceedings for the acquisition of real property interests in property that, according to the last equalized county assessment roll, is owned by you. The public use for which this resolution of necessity will be considered is for the SR-91 Corridor Improvement Project in Riverside County, California. The definition of the property rights to be acquired, together with the legal descriptions and corresponding depictions, are attached to this notice. A hearing will be held at the time and place mentioned above. You have the right to appear and be heard on the following matters: 1. Whether the public interest and necessity require the project for which the property is sought to be acquired. 2. Whether the project is planned or located in the manner that will be most compatible with the greatest public good and least private injury. 3. Whether the property sought to be acquired by eminent domain and described in the Resolution of Necessity is necessary for the proposed project. 4. Whether the offer required by Section 7267.2 of the California Government Code has been made. 17336.02100\9104073.1 Pursuant to California Code of Civil Procedure section 1245.235(b)(3), your failure to file a written request with RCTC to appear and be heard within 15 days from the date that this Notice is mailed may result in the waiver of your right to appear and be heard on the above - stated matters and issues that are the subject of the hearing. ALL COMMUNICATIONS SHOULD BE ADDRESSED TO: Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 DATE OF HEARING: PLACE OF HEARING: DATED: July 25, 2014. Wednesday, September 10, 2014 9:30 a.m. Riverside County Administration Building Board of Supervisors Chambers 4080 Lemon Street Riverside, California 92501 BEST BEST & KRIEGER LLP By: Mark A. Easter Kevin J. Abbott Attorneys for Riverside County Transportation Commission 17 3 3 6.02100\910407 3.1 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission. (The rights being acquired may be exercised mutually exclusive of each other.) "Fee," also known as fee simple or fee simple absolute, grants to RCTC absolute ownership of the portion of the property acquired. "Permanent Wall Footing Easement" grants to RCTC, including its successors and assigns, a permanent easement to construct, maintain, operate repair, alter, replace and remove footings, under, along and across the easement area. "Temporary Construction Easement (TCE)" refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such right shall be exercised for a period of 12 consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. 17336.02100\8415483.1 EXHIBIT A, PAGE 1 PS OMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 22189-1 Fee Acquisition APN 118-171-026 & 039 In the City of Corona, County of Riverside, State of California, being a portion of Tract 2687, as said tract is shown on that map, filed in Book 48 of Maps, Pages 65 and 66, in the office of the County Recorder of said county, described as follows: Beginning at the northwesterly corner of said tract; thence South 81 °54'57" East 218.43 feet along the northerly line of said tract to a point thereon, said point being the True Point of Beginning; thence easterly, continuing along said northerly line the following two (2) courses: 1) South 81°54'57" East 142.37 feet and 2) South 79°02'59" East 141.47 feet to a point thereon, said point being the northerly terminus of the centerline of Garfield Avenue, also known as Isabella Way, as shown on said map; thence South 08°17'36" West 3.41 feet along said centerline to a point thereon; thence North 77°32'51" West 118.79 feet; thence North 81 °25'05" West 165.22 feet to the True Point of Beginning. Containing 325 square feet. See Exhibit `A2' attached hereto and made a part hereof. This conveyance is made for the purpose of a freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. P:12PTG010501\SURVEYIL.EGA1 S122188-22190_APN_118-171-025,026,039,&0401Legals122189-1-Fee.doe 1/212013 Page 1 of 2 EXHIBIT A, PAGE 2 2 3 4 6 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31. PS oMAs The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of r-27 i-? Brian E. Bullock, PLS 5260 Date P:N2PTG010501 \ SURVEY \ LEG ALS\22188-22190_APN_ 118-171-025,026,039,&04011,egals\22189-1-Fee.doc 1i21/2013 Page 2 of 2 EXHIBIT A, PAGE 3 EXHIBIT A2 PARCEL# TITLE AREA APN 22189-1 FEE 325 SC.FT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL / C/L STATIONING I t 1 I i t 1 1 7 8 9 280 1 2 3 4 EXISTING R/W PROPOSED R/W POB S81 ° 54'57"E 360.80' -._. _. ..,.,_ S79°02'59"E 31 1 .3g' -, 218.43' roe. TPOB -- _. _ _ - ' n-STREET -"-_�_ � - N. (A.K.A. SOFIA LANE) -~.. -' 1--- tt 118-171-040 y y_ _-i o1_+.�__. -_ _-co __ f Vim_-' -- - -+- -_ co `r -. ! 1 1 18-1 71-039 _I I I 1 18-1 71-026 � 1 18-1 71-025 o I I v n _1, �I .r�I o Q ;, I Q (j1 1 18-1 71-038 N 1- 1 18-1 71-027 o Z I Q I o 1 18-1 71 -024 M 00 I �1 Q�C1;1 1 iI 1 1 I _11 } � I� M 00 m F>-- L. `' 1 cr 1 >-. 1 1 Q ca i In `� O I Q 1 18-1 71-042 1 11 18-1 71 -037 11 1 18-1 71-028 1 p 1 18-1 71 - 023 p s=� r- 60 1 I 1— .--.1 Q, 0 1� LOT 10 Q J -.1 Q' ._ O 4� _.1 i 1 I4 -b) � 1 Q 0 oo o N 118-171-036 C01N 3, ����� � � � ^ N,118-171-043 I 1 1�11� -'1 �•� I N I 1 � 118-171-022 0 h•• 1 118-1 71-029 0l � Q i 3 1n _ 1 i 1 . >oe) N O� ' 1 i S 1- 1 i N 81 ° 56'00' W - -- � 1 isr 118-171-0441 ``11 118-171-035 - 60' �1 m £; ;: 1 Q 1 1(.1i 118-171-030 1 � 20.00' y> DOC . NO a i E— i 201 0— o i 0043661 1--1 O.R. 1 118-171-021 d' i Z I I 1;18-171-045 `1'1 o s � 118-171-034 --' -I 1 18-1 71-020 o \) I � 1 1 8- 1 71-031 � 1 C�1 Q , LEGEND Q' —1. Q! —Ii J 0 ^ POB Indicates Point Of Beginning 1 LOT 14 " p 0° 718-171-019 TPOB Indicates True Point Of Beginning 1 118-171-032 1 � N N ^ (R) Indicates Radial Bearing ( ) Title to State I I I I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 1 8 9- 1 FEE ACQUISITION distances. All distances are in feet unless otherwise noted. I poomm1 FEET 0 50 100 200 300 PREPARED BY: 3 Hutton Centre Drive Ste 200 Sento (714)481Ana, 8053/(714)545-8863 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8. R I V 91 5.3 1 2 EXHIBIT A, PAGE 4 EXHIBIT A2 PARCEL# TITLE AREA APN 221 89-1 FEE 325 SOFT, 1 1 8-1 71 -026 & 039 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY / C/L STATIONING I { I I 9 280 1 2 LINE TABLE L 1 - S08° 1 7'36"W 3.41 ' EXISTING R/W POB TPOB PROPOSED R/W 581 °54'57"E -- 218 43' 360.80' 579°02'59"E 31 1 .39' 142.37' 141.47' (� N81 25 05 W 1 65.22 1 1 8. 79' ` : - �f _ -__Q V "C" STREET \ _ _. (A.K.A. SOFIA LANE) t I _. I LOT 21 N777 32'51 "W \\` NJ- --_ in ' ti I to -1 1 i I I I 18-1 71-1040 _ -r- I/ Y I I i 118-171-026 LOT 8 1 co 1 1 LOT 22 i I 118-171-039 I F i 1 1 b f9 5 r i °Q"' 1 W w1 1 18-1 0 ' °' LOT 9 '_ i� I OT 23 I Q Q J 71 -038 I i lCir 1 J I I I Li—, --r �, 118-171-d41 z r J �� Q0ctI �tytL}' » I - 1 118-171-027 Z Q - I I- i� ` � . _ � V 1 -S IG LOT 20 I I t D7 �� I 1. DOC . NO. 201 0- ; I Q �-i 0043661 O.R. i � W I --I W J W co In N a i I I I_ '� I 1 18-1 71 !042 I 118-171-037 --Ii 1 18-1 71-028 i 1 �L H- I I q v1 to �o i , l 1 Q— 01 co 1 1 I LOT 19 I I NI LoT ID Co Q• � 1 €H I I I I LEGEND i i i . i`' "Z PdB Indicates Point Of Beginning 1 18-1 71-0316 I 1 18-1 71-029 I i1- TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing LOT 18 1 LOT 11 lO 1_i C } Title to State I I I I Access Prohibited NOTES Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 S 9- 1 FEE ACQUISITION distances. All distances in feet are unless otherwise noted. FEET 0 30 60 120 180 PREPARED BY: PSOMAS Hutton Centre SantoAna00 Californiania 92'707 (714)481-8053/(714)545-8883 (Fox) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5.3 2 2 EXHIBIT A, PAGE 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `BP LEGAL DESCRIPTION Ca'trans Parcel No. 22189-2 Permanent Wall Footing Easement APN 118-171-026 & 039 In the City of Corona, County of Riverside, State of California, being a portion of Sofia Lane ("C" Street, Lot "D") as shown on the map of Tract No. 2687, filed in Book 48, Pages 65 and 66 of Maps, in the office of the County Recorder of said county, said portion of Sofia Lane having been vacated by Resolution No. 97-43 of The City of Corona recorded June 24, 1997 as Document No. 222392 of Official Records of said County, described as follows: Beginning at the northwesterly corder of said Tract No. 2687; thence South 81 °54'57" East 172.94 feet along the northerly line of said Tract No. 2687 to the intersection of said northerly line with the northerly prolongation of the centerline of Magdalena Circle (Grant Avenue) as shown on said Tract No. 2687, said intersection also being the True Point of Beginning; thence continuing South 81 °54'57" East 45.49 feet along said northerly line; thence South 81 °25'05" East 165.22 feet; thence South 77°32'51" East 118.79 feet to the centerline of Isabella Way (Garfield Avenue); as shown on said Tract No. 2687; thence South 08°17'36" West 3.51 feet along said centerline; thence North 77°32'51" West 72.88 feet; thence North 79°15'22" West 47.58 feet; thence North 81 °25'051' West 208.96 feet to said northerly prolongation of the centerline of Magdalena Circle; thence North 08°17'36" East 4.42 feet along said northerly prolongation to the True Point of Beginning. Containing 1,452 square feet. See Exhibit `132' attached hereto and made apart hereof. M:12PTG010501\SURVEY \LEGALS\22188-22190 APN_118-171-025,026,039,&04011,ega1s122189-2-PE.doe 3/12/2014 Page 1 of 2 EXHIBIT A, PAGE 6 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28. 29 30 31 PSOMAS The distances described herein are grid distances and are based on. California Coordinate' Systein of 1983, Zone 6, 2007.00 epoch, Ground distances may be obtained by dividing grid distances by the rneancombination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of 5,./0".0 5. t feremy L. Evans, PLS 5282 Date LA/10 •P‘. JEIREA0 1— q 2§2 °F. CPOL-‘ 4:12PTG010501 SURVEYNLECIALSV2 88-2219a APN I 18-171-025,026,0394,040kLegals1.22189-2-P.E.doe 3/312014 Page 2 of 2 EXHIBIT A, PAGE 7 EXHIBIT A2 PARCEL# TITLE AREA A P N 22189-2 ESMT 1452 SOFT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL / C/L STATIONING 1 F 1 1 F I 1 1 7 8 9 280 1 2 3 4 EXISTING R/UV (22189-2) PROPOSED R/W POB S81 ° 54'57"E_ 360.80' �� S79°02'59"E 311 .39' 1 72.94' T �� � - _ - - STREET)÷-1— Q --- 1 1- ("C" _--- _ -_ SOFIA LANE I ---- i T "7 • 1 1 118-171-040 cl -1.,...- -----1- ---- --- -',__ /----__-4- - . �- - d 118-171-039 p I 118-171-025 � q 1 -1— ...1118-171-026 -r 1 .;jY I Z l w p a -� I I I sr Lu 1 18-1 71-041 1- 1 � J U 1 18-1 71-038 cat )-. 1 18-171-027 1- Z 1- I � I 1 18-1 71 -024 1 IY l - 00 coqi -1 1 � D 1 > 1 I 1 Ih co m }' -‹ I -1 lD 1 I >`LU C- O I 00 o 1 18-1 71-042 1 18-1 71-037 �j l 18- 1 71-028 W I 1_-. 1 1 8- 1 71-023 I - 60' I-1 _I r.r- r- 0 LOT 10 Q m i-1 Q 01 'Q -1 -1 stL 6 Q I Q 0 1 c�- ,J co 1 O If) 118-171-036 co .— N NI N S`11,U� - I IN I 118-171-043 _ � 118-171-022 1 0 I I o 1 I- 1 18-1 71-029 o (4 i Q (n - i 1 -� his 1.0. 1 ca 1` 1D 1-1--- i 10) N81 ° 56'001W ! sor• " � 118-171-035 -' 118-171-030 � 60' -1 118-171-044 c. i i i- 20.00' DOC. N0. Q z 201 0- 0043661 ;1 O.R.; 118-171-021� E 1I18- 1 71-045 g'1 j 1- O v 'S co 1 1 8-1 71-034 -,Jo -i 118-171-020 v0 .._ 118-171-031 1_1 �r I Q 0 LEGEND sl Q'! - i o ° POB Indicates Point Of Beginning r I ,1 , I o0p co o 118-171-019 TPOB Indicates True Point Of Beginning I 118-17i-032 1 I -I (n •- (R) Indicates Radial Bearing ( ) Title to State III 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8 9- 2 PERMANENT WALL FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. I �� FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton reDCentrveiSte. 200 (714)481n 8053/(714)545 8B83 (Fax) DATE: 01-21-13 REV.:2; 02-25-14 EA:OF540 FAQ: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 3 1 2 EXHIBIT A PAGE 8 EXHIBIT B2 PARCEL# TITLE AREA APN 22189-2 ESMT 1452 SOFT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY / C/L STATIONING I I I i 9 280 1 2 LINE TABLE DETAIL "A" L1 - S08°17'36"W 3.51' L2 - N08° 17'36"E 4.42' EXISTING R/W 22189-2� PROPOSED R/W POB TPOB 1 72.94'45.49�� 581 °54'57"E 360.80' /-� 579°02'59"E 31 1 .39' L S81 °25'05"E 165.22' / S77°32'51 "E 1 1 8.79' L2 N81 25 05 W 208.96 -f �, �1C� _ "C" STREET) SOFIA LANE J ! aT 2I N79° a r ! —ilk 1 5'22"W 72 80.' L1 in ' r` I`o 040 47.58' ` I , ix i 18- 1 71 _ 1 118-171-026 LDr 8 1 c I LaT 22 I 118-171--039 1 W 1 I I j d O f�\JJ` W Q z r�f� b 11�� I t I 6i' v N 0 T a0 W� i 1 8-1 71-038 N\'F' ' LOT 9 ' LOT 23 I Q 1 1 A U I L+J s: °(�. 118-171-041 z q- yp, 20 �( 118-171-027 Z In OZ 1 cc Q U .1 1- ° LOT 20 j o11 - 1 LOT 24I DOC. NO. 2010- �w 0043661 O.R. ; a 41 Q o m 118-171-'042 i18-17i -J 118-171-028 037 � w I �' I I 60 I m CO 1 LOT 19 N LOT 10 i vi- I I I LEGEND � � , POB Indicates Point Of Beginning 118-1 71--0316 1 18-1 71-029 I� TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing LO"r 18 1 LOT 11 In I.1 ( }Title to State I 1 I ( Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8 9 -- 2 PERMANENT WALL FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. FEET 0 30 60 120 180 PREPARED BY: PSOMAS 3 Hutton Centre Drive Ste. 200Sonta (714)481'- 9 53/014)545-8883 (Fax) DATE: 01-21-13 REV.:2; 02-25-14 EA: OF540 FAtt: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS 0 8 R IV 91 5. 3 2 2 EXHIBIT A PAGE 9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS EXHIBIT `CI' LEGAL DESCRIPTION Caltrans Parcel No. 22189-3 Temporary Construction Easement APN 118-171-026 & 039 In the City of Corona, County of Riverside, State of California, being a portion of Tract 2687, as said tract is shown on that map, filed in Book 48 of Maps, Pages 65 and 66, in the office of the County Recorder of said county, described as follows: Beginning at the northwesterly corner of said tract; thence South 81°54'57" East 172.94 feet along the northerly line of said tract to a point thereon, said point being the intersection of said northerly line with the northerly prolongation of the centerline of Grant Avenue, also known as Magdalena Circle, as shown on said map; thence South 08°17'36" West 3.10 feet along said prolongation of said centerline to a point thereon, said point being the True Point of Beginning; thence South 81 °25'05" East 210.57 feet; thence South 77°32'51" East 118.92 feet to a point on the centerline of Garfield Avenue, also known as Isabella Way, as shown on said map; thence South 08°17'36" West 49.34 feet along last said centerline to a point thereon; thence North 77°58'55" West 30.77 feet; thence North 36°13'39" West 19.61 feet; thence North 77°32'51" West 75.77 feet; thence North 81°25'05" West 164.01 feet; thence South 54°08'06" West 28.56 feet; thence North 81 °25'05" West 24.65 feet to a point on said centerline of Grant Avenue; thence North 08°17'36" East 56.50 feet along last said centerline and said northerly prolongation of last said centerline to the True Point of Beginning. Containing 13,209 square feet. See Exhibit `C2' attached hereto and made a part hereof. P;!2PTG010.501 \ SURVEY \LEGA1.S122188-22190_A.PN_118-171-025,026,039,&040\Legals\22189-3-TCE.doe 1 /21 /2013 Page 1 of 2 ,EXHIBIT A, PAGE 10 PS OMAS The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of l -2/ /_ 3 Brian E. Bullock, PLS 5260 Date P:12PTG010501 \SURVEY \LEGALS122188-22190_APN._ l 18-171-025,026,039,&040\Legals122189-3-TCE.doc 1/21./2013 Page 2 of 2 EXHIBIT A, PAGE 11 EXHIBIT C2 PARCEL# TITLE AREA APN 22189-3 TCE 13209 SQ.FT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL / C/L STATIONING ) 1 1 t t t t 1 7 8 9 280 1 2 3 4 EXISTING R/W ���$ `� PROPOSED R/W POB �` S81 °54'57"E 360.80' — S79°02'59"E 31 1 .39' -- \. - - _ - - - T1 - "C" - STREET (A K A. SOFIA LANE) + 1 1 LOT 7 1 118-171-040 yl , - ni s + -t- --- ._ ro � i �'- --- l V - +- - I 0 ( -1-." ._..- rs o i 1 18-1 71-039 ° I 11 18-1 71-026 1- 0 i I "~ i 118-1 71-025 o ) I 1 1 t ›— 1 1 N. s N YQV, `a J 118-171-038 118-171-027 F I j Z Q 81 118-171-024 M .- o^ _t Q �� p� , 1 i i i i i w J. � 4 00 co % �- -- Q i as i >- 1 -• CO t0 ?- ' o �, `) W, O o J 118-171-042 118-171-037 118-171-028 � i 118-171-023 -�' � rz F- 60 F��� o 0 r ,•--1 4 ol--1i LOT 10 } p .� -�:;; Q _ O Q —1 —1 I'qI tiQ � , I � ' O 1 z ��` W ' 1 00 € O iv I t 118-171-036 .mtp1 ,,0, ^� Y i `T �'_ oo - N P11i 118-171-043 I Q 0 118-171-022 0 in . 1 J�T1 �tN 1-1 1 18-1.71 -029 b i �q .... I 1 —1 a1(� i —1 —)I C7 _t 1 i -, s. l� �r i N81 ° 56'00'1W _ - _ 118-1 71-044 ,A � cv Q 118-1 71-035 - i(s1 118-1 71-030 w 60` - r---- --1 F, 20.00' -1 - _ DOC. NO. �; 1--- 2010- 9 0043661 91 O.R.; 118-171-021 I ) ,1 1�18-1 71-045 `•�1 Po ca 1 1 8-1 71 -034 - f- 1 1 8-1 71 -020 o 0 „ �� i 1?8-171-031 Fi cal o LEGEND D Qi o r— �., ° 1 POB Indicates Point Of Beginning 1 t LOT 14 i ' - p CO 118-171-019 p TPOB Indicates True Point Of Beginning 1 l 118-171-032 i _t I (R) Indicates Radial Bearing ( )Title to State t 11 i Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain ground 2 2 I - 3 TEMPORARY CONSTRUCTION EASEMENT distances, All distances are in feet unless otherwise noted. ' �� piiiiiiimmEnsiniii FEET 0 50 100 200 300 PREPARED BY: ®MAS 3 Hutton Centre Drive, Ste. 200 Santa (714)431Ana, 8053/(714)54598883 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS 8 R I V 91 5. 3 1 2 EXHIBIT A, PAGE 12 EXHIBIT C2 PARCEL* TITLE AREA APN 22189-3 TCE 13209 SOFT. 118-171-026 & 039 LINE TABLE L1 - S08° 1 7'36"W 3.10' L2 - S08° 1 7'36N 49.34' L3 - N36° 1 3'39"W 1 9.61 ' L4 - S54°08'06"W 28.56' ROUTE 91 RIVERSIDE FREEWAY L5 - N08°17'36"E 56.50' / C/L STATIONING f i I i 9 280 1 2 ROUTE 91 RIVERSIDE FREEWAY EXISTING R/W �',a PROPOSED R/W POB 1 72.94' S81 54 ° E 360.80' 57 S79°02'59"E 311.39' L1 S81 °25'05"E 210.57 S77°32'S1 "E =C=- _��_ � •LANE) �� �� STREET '-r' TPOB (A.K A SOFIA 1 1 s.92' - �i N81 ° 25'05"W i 1 LOT 21 0.01 ' - N77°32'51 75 77' %`'�� "W w,-- rj ? 'Q I 1 18-1 71-1040 L4 i n j 1 18-1 71-039 LOT 6 co s LOT 22 ! 04.65 i N81 25 05 W 118-171-026 00.77' N77 58 55' W ^ ,4 \ _ — -(— - i o \ i w Q i z --. �, 10lbj 6�' 0 oa i ''q 4-1 1 1 8- 1 i 0.5' LOT 9 '_ 1 LOT 23 Q I 71-038 iso ( 1 18-1 71-D41 I._Y p (ri�°�1' 1 1 8- 1 71-027 1n 1 - c L ¢ V I _) -I- LOT 20 ; - LOT 2�r I i DOC. NO. 20�1 0— i w 0043661 O.R. � Li.) w m � ��n ( -.I r- 1 18-1 71 J042 118-171-037 --( 1 18-1 71-028 � 1- � -- � 4 i �0 1 i ( co 1 1 LOT 19 i N LOT 10 C(..D Q LEGEND , " ". POB Indicates Point Of Beginning 118-171-03!6 j 118-171-029 o TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing LOT 18 1 LOT 11 ( ) Title to State III ( Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 O 9- 3 TEMPORARY CONSTRUCTION EASEMENT I distances. All distances are in feet unless otherwise noted. ' ' FEET 0 30 60 120 180 PREPARED BY: PSOMAS SantofAna, Califorrniao92707 200 (714)481-8053/(714)545-8883 (Fax) DATE: 01 -21 -13 REV.: EA: OF540 FA##: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 3 2 2 EXHIBIT A, PAGE 13 f . PROOF OF MAILING NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on July 25, 2014, I mailed a copy of the attached notice by first- class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel Nos. 118-171-026 and 118-171-039 (CPNs 22189-1, 22189-2 and 22189-3): National Community Renaissance of California 9065 Haven Avenue, #100 Rancho Cucamonga, CA 91730 Dated:. July 25, 2014. Record Owner Margaret L. Barnes 17 3 3 6.02100\910407 3.1 PROOF OF SECOND MAILING OF NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on August 7, 2014, I mailed a copy of the attached notice by first-class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel Nos. 118-171-026 and 118-171-039 (CPNs 22189-1, 22189-2 and 22189-3): National Community Renaissance of California 9421 Haven Avenue, #100 Rancho Cucamonga, CA 91730 Dated: August 7, 2014. Record Owner Margaret L. Barnes 17336.02100\9104073.1 NOTICE OF HEARING TO CONSIDER ADOPTION OF A RESOLUTION OF NECESSITY Pursuant to Section 1245.235 of the California Code of Civil Procedure, you are hereby notified that at a regular meeting to be held on Wednesday, September 10, 2014, at 9:30 a.m., at the Riverside County Administration Building, Board of Supervisors Chambers, located at 4080 Lemon Street, Riverside, California, the Commission of the Riverside County Transportation Commission intends to consider adopting a Resolution of Necessity, authorizing the commencement of eminent domain proceedings for the acquisition of real property interests in property that, according to the last equalized county assessmentroll, is owned by you. The public use for which this resolution of necessity will be considered is for the SR-91 Corridor Improvement Project in Riverside County, California. The definition of the property rights to be acquired, together with the legal descriptions and corresponding depictions, are attached to this notice. A hearing will be held at the time and place mentioned above. You have the right to appear and be heard on the following matters: 1. Whether the public interest and necessity require the project for which the property is sought to be acquired. 2. Whether the project is planned or located in the manner that will be most compatible with the greatest public good and least private injury. 3. Whether the property sought to be acquired by eminent domain and described in the Resolution of Necessity is necessary for the proposed project. 4. Whether the offer required by Section 7267.2 of the California Government Code has been made. 17336.02 l 00\9104073.1 Pursuant to California Code of Civil Procedure section 1245.235(b)(3), your failure to file a written request with RCTC to appear and be heard within 15 days from the date that this Notice is mailed may result in the waiver of your right to appear and be heard on the above - stated matters and issues that are the subject of the hearing. ALL COMMUNICATIONS SHOULD BE ADDRESSED TO: Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 DATE OF HEARING: PLACE OF HEARING: DATED: July 25, 2014. Wednesday, September 10, 2014 9:30 a.m. Riverside County Administration Building Board of Supervisors Chambers 4080 Lemon Street Riverside, California 92501 BEST BEST & KRIEGER LLP By: Mark . Easter Kevin J. Abbott Attorneys for Riverside County Transportation Commission 17336.02100\9104073.1 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission. (The rights being acquired may be exercised mutually exclusive of each other.) "Fee," also known as fee simple or fee simple absolute, grants to RCTC absolute ownership of the portion of the property acquired. "Permanent Wall Footing Easement" grants to RCTC, including its successors and assigns, a permanent easement to construct, maintain, operate repair, alter, replace and remove footings, under, along and across the easement area. "Temporary Construction Easement (TCE)" refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such right shall be exercised for a period of 12 consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. 17336.02100\9125496.1 EXHIBIT A, PAGE 1 PSOMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 22190-1 Fee Acquisition APN 118-171-025 In the City of Corona, County of Riverside, State of California, being a portion of Lot 7 of Tract No. 2687 as shown on the map filed in Book 48, Pages 65 and 66 of Maps, records of said County, together with those portions of Isabella Way, (Garfield Avenue, Lot "I"), Sofia Avenue, ("C" Street, Lot "D") and the alley shown as Lot "J" of said Tract No. 2687, vacated and abandoned by Resolution No. 97-43, recorded June 24, 1997 as Instrument No. 222392 of Official Records of said County, lying adjacent to said Lot 7, which would pass by operation of law upon conveyance, described as follows: Beginning at the northeasterly corner of said Tract No. 2687; thence South 08°04'00" West 7.88 feet along the easterly line of said Tract No. 2687; thence North 77°32'51" West 117.34 feet; thence South 12°27'09" West 1.50 feet; thence North 77°32'51" West 10.00 feet; thence North 12°27'09" East 1.50 feet; thence North 77°32'51" West 42.87 feet to the centerline of said Isabella Way; thence North 08°17'36" East 3.41 feet along said centerline to the northerly line of said Tract No. 2687; thence South 79°02'59" East 169.91 feet along said northerly line to the Point of Beginning. Containing 973 square feet. See Exhibit `A2' attached hereto and made a part hereof. This conveyance is made for the purpose of a freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. MA2PTG010501\S URVEY\LEGALS122188-22190_APN_118-171-025,026,039,&040\Legals\22190-1-Fee.doc 3/12/2014 Page 1 of EXHIBIT A, PAGE 2 1 2 3 4 5 7 8 9 11 12 13 14 15 16 17 18 19 20. 21 22 24 25: 26 27 28 29 30 31 PSOMAS The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone.6, 2007,00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of Lizit.e..-eteti L., it/a-0 5. f 1.014- Jeremy L. Ecians, PLS 5282 Date MA2PTG010501\SIJRVEYILEGALS \221$84.219Q APN_11S-111-025,026,039,40401Legals1221904-Fee.d9c 3/3d014 POge 2: of 2 EXHIBIT A, PAGE 3 EXHIBIT A2 PARCEL# TITLE AREA APN 22190-1 FEE 973 SOFT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 / C/L STATIONING FOR DETAIL I I I I 1 1 t I 7 6 9 280 1 2 3 4 EXISTING R/W R/W EXISTING PROPOSED R/W 221 90-1 - S81 °54'57"E 360.80' S79°02'59"E 311 .39' POB Q I-- =c- ..s...-- -) -I-("C"_STREET) v- - - +..._ _ItTor-�� SOFIA LANE I 1---______ , -2--- _ �� -���- I 7-- i 1 118-171-040 , nj j -- - -( ro j tuy._A I /— — ,�-----' �� CO I 1 ;-. 1 Q I 18-1 71-039 q i 1 1 18-1 71-026 4 1 1 118-171-025 o 0 11 I — d r` -1 I in I Lil I -.1) 0 C1' r ET-1) W LU 1 1 18-1 71 -041 N N `1 )-• I p U I c 11 18-1 71-038 NI ,-,1 1 18-1 71-027 o z >-- I Q 1 q 1 18-1 71-024 OO JI ICI _ii —1 > 1 M co a01 v iI 1 U> • Q I J I t� �" O �1 - W o 1 inl 1 W 118-171-042 1 1118-171-037 14-1 1 18-1 71-028 1 -1 4.1 � 1 18-171-023 -1 o ti ° .J 1-• I 60 �14J 1 1 ; c;1 Li-r 10 ❑ Q ; -1 Q of I �+ 1 ZI nig W 0 I y 1 1 1 8-1 71-036 cn D _. i `� N N 1 N \�1,18-1 jl 1 18-1 71-043 1 j 1 18- 1 71-022 0 � �) 71-029 Q ;; _ I -1 I�— (} � J _t I C. 1 � -SOD S >, I— a ` to N81 ° 56'00111W ---! N 1 1 18-1 71-035 - �, 6p - ; 1 1 18-1 71-044 1 Q try! 1 18- 1 71-030 r 1 1- 20.00 DOC. N0. i 1- 201 0- L 0043661 b 1 O.R. 9 118-171-021� ( z 1 1 �1 Q rr� I iN m I 111 8- 1 71-045 D -' , . 1 (3 1 1 8-1 71-034 - 1 [ � 118-171-020 � o yo 1 `. 118-171-031 0 0 1 LEGEND -1 q1 -II O 1 POB Indicates Point Of Beginning I L DT 14 1 I 1-118-171-019 ao m 1 I 0 �- TPOB Indicates True Point Of Beginning 1 118-171-032 1 ....11n .- (R) Indicates Radial Bearing ( } Title to State 1 1 I I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 9 0- 1 FEE ACQUISITION distances. All distances are in feet unless otherwise noted. 1 immrimm. FEET 0 50 100 200 300 , PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 lifornia 92707 (71n4)481n B053 (714)545-8663 (Fax) DATE: 01-21-13 REV.: 2; 02-25-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS p 8 T�/ R 1 Y 91 C 5. 3 1 2 EXHIBIT PAGE EXHIBIT A2 PARCEL# TITLE AREA APN 22190-1 FEE 973 SOFT. 118-171-025 LINE DATA BEARING DISTANCE L1 N77°32'51 "W 42.87' L2 N12°27'09"E 1.50' L3 N77° 32'51 "W 10.00' L4 S12°27'0911 1.50' 118-171-047 DETAIL "A" EXISTING R/W N08°17136"E 3.41 ' ROUTE 91 RIVERSIDE FREEWAY PROPOSED R/W ` S79°02'59"E 311.39' POB - —1 `- � C\I_ - - 1 69.91 ' %�- " •7�r\ — _ _ _ _ ��aan. AliEY rcpr ?�N32'S1"W„__ 117.34'� I 7.8 8' sm. ti L13 _____ ____ L2 1 _� _- - `- - a> L1 L4 LOT 7 C221 90-1 \ ______ Lu -.. >._ 1 1 .' DOC. NO. 2010-0043661 O.R. VACATED AND ABANDONED PER -, - 1—• E-_-) Q Q- M c, a- 10 z Lu ¢ --'`rRES. _..I J w N0. 97-43, REC'D 6-24-1997 b,° AS INST. N0. 222392, O.R. ,6�� �D A� n 3 o ,� I oe co o •_ T r.. N o q v '~ .0 �� �l v O " 1,1 ~ t. U..Q 1, VP' t 1 18-1 71-024 >- o co CC 'S,k1G VACATED AND ABANDONED w �' 1 °p 30' PER RES. NO. 97-43, REC'D 6-24-1997 AS � r- " LEGEND INST. NO. 222392, O.R. N co POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State _L.1_LL Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 9 0- 1 FEE ACQUISITION distances. All distances are in feet unless otherwise noted. I 'amp ��� FEET 0 15 30 60 90 PREPARED BY: DATE: 01-21-13 REV.: 3; 02-25-14 EA: OF540 FA#: PSOMAS Hutton Centre209 DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS Santo Coliforni0e92707 (714)481-B0534714)545-B983 (F0x) 8 R I V 91 5.3 2 2 EXHIBIT A, PAGE 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `BP LEGAL DESCRIPTION Caltrans Parcel No. 22190-2 Permanent Wall Footing Easement APN 118-171-025 In the City of Corona, County of Riverside, State of California, being a portion of Lot 7 of Tract No. 2687 as shown on the map filed in Book 48, Pages 65 and 66 of Maps, records of said County, together with those portions of Isabella Way, (Garfield Avenue, Lot "I"), Sofia Avenue, ("C" Street, Lot "D") and the alley shown as Lot "J" of said Tract No. 2687, vacated and abandoned by Resolution No. 97-43, recorded June 24, 1997 as Instrument No. 222392 of Official Records of said County, lying adjacent to said Lot 7, which would pass by operation of law upon conveyance, described as follows: Beginning at the northeasterly corner of said Tract No. 2687; thence South 08°04'00" West 7.88 feet along the easterly line of said Tract No. 2687, to the True Point of Beginning; thence North 77°32'51" West 117.34 feet; thence South 12°27'09" West 1.50 feet; thence North 77°32'51" West 10.00 feet; thence North 12°27'09" East 1.50 feet; thence North 77°32'51" West 42.87 feet to the centerline of said Isabella Way; thence South 08°17'36" West 3.51 feet along said centerline; thence South 77°32'51" East 170.22 feet to said easterly line; thence North 08°04'00" East 3.51 feet to the True Point of Beginning. Containing 581 square feet. See Exhibit `132' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean M:12PTG010501\SURVEYILEGALS\22188-22190 APN_118-171-025,026,039,&0401Legals122190-2-PE.doc 3/12/2014 Page 1 of 2 EXHIBIT A, PAGE 6 2 3 4 .5 6 7 8 9 1:0 11 12 1.3 14 15 16 11 18 19 20 21 22 23 24 25 7:6 27 28 30 31 PSOMAS tOrnbintion. factor fbr this conversion is 0.99997476, Prepared under the direction of Jeremy L. Evans, PLS 5282 Date NE:12P1'001050.1 \SURVEYNLEGALS1221,88-2219tAPN_I 18-171-025,026,039,&040 \Legals\2219.0-2-PE.doc .313/2o.14 Page 2 of 2. EXHIBIT A, PAGE 7 EXHIBIT B2 PARCE Lit TITLE AREA APN 22190-2 ESMT 581 SO.FT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 / C/L STATIONING FOR DETAIL I 1 ( i 1 1 I 1 7 a 9 280 1 2 3 4 EXISTING R/W P'•le• R/W 22190-2 S81 °54'57"E 360.80' S79°02'59"E 311 .39' POB /T - - it `�-e.r►� - -iJ{"C" 1 - STREET} SOFIA LA E I 1----'-'---= 1 1 ., , �--- _ _ -- �- = LOT 7 1 I - TPOIB -(S.co 1 Q ii 118-171-039 Ll 118�-171-026 � t 118-t1i-025 I b 1 _T g: In 1 wtil N 1-1 Q V I CC 11 18-1 71-038 `,I -.1 1 18-1 71-027 o f ,.. �¢ I� 1 i 8-1 71-024 M b, O �- -1 1 cp U 1 _1 I _) 1 li.i �s l -1 I M co 00 >- I I a 1> Q Q I I in �- v o o 118-f71-042 j 11f$-t1i-037 118-171-028 i W 1 1- 118-171-023 _j p 1- 60' r ti o) a Q LOT 10 Q � j Q Q o Q r v1 o 1 z W 118-171-036 �I, 1O L,��a�,� ^9 a. `' Y' O co •- - N fin' N 1 18-1 71-043 I i ;_ I 1- 1 18-1 71-022 O ����� DI 118-171-029 -- I I- �10° _I w UGC 60' N81 ° 56'00"W ____ 71-044 1`I , Q ( r 1 18-171 -035 I I 1 - m 118-1 It,0 18-171-030 r 20.00' DOC. NO. i l- 2010- qi 0043661 -1 O.R. --11 118-171-021 - 1 z I 1 1118-1 71-045 `1'Cr�I -1 . 1 18-1 71-034 - I 1- 0 118-171-020 O o ti4 I. 118-f71-031 t�1 LEGEND 1-1 _11 �� _11 bd 0 POB Indicates Point Of Beginning LOT 14 1 oo m 118-171-032 1 o 178-171-019 O TPOB Indicates True Point Of Beginning I I o - (R) Indicates Radial Bearing ( ) Title to State JJ-LL_ Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 PERMANENT WALL 9 0- 2 FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. I ��� FEET 0 50 100 200 300 PREPARED BY: ' PSOMAS 9270T 200 SantotAno, Centre Drive, (714)481-8053A714)545-8BB3 (Fox) DATE: 01-21-13 REV.: 2; 02-25-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS 8 RIV 91 5.3 1 2 EXHIBIT A PAGE 8 EXHIBIT B2 PARCEL# TITLE AREA APN 221 90-2 ESMT 581 SOFT. 1 1 8-171 -025 LINE DATA BEARING DISTANCE L1 N77°32'51"W 92.87' L2 N1 2° 27'09"E 1 .50' L3 N77° 32'51 "W 10.00' L4 S12°27'09"W 1.50' L18-171-047 DETAIL "A" N08°17'36"E EXISTING R/W 3.41 ROUTE 91 RIVERSIDE FREEWAY PROPOSED RAW S79°02'59"E 311.39' L2 L4 POB I A 169.91' o ■qV Ir N77°32'51 "W 117.34'-----, N08° 1 7'36"E �QILLET-(Eu 5rr „E_ - _ 1 70.22'------r"ArA 7.88' uM,:=__ N. 3.51 _ _ 1 I TP05 --- ---6_. • o- °p I L o-r `J v - J (221 90-2 L7.; � M - _T- w �,, DOC. NO. 2010-0043661 O.R. VACATED AND ABANDONED PER - 1-, �o a- v M a- a �1 Z LI <z -1 (—�"— w J coAt(3 RES. N0. 97-43, REC'D 6-24-1997 t AS INST. NO. 222392, O.R. b ] 7 0 tZ 01 o oQ �i�,�' .a ��,�n I o ~�' yc�' f 118-171-024 >- o co cc 1�G1 VACATED AND ABANDONED iu o °p ~ 30' PER RES. NO. 97-43, REC'D 6-24-1997 AS -cz CD`I r: - LEGEND INST. NO. 222392, O.R. POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing C ) Title to State J_LLL Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 PERMANENT WALL 9 4- 2 FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. I FEET 0 15 30 60 90 PREPARED BY: PS OMAS Nutfon Centre Santa Ana, Drive, CaliforniaD20a 2707 (714)481-8053/014J545-8883 (Fax) DATE: 01-21-13 REV.: 3; 02-25-14 EA: OF540 FAn: DISTRICT COUNTY ROUTE SHEET PM SHEET NO, TOTAL SHEETS 8 R I V 91 5.3 2 2 EXHIBIT A PAGE 9 1 4 5 6 7 8 9 10 11 12 13 14 1.5 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `C1' LEGAL DESCRIPTION Caltrans Parcel No. 22190-3 Temporary Construction Easement APN 118-171-025 In the City of Corona, County of Riverside, State of California, being a portion of Tract 2687, as said tract is shownon that map, filed in Book 48 of Maps, Pages 65 and 66, in the office of the County Recorder of said county, described as follows: Beginning at the northeasterly corner of said tract; thence South 08'04'00" West 11.39 feet along the easterly line of said tract to a point thereon, said point being the True Point of Beginning; thence South 08°04'00" West 36.61 feet continuing along said easterly line to a point thereon; thence North 77°32'51" West 123.75 feet; thence South 55 ° 17'25" West 23.89 feet; thence North 81 ° 19' 19" West 29.03 feet to a point on the centerline of Garfield Avenue, also known as Isabella Way, as shown on said map; thence North 08°17'36" East 56.07 feet along said centerline to a point thereon; thence South 77°32'51" East 170.23 feet to the True Point of Beginning. Containing 6,907 square feet. See Exhibit `C2' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. PA2PTG0105011SURVEMEGALS122188-22190_APN_118-171-025,026,039,&0401Lega1s\22190-3= CCE, doc 1/21/201.3 Page 1 of 2 EXHIBIT A, PAGE 10 PS OMAS Prepared under the direction of f 2/ Brian E. Bullock, PLS 5260 Date P \2PTGOI050I\SURVEY\1,EGALS\22188-22190_APN( I8-171-025,026,039,&040\Legals\22I90-3= CCE,doc 1/21/2013 Page 2 of 2 EXHIBIT A, PAGE 11 EXHIBIT C2 PARCEL# TITLE AREA AP 22190-3 TCE 6907 SOFT, 118-171-025 vvr ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY / C/L STATIONING 1 1 1 1 I 1 i 1 7 8 9 280 1 2 3 4 SEE SHEET 2 FOR DETAIL PROPOSED R/W EXISTING R/W S81 ° 54'57"E 360.80` o „ POB S79 02 59 E 31 1 .39' -- �---_ — _ - - - _ N_.,_,y ,.d� :: ...0 _ �� . _ - .. o c> .� .,. - -- 1 -1 „C" STREET (A.K.A. SOFlA LANE) --- ' i i - _to I 1 1 1 18-1 71-040 1j � - - -,( I I y �� ��. '_ 03 1 18-1 71-039 1 18-1 7! -026 o ! 1 18 1 71 -025 - CS} i o -1 I i ` >- -1 ! 1� I ty I < Z`--. fa 1 w o I NI ( _ ... tr.Li1 ° _'� — 1 F.. < Q lit 1 118-171-041 t- I q V 118-171-038 1- I � 118-171-027 0 � z R _1 1- 118-171-024 j 1� O c° � 1 • C1 CC o f I -I W -1 5 1 rn co co co; -4 >-. v• , `fit � c , >- 1 I "� m in 1 �- o o J 1 18-1 71-042 1 1 18-1 71-037 Ji 1 1 8-1 71-028 D 1 18-1 71 -023 `� p ti 1- 60' .. I r- 1 ::� 0 I c) I.--1I Lo-r io p . -1 -� O 1 3 �L - I` I �b6--� , 0 CO o w 11 18-1 71-036 L° �, a' _I ` I i I is-1 ^IN I -1 �i tN' 1 ;cV 118-171-043 I -[ 1- 118-171-022 1 �I 1 o I I L 18- 1 71 -029 o I Zi � o i v) L�8 14' � � .0 � l'i1 1 ro N81 ° 56'001W i N j �j 1 18- 1 71 -035 - 11 I 60' - 1 1 8-171 -044 1(„ i 1 1 8-1 71 -030 1 1- 20.00' 1' _— DOC. NOo i 1- i 2010-.6,i i 0043661 1 O.R. 118-171-021 '= Z , 1 I I 1118-1 71-045 ' .0 I o 1 c_Da 11 18-1 71-034 I -1, ^ I' 1 18-1 71 -020 o �,� 1 1 18-1 71-031 , i LEGEND j1 11 ' �1 Q t POB Indicates Paint Of Beginning I I LOT 14 co cc o 118-171-019 TPOB Indicates True Point Of Beginning i 118-171-032 _ L (R) Indicates Radial Bearing ( ) Title to State 1 1 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 1 (� 2 2 1 9- 3 TEMPORARY CONSTRUCTION EASEMENT distances. All distances are in feet unless otherwise noted. FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste, 200Sant (714)481n 9053/(7oi4�`54Sia 92707 8883 (Fox) DATE: 01-21-13 REV.: EA: 0E540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO, TOTAL SHEETS 8 ,/ R I Y 91 5.3 1 2 EXHIBIT A, PAGE 12 EXHIBIT C2 PARCEL# TITLE AREA APN 22190-3 TCE 6907 SO.FT. 118-171-025 III ROUTE 91 RIVERSIDE FREEWAY 118-171-047 EXISTING R/W PROPOSED R/W 579°02'59"E 311.39' POB TPOB _ _ °— w S7732/51 "E 1 70.23�,,.., �.:i u!� ' �-" amps w -- - I~ I \ - a— 0 ,- ° (.0 � LiI I Ya' Ag g i L aT i �, x I 4 ' I - � N77° 51 „ 32 I �'G �DOCo N0. 2010-0043661 O.R. I 29.03' I r N 81 ° 1 9' 1 9"1� ��_ iQ� (, L,'` ---4- P- `: lQ t. Q � • rf) M O m o .1 ti N I <` a -.I � c� • .� i Q� --, I ,0 ti\U ' a CO i j s '\ ,` € aE 'sr O o ._ co r� `�� 118-171-024 � I ao 1 sc , o i= �t Er:30 ti 1 LEGEND f€ co ti POB Indicates Point Of Beginning£ TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State I I II Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 9 0- 3 TEMPORARY CONSTUCTION EASEMENT distances. All distances are in feet unless otherwise noted. i Fismaimm9_ FEET 0 15 30 60 90 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 707 (774)n California4i8053/(4J545-80B3 (Fax) DATE: 01-21-13 REV.: EA: 0E540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5.3 2 2 EXHIBIT A, PAGE 13 PROOF OF MAILING NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on July 25, 2014, I mailed a copy of the attached notice by first- class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel No. 118- 171-025 (CPNs 22190-1, 22190-2 and 22190-3): National Community Renaissance of California 9065 Haven Avenue, #100 Rancho Cucamonga, CA 91730 Dated: July 25, 2014. Record Owner Margaret L. Barnes 17 3 36.02100\910407 3.1 PROOF OF SECOND MAILING OF NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on August 7, 2014, I mailed a copy of the attached notice by first-class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel No. 118- 171-025 (CPNs 22190-1, 22190-2 and 22190-3): National Community Renaissance of California 9421 Haven Avenue, #100 Rancho Cucamonga, CA 91730 Dated: August 7, 2014. Record Owner 17336.02 100\9104073.1 Indian Wells (760) 568-2611 Irvine (949) 263-2600 Los Angeles (213) 617-8100 Ontario (909) 989-8584 BEST BEST & KRIEGER ATTORNEYS AT LAW 3390 University Avenue, 5th Floor, P.O. Box 1028, Riverside, CA 92502 Phone: (951) 686-1450 I Fax: (951) 686-3083 1 www.bbklaw.com Margaret L. Barnes (951)826-8357 margarettarnes@bbklaw.com File No. 17336.02100 VIA HAND DELIVERY July 28, 2014 r)) v, \y" -1\JUL 29 201E Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 RIVERSIDE COUNT TRANSPORTATION COMMISSION' Re: Notice of Hearing to Consider Adoption of a Resolution of Necessity, as to National Community Renaissance, APNs 118-171-026 and 118-171-039 (CPNs 22189-1, 22189-2 and 22189-3) RCTC/SR91 OP Project Dear Jennifer: Sacramento (916) 325-4000 San Diego (619) 525-1300 Walnut Creek (925) 977-3300 Washington, DC (202) 785-0600 Attached is the original signature page for the proof of mailing for the Notice of Hearing to Consider Adoption of a Resolution of Necessity for the hearing scheduled for September 10, 2014. The proof of mailing for CPN 22189, which was mailed in the same envelope with two related notices to the same property owner on July 25, 2014, was not signed. A replacement page has been sent to the property owner with a letter of explanation. Please replace the proof of mailing page on the copy you received last week with the attached page. Please do not hesitate to contact me, should have any questions. Very truly yours, r1/4j/-17>i/i,!-C,_- MargarBarnes Senior Litigation Paralegal for BEST BEST & KRIEGER LLP Attachments 17336.02100\9129067.1 NOTICE OF HEARING TO CONSIDER ADOPTION OF A RESOLUTION OF NECESSITY Pursuant to Section 1245.235 of the California Code of Civil Procedure, you are hereby notified that at a regular meeting to be held on Wednesday, September 10, 2014, at 9:30 a.m., at the Riverside County Administration Building, Board of Supervisors Chambers, located at 4080 Lemon Street, Riverside, California, the Commission of the Riverside County Transportation Commission intends to consider adopting a Resolution of Necessity, authorizing the commencement of eminent domain proceedings for the acquisition of real property interests in property that, according to the last equalized county assessment roll, is owned by you. The public use for which this resolution of necessity will be considered is for the SR-91 Corridor Improvement Project in Riverside County, California. The definition of the property rights to be acquired, together with the legal descriptions and corresponding depictions, are attached to this notice. A hearing will be held at the time and place mentioned above. You have the right to appear and be heard on the following matters: 1. Whether the public interest and necessity require the project for which the property is sought to be acquired. 2. Whether the project is planned or located in the manner that will be most compatible with the greatest public good and least private injury. 3. Whether the property sought to be acquired by eminent domain and described in the Resolution of Necessity is necessary for the proposed project. 4. Whether the offer required by Section 7267.2 of the California Government Code has been made. 17 3 36.02 l 00\9 l 0407 3. l Pursuant to California Code of Civil Procedure section 1245.235(b)(3), your failure to file a written request with RCTC to appear and be heard within 15 days from the date that this Notice is mailed may result in the waiver of your right to appear and be heard on the above - stated matters and issues that are the subject of the hearing. ALL COMMUNICATIONS SHOULD BE ADDRESSED TO: Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 DATE OF HEARING: PLACE OF HEARING: DATED: July 25, 2014. Wednesday, September 10, 2014 9:30 a.m. Riverside County Administration Building Board of Supervisors Chambers 4080 Lemon Street Riverside, California 92501 BEST BEST & KRIEGER LLP By: Mark . Easter Kevin J. Abbott Attorneys for Riverside County Transportation Commission JUL 28 20111 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 17336.02100\9104073.1 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission. (The rights being acquired may be exercised mutually exclusive of each other.) "Fee," also known as fee simple or fee simple absolute, grants to RCTC absolute ownership of the portion of the property acquired. "Permanent Wall Footing Easement" grants to ROTC, including its successors and assigns, a permanent easement to construct, maintain, operate repair, alter, replace and remove footings, under, along and across the easement area. "Temporary Construction Easement (TCE)" refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such right shall be exercised for a period of 12 consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. 17336.02100\9125496.1 EXHIBIT A, PAGE 1 PS OMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 22190-1 Fee Acquisition APN 118-171-025 In the City of Corona, County of Riverside, State of California, being a portion of Lot 7 of Tract No. 2687 as shown on the map filed in Book 48, Pages 65 and 66 of Maps, records of said County, together with those portions of Isabella Way, (Garfield Avenue, Lot "I"), Sofia Avenue, ("C" Street, Lot "D") and the alley shown as Lot "J" of said Tract No. 2687, vacated and abandoned by Resolution No. 97-43, recorded June 24, 1997 as Instrument No. 222392 of Official Records of said County, lying adjacent to said Lot 7, which would pass by operation of law upon conveyance, described as follows: Beginning at the northeasterly corner of said Tract No. 2687; thence South 08°04'00" West 7.88 feet along the easterly line of said Tract No. 2687; thence North 77°32'51" West 117.34 feet; thence South 12°27'09" West 1.50 feet; thence North 77°32'51" West 10.00 feet; thence North 12°27'09" East 1.50 feet; thence North 77°32'51" West 42.87 feet to the centerline of said Isabella Way; thence North 08°17'36" East 3.41 feet along said centerline to the northerly line of said Tract No. 2687; thence South 79°02'59" East 169.91 feet along said northerly line to the Point of Beginning. Containing 973 square feet. See Exhibit `A2' attached hereto and made a part hereof. This conveyance is made for the purpose of a freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. MA2PTG010501 \SURVEY\LEGALS\22188-22190_APN_118-171-025,026,039,&040\Legats\22190-1-Fee.doc 3/12/2014 Page 1 of 2 EXHIBIT A, PAGE 2 1 2 3 4 5 6 7 8 10 11 12 13 14 IS 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007,00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of L- f4,0,0 Jeremy L. Evans, PLS 5282 Date to id- MA2PTG0105011SURVEY\LEGALS \22188-22190_ APN_118-171-025,0215,039,&040 Tegals122190-1-Fee.doc 3/3/2014 Page 2 of 2 EXHIBIT A, PAGE 3 EXHIBIT A2 PARCEL* TITLE AREA APN 22190-1 FEE 973 SOFT. 118-171-026 & 039 'ii ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 / C/L STATIONING FOR DETAIL 1 I ! 1 i 1 I 1 7 8 9 280 1 2 3 4 EXISTING R/W EXISTING R/W PROPOSED R/W 22190-1 581 °54'57HE 360.80' S79°02'59"E 31 1 .39' POB - - - . --__ _f a • - 1-I-.("C"- 1 STREET) _ _ _a s SOFIA LANE — a i I-- ------- 1 I �, r r-- — �� o-= 1 LDT 7 1 I 118-171-040 -----( 1 ��t �y_��-br__.=_� i 1 I 1- 18-1 71-039 0 1 18- 1 71-026 1 1 18-171-025 o 11 i i l c ~ -1 M w u I p I I m -r W so 1,-, I 1 V LII ' 118-171-041 )- QC I "8-171-038 i- 118-171-027 }- z Q 14 118-171-024 1 M O -I 3 �`"' 1 U O1 - j 1 J W' IJ I I M c0 I' I [T I I Q J 1n I �' O CO n1 1 -IQ O Lu 118-171-042 1118-171-037 118-171-028 1 -I I ), 118-171-023 +W O i -J 1- 6p. L1J q J ti 0 1 - i LOT 10 � -I p � -1 I _II � 09 Q 'z 1 I � O o0 z 1 b5�_ w [ O; y 1118-171-036 cOIO r3d I `r I' or, Cthi-IN ,�3 I cr IN N1 118-171-043 I 1-- 118-171-022 1 O g1 301 118-171-029 of Q i I - - 1 _I 1 -t `` IAD L6 -t �, i—� ' �� t^ ' 'm o N81 56001N --- (`1 } 118-1 71-035 N 60 I i 118-1 71-044 IC31 118-1 71-030 � i r 20.00' -4 DOC. NO. 1- 201 0— 2] 0043661 I O.R. 118-171-021� 1{18-171-045 �1 MI ��� 118-i71-034 I F- o O Y `. I I 118-171-031 F1 cy o 118-171-020 0 1, LEGEND o I _11 0 1 -'I -1 � O - I — 'co POB Indicates Point Of Beginning j LOT 14 1 I co I o 118-171-019 p , TPOB indicates True Point Of Beginning 118-171-032 , I -3 cn (R) Indicates Radial Bearing ( } Title to State 1111_ Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 9 0- FEE ACQUISITION 1 distances. All distances are in feet unless otherwise noted. i FEET 0 50 100 200 300 i PREPARED BY: PSOMAS 3 Hutton Centre Driv, Ste. Santo Ana, Co((forrniae92707 200 (714)491-9053/(714)545-81193 (Fax) DATE: 01-21-13 REV.: 2; 02-25-14 EA: OF540 FA*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 3 1 2 EXHIBIT A PAGE 4 EXHIBIT A2 PARCEL# TITLE AREA APN 22190-1 FEE 973 SQ.FT. 118-171-025 LINE DATA BEARING DISTANCE L1 N77°32'51"W 42.87' L2 N12° 27'09"E 1 .50' L3 N77°32'51 "W 10.00' L4 S12°27'09"W 1 .50' 1 18-1 71-047 DETAIL "A" EXISTING R/W N08° 1 7'36"E 3.41 ' ROUTE 91 RIVERSIDE FREEWAY PROPOSED R/W S79°02'59"E 311.39' POB -----` k.o �1 - 169.91' % 1:117- - - _ _ N 7 7 �nmano A LEY rLOT--r,-1,32 5i W__ 1_17.34 _.. - 101.- 7. 88' ti 03 L2 1 _ --`— ----- _— — -- _ —`— —' 0D L1 1 L4 LOT 7 (221 90-1 - — ---- w .a >- k 1 ) /' DOC. NO. 2010-0043661 O.R. VACATED AND ABANDONED PER -, - ' � v a) Q' z Q - -"f .i '' RES. NO. 97-43, REC'D 6-24-1997 ,� AS INST. NO. 222392, O.R. 1,6�'� �lra ,� o i 00 .1 O •- F r-- N O Q vv) .p �� '09 v O o W (1 ;_ \AU' 1 18-1 71-024 >- o Q '(`���'6j VACATED AND ABANDONED -a °p LI 30' PER RES. NO. 97-43, REC'D 6-24-1997 AS � N ti LEGEND INST. No. 222392, O.R. I ao POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State J L1_1_ Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 9 0- 1 FEE ACQUISITION distances. All distances are in feet unless otherwise noted. I FEET o 15 30 60 90 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Sonto Ana, 5459 2707 (714)41- 805/(7California48883 (Fax) DATE: 01-21-13 REV.: 3; 02-25-14 EA: OF540 FA*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5.3 2 2 EXHIBIT A PAGE 5 PS OMAS EXHIBIT `Br LEGAL DESCRIPTION Caltrans Parcel No. 22190-2 Permanent Wall Footing Easement APN 118-171-025 In the City of Corona, County of Riverside, State of California, being a portion of Lot 7 of Tract No. 2687 as shown on the map filed in Book 48, Pages 65 and 66 of Maps, records of said County, together with those portions of Isabella Way, (Garfield Avenue, Lot "I"), Sofia Avenue, ("C" Street, Lot "D") and the alley shown as Lot "J" of said Tract No. 2687, vacated and abandoned by Resolution No. 97-43, recorded June 24, 1997 as Instrument No. 222392 of Official Records of said County, lying adjacent to said Lot 7, which would pass by operation of law upon conveyance, described as follows: Beginning at the northeasterly comer of said Tract No. 2687; thence South 08°04'00" West 7.88 feet along the easterly line of said Tract No. 2687, to the True Point of Beginning; thence North 77°32'51" West 117.34 feet; thence South 12°27'09" West 1.50 feet; thence North 77°32'51" West 10.00 feet; thence North 12°27'09" East 1.50 feet; thence North 77°32'51" West 42.87 feet to the centerline of said Isabella Way; thence South 08° 17'36" West 3.51 feet along said centerline; thence South 77°32'51" East 170.22 feet to said easterly line; thence North 08°04'00" East 3.51 feet to the True Point of Beginning. Containing 581 square feet. See Exhibit `132' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean M: 2PTG010501\SURVEYILEGALS\22188-22190 APN_118-171-025,026,039,&0401Lega1s122190-2-PE.doc 3/12/2014 Page 1 of 2 EXHIBIT A, PAGE 6 PS�O M AS « � � 3 ( 4 ! 6 { 7 .. � 9 W R S A A \ % ( � » ( 9 ] a } 9 ) 20 ) 21 ) 2223 \ } 24 25 \ 26 ( 27 \ 28 \ .m : 30 } )I ( combination fa/or for this conversion is 0.99997476. Prepared under the direction of .g,2-0/4. Jeremy L EYan\pty522 pate 12zm01y@3URVE»ao& 3 2C4a- Q CNg1aigp z m n4 &tom &P de 3� U# Page of EXHIBIT APAGE 7 EXHIBIT B2 PARCEL# TITLE AREA APN 221 90-2 ESMT 581 SO.FT. 1 1 8-1 71 -026 & 039 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 / C/L STATIONING FOR DETAIL 1 1 1 1 i I I 1 7 8 9 280 1 2 3 4 EXISTING R/W PROPOSED R/W 22190-2 S81 ° 54'57"E 360.80' S79°02'59"E 31 1 POB .39' -(—C STREET)--\ SOFIA LANE �.�—_ -� 1 D71� '--- • I -to�_1� 1 '- TPC�1B I` �---�� cv _ I ,-- 1 1 118-171-040,� -_-.4- °p 1 i 1 ^ I 1- 1 18-1 71-039 0 I 118--1 71-026 r' 0 1 1 1 118-1 71-025 1 ,� Q 1 � 1-1-1W i 1 y 1 I -• 1 W vs--. !U 1 18- i 71 -041 -1(V q D: 1 1 18-1 71-038 1 18-1 71-027 z 1 3 1 18-1 71-024 M p '- _1 C0 Q V 1 L 0 1 11 W 1 rn co p- 'CO �.. ,I, ZE I 1 I I Q I I 1p �' o N 1 —t1-J I W O Lu 118-171-042 1118-171-037 118-171-028 1 -I w 1 r- 118-171-023 p o -.1 1-- 60 )-.1_.) I 4 i _1, Q LOT 10 q v 1 o Q h Q Z 1, W c^ N �1N 1��' �I W 1 N 118-171-043 I I q 118-171-022 o 3 j I-1 1 18--1 71-029 b 1 Q 1 3 in - - _i - - yS) 2- 91 -71 C0 A� _ ---J N Q 118-171-035 --icyl - 6Q� 0" rr)N8120 118-171-044 118-171-030 00 1-1 o i N0. _1 z 2010- ;� 0043661 O.R. 118-171-021 �DOC. Q 1 N 1�18-171-045 --1 o o �`?' 0 118-171-034 -I 1- n ._ I 1 18-1 71 -037 r.1 („) 0 1 1 8- 1 71-020 0 , LEGEND _I' -J' Q o '' POB Indicates Point Of Beginning LOT 14 1 as c'o I I I- 118-171-019 p TPOB Indicates True Point Of Beginning 1 118-171-032 1 _1 o (R) Indicates Radial Bearing ( ) Title to State JJJ-L Access Prohibited NOTES Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 PERMANENT WALL 9 0- 2 FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. I FEET 0 50 100 200 300 PREPARED BY: ' PSOMAS 3 Hutton Centre Drive, Ste. 200 Santo i14)491-8 053/17114) (545--8883 (Fox) DATE: 01-21-13 REV.: 2; 02-25-14 EA: OF540 FA*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 3 1 2 EXHIBIT A PAGE 8 EXHIBIT B2 PARCEL# TITLE AREA APN 22190-2 ESMT 581 SO.FT. 118-171-025 LINE DATA BEARING DISTANCE L1 N77°32'51"W 42.87' L2 N12"27'09"E 1.50' L3 N77°32'51"W 10.00' L4 S12°27'09"W 1.50' L18-171-047 DETAIL "A" NO$° 1 7'36"E EXISTING R/W 3.41 ROUTE 91 RIVERSIDE FREEWAY PROPOSED R/W -- S79°02159"E 311.39' L2 L4 POB `�- I_ 169.91' j �08° `� N77°32'51 "W — 1 1 7.34' 1 7'36"E IrAttaSr7-7ffe3r2r'51,,E 1 7022'is —�aliruiilk 7.88' - ____s.. -- °° 3.51' L3► - _____- 1 T I r P QB _ — - _ w " _ _. ., L n_r 7 I (221 90-2 0 r; - - _ _'- w --->----, Q �) , .. DOC. NO. 2010-0043661 O.R. VACATED AND ABANDONED PER � - 1-. Qal a. M O z Q- o ( Z > � -SIRES. W cc) N0. 97-43, REC'D 6-24-1997 bb AS INST. NO. 222392, O.R. 6� Au 1b' M 3 o r•- ( ,� o —J ��'r�' .n 5��} I �, Q O "- �� \AO' 118-171-024 >. o CO i i^pt VACATED AND ABANDONED /� Li '� °D ~ 30' PER RES. NO. 97-43, REC'D 6-24-1997 AS � N r-- LEGEND INST. NO. 222392, O.R. I o0 POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State 1.LLL Access Prohibited NOTES Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stotioning are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 9 0- 2 PERMANENT WALL. FOOTING EASEMENT I distances. All distances are in feet unless otherwise noted. FEET 0 15 30 60 90 PREPARED BY: PSOMAS Hutton CentreDrive, 200 Ana, CaliforniaCalifonia2707 Santo A (714)481-8053/(714)545-BB83 (Fax) DATE: 01-21-13 REV.: 3; 02-25-14 EA: OF540 FA*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 3 2 2 EXHIBIT A PAGE 9 1 PS OMAS EXHIBIT `CV LEGAL DESCRIPTION Caltrans Parcel No. 22190-3 Temporary Construction Easement APN 118-171-025 In the City of Corona, County of Riverside, State of California, being a portion of Tract 2687, as said tract is shownon that map, filed in Book 48 of Maps, Pages 65 and 66, in the office of the County Recorder of said county, described as follows: Beginning at the northeasterly corner of said tract; thence South 08°04'00" West 11.39 feet along the easterly line of said tract to a point thereon, said point being the True Point of Beginning; thence South 08°04'00" West 36.61 feet continuing along said easterly line to a point thereon; thence North 77°32'51" West 123.75 feet; thence South 55 ° 17'25" West 23.89 feet; thence North 81 ° 19' 19" West 29.03 feet to a point on the centerline of Garfield Avenue, also known as Isabella Way, as shown on said map; thence North 08°17'36" East 56.07 feet along said centerline to a point thereon; thence South 77°32'51" East 170.23 feet to the True Point of Beginning. Containing 6,907 square feet. See Exhibit `C2' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion. is 0.99997476. PA2PTG010501\SURVEY\LEGA1 S\22188-22190_APN_118-171-025,026,039,&040\Legals\22190-3-TCE.doc 1 /21 /2013 Page 1 of 2 EXHIBIT A, PAGE 10 PS OMAS Prepared under the direction of 2/ Brian E. Bullock, PLS 5260 Date P:12PTG0105011SURVFYCl.TEGALS122188-22190_APN_118-17I-025,026,039,&0401Legals\22190-3= CCE.doc 1 /21/2013 Page 2 of 2 EXHIBIT A, PAGE 11 EXHIBIT C2 PARCEL# TITLE AREA A P N 22190-3 TCE 6907 SOFT. 118-171-025 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING 7 8 9 280 1 2 3 4 SEE SHEET 2 FOR DETAIL PROPOSED R/W EXISTING R/W S81 ° 54'57"E 360.80' o POB - S79 02 59 E 311.39' Q - --- . — — w►wr.- - - "C" STREET T - __ _�_ . - _ _�.�� (A.K.A. SOFIA LANE) v L( 1 _. _ - - - ,__ _ - _ _ __..-._., � _ _ 1 1 LOT 7 T POE 1 18-1 71-040 � - _ _ -( �y � i I m y i` co I i I 1 18-1 71-039 1- o 1 y. 1 18-1 71 -026 1- I 1 18-1 71- 025 I I O D I I —1 1 o \ � I -1 i 1 ,/ R 1 ri -1 I I cZ I Z I0, 1 �1. 1 W 1 .o ._ .�. -- ' -►�- LLI 1118-171-091 1-I Q(di 118-171-038 1- 118-171-027 p z �11- 118-171-024 ( M O — MI W s oP00 i I 14.1 o o �� 118-171-092 j 118-171-037 �i 118-171-028 i 1 �I 0 118-171-023 J` p .- ;- j I q , z � N 118-171-036 m Ltd/��+-I N1 C.1 N1 �11°`"' l_ .1 N' o 11 18-1 71-093 I ( f Q 0 - - 1 18 1 71 022 o 1 SI 1- I 1 18-1 71-029 o Q V) — — 1 —1 1 i� ' —1 i -I I (D 1 i �� r 1 N81 ° 56'00'aW -- `° 1,r n11 118-171-035 -' I N 60` -, .,. 118-171-044 Q c�t1 118-171-030 I r 20.00 'DOC. �; 1 Q; ' N0. �- 201 0- 3 0043661 O.R.1 - 118-171-021ii I Z ! _, I I t CV 1118-171-045 �'�i I �1 o 118-171 -034 r 0 i v0 1 1 1 8-1 71 -031 1- 1 �1 1 1 1 8-1 71-020 o LEGEND a -1 I ©I ' -11 I _ 1 a. 0 - 1 ' ° 1 POB Indicates Point Of Beginning LOT 14 I 1 I- I1- ` 00 - 118-171-019 TPOB Indicates True Point Of Beginning 118-171-032 I � _ (R) Indicates Radial Bearing ( ) Title to State 1 1 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 9 0- 3 TEMPORARY CONSTRUCTION EASEMENT i distances. All distances are in feet unless otherwise noted. FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santia 92707 (714)481R 0053/(7014� 545-8 93 (Fox) DATE: 01-21-13 REV.: EA: OF540 FA*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS 8 R I V 91 5.3 1 2 EXHIBIT A, PAGE 12 EXHIBIT C2 PARCEL# TITLE AREA APN 22190-3 TCE 6907 SOFT. 118-171-025 ROUTE 91 RIVERSIDE FREEWAY 118-171-047 EXISTING R/W PROPOSED R/W S79°02'59"E 311.39' POB TPOB N -___--� y. _ 51 „E .. iu��I u S 7 7 ° 32 1 70.2 �1 1 .39' ° 1401 �W�ttm.... . W ¢ r'-- 3' Ct111'` co ti © o in z , \ Lair i ; �h� N77°32'51 "W 1 23 ' N1 m :x : a,w .. 7 5 CL1 -_ 431 G' DOC. NO. 2010-0043661 O.R. — Lu Z Q N 8109.9 1 9"W r �� r°b o 1 tiS' — _ _ _ --t )y�'� � � v rno • M O rn Q o t` a0 1 0 •- _ N.p N O � Z,�a`1 • J I J-I .A 0' j?,, i ir -;zxO. . V O 0. O co CC `Q 1 18-1 71-024 °0 30' 1 .q N. LEGEND N � co POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State 1 1 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 9 0- 3 TEMPORARY CONSTUCTION EASEMENT i �� distances. All distances ore in feet unless otherwise noted. FEET 0 15 30 60 90 PREPARED BY: P S ® M S 3 Hutton Centre Drive, Ste. 200Santo (714)481- N 53/(714 54598 B3 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5.3 2 2 EXHIBIT A, PAGE 13 PROOF OF MAILING NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on July 25, 2014, I mailed a copy of the attached notice by first- class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel No. 118- 171-025 (CPNs 22190-1, 22190-2 and 22190-3): National Community Renaissance of California 9065 Haven Avenue, #100 Rancho Cucamonga, CA 91730 Dated: July 25, 2014. Record Owner tzt ,e'W4it Margaret L. Barnes 17 3 3 6.02100\910407 3.1 NOTICE OF HEARING TO CONSIDER ADOPTION OF A RESOLUTION OF NECESSITY Pursuant to Section 1245.235 of the California Code of Civil Procedure, you are hereby notified that at a regular meeting to be held on Wednesday, September 10, 2014, at 9:30 a.m., at the Riverside County Administration Building, Board of Supervisors Chambers, located at 4080 Lemon Street, Riverside, California, the Commission of the Riverside County Transportation Commission intends to consider adopting a Resolution of Necessity, authorizing the commencement of eminent domain proceedings for the acquisition of real property interests in property that, according to the last equalized county assessment roll, is owned by you. The public use for which this resolution of necessity will be considered is for the SR-91 Corridor Improvement Project in Riverside County, California. The definition of the property rights to be acquired, together with the legal descriptions and corresponding depictions, are attached to this notice. A hearing will be held at the time and place mentioned above. You have the right to appear and be heard on the following matters: 1. Whether the public interest and necessity require the project for which the property is sought to be acquired. 2. Whether the project is planned or located in the manner that will be most compatible with the greatest public good and least private injury. 3. Whether the property sought to be acquired by eminent domain and described in the Resolution of Necessity is necessary for the proposed project. 4. Whether the offer required by Section 7267.2 of the California Government Code has been made. 17 3 3 6.02100\910407 3.1 Pursuant to California Code of Civil Procedure section 1245.235(b)(3), your failure to file a written request with RCTC to appear and be heard within 15 days from the date that this Notice is mailed may result in the waiver of your right to appear and be heard on the above - stated matters and issues that are the subject of the hearing. ALL COMMUNICATIONS SHOULD BE ADDRESSED TO: Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 DATE OF HEARING: PLACE OF HEARING: DATED: July 25, 2014. Wednesday, September 10, 2014 9:30 a.m. Riverside County Administration Building Board of Supervisors Chambers 4080 Lemon Street Riverside, California 92501 BEST BEST & KRIEGER LLP By: Mark A. Easter Kevin J. Abbott Attorneys for Riverside County Transportation Commission pEC EOWIE -u JUL 28 2014 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 17336.02100\9104073.1 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission: "Permanent Wall Footing Easement" grants to RCTC, including its successors and assigns, a permanent easement to construct, maintain, operate repair, alter, replace, and remove footings, under, along and across the easement area. "Temporary Construction Easement (TCE)" refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such right shall be exercised for a period of 12 consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. 17336.02100\8415488.1 EXHIBIT A, PAGE 1 PS OMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 22188-1 Permanent Wall Footing Easement APN 118-171-040 In the City of Corona, County of Riverside, State of California, being a portion of Sofia Lane ("C" Street, Lots "D" and "L") as shown on the map of Tract No. 2687, filed in Book 48, Pages 65 and 66 of Maps, in the office of the County Recorder of said county, said portion of Sofia Lane having been vacated by Resolution No. 97-43 of The City of Corona recorded June 24, 1997 as Document No. 222392 of Official Records of said County, described as follows: Beginning at the northwesterly corner of said Tract No. 2687; thence South 81 °54'57" East 172.94 feet along the northerly line of said Tract No. 2687 to the intersection of said northerly line with the northerly prolongation of the centerline of Magdalena Circle (Grant Avenue, Lot "C") as shown on said Tract No. 2687; thence South 08°17'36" West 4.42 feet along said prolongation; thence North 81°25'05" West 172.92 feet to the westerly line of said Tract No. 2687; thence North 07°58'00" East 2.91 feet along said westerly line to the Point of Beginning. Containing 634 square feet. See Exhibit `A2' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. M:12PTG010501\S URVE Y1LE;GALS122188-22190_APN_118-171-025,026,039,&0401Lcaals122188-1-PE.doc 3/12C2014 Page 1 of 2 EXHIBIT A, PAGE 2 2 3 4 5 6 7 8' 9 10 11 12 13 14 15 16 17 18 19 20 21. 22' 23 24 25 26 27 28 29 30 31 PS OMAS Prepared under the direction of l k Jeremy L. Evans, PLS; 5282 Date i d- h1:UPTG010501\SURVEY \LE„GA',S122188-22190 APN_11S-171-025,026,039,&040\Legals \22188-1-PE:dx; 3/3/2014 Page 2 of.2 EXHIBIT A, PAGE 3 EXHIBIT A2 PARCEL# TITLE AREA APN 22188-1 ESMT 634 SOFT, 118-171-040 ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL 1 / C/L STATIONING I I 1 1 i 1 1 7 S 9 280 1 2 3 4 (2218B-1 EXISTING R/W PROPOSED R/W POB S81 °54'57"E 360.80' _ - S79°02'59"E 31 1 .39' --. = = -1 -I- i-I -t -1- 1-1-t i- I-1 - rl t- 1--I -t. 0 — I �("C"STREET) \\,---��rJ---�,^� II SOFIA LANE �. __ "� __ -co,r___ 1--------_, 1 LOT 7 \1•-t_J 118-171-042 ,r n1 / `_"-- +-_- 1,1 --' 1 w QT 118-171-039 4 118-171-026 4 I 1 118-171-025 o .0 �T -I 1 I Z W I w 1 18- 1 71-041 N N 1-1 W 1 18-1 71 -038 N 1 18- 1 71-027 }- z 31-0 1 18-1 71-024 i oLij U M 'coI >- 4. 1 U m >- ~� J to 1 � Nr o N z - O I L61 118--171-042 1 118-171-037 Li 1 18-1 71-028 --1 Lu } 1 18-1 71-023 114 O L , 0 —.I F- 1 6'6 i 1-- ....I o I-1 I D Q LOT 10 0 03 _I 1-u v o I Q �1 0,7 I to I 118-171-036 L0 � "' v IN � _ N N I (co N 0,57. _ � � N 1 18-1 71-043 1 1- 1 0 1 18-1 71-022 O F, F- 1 18-1 71-029 I 1 20�� ! .. I 4 ft�G� �1D� rl— 60' N81°56'00ii14Y ---1 a1 N 1 18-1 71-035, - tv - 1 18-1 71-044 I Q C-,1v 1 18-1 71-030 F 20. 00' I 4 IDOC. NO. 8; 1- 1 201 0- D 0043661 O.R. 118-171-021 ---1 -z 6 "z j y m 1118-171-045 ,1 IY v � I 118-171-034 1 18-1 71-020 co o1 y0 1 1 1- 1 18- 1 71-031 i_. (0 Q LEGEND o _i � 0 - POB Indicates Point Of Beginning LOT 111 p cc 1- 118-171-019 TPOB Indicates True Point Of Beginning 118-171-032 -1 N _. (R) Indicates Radial Beoring ( ) Title to State 11..LL Access Prohibited NOTES Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8 8- 1 PERMANENT WALL FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. i FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa (714)481n 8053 17114)n54598883 (Fax) DATE: 01-21-13 REV.:2; 02-25-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 3 1 2 EXHIBIT A PAGE 4 EXHIBIT A2 PARCEL# TITLE AREA APN 22188-1 ESMT 634 SO.FT. 118-171-040 DETAIL "A" ROUTE 91 RIVERSIDE FREEWAY EXISTING R/W (22188-1 POB ° 581 54'57'E 360.80' — — 1 72.94' °25'05"W — N81 O 1 72.92' (V M Is- ("C" STREET) SOFIA LANE - vo O 1n o Z r I ♦ \\ \� °_a o' ; 1 18-1 71-040 111- _/ ti w I I 20' i w CO o 'COcc in o o z -. I I - i p i 22 i i _ OOQ36�1 0 .R ° ' 2 0A 2r v ' z ti I yi �5�� � �. 00 ° NO ° _��c� ��b Lir `. 1 18-1 71--041 23 , 30 o L01 i I I oD LEGEND ; = POB Indicates Point Of Beginning TP08 Indicates True Point Of Beginning (R) Indicates Radial Bearing C )Title to State 11JJ_ Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8 8- 1 PERMANENT WALL FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. I FEET 0 15 30 60 90 PREPARED BY: PSOMAS 3 Hutton Centre Drive Ste. 200 (714)481n53 °40/(7alra59bbB3 (Fax) DATE: 01-21-13 REV.:2; 02-25-14 EA:OF540 FAQ: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5.3 2 2 EXHIBIT A PAGE 5 1 2 4 5 6 7 8 9 10 11 12 1.3 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS EXHIBIT `BP LEGAL DESCRIPTION Caltrans Parcel No. 22188-2 Temporary Construction Easement APN 118-171-040 In the City of Corona, County of Riverside, State of California, being a portion of Tract 2687, as said tract is shown on that map, filed in Book 48 of Maps, Pages 65 and 66, in the office of the County Recorder of said county, described as follows: Beginning at the northwesterly corner of said tract; thence South 07°58'00" West 1.60 feet along the westerly line of said tract to a point thereon, said point being the True Point of Beginning; thence South 81°25'05" East 172.93 feet to a point on the northerly prolongation of the centerline of Grant Avenue, also known as Magdalena Circle, as shown on said map; thence South 08°17'36" West 56.50 feet along said centerline and its northerly prolongation to a point on said centerline; thence North 81 °25'05" West 27.78 feet; thence North 33°28'29" West 26.94 feet; thence North 81 °25'05" West 127.00 feet to a point on said westerly line; thence North 07°58'00" East 36.50 feet along said westerly line to the True Point of Beginning. Containing 7,043 square feet. See Exhibit ` 32' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, `Lone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. PA2PTC3010501\SURVEY\LEGALS122188-22190_APN_l I8-17t-025,026,039,&0401Legals122188-2-TCE.doc 1 /21/201"3 Page 1 of 2 EXHIBIT A, PAGE 6 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS Prepared under the direction of l 2/13 Brian E. Bullock, PLS 5260 Date P:12PTG0105011SURVEY \LEGA1. S122188-22190_APN_118-171-025,026,039,&040\Legals\22188-2= CCE.doc 121i2013 Page 2 of 2 EXHIBIT A, PAGE 7 EXHIBIT B2 PARCEL# TITLE AREA APN 22188-2 TCE 7043 50.FT. 118-171-040 ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL /C/1. STATIONING I I I i I I ► I 7 8 9 280 1 2 3 4 EXISTING R/W PROPOSED R/W POB i � 581 ° 54'57"E 360.80' — 579°02'59"E 31 1 .39' --, ,... a.,. _ — . _ (I i : n n " STREET AP.:` —lilt: "_ (A.K.A. SOFIA LANE]——_ �. I I ,��.-- --- i -- —— 1 LOT 7 \ i 1 `` 118-171-040 ' — nt , y._ I —_ I -_-_4_ -, co -1-----�I— 1118-17f-039 118-171-026 ro -��- I 118-171-025o I I _1 I 1 I 11-� — — — _.._. . i .. , ,. It:— I N I ..... r Th [) I I Cr, I 14j I I 1 3; V w 1 1 11 18-1 71 -041 Q r- I Y Q V1 1 18-1 71 -038 1- i 1 1 8-1 71-027 o f 2 Q i )p 1 18-1 71 -029 o� � �i ���� I _tI �i� 1 M w CO ?( > f I y C I 4 I n` >- I I I ' 41 , � to I t >- " - cr O 04 N I ;J 'W 118-171-092 ' 1118-1 71 -037 vI1 J 18-1 71-028 i i � 1 18-1 71-023 i. & 0 o 1- 1 6 Q � v r; r` 0 i cr , J i LOT 10 a I J'; v -- 1 0 Zi._ � co I N - , 1N;. 1 18-1 71-093 1 1 18-1 71-022 i O � f a i 1,18-1 71-029 i.zt 1 — — ( a 1,.... .0,0 .., 1 C7 I ' .SW,1 �1 1 N81 ° 56'00liN ---- ' 118-171-035 -ICi! -r 60 M ?i 118-171-094 Q 118-171-030 F- 20.00 Q DOC. N0. `� J �— ' 201 0— 41 , 1 I 0043661 q1 O.R.O.R., -� 118-171-021 Z 1 ' I , N 1118-1 71-045 `Z�, - i 1 18-1 71-034 I 1 1 18-1 71-020 o o 0 y0 1 18- 1 71-031 t 1 �yl 1 0 1 LEGEND t- -o'I _t' o — POB Indicates Point Of Beginning LOT 14 i I co m 1 1 o 118-171-019 „ o ^ TPOB Indicates True Point Of Beginning 118-171-032 I i -J U ^ (R) Indicates Radial Bearing ( ) Title to State III I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distonces and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 TEMPORARY CONSTRUCTION 1 8 8— 2 EASEMENT distances. All distances are in feet unless otherwise noted. I FEET 0 50 100 200 300 PREPARED BY: P O M A S 3 Hutton Centre Drive Ste. 200 2707 71'ta Ano, 41491 8053/1714)S45ia -9893 (Fox) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS 8 RIV 91 5.3 1 2 EXHIBIT A, PAGE 8 EXHIBIT B2 PARCEL# TITLE AREA APN 22188-2 TCE 7043 SO.FT. 118-171-040 ROUTE 91 RIVERSIDE FREEWAY 'ii EXISTING R/W POB S81 ° 5415711E 360.80' '. ,1,, ;a+s _;..; -{!Y� :w�r•:.,�uir.� ,�!!i?:' f S81 °25'05"E r,...�_�AC3't�-_.:.ir,�°7ia3ssia.:�,+.SE.`+vs€"a"cu., b-s-� ' . 1 72.93' o TPOB o,: O LO � - ___ • T,= �- ram.,+ ;P v "C" STREET _.._,_ to O� (A.K.A. SOFIA LANE) LC) r- N33°28'29"W �o 26.94' m Mo ' N81 °25'05"W 1 27.00' ocp I03 I 7 °° 1 18-1 71-040 ;- _A, , w I 27.78' 20' ; N81°25'05"W � 1 `° -O co �` I i I O 2 I W \-01 ' o�Ro Z �p0A36E\ Zp1 p 01 U 0~ .� • • Y z i1' I N(3" 0° -NJ S% c cf - 66 I ZQ >- I OQC . .{ r�I • Lu e, --I��'°, J � Co g — Q 118-171-041 ( ' L� 30 ' M o � �JS �- I I � ti 1 LEGEND 03 POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing j ( )Title to State 11 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8 8- 2 TEMPORARY CONSTRUCTION EASEMENT distances. All distances are in feet unless otherwise noted. I iiIi� FEET 0 15 30 60 90 PREPARED BY: P S O A S 3 Hutton Centre Drive, Ste. 200 Santa1481 8053/(7114)54592737 8883 (Fax) DATE: 01-21-13 REV.: EA: OF540 FAtt: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 3 2 2 EXHIBIT A, PAGE 9 PROOF OF MAILING NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on July 25, 2014, I mailed a copy of the attached notice by first- class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel No. 118- 171-040 (CPNs 22188-1 and 22188-2): National Community Renaissance of California 9065 Haven Avenue, #100 Rancho Cucamonga, CA 91730 Dated: July 25, 2014. Record Owner Margaret L. Barnes 17336.02100\9 l 04073.1 NOTICE OF HEARING TO CONSIDER ADOPTION OF A RESOLUTION OF NECESSITY Pursuant to Section 1245.235 of the California Code of Civil Procedure, you are hereby notified that at a regular meeting to be held on Wednesday, September 10, 2014, at 9:30 a.m., at the Riverside County Administration Building, Board of Supervisors Chambers, located at 4080 Lemon Street, Riverside, California, the Commission of the Riverside County Transportation Commission intends to consider adopting a Resolution of Necessity, authorizing the commencement of eminent domain proceedings for the acquisition of real property interests in property that, according to the last equalized county assessment roll, is owned by you. The public use for which this resolution of necessity will be considered is for the SR-91 Corridor Improvement Project in Riverside County, California. The definition of the property rights to be acquired, together with the legal descriptions and corresponding depictions, are attached to this notice. A hearing will be held at the time and place mentioned above. You have the right to appear and be heard on the following matters: 1. Whether the public interest and necessity require the project for which the property is sought to be acquired. 2. Whether the project is planned or located in the manner that will be most compatible with the greatest public good and least private injury. 3. Whether the property sought to be acquired by eminent domain and described in the Resolution of Necessity is necessary for the proposed project. 4. Whether the offer required by Section 7267.2 of the California Government Code has been made. 17336.02100\9104073. I Pursuant to California Code of Civil Procedure section 1245.235(b)(3), your failure to file a written request with RCTC to appear and be heard within 15 days from the date that this Notice is mailed may result in the waiver of your right to appear and be heard on the above - stated matters and issues that are the subject of the hearing. ALL COMMUNICATIONS SHOULD BE ADDRESSED TO: Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 DATE OF HEARING: PLACE OF HEARING: DATED: July 25, 2014. Wednesday, September 10, 2014 9:30 a.m. Riverside County Administration Building Board of Supervisors Chambers 4080 Lemon Street Riverside, California 92501 BEST BEST & KRIEGER LLP By: Mark A. Easter Kevin J. Abbott Attorneys for Riverside County Transportation Commission 0)EV EWE JUL 28 20TLt RIVERSIDE COUNTY TRANSPORTATION COMMISSION J 17336.02100\9104073.1 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission. (The rights being acquired may be exercised mutually exclusive of each other.) "Fee," also known as fee simple or fee simple absolute, grants to RCTC absolute ownership of the portion of the property acquired. "Permanent Wall Footing Easement" grants to RCTC, including its successors and assigns, a permanent easement to construct, maintain, operate repair, alter, replace and remove footings, under, along and across the easement area. "Temporary Construction Easement (TCE)" refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. Such right shall be exercised for a period of 12 consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. 17336.02100\8415483.1 EXHIBIT A, PAGE 1 PSOMAS EXHIBIT `Al' LEGAL DESCRIPTION Caltrans Parcel No. 22189-1 Fee Acquisition APN 118-171-026 & 039 In the City of Corona, County of Riverside, State of California, being a portion of Tract 2687, as said tract is shown on that map, filed in Book 48 of Maps, Pages 65 and 66, in the office of the County Recorder of said county, described as follows: Beginning at the northwesterly corner of said tract; thence South 81°54'57" East 218.43 feet along the northerly line of said tract to a point thereon, said point being the True Point of Beginning; thence easterly, continuing along said northerly line the following two (2) courses: 1) South 81°54'57" East 142.37 feet and 2) South 79°02'59" East 141.47 feet to a point thereon, said point being the northerly terminus of the centerline of Garfield Avenue, also known as Isabella Way, as shown on said map; thence South 08°17'36" West 3.41 feet along said centerline to a point thereon; thence North 77°32'51" West 118.79 feet; thence North 81 °25'05" West 165.22 feet to the True Point of Beginning. Containing 325 square feet. See Exhibit `A2' attached hereto and made a part hereof. This conveyance is made for the purpose of a freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. PA2PTG010501 \SURVEY\LEGALS\22188-22190_APN_118-171-025,026,039,&040\Leeals\22189-1-Fee.doe 1/21/2013 Page I of 2 EXHIBIT A, PAGE 2 PS oMAS The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of /.-2/ 7? Brian E. Bullock, PLS 5260 Date PA2PTG010501\SURVEY\LEG ALS\22188-22190_APN_ 118-171-025,026,039,&040\Legals\22189-1-Fee.doc 1/21/2013 Page 2 of 2 EXHIBIT A, PAGE 3 EXHIBIT A2 PARCEL# TITLE AREA APN 22189-1 FEE 325 SOFT. 118-171-026 & 039 'i\ ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL / C/L STATIONING 7 8 9 280 1 2 3 4 EXISTING R/WI i�# PROPOSED R/W POB S81°54'57"E 360.80' _ -- _ S79°02'59"E 311.3W -.� 21 8.43' TPOB — ,"' - - -1 "C" STREET . _ _ ..——.,�..—.� —— (A.K.A. SOFIA � LANE) -- �--� I —-------...-- S _ /`i -- ,�- I Li17 7 ` 118-171-040 y 1- -r N-+-i--_.�� I co.�__ �i----___, °p 1 F i 1 -1-- �- - -6 q 1 1 18-1 71-039 _1 1 1 18-1 71-026 - 0 I I j 1 18-1 71-025 1 I I l -I- .....+ .z 1 -1 — -1 � T T I W Q k � )-il 1 18-1 71-041 I Q 1-1 Y Q U 1 18-1 71 -038 tD�1' 1- i 1 18-1 71-027 Z Q 1 18-1 71 -024 o 00 I ol 'Q� Q (? .,. i _iI i _ W J th_ co O q- 1 " Q-0 q 1> I I Q a] O N ^IUi w-1_ in W 1 18-1 71-042 I 118-171-037 118-171-028 1 � 1- 118-171-023 o o -J r- 1 60 1- I --i 1 I ~O �I �Ia LOT IO �` �_pp Z /� i N I �yi i P11,S, ^I W Y I)- N�.: 1 18-1 71-043 1 1 I • 1 18-1 71-022 o � 191 118-171-029 0 � � i 2 -• -- j ; i 20. N 0. 1 a f f �G 1-1 60' ro N81 ° 56'00W -- .o ,` 1 18-171 cv i i 118-171 -044 Q -035 iCr31 118-171-030 1-. 20.00 i DOC. NO. 0I F- 201 0- of i 0043661 �I O.R., i -' 118-171-021 Z ,\ Q I hi 1I18-1 71-045 `I' cc,. -0 rni j O ,� I 1 18-1 71 -034 -1I o I ye'I ,_.1 1 18- 1 71-031 -.1 ( 1 I q 1 18-1 71 - 020 0 1 LEGEND _iI �I - o 0 - ° POB Indicates Point Of Beginning i LOT lc} - co 0 118-171-019 oo TPOB Indicates True Point Of Beginning I 118-171-032 i I _ v) - (R) Indicates Radial Bearing ( ) Title to State lilt Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8 9- 1 FEE ACOUISITION distances. All distances are in feet unless otherwise noted. I pl i FEET 0 50 100 200 300 PREPARED BY: P O M A S 3 Hutton Centre Drive, Ste. 200Santa , California 2707 (714)481',-0053/(714)54598883 (Fox) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 3 1 2 EXHIBIT A, PAGE 4 EXHIBIT A2 PARCEL# TITLE AREA APN 22189-1 FEE 325 SOFT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING I I 1 I 9 280 1 2 LINE TABLE L1 - S08° 1 7'36"W 3.41 ' EXISTING R/W POB TPOB ;.$- PROPOSED R/W S81°54'57"E 360.80' S79°02'59"E 311.39' --- 218.43' 142.37' 41 47' r C- N81 °25'05"W 1 65.22' V "- •"" 0 118.79' ��JC= L "C" STREET *_� (A.K.A. SOFIA LANE) , .-- _._._— ____-- — 1/ 1 LOT 21 I N77°32'51 "W .� _.- : _ ) N. —1- ul N 0 1 ti Ir I\\ I- I � I -- I I ^;/118-171 t 1040 c I I 1 18-1 71-026 LOT a 1 I LOT 22 1 ) 1 18-1 71-039 ) ' w=--- I� i I i I —.. -II — i W Q I i 6-be' � s 60 '1 N.I. cc ,-� 118-171-038 M'5' LO7 LOT 23 1 Q�WI 9 . L;1 lC • --1 J I 1-1-1 --� , 118-171-041 2 QQCcI %°S •pi VO' i iI 1]B-171-027 2 Q oo Fo^r Q I� 4U-0 LOT 20 >r 3Z I I 1 Q \ I i LOT 24 i DOC . NO. 201 0- I I W; 0043661 I O.R. o f I LA -.1 w m M N in i J I ^ r` { I 1 18-1 71 �042 1 118-171-037 1 - 1 18-1 71-028 I -- <T I-- I I (1 QI OC (4" I 4 1 610 i I ,Ol I � .., 03 __Ij 1 LOT 19 i NI LOT 10 Q LEGEND ; ; • 1� Q POB Indicates Point Of Beginning 118-171-0316 I 118-171-029 ( 11- TPOB Indicates True Point Of Beginning IR) Indicates Radial Bearing LOT 12 1 i LOT 11 i 10 I_I ( )Title to State 1 1) I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8 9- 1 FEE ACQUISITION distances. All distances are in feet unless otherwise noted. �� FEET 0 30 60 120 180 PREPARED BY: PSOMAS 3 Hutton Centre Drive Ste. 200 Santa A, Califonia 2707 (714)481'-8053/(714)545-8883 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5.3 2 2 EXHIBIT A, PAGE 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS EXHIBIT TV LEGAL DESCRIPTION Caltrans Parcel No. 22189-2 Permanent Wall Footing Easement APN 118-171-026 & 039 In the City of Corona, County of Riverside, State of California, being a portion of Sofia Lane ("C" Street, Lot "D") as shown on the map of Tract No. 2687, filed in Book 48, Pages 65 and 66 of Maps, in the office of the County Recorder of said county, said portion of Sofia Lane having been vacated by Resolution No. 97-43 of The City of Corona recorded June 24, 1997 as Document No. 222392 of Official Records of said County, described as follows: Beginning at the northwesterly corner of said Tract No. 2687; thence South 81 °54'57" East 172.94 feet along the northerly line of said Tract No. 2687 to the intersection of said northerly line with the northerly prolongation of the centerline of Magdalena Circle (Grant Avenue) as shown on said Tract No. 2687, said intersection also being the True Point of Beginning; thence continuing South 81 °54'57" East 45.49 feet along said northerly line; thence South 81 °25'05" East 165.22 feet; thence South 77°32'51" East 118.79 feet to the centerline of Isabella Way (Garfield Avenue), as shown on said Tract No. 2687; thence South 08°17'36" West 3.51 feet along said centerline; thence North 77°32'51" West 72.88 feet; thence North 79°15'22" West 47.58 feet; thence North 81°25'05" West 208.96 feet to said northerly prolongation of the centerline of Magdalena Circle; thence North 08°17'36" East 4.42 feet along said northerly prolongation to the True Point of Beginning. Containing 1,452 square feet. See Exhibit 132' attached hereto and made apart hereof. M:\2PTG010501\SURVEYILEGALS\22188-22190 APN_118-171-025,026,039,&04011,egals\22189-2-PE.doc 3/12/2014 Page 1 of 2 EXHIBIT A, PAGE 6 3 4 5 6 7 8 9 1a 1I 12 13 14 15 16 17 1s 19 20 21 22 23 24 25 26 27 28 29 30 31 PSOMAS The distances described herein are grid distances and are based on California Coordinate' System of 1983,;Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of Jeremy L. Evans, PLS 5282 Date` 201 d-- eM:12PTG010501\SURVEYII;EGALS122188-22190_APN_118-171-025,026,039,Rr04011.egals122189-2-PE;doe 3t312014 Page 2 of 2 EXHIBIT A, PAGE 7 EXHIBIT A2 PARCEL# TITLE AREA APN 22189-2 ESMT 1452 SOFT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL / C/L STATIONING I I I I I ( I 7 8 9 280 1 2 3 4 EXISTING R/W (22189-2) PROPOSED R/W POB 581°54'57"E 360.80' , S79°02'59"E 311.39' 172.94' f. TPOB \ J("C"= STREET) _ SOFIA LANE -`� 1--------_ �`, - � -- _ - - =� 1 I LOT 7 118-171-040 y1- _ --1 +-Ii----��_� __ �"-^---_ .__ 1-v _i 70 J r i t118-171-039 I 118-17f-026 0~ I 118-171-025 n n i Ww 1 yI ,, W p a; u1 'ro 118-171-041 r-I � V I118-171-038 1-j 118-171-027 6 Z , ip 118-171-024 o �- _1i a.- � 1 p1 _a 41 's 1� ,� co O- 00 �- r I sJ I I 0,1)... Q Q I -II LD >• 3 - O - tn w 1 18-1 71-042 I ill$-171-037 IU 118-171-028 � i r w 118-171-023 J p ° J 1-- ( 60' • 1-- I -.I I o ti ~O _1 I I LOT 10 p u Q v Q �} 5�-I I Z '� � � �jv. O toi 118-171-036 min Iq 42/ozz °o - N 1yI ,04 _1 118-171-022 N o 118-171-043 -, I 1 SIN rl 1 0 b l� I 118-171-029 i __ fin, 2c> 31 �t _1 0, f r i 60' N81 °56'00"/W -- -� '° I N 1 18- 1 71-035 - _ 1 Irv) 1 18-1 71-044 1 1 1csi 1 18-1 71-030 I 20.00' DOC. N0. ;; I-- 2010- 4� 0043661 qi O.R.; � 118-171-021� 1z 1 1 1 '�I � 1 i 1 N rn 1 18-1 71-045 �' --1 -1 p 4 1� 1 1 18-1 71-034 1 1-. 118-171-020 o N. 1` 1 FI 118-171-031 1_,1 (� 1 q p 1 LEGEND �� �I o r- _� POB Indicates Point Of Beginning 1 LOT 14 1 IF co ca 1)8-171-032 I o 1 18-1 71-019 p TPOB Indicates True Point Of Beginning I 1 1 J (r) •- (R) Indicates Radial Bearing ( ) Title to State till Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8 9- 2 PERMANENT WALL FOOTING EASEMENT distances. All distances are in feet unless otherwise noted. I FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive Ste. 200 Santo Aa, California 2707 (T141A 1n 8053/(7141SA5§8883 (Fax) DATE: 01-21-13 REV.:2; 02-25-14 EA:0F540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 3 1 2 EXHIBIT A PAGE 8 EXHIBIT B2 PARCEL# TITLE AREA APN 22189-2 ESMT 1452 SOFT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY / C/L STATIONING I I I I 9 280 1 2 LINE TABLE DETAIL "A" L1 - S08°17'36"W 3.51' L2 - N08° 1 7'36"E 4.42' EXISTING R/W PROPOSED R/W 22189-2) POB TPOB - 1 72.94' S81 ° 54'57"E 360.80' 7--- S79° 02'59"E 31 1 .39' S81 °25'05"E 165.22' S77°32'51 "E 4 5.4 9' 1 18.79' L 2 N81 °25'05"w 208.96' • `� c= _ -- "C" STREET `l —_ SOFIA LANE +/ + —�I LDTz1 N79° 1 , 1 5'22"W 72\88' �l L 1 tel �, N- I _ to I ._ I 47.58, i/ 118-171-1040 1 — � 1 t I 118-171-026 LOT 8 1 I LOT 22 118-171-039 I t + � 1 W + I I I O LaJ 'ct I Zw I 42'/ o I I 60' N O I 1 18- �, N\' LOT 9 I � LO"r 23 Q � � I 1 71-038 I I i- -, 143 �, I 1 1 w II-- 0 ° 118-171-041 Z S-1 Q� I �, » c� y I I 118-171-027 1 I Z Iq o Z , Q(DC.) 1 ct �I � i �� LOT 20 i m - r4 1 LOT 24 I r�l i DOC . NO. 201 0- i 1 >- 0043661 O.R. ; 4 f W 3 Q 0 1 1 i In 118-171-1042 j 118-171-037 j Q 118-171-028 1 � W^ 11- 1 -I o 1 a m CO I i LOT 19 LOT 1 D i ` il: 1 LEGEND I ; I ; • .. iL POB Indicates Point Of Beginning 118-171-036 118-171-029 + II- TPOB indicates True Point Of Beginning (R) indicates Radial Bearing LOT 18 i LOT II I_1 ( ) Title to State J_LJ,_ Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8 9- 2 PERMANENT WALL FOOTING EASEMENT distances. All distances are in feet unless Otherwise noted. I �� FEET 0 30 60 120 180 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 (7141481'-B053J171141545California 9 8883 (Fax) DATE: 01-21-13 REV.:2; 02-25-14 EA: OF540 FA*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5. 3 2 2 EXHIBIT A PAGE 9 PSOMAS EXHIBIT `CI' LEGAL DESCRIPTION Caltrans Parcel No. 22189-3 Temporary Construction Easement APN 118-171-026 & 039 In the City of Corona, County of Riverside, State of California, being a portion of Tract 2687, as said tract is shown on that map, filed in Book 48 of Maps, Pages 65 and 66, in the office of the County Recorder of said county, described as follows: Beginning at the northwesterly corner of said tract; thence South 81 °54'57" East 172.94 feet along the northerly line of said tract to a point thereon, said point being the intersection of said northerly line with the northerly prolongation of the centerline of Grant Avenue, also known as Magdalena Circle, as shown on said map; thence South 08°17'36" West 3.10 feet along said prolongation of said centerline to apoint thereon, said point being the True Point of Beginning; thence South 81 °25'05" East 210.57 feet; thence South 77°32'51 " East 118.92 feet to a point on the centerline of Garfield Avenue, also known as Isabella Way, as shown on said map; thence South 08°17'36" West 49.34 feet along last said centerline to a point thereon; thence North 77°58'55" West 30.77 feet; thence North 36° 13'39" West 19.61 feet; thence North 77°32'51 " West 75.77 feet; thence North 81 °25'05" West 164.01 feet; thence South 54°08'06" West 28.56 feet; thence North 81 °25'05" West 24.65 feet to a point on said centerline of Grant Avenue; thence North 08°17'36" East 56.50 feet along last said centerline and said northerly prolongation of last said centerline to the True Point of Beginning. Containing 13,209 square feet. See Exhibit `C2' attached hereto and made a part hereof. P:12PTG010501 \ SURVEY \LEGAL S\22188-22190_APN_ 1 l8-171-025,026,039,&040\Legals22189-3-TCE.doe 1 /21 /2013 Page 1 of 2 EXHIBIT A, PAGE 10 PS OMAS The distances described herein are grid distances and are based on California Coordinate System of 1983,.Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of f Brian E. Bullock, PLS 5260 Date P•\2PTG010501 \SU RVEY\LEGALS\22188-22190_APN_ 118-171-025,026,039,&0401Legals\22189-3-TCE.doc 1 /21 /2013 Page 2 of 2 EXHIBIT A, PAGE 11 EXHIBIT C2 PARCEL* TITLE AREA APN 22189-3 TCE 13209 SOFT. 118-171-026 & 039 ROUTE 91 RIVERSIDE FREEWAY SEE SHEET 2 ROUTE 91 RIVERSIDE FREEWAY FOR DETAIL / C/L STATIONING 8 9 280 1 2 3 4 EXISTING R/W 89 PROPOSED R/W POB S81 ° 54'57"E 360.80' _ .— — ` S79°02'59"E 311 -39' --, - r0.. . _ r _ ..... "C" - v — _ - 1 STREET �_—.�_,� _� --� 1 (AKA SOFIA - - - .�-.rt.,;,...*• w-. � LANE) �-� ....� „..�, � .., 1 LOT 7 ` �_� 118-171-040 � t+t`_` -�_. ,_1,_______ �.- co 4 i 1 118-171-039 Li I 1 118-171-026 oT�. � 118-171-025 0 i -1 I 1�. v �, r.. 1y) ' - z -.I I L iJ D I ni I ' 1 cr LLI ,z-1- $ .o I 1• V C0 7 18-1 71-041 1—.• c= Q VI 1 18-1 71-038 1-. 1 1 18-1 71-027 o z � 1 18-1 71-024 , --1 . t p �1 -I I f -t I� W I03 M 00 I W , o -J 118-171-042 118-171-037 118-171-028 i i 118-171-023 ice`' p 1- 60 F.,i� o r` a i a 1 -3 LOT 10 IQ p I`1., v O 'Q -1 I -I Q_ J I Q O 1 z • F- Co p iy 118-171-036 i- -1 '° j11�/� ;j Y ! ic\1`' o N i *-1N �° �` 118-171-043 i • 1^ 118-171-022 1 0 o del o1 118-171-029 p i Q Q_ 1 qN -, T` i N81 ° 56'00"�UV is -- 1 18-1 71-044 .1) " is .Q 1 18-1 71-035 -' [wi 1 18-1 71-030 N 60' - (---- r> - i r. 20. 00' DOC . NO. q h. ; 201 0- �Q 1 0043661 q O.R. �1 ; -1 1 18-1 71-021 I•. + -a z ' 1t18-1 71-045 �� -1 m � 0 ( 11 18-1 71-034 1 I r 118-171-020 ' O O o 1 I 1 118-171-031 I i q 1 LEGEND �' Qt 1 i _a / o ,- 1,- I I--__-1 °� POB Indicates Point Of Beginning 9 9 1 LOT 14 l a� 1 1 0 1 18-1 71 -019 o TPOB Indicates True Point Of Beginning 178-171-032 1 i _i In - (R) Indicates Radial Bearing ( )Title to State 1 LL_ Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1 8 9- 3 TEMPORARY CONSTRUCTION EASEMENT distances. All distances are in feet unless otherwise noted. ` FEET 0 50 100 200 300 PREPARED BY: PSOMAS 3 Hutton Centre Drive Ste. 200 Santo (7104BlAna, 8053/(7114)545-8883 (Fox) DATE: 01-21-13 REV.: EA: OF540 FAQ: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 5.3 1 2 EXHIBIT A, PAGE 12 EXHIBIT C2 PARCEL# TITLE AREA APN 22189-3 TCE 13209 SOFT. 118-171-026 & 039 LINE TABLE L1 - S08° 1 7`36"W 3.10' L2 - 508°17'36"W 49.34' L3 - N36° 1 3'39"W 1 9.61 ' L4 - S54°08'06"W 28.56' ROUTE 91 RIVERSIDE FREEWAY 'i L 5 - N08° 1 7'36"E 56.50' / C/L STATIONING 9 280 1 2 ROUTE 91 RIVERSIDE FREEWAY EXISTING R/W PROPOSED R/W �-.: POB S81°54'57"E 360.80' S79°02'59"E 311.39' 172.9 _._.. L 1� S81 ° 25'05"E 210.57' _ o ' S77° 32'51"E�=11=fle `F "C" STREET i_fil TPOB (A.K.A. SOFIA LANE) 118.92' - `l _ � N81 25 05 W 10�.01 LOT 1 I N77°32'51" 75,77'W ,��Ot �' Nin � Iq I-' 1 18- 1 71 -1040 L4 21 I 1 I I _ ,_ i/ 24.65 118-171-039 I I LOT 8 1 co l j LOT 22 N181 25 05'W I 118-171-026 00.771 N77 58'515 W ^ I LIJ I \ I I —T �} 11 1 W Q I I Z---1 I I L��/ 65_ hr° � I 6� � N O 1 ° ' , W w 1 18-1 ��, M LOT 9 LT 23 OI R Q 1 71-038 I I t ,_ .n I_ 1.r) I J J I 1 I I 14 Q= i 118-171-041 z QCJCci �), ��� i i 118-171-027 i Z Q 7 I� Z i r 7��'i Lij `iRr I Or 20 I I .- — 1 I I I LOr 2� i c I i DOC. NO. 2010- ; I I >-' 0043661 O.R. ; q �I I 14 � a3 o 1 ;u' I 1 ,� I 118-171-042 118-171-037 1 J1 118-171-028� i " Q^ IF-. 1 I c1 IY cn io 610 1 I i I ' 1 I 01 � � co 1� rs I LOT 19 I ( LOT 10 N1 ,,i i l LEGEND � ' I I '`• POB Indicates Point Of Beginning 1 18-1 71 -0316 1 1 8-1 71 -029 8 TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing LOT 18 1 i LOT 11 ( ) Title to State I I ( ) Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 1.8 TEMPORARY CONSTRUCTION 9 - 3 EASEMENT distances. All distances are in feet unless otherwise noted. ( FEET 0 30 60 120 180 PREPARED BY: PSOMAS 3 Hutton Centre Drive Ste. 200 Sonto Ana, California 92707 (714)481 A053/(7114)545-8863 (Fax) DATE: 01-21-13 REV.: EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS 8 R I V 91 5. 3 2 2 EXHIBIT A, PAGE 13 PROOF OF MAILING NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on July 25, 2014, I mailed a copy of the attached notice by first- class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel Nos. 118-171-026 and 118-171-039 (CPNs 22189-1, 22189-2 and 22189-3): National Community Renaissance of California 9065 Haven Avenue, #100 Rancho Cucamonga, CA 91730 Dated: July 25, 2014. Record Owner Margaret L. Barnes 17 3 3 6.02100\910407 3.1 PROOF OF MAILING NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on July 25, 2014, I mailed a copy of the attached notice by rust - class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel Nos. 118-171-026 and 118-171-039 (CPNs 22189-1, 22189-2 and 22189-3): National Community Renaissance of California 9065 Haven Avenue, #100 Rancho Cucamonga, CA 91730 Dated: July 25, 2014. Record Owner Margaret L. Barnes 17336.02100\9104073.1 Indian Wells (760) 568-2611 Irvine (949) 263-2600 Los Angeles (213) 617-8100 Ontario (909) 989-8584 BEST BEST & KRIEGER ATTORNEYS AT LAW 3390 University Avenue, 5th Floor, P.O. Box 1028, Riverside, CA 92502 Phone: (951) 686-1450 I Fax: (951) 686-3083 I www.bbklaw.com Margaret L. Barnes (951)826-8357 margaret.barnes@bbklaw.com File No. 17336.02100 August 12, 2014 Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 pliEcEriw AUG 1„ 3 21:114 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Re: Notice of Hearing to Consider Amending a Resolution of Necessity, as to Pearl Street Properties, LLC, APNs 115-060-013, 115-060-015, 117-270-005 and 117-270-013 (CPNs 22275-5, 22275-9, 22275-10 and 22275-11) RCTC/SR91 OP Project Sacramento (916) 325-4000 San Diego (619) 525-1300 Walnut Creek (925) 977-3300 Washington, DC (202) 785-0600 Dear Jennifer: VIA HAND DELIVERY COON No. k3--011 Attached is the original Notice of Hearing to Consider Amending a Resolution of Necessity, with proof of mailing, of the hearing scheduled for September 10, 2014, as to fee, temporary construction easement, permanent drainage easement and temporary access easement interests for property sought for the project. This notice is being provided for your use in noting the date of mailing at the hearing. Please do not hesitate to contact me, should have any questions. Very truly yours, d/e..d-G Margaret L. Barnes Senior Litigation Paralegal for BEST BEST & KRIEGER LLP Attachment 17336.02100\9158159.1 NOTICE OF HEARING TO CONSIDER AMENDING A RESOLUTION OF NECESSITY Pursuant to Section 1245.235 of the California Code of Civil Procedure, you are hereby notified that at a regular meeting to be held on Wednesday, September 10, 2014, at 9:30 a.m., at the Riverside County Administration Building, Board of Supervisors Chambers, located at 4080 Lemon Street, Riverside, California, the Commission of the Riverside County Transportation Commission intends to consider adopting a Resolution to amend Resolution of Necessity 13-011 adopted on June 12, 2013 to add additional property interests and authorize the commencement of eminent domain proceedings for the acquisition of said additional real property interests in property that, according to the last equalized county assessment roll, is owned by you. The public use for which this resolution of necessity will be considered is for the SR-91 Corridor Improvement Project in Riverside County, California. The definition of the additional property rights to be acquired, together with the legal descriptions and corresponding depictions, are attached to this notice. A hearing will be held at the time and place mentioned above. You have the right to appear and be heard on the following matters: 1. Whether the public interest and necessity require the project for which the property is sought to be acquired. 2. Whether the project is planned or located in the manner that will be most compatible with the greatest public good and least private injury. 3. Whether the property sought to be acquired by eminent domain and described in the Resolution of Necessity is necessary for the proposed project. 17336.02100\9146997.1 4. Whether the offer required by Section 7267.2 of the California Government Code has been made. Pursuant to California Code of Civil Procedure section 1245.235(b)(3), your failure to file a written request with RCTC to appear and be heard within 15 days from the date that this Notice is mailed may result in the waiver of your right to appear and be heard on the above - stated matters and issues that are the subject of the hearing. ALL COMMUNICATIONS SHOULD BE ADDRESSED TO: Jennifer Harmon Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, California 92501 DATE OF HEARING: PLACE OF HEARING: DATED: August �Z, 2014. Wednesday, September 10, 2014 9:30 a.m. Riverside County Administration Building Board of Supervisors Chambers 4080 Lemon Street Riverside, California 92501 BEST BEST & KRIEGER LLP By: Mark A. Easter Gregory G Snarr Attorneys for Riverside County Transportation Commission 17336.02100\9146997.1 Legal Definitions of Property to be Acquired The following is a list of definitions of legal rights to be acquired by Riverside County Transportation Commission: (The rights being acquired may be exercised mutually exclusive of each other.) "Fee" also known as fee simple or fee simple absolute, grants to RCTC, absolute ownership of the property. "Temporary Construction Easement" (TCE) refers to the right of RCTC, its successors and assigns, to engage in construction and related activities for the project. With respect to CPN 22275-11, such right shall be exercised for a period of thirty-six (36) consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under this easement shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. "Permanent Drainage Easement" refers to a perpetual drainage easement in favor of RCTC, its successors and assigns, together with a right of way upon, through, under, over and across the hereinafter described real property for the installation, construction, maintenance, repair, replacement, reconstruction, and inspection of an underground enclosed storm drainage system including any all structures and appurtenances incidental thereto designed to convey storm water runoff. Property Owner may use the surface of the easement area for parking and to traverse over in a manner that will not interfere with or be detrimental to the use of said easement and right-of- way by RCTC, its successors and assigns. Property Owner shall not erect or construct, or permit to be erected or constructed, any building, structure or improvement on, over, or under any portion of the easement, or plant trees or any other vegetation on any portion of the easement except with the prior written consent of RCTC, its successors and assigns. RCTC shall have the right to trim, cut or clear away any trees, brush, or other vegetation from time to time as determined in its sole discretion, without payment of additional compensation. No other easements shall be granted on, under or over the easement without the prior written consent of RCTC, its successors and assigns. 17336.02100\8791311.1 EXHIBIT A, PAGE 1 Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. "Temporary Access Easement" refers to a non-exclusive temporary easement and right of way in favor of RCTC, its successors and assigns, together with the right to traverse and maintain an access way to access RCTC owned facilities and/or construction sites, as determined necessary by RCTC, together with all necessary rights incidental thereto, on, over, under, and across the property in connection with the exercise of any easement rights described herein. Property Owner shall not erect or construct, or permit to be erected or constructed, any building, structure or improvement on, over, or under any portion of the easement, or plant trees or any other vegetation on any portion of the easement except with the prior written consent of RCTC, its successors and assigns. RCTC shall have the right to trim, cut or clear away any trees, brush, or other vegetation for the duration of the easement as determined in its sole discretion, without payment of additional compensation. No other easements shall be granted on, under or over the easement without the prior written consent of RCTC, its successors and assigns. Such right shall be exercised for a period of thirty-six (36) consecutive months, beginning no fewer than 72 hours after the date that RCTC provides written notice of commencement of possession to the property owner. The duration of the rights under this easement shall not extend beyond November 6, 2017, or upon filing of a Notice of Completion, whichever is earlier. Property Owner shall not cause, directly, indirectly or negligently, any interference with or harm to the rights conveyed hereunder. 17336.02100\8791311.1 EXHIBIT A, PAGE 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `E1' LEGAL DESCRIPTION CaItrans Parcel No. 22275-5 Temporary Access Easement APN 115-060-013, 015 and 117-270-005, 013 In the City of Corona, County of Riverside, State of California, being a portion of the land described as Parcels 1, 2, 3 and 4 in the Quitclaim Deed recorded August 2, 2006 as Document No. 2006-0565691 of Official Records of said County, described as follows: Beginning at the southeasterly corner of said Parcel 2; thence North 81°40'38" West 161.21 feet along the general southerly line of said Parcel 2 to a point on the easterly line of the land described in the Final Order of Condemnation entered September 29, 1915, in Case No. 6889, Superior Court of said Riverside County, a Certified Copy thereof being recorded October 4, 1915 in Book 427, Page 282 of Deeds, Records of said County, said point also being the beginning of a non -tangent curve concave northeasterly having a radius of 176.53 feet, to which point a radial line bears South 37°58'42" West; thence northwesterly along said curve and said easterly line 83.74 feet through a central angle of 27° 10'45" to a point on said easterly line, said point being the True Point of Beginning; thence continuing northwesterly along last said curve and said easterly line 29.96 feet through a central angle of 09°43'31" to a point thereon; thence South 80°17'36" East 46.41 feet to the beginning of a curve concave northerly having a radius of 224.00 feet; thence easterly along said curve 24.60 feet through a central angle of 06°17'32"; thence South 86°35'08" East 123.46 feet to the beginning of a curve concave southerly having a radius of 1,686.00 feet; thence easterly along said curve 151.42 feet through a central angle of 05°08'45" to the beginning of a compound curve concave southerly having a radius of 500.00 feet; thence easterly along said curve 63.00 feet through a central angle of 07° 13'08"; thence South 74°13'16" East 50.63 feet to the beginning of a curve concave northerly having a radius of 350.00 feet; thence easterly along said curve 65.39 feet through a central angle of 10°42'19" to the beginning of a compound curve concave MA2PTG010501\SURVEY\LEGALS\22275 APN_117-270-005 and 013_115-060-013 and 015ROSEVILLE\Legals\22275-5- Access.docx 4/22/20I4 Page 1 of 3 EXHIBIT A, PAGE 3 PS OMAS northerly having a radius of 1,432.00 feet; thence easterly along said curve 137.16 feet through a central angle of 05°29'16" to the beginning of a compound curve concave northerly having a radius of 375.00 feet; thence easterly along said curve 169.53 feet through a central angle of 25°54'09" to the beginning of a reverse curve concave southerly having a radius of 325.00 feet; thence easterly along said curve 154.43 feet through a central angle of 27°13'30"; thence South 89°05'30" East 63.16 feet; thence South 02°32'29" West 25.01 feet; thence North 89°05'30" West 62.45 feet to the beginning of a curve concave southerly having a radius of 300.00 feet; thence westerly along said curve 142.55 feet through a central angle of 27°13'30" to the beginning of a reverse curve concave northerly having a radius of 400.00 feet; thence westerly along said curve 180.83 feet through a central angle of 25°54'09" to the beginning of a compound curve concave northerly having a radius of 1,457.00 feet; thence westerly along said curve 114.83 feet through a central angle of 04°30'56" to the beginning of a compound curve concave northerly having a radius of 400.00 feet; thence westerly along said curve 80.25 feet through a central angle of 11 °29'40"; thence North 74°24'15" West 34.28 feet to the beginning of a curve concave southerly having a radius of 400.00 feet; thence westerly along said curve 35.97 feet through a central angle of 05°09'10" to the beginning of a compound curve concave southerly having a radius of 1,660.00 feet; thence westerly along said curve 203.64 feet through a central angle of 07°01'43 "; thence North 86°35'08" West 123.46 feet to the beginning of a curve concave northerly having a radius of 250.00 feet; thence westerly along said curve 27.46 feet through a central angle of 06°17'32"; thence North 80°17'36" West 31.59 feet to the True Point of Beginning. Containing 26,164 square feet. See Exhibit `E2' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983, Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the mean combination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. MA\2PTG010501\SURVEY\LEGALS\22275_APN_117-270-005 and 013_115-060-013 and 015ROSEVILLE\Legals\22275-5- Access.docx 4/22/2014 Page 2 of 3 EXHIBIT A, PAGE 4 PSOMAS 2 N Prepared under the direction of 3 4 5 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 ?2 23 24 25 26 27 78 29 30 31 Brian. E. Bullock, PLS 5260 Date MAIIPTG010501.1SURVEY 1LEGALSV2275 _APN _117-2.70-005 and 013 115-060-013 and 015ROSEVILLE1Legals\22275-5- Access.docx 4/22i201.4 Page 3 of 3 EXHIBIT A, PAGE 5 EXHIBIT E2 PARCEL# TITLE AREA APN 22275-5 TAE 26,164 SQ. FT. 115-060-013 & 015 117-270-005 & 013 SHEET INDEX 117-270-003 ,,�_ _ 2I0-0p4 o I W SHEET 2 SHEET 3 SHEET 4 SHEET 5 I _ A' T• &S, F. 1 R.R. ,�O 4, CC 115-060-016 1119_300-021 ti N —a _ I Q PGL, 2 --- i I DOD, NO, 2006-05656911 0.R. .,, , PCL, 1 114.1 R.,s' °K - I 11 7-270-006 63�oi I �� 1 ---_------- «. �, !! � , s, . L J s-. 3��J TPOB POB •„„ 2 2 2 7 5 - 5 365 360 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning IR) Indicates Radial Bearing . ( ) Title to State 1 1 1 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain 2 2 2 7 5- 5 TEMPORARY ACCESS EASEMENT ground distances. All distances are in feet unless otherwise noted. I FEET 0 100 200 400 600 PREPARED BY: PSOMAS Hutton Cente Drive, Santa Ano, California 9 707 200 (714)751-73734714)54S-8883 (Fax) DATE:06-15-12 REV. 4:04-22-14 EA:0F540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 L7 f� R I V 9 1 6. 9 1 5 tAFi1131 I A, PA(at b EXHIBIT E2 PARCEL# TITLE AREA APN 22275-5 TAE 26,164 SO. FT. 115-060-013 & 015 117-270-005 & 013 W �u Ct `" FOR, LOT 3y 5LDC;< 13 PORE PCL , l SOUTH RIVERSIDE LAND AND WATER COMPANY DDC,rN0 2006- MS 9/6 056569J O,rR, R2 TPOB FOR SECTION 30 -1,3S i R 6W RANCHO EL SOSRANTE MS J/8 CC S86°35'08"E L 1 C3 1 23.46' ,i_____— 0=05°08'45" — R=1 686.00' L=1 51 .42' Q. 0, R1 22275- PROPOSED L5 C14 N 86°35'08" W C',N 123.46' 0, _ R,S, 63/66 06, ! — — — _ — — — — __ — _ -\ ° R/W ya81 40 38 W 161.21' 0=07°01'43" -- R=1660.00' L=203.64' PCL, 1 DOC, N0, 2006- 0565691 O , R , _ °40'38"W M Lait= ti N81 EXISTING R/W POB 123.15' UJ �cb ° (-)� ROUTE 91 RIVERSIDE FREEWAY CURVE DATA LINE DATA DELTA RADIUS LENGTH BEARING DISTANCE Cl 27°10'45" 176.53' 83.74' L1 S80°17'36"E 46.41' C2 09°43'31" 176.53' 29.96' L5 N80°17'36"W 31.59' C3 06°17'32" 224.00' 24.60' R1 S65°09'27"W C14 06°17'32" 250.00' 27.46' R2 S74°52'58"W ROUTE 91 RIVERSIDE FREEWAY LEGEND C/L STATIONING POB Indicates Point Of Beginning { TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing { 9 360 c ) Title to State 1 1 III Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground 2 2 2 7 5- 5 TEMPORARY ACCESS EASEMENT distances. All distances are in feet unless otherwise noted. 1 FEET 0 25 50 100 150 PREPARED BY: PSOMAS Hutton Santa pno, C❑Iiforrnioe� 707 200 (714)751-7373/(714)545-8883 (Fax) DATE:06-15-12 REV. 4:04-22-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS 8 R IV 91 6.9 2 5 EAFiIBIT A, EXHIBIT E2 PARCEL# TITLE AREA APN 22275-5 TAE 26,164 SQ. FT. 115-060-013 & 015 117-270-005 & 013 PDR, SECT]ON 30 T,3S,; fR,6W, PcL, 1 RANCHO EL SDDRANTE DOC, ND, 2006- MS 1/2 0565691 0,R, S74 ° 1 3' 1 6"E —C4 C5 50.63' R,S, 63/66 C6 C8 C7 ` C13 1 C12 (22275-5 NiN734.28/15"W, 1— w w i C�—=r�--IC10—_ — — — — — — — — EXISTING R/W PROPOSED R/W v i-- w w V) _ N \ w w v' Z1=16°40'20" R=2000.00' L=581.97' -- N81 °40'38"W 123.15' ROUTE 91 RIVERSIDE FREEWAY w N CURVE DATA CURVE DATA DELTA RADIUS LENGTH DELTA RADIUS LENGTH C4 05°08'45" 1686.00' 151.42' C9 25°54'09" 400.00' 180.83' C5 07°13'08" 500.00' 63.00' C10 04°30'56" 1457.00' 114.83' C6 1 0°42'1 9" 350.00' 65.39' C1 1 1 1 ° 29'40" 400.00' 80.25' C7 05°29'16" 1432.00' 137.16' C12 05°09'10'1 400.00' 35.97' C8 25° 54'09" 375.00' 1 69.53' C1 3 07° O1 '4 3" 1 660.00' 203.64' ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING LEGEND POB Indicates Point Of Beginning TP08 Indicates True Point Of Beginning (R) Indicates Radial Bearing 363 2 ( ) Title to State 1 1 1 1 1 Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain �J 2 2 2 / 5 - 5 TEMPORARY ACCESS EASEMENT ground distances. All distances are in feet unless otherwise noted. i FEET 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa2707 751-7 373/(714)545na, California98883 (Fax) DATE:06-15-12 REV. 4: 04-22-14 EA: OF540 FM*: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 6. 9 3 5 tACF111311 A VAVt t3 EXHIBIT E2 PARCEL# TITLE AREA APN 22275-5 TAE 26,164 SO. FT. 115-060-013 & 015 117-270-005 & 013 ro w w = v, w N PDR 3S sC R1ON bld , RANCHO EL SDDRANTE M8 1 /8 PCL . 1 DOCK NO, 2006- D565691 D,R' 50 5q' pg1g ��2 , �;� R.31 5 °pp _ _ D,25°5�,�gp,S3 — R_A00 ° pp PROPOSED R/W 30 6 ,53 Doc R , S R_2p00.Op, EXISTING �ci 6_6 ��, J� „ 63/66 \ 0a R,6 R25.1313 __ \ PDR, LOT, 12-A \ ASSESSOR'S MAP \ \ \ AM8 D1J 31 /42-43 \ • 2�0.311 %ti e5 r �` \L 0A3'3° 5�` i .2-1 , �.1 AZ ° \ Rs3pp'pp / / ► PCL, 4 . DDC, T1D, 2006- '0565691 0,R, 131. 581 .g�, N78000 �_ � 58 24 N 0 s io_ 3 -' FREEWAY ROUTE 91 RIVERSIDE FREEWAY in Ij w N w w L 2—. 4— \ / / ; W �5 22�� 2 _ R/W 6=16°40 20" R S I E LINE DATA BEARING DISTANCE L2 S89°05'30"E 63.16' L4 N89°05'30'W 62.45'. ROUTE 91 RIVE C/L STATIONING 1 6 LEGEND POB Indicates TPOB Indicates (R) Indicates Point Of Beginning True Point Of Beginning Radial Bearing to State Prohibited ( ) Title 1 III I Access NOTES FEET 2 2 2 7 5- 5 TEMPORARY ACCESS EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. I 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 (714)757na"ai(774)54598883 (Fax) DATE:06-15-12 REV. 4: 04-22-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 RIV 91 6.9 4 5 tdUrnrsi 1 EXHIBIT E2 PARCEL# TITLE AREA APN 22275-5 TAE 26,164 SO. FT. 115-060-013 & 015 117-270-005 & 013 „ � '� LINE DATA 02°3916' � BEARING DISTANCE R=S1 L2 S89°05130"E 63.16' 6�,59 �'2 ,- L3 S02° 32'29"W 25.01 ' L4 N89° 05'30"W 62.4 5� i A . ' S77°34, T' 8� S.F � 12 E ` R.R. 140. ss' v L 2 �_. --- P CL. , 4 re) DOO., NO.. 2006- J 0565691 O,R, 3 L4 ' Co 11 5-060-015 Iw 2 = w w 1 PDR., LOT, 12-A m N ASSESSOR'S MAP � I ND, 31 1.---o rn Ama 1 /42- 43 O in R,S, 63/66 21 - PROPOSED R/W lRl �-199° ° °32'OA _�g50'�0 ul S� 2 '05° 1 FZ' 6• 5 ,, J RC ,- PY EXISTING R/W F — Nil 13°1 .00' S41 ° 1 9'57"E ERSID N78 58 24"W 1 5.92' 9,� RIv ROUTE 3-( 0 LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) 9 ROUTE 91 RIVERSIDE FREEWAY Indicates Radial Bearing C/L STATIONING ( )Title to State I I I 1 I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain 2 2 2 7 5- 5 TEMPORARY ACCESS EASEMENT ground I distances. All distances are in feet unless otherwise noted. FEET 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Santa , (114)751'�0"�373/(7�4)54598883 (Fax) DATE:06-15-12 REV. 4:04-22-12 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 6.9 5 5 PS OMAS EXHIBIT `IV LEGAL DESCRIPTION Caltrans Parcel No. 22275-9 Fee A.cuuisti.on APN 117-270-013 In the City of Corona, County of Riverside, State of California, being a portion of the land described as Parcel 1 in the Quitclaim. Deed recorded August 2, 2006 as Document No. 2006-0565691 of Official Records of said County, being described as follows: Beginning at the southeasterly corner of Parcel 2 of said deed; thence North 81 °40'38" West 1.61..21 feet along the general southerly line of said Parcel 2 to a point on the easterly line of the land described in the Final Order of Condemnation entered September 29, 1915, in Case No. 6889, Superior Court of said Riverside County, a Certified Copy thereof being recorded October 4, 1915 in Book 427, Page 282 of Deeds, Records of said County, said point also being the beginning of a non -tangent curve concave northeasterly having a radius of 176.53 feet, to which point a radial line bears South 37°58'42" West; thence northwesterly a.long said curve and said easterly line 8.81 feet through. a central angle of 02°51'28"; thence South 81 °26'22" East 57.22 feet to the beginning of a curve concave northerly having a radius of 2,851.00 feet; thence easterly along said curve 718.79 feet throu.gh a central angle of 1.4°26'43" to a point, said point being the True Point of Beginning; thence North 04'49'37" `'Vest 9.99 feet to the beginning of a non - tangent curve concave northerly having a radius of 2,841.30 feet, to which point a radial line bears South 05°53'14" .East; thence westerly along said curve 25.00 feet through a central angle of 00°30'1.5"; thence South 04°49'37" East 9.99 feet to a point on said 2,851..00 :foot radius curve, to which point a radial line bears South 05°22'57" East; thence easterly along said curve 25.00 feet through a. central angle of 00°30'09" to the True Point of Beginning. Containing 250 square feet MA2PTG010501`SURVEY \LEGALS\22275 APN 117-270-005 and 013 115-060-013 and 015ROSF,VIi.,1 MI,egals\22275-9- FEE,docx 4/23/2014 Page 1 of 2 EXHIBIT A, PAGE 11 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 1.9 20 21 22 23 24 2.5 26 27 28 29 30 31 PS OMAS The above described conveyance .is made for the purpose of a freeway and the Grantor hereby releases and relinquishes to the Grantee any and all abutter's rights or access, appurtenant to Grantor's remaining property, in and to said freeway. See Exhibit `I2' attached hereto and made a part hereof. The distances described herein are grid distances and are based on California Coordinate System of 1983,.Zone 6, 2007.00 epoch. Ground distances may be obtained by dividing grid distances by the meancombination factor of the courses being described. The mean combination factor for this conversion is 0.99997476. Prepared under the direction of Brian E. Bullock, PLS 5260 Date 4 -z3-/¢ M\2PTG010501\SLIRVEYTEGAL:S\222.75 APN 117-270-005 and 01:3 115-060-013 and 015ROS1 VILLECLegals122275-9- FEE..docx 4/232014 Page 2 of 2 EXHIBIT A, PAGE 12 EXHIBIT 12 PARCEL# TITLE AREA APN 22275-9 FEE 250 SQ. FT. 117-270-013 1 2 i O3,1 I i SHEET — , _____ NO.. 2006�-0565691 %�.,s, _________ J� SHEET INDEX 4 '-' `. 6',:': TPOB SHEET 5 J O 3 _ R° R• FOL.. J b�ibb -_~�m�.� SHEET f , 9 3p �` 02 r D,R, ,; ,b,... 117-270-003 - J 1--__ `"`T---__ 1 i ,,?_2? 004 II j SHEET n I Li (I�v � ,, POJ_., 2 - Ir _ 1 1 5-060-01 6 --_ ,�4; � PCL, 4 -=--ii 117-270-006 q2275-9 (�-_-_____-_-_I --.�� - • ___":w�..Y}ice 365 ROUTE POB 1 ^ Jh 91 RIVERSIDE FREEWAY 360 ROUTE 91 RIVERSIDE FREEWAY r C/L STATIONING LEGEND POB Indicates Point Of TPOB Indicates True Point (R) Indicates Radial Beginning Of Beginning Bearing ( ) Title to State 1 1 1 1 1 Access Prohibited NOTES FEET �/ 2 2 2 / 5 - 9 FEE ACQUISITION Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. Ail distances are in feet unless otherwise noted. 600 0 100 200 400 PREPARED BY: PSOMAS 3 Hutton Centre Drive She. 200 Santa Ana, California S2707 (7'.4)751-7373/(714)545-8H83 (Fax) DATE:06-15-12 REV. 4: 04-23-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 6. 9 1 4 EXHIBIT A PAGE 13 EXHIBIT I2 PARCEL# TITLE AREA APN 22275-9 FEE 250 SO. FT, 117-270-013 i ( FOR. LOT I r � SOUTH H RIVERSIDE 4u I AND WATER W I ME � I (/' i j 4 ' --- — i co — --- — O o� � '� -- — _... 3; 8LOOX 73 I y FOR, SECTION 30 LAND r I 1'.+3S.; R,61111, COMPANY 9/6 I. RANCHO PL1R, PCL, 2 I EL SDDRANTE DOC , NJ , 2006�- I Ads 1 /2 0565691 O.R. I — —I — — _ 0=02° 51 '28" I PCL, J _ r R=176.53' I DOC, N0, 2006- =8.81 __ — — — — — — — I 0565691 D.R. I R.S, 63/66 581 ° 26'22"E I — — 57.22�_ _A=1 5°25'16" R� � _ , ___ — o ' �2851 .00' L=767.34 0=14 26 43 L=718.79' — —_— '� I rI I N81°40'38"W r") I j ,-- Q- 161.21' PROPOSED R/W o i N81°40'38"W 0 P EXISTING R/W P O B 123.15' w o co 0 tob) N. M ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY w v) C/L STATIONING LEGEND POB indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing g 3 6 0 ( ) Title to State I I I I I Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground (� 2 2 2 7 5- 9 FEE ACQUISITION distances. All distances are in feet unless otherwise noted. {-.................__......._rommeni......._................ - ............................��, FEET 0 25 50 100 150 PREPARED BY: PSOMAS 3 '-button Centre Drive, Fite, 200 77 75A1nO'I3V3' (7Pir;AG5v6663 (Fox) DATE:06-15-12 REV. 4: 04-23-14 EA: OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS 8 RIV 91 6.9 2 4 EXHIBIT I2 PARCEL# TITLE AREA APN w w V) w w u7 22275-9 FEE FOR. SECTION 30 7,35, s r'�,61�11 RANCHO EL SJGRANT AllE) 1 /3 A=15°25'16" 250 S0. FT. R.,S, 83/66 117-270-013 F-CL, 1 JJC, NO., 7006- 0565691 D,R, PROPOSED R/W !-. - r ` R=2851.00' L=71 8.79' A=16°40'20" R=2000.00' N81 °40'38"W 123.15' EXISTING R/W L=581.97' ROUTE 91 RIVERSIDE FREEWAY LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State ((I f Access Prohibited ROUTE 91 RIVERSIDE FREEWAY 363 Q w w V) w w V) NOTES Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain grcund distances. A;l distances are in feet unless otherwise noted. 22275-9 FEE ACQUISITION FEET 0 25 50 100 150 PREPARED BY: PSOMAS DATE:06-15-12 REV. 4:04-23-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 3 Hutton Centre Drive, Ste. 200 Santa Ana California 92707 (714)751-7373/(7j415453833 (rax} 8 RIV 91 6.9 3 4 .XN 161T A, PAUh lb EXHIBIT I2 PARCEL# TITLE AREA APN 22275-9 FEE 250 SO. FT. 117--270--013 ~ = N w ^OR, SECTIONJ T,39, ; R,6b11, RANCHO ma 1 PCL' 1 , DOC, NO, 2006- i 056 5691 0,R, ...„ � — PROppSED B/W J i Ick-, .00/-17 r p= 14°26'43 L J718.79 -- ,N=16° 40 20„ z R=2000. �___/\ TAIL /� �� 3o g \�_-- /?275 R1 L - -- R2 -- C1 -- 1 L2-- — _ -- R4 Or C2 -IP013 L_-(08.7,E R3 1 26 4' 1 ' - d-p41 5° 25r 16" R 2851 __--- 365 \PCL , DOC, NO, � 0565691 i i i Rl _- _ ;SO �R` 34 I 222-T5--9 I I 508° --- .J EXISTING R/W — - L1 i p r L`76?,34-- <p0� — ROUTE C/L........STA.TIONING._. LINE DATA 5 \ 200n-�iSS�SOR 0,R„ „ „ DOC, 05.5691 -�TPOB L=581 '' 20 59„E. RIVE \ \ 1 6 91 RIVERSIDE W 9.99' E 9.99' L=25.00' L=25.00' - � \ � NO, ' POR, LOT, 12`A_ ' S MAP r N�O31 )1, AMEI 1 /42-43 \ 2006�- � � O,R, / / Y ( \ \ \ \ \ \ \ 131.00' N78°58'244 'JO ROUTE FREEWAY RSIpE RADIAL DATA R1 - S05 53 14 E R2 - 505°22'59"E R3 - S05°22'57"E R4 - 505° 53'06"E FREEWAY ---.------- A=00°30'1 5" A=00°30'09' LEGEND L1 - N04o49 37 L2 - SO4 49 37 CURVE DATA POB Indicates TPOB Indicates (R) Indicates Point Of Beginning True Point Of Beginning Radial Bearing to State Prohibited C ) Title C1 - R=2841 .30' C2 - R=2851 .00' J I I 1 I Access NOTES FEET 2 2 2 7 5- 9 FEE ACQUISITION Coordinates and bearings ore on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste, 200 Santa Ana, California 92707 (711)754-73734711)545-9993 (Fox) DATE:06-15-2012 REV. 4:04-23-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS g RIV 91 6.9 4 4 1 3 4 5 6 7 8 9 10 11 12 1.3 14 15 16 17 18 19 20 21 23 24 7_5 26 27 28 29 30 31 PS OMAS EXHIBIT `J.1' LEGAL DESCRIPTION Calt:r. ans Parcel No. 22275-10 Permanent Drainage Easement APN 117-270-013 In the City of Corona, County of Riverside, State of California, being a portion of the land described as Parcel. 1 in the Quitclaim Deed recorded August 2, 2006 as Document No. 2006-0565691 of Official Records of said County, being described as follows: Beginning at the southeasterly corner of Parcel 2 of said deed; thence North 81°40'38" `Vest 161.21 feet along the general southerly line of said Parcel 2 to a point on the easterly line of the land described in the Final Order of Condemnation entered September 29, 1915, in Case No. 6889, Superior Court of said Riverside County, a Certified Copy thereof being recorded October 4, 1915 i.n Book 427, Page 282 of Deeds, Records of said County, said point also being the beginning of a non -tangent curve concave northeasterly having a radius of 176.53 feet, to which point a radial. line bears South. 37°58'42" West; thence northwesterly along said curve and said easterly line 8.81 feet throu.gh a central angle of 02°51'28"; thence South 81'26'22" East 57.22 feet to the beginning of a curve concave northerly having a radius of 2,851.00 feet; thence easterly along said curve 718.79 feet through a central angle of 14°26'43" to a point, said point being the True Point of. Beginning; thence easterly continuing along last said curve 48.55 feet through a central angle of 00°58'32"; thence North 41°20'45" West 12.13 feet to a point, said point bei.n.g the beginning of a non -tangent curve concave northerly having a radius of 2,841.30 feet, to which point a radial line bears South 06°43' 13" East; thence westerly along said curve 41.32 feet through a central. angle of 00°50'00"; thence South 04°49'37" East 9.99 feet to th.e True Point of Beginning. Containing 449 square feet. MA2PTG010501iSURVEYNLEGALS\22275_APN_117-270-005 and 013_115-060-013 and 015ROSEVILLE\Legals122275-10- PDE.doex 4/23/2014 Page 1 of 2 EXHIBIT A, PAGE 17 PSOMAS 1 2 See Exhibit `J2' attached hereto and made a part hereof. 3 4 The distances described herein are grid distances and are based on California Coordinate 5 System of 1983, Zone 6, 2007.00 epoch. Groiuid distances may be obtained by dividing 6 grid distances by the mean combination factor of the courses being described. The mean 7 combination factor for this conversion is 0.99997476. 8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Prepared under the direction of Brian E. Bullock, PLS 5260 Date -25'l¢ MA2PTG010501\SURVEYTEGA:1.S122275_APN_11.7-270-005 and 013_ 115-060-013 and 015ROSEVIL.LE\L.egals\22275-10- PDEdocx 4/23/2.01..4 Page 2 of EXHIBIT A, PAGE 18 EXHIBIT J2 PARCEL# TITLE AREA APN 22275-10 ESMT 449 SQ. FT. 117-270-013 ` r----- i 2 I r�UC,I I SHEET • re S I NID 2006-056589 I Fi? J'' --- Jam' SHEET INDEX 4 ----_____�� ,�, ,, '- 91 RIVERSIDE ,�._ 3 `_ —`__ R' R• PSI ) 63/6 ti i ' SHEET �— -- 11�_` -o' 02 i 11 O,R, I NOiV 117-270-003 I1 �- --- o Ii ti II SHEET I L 1I� i' J PGL . 1 f 1 1 5-060-016 I ----_---- 1 -- , P e L, 'I -'�; ' J �- FREEWAY _= - — r 1 1 7-27a-oo6 i M 22 5-1 0`--- u,1 i- -- -1 1 POB 365 ROUTE 360 ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING LEGEND POB Indicates Point Of TPOB Indicates True Point (R) Indicates Radial Beginning Of Beginning Bearing ( ) Title to Stare I ' I 1 I Access Prohibited NOTES FEET 2 2 2 7 5- 1 0 PERMANENT DRAINAGE EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. .All distances are in feet unless otherwise noted. , _ 0 100 200 400 600 PREPARED BY: PSOMAS 3 Hutton Centre Dive Ste. 200 Santa Ana, Cclifarnia 92707 (714)7Si-7373/(714)545-3993 (Fbx) DATE:02-10-14 REV.: 04-23-14 EA: OF540 FAtt: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS $ R I V 91 6.9 1 4 EXHIBIT J2 PARCEL# TITLE AREA APN 22275-10 ESMT 449 SQ. FT. 117-270-013 � W 4i � (,1I -r et W a PROPOSED FOR, 1 SOUTH i I I i 1 — — I , _ 1 � — --' — o o0 s R/W LO1 RIVERSIDE AND WATER MS — - � o-,i P Q:, 0 ti M ROUTE 3; 9/'6 f ISLE= 73 LAND COMPANY FOR DUD, 0565691 0=02° 51 '28" R=176.53' L=8_81 ' — S81°26'22"E 57.2�21— S1 40'38"W EXISTING R/W PCL, NO, — — 2 2006- O.R. — .._. 1i 5°25'16" °—r-- _L 1_4 161 .21' ROUTE 1 I I _ _. Rj28-51 6'43T" POB FOR. SECTION 30 -f ;3S, y R,6L1J. RANCHO EL SO2RANTE MS 1/2 M j- L w to w v1 1I0I= - �-� �0 ° P cr, FREEWAY 91 RIVERSIDE 91 RIVERSIDE C/L STATIONING LEGEND POB Indicates TPOB Indicates (R) Indicates Point Of Beginning True Point Of Beginning Rodial Bearing to State Prohibited 9 360 C-----) Title 1 1 1 1 ( Access NOTES FEET 2 2 2 7 5- 1 O PERMANENT DRAINAGE EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by,0.99997476 to obtain ground distances. Ali distances are in feet unless otherwise noted. 1 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive Se. 200 Santa Ana, Cai'farnia �12707 (714)751-7373/; 714)545-8803 (Fax) DATE:02-10-14 REV. : 04-23-14 EA OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS 8 R I V 91 6.9 2 4 EXHIBIT J2 PARCEL# TITLE AREA APN 22275-10 ESMT 449 SO. FT. 117-270-013 N-7 W w w - ...... " _ _ _ 0=1 5°25116 POR. SECTION 30 T.3S,; R,fA, RANCHO EL SOSRANTE MS 1/2 R.S.63/66 _...,,_ ` ' - 1 ` �- T _ R=2851 .00' DOC. 0565691 - PCL. 1 NO, 2006- 0,R, _ - - - - - PROPOSED R/W - -''� w w w � w �i _r _J_ -� --'--` -- --r r- i� _- L=581.97' FREEWAY 0=1 4 ° 26'4 0=16°40'20" ROUTE 3" 91 2 L=71 8.79' R=2000.00' EXISTING R/W `�' N81 °40'38"W 123.15' RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE C/L STATIONING 363 LEGEND POB Indicates Point Of TPOB Indicates True Point (R) Indicates Radial Bearing Beginning Of Beginning ( ) Title to State JIIII .Access Prohibited NOTES FEET � 2 2 2 // S- 1 O PERMANENT ORAMAGE_ EASEMENT Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing are grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. E........_....._....._.........!��............................................._......_......... 0 25 50 100 150 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200 Salta 2207 i714)r-711nia 3 ?5173?3/()5458883 (Fax) DATE: 02-10-14 REV. : 04-23-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS 8 RIV 91 6.9 3 4 EXHIBI F A PAGE 2 EXHIBIT J2 PARCEL* TITLE AREA APN 22275-10 ESMT 449 so. FT. 117-270-013 rn w w = w ,1, \ PoR, sEo"r1 o1`J 30 -r �S7.ay i�.8U1J fl/�ll` DHo rL soBRAN-rr R , MEI 1 /B PCL, 1 , Doc, No. 2oo6- Osb5691 o,R, , -- i r RVW+ i / PROPOSC-D --- i vpU, = - p-1 5° L5 16 R=285 -- _ 9 „ L= 718 . � ---,N=14°26 43 __- 6,=1 6° 40'20" R -- -- ---I--� i� / ;30 1 / 2227 5-10 _ f -- TPOB R4 � i_2 / J-L 1 8, R1 / 1 4° 26 43" 50 23 1 n 2051 .00 'yam �R _ �- 365 \ Doc, \ o585891 \ s . 64\ ..- � / --s, L--7 # I2227 / _ ppp,00 2 I - -- J EX1STYNG \ �.�� f R3 C2 C1 \ _ 767 LINE DATA PCL , 3 \ �No, 2008- o., �„ -- 66, - / -- i Doc, oe5 -- ►� 34' t , ._ — / Sp6�38 1 0' 5 L=581 °g7 508 24 5g, E RAW RIVERSIDE _ L 1 ` / 34 — — � 6 ROUTE 9i RIVERSIDE '\ \ - -- , \ -- poi - No, 5.671 �Ri ROUTE FoR, Lo7, JI7-A, As� esDl�' S rnAP A�j�fD 3) r�M5 1 / 42`43 _. — -„- \ \ 4 \ ( 20o6�- ) o„R, / / l \ \ „E 0:) \ \ \ \ \ \ 131.00" z N78°58'2411, FREEWAY RADIAL DATA R1 - S05°53'06"E R2 - 506° 51 R3 - S06°43,13"E R4 - S05°53'1 FREEWAY '38"E 4"E C/L STATIONING W 1 2.1 3' E 9.99 L-48.55' A-00°58'32" L=41 .32' A=00° 50'00" LEGEND L1 - N41 020'45' L2 - 504 49 37' CURVE DATA POB Indicates TPOB Indicates (R) Indicates Point Of Beginning True Point Of Beginning Radial Bearing to state Prohibited C )Title C1 - R=2851 .00' C2 - R=2841 .30' I I I I I Access NOTES FEET 2 2 2 7 5- 1 0 PERMANENT DRAINAGE EASEMENT 1 r.mm. Coordinates and bearings are on CCS 1983(2007.00) Zone 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain ground distances. All distances are in feet unless otherwise noted. 150 0 25 50 100 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 2C0 Santa Ana, California 02?0? (7+4)751-7373/i71 5as-nee3 (Fax) DATE:02-10-14 REV. : 04-23-14 EA:OF540 FA#: DISTRICT COUNTY ROUTE SHEET PM SHEET NO. TOTAL SHEETS 8 R I V 91 6. 9 4 4 3 4 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 PS OMAS EXHIBIT `Kl' LEGAL DESCRIPTION Caltrans Parcel No. 22275-11 Temporary Construction Easement APN 115-060-015 In the City of Corona, County of Riverside, State of California, being a portion of the land described. as Parcel 4 in the Quitclaim Deed recorded August 2, 2006 as Document No. 2006-0565691 of Official Records of said County, described as follows: Beginning at the southeasterly corner of said Parcel 4; thence North 09°22'38" East 73.38 feet along the general easterly line of said parcel to a point thereon, said point being the True Point of Beginning; said point also being the beginning of a non -tangent curve concave northerly having a radius of 2,837.00 feet, to which point a radial line bears South 15'38'45" East; thence westerly along said curve 48.35 feet through a central angle of 00°58'35" to a point, said point being the beginning of a non -tangent curve concave northerly having a radius of 2,837.00 feet, to which point a radial line bears South ].3°30'03" East; thence westerly along said curve 173.43 feet through a central angle of 03°30'10"; thence North 02'32'29" :East 95.94 feet to a point on the general northerly line of said Parcel 4, said point being the beginning of a non -tangent curve concave northerly having a radius of 5,779.66 feet, to whichpoint a radial .line bears South 13°11'22" West; thence easterly along said general northerly line the following two (2) courses: 1) along said curve 76.62 feet through a central angle of 00'45'34" and 2) South 77°34'12" East 140.88 feet to the most easterly corner of said Parcel 4; thence South 09°22'38" West 0.59 feet along said general easterly line to the True Point of Beginning. Containing 10,698 square feet. M:\2PTG010501\SURVEYTEGALS\22275_APN_117-270-005 Y`LEGAL.S\22275_APN_117-270-005 and 013 115-060-013 and 015ROSEVILLE\Legals'22275-11- TCE.doex 4/23/2014 Page 1 of 2 EXHIBIT A, PAGE 23 PS OMAS l 2 See Exhibit `K2' attached hereto and made a part hereof. 3 4 The distances described herein. are grid distances and are based on California Coordinate 5 System of 1983, Zone 6, 2007.00 epoch.. Ground distances may be obtained by dividing grid distances by the mean combination .factor of the courses being described. The mean 7 combin.ation factor for this conversion is 0.99997476. 8 9 ( Prepared under the direction of 10 11 12 13 Brian E. Bullock, PLS 5260 14 20 21 22 23 24 25 26 27 28 29 30 31 4-27--/1L Date M:i2PTG010501\SURVEY \LEGALS\22275 APti 117-270-005 and 013_115-060-013 and 015ROSE,,VILLE'\Legals 22275-11- TCF..,docx 4/23/2014 Page 2 of 2 EXHIBIT A, PAGE 24 EXHIBIT K2 PARCEL# TITLE AREA APN 22275-11 TOE 10,698 SQ.FT. 115-060-015 SHEET INDEX 117-270-003 I I I � � l 1 o _j � •I L -~---- SHEET 2 A r• u(s, F — _ I ��� �_____ F. Re R' ti� 1 j 1 1 5-060-016 --, ADO, 11 I POI �I_, LLI NO, 2006-0565691 O,R, . PC► i �'� ,, r?r ,I n'J�" --- 22275 11 r .1-- ---_ I j 117-270-006 I t>3/.66 V. - �? ,l,C`~;`-: ri, ti' , n7 tD, ri^ x ri7 POB I _. 365 -\ 360 ROUTE 91 RIVERSIDE FREEWAY ROUTE 91 RIVERSIDE FREEWAY C/L STATIONING LEGEND POB Indicates Point Of Beginning TPOB Indicates True Point Of Beginning (R) Indicates Radial Bearing ( ) Title to State 1 1 1 I ( Access Prohibited NOTES Coordinates and bearings are on CCS 1983(2007.00) Zane 6. Distances and stationing ore grid distances. Divide by 0.99997476 to obtain 2 2 2 7 5- 1 1 TEMPORARY CONSTRUCTION EASEMENT ground distances. All distances are in feet unless otherwise noted. FEET 0 100 200 400 600 PREPARED BY: PSOMAS 3 Hutton Centre Drive, Ste. 200Santo Ana, California 92707 (714)751-73734/1 4)545-6883 (Fctx) DATE:06-15-12 REV. 5: 04-23-14 EA: OF540 FAQ: DISTRICT COUNTY ROUTE SHEET PM SHEET NO.TOTAL SHEETS 8 R I V 91 rr�� 6. 9 1 2 PROOF OF MAILING NOTICE I, Margaret L. Barnes, acting on behalf of the Riverside County Transportation Commission, hereby certify that on August 4 , 2014, I mailed a copy of the attached notice by first-class mail to the following owners and other interested parties of real property located in the County of Riverside, State of California, more particularly described as Assessor Parcel Nos. 115-060-013, 115-060-015, 117-270-005, 117-270-013 (CPNs 22275-5, 22275-9, 22275-10 and 22275-11): Pearl Street Properties, LLC 43020 John Warner Road Temecula, CA 92592 John Murphy, Esq. Murphy & Evertz 650 Town Center Drive, Suite 550 Costa Mesa, CA 92626 Dated: August �z 2014. Record Owner Courtesy Copy Margaret L. Barnes 17336.02100\9146997.1 AGENDA ITEM 8A RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: August 25, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Michele Cisneros, Finance Manager/Controller Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: Quarterly Financial Statements BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to receive and file the Quarterly Financial Statements for the year ended June 30, 2014. 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 monitor the trends in the sales tax receipts and report to the Commission any necessary adjustments. Agenda Item 8A 212 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: Federal Reimbursement State Reimbursement Revenues Budget Actual Budget Actual Highways SR-91 CIP $ $ - $ 37,000,000 $ 39,173,000 1-215 - - 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 Total 751,400 224,774 9,579,300 8,020,826 $ 94,389,000 $ 31,341,291 $ 137,891,241 $ 73,500,268 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 1-215 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. 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. Agenda Item 8A 213 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 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 Agenda Item 8A 214 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. 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 Agenda Item 8A 215 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. 1-15 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. 1-215 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 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 Agenda Item 8A 216 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 8A 217 RIVERSIDE COUNTY TRANPORTATION COMMISSION QUARTERLY BUDGET VS ACTUAL 4TH QUARTER FOR TWELVE MONTHS ENDED 6/30/2014 FY 2013/14 4TH QUARTER REMAINING PERCENT BUDGET ACTUAL BALANCE UTILIZATION 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% 218 GENERAL FUND RIVERSIDE COUNTY TRANSPORTATION COMMISSION QUARTERLY BUDGET VS ACTUALS BY FUND 4TH QUARTER FOR NINE MONTHS ENDED 6/30/2014 MEASURE A SALES TAX TRANSPORTATION FSP/ WESTERN COACHELLA PALO LOCAL STATE TRANSIT UNIFORM COMMERCIAL SALES TAX TOLL REVENUE COMBINED SAFE COUNTY VALLEY VERDE TRANSPORTATION ASSISTANCE MITIGATION FEE PAPER BONDS BONDS DEBT SERVICE TOTAL VALLEY FUND (TUMF) 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 $ 990,569,609 219 AGENDA ITEM 8B RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Marla Dye, Procurement Analyst Matt Wallace, Procurement Manager Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: Single Signature Authority Report BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to receive and file the Single Signature Authority report for the fourth quarter ended June 30, 2014. 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 8B 220 CONSULTANT SINGLE SIGNATURE AUTHORITY AS OF June 30, 2014 DESCRIPTION OF SERVICES ORIGINAL CONTRACT PAID AMOUNT REMAINING AMOUNT CONTRACT AMOUNT AMOUNT AVAILABLE July 1, 2013 $1,000,000.00 Green Com, Inc. Public outreach services on the 1-215, 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 0.00 30,000.00 HOV Proiect 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 1-215/SR-60 East 58,175.23 0.00 58,175.23 Junction HOV Proiect 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 63,800.00 58,000.00 5,800.00 County Arellano Associates Release sponsorship funds for specific event purposes necessary for 60,000.00 48,790.23 11,209.77 the SR-91 CIP and PVL groundbreaking events 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 1-215 Widening Blaine St. to 35,794.00 33,143.44 2,650.56 MLK Blvd. 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 20,000.00 3,897.40 16,102.60 Services Proiect 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 1-215 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 40,000.00 19,470.00 20,530.00 CIP AMOUNT USED 536,227.43 AMOUNT USED 536,227.43 AMOUNT REMAINING through June 30, 2014 $463,772.57 None Marla Dye Prepared by Agreements that fall under Public Utilities Code 130323 (C) N/A $ $ $ Theresia Trevino Reviewed by Note: Shaded area represents new contracts listed in the third quarter. V:\2014\09 September\Budget and Implementation\ 78.MD.Attl.SingleSignO4.xlsx 221 AGENDA ITEM 8C RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Michele Cisneros, Finance Manager/Controller Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: Quarterly Sales Tax Analysis BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to receive and file the sales tax analysis for Quarter 1 2014 (Q1 2014). 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 8C 222 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. ECONOMIC CATEGORY ANALYSIS of Total / % Change RCTC State Wide S.F. Bay Area Sacramento Valley Central Valley South Coast Inland Empire North Coast Central Coast 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 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 8C 223 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. ECONOMIC SEGMENT ANALYSIS ROTC 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 %ofTotal /%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 %ofTotal /%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 %ofTotal /%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 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 8C 224 ATTACHMENT 1 Riverside County Transportation Commission Sales Tax Digest Summary Collections through June 2014 Sales through March 2014 (2014Q1) 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 15,449,800jobs in July 2007). LOCAL RESULTS Net Cash Receipts Analysis Local Collections Share of County Pool 0.0% Share of State Pool 0.0% SBE Net Collections Less: Amount Due County 0.0% Less: Cost of Administration Net 1Q2014 Receipts Net 1Q2013 Receipts Actual Percentage Change $38,784,207 0 0 38,784,207 .00 (471,420) 38,312,787 36,575,783 4.7% Business Activity Performance Analysis Local Collections Less: Payments for Prior Periods Preliminary 1Q2014 Collections Projected 1Q2014 Late Payments Projected 1Q2014 Final Results Actual 1Q2013 Results Projected Percentage Change $38,784,207 (1,722,599) 37,061,608 1,484,475 38,546,083 36,869,625 4.5 www.MuniServices.com pp2t 800-8181 Page 1 Riverside County Transportation Commission HISTORICAL CASH COLLECTIONS ANALYSIS BY QUARTER $45,000 $40,000 $35,000 $30,000 $25,000 x z $20,000 $15,000 $10,000 $5,000 $0 (in thousands of $) $500 - $450 i - $400 I1-1 - $350 I, ' , - $300 d 1 - $250 w a I , , , - $200 d I , , , - $150 I , , I , - $100 I - $50 $0 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 Net Receipts SBOE Admin Fees Due TOP 25 SALES/USE TAX CONTRIBUTORS The following list identifies Rctc's Top 25 Sales/Use Tax contributors. The list is in alphabetical order and represents sales from April 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 AMAZON.COM BEST BUY STORES CARMAX THE AUTO SUPERSTORE CHEVRON SERVICE STATIONS CIRCLE K FOOD STORES COSTCO WHOLESALE DEPT OF MOTOR VEHICLES DESERT SUNLIGHT HOME DEPOT K MART STORES KOHL'S DEPARTMENT STORES LOWE'S HOME IMPROVEMENT MACY'S DEPARTMENT STORE RALPH'S GROCERY COMPANY ROSS STORES SAM'S CLUB STATER BROS MARKETS TARGET STORES TOYOTA OF RIVERSIDE USA SERVICE STATIONS VONS SERVICE STATIONS WAL MART STORES WALGREEN'S DRUG STORES WHIRLPOOL CORPORATION www.MuniServices.com (800) 800-8181 226 Page 2 Riverside County Transportation Commission 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. (in thousands of $) ■ 1Q2014 ♦ High ■ Low $18,000 $16,000 11 � O 1 $14,000 $12,000 . . $10,000 . . Y $8,000 . $6,000 - $4,000 - $2,000 - - - - • Y $0 y� S s�� � s � ��� e, �sti OS �i�� e�0 Q� P.1 sPJ¢Qye��.Jbo v ,, 4z, ANNUAL SALES TAX BY BUSINESS CATEGORY (in thousands of $) 1Q2014 4Q2013 3Q2013 -I 2Q2013 1Q2013 -I 4Q2012 3Q2012 2Q2012 1 Q20129,555 4Q2011 ,16 41,591 18,295 22,361 6 43,585 I 24,776 I 40,999 17,966 22,096 211116 I 43,098 24,298 Amil 40,432 17,999 22,313 2 8f 4 I I I I 42,689 24,073 -1MI 39,746 17,203 22,461 217' u 42,179 23,719 39,060 16,265 22,371 2112 I I I 41,373 23,452 38,673 15,505 21,768 2.1112 3 40,693 23,055 37,894 15,086 20,880 2 39,981 22,603 37,187 14,379 19,932 2P7 I 22,098 _ 36,286 13,852 19,090 21763 I ,511 35,327 .11163,677 18,772 2762 $O $20,000 $40,000 $60,000 $801000 $100,000 $120,000 $140,000 $160,000 $180,000 LIM General Retail MI Food Products CI Transportation O Construction MI Business To Business MI Miscellaneous www.MuniServices.com (800) 800-8181 227 Page 3 Riverside County Transportation Commission FIVE-YEAR ECONOMIC TREND: Construction (in thousands of $) $6,000 $5,000 $4,000 - -� $3,000 $2,000 $1,000 ■ - - $O o o o o O O O O -, -, -, -, N N N N M M M M R O_ O_ O_ O_ AR _O O RR O_ AAR O_ O_ O_ AIR _O _O d d d d d d d d d d d d d d d d Co d d d d H N M R rl N M R rl N M R rl N M Q rl N M Q rl PER CAPITA BY BUSINESS SEGMENT This chart shows sales tax per capita from business segments from April 2013 to March 2014. www.MuniServices.com (800) 800-8181 228 Page 4 Riverside County Transportation Commission FINAL RESULTS: October -December 2013 Sales Local Net Cash Collections Less: Pool Amounts Less: Prior Quarter Payments Add: Late Payments Local Net Economic Collections after Adjustments Percent Change from January -March 2012 Sales MUNISERVICES' ON -GOING AUDIT RESULTS This Quarter $357,213 Total to Date $4,376,666 $41,196,481 ($-447,720) ($2,360,219) $1, 374, 648 $40,658,629 UP BY 3.4% www.MuniServices.com (800) 800-8181 229 Page 5 ATTACHMENT 2 Quarterly Sales Tax Change General Retail Food P ducts Construction L N m Jan - Mar 2014 (2014Q1) Jan - Mar 2013 (2013Q1) % Chg Gain Gain Decline Decline RIVERSIDE COUNTY RCTC 0.8% 6.1% 6.0% 8.3% 5.0% 2.9% Banning 3.6% 2.4% 1.3% -2.3% -3.6% -61.6% Beaumont -0.1% 7.0% 1.9% -7.0% 8.4% 30.7% Blythe -10.7% -5.4% -5.0% -28.7% -28.1% 34.1% Calimesa 27.0% 8.1% -0.4% 5.7% 91.9% 16.8% Canyon Lake -19.6% -32.6% 311.6% 80.8% 145.7% -25.1% Cathedral City -3.5% -1.0% 10.5% -7.2% -3.4% 4.2% Coachella -0.8% 0.6% 0.2% 11.5% 63.4% 79.2% Corona 0.0% 5.2% 0.4% 16.8% 3.0% -17.6% Desert Hot Springs -22.1% 10.7% -3.2% 25.6% -91.1% 22.7% Eastvale 1.0% 20.3% -10.3% 5.8% 11.2% 24.3% Hemet -2.7% 5.1% 28.5% 11.1% 13.4% 6.0% Indian Wells -28.6% -1.4% -10.1% -20.7% -15.7% -0.7% Indio -2.8% -0.1% 17.2% 17.6% 22.3% 2.6% Jurupa Valley -1.6% 4.4% -1.6% 48.3% 11.8% -22.3% La Quinta -12.1% 24.1% 0.3% 25.0% 11.2% 10.6% Lake Elsinore 0.4% 3.1% -3.2% 7.2% 43.5% -12.5% Menifee -2.8% 5.3% 7.2% 47.1% 22.2% -9.5% Moreno Valley 0.5% 4.4% 4.6% 42.2% 47.4% -8.0% Murrieta -3.8% 5.2% 6.4% 20.2% 53.4% 52.8% Norco 7.8% 8.7% 13.0% -7.3% 4.2% 6.7% Palm Desert 0.3% 8.6% -8.7% 23.3% 4.9% 28.4% Palm Springs 3.2% 10.1% 5.6% 5.2% -1.5% 53.9% Perris 0.5% 5.2% 4.3% 18.8% 20.2% -18.2% Rancho Mirage 2.8% 3.2% 23.8% 3.1% 7.3% -1.8% Riverside -0.7% 4.7% 16.8% 23.8% 12.3% 6.8% Riverside County 3.4% 10.1% 3.5% 2.1% -58.4% 7.1% San Jacinto -2.1% 4.3% -7.3% 23.8% 18.2% 8.3% Temecula -1.4% 5.8% 7.1% 12.2% 4.6% -6.9% Wildomar -2.0% 0.4% 24.3% -12.3% 11.5% -17.0% 38,545,647 36,869,101 4.5% 440,569 848,919 401,005 160,592 36,828 1,874,659 836,342 7,418,757 345,902 1,275,940 2,552,062 356,400 2,234,411 1,983,251 2,194,616 1,671,998 1,220,458 3,505,969 2,942,228 1,182,889 4,569,753 2,991,872 1,765,118 1,195,182 11,886,250 6,427,937 508,110 6,390,844 317,978 436,230 834,533 456,097 147,254 35,608 1,788,199 802,307 7,029,857 424,980 1,203,972 2,226,562 392,156 2,048,077 1,849,409 2,121,672 1,636,819 1,136,900 3,231,303 2,709,465 1,080,443 4,420,998 2,834,677 1,662,417 1,119,866 10,733,436 6,770,578 508,783 6,163,305 290,232 1.0% 1.7% -12.1% 9.1% 3.4% 4.8% 4.2% 5.5% -18.6% 6.0% 14.6% -9.1% 9.1% 7.2% 3.4% 2.1% 7.3% 8.5% 8.6% 9.5% 3.4% 5.5% 6.2% 6.7% 10.7% -5.1% -0.1% 3.7% 9.6% Auto Sales - New Drug Stores BIdg.Matls-Retail Light Industry Auto Parts/Repair Department Stores Heavy Industry Service Stations Department Stores Department Stores Department Stores Service Stations Light Industry Misc. Vehicle Sales Service Stations Department Stores Service Stations Service Stations Drug Stores Service Stations Department Stores Service Stations Office Equipment Miscellaneous Other BIdg.Matls-Retail Drug Stores Business Services Auto Sales - Used Energy Sales Drug Stores Restaurants Department Stores Misc. Vehicle Sales Auto Sales - New Light Industry Service Stations Auto Sales - New Light Industry BIdg.Matls-Whsle Restaurants Electronic Equipment Auto Sales - New Furniture/Appliance Service Stations BIdg.Matls-Whsle Restaurants Heavy Industry BIdg.Matls-Retail BIdg.Matls-Whsle Energy Sales Auto Sales - Used Apparel Stores Restaurants Electronic Equipment Auto Sales - New Auto Sales - New Food Processing Eqp Restaurants Auto Sales - New Service Stations Electronic Equipment Service Stations Restaurants Furniture/Appliance Restaurants Auto Sales - Used Misc. Vehicle Sales BIdg.Matls-Whsle BIdg.Matls-Retail Food Markets Restaurants BIdg.Matls-Retail Recreation Products BIdg.Matls-Whsle Office Equipment BIdg.Matls-Retail BIdg.Matls-Whsle Misc. Vehicle Sales Restaurants Leasing Auto Sales - New BIdg.Matls-Retail Service Stations Auto Sales - New Restaurants BIdg.Matls-Whsle Service Stations BIdg.Matls-Whsle Auto Sales - Used Restaurants Department Stores Auto Sales - New Service Stations BIdg.Matls-Whsle Misc. Vehicle Sales Liquor Stores Business Services BIdg.Matls-Retail Chemical Products Heavy Industry Service Stations Department Stores Miscellaneous Retail Department Stores Department Stores Miscellaneous Retail BIdg.Matls-Retail Apparel Stores Food Markets Department Stores Service Stations Department Stores Energy Sales Service Stations Misc. Vehicle Sales Department Stores Electronic Equipment Auto Parts/Repair Department Stores BIdg.Matls-Whsle 230 AGENDA ITEM 8D RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Megan Kavand, Accounting Technician Anne Hallberg, Accounting Supervisor Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: Quarterly Investment Report BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to receive and file the Quarterly Investment Report for the quarter ended June 30, 2014. 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. 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: Agenda Item 8D 231 " 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; " Logan Circle Partners Short Duration Second Quarter Review of STAMP portfolio, including benchmark information; 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) Logan Circle Partners Short Duration Second Quarter Review 12) County of Riverside Investment Report Agenda Item 8D 232 ATTACHMENT 1 Riverside County Transportation Commission Investment Portfolio Report Period Ended: June 30, 2014 RATING COUPON PAR PURCHASE MATURITY YIELD TO PURCHASE MARKET UNREALIZED FAIR VALUE MOODYS/FITCH/S&P RATE VALUE DATE DATE MATURITY COST VALUE 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 Subtotal Funds Held in Trust COMMISSION MANAGED PORTFOLIO US Bank Money Market First American Govemment Obligation Fund Cost of Issuance Fund BNY Mellon Money Market Subtotal Commission Managed Portfolio STAMP PORTFOLIO for 91 CIP Toll Revenue Project Senior Lien Fund Toll Revenue Project Sales Tax Revenue Fund Series A & Series B Reserve Fund Toll Revenue Project Capitalized Interest Fund Sales Tax Revenue Capitalized Interest Fund Subtotal STAMP Portfolio TOTAL All Cash and Investments 101,871,080 Aaa-bf/AAA/V1 N/A 101,871,080 3,601,393 Aaa-bf/AAA/V1 N/A 3,601,394 46,073,678 See attached report for details 207,637,355 See attached report for details 18,144,952 See attached report for details 25,386,722 See attached report for details 83,298,025 See attached report for details 380,540,732 $ 958,696,596 500,000,000 450,000,000-ri,"/// 400,000,000 350,000,000 // 300,000,000 250,000,000' 200,000,000 150,000,000 100,000,000 50,000,000 0 26.30/ 11.27% 1.88% ■ 10.55% 1.00 % L Nature of Investments ■ 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 0.39 N/A Portfolio Investment Type 39.33% Fixed Income 1.00% Mutual 0.11% Money Funds Market Funds 0.38% LAIFI 59.18% County Pool/Cash 233 ATTACHMENT 2 EMEN IMmm• Rere rside Cone Oyi ansporMin e Ca inmissivn STAMP Portfolio by Investment Category for quarter ended June 30, 2014 Security Type Category Issuer Final Maturity Trade Date Current Face Value Original Cost Neat Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Summarized Yield Credit Rating Source Account Account Identifier 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 O1/13/2022 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/O1/2018 04/23/2014 200,000.00 200,376.00 08/O1/2014 200,140.00 22.26 1.060 0.246 AAA 347621 LC -Sr Lien Reserve Fund-1 3135GOJA2 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 O1/16/2015 --- 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 O1/20/2040 --- 438,704.87 450,062.07 --- 450,888.15 1,909.35 3.000 1.063 AAA 347621 LC -Sr Lien Reserve Fund-1 31398V WC6 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 O1/25/2019 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 O1/25/2019 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 O1/25/2019 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/O1/2017 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/O1/2018 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/O1/2016 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/O1/2019 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/O1/2017 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/O1/2016 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 O1/25/2022 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/O1/2018 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 O1/O1/2030 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/O1/2019 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/O1/2019 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/O1/2019 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/O1/2026 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/O1/2026 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/O1/2019 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/O1/2019 07/26/2013 183,178.88 194,169.61 --- 194,444.38 1,640.12 5.000 0.791 AAA 234 Page 2 of 21 EMEN IMmm• Rirerside CouuiyimnsporIona n Ca inmissivn STAMP Portfolio by Investment Category for quarter ended June 30, 2014 Security Type Category Agency MBS Issuer Federal National Mortgage Association Final Maturity 03/01/2018 Trade Date 09/13/2013 Current Face Value 37,965.17 Neat Call Original Cost Date 40,432.90 --- Base Market Value 39,867.22 Base Net Total Unrealized Gain/Loss (123.37) Coupon 6.000 Summarized Yield Credit Rating Source Account 347621 Account Identifier LC -Sr Lien Reserve Fund-1 31385XBG1 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 Govenunent 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 235 Page 3 of 21 EMEN IMmm. RirersideCouuiyimnsportMho Ca inmissivn STAMP Portfolio by Investment Category for quarter ended June 30, 2014 Security Type -- •. L Final Maturity Trade Date Current Face Value Original Cost Neat Call Date Base Market Value Base Net Total Unrealized Gain/Loss Coupon Summarized Yield Credit Rating Source ... i ... 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/O1/2014 04/O1/2014 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/O1/2014 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 78008K5V 1 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 0258MOCZ0 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/O1/2017 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 59217GAV 1 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 O1/19/2017 --- 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/O1/2014 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/O1/2017 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 O1/11/2016 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/O1/2015 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/O1/2015 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/O1/2015 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/O1/2017 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/O1/2020 07/03/2013 3,200,000.00 3,200,000.00 07/O1/2014 3,200,000.00 0.00 0.130 --- AA 205091001 LC-2013 A Capitalized Interest 184126YS3 Muni Clayton County Water Authority 05/O1/2017 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 O1/31/2016 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 O1/31/2016 02/24/2014 150,000.00 149,935.64 --- 149,997.00 50.01 0.070 0.072 AAA 236 Page 4 of 21 EMEN 1Mmm• Rirerside Couuiyimnsportolian Ca inmissivn STAMP Portfolio by Investment Category for quarter ended June 30, 2014 Security Type Category US Gov Issuer Treasury, United States Department of Final Maturity 05/15/2019 Trade Date 07/05/2013 Current Face Value 500,000.00 Original Cost 539,902.34 Neat Call Date --- Base Market Value 536,210.00 Base Net Total Unrealized Gain/Loss 2,721.33 Coupon 3.125 Summarized Yield Credit Rating Source Account 347621 Account Identifier LC -Sr Lien Reserve Fund-1 912828KQ2 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 -I 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 -I 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 Autt 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 376,978,453.70 382,298,359.22 380,540,742.54 986,839.91 237 Page 5 of 21 ATTACHMENT 3 ``� Riverside (ouory Itonsporfolion Ummission STAMP Portfolio by Account for quarter ended June 30, 2014 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Next Call Original Cost Date Base Market Value Base Net Total Unrealized Gain/Loss Summarized Coupon Yield Credit Rating 347621 LC -Sr Lien Reserve Fund-1 3137EACA5 ken 347621 LC -Sr Lien Reserve Fund-1 3137EADB2 Alen Federal Home Loan Mort• a t e C...ration Federal Home Loan Mort_aLe Co ..ration 03/27/2019 07/05/2013 800,000.00 875,900.00 O1/13/2022 07/05/2013 550,000.00 529,303.50 879,208.00 15,708.17 3.750 1.574 548,916.50 17,475.63 2.375 2.404 AAA AAA 347621 LC -Sr Lien Reserve Fund-1 3136G1•A0 A. en / 1 : 1 / / 1 4 11 111.11 1.1 7. 1.1 1:/1 / 1 4 1.1 41 1.1 1 ul 1. 4. 347621 LC -Sr Lien Reserve Fund-1 347621 LC -Sr Lien Reserve Fund-1 3135GOJA2 Agency 313381H24 Agency 347621 LC -Sr Lien Reserve Fund-1 38376LE39 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 31395EZP5 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 38377UN20 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 31398V WC6 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 3137AEV77 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 313921183 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 38377RVK8 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 3137ASNH3 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 31397QUQ9 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 31395K5G4 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 38377JZ89 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 3137AQT24 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 3136A7MI8 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 38378TAF7 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 3137AUPE3 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 3137B03W2 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 3137A7E22 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 3136A72D3 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 38378CRT6 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 38377DPX8 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 31394DVM9 Agency CMO 347621 LC -Sr Lien Reserve Fund-1 3128MMAK9 Agency MBS 347621 LC -Sr Lien Reserve Fund-1 3137B6ZL8 Agency MBS 347621 LC -Sr Lien Reserve Fund-1 3136A4M48 Agency MBS 347621 LC -Sr Lien Reserve Fund-1 31417YKF3 _ Agency MBS 347621 LC -Sr Lien Reserve Fund-1 3137A7JU5 Agency MBS 347621 LC -Sr Lien Reserve Fund-1 31404WTT3 _ Agency MBS 347621 LC -Sr Lien Reserve Fund-1 31294KZL2 Agency MBS 347621 LC -Sr Lien Reserve Fund-1 3136AEYG6 _ Agency MBS 347621 LC -Sr Lien Reserve Fund-1 31416YX12 Agency MBS 347621 LC -Sr Lien Reserve Fund-1 3138EJ6V5 Agency MBS 347621 LC -Sr Lien Reserve Fund-1 31385XBG1 Agency MBS 347621 LC -Sr Lien Reserve Fund-1 31418AFW3 Agency MBS 347621 LC -Sr Lien Reserve Fund-1 61747C715 MM Fund 347621 LC -Sr Lien Reserve Fund-1 912828WK2 US Gov 347621 LC -Sr Lien Reserve Fund-1 912828KQ2 US Gov 347621 LC -Sr Lien Reserve Fund-1 912833KR0 US Gov 347621 LC -Sr Lien Reserve Fund-1 912828VB3 US Gov 347621 LC -Sr Lien Reserve Fund-1 912828VK3 US Gov 347621 LC -Sr Lien Reserve Fund-1 912828TJ9 US Gov Federal National Mortgage Association Federal Home Loan Banks Office of Finance 04/27/2017 O1/16/2015 The Government National Mortgage Association Guar: 12/20/2038 07/08/2013 Federal Home Loan Mortgage Corporation 08/15/2019 07/09/2013 The Government National Mortgage Association Guar: 01/20/2040 Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal National Mortgage Association 06/15/2028 07/08/2013 05/25/2018 07/03/2013 03/25/2018 07/08/2013 The Government National Mortgage Association Guar: 04/20/2039 07/03/2013 Federal Home Loan Mortgage Corporation Federal National Mortgage Association Federal Home Loan Mortgage Corporation 09/25/2021 07/03/2013 06/25/2020 12/31/2013 05/15/2033 07/08/2013 The Government National Mortgage Association Guar: 10/20/2039 07/05/2013 Federal Home Loan Mortgage Corporation Federal National Mortgage Association O1/25/2019 10/21/2013 12/25/2019 08/20/2013 575,000.00 780,000.00 28,880.12 171,327.31 438,704.87 156,938.70 251,000.00 49,595.40 148,556.27 445,693.79 183,975.61 16,933.05 225,195.92 170,000.00 175,000.00 574,886.75 780,471.80 29,250.14 181,258.93 450,062.07 160,764.08 258,314.30 52,323.14 152,084.47 435,543.81 195,415.59 17,176.46 232,083.74 171,195.31 172,402.34 577,898.00 780,561.60 29,385.06 181,749.15 450,888.15 158,389.44 261,578.90 52,356.52 153,447.18 442,734.82 189,897.60 16,994.19 237,081.08 The Government National Mortgage Association Guar: 07/20/2041 07/05/2013 Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal National Mortgage Association 06/25/2022 07/03/2013 08/25/2017 07/31/2013 04/15/2028 07/08/2013 04/25/2022 07/03/2013 The Government National Mortgage Association Guar: 10/20/2040 05/22/2014 The Government National Mortgage Association Guar: 11/20/2036 12/31/2013 Federal National Mortgage Association Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal National Mortgage Association Federal National Mortgage Association Federal Home Loan Mortgage Corporation Federal National Mortgage Association Federal Home Loan Mortgage Corporation Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Morgan Stanley Institutional Liquidity Funds Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of Treasury, United States Department of 02/25/2034 06/19/2014 09/O1/2019 07/08/2013 12/25/2019 01/07/2014 O1/25/2022 07/05/2013 01/01/2030 07/10/2013 11/25/2017 07/03/2013 05/01/2019 12/31/2013 05/O1/2019 01/06/2014 06/25/2018 11/20/2013 08/O1/2026 07/03/2013 09/01/2026 11/18/2013 03/O1/2018 09/13/2013 06/01/2022 07/10/2013 06/30/2014 O1/31/2016 02/24/2014 05/15/2019 07/05/2013 05/15/2018 07/05/2013 280,264.53 235,000.00 45,000.00 357,502.87 395,000.00 148,031.25 75,100.62 280,306.78 220,358.40 44,964.84 370,127.18 375,250.00 142,942.67 78,729.70 172,604.23 176,080.10 282,056.54 231,676.16 45,380.16 370,968.22 391,385.36 144,290.79 76,598.58 2,865.14 1.125 0.944 316.00 0.250 0.118 329.21 4.000 -1.667 1,718.60 4.500 0.814 1,909.35 3.000 1.063 (179.35) 7.000 3.105 4,789.68 2.699 1.518 560.23 5.000 0.723 1,658.99 3.000 1.904 5,901.08 1.459 1.612 (4,265.07) 2.750 0.680 1.63 5.000 1.726 5,326.01 3.500 1.739 1,591.96 2.130 1.751 3,212.09 1.520 1.310 1,816.38 2.500 2.329 9,935.70 2.396 2.586 417.47 1.426 1.080 2,776.24 3.500 1.412 14,244.22 2.482 2.604 1,374.46 2.000 2.567 (1,561.85) 2.500 0.719 261,528.75 276,525.79 --- 276,391.43 (471.54) 5.000 1.343 229,943.58 57,805.13 422,066.01 207,376.38 325,000.00 135,14124 71,351.44 170,000.00 78,367.70 170,841.82 37,965.17 316,305.20 0.00 150,000.00 500,000.00 380,000.00 05/15/2023 07/05/2013 3,500,000.00 06/30/2018 07/05/2013 3,500,000.00 08/15/2022 07/05/2013 575,000.00 244,458.76 58,960.58 423,253.07 218,782.08 351,203.13 150,647.67 77,576.07 171,341.41 82,053.42 181,385.97 40,432.90 326,683.96 63,789.58 149,935.64 539,902.34 353,517.80 3,253,085.94 3,483,730.47 535,917.97 244,170.19 59,123.26 427,806.95 226,005.00 350,643.80 143,530.81 75,803.05 172,015.35 83,154.40 183,036.34 39,867.22 330,807.79 63,789.58 149,997.00 536,210.00 361,342.00 3 315,158.00 3,507,945.00 545,890.63 18,144,954.10 1,175.18 5.000 1442 265.51 2.075 1.259 4,806.57 2.098 1.722 7,093.22 4.500 1.823 5,507.18 3.882 1.330 (5,59221) 4.500 0.791 (1,160.99) 4.000 0.476 880.99 1.825 1.481 1,304.45 3.500 1.705 2,105.27 4.000 1.683 (123.37) 6.000 1.450 5,118.27 3.000 1.140 0.00 0.040 0.040 50.01 0.070 0.072 2,721.33 3.125 1.576 2,627.04 0.000 1.303 40,123.75 1.750 2.415 21,098.87 1.375 1.317 6,162.94 1.625 2.312 AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA 347623 LC -Sr Lien Ob Fund-1 Interest 3137ASNH3 Agency CMO 347623 LC -Sr Lien Ob Fund-1 Interest 3137ANLP8 Agency CMO 347623 LC -Sr Lien Ob Fund-1 Interest 31393 V2T7 _ Agency CMO 347623 LC -Sr Lien Ob Fund-1 Interest 31393EXC8 Agency CMO 347623 LC -Sr Lien Ob Fund-1 Interest 3136A4M89 Agency CMO 347623 LC -Sr Lien Ob Fund-1 Interest 3136A8G38 Agency CMO 347623 LC -Sr Lien Ob Fund-1 Interest 313857LF3 Agency MBS 347623 LC -Sr Lien Ob Fund-1 Interest 31402RBG3 Agency MBS 347623 LC -Sr Lien Ob Fund-1 Interest 47787BAC9 Asset Backed 347623 LC -Sr Lien Ob Fund-1 Interest 36162WAC1 Asset Backed 347623 LC -Sr Lien Ob Fund-1 Interest 60920WGM6 CP 347623 LC -Sr Lien Ob Fund-1 Interest 44890NHM5 CP 347623 LC -Sr Lien Ob Fund-1 Interest 887317G94 CP 347623 LC -Sr Lien Ob Fund-1 Interest 37790BG70 CP 347623 LC -Sr Lien Ob Fund-1 Interest 2574P1G30 CP 347623 LC -Sr Lien Ob Fund-1 Interest 27743KH78 CP 347623 LC -Sr Lien Ob Fund-1 Interest 48121CJM9 Corporate 347623 LC -Sr Lien Ob Fund-1 Interest 61746BDG8 Corporate 347623 LC -Sr Lien Ob Fund-1 Interest 38143USC6 Grate 347623 LC -Sr Lien Ob Fund-1 Interest 78387GAP8 Corporate 347623 LC -Sr Lien Ob Fund-1 Interest 02580ECC5 Corporate 347623 LC -Sr Lien Ob Fund-1 Interest 48121CYK6 Corporate Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association Federal National Mortgage Association John Deere Owner Trust 2012 09/25/2021 08/15/2013 11/25/2016 07/09/2013 06/15/2018 07/08/2013 09/25/2018 07/24/2013 01/25/2019 07/05/2013 08/25/2017 07/08/2013 08/01/2017 09/18/2013 09/01/2019 03/15/2016 07/05/2013 GE Equipment Transportation LLC, Series 2013-1 11/25/2016 07/09/2013 Mondelez International, Inc. Hyundai Capital America Time Wamer Cable Inc. Glencme Funding LLC Dominion Resources, Inc. Eastman Chemical Company JPMorgan Chase Bank, National Association Morgan Stanley The Goldman Sachs Group, Inc. AT&T Inc. American Express Bank, FSB. JPMorgan Chase Bank, National Association 07/21/2014 06/05/2014 445,693.79 433,994.32 930,000.00 336,544.09 63,894.70 200,154.00 883,155.14 303,958.75 147,412.89 351,030.38 925,000.00 700,000.00 08/21/2014 06/04/2014 1,000,000.00 07/09/2014 06/05/2014 07/07/2014 06/13/2014 475,000.00 700,000.00 07/03/2014 06/06/2014 1,000,000.00 08/07/2014 06/16/2014 1,200,000.00 06/13/2016 07/11/2013 02/25/2016 07/03/2013 02/07/2016 07/03/2013 500,000.00 500,000.00 600,000.00 09/15/2014 07/03/2013 1,300,000.00 09/13/2017 07/08/2013 250,000.00 939,227.34 355,947.96 67,548.68 201,428.42 870,114.80 324,475.97 158,122.11 351,359.47 921,964.84 699,755.00 999,458.33 474,901.04 699,846.00 999,835.00 1,199,532.00 492,775.00 496,725.00 627,936.00 1,367,613.00 287,890.00 10/01/2017 07/03/2013 300,000.00 341,424.00 442,734.82 945,530.07 353,535.86 67,207.32 203,174.53 888,182.94 318,804.10 155,345.18 351,473.73 926,674.25 699,874.00 999,548.00 474,952.50 699,939.10 999,940.00 1,199,629.20 498,215.00 507,100.00 625,368.00 1,311,323.00 285,700.00 341,241.00 AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AA AA AA AA AA AA 347623 LC -Sr Lien Ob Fund -I Interest 172967FD8 Corporate 347623 LC -Sr Lien Ob Ftmd-1 Interest 00279VCA1 Corporate Citigroup Inc. Abbey National Treasury Services PLC 11/10/2014 07/05/2013 1,000,000.00 1,035,030.00 238 1,012,280.00 Page 6 of 21 EMI IMENI Riverside (ouory Ironspor otion Ummission STAMP Portfolio by Account for quarter ended June 30, 2014 Source Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Next Call Value Original Cost Date Base Market Value Base Net Total Unrealized Gain/Loss Summarized Coupon Yield Credit Rating 347623 347623 347623 347623 347623 347623 LC -Sr Lien Ob Fund-1 Interest LC -Sr Lien Ob Fund-1 Interest LC -Sr Lien Ob Fund-1 Interest LC -Sr Lien Ob Fund-1 Interest LC -Sr Lien Ob Fund-1 Interest LC -Sr Lien Ob Fund-1 Interest 263534BX6 59217GAC3 928670AJ7 89233P6J0 38144LAB6 767201AM8 Corporate Corporate Corporate Corporate Corporate Corporate 347623 LC -Sr Lien Ob Fund-1 Interest 36962G3H5 Corporate 347623 LC -Sr Lien Ob Fund-1 Interest 69349I AT 7 Corporate 347623 LC -Sr Lien Ob Fund -I Interest 233851AT1 Corporate 347623 LC -Sr Lien Ob Fund-1 Interest 05565QCC0 Corporate 347623 LC -Sr Lien Ob Fund -I Interest 94980VAF5 Corporate 347623 LC -Sr Lien Ob Fund-1 Interest 61747C715 MM Fund 347623 LC -Sr Lien Ob Fund-1 Interest 407288YD5 Muni 347623 LC -Sr Lien Ob Fund-1 Interest 235219JS2 Muni 347623 LC -Sr Lien Ob Fund-1 Interest 912828RX0 US Gov 347623 LC -Sr Lien Ob Fund-1 Interest 912828UA6 US Gov E. I. du Pont de Nemours and Company Metropolitan Life Global Funding I Volkswagen International Finance N.V. Toyota Motor Credit Corporation The Goldman Sachs Group, Inc. Rio Tinto Finance (USA) Limited General Electric Capital Corporation PNC Bank, National Association Daimler Finance North America LLC BP Capital Markets P.L.C. Wells Fargo Bank, National Association Morgan Stanley Institutional Liquidity Funds Hamilton, County of Dallas, City of Treasury, United States Department of Treasury, United States Department of 03/15/2015 09/29/2015 03/22/2015 07/17/2015 09/01/2017 05/20/2016 07/09/2013 07/03/2013 07/08/2013 07/03/2013 07/03/2013 07/03/2013 09/15/2017 07/03/2013 04/29/2016 07/11/2013 01/11/2016 07/08/2013 11/06/2017 07/03/2013 950,000.00 740,000.00 600,000.00 800,000.00 300,000.00 600,000.00 300,000.00 500,000.00 500,000.00 300,000.00 05/16/2016 07/11/2013 1,000,000.00 06/30/2014 12/01/2015 07/18/2013 02/15/2017 07/10/2013 12/31/2016 09/13/2013 0.00 630,000.00 650,000.00 950,000.00 11/30/2017 07/05/2013 1,250,000.00 1,014,068.00 766,284.80 607,206.00 802,344.00 322,515.00 617,400.00 340,212.00 499,180.00 04/29/2015 497,995.00 292,194.00 988,160.00 213,271.38 630,000.00 650,000.00 945,212.89 1,214,648.44 978,462.00 758,063.40 605,784.00 804,720.00 341,538.00 619,320.00 339,609.30 500,200.00 504,360.00 300,421.80 997,680.00 213,271.38 632,816.10 660,452.00 954,968.50 1 230,860.00 25,386,722.36 1,351.60 3,279.60 2,689.98 3,505.29 23,967.29 7,779.02 4.750 2.500 1.625 0.875 6.250 2.500 0.506 0.533 0.298 0.310 1.740 0.779 8,450.88 5.625 1.401 738.07 0.547 0.514 5,593.46 1.250 0.676 6,519.83 1.375 1.332 5,516.14 0.435 0.566 0.00 0.050 0.040 2,816.10 0.803 0.487 10,452.00 1.589 0.967 8,617.07 0.875 0.664 8,492.64 0.625 1.082 A AA A AA A A AA A A A A AAA AA AA AAA AAA 347625 LC -Project Fund-2 Senior Lien 36162DAC3 Asset Backed 347625 LC -Project Fund-2 Senior Lien 17308BAN8 Asset Backed 347625 LC -Project Fund-2 Senior Lien 02582JFV7 Asset Backed 347625 LC -Project Fund-2 Senior Lien 92867KAC8 Asset Backed 347625 LC -Project Fund-2 Senior Lien 89236QAC5 Asset Backed 347625 LC -Project Fund-2 Senior Lien 36159LBN5 Asset Backed 347625 LC -Project Fund-2 Senior Lien 36162NAC1 Asset Backed GE EQUIP SMALL TICKET LLC SER2011-2 Citibank O®i-S Master Trust American Express Credit Account Master Trust Volkswagen Auto Lease Trust 2012-A Toyota Auto Receivables 2011-B Owner Trust GE Dealer Floorplan Master Not GE Equipment Transportation LLC, Series 2012-1 06/22/2015 02/06/2014 227,679.57 11/15/2018 02/19/2014 1,350,000.00 03/15/2017 01/07/2014 1,000,000.00 07/20/2015 01/17/2014 06/15/2015 01/14/2014 275,844.37 186,106.93 07/20/2016 01/07/2014 2,000,000.00 11/23/2015 02/13/2014 237,868.84 228,293.23 1,393,189.45 1,006,992.19 276,577.08 186,354.10 2,004,062.50 238,389.17 227,941.40 1,372,512.60 1,001,520.00 276,126.84 186,199.61 2,000,438.00 238,133.82 (28.69) 1.370 0.405 318.34 4.900 0.443 70.01 1.402 0.214 (127.32) 0.870 0.487 (8.28) 0.680 0.267 14.82 0.753 0.377 (59.57) 0.990 --- AAA AAA AAA AAA AAA AAA 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 347625 LC -Project Fund-2 Senior Lien 55314QAC1 Asset Backed 347625 LC -Project Fund-2 Senior Lien 17181BG79 CP 347625 LC -Project Fund-2 Senior Lien 26244JGE3 CP 347625 LC -Project Fund-2 Senior Lien 62956UG92 CP 347625 LC -Project Fund-2 Senior Lien 78355BG14 CP 347625 LC -Project Fund-2 Senior Lien 78573FGN3 CP 347625 LC -Project Fund-2 Senior Lien 69430MGP5 CP 347625 LC -Project Fund-2 Senior Lien 44890NHM5 CP 347625 LC -Project Fund-2 Senior Lien 57163UG75 CP 347625 LC -Project Fund-2 Senior Lien 6362P3HN7 CP 347625 LC -Project Fund-2 Senior Lien 25471KG89 CP 347625 LC -Project Fund-2 Senior Lien 50104MG70 CP 347625 LC -Project Fund-2 Senior Lien 90655KGE8 CP 347625 LC -Project Fund-2 Senior Lien 05634CGG5 CP 347625 LC -Project Fund-2 Senior Lien 2925A3GH5 CP 347625 LC -Project Fund-2 Senior Lien 63946EGB4 CP 347625 LC -Project Fund-2 Senior Lien 84757BG73 CP 347625 LC -Project Fund-2 Senior Lien 2574P1G97 CP 347625 LC -Project Fund-2 Senior Lien 20279WG21 CP 347625 LC -Project Fund-2 Senior Lien 88355MG27 CP 347625 LC -Project Fund-2 Senior Lien 27743KGA2 CP 347625 LC -Project Fund-2 Senior Lien 65475MGR5 CP 347625 LC -Project Fund-2 Senior Lien 42823KG22 CP 347625 LC -Project Fund-2 Senior Lien 0020A3GE4 CP 347625 LC -Project Fund-2 Senior Lien 88731JGM5 CP 347625 LC -Project Fund-2 Senior Lien 61747C715 MM Fund 347625 LC -Project Fund-2 Senior Lien 97689RAH7 VRDN Volkswagen Auto Lease Trust 2012-A MMAF EQUIP FIN LLC 2012-A Cigna Corporation Duke Energy Corporation Nabors Industries, Inc. Ryder System, Inc. SABMiller Holdings Inc. Pacific Gas and Electric Company Hyundai Capital America Marriott International, Inc. National Grid USA Service Company, Inc. Discovery Communications, LLC The Kroger Co. Union Electric Company Bacardi U.S.A., Inc. Enbridge Energy Partners, L.P. Comcast Corporatia SPECTRA ENERGY PARTNERS LP Dominion Resources, Inc. Commonwealth Edison Company Thermo Fisher Scientific Inc. Eastman Chemical Company Nissan Motor Acceptance Corporation Hewlett-Packard Company AT&T Inc. Time Warner Cable Inc. Morgan Stanley Institutional Liquidity Funds 05/22/2017 02/19/2014 1,300,000.00 08/10/2016 01/16/2014 615,665.69 07/07/2014 05/06/2014 1,500,000.00 07/14/2014 06/10/2014 1,500,000.00 07/09/2014 06/18/2014 1,500,000.00 07/01/2014 06/02/2014 1,600,000.00 07/22/2014 06/23/2014 1,700,000.00 07/23/2014 04/25/2014 1,500,000.00 08/21/2014 06/09/2014 1,500,000.00 07/07/2014 05/27/2014 1,500,000.00 08/22/2014 06/24/2014 1,700,000.00 07/08/2014 06/24/2014 1,500,000.00 07/07/2014 06/02/2014 1,500,000.00 07/14/2014 06/17/2014 1,700,000.00 07/16/2014 06/24/2014 800,000.00 07/17/2014 06/19/2014 1,700,000.00 07/11/2014 06/16/2014 1,500,000.00 07/07/2014 06/02/2014 1,500,000.00 07/09/2014 06/09/2014 1,450,000.00 07/02/2014 06/16/2014 1,500,000.00 07/02/2014 05/28/2014 1,000,000.00 07/10/2014 05/27/2014 1,500,000.00 07/25/2014 06/17/2014 1,600,000.00 07/02/2014 05/29/2014 1,500,000.00 07/14/2014 06/02/2014 1,600,000.00 07/21/2014 06/02/2014 1,600,000.00 06/30/2014 06/27/2014 0.00 Wisconsin Housing and Economic Development Autho 04/01/2046 07/05/2013 1,805,000.00 1,306,296.88 617,108.65 1,499,262.92 1,499,733.33 1,499,800.01 1,599,751.10 1,699,716.66 1,499,110.01 1,499,260.41 1,499,598.54 1,699,233.11 1,499,870.00 1,499,697.50 1,699,692.98 799,892.66 1,699,706.75 1,499,760.42 1,499,591.67 1,449,740.61 1,499,820.00 999,783.33 1,499,523.33 1,599,594.67 1,499,685.84 1,599,608.00 1,599,390.22 106,915.31 1,805,000.00 07/01/2014 1,302,583.10 616,973.98 1,499,911.50 1,499,800.50 1,499,850.00 1,599,924.80 1,699,682.10 1,499,710.50 1,499,322.00 1,499,869.50 1,699,212.90 1,499,860.50 1,499,869.50 1,699,773.90 799,882.40 1,699,739.90 1,499,830.50 1,499,869.50 1,449,855.00 1,499,920.50 999,947.00 1,499,839.50 1,599,668.80 1,499,920.50 1,599,787.20 1,599,712.00 106,915.31 1,805,000.00 46,073,680.66 (1,279.50) 1.060 0.706 437.21 0.940 0.421 (16.00) 0.000 0.354 (91.17) 0.000 0.369 (50.01) 0.000 0.451 (75.20) 0.000 1.699 (79.89) 0.000 0.321 (69.50) 0.000 0.316 (146.75) 0.000 0.319 (71.75) 0.000 0.523 (99.54) 0.000 0.321 (69.50) 0.000 0.479 (75.50) 0.000 0.523 (72.59) 0.000 0.369 (40.93) 0.000 0.353 (56.10) 0.000 0.345 (73.67) 0.000 0.407 (60.50) 0.000 0.523 (70.89) 0.000 0.451 (68.25) 0.000 1.917 (45.78) 0.000 1.917 (63.00) 0.000 0.428 (75.20) 0.000 0.311 (68.67) 0.000 1.917 (91.47) 0.000 0.369 (39.11) 0.000 0.324 0.00 0.040 0.040 0.00 0.110 0.110 AAA AAA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AAA AAA 347628 LC-PF-2 Sales Tax Revenue Bond 31395MLT4 Agency CMO 347628 LC-PF-2 Sales Tax Revenue Bond 3133XCQE6 Agency CMO 347628 LC-PF-2 Sales Tax Revenue Bond 17308BAN8 Asset Backed Federal Home Loan Mortgage Corporation Federal Hone Loan Banks Office of Finance Citibank Omni-S Master Trust 06/15/2019 07/15/2013 07/28/2015 08/13/2013 11/15/2018 48,782.70 146,497.98 7,650,000.00 49,575.42 154,189.12 8,013,333.99 48,826.95 152,715.50 7,777,571.40 (81.12) 4.500 -0.003 1,005.63 5.250 0.725 7,179.51 4.900 0.443 AAA AAA AAA 347628 LC-PF-2 Sales Tax Revenue Bond 89236QAC5 Asset Backed 347628 LC-PF-2 Sales Tax Revenue Bond 02582JFY1 Asset Backed 347628 LC-PF-2 Sales Tax Revenue Bond 43812XAB1 Asset Backed Toyota Auto Receivables 2011-B Owner Trust American Express Credit Account Master Trust Honda Auto Receivables 2013-3 Owner Trust 06/15/2015 01/14/2014 583,864.88 04/17/2017 07/05/2013 1,000,000.00 01/15/2016 07/17/2013 4,642,716.43 584,640.32 1,001,796.88 4,642,647.25 584,155.64 1,000,906.00 4,646,388.81 (25.97) 0.680 0.267 589.88 0.852 0.431 3,695.02 0.540 0.316 AAA AA AAA 347628 LC-PF-2 Sales Tax Revenue Bond 36159LBN5 Asset Backed 347628 LC-PF-2 Sales Tax Revenue Bond 36159JCS8 Asset Backed GE Dealer Floorplan Master Not GE Capital Credit Card Master Note Trust 07/20/2016 3,135,000.00 01/15/2018 07/15/2013 2,295,000.00 3,141,315.23 2,304,682.03 3,135,686.57 2,301,834.51 30.40 0.753 0.377 3 324.32 1.030 0.480 AAA AAA 347628 LC-PF-2 Sales Tax Revenue Bond 89231NAC7 Asset Backed 347628 LC-PF-2 Sales Tax Revenue Bond 36159JBT7 Asset Backed 347628 LC-PF-2 Sales Tax Revenue Bond 17308BAL2 Asset Backed Toyota Auto Receivables 2012-B Owner Trust GE Capital Credit Card Master Note Trust Citibank Omni-S Master Trust 07/15/2016 02/14/2014 884,091.23 11/15/2017 07/11/2013 5,000,000.00 08/15/2018 4,340,000.00 884,678.32 5,209,179.69 4,557,730.08 884,520.01 5,062,870.00 4,366,586.84 (6.03) 0.460 0.374 4,172.98 3.800 0.444 1,655.21 5.350 0.438 AAA AAA AAA 347628 LC-PF-2 Sales Tax Revenue Bond 36162RAC2 Asset Backed 347628 LC-PF-2 Sales Tax Revenue Bond 55314QAC1 Asset Backed GE Equipment Small Ticket, L.L.C., Series 2012-1 09/21/2015 07/10/2013 3,790,185.93 MMAF EQUIP FIN LLC 2012-A 3,802,178.32 08/10/2016 3,409,967.03 3,418,676.91 3,796,985.52 3,417,213.21 3,637.84 1.040 0.388 AAA 3,724.75 0.940 0.421 AAA 347628 LC-PF-2 Sales Tax Revenue Bond 55314MAC0 Asset Backed 347628 LC-PF-2 Sales Tax Revenue Bond 17181BG79 CP MMAF Equipment Finance LLC 2011-A Cigna Corporation 09/15/2015 07/10/2013 1,051,805.57 1,054,352.92 07/07/2014 05/06/2014 7,000,000.00 6,996,560.27 239 1,052,762.72 6,999,587.00 469.61 1.270 0.224 AAA (74.67) 0.000 0.354 AA Page 7 of 21 IMENI Riverside (ouory Itonsporiolion Ummission STAMP Portfolio by Account for quarter ended June 30, 2014 Source Security Type Account Account Identifier Cateaory Issuer Base Net Total Final Current Face Next Call Base Market Unrealized Summarized Maturi Trade Date Value OH. final Cost Date Value Gain/Loss Cou on Yield Credit Rating 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 347628 LC-PF-2 Sales Tax Revenue Bond 26244JGE3 CP LC-PF-2 Sales Tax Revenue Bond 62956UG92 CP LC-PF-2 Sales Tax Revenue Bond 78573FGN3 CP LC-PF-2 Sales Tax Revenue Bond 44890NHM5 CP LC-PF-2 Sales Tax Revenue Bond 57163UG75 CP LC-PF-2 Sales Tax Revenue Bond 25471KG89 CP LC-PF-2 Sales Tax Revenue Bond 50104MG70 CP LC-PF-2 Sales Tax Revenue Bond 63946EGB4 CP LC-PF-2 Sales Tax Revenue Bond 2925A3GH5 CP LC-PF-2 Sales Tax Revenue Bond 84757BG73 CP LC-PF-2 Sales Tax Revenue Bond 88355MG27 CP LC-PF-2 Sales Tax Revenue Bond 20279WG21 CP LC-PF-2 Sales Tax Revenue Bond 277431(1178 CP LC-PF-2 Sales Tax Revenue Bond 42823KG22 CP LC-PF-2 Sales Tax Revenue Bond 2574P1G97 CP LC-PF-2 Sales Tax Revenue Bond 60920WG12 CP LC-PF-2 Sales Tax Revenue Bond 233851AG9 Corporate LC-PF-2 Sales Tax Revenue Bond 94974BET3 Corporate LC-PF-2 Sales Tax Revenue Bond 78387GAP8 Corporate LC-PF-2 Sales Tax Revenue Bond 0258MOCZ0 Corporate LC-PF-2 Sales Tax Revenue Bond 38141GCM4 Corporate LC-PF-2 Sales Tax Revenue Bond 36962GK86 Corporate LC-PF-2 Sales Tax Revenue Bond 74432QAE5 Corporate LC-PF-2 Sales Tax Revenue Bond 00279VCAI Corporate LC-PF-2 Sales Tax Revenue Bond 020002AR2 Corporate LC-PF-2 Sales Tax Revenue Bond 36962G4G6 Corporate LC-PF-2 Sales Tax Revenue Bond 929903A.11 Corporate LC-PF-2 Sales Tax Revenue Bond 61747C715 MM Fund LC-PF-2 Sales Tax Revenue Bond 407288YD5 Muni LC-PF-2 Sales Tax Revenue Bond 64468EAZ3 Muni LC-PF-2 Sales Tax Revenue Bond 64468EAY6 VRDN Duke Energy Corporation Nabors Industries, Inc. SABMiller Holdings Inc. Hyundai Capital America Marriott International, Inc. Discovery Communications, LLC The Kroger Co. Comcast Corporation Enbridge Energy Partners, L.P. SPECTRA ENERGY PARTNERS LP Thermo Fisher Scientific Inc. Commonwealth Edison Company Eastman Chemical Company Hewlett-Packard Company Dominion Resources, Inc. Mondelez International, Inc. Daimler Finance North America LLC Wells Fargo & Company AT&T Inc. American Express Credit Corporation The Goldman Sachs Group, Inc. General Electric Capital Corporation Prudential Financial, Inc. Abbey National Treasury Services PLC The Allstate Corporation General Electric Capital Corporation Wells Fargo & Company Morgan Stanley Institutional Liquidity Funds Hamilton, County of Labor, New Hampshire Department of Labor, New Hampshire Department of 07/14/2014 07/09/2014 07/22/2014 08/21/2014 07/07/2014 07/08/2014 07/07/2014 07/11/2014 07/17/2014 07/07/2014 07/02/2014 07/02/2014 08/07/2014 07/02/2014 07/09/2014 07/01/2014 09/15/2014 10/O1/2014 09/15/2014 08/25/2014 11/15/2014 09/15/2014 09/20/2014 11/10/2014 08/15/2014 11/14/2014 08/O1/2014 06/30/2014 12/O1/2015 11/O1/2020 11/O1/2020 06/10/2014 8,000,000.00 7,998,577.76 7,998,936.00 06/18/2014 3,500,000.00 3,499,533.35 --- 3,499,650.00 06/23/2014 8,000,000.00 7,998,666.64 7,998,504.00 06/09/2014 3,500,000.00 3,498,274.29 --- 3,498,418.00 05/27/2014 8,000,000.00 7,997,858.88 7,999,304.00 06/24/2014 2,000,000.00 1,999,826.66 --- 1,999,814.00 06/02/2014 8,000,000.00 7,998,386.64 7,999,304.00 06/16/2014 8,000,000.00 7,998,722.24 --- 7,999,096.00 06/19/2014 6,500,000.00 6,498,878.75 6,499,005.50 06/02/2014 8,000,000.00 7,998,008.88 --- 7,999,304.00 05/28/2014 4,000,000.00 3,999,133.32 3,999,788.00 06/16/2014 8,000,000.00 7,999,040.00 --- 7,999,576.00 06/17/2014 8,000,000.00 7,996,940.00 7,997,528.00 05/29/2014 8,000,000.00 7,998,324.48 --- 7,999,576.00 06/09/2014 7,000,000.00 6,998,747.77 6,999,300.00 04/01/2014 5,000,000.00 4,996,081.95 --- 4,999,765.00 07/08/2013 2,400,000.00 2,428,301.60 2,407,440.00 07/03/2013 3,500,000.00 3,628,730.00 --- 3,530,135.00 07/03/2013 6,504,000.00 6,842,273.04 6,560,649.84 07/03/2013 6,124,000.00 6,430,200.00 --- 6,167,664.12 07/08/2013 2,000,000.00 2,116,560.00 2,037,420.00 07/09/2013 5,000,000.00 5,243,950.00 --- 5,045,850.00 07/09/2013 2,686,000.00 2,820,407.44 2,713,424.06 07/05/2013 3,000,000.00 3,105,090.00 --- 3,036,840.00 07/05/2013 5,870,000.00 6,141,957.10 5,904,456.90 07/08/2013 3,000,000.00 3,118,200.00 --- 3,038,970.00 07/05/2013 3,911,000.00 4,091,336.21 3,925,822.69 06/27/2014 0.00 488,505.76 --- 488,505.76 07/18/2013 6,645,000.00 6,645,000.00 --- 6,674,703.15 07/03/2013 3,200,000.00 3,200,000.00 07/01/2014 3,200,000.00 11/04/2013 4,190,000.00 4,190,000.00 07/01/2014 4,190,000.00 207,637,360.71 (486.22) (116.68) (375.98) (342.41) (382.67) (92.66) (402.66) (392.90) (214.50) (322.67) (183.11) (364.00) (252.00) (36622) (342.22) (235.00) 2,460.86 3,703.31 (2,535.54) 2,320.09 4,982.70 2,882.34 2,460.19 8,414.84 3,571.70 6,296.63 193.79 0.00 29,703.15 0.00 0.00 0.000 0.369 AA 0.000 0.451 AA 0.000 0.321 AA 0.000 0.319 AA 0.000 0.523 AA 0.000 0.479 AA 0.000 0.523 AA 0.000 0.407 AA 0.000 0.345 AA 0.000 0.523 AA 0.000 1.917 AA 0.000 1.917 AA 0.000 0.301 AA 0.000 1.917 AA 0.000 0.451 AA 0.000 1.699 AA 1.875 0.384 A 3.750 0.338 AA 5.100 0.898 A 5.125 0.447 A 5.500 0.498 A 4.750 0.341 AA 5.100 0.493 A 3.875 0.466 A 5.000 0.297 A 3.750 0.256 AA 5.250 0.828 A 0.040 0.040 AAA 0.803 0.487 AA 0.130 --- AA 0.130 0.130 AA 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 O1/25/2019 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 Goan 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/O1/2018 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/O1/2016 07/05/2013 404,514.39 428,532.44 --- 417,709.65 (3,939.8� 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/O1/2016 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/O1/2018 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/O1/2019 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/O1/2019 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/O1/2017 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 _ (3,36791)_ 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 89153 VAC3 _ 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 Cor2rate 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 59217GAV 1 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 O1/19/2017 --- _ 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 240 Page 8 of 21 UNNI • Riverside (ounry ironsporfolion (Ai -mission STAMP Portfolio by Account for quarter ended June 30, 2014 Source .Account Account Identifier Security Type Category Issuer Final Maturity Trade Date Current Face Value Next Call Original Cost Date Base Market Value Base Net Total Unrealized Gain/Loss Summarized Coupon Yield Credit Rating 205091001 LC-2013 A Capitalized Interest 742718DV8 205091001 LC-2013 A Capitalized Interest 459200GX3 205091001 LC-2013 A Capitalized Interest 9AMMF05B2 205091001 LC-2013 A Capitalized Interest 407288YD5 Corporate Corporate MM Fund Muni 205091001 LC-2013 A Capitalized Interest 235219JS2 Muni 205091001 LC-2013 A Capitalized Interest 64966H4E7 Muni 205091001 LC-2013 A Capitalized Interest 184126YS3 Muni 205091001 LC-2013 A Capitalized Interest 912828WK2 US Gov 205091001 LC-2013 A Capitalized Interest 912828VG2 US Gov The Procter & Gamble Company International Business Machines Corporation U.S. Bank Money Market Account Fund Hamilton, County of Dallas, City of New York, City of Clayton County Water Authority Treasury, United States Department of Treasury, United States Department of 08/15/2016 07/22/2016 06/30/2014 12/01/2015 07/10/2013 07/10/2013 07/18/2013 1,240,000.00 465,000.00 0.00 2,080,000.00 02/15/2017 07/10/2013 2,135,000.00 10/01/2017 07/12/2013 1,170,000.00 05/01/2017 07/11/2013 770,000.00 1,256,033.20 477,936.30 175,273.73 2,080,000.00 2,135,000.00 1,238,222.70 755,939.80 01/31/2016 04/28/2014 11,500,000.00 11,496,312.05 06/15/2016 07/05/2013 5,000,000.00 4,973,632.81 1,260,336.00 477,192.30 175,273.73 2,089,984.00 2,193,007.95 1,239,849.00 777,399.70 11,499,770.00 5,006,250.00 9,234.78 3,332.64 0.00 9,984.00 1.450 1.950 0.000 0.803 0.671 0.667 0.000 0.463 58,007.95 1.589 0.545 16,676.47 3.140 1.261 17,999.45 1.300 0.956 3,096.05 0.070 0.072 23,868.15 0.500 0.436 AA AA NA AA AA AA AA AAA 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 205091001 LC-2013 A Capitalized Interest 912828RU6 US Gov Treasury, United States Department of Treasury, United States Department of 11/30/2017 07/05/2013 1,750,000.00 1,700,507.81 11/30/2016 07/05/2013 6,900,000.00 6,893,800.78 1,723,207.50 6,942,573.00 83,298,024.71 11,893.19 0.625 1.082 AAA 46,992.93 0.875 0.617 AAA 241 Page 9 of 21 ATTACHMENT 4 ``` Ri•renide Counly Iromporlolion Commission STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2014 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 PRE 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 912828 WK2 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 FILMS K019 Al 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 NB 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 3135GOKB8 FANNIE MAE 175,187.25 - - (175,000.00) - (0.00) (132.05) (55.19) - - 347621 LC -Sr Lien Reserve Fund-1 3137B6ZL8 FHMS K714 AI 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 FILMS 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 313921J83 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 3136GIQA0 FANNIE MAE - 200,376.00 - - - - (258.26) 22.26 200,140.00 883.33 347621 LC -Sr Lien Reserve Fund-1 912828VK3 US TREASURY NB 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 3137B03 W2 FILMS 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 3135GOJA2 FANNIE MAE 125,626.25 - - - - - (69.20) 72.95 125,630.00 250.00 347621 LC -Sr Lien Reserve Fund-1 3135GOJA2 FANNIE MAE 452,254.50 - - - - - 65.70 (52.20) 452,268.00 900.00 347621 LC -Sr Lien Reserve Fund-1 912828TJ9 US TREASURY NB 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 BAN] 530,461.10 - - - - - (71.60) (7.90) 530,381.60 607.29 347621 LC -Sr Lien Reserve Fund-1 313381H24 FEDERAL HOME LOAN BAN] 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 PRP 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 & PIN-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 FSI 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 313851LF3 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 AllianceBemstein L.P. - 749,992.50 - (750,000.00) - - 7.50 - - - 347623 LC -Sr Lien Ob Fund-1 Interest 00279VCA1 ABBEY NATL TREASURY SE 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. DUPONT 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 Al 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 1,282.63 242 Page 10 of 21 ``` R i•renide County homporlorion Commission STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2014 Source Account 347623 Account LC -Sr Lien Ob Fund-1 Interest Identifier 13638XD80 Description Canadian Natural Resources Lim Beginning Base Market Value 874,929.13 Base Purchases - Base Sales - Base Maturities and Redemptions (875,000.00) Base Paydowns - Net Total Realized Gain/(Loss) Base Amortization/A ccretion 45.94 Base Change In Net Unrealized Gain/(Loss) 24.94 Ending Base Market Value - Ending Accrued Income Balance - - 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 27743K1178 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 II 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 NB 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 NB 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 887311G94 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 928670A17 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 CC 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 II 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 78355BDV 1 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 NB 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 Holding: - 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 PRP 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) (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) - ___(p2.23) - 183.33 - - - 347625 LC -Project Fund-2 Senior Lien 69430ME77 Pacific Gas and Electric Compan. - 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 AllianceBemstein 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, h - 1,499,866.67 - (1,500,000.00) - - 133.33 - - - 347625 LC -Project Fund-2 Senior Lien 65339NEF7 NextEra Energy Capital Holding; - 1,999,895.00 - (2,000,000.00) - - 105.00 - - - 347625 LC -Project Fund-2 Senior Lien 19122XE63 Coca-Cola Refreshments USA, h - 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 46625HIIN3 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, h - 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 Compan. - 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 Corry - 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 - - - 243 Page 11 of 21 ``` R i•renide County homporlorion Commission STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2014 Source Account 347625 Account LC -Project Fund-2 Senior Lien Identifier 2925A3F60 Description Enbridge Energy Partners, L.P. Beginning Base Market Value - Base Purchases Base Sales Base Maturities and Redemptions Base Paydowns Net Total Realized Gain/(Loss) Base Amortization/A ccretion 83.05 Base Change In Net Unrealized Gain/(Loss) - Ending Base Market Value - Ending Accrued Income Balance - 499,916.95 - (500,000.00) - - 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 3135GOYS6 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 BAN] 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 Lim 13638XD80 Canadian Natural Resources Lim 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 Lim 20279WG21 Commonwealth Edison Compan} - 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 Lim 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 Lim 65475MFGO Nissan Motor Acceptance Corpot - 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 Lim 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 Lim 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 Lim 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 Corpot - 1,599,594.67 - - - - 149.33 (75.20) 1,599,668.80 - 347625 LC -Project Fund-2 Senior Lim 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 Lim 20279WF55 Commonwealth Edison Compan} - 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 Lim 55314QAC1 MvIAF 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 Lim 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 Lim 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 Lim 91842MDR0 VW Credit, Inc. - 1,499,970.00 - (1,500,000.00) - - 30.00 - - - 347625 LC -Project Fund-2 Senior Lien 0220XIE19 Altria Group, Inc. - 749,920.00 - (750,000.00) - 80.00 - - - 347625 347625 LC -Project Fund-2 Senior Lim LC -Project Fund-2 Senior Lien 17308BAN8 17181BG79 COMNI 2009-A17 A17 Cigna Corporation 1,387,170.90 - - - 1,499,262.92 - - - - (14,973.69) 315.39 1,372,512.60 8,452.50 - 664.58 (16.00) 1,499,911.50 - 347625 347625 LC -Project Fund-2 Senior Lim LC -Project Fund-2 Senior Lien 02582JFV7 03741PFCI AMXCA 2009-2A Apache Corporation 1,004,526.00 - - - 1,374,941.18 - - (1,375,000.00) - - (2,932.21) (73.79) 1,001,520.00 584.06 - 58.82 - - - 347625 LC -Project Fund-2 Senior Lim 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 Lim 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 Lim 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 Lim 49455BDM1 ICinder Morgan Energy Partners, - 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 Lim 27743KDA5 Eastman Chemical Company 1,499,860.50 - - (1,500,000.00) - - 93.75 45.75 - - 347625 LC -Project Fund-2 Senior Lien 2574P1E16 Domiion Resources, Inc. 1,499,659.50 - - (1,500,000.00) - - 300.00 40.50 - - 347625 LC -Project Fund-2 Senior Lim 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 3136GOAN1 FANNIE MAE 974,756.25 - - (975,000.00) - (0.00) (341.25) 585.00 - - 347625 LC -Project Fund-2 Senior Lim 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 Lim 65339ND27 NextEra Energy Capital Holding: 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 Lim 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 Lim 41282KEK0 Harley-Davidson Financial Servii 1,499,413.50 - - (1,500,000.00) - - 420.00 166.50 - - 347625 LC -Project Fund-2 Senior Lien 65339NFB5 NextEra Energy Capital Holding: - 1,999,890.00 - (2,000,000.00) - - 110.00 - - - 244 Page 12 of 21 ``` R i•renide County honsporlolion Commission STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2014 Source Account Account 347625 LC -Project Fund-2 Senior Lien Identifier 84757BG73 Description SPECTRA ENERGY PARTNEF Beginning Base Market Value - Base Purchases 1,499,591.67 Base Sales - Base Maturities and Redemptions - Base Paydowns - Net Total Realized Gain/(Loss) Base Amortization/A ccretion 338.33 Base Change In Net Unrealized Gain/(Loss) (60.50) Ending Base Market Value 1,499,869.50 Ending Accrued Income Balance - - 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 Corry - 999,747.22 - (1,000,000.00) - - 252.78 - - - 347625 LC -Project Fund-2 Senior Lien 1510311E77 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 PRP 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 Compaq - 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, h - 7 999,288.88 - (8,000,000.00) - - 711.12 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 65339NEF7 NextEra Energy Capital Holding; - 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, h - 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 0258MOCZ0 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 Compaq - 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 IN, 2,744,420.50 - - - - (28,045.83) (2,950.61) 2713,424.06 38,432.18 347628 LC-PF-2 Sales Tax Revenue Bond 00279VCA1 ABBEY NATL TREASURY SE 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 02582IFY1 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 40428E7Q3 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 40428E7Q3 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 Lim 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 Compan} - 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 Comm - 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 - 245 Page 13 of 21 ``` R i•renide County itossporlolion Commission STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2014 Source Account Account 347628 LC-PF-2 Sales Tax Revenue Bond identifier 36159JBT7 Description GEMNT 20094 A Beginning Base Market Value 5,099,220.00 Base Purchases - Base Sales - Base Maturities and Redemptions Base Paydowns Net Total Realized Gain/(Loss) - Base Amortization/A ccretion (39,148.10) Base Change In Net Unrealized Gain/(Loss) 2,798.10 Ending Base Market Value 5,062,870.00 Ending Accrued Income Balance 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-IA 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 Compan} - 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 43357MFGO 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 2574P1FCI Domirtion 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 Domirtion 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 Holding: - 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 0220XIE19 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) Mi - 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,. - 5,999,523.36 - (6,000,000.00) - - 476.64 - - - 347628 LC-PF-2 Sales Tax Revenue Bond 38141GCM4 GOLDMAN SACHS GROUP II 2,061,940.00 - - - =r- - - (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 3136GOAN1 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 Holding: - 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 PARTNEF - 7,998,008.88 - - - - 1,617.79 (322.67) 7,999,304.00 - 347628 LC-PF-2 Sales Tax Revenue Bond 14912L4V0 CATERPILLAR FINANCIAL S: 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 II 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 SE 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 Corry - 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) 207,637,360.71 760,302.89 246 Page 14 of 21 ``` R i•renide County Iromporlolion Commission STAMP Portfolio Transaction Report by Account Quarter ended June 30, 2014 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 205091001 LC-2013 A Capitalized Interest 9AMMF05B2 U.S. Bank Money Market Accout 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-M32A1 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 Y. - 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 NB 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 NB 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 59217GAV 1 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 N - 99,997.33 - (100,000.00) - - 2.67 - - - 205091001 LC-2013 A Capitalized Interest 912828SY7 US TREASURY NB 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 N". - 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 CC 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 1,139,440.73 247 Page 15 of 21 ATTACHMENT 5 ``� Riverside County Tronsportotian Commission STAMP Portfolio Summary of Investments for quarter ended June 30, 2014 Credit Rating Base Marker Value + Accrued 150.000.000 125 000,000 100,000.000 75,000,000 50,000.000 25,000,000 0 Cash 10.02296) Money Market Fords 40.2766) LFixed Income 144.6.90 CM1erl calculated by: ease Market value+Ac_rur Industry Group 1 Sovereign (11.65596) elec5rie /8.23490 Other 132.44,41) - - Food 13.98330 Commercial M35 64.39734 Auto Manueacturers f4 <50941 Banks (7.55090 US Municipals (6,15554) Credit Card Ala 16.03490 Diversified Nnan Sere 14.96037 Pryelines 14.63656) CM1arl calculated hy_ ease Merkel Vale A_. •..• Security yp"1 e Other 62.66492) AGCY BOND (1.13290 FNMA 11.2 WO VBON (1.57090 FNLMC [MO 12.089411 FNMA CMO 0.51039 MUNI [4.58490 US GOV 110.292%) ABS 112.44090 CORP (21610961 CP (39.684967 Chars calculated Ly. ease Market Value+Accrm Market Sector Cash 00.30190 7 Agency 11.26390 Municipal 15.155961 Mortgage Backed (8.30596) Govemmem (30.392.2 ----„ Asset Backed 112.49090 Utility (14.919961 Industrial 131,22496) Financial (15.15190 Chart calculated 6y: ease Market value + Accr u, .I 248 ATTACHMENT 6 EMI Mom � Riverside County Tronsportotian Commission STAMP Portfolio Toll Revenue Project Senior Lien Fund Summary of Investments for quarter ended June 30, 2014 Credit Rating Base Market Value + Accrued 35,000.000 30,000.000 25,000,000 20,000.000 1s,000.000 10,000,000 5,000.000 0 A 1 Asset Class Casa (0000%1 Money Funds 100232461 ` Fl aed Income [99.T68%1 Chart 1_ak1.11,12d by-. Ease F.1i. Industry Group atMe (27.969)61 US Municipals (3.917%) Mao Floor Plan ABS /4.342) J Credit Card ABS 0.17196) J B/•/ !leverages /5.424%1 ` Automobile ABS (5.99056) Electric [30.235961 Pipelines 16.94396I Computers (fi.720961 Auto Manufacturers (6.725%) Media (6.50996) case re et value a Acci u. Security Type CASH (0-00090 MMFONO (0.2321 f %RON (3,91796) ABS (17.864%) CP (77.99790 CM1art cakularud by. 9asc Mark, Value i T.c_ru,a Market Sector Cash (0,2329611 Municipal 13.31]96) Asset...ed 0,85490 - Industrial (47.515%) Utility (30.482V 249 ATTACHMENT 7 `` STAMP Portfolio Riverside County Tronsporiofion[ammission Toll Revenue Project Sales Tax Revenue Fund Summary of Investments for quarter ended June 30, 2014 Grod(t Rann, Base Market Value + Accrued 120.000.090 190,000)090 80.000.000 50 000,090 40.000.000 20 000,090 - 0 AAA ■ AAr I_ AA AA - Asset Class Cash (O 0O0M1 Money Marker Funds (0234%) Fixed Income f99.]65%1 Chart calculated by. ease Marker Vale I Accrued Industry Group Security Type CA541 10-00041 FIitMC CMO i0.024)0 Other CMO 10.023h1 M FONO i0-23450 VRON (2.011%/ raUNl 14.74 DO ADS (16.320s3 CORP (21.580967 MCP 153.01790 Chart cele ulated by. ease Market Valac, ?.c. i.i..l Other (33.11]%)� Other APS 0.96996) insurance I4 7074) Media (4.799961 Ranks (8-084s0 r Electric (11.036961 I` Credit Card ARS i9-91190 Pl pellnes (6.9S.) Diversified Finan Ser r (5.922%1 US Municipals (6.751%) mart cakulated by, ease Market value a Accra, I Market Sector Martgaye Sacked 10.097%) Cash (0.2355) Municipal 05.15196i Financial 117-22350 Asset Packed 0.5.32090 Utility (19.572%1 Industrial 137.701%1 250 ATTACHMENT 8 ``� Riverside County Tronsportotiion Commission STAMP Portfolio Series A & Series B Reserve Fund Summary of Investments for quarter ended June 30, 2014 Asset Class Cash (O LMON) Money Market Funds (On 110 ` Fixed Income (99.6400 CM1arr culeulared by ease Mark. VJ.J, I .lccruud Industry Group Cash <0.35194 FGLMC Collateral (1.76590 FNMA Collateral (5.5491SO Agency Collet PAC CIAO (6.28210 1� Agency Collar CMO SA.16SM ) Commercial MSS aS.09096) sovereign (0284996) Security Type CASH (O-OO O MMFONO (0.35190 FGLMC I1-765S) FNLIAC f2-259961 FNMA CIAO IS.9135 GNMA ChIO (7-569%) FNMA 03-a51Sp t dLMC [MO (10.37190 AGCy aONG (16.5109e1 » VS GOV (46.33896) CM1arr c01c11.1,, Ir_- 1.1a11-4, ?.c. i.i..l Market Sector Cash (0.351%) Agency 116.51090 Mortgage Backed 136.801%) 6evernmenr (9,33.1 _.ilarucl basu 1.lurk c l 251 ATTACHMENT 9 `` STAMP Portfolio Riverside County Tronsporiofion[ammission Toll Revenue Project Capitalized Interest Fund Summary of Investments for quarter ended June 30, 2014 Ca Rating Base Market Value + Accrued 8.000.090 6.000,000 4,000,000 2,000.000 a AAA • ■ Asset Class Cask (O 000:5) Kinney Marker Funds (063710 11 Fixed Income 09.165%1 Chary calculated by ease Mark,'IrJ.J, .lccruud Industry Group ■ Other t16.es7x1 Insurance (2.99396) _____4 Electric (3.923A6) Other AB5 15.01570 U5 Municipals 15.05.0 Telecommunications (5.221961 Sovereign 16.578%1 Banks [22.681%) ----- Auto Manufacturers (11.468%1 Commercial MB5 19.740%1 Chemicals 0.597%1 cnarr calLrda[LJ by. 5.1sc Marker Valur a ncci I, I Security Type CASH (0-OOW AIM 11.8 (0.832%1 1 FNMA 1.869K1 1 FNMA CMO la_551%1 ABS 15.015%.1 awn! (S.091561 LAIC CINO (6.643V US Gov (15-.57s5a CP (19.905% CORP (a2.308%1 Chary cukulared by. ease Marker Valal ?.c., i.i..l Market Sector Cash 10.83296/ Asset Backed 15.015%1 Municipal (5.091%1 Utility (5.104561 Government (8.528611 Mortgage Backed (13.26.1 Industrial 35.07356) Financial (21.0316) chair calculated by: Basc tiai Sul .a. i, .ac_rui2J 252 ATTACHMENT 10 NMI `� Riverside County Tronsportotion commission STAMP Portfolio Sales Tax Revenue Capitalized Interest Fund Summary of Investments for quarter ended June 30, 2014 Ca Rating Base Market Value + Accrued 00.000.000 50 000,0OO 40.000.000 30 000,000 20.000.000 ]0000,000 0 AAA Asset Class Cash (0.123%) Money marker Funds (0 2109y Fixed Income (99.666901 Chars caleulaied by. ease Market Valuc, .lccruud Industry Group Other (6.629%1 GNMA Collateral I2.096,0 FLLMC Collateral (2.340%1 FNMA Collateral 13.05 961 Computers (4_16696 Sovereign (36.924%) DIV.101ad Finn Sem (4.95696)1 Auto Manufacturers (6.03906) - U5 Municipals 52-56496 Banks (12-39.0 L commercial MISS 113.634%1 all caiculari, by ease Markel Value .ac.. i.i, Security Type AGCY DISC I0.59. AGCY FUND I1.5�V%/ FNMA f3.0559FLLMC (2.340%) 0FHLMC [MO [5.135961_,,,,,, \ GNMA (6.14.4 MNNI (7.564V FNMA CMO (9-04390 I CORP (30.464%1 US GOV ‘34.24YM1 Chart calculated by ease Market Value ?.c_i.i..I Market Sector Cash (0.33256) Mil by (0.]3396 Agency (2.1]596 Municipal (7.56.1 Industrial (11.]2096.1 Financial (18.011%1 Government (34.74990 L Mortgage Racked (24.71590 ait cakulared by: ease Mkei 253 ATTACHMENT 11 LOGAN CIRCLE P N ER S Riverside County Transportation Commission SHORT DURATION Second Quarter Review Logan Circle Partners, L.P. ■ 25 Deforest Avenue Summit, NJ 07901 ■ 908-376-0550 254 PORTFOLIO REVIEW Portfolio Market Value Portfolio Market Value (7/3/2013) Net Outflows Market Value Change in (6/30/2014) Market Value Construction (Sales Tax) $332,687,595 $125,908,274 $208,412,106 +$1,632,785 Construction (Toll Revenue) $122,120,571 $76,239,471 $46,086,289 +$205,189 Total Construction Funds $454,808,167 $202,147,745 $254,498,395 +$1,837,974 Portfolio Market Value (7/3/2013) Net Outflows Market Value Change in (6/30/2014) Market Value Capitalized Interest (Sales Tax) $103,683,353 $21,904,124 $83,477,336 +$1,698,107 Capitalized Interest (Toll Revenue) 831,416,498 S6,487,054 $25,490,641 +$561,197 Total Capitalized Interest Funds $135,099,851 $28,391,179 $108,967,977 +$2,259,304 Portfolio Market Value (7/3/2013) Net Outflows Market Value Change in (6/30/2014) Market Value Debt Service Reserve Fund $17,667,869 $0 $18,207,030 +$539,161 255 LOOArCIRCLE P A R TNERS PORTFOLIO REVIEW — Construction Fund Portfolio Characteristics Asset Allocation As of July 11, 2013 Actual Portfolio Yield to Maturity 0.67% Duration 1.48 Years Average Quality (Maodys) Al As of June 30, 2014 Actual Portfolio Yield to Maturity 0.30% Duration 0.15 Years ABS 18% Average Quality (IV odys) A3 Municipal 4% ABS CP 30% CP 58% Portfolio Performance' (as of June 30, 2014) YTD Since Inception Total Construction Fund (Gross of Fees) 0.23% 0.50% Total Construction Fund (Net of Fees) 0.19% 0.41 % Citigroup Three -Month Treasury Bill 0.02% 0.04% Past Performance is not indicative of future results. Performance retums for periods greater than one year are annualized. The performance benchmark for the Rverside County Construction Fund is the Citigroup throe month Treasury Bill, which tracks the retum of one three-month Treasury bill until Maturity. 256 LOGANCZRCLE P A R TNERS PORTFOLIO REVIEW — Capitalized Interest Fund Portfolio Characteristics Asset Allocation As of July 11, 2013 Actual Portfolio Yield to Maturity 1.00% Duration 2.39 Years Average Quality (Moody's) Aa1 As of June 30, 2014 Actual Portfolio Yield to Maturity 0.65% Duration 1.52 Years Average Quality (IV odys) Aa1 CMBS 9% RMBS 5% Municipal 3% ABS CMBS 13% Money Markets 12% ABS Money Markets 6% Portfolio Performance' (as of June 30, 2014) YTD Since Inception Total Capitalized Interest Fund (Gross of Fees) 0.87% 1.73% Total Capitalized Interest Fund (Net of Fees) 0.82% 1.63% B of A ML U.S. Treasury Index 1-3 Year 0.41 % 0.76% Past Performance is not indicative of future results. Performance retums for periods greater than one year are annualized. The performance benchmark for the Rverside County Capitalized Interest Fund is the Bank of America IVbrrill Lynch US Treasury 1-3 Year, which is a broacl-based index consisting of US Treasury securities with an outstanding par greater or equal to $25 rrrl/ion and a maturity range from one to three years, indusive, reflecting total retum. 257 LoGANCZRCLE P A R TNERS PORTFOLIO REVIEW — Debt Reserve Fund Portfolio Characteristics Asset Allocation CMBS As of July 11, 2013 Actual Portfolio Yield to Maturity 1.98% Duration 5.04 Years Average Quality (Maody's) Aaa CMBS As of June 30, 2014 Actual Portfolio Yield to Maturity 1.56% Duration 4.30 Years Average Quality (IV odys) Aaa Agency 17% Treasury 46% Portfolio Performancel (as of June 30, 2014) YTD 2014 Since Inception Total Debt Service Fund (Gross of Fees) 2.89% 3.06% Total Debt Service Fund (Net of Fees) 2.85% 2.96% B of A ML U.S. Treasury Index 3-7 Year 0.86% -0.30% Past Performance is not indicative of future results. Performance retums for periods greater than one year are annualized. The performance benchmark for the Rverside County Capitalized Interest Fund is the Bank of America IVbrrill Lynch US Treasury 3-7 Year, which is a broacl-based index consisting of US Treasury securities with an outstanding par greater or equal to $25 rrillion and a maturity range from three to seven years, inclusive, reflecting total retum. 258 LoGAN CIRCLE E' A R TNERS DISCLAIMERS In general. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." Logan Circle Partners, L.P., a Fortress Investment Group LLC company, is referred to herein as "Logan Circle". No offer to purchase or sell securities. This Presentation is being provided to you at your specific request. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any security and may not be relied upon in connection with the purchase or sale of any security. Projections. Projections contained in this Presentation are based on a variety of estimates and assumptions by Logan Circle, including, among others, estimates of future operating results, the value of assets and market conditions at the time of disposition, and the timing and manner of disposition or other realization events. These estimates and assumptions are inherently uncertain and are subject to numerous business, industry, market, regulatory, competitive and financial risks that are outside of Logan Circle's control. There can be no assurance that the assumptions made in connection with the projections will prove accurate, and actual results may differ materially, including the possibility that an investor may lose some or all of its invested capital. The inclusion of the projections herein should not be regarded as an indication that Logan Circle or any of its affiliates considers the projections to be a reliable prediction of future events and the projections should not be relied upon as such. Neither Logan Circle nor any of its affiliates or representatives has made or makes any representation to any person regarding the projections and none of them intends to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events, if any or all of the assumptions underlying the projections are later shown to be in error. For purposes of this paragraph, the term "projections" includes "targeted returns". Past performance. Past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. The information presented is only available for institutional client use and is presented for use only as a one-on-one presentation. No reliance, no update and use of information. You may not rely on this Presentation as the basis upon which to make an investment decision. To the extent that you rely on this Presentation in connection with any investment decision, you do so at your own risk. This Presentation is being provided in summary fashion and does not purport to be complete. The information in the Presentation is provided to you as of the dates indicated and Logan Circle does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate. Certain information contained in this Presentation, includes performance and characteristics of Logan Circle's strategies and any represented benchmarks, which may derive from calculations or figures that have been provided by independent third parties, or have been prepared internally and have not been audited or verified. Use of different methods for preparing, calculating or presenting information may lead to different results for the information presented, compared to publicly quoted information, and such differences may be material. Knowledge and experience. You acknowledge that you are knowledgeable and experienced with respect to the financial, tax and business aspects of this Presentation and that you will conduct your own independent financial, business, regulatory, accounting, legal and tax investigations with respect to the accuracy, completeness and suitability of this Presentation should you choose to use or rely on this Presentation, at your own risk, for any purpose. Risk of loss. An investment in the strategy will be highly speculative and there can be no assurance that the strategy's investment objectives will be achieved. Investors must be prepared to bear the risk of a total loss of their investment. Distribution of this Presentation. Logan Circle expressly prohibits any reproduction, in hard -copy, electronic or any other form, or any redistribution to any third party of this Presentation without the prior written consent of Logan Circle. This Presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to local law or regulation. No tax, legal or accounting advice. This Presentation is not intended to provide, and should not be relied upon for (and you shall not construe it as) accounting, legal, regulatory, financial or tax advice or investment recommendations. Any statements of U.S. federal tax consequences contained in this Presentation were not intended to be used and cannot be used to avoid penalties under the U.S. Internal Revenue Code or to promote, market or recommend to another party any tax -related matters addressed herein. Confidentiality. By accepting receipt or reading any portion of this Presentation, you agree that you will treat the Presentation confidentially. This reminder should not be read to limit, in any way, the terms of any confidentiality agreement you or your organization may have in place with Logan Circle. 259 LoGANCI RC: I.r R T \ 1. R 5 County of Riverside ATTACHMENT 11 Jun1014 Treasurer's Pooled Investment Fund "Major Flop in GDP " 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 $25 billion per month." The FED has been coming out in speeches over the last few weeks with language about complacency and other cryptic words for risk ahead of what they know will be a relatively swift change in monetary policy as the taper ends. Their con- cern is for an orderly transition in the markets and not major dislocations by massive selloffs. The problem that the FED has identified is that an orderly exit would be the very best it could hope for, but the reality is the unwind- ing will increase volatility as it will take time for the mar- kets to adjust. The remainder of the year will be a challenge as the world has been become an even crazier place as of late, geopoliti- cally speaking, with tensions flaring again in Iraq, Ukraine, Israel, etc. These events have impacts at home here in the U.S. particularly in energy prices, interest rates and potentially, FED policy. The aforementioned volatili- ty will at times present opportunities for the TPIF and we'll continue to invest our depositor's funds accordingly Don Kent Treasurer -Tax Collector Capital Markets Team Don Kent Treasurer -Tax Collector Jon Christensen Asst. Treasurer -Tax Collector Giovane Pizano Investment Manager Erika Clark Asst. Investment Manager Investment Objectives The primary objective of the treasurer shall be to safeguard the principal of the funds under the treasurer's control, meet the liquidity needs of the depositor, and achieve a return on the funds under his or her control. RIVERSIDE COUNTY TREASURER'S POOLED INVESTMENT FUND IS CURRENTLY RATED: Aaa-bf BY MOODY'S INVESTOR'S SERVICE AND AAA/V1 BY FITCH RATINGS Month End Market Value ($)* Month End Book Paper Gain or Paper Gain Book Yrs to Modified Value ($) Loss ($) or Loss (%) Yield (%) Maturity Duration June May 4,837,170,144.50 4,839,735,132.12 (2,564,987.62) (0.05) 0.42 1.37 1.34 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 The Treasurer's Pooled Investment Fund is comprised of the County, Schools, Special Districts gyid other Discretionary Depositors. Current Market Data Economic Indicators Release Date Indicator Consensus Actual 6/6/2014 6/6/2014 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. 213,000 217,000 6.4 % 6.3% 6/25/2014 Durable Goods Orders - M/M change: Reflects the new orders placed with domestic manufacturers for immediate and future delivery of factory hard goods. 0.4% -1.0% 6/25/2014 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. -1.8% -2.9% 6/24/2014 6/3/2014 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. 83.7 85.2% 0.5% 0.7% 6/17/2014 Consumer Price Index - WM change: The Consumer Price Index is a measure of the average price level of a fixed basket of goods and services purchased by consumers. Stock Indices Value Change Dow Jones (DJIA) S&P 500 Index $ 16,826.60 $ 109.43 $ 1,960.23 $ 36.66 NASDAQ (NDX) Commodities $ 4,408.18 $ 165.56 Value Nymex Crude $ Gold (USD/OZ) 105.37 $ Fed Funds Target Rate Pr Currey Funds Rate: 0-0.25 % 0.2% 0.4% Fed Move Probability for FOMC Dates: 7/30/2014 9/17/2014 Decrease to 0.00% Increase to 0.25% 60.0 % 40.0 % Increase to 0.50% 0.0 % 56.4 % 41.2% 2.4 % Increase to 0.75% Increase to 1 % 0.0 % 0.0 % 0.0 % 2.66 FOMC Meeting Schedule $ 1,327.32 $ 77.59 US Treasury Curve (M/M) 0.0 % Release Risk Assessment April 30 June 18 0-.25 % Risk to Growth 0-.25 % Risk to Growth 9.50- • 125 us Treasuy Acziroc {yryo D6.i014 • 125 u5 Trresay Actives Curve 05130f14 • 3.0o - 2.50. S t. 2.00- v 0.50. 0.00 - 1H 3M I25 06/30/14 I25 OS/30/14 I25 (06/30/14-05/30/14) 15N ^mar 2Y 7Y 0.868 1.631 2.136 40 2.059 f.i 7.7 30Y RIVERSIDE COUNTY TREASURER -TAX COLLECTOR 261 2 TIMMI 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 instruments 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. AAA Rated Prime Institutional Mone -Market Funds Symbol Day Yield Fidelity Prime Institutional MMF Federated Prime Obligations Fund Wells Fargo Advantage Heritage FIPXX 0.06% POIXX 0.02% WFJXX 0.07% Morgan Stanley Institutional Prime Liquidity Fund JP Morgan M PFXX CJPXX 0.05% 0.04% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% Pool Yield �TIMMI 0.39% 0.37% 0.38% 0.38% 0.39% 0.38% 0.33/o 0 0.37% 0.39% 0.40% 0.37% 0.40% 0.42% 4 ♦ A A 0.07% 0.06% 0.06% • • • Jun-13 Aug-13 Cash Flows 0.05% 0.05% 0.05% 0.05% 0.04% 0.04% • • • E 0.05% 0.05% 0.05% 0.05% O Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Monthly Monthly Required Actual Available Matured Investments to Invest > Month Recei.ts Disbursements Difference Investments Balance Maturin: 1 Year 07/2014 07/2014 1,000.00 950.00 50.00 08/2014 600.00 725.41 (125.41) 138.17 188.17 1,074.00 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 04/2015 1,375.00 950.00 425.00 236.97 5.00 661.97 25.00 05/2015 520.00 1,185.89 (665.89) 3.92 06/2016 750.00 1,220.61 (470.61) 470.61 153.15 141.30 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 ($). 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. RIVERSIDE COUNTY TREASURER -TAX COLLECTOR 262 3 Asset Allocation ssets (000's) 1 Scheduled Par Scheduled Book Scheduled Market Mkt/ Sch Book ield WAL REPO MMKT CALTRUSTFND DDA/PASSBK LOCAL AGCY OBLIG US TREAS BONDS FHLMC DISC NOTES FHLMC BONDS 150,000.00 385,000.00 54,000.00 150,000.00 425.00 285,000.00 38,125.00 238,350.00 150,000.00 385,000.00 54,000.00 150,000.00 425.00 285,120.90 38,103.11 238,294.62 150,000.00 385,000.00 54,000.00 150,000.00 425.00 285,173.25 38,118.86 238,546.03 100.00% 100.00% 100.00% 100.00% 100.00% 100.02% 100.04 % 100.11% 0.10% 0.06% 0.40% 0.08% 0.90% 0.210/ 0.10 % 1.09% .003 .003 .003 .003 5.964 .634 .280 2.001 .003 .003 .003 .003 5.964 .634 .280 3.435 FNMA DISC NOTES 58,265.00 58,244.61 58,252.13 100.01% 0.08% .370 .370 FNMA BONDS 781,564.00 781,310.48 779,413.66 99.76% 0.73% 2.714 2.902 FHLB DISC NOTES 140,500.00 140,447.16 140,479.23 100.02% 0.08% .328 .328 FHLB BONDS FFCB BONDS FMAC DISC NOTES FARMER MAC MUNIBONDS COMM PAPER NCDS 903,970.71 416,950.00 10,000.00 280,000.00 70,700.00 797,493.00 80,000.00 903,952.72 416,938.70 9,995.95 279,979.77 70,690.68 797,231.41 80,000.00 902,540.57 417,036.20 9,997.00 280,148.10 70,690.68 797,349.44 80,000.00 99.84% 100.02% 100.01% 100.06% 100.00% 100.01% 100.00% 0.84% 0.22 % 0.08% 0.34% 0.29% 0.11% 0.14% 1172 .759 .427 .685 .824 .117 .152 2.764 .783 .427 L007 .824 .117 .152 1.000.000.00 500.000.00 0.00 111111111 O a oc F CALTRUST FND DDA/PASSBC FNMA BONDS Scheduled gook Market FMB BONDS FFCB BONDS FARMER MAC MUNI BONDS COMM PAPER VN G z SCHEDULED PAR % REPOS-3% MMKT • B% CALT RUST FND -1% ODAI PASSBK - 3% LOCAL AGO'OBLIG -0% US TREAS BONDS - 6% PHI MC DISC NOTES -1 % FKt. MCBONDS -5% FNMA DISC NOTES -1 % 0 EMI 0 FNMA BONDS -16% FHLB DISC NOTES - 37h FHLB BONDS - 19% FFCB BONDS - 93n FMAC DISC NOTES - D3n FARMER MAC - 6% MUNI BONDS -1% COMM PAPER -16% NCDS - 2% RIVERSIDE COUNTY TREASURER -TAX COLLECTOR 263 4 Maturity Distribution ed Pih(000's) REPO 150,000.00 150,000.00 MMKT 385,000.00 CALTRUST FND 54,000.00 DDA,/PASSBK 150,000.00 LOCAL AGCY OBLIG US TREAS BONDS 385,000.00 54,000.00 150,000.00 425.00 425.00 275,000.00 - 10,000.00 285.00 38,125.00 5,000.00 46,000.00 29,625.00 157,725.00 238,350.00 58,265.00 65,000.00 55,000.00 216,887.00 444,677.00 781,564.00 140,500.00 140,500.00 55,000.00 280,000.00 25,000.00 78,685.71 465,285.00 903,970.71 FHLMC DISC NOTES 25,000.00 13,125.00 FHLMC BONDS FNMA DISC NOTES 58,265.00 FNMA BONDS FHLB DISC NOTES FHLB BONDS 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): 0/0 llpmulative 1,Lrr.,uuu.uu /66,u14.uu 1,430,747.00 243,070.00 330,197.71 1,108,112.00 20.95% 14.59% 29.73% 5.02% 6.82% 22.89% 20.95% 35.53% 65.26% 70.28% 77.11% 100.00% :,Doo.o:o.ao SDj.Dp5.5 17: YEAR IN MATURITY REPOS -Scheduled Par BINIMINI MKT • SC heduled Par CALTRDST END -Scheduled Par hrrrrrrrr� ODA/PASSBK-Rhea Wed Par LOCAL AGCYOBLIG -Scheduled Par US TREAS BONDS - Scheduled Par FNLMC DISC NOTES - Scheduled Par FNL MC BONDS - Schad ukd Par FNMA DISC NOTES -Scheduled Par FNMA BONDS • Scheduled Per rrrrrrrrrr. FNL B DISC NOTES -Scheduled Par FEE B BONDS - Scheduled Par FFCB BONDS • Scheduled Par FMAC DISC NOTES • Scheduled Par FARMER MAC -Scheduled Par MUM BONDS -Scheduled Par COMM PAPER - Scheduled Par NODS -Scheduled Per RIVERSIDE COUNTY TREASURER —TAX COLLECTOR 264 5 Credit Quality Moo Aa a 3,324,724.71 3,324,411.43 3,321,610.36 99.92% 0.55 % Aa 5,000.00 4,998.50 4,989.65 99.82% 1.01% Aa1 298,645.00 298,601.25 298,610.10 100.00 % 0.12% Aa2 167,120.00 167,075.16 167,100.16 100.01 % 0.16 % Aa3 359,428.00 359,298.20 359,356.58 100.02% 0.12% Al 115,000.00 114,949.86 114,974.29 100.02% 0.13% NR 570,425.00 570,400.75 570,529.00 100.02% 0.16% lEals (000's): 4,840,342.71 4,839,735.13 4,837,170.14 99.95% 0.4� MOODY'S )OK MAn-69% MA61-6% []a,1-7% ❑Nit-11% Mal% .6,62.3% ❑M-tab S&P BOOK oo 1.1 AAA •10% • AA•4% • 6,6+-62% rNR•12% M AA.1% AAA 489,000.00 488,981.06 489,052.25 100.01 % 0.12% AA+ 3,012,664.71 3,012,303.01 3,009,456.55 99.91 % 0.60 % AA 383,253.00 383,161.30 383,179.60 100.00% 0.12% AA- 385,000.00 384,889.01 384,952.74 100.02% 0.12% NR 570,425.00 570,400.75 570,529.00 100.02% 0.16 % RIVERSIDE COUNTY TREASURER -TAX COLLECTOR 265 6 L L9Z HOID3110J xvi-uaunsvaui acusmaARI ILO'£ 610.E 00'00S'D 00'005'D00'0I 000SD0'001 00'000'000'0i 00'000'000'0i DL0'£ 966'Z 00'008'1.- 00'00Z'866'D 000496'66 00:000'000'S 00'000'000'S 0£0'£ 086'Z 08'D6Z'L- OZ'SOL'8L6'D 0004L6'66 00'000'086'4 00'000'08617 0091 685'1 00.000'6Z 00'000'6i0'0i 000061'001 00'000'066'6 00'000'000'0i ££•Dis'L os•sZIffiBS D0� LL•ii9lir8S M0'000'59Z'85 LZD' LZD' OSZI9 00'005'866'D 000E6'66 OS'L8S'L661' 00'000'000'S OL£' 69£' 00'L05 OD'95V6L£'£ 0008L6'66 OD'6DL'8L£'£ 00'000'08£'£ 68£' 88£' OS'L9S 09'L6L'800'S 0009L6'66 08'6ZZ'800'S 00'000'0'10'5 LZ6' LZ6' II'IS6 OS'LLD'£LO'S 0000L6'66 6£'9Z0'£LO'S 00'000'5L0'S LZ6' LZ6' L9'99D 00'005'866'D 0000L6'66 ££'££0'866'D 00'000'000'S OL£' 69£' ZZ'OS£'I 00'DD8'L6L'6 0008L6'66 8L'£6V96L'6 00'000'008'6 Z££' I££' £0'6SS'£ 00'05L'S66'DZ 000E86'66 L6'061'Z661Z 00'000'000'5Z - 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W an1eA looa Ae,l *TWIN uodnOJ a1eQ UOL7d!AJSOCI d1Si1J 0I PIM 4WIleNI sBuIPIoH 011811Aod PuH ANOIN Full Compliance 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. Investment CategorM MUNICIPAL BONDS (MUNI) U.S. TREASURIES LOCAL AGENCY OBLIGATIONS (LAO) FEDERAL AGENCIES COMMERCIAL PAPER (CP) CERTIFICATE & TIME DEPOSITS (NCD & TCD) REPURCHASE AGREEMENTS (REPO) REVERSE REPOS MEDIUM TERM NOTES (MTNO) CALTRUST SHORT TERM FUND MONEY MARKET MUTUAL FUNDS (MMF) LOCAL AGENCY INVESTMENT FUND (LAIF) CASH/DEPOSIT ACCOUNT GOVERNMENT CODE Maximum Authorized S&P/ `Maturity % Limit Moody' 5 YEARS NO LIMIT NA 5 YEARS NO LIMIT NA 5 YEARS NO LIMIT NA 5 YEARS NO LIMIT AAA 270 DAYS 40% Al/P1 5 YEARS 30% NA 1 YEARS NO LIMIT NA 92 DAYS 20% NA 5 YEARS 30% A NA NA NA 60 DAYS (1) 20% AAA/Aaa (2) NA NA NA NA NA NA COUNTY INVESTMENT POLICY Maximum Maturity Authorized % Limit S&P/ Moody's 15% 5 YEARS 100% NA 3 YEARS 2.5 % INVESTMENT GRADE 5 YEARS 100% NA 270 DAYS 40% Al/P1/F1 1 YEAR 25% Combined A1/P1/F1 45 DAYS 40% max, 25% in term repo over 7 days A1/P1/F1 60 DAYS 10% NA 3 YEARS 20% AA/Aa2/AA DAILY LIQUIDITY 1.0% NA DAILY LIQUIDITY 20% AAA by 2 Of 3 RATINGS AGC. DAILY LIQUIDITY Max $50 million NA NA NA NA 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 CODE 53646 RIVERSIDE COUNTY TREASURER -TAX COLLECTOR 273 13 AGENDA ITEM 8E RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Theresia Trevino, Chief Financial Officer John Standiford, Deputy Executive Director THROUGH: Anne Mayer, Executive Director SUBJECT: Annual Investment Policy Review BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Adopt Resolution No. 14-015, "Resolution of the Riverside County Transportation Commission Regarding the Revised Investment Policy" and 2) Adopt the Annual Investment Policy. 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; Agenda Item 8E 276 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; 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 8E 277 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 278 ATTACHMENT 2 Riverside toufely hansportnlian Eammissian 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. 279 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 V1.1 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 280 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 281 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-tor 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 282 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 283 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 284 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 285 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 V1.1 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 286 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 287 " 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 288 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 289 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 290 AGENDA ITEM 8F RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Michele Cisneros, Finance Manager/Controller Theresia Trevino, Chief Financial Officer THROUGH: Anne Mayer, Executive Director SUBJECT: CaIPERS Delegation of Authority to Request Disbursements BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Designate the Chief Financial Officer, Deputy Executive Director, and Finance Manager/Controller to request disbursements from the CaIPERS pre -funding plan; and 2) Authorize the Chair to execute the Delegation of Authority to Request Disbursements. 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 CaIPERS", designated the Chief Financial Officer and Accounting and Human Resources Manager to request disbursements from the CaIPERS 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 CaIPERS forms. Therefore, CaIPERS 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, CaIPERS 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 8F 291 DELEGATION OF AUTHORITY TO REQUEST DISBURSEMENTS RESOLUTION OF THE Board of Commissioners (GOVERNING BODY) OF THE Riverside County Transportation Commission (NAME OF EMPLOYER) Board of Commissioners The delegates to the incumbents (GOVERNING BODY) in the positions of Chief Financial Officer (TITLE) Deputy Executive Director (TITLE) Finance Manager/Controller (TITLE) and and/or authority to request on 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. Witness By Commission Chair Title Date OPEB Delegation of Authority (1/13) 292 AGENDA ITEM 8G RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee Michael Blomquist, Toll Program Director THROUGH: Anne Mayer, Executive Director SUBJECT: Agreement for Toll Organization Planning Support Services WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Award Agreement No. 14-31-155-00 to Cambria Solutions, Inc. (Cambria) for toll organization planning support services in the amount of $218,840, plus a contingency amount of $31,160, for a total amount not to exceed $250,000; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; 3) Authorize the Executive Director to approve contingency work as may be required for the project. BACKGROUND INFORMATION: The Commission's Toll Program Development In December 2006, the Commission adopted the 10-Year Western Riverside County Highway Delivery Plan (Delivery Plan), which calls for the development of tolled express lane corridors within State Route 91 and Interstate 15. The 91 Project will add tolled express lanes and general purpose lanes along SR-91 from the Orange County line to Pierce Street and along 1-15 from SR-91 to Ontario Avenue. Final design and construction are underway with a planned traffic lane opening in 2017. The 1-15 Express Lanes will add approximately 14 miles of tolled express lanes along 1-15 from SR-60 to Cajalco Road. Preliminary engineering and environmental studies are underway with a planned traffic lane opening in 2020. Future Operating Toll Agency With the future opening of tolled express lanes, the Commission will further expand its mission to improve mobility by becoming an operating toll agency for the first time in its history. The Commission has embarked on an ambitious Express Lanes program that will operate for many decades. Upon opening the 91 Express Lanes in 2017 and the 1-15 Express Lanes planned for Agenda Item 8G 293 2020, the Commission will operate and maintain over 70 lane -miles of tolled express lanes, be responsive to express lane customer issues, make debt payments, collect toll revenue, process transactions, maintain assets, and be responsible for express lane safety and motorist assistance. Structuring the Organization for Success In late 2012 the Commission contracted with Cambria to perform an organization study to help the Commission determine the appropriate future structure of the organization. The structure needs to provide the skills, experience, and flexibility to allow the Commission to successfully operate the SR-91 and 1-15 Express Lanes, consider best industry practices, and stay consistent with the Commission's culture of having a lean staff. Over approximately eight months, Cambria and staff developed toll program guiding principles, reviewed other agencies' best practices regarding organization structure, conducted an internal organizational assessment, developed a Commission toll program organization model, developed a high-level implementation strategy, and outlined necessary future implementation activities by function. At its October 9, 2013 meeting, the Executive Committee provided input to staff regarding: • Future organizational changes necessary to structure the Commission for its recognized future as an operating toll agency by 2017; • The proposed hybrid organizational structure to provide needed functions by both Toll Program staff and other Commission staff while maintaining a small Commission staff overall; and • The proposed plan to contract out the majority of the future operations and maintenance work to the private sector while maintaining oversight and overall program management responsibilities. Staff sought and received confirmation from the Executive Committee for the general direction and principles by which the Commission's future Toll Program Organization would operate. The Executive Committee authorized staff to issue a future request for proposal (RFP) for additional Toll Program Organization services including plans and strategies in the general areas of hiring and retention, information technology, and toll operations. The Executive Committee also authorized staff to return to the Commission in the future for specific authorization requests to hire personnel, contract authority for necessary services, and budget authority needed to implement the Toll Program Organization. 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 firm, qualifications of personnel, understanding and approach, and the ability to respond to the requirements as set forth under the terms of RFP No. 14-31-155-00. Agenda Item 8G 294 RFP No. 14-31-155-00 for toll organization planning support services was released by staff on May 22, 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 222 firms, 29 of which are located in Riverside County. Through the PlanetBids site, 42 firms downloaded the RFP, 8 of these firms are located in Riverside County. A pre -proposal conference was held on June 4, attended by six firms; no firms were local to Riverside County. Staff responded to all questions submitted by potential proposers prior to the June 12 clarification deadline date. Two firms — Cambria (Los Angeles) and Transpo Group (Newport Beach) — submitted responsive and responsible proposals prior to the July 3, 2:00 p.m. submittal deadline. Utilizing the evaluation criteria set forth in the RFP, the firms were evaluated and scored by an evaluation committee comprised of Commission staff. Based on the overall score according to the evaluation criteria listed in the RFP, the evaluation committee recommends Cambria for toll organization planning support services, as it earned the highest total evaluation scores. Subsequently, staff negotiated the scope (including the appropriate level of effort, labor categories/mix, etc.), cost, and schedule proposal from Cambria for the project services and established a fair and reasonable price. Current Toll Program Organization Planning Services Draft Agreement No. 14-31-155-00 for additional toll program organization planning services is attached to this agenda report and reflects the following general scope of services (Exhibit A to the agreement): Human Resources • Matrix Organization Gap Analysis • New Job Descriptions, Modify Existing Job Descriptions • Compensation Recommendations and Recruitment Strategy • Toll Team Development Information Technology Plan Toll Program Management, Communications, and Marketing • Matrix Function Plan • Performance Metrics Strategy • Operations Risk Management Strategy • Asset Management Strategy • Express Lanes Customer Service Strategy • Express Lanes Communication and Marketing Strategy Agenda Item 8G 295 Staff estimates the services to be performed would start in September 2014 after issuance of a notice to proceed for a duration of up to 18 months. The negotiated cost is $218,840 (Exhibit C to the agreement) which is within the Commission's FY 2014/15 budget of $250,000 for this contract. Given this is the Commission's first contract for these type of services and the higher degree of uncertainty for work scope additions, staff is proposing to add $31,160 of contract contingency (14.2 percent of the contract value) for a total amount not to exceed $250,000. Financial Information Yes FY 2014/15 $ 175,000 In Fiscal Year Budget: Year: Amount: N/A FY 2015/16 75,000 State Transportation Improvement No Source of Funds: Program -Planning, Programming, and Budget Adjustment: N/A Monitoring Funds GL/Project Accounting No.: 629199 81501 00000 0000 262 31 81501 Fiscal Procedures Approved: Uti,i,,,t,AJtibv Date: 08/11/14 Attachment: Draft Agreement No. 14-31-155-00 Agenda Item 8G 296 EXHIBIT A Agreement No. 14-31-155-00 RIVERSIDE COUNTY TRANSPORTATION COMMISSION AGREEMENT FOR TOLL ORGANIZATION PLANNING SUPPORT SERVICES WITH CAMBRIA SOLUTIONS, INC. 1. PARTIES AND DATE. This Agreement is made and entered into this _ day of , 2014, by and between the RIVERSIDE COUNTY TRANSPORTATION COMMISSION ("the Co- mmission") and CAMBRIA SOLUTIONS, INC. ("Consultant"), a California 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. Consultant represents that it is a professional consultant, experienced in providing toll organization planning support 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 certain consulting services for the State Route 91 Corridor Improvement Project and Interstate 15 Express Lanes Project ("Project") as set forth herein. 3. TERMS. 3.1 General Scope of Services. Consultant promises and agrees to furnish to Commission all labor materials, tools, equipment, services, and incidental and customary work necessary to fully and adequately provide professional consulting services and advice on various issues affecting the decisions of Commission regarding the Project and on other programs and matters affecting Commission, hereinafter referred to as "Services". The Services are more particularly described in Exhibit "A" attached hereto and incorporated herein by reference. All Services shall be subject to, and performed in accordance with, this Agreement, the exhibits attached hereto and incorporated herein by reference, and all applicable local, state, and federal laws, rules and regulations. 3.2 Term. The term of this Agreement shall be from the date first specified above to June 30, 2016, 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. 17336.00000\8752982.1 297 3.3 Schedule of Services. Consultant shall perform the Services expeditiously, within the term of this Agreement, and in accordance with the Schedule of Services set forth in Exhibit "B" attached hereto and incorporated herein by reference. Consultant represents that it has the professional and technical personnel required to perform the Services in conformance with such conditions. In order to facilitate Consultant's conformance with the Schedule, the Commission shall respond to Consultant's submittals in a timely manner. Upon request of the Commission, Consultant shall provide a more detailed schedule of anticipated performance to meet the Schedule of Services. 3.4 Independent Contractor; Control and Payment of Subordinates. The Services shall be performed by Consultant under its supervision. Consultant will determine the means, method and details of performing the Services subject to the requirements of this Agreement. Commission retains Consultant on an independent contractor basis and Consultant is not an employee of Commission. Consultant retains the right to perform similar or different services for others during the term of this Agreement. Any additional personnel performing the Services under this Agreement on behalf of Consultant shall not be employees of Commission and shall at all times be under Consultant's exclusive direction and control. Consultant shall pay all wages, salaries, and other amounts due such personnel in connection with their performance of Services under this Agreement and as required by law. Consultant shall be responsible for all reports and obligations respecting such additional personnel, including, but not limited to: social security taxes, income tax withholding, unemployment insurance, and workers' compensation insurance. 3.5 Conformance to Applicable Requirements. All work prepared by Consultant shall be subject to the approval of Commission. 3.6 Substitution of Key Personnel. Consultant has represented to Commission that certain key personnel will perform and coordinate the Services under this Agreement. Should one or more of such personnel become unavailable, Consultant may substitute other personnel of at least equal competence and experience upon written approval of Commission. In the event that Commission and Consultant cannot agree as to the substitution of key personnel, Commission shall be entitled to terminate this Agreement for cause, pursuant to provisions of Section 3.16 of this Agreement. The key personnel for performance of this Agreement are as follows: Greg Hulsizer, Diana Lee, Scott Shepard, Kimanh Doan, Jennifer Crosson, and Naomi Whitacre. 3.7 Commission's Representative. Commission hereby designates Michael Blomquist, or his designee, to act as its representative for the performance of this Agreement ("Commission's Representative"). Commission's representative shall have the power to act on behalf of Commission for all purposes under this Agreement. Consultant shall not accept direction from any person other than Commission's Representative or his or her designee. 3.8 Consultant's Representative. Consultant hereby designates Greg Hulsizer, or his designee, to act as its representative for the performance of this Agreement 17336.00000\8752982.1 2 298 ("Consultant's Representative"). Consultant's Representative shall have full authority to represent and act on behalf of the Consultant for all purposes under this Agreement. The Consultant's Representative shall supervise and direct the Services, using his or her best skill and attention, and shall be responsible for all means, methods, techniques, sequences and procedures and for the satisfactory coordination of all portions of the Services under this Agreement. 3.9 Coordination of Services. Consultant agrees to work closely with Commission staff in the performance of Services and shall be available to Commission's staff, consultants and other staff at all reasonable times. 3.10 Standard of Care; Licenses. Consultant shall perform the Services under this Agreement in a skillful and competent manner, consistent with the standard generally recognized as being employed by professionals in the same discipline in the State of California. Consultant represents and maintains that it is skilled in the professional calling necessary to perform the Services. Consultant warrants that all employees and subcontractors shall have sufficient skill and experience to perform the Services assigned to them. Finally, Consultant represents that it, its employees and subcontractors have all licenses, permits, qualifications and approvals of whatever nature that are legally required to perform the Services and that such licenses and approvals shall be maintained throughout the term of this Agreement. Consultant shall perform, at its own cost and expense and without reimbursement from Commission, any Services necessary to correct errors or omissions which are caused by the Consultant's failure to comply with the standard of care provided for herein, and shall be fully responsible to the Commission for all damages and other liabilities provided for in the indemnification provisions of this Agreement arising from the Consultant's errors and omissions. 3.11 Laws and Regulations. Consultant shall keep itself fully informed of and in compliance with all local, state and federal laws, rules and regulations in any manner affecting the performance of the Project or the Services, including all Cal/OSHA requirements, and shall give all notices required by law. Consultant shall be liable for all violations of such laws and regulations in connection with Services. If the Consultant performs any work knowing it to be contrary to such laws, rules and regulations and without giving written notice to Commission, Consultant shall be solely responsible for all costs arising therefrom. Consultant shall defend, indemnify and hold Commission, its officials, directors, officers, employees and agents free and harmless, pursuant to the indemnification provisions of this Agreement, from any claim or liability arising out of any failure or alleged failure to comply with such laws, rules or regulations. 17336.00000\8752982.1 3 299 3.12 Insurance. 3.12.1 Time for Compliance. Consultant shall not commence work under this Agreement until it has provided evidence satisfactory to the Commission that it has secured all insurance required under this section, in a form and with insurance companies acceptable to the Commission. In addition, Consultant shall not allow any subcontractor to commence work on any subcontract until it has secured all insurance required under this section. 3.12.2 Minimum Requirements. Consultant shall, at its expense, procure and maintain for the duration of the Agreement insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the Agreement by the Consultant, its agents, representatives, employees or subcontractors. Consultant shall also require all of its subcontractors to procure and maintain the same insurance for the duration of the Agreement. Such insurance shall meet at least the following minimum levels of coverage: (A) Minimum Scope of Insurance. Coverage shall be at least as broad as the latest version of the following: (1) General Liability: Insurance Services Office Commercial General Liability coverage (occurrence form CG 0001 or exact equivalent); (2) Automobile Liability: Insurance Services Office Business Auto Coverage (form CA 0001, code 1 (any auto) or exact equivalent); and (3) Workers' Compensation and Employer's Liability: Workers' Compensation insurance as required by the State of California and Employer's Liability Insurance. (B) Minimum Limits of Insurance. Consultant shall maintain limits no less than: (1) General Liability: $2,000,000 per occurrence for bodily injury, personal injury and property damage. If Commercial General Liability Insurance or other form with general aggregate limit is used, either the general aggregate limit shall apply separately to this Agreement/location or the general aggregate limit shall be twice the required occurrence limit; (2) Automobile Liability: $1,000,000 per accident for bodily injury and property damage; and (3) if Consultant has an employees, Workers' Compensation and Employer's Liability: Workers' Compensation limits as required by the Labor Code of the State of California. Employer's Practices Liability limits of $1,000,000 per accident. 3.12.3 f Reservedl 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 17336.00000\8752982.1 4 300 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. 0) The automobile liability policy shall be endorsed to state that: (1) the Commission, its directors, officials, officers, employees and agents shall be covered as additional insureds with respect to the ownership, operation, maintenance, use, loading or unloading of any auto owned, leased, hired or borrowed by the Consultant or for which the Consultant is responsible; and (2) the insurance coverage shall be primary insurance as respects the Commission, its directors, officials, officers, employees and agents, or if excess, shall stand in an unbroken chain of coverage excess of the Consultant's scheduled underlying coverage. Any insurance or self-insurance maintained by the Commission, its directors, officials, officers, employees and agents shall be excess of the Consultant's insurance and shall not be called upon to contribute with it in any way. (C) Workers' Compensation and Employers Liability Coverage. (0 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. 17336.00000\8752982.1 5 301 (D) All Coverages. (I) Defense costs shall be payable in addition to the limits set forth hereunder. (ii) Requirements of specific coverage or limits contained in this section are not intended as a limitation on coverage, limits, or other requirement, or a waiver of any coverage normally provided by any insurance. It shall be a requirement under this Agreement that any available insurance proceeds broader than or in excess of the specified minimum insurance coverage requirements and/or limits set forth herein shall be available to the Commission, its directors, officials, officers, employees and agents as additional insureds under said policies. Furthermore, the requirements for coverage and limits shall be (1) the minimum coverage and limits specified in this Agreement; or (2) the broader coverage and maximum limits of coverage of any Insurance policy or proceeds available to the named insured; whichever is greater. (iii) The limits of insurance required in this Agreement may be satisfied by a combination of primary and umbrella or excess insurance. Any umbrella or excess insurance shall contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non-contributory basis for the benefit of the Commission (if agreed to in a written contract or agreement) before the Commission's own insurance or self-insurance shall be called upon to protect it as a named insured. The umbrella/excess policy shall be provided on a "following form" basis with coverage at least as broad as provided on the underlying policy(ies). (iv) Consultant shall provide the Commission at least thirty (30) days prior written notice of cancellation of any policy required by this Agreement, except that the Consultant shall provide at least ten (10) days prior written notice of cancellation of any such policy due to non-payment of premium. If any of the required coverage is cancelled or expires during the term of this Agreement, the Consultant shall deliver renewal certificate(s) including the General Liability Additional Insured Endorsement to the Commission at least ten (10) days prior to the effective date of cancellation or expiration. (v) The retroactive date (if any) of each policy is to be no later than the effective date of this Agreement. Consultant shall maintain such coverage continuously for a period of at least three years after the completion of the work under this Agreement. Consultant shall purchase a one (1) year extended reporting period A) if the retroactive date is advanced past the effective date of this Agreement; B) if the policy is cancelled or not renewed; or C) if the policy is replaced by another claims -made policy with a retroactive date subsequent to the effective date of this Agreement. (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 17336.00000\8752982.1 6 302 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 Consultant shall procure a bond guaranteeing payment of losses and related investigation costs, claims and administrative and defense expenses. 3.12.6 Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M. Best's rating no less than A:VIII, licensed to do business in California, and satisfactory to the Commission. 3.12.7 Verification of Coverage. Consultant shall furnish Commission with original certificates of insurance and endorsements effecting coverage required by this Agreement on forms satisfactory to the Commission. The certificates and endorsements for each insurance policy shall be signed by a person authorized by that insurer to bind coverage on its behalf. All certificates and endorsements must be received and approved by the Commission before work commences. The Commission reserves the right to require complete, certified copies of all required insurance policies, at any time. 3.12.8 Subconsultant Insurance Requirements. Consultant shall not allow any subcontractors or subconsultants to commence work on any subcontract until they have provided evidence satisfactory to the Commission that they have secured all insurance required under this section. Policies of commercial general liability insurance provided by such subcontractors or subconsultants shall be endorsed to name the Commission as an additional insured using ISO form CG 20 38 04 13 or an endorsement providing the exact same coverage. If requested by Consultant, the Commission may 17336.00000\8752982.1 7 303 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 "C" attached hereto. The total compensation shall not exceed Two Hundred Eighteen Thousand Eight Hundred Forty Dollars ($218,840) without written approval of Commission's Executive Director ("Total Compensation"). Extra Work may be authorized, as described below, and if authorized, will be compensated at the rates and manner set forth in this Agreement. 3.14.2 Payment of Compensation. 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 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 17336.00000\8752982.1 8 304 records with respect to all costs and expenses incurred and fees charged under this Agreement. All such records shall be clearly identifiable. Consultant shall allow a representative of Commission during normal business hours to examine, audit, and make transcripts or copies of such records and any other documents created pursuant to this Agreement. Consultant shall allow inspection of all work, data, documents, proceedings, and activities related to the Agreement for a period of three (3) years from the date of final payment under this Agreement. 3.16 Termination of Agreement. 3.16.1 Grounds for Termination. Commission may, by written notice to Consultant, terminate the whole or any part of this Agreement at any time and without cause by giving written notice to Consultant of such termination, and specifying the effective date thereof. Upon termination, Consultant shall be compensated only for those services which have been fully and adequately rendered to Commission through the effective date of the termination, and Consultant shall be entitled to no further compensation. Consultant may not terminate this Agreement except for cause. 3.16.2 Effect of Termination. If this Agreement is terminated as provided herein, Commission may require Consultant to provide all finished or unfinished Documents and Data, as defined below, and other information of any kind prepared by Consultant in connection with the performance of Services under this Agreement. Consultant shall be required to provide such document and other information within fifteen (15) days of the request. 3.16.3 Additional Services. In the event this Agreement is terminated in whole or in part as provided herein, Commission may procure, upon such terms and in such manner as it may determine appropriate, services similar to those terminated. 3.17 Delivery of Notices. All notices permitted or required under this Agreement shall be given to the respective parties at the following address, or at such other address as the respective parties may provide in writing for this purpose: CONSULTANT: Cambria Solutions, Inc. 515 S. Flower Street, 36th Floor Los Angeles, CA 90071 Attn: Greg Hulsizer COMMISSION: Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92501 Attn: Michael Blomquist 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. 17336.00000\8752982.1 9 305 3.18 Ownership of Materials/Confidentiality. 3.18.1 Documents & Data. This Agreement creates an exclusive and perpetual license for Commission to copy, use, modify, reuse, or sub -license any and all copyrights and designs embodied in plans, specifications, studies, drawings, estimates, materials, data and other documents or works of authorship fixed in any tangible medium of expression, including but not limited to, physical drawings or data magnetically or otherwise recorded on computer diskettes, which are prepared or caused to be prepared by Consultant under this Agreement ("Documents & Data"). Consultant shall require all subcontractors to agree in writing that Commission is granted an exclusive and perpetual license for any Documents & Data the subcontractor prepares under this Agreement. Consultant represents and warrants that Consultant has the legal right to grant the exclusive and perpetual license for all such Documents & Data. Consultant makes no such representation and warranty in regard to Documents & Data which were prepared by design professionals other than Consultant or provided to Consultant by the Commission. Commission shall not be limited in any way in its use of the Documents & Data at any time, provided that any such use not within the purposes intended by this Agreement shall be at Commission's sole risk. 3.18.2 Intellectual Property. In addition, Commission shall have and retain all right, title and interest (including copyright, patent, trade secret and other proprietary rights) in all plans, specifications, studies, drawings, estimates, materials, data, computer programs or software and source code, enhancements, documents, and any and all works of authorship fixed in any tangible medium or expression, including but not limited to, physical drawings or other data magnetically or otherwise recorded on computer media ("Intellectual Property") prepared or developed by or on behalf of Consultant under this Agreement as well as any other such Intellectual Property prepared or developed by or on behalf of Consultant under this Agreement. The Commission shall have and retain all right, title and interest in Intellectual Property developed or modified under this Agreement whether or not paid for wholly or in part by Commission, whether or not developed in conjunction with Consultant, and whether or not developed by Consultant. Consultant will execute separate written assignments of any and all rights to the above referenced Intellectual Property upon request of Commission. Consultant shall also be responsible to obtain in writing separate written assignments from any subcontractors or agents of Consultant of any and all right 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. 17336.00000\8752982.1 10 306 All materials and documents which were developed or prepared by the Consultant for general use prior to the execution of this Agreement and which are not the copyright of any other party or publicly available and any other computer applications, shall continue to be the property of the Consultant. However, unless otherwise identified and stated prior to execution of this Agreement, Consultant represents and warrants that it has the right to grant the exclusive and perpetual license for all such Intellectual Property as provided herein. Commission further is granted by Consultant a non-exclusive and perpetual license to copy, use, modify or sub -license any and all Intellectual Property otherwise owned by Consultant which is the basis or foundation for any derivative, collective, insurrectional, or supplemental work created under this Agreement. 3.18.3 Confidentiality. All ideas, memoranda, specifications, plans, procedures, drawings, descriptions, computer program data, input record data, written information, and other Documents and Data either created by or provided to Consultant in connection with the performance of this Agreement shall be held confidential by Consultant. Such materials shall not, without the prior written consent of Commission, be used by Consultant for any purposes other than the performance of the Services. Nor shall such materials be disclosed to any person or entity not connected with the performance of the Services or the Project. Nothing furnished to Consultant which is otherwise known to Consultant or is generally known, or has become known, to the related industry shall be deemed confidential. Consultant shall not use Commission's name or insignia, photographs of the Project, or any publicity pertaining to the Services or the Project in any magazine, trade paper, newspaper, television or radio production or other similar medium without the prior written consent of Commission. 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 in order to allow the Commission to pursue legal remedies designed to limit any confidential information required to be disclosed or to assure the confidential treatment of the information following disclosure. 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. 3.18.4Infringement 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. 17336.00000\8752982.1 11 307 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 the Commission, its directors, officials, officers, agents, consultants, employees and volunteers free and harmless from any and all claims, demands, causes of action, costs, expenses, liabilities, losses, damages or injuries, in law or in equity, to property or persons, including wrongful death, in any manner arising out of or incident to any alleged negligent acts, omissions or willful misconduct of the Consultant, its officials, officers, employees, agents, consultants, and contractors arising out of or in connection with the performance of the Services, the Project or this Agreement, including without limitation, the payment of all consequential damages, attorneys fees and other related costs and expenses. Consultant shall defend, at Consultant's own cost, expense and risk, any and all such aforesaid suits, actions or other legal proceedings of every kind that may be brought or instituted against the Commission, its directors, officials, officers, agents, consultants, employees and volunteers. Consultant shall pay and satisfy any judgment, award or decree that may be rendered against the Commission or its directors, officials, officers, agents, consultants, employees and volunteers, in any such suit, action or other legal proceeding. Consultant shall reimburse the Commission and its directors, officials, officers, agents, consultants, employees and volunteers, for any and all legal expenses and costs, including reasonable attorney's fees, incurred by each of them in connection therewith or in enforcing the indemnity herein provided. Consultant's obligation to indemnity shall not be restricted to insurance proceeds, if any, received by the Commission or its directors, officials, officers, agents, consultants, employees and volunteers. Notwithstanding the foregoing, to the extent Consultant's Services are subject to Civil Code Section 2782.8, the above indemnity shall be limited, to the extent required by Civil Code Section 2782.8, to claims that arise out of, pertain to, or relate to the negligence, recklessness, or willful misconduct of the Consultant. This Section 3.21 shall survive any expiration or termination of this Agreement. 3.22 Entire Agreement. This Agreement contains the entire Agreement of the parties with respect to the subject matter hereof, and supersedes all prior negotiations, understandings or agreements. This Agreement may only be supplemented, amended, or modified by a writing signed by both parties. 3.23 Governing Law. This Agreement shall be governed by the laws of the State of California. Venue shall be in Riverside County. 3.24 Time of Essence. Time is of the essence for each and every provision of this Agreement. 17336.00000\8752982.1 12 308 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 and Conflicts. 3.27.1 Solicitation. Consultant maintains and warrants that it has not employed nor retained any company or person, other than a bona fide employee working solely for Consultant, to solicit or secure this Agreement. Further, Consultant warrants that it has not paid nor has it agreed to pay any company or person, other than a bona fide employee working solely for Consultant, any fee, commission, percentage, brokerage fee, gift or other consideration contingent upon or resulting from the award or making of this Agreement. For breach or violation of this warranty, Commission shall have the right to rescind this Agreement without liability. 3.27.2 Conflict of Interest. For the term of this Agreement, no member, officer or employee of Commission, during the term of his or her service with Commission, shall have any direct interest in this Agreement, or obtain any present or anticipated material benefit arising therefrom. 3.27.3 Conflict of Employment. Employment by the Consultant of personnel currently on the payroll of the Commission shall not be permitted in the performance of this Agreement, even though such employment may occur outside of the employee's regular working hours or on weekends, holidays or vacation time. Further, the employment by the Consultant of personnel who have been on the Commission payroll within one year prior to the date of execution of this Agreement, where this employment is caused by and or dependent upon the Consultant securing this or related Agreements with the Commission, is prohibited. 3.27.4 Employment Adverse to the Commission. Consultant shall notify the Commission, and shall obtain the Commission's written consent, prior to accepting work to assist with or participate in a third -party lawsuit or other legal or administrative proceeding against the Commission during the term of this Agreement. 3.28 Equal Opportunity Employment. Consultant represents that it is an equal opportunity employer and it shall not discriminate against any employee or applicant for employment because of race, religion, color, national origin, ancestry, sex or age. Such non-discrimination shall include, but not be limited to, all activities related to initial employment, upgrading, demotion, transfer, recruitment or recruitment advertising, layoff or termination. Consultant shall also comply with all relevant provisions of Commission's Disadvantaged Business Enterprise program, Affirmative Action Plan or other related Commission programs or guidelines currently in effect or hereinafter enacted. 17336.00000\8752982.1 13 309 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 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. 17336.00000\8752982.1 14 310 3.32 No Waiver. Failure of Commission to insist on any one occasion upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or condition, nor shall any waiver or relinquishment of any rights or powers hereunder at any one time or more times be deemed a waiver or relinquishment of such other right or power at any other time or times. 3.33 Eight -Hour Law. Pursuant to the provisions of the California Labor Code, eight hours of labor shall constitute a legal day's work, and the time of service of any worker employed on the work shall be limited and restricted to eight hours during any one calendar day, and forty hours in any one calendar week, except when payment for overtime is made at not less than one and one-half the basic rate for all hours worked in excess of eight hours per day ("Eight -Hour Law"), unless Consultant or the Services are not subject to the Eight -Hour Law. Consultant shall forfeit to Commission as a penalty, $50.00 for each worker employed in the execution of this Agreement by him, or by any sub - consultant under him, for each calendar day during which such workman is required or permitted to work more than eight hours in any calendar day and forty hours in any one calendar week without such compensation for overtime violation of the provisions of the California Labor Code, unless Consultant or the Services are not subject to the Eight -Hour Law. 3.34 Subpoenas or Court Orders. Should Consultant receive a subpoena or court order related to this Agreement, the Services or the Project, Consultant shall immediately provide written notice of the subpoena or court order to the Commission. Consultant shall not respond to any such subpoena or court order until notice to the Commission is provided as required herein, and shall cooperate with the Commission in responding to the subpoena or court order. 3.35 Survival. All rights and obligations hereunder that by their nature are to continue after any expiration or termination of this Agreement, including, but not limited to, the indemnification and confidentiality obligations, and the obligations related to receipt of subpoenas or court orders, shall survive any such expiration or termination. 3.36 No Third Party Beneficiaries. There are no intended third party beneficiaries of any right or obligation assumed by the Parties. 3.37 Labor Certification. By its signature hereunder, Consultant certifies that it is aware of the provisions of Section 3700 of the California Labor Code which require every employer to be insured against liability for Workers' Compensation or to undertake self-insurance in accordance with the provisions of that Code, and agrees to comply with such provisions before commencing the performance of the Services. 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. 17336.00000\8752982.1 15 311 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. 17336.00000\8752982.1 [SIGNATURES ON FOLLOWING PAGE] 16 312 SIGNATURE PAGE TO RIVERSIDE COUNTY TRANSPORTATION COMMISSION AGREEMENT FOR TOLL ORGANIZATION PLANNING SUPPORT SERVICES WITH CAMBRIA SOLUTIONS, INC. IN WITNESS WHEREOF, this Agreement was executed on the date first written above. RIVERSIDE COUNTY CAMBRIA SOLUTIONS, INC. TRANSPORTATION COMMISSION By: By: Marion Ashley Chair Approved as to Form: Attest: Signature Name Title By: By: Best Best & Krieger LLP General Counsel Its: Secretary 17336.00000\8752982.1 17 313 EXHIBIT "A" SCOPE OF SERVICES [Attached behind this page] 314 Cambria Solutions, Inc. Proposal for Toll Organization Planning Support Services Cambria Solutions 4. PROJECT APPROACH AND UNDERSTANDING RCTC has a need for a broad range of technical and operational support services in order to successfully implement an organization that can oversee and manage the development and operation of the SR-91 and I- 15 toll facilities. The Cambria team has provided all of the services requested for other clients, including RCTC, incorporating: > Approach and Work Plan — The Request for Proposals (RFP) asks proposers to describe the approach and work plan for completing the tasks specified in the Scope of Services. We have prepared the following description of our understanding and approach to the Scope of Services for this engagement. The proposed scope is based on our understanding of RCTC's needs and our background in "standing up" tolling and program management organizations. We will work with RCTC on each task to customize the methodology based on the relevant stakeholders, the context of the situation, and RCM's specific needs, as well as to establish project schedule. > Quality Control — The RFP requests proposers to identify methods that will be used to ensure quality control as well as budget and schedule control for the Project. Cambria assigns a Quality Assurance Manager for every project undertaken. Diana Lee, Cambria's Southern California Managing Director, will serve as Cambria's Quality Assurance Manager for this engagement. Her role will to be to ensure quality project delivery - on time and on budget. Diana will meet weekly with Cambria's Project Manager to monitor progress, review projects risks, if any, and develop recovery plans, if needed. The RCTC Project Manager will have direct access to Diana and she will routinely communicate with RCTC's Project Manager to build that relationship and monitor client satisfaction. RCTC's Project Manager will receive regular, written status reports, which will address the status of deliverables, project budget, and other information. > Project Challenges and Mitigation — Successfully completing this engagement for RCTC will require a team with specific expertise in planning, starting -up, and operating toll facilities - a team that understands the challenges and opportunities from an owner's perspective. The Cambria team understands the rigors and uncertainties that come along with a start-up organization. Because we have walked in RCTC's shoes, we can provide insight and advice to help RCTC accelerate progress and avoid pitfalls. This project will also require a team that is used to working with public agencies and their stakeholders; managing requests for information and their time with busy schedules and competing priorities. As a public -sector focused firm, Cambria is used to working under these challenging circumstances. We understand and are skilled at gaining cooperation from agency staff and stakeholders to get the job done. > Response to RCTC Technical Requests - The RFP specifically requests proposers to address how the firm intends to respond intends to respond to the Commission's technical requests, identifying proposed response times, and how the firm proposes to communicate issues and resolutions of those issues to RCTC. Although not requested as part of the RFP, we have provided a Project Management section (Task o) below that describes our approach to working with RCTC's Project Manager to identify expectations and resolve any issues that may arise. Communications timeframes will be established as part of Task o.1 below. The following information describes Cambria's approach to providing the requested services. The proposed approach is based on our current understanding of RCTC's needs. Before undertaking each task, we will confer with RCTC's Project Manager to confirm and/further refine the scope as required to best meet RCM's needs. TASK 0 - PROJECT MANAGEMENT Cambria will begin this engagement by agreeing with RCTC on, and putting in place, a robust and accountable project management process. Specifically, we propose to begin this engagement by confirming the project's management processes, holding a project kick-off, and establishing reporting processes and schedules. RFP No. 14-31-155-00 15 Project Approach and Understanding July 3, 2014 Riverside County Transportation Commission ©Copyright 2014, Cambria Solutions, Inc. All rights reserved. 315 Cambria Solutions ' Cambria Solutions, Inc. Proposal for Tall Organization Planning Support Services TASK 0.1 - CONFIRM PROJECT MANAGEMENT PROCESSES At the beginning of the project, we will meet with RCTC to confirm the key project management processes (e.g., risk management, issue resolution, Communications Structure and Timeframes and decision -making authority) that will be used to conduct the project. Cambria's Project Manager will meet with the RCTC Project Manager (PM) to discuss how they will mutually manage the project scope, timeline, risks, communications, and issues. It will be particularly important to define how decisions will be made on the project, and who will make key decisions. For example, we will request the RCTC PM to advise us regarding who will approve deliverables, or who needs to be involved in discussing key risks or issues. Cambria and RCTC will also need to define other items such as status reporting timelines, communication guidelines, etc. Defining these items up front in the project will allow a smoother execution of project tasks. The following are the deliverables associated with this task: > Project plan, including project scope, schedule, communications expectations, risk/issue management, communications timeframes and deliverable quality and approval processes TASK 0.2 - CONDUCT PROJECT KICK-OFF Following the initial meeting, we will work with RCTC's PM to prepare for and conduct a kick-off meeting with key internal program stakeholders. This may include consultants as well as RCTC staff. The purpose of the kick-off is to introduce the consulting team to the appropriate internal stakeholders, and to share the project's purpose and scope with the internal stakeholders. In our experience, we have found this step to be important in establishing the relationships between the team, and in building trust. Furthermore, we want to inform the stakeholders of key activities that will occur during the project, and engage them in their role in those activities. Cambria will work with RCTC's PM to determine the appropriate attendees, purpose, agenda, time, and location for the kick-off. The following are the deliverables associated with this task: > Kick-off meeting with RCTC PM and key program stakeholders > Kick-off meeting materials, including agenda, presentation materials, and meeting minutes TASK 0.3 - COMMUNICATIONS STRUCTURE On a monthly basis (or other timeframe requested by ROTC, Cambria will submit progress reports via email to RCI'C's PM. These progress reports will provide the following, at a minimum: > Milestones and tasks accomplished since previous status report > Milestones and tasks to be met during next reporting period > Status of existing issues and risks > Strategies and recommendations to mitigate issues and risks The following are the deliverables associated with this task: > Monthly (or agreed -to timeframe) progress reports identifying the status of project activities TASK 1 - HUMAN RESOURCES TASK 1.1 MATRIX ORGANIZATION — GAP ANALYSIS RCTC leadership has opted to implement a type of a matrix organization for its Toll Program, wherein some functions are performed within the Toll Program organization and other functions are performed by RCTC departments who specialize in that area of work. These matrix functions serve a supporting role to toll operations. These functions include: Board of Commissioners, Legal Counsel, Executive Director, Finance, Human Resources, Procurement, Government Relations, Community Relations, and Programming and Planning. There will be some dedicated Toll Program staff, but many necessary functions and activities will either be assumed by existing RCTC staff, or become the responsibility of new RCTC staff, or private sector contractors. Cambria is well positioned for this task, based on the work previously completed for RCTC. For Project Approach and Understanding 16 RFP No. 14-31-155-00 Riverside County Transportation Commission July 3, 2014 ©Copyright 2014, Cambria Solutions, Inc. All rights reserved. 316 Cambria Solutions, Inc. Proposal for Toll Organization Planning Support Services Cambriara Solutions this task, Cambria will leverage the analysis and recommendations delivered to RCTC as part of our previous work. We will begin by meeting with RCTC's PM, and other key staff (e.g. Human Resources) and contractors (e.g. RCTC's Organization Development Consultant) as approved by the Project Manager, to reconfirm the status of thought regarding future positions to support the Toll Program. To the extent Cambria or the RCTC PM feels it would be helpful, additional research of best practices and/or peer interviews will be conducted. Based on reconfirming the recommendations from or modifications to our previous work, Cambria will prepare a gap analysis to identify necessary organizational changes to departments that will support the Toll Program department. This will include identifying those departments and functions impacted by toll operations and the magnitude of impact, the existence of any gaps between existing and desired capabilities, and determining whether any additional positions (staff or contract) are needed in those departments. Cambria will also revisit and confirm or modify the previously provided hiring schedule to implement the needed organizational changes for all new positions. The following are the deliverables associated with this task: > Cambria will prepare a draft and final Matrix Organization Gap Analysis report, including a high- level action plan and timeline for change management, hiring, contracting and other implementation activities TASK 1.2 NEW JOB DESCRIPTIONS, MODIFY EXISTING JOB DESCRIPTIONS Cambria's previous work for RCTC contained a detailed list of new Toll Program activities and positions, additional activities that will likely be assigned to existing RCTC positions and potential opportunities to combine positions to achieve efficiencies and/or economies of scale. Based on that previous work, in consultation with the RCTC PM and Human Resources Manager, Cambria will research, develop, and recommend new job descriptions for new positions identified both within the Toll Program organization and within other departments. The draft job descriptions will conform to RCTC's job description format and will include title, general job description, specific duties, reporting relationships, and other pertinent information. Similarly and as necessary, Cambria will also recommend modifications of job descriptions of existing RCTC positions that will perform services within the Toll Program organization. Job descriptions will be based upon the Toll Program Implementation Roadmap developed by Cambria in our previous work for RCTC, job descriptions of similar positions at other tolling agencies, and input from RCTC staff. As our human resources subject matter expert, Cambria team member Naomi Whitacre will participate significantly in this task. The following are the deliverables associated with this task: > Cambria will prepare draft and final new and modified job descriptions, in RCTC format TASK 1.3 COMPENSATION RECOMMENDATIONS AND RECRUITMENT STRATEGY Working with RCTC's PM and Human Resources Manager, Cambria will develop compensation recommendations for both new, and to the extent warranted, existing positions that take on expanded roles and responsibilities. Cambria will gather information using regional labor market and toll -industry compensation data. The compensation recommendations will be based on external market conditions (both toll industry and non -toll positions with comparable requirements and responsibilities), as well as RCTC's internal compensation structure. Cambria anticipates preparing a compensation matrix/schedule, showing current RCTC positions and new or updated RCTC positions, along with associated base salary and other compensation data. For this task, Cambria will also develop and recommend a recruitment strategy for new positions. This may include outside recruiting or the potential for developing talent from within RCTC's current employee base. As our human resources SME, Cambria team member Naomi Whitacre will participate significantly in this task. The following are the deliverables associated with this task: > Cambria will prepare a draft and final compensation recommendations and recruitment strategy report for new and as appropriate, existing positions associated with the Toll Program RFP No. 14-31-155-00 July 3, 2014 Project Approach and Understanding Riverside County Transportation Commission ©Copyright 2014, Cambria S3ollu� ons, Inc. All rights reserved. 17 Cambrian Solutions ' Cambria Solutions, Inc. Proposal for Toll Organization Planning Support Services TASK 1.4 TOLL TEAM DEVELOPMENT The Cambria team has extensive experience as toll facility owners. Accordingly, we understand how to develop performance -based, customer -driven teams. Referencing industry best practices and our experience, we will work with RCTC's PM, Human Resources Manager, and other key personnel and consultants (e.g. RCTC's Organization Development Consultant) to develop and recommend a Toll Program employee - retention strategy, and develop and recommend a professional development strategy for new and existing RCTC positions that will perform Toll Program services. As part of our in-house interviews for our previous work for RCTC, several RCTC staff indicated an interest in taking on new or expanded roles relative to the Toll Program. A good way to retain and develop these staff might be to offer them an opportunity to learn about the toll industry through self -study, establishing mentoring opportunities with counterparts at OCTA or other toll operators or using "lunch and learn" sessions to prepare them for new roles. In our previous discussions, RCTC has indicated that it desires to play a leadership role in regional tolling and within the tolling industry. Cambria will work with the RCTC PM to identify opportunities for key RCTC Toll Program representatives to participate in regional and industry activities and forums. One opportunity might be for RCTC's Toll Program leadership to participate in the International Bridge, Tunnel and Turnpike Association (IBTTA) Leadership Academy. The following are the deliverables associated with this task: > Cambria will prepare a draft and final employee -retention and professional development strategy report TASK 2 - INFORMATION TECHNOLOGY PLAN TASK 2.1 EXPRESS LANES INFORMATION TECHNOLOGY PLAN The Cambria team will provide RCTC with an experienced and analytical team that has a proven record of assisting their clients with developing and operating toll systems that best meet their needs and are recognized as innovative amongst the industry. Their experience will result in an Information Technology Strategy Plan (IT Plan) that allows RCTC to help successfully launch and operate the 91 Express Lanes extension and implement the I-15 Express Lanes, including integration of data with RCTC enterprise systems. The Cambria team will assist RCTC in the development of an IT Plan for toll and related administrative systems, which will guide RCTC in procuring, designing, implementing, and maintaining future toll systems in an efficient and effective manner. The IT Plan will address the financial, administrative, and technical functions necessary for operating the express lanes, as well as potential integration with the existing RCTC IT system. RCTC's approach and role in administering the tolling system will largely be determined by the services included for provision by the toll vendor. The IT Plan will identify options with a recommended option for the prescribed level of ownership and/or administrative involvement by RCTC and various staffing options (in-house, contract). Regarding the tolling and support systems, we will work with RCTC to establish RCTC's preference regarding equipment and software license ownership, server location, and on -going maintenance of lane system and back office IT equipment and data. The IT Plan will establish a schedule and a working plan for the development of the toll system specifications. The IT Plan will outline a successful system procurement process and design, development, testing and implementation plan. Within the IT Plan, several external interfaces required for the operation of the tolling system will be identified and a process for entering into the required agreements and establishing interface documents will be identified. In addition, the plan will address internal interfaces between the tolling system and RCTC, Caltrans, or county existing systems to ensure RCTC receives timely financial, operational, and performance data. In order for the Toll Program data to integrate into the rest of the RCTC's systems, there should be an assessment of the financial, administrative, and technical functions required for the Toll Program and how they align with the rest of RCTC. This may lead to implementation of enterprise -wide systems and tools which may benefit the entire organization. The IT Plan will address the relationship between the express lane Project Approach and Understanding 18 RFP No. 14-31-155-00 Riverside County Transportation Commission July 3, 2014 ©Copyright 2014, Cambria Solutions, Inc. All rights reserved. 318 Cambria Solutions, Inc. Proposal for Toll Organization Planning Support Services CambriaMa Solutions IT system/data and RCTC's existing general IT system/data, with a focus on the options, advantages and limitations (if any) of merging and/or leveraging existing technology and systems express lane IT functions and system administration duties into RCTC's existing general IT system and support processes, versus creating stand alone express lane IT functions and system administration. Relative to the issue of integration with the existing ROTC IT systems, the plan will include a review of current enterprise systems and planned tolling systems, and identification and analysis of at least two options relative to integration of data for RCTC's consideration. Based on criteria developed in conjunction with ROTC, we will provide a recommended option and supporting rationale for that option. The potential opportunities and/or constraints provided by the overarching Riverside County IT system, under which RCTC's existing general IT system operates, will also be evaluated as part of this task. The IT Plan will also include a high-level implementation schedule and recommendations for in-house or contract resources to implement and oversee the express lane IT system. The following are the deliverables associated with this task: > Cambria will prepare a draft and final Express Lanes IT Plan, as described above TASK 3 - TOLL PROGRAM MANAGEMENT, COMMUNICATIONS, AND MARKETING TASK 3.1 MATRIX FUNCTION PLAN RCTC leadership has opted to implement a type of a matrix organization for its Toll Program, wherein some functions are performed within the Toll Program organization and other functions are performed by RCTC departments who specialize in that area of work. These matrix functions serve a supporting role to toll operations. These functions include: Board of Commissioners, Legal Counsel, Executive Director, Finance, Human Resources, Procurement, Government Relations, Community Relations, and Programming and Planning. For this task, Cambria will use the results of the Matrix Organization Gap Analysis (Task Li) to evaluate current conditions (existing processes, communication, reporting responsibilities, and employee function responsibilities), and potential opportunities and barriers to implementing a matrix approach for the Toll Program, which will feed into an action plan to maximize Toll Program performance. Cambria will develop the plan to consider existing processes and responsibilities, and expanded functions to cover needed Toll Program functions, and seek economies of scale where possible. Cambria will identify relevant processes and documentation in the plan for updating necessary communication with departments about upcoming changes to their workload and functions, recommended training, and propose peer -to -peer contacts and site visits with other toll agencies as applicable. The following are the deliverables associated with this task: > Cambria will prepare a draft and final Matrix Function Plan, including a Change Matrix, showing As - Is existing conditions, reporting relationships, responsibilities, desired, or To -Be conditions and responsibilities for functional areas and positions, identification of needed changes, and a recommended process, resource needs, timeline, and responsibility for implementing change, including a comprehensive Change Management/Organization Readiness plan. TASK 3.2 PERFORMANCE METRICS STRATEGY Cambria will work with RCTC's PM and other key staff to identify, develop, and recommend overall Toll Program key performance metrics for all relevant areas of operations. Based on our previous work for RCTC and our previous roles as toll facility owner/operators, we have a good understanding of RCTC's Guiding Principles and desired service level outcomes for the Toll Program. We also understand what the Transportation Infrastructure Finance and Innovation Act (TIFIA) and other oversight agencies might expect in the way of performance data monitoring and reports. Based on those Guiding Principles, industry best practices, and RCTC's specific objectives, we will prepare a report, including a matrix of potential performance monitoring areas/Key Performance Indicators (KPIs), suggested monitoring methodologies, and if there is sufficient data, target performance metrics for RCTC's consideration. The report and matrix will include items such as incorporate express lane performance (e.g. lane availability, incident occurrence and response times, average traffic, and speeds), administrative/service operations (e.g. timeliness of reports, cash flow), roadside operations/customer assistance (e.g. FSP response, number of incidents, timeframe, and customer satisfaction), toll revenue, violations and collections (e.g. gross versus net revenues, violation rate), RFP No. 14-31-155-00 19 Project Approach and Understanding July 3, 2014 Riverside County Transportation Commission ©Copyright 2014, Cambria Solutions, Inc. All rights reserved. 319 Cambria Solutions ' Cambria Solutions, Inc. Proposal for Toll Organization Planning Support Services operation costs (e.g. graffiti removal, litter control), customer service center operations (e.g. average wait time, average call time, customer satisfaction), web site/social media (site visits, average visit time, social media response, complaints), and investors. Cambria will develop a high-level reporting strategy including a list of proposed reports, formats, and frequency. We anticipate recommending an executive dashboard -based reporting format, supported by detailed performance data that feeds the dashboard(s). The following are the deliverables associated with this task: > Cambria will prepare a draft and final Performance Metrics and Reporting Strategy report, including a matrix of potential performance monitoring areas/Key Performance Indicators (KPIs), suggested monitoring methodologies, and if there is sufficient data, target performance metrics TASK 3.3 OPERATIONS RISK MANAGEMENT STRATEGY Cambria will develop a high-level operations risk management strategy and program to help ROTC identify and address the major risks to RCTC in the operations phase of both the I-15 and SR-91 Express Lanes. Working with the RCTC PM and other key staff and stakeholders, Cambria will develop a draft Risk Register for RCTC consideration. The Risk Register will identify categories and specific risks that if they occur, could negatively impact express lanes operational and financial performance. The Risk Register will describe the potential risk, the severity of the potential negative impacts associated with that risk, the probability of the risk occurring, early warning signs that may indicate the risk is imminent, measures to be taken to mitigate the risk, the "owner" assigned to monitor and undertake mitigation measures as appropriate, resources needed to mitigate the risk, and the timeframe for taking mitigation measures. Cambria proposes to conduct peer toll facility best practices research, interviews, and one or more Risk Management Workshops with RCTC and stakeholder representatives to brainstorm and develop the Risk Register and support implementation program and materials. As a component of the Risk Management Strategy, Cambria will recommend regular review and updates by RCTC contractors (toll system, maintenance, IT systems) of their respective risk management programs. The following are the deliverables associated with this task: > Cambria will conduct toll facility best practices research and interviews and one or more Risk Management workshops and will prepare draft and final Operations Risk Management Plan, including a recommended form of Risk Register/Risk Management Spreadsheet or Database TASK 3.4 ASSET MANAGEMENT STRATEGY Cambria has significant experience developing and implementing asset management strategies for highways and toll facilities, including inventorying, identifying, and prioritizing maintenance, repair, and replacement of roadways, bridges, signage, fleet/rolling stock, IT and tolling systems and equipment and other assets. An effective asset management strategy will prioritize the minor maintenance, major rehabilitation, and eventual replacement activities for the various asset classes and their associated life cycles. The initial activity will be to gather an inventory of the classes or categories of Express Lanes -related assets that RCTC owns and maintains (or will own and maintain in the future). Cambria will also work with RCTC to understand the current age and condition of each asset as well as the desired level of service. To the extent RCTC does not yet have ownership of assets; Cambria will work with RCTC to identify various classes of assets that RCTC is likely to own as part of the SR-91 and/or I-15 projects. For this task, RCTC should be able to leverage .Asset Management documentation and schedules prepared by Caltrans and other equipment providers. Using information gathered from internal RCTC and external best practices research and interviews, as well as expertise gathered from other client projects, Cambria will develop and recommend a high-level asset management strategy which will include asset tracking, replacement schedules, identifying maintenance responsibilities, resources needed, timing to commence asset management activities, and leveraging economies of scale for maintenance between the two facilities. Cambria will also provide a high-level analysis of the available asset management software solutions that are currently in the market that will help RCTC manage its assets and achieve its asset management strategies. The following are the deliverables associated with this task: Project Approach and Understanding 20 Riverside County Transportation Commission ©Copyright 2014, Cambria Solutions, Inc. All rights reserved. 320 RFP No. 14-31-155-00 July 3, 2014 Cambria Solutions, Inc. Proposal for Toll Organization Planning Support Services Cambriana Solutions > Cambria will prepare a draft and final Asset Management Strategy report that includes asset tracking, replacement schedules, identifying maintenance responsibilities, resources needed, and high-level timing to commence asset management activities > Cambria will also prepare a high-level analysis of Commercial Off The Shelf (COTS) asset management solutions that are in the market including a comparison of functionality, ability to meet RCTC needs, and costs TASK 3.5 EXPRESS LANES CUSTOMER SERVICE STRATEGY Cambria team members have developed and managed both in-house and contract customer service functions for express lanes facilities. This experience will be used to help RCTC analyze and select the optimal approach for the 91 Express Lanes extension and the I-15 Express Lanes facilities. Cambria will work with the RCTC PM and other key staff to develop objective criteria that will be used to analyze and compare options for providing customer services for the two RCTC express lanes facilities. Cambria will conduct interviews and provide case histories from other start-up toll facilities to provide RCTC with the benefit of lessons learned from others. If RCTC is interested, Cambria will arrange for site visits and/or contract service provider presentations to gain first-hand insight from peers regarding the merits and potential pitfalls of various approaches. Based on the information gathered, Cambria will develop and recommend a high-level express lane customer service options matrix/discussion document. Cambria will meet with RCTC to review and receive feedback on the options presented in the document. RCTC's feedback will then be incorporated into a strategy document that defines a customer service program including goals and objectives, customer services offered, and performance metrics to achieve high quality customer service. The following are the deliverables associated with this task: > Cambria will prepare a draft and final Express Lanes Customer Service Strategy. The strategy will consider both express lane facilities, the existing customer service approach taken on the 91 Express Lanes, leverage economies of scale, consider different customer service staffing resource options available, appropriate timing to commence customer service activities for each facility, and identify and propose new customer programs and services applicable to either express lane facility. TASK 3.6 EXPRESS LANES COMMUNICATION AND MARKETING STRATEGY Cambria team members have directed and/or worked with some of the leading toll facility branding, marketing and communications firms to launch the Orange County Toll roads, the 91 Express Lanes, SR-125 South Bay Expressway, LA Metro Express Lanes and other toll facilities. Based on that experience, Cambria will work with RCTC to design a process that will lead to an effective retail marketing and communications program, within the ultimate goal of maximizing interest in the Express Lanes and eventual customer usage and revenue generation that meets target levels. Cambria will begin by holding a half -day work session with RCTC to understand its vision and goals for its marketing and communications program, as well as current and projected internal and external resources and RCTC's ideas. The work session will also include case histories of other toll facility marketing and communications facility launch programs. Cambria will arrange for conference calls and/or meetings with peer toll facilities and/or industry -leading marketing and communications firms, to hear lessons learned and generate ideas for their program. Cambria will consolidate the information from the work session and interviews and combine it with Cambria's experience to produce a draft marketing and communications strategy document for RCTC review. The communication and marketing strategy prepared by Cambria will take into account both express lane facilities, legacy 91 Express Lanes marketing strategies, regional integration with other express lane and toll road facilities, possible economies of scale between RCTC express lane facilities, and integrating with other RCTC programs (e.g. IE 511, carpooling, commuter rail). The communication and marketing strategy prepared by Cambria will also include market research, identifying target audiences, proposing a marketing philosophy and branding approach consistent with RCTC's Toll Program goals and objectives, marketing budget, return on investment strategy, rollout schedule consistent with RCTC's planned toll facility openings, and scope of work recommendations to contract out for future marketing resources. The following are the deliverables associated with this task: > Cambria will prepare a high-level draft and final Express Lanes Marketing and Communications Strategy RFP No. 14-31-155-00 21 Project Approach and Understanding July 3, 2014 Riverside County Transportation Commission ©Copyright 2014, Cambria Solutions, Inc. All rights reserved. 321 EXHIBIT "B" SCHEDULE OF SERVICES Consultant and Commission will agree on a submittal schedule for the individual deliverables as specified in Exhibit "A", Scope of Services. All deliverables as specified in Exhibit "A", Scope of Services, shall be completed by Consultant and accepted by the Commission not later than 18 months after issuance of a Notice to Proceed for this Agreement. 17336.00000\8752982.1 B-1 322 EXHIBIT "C" COMPENSATION [Attached behind this page] 323 PART I: Labor Rates for Proposed Labor Ciassifostions Task I - Hyman Resources JOLT CLASSIFICATION HOURS FULLY BURDENED HOURLY RATE TOTAL Project Manager 99 240.00/hr $23,760.00 2 CAA Maneger!lTJFinencial Systems Subject Matter Expert 200.00fhr 1x1,600.00 `. V Tel: Operations Subject Matter Expert 77 17.041hr $13,244.00 Program Management Office Subject Matter Expert 20 182.00lhr 3,840.00 d 5 Tall Accounting/Operations Subject Metier Expert 0 198,00/hr $0.00 $ Human Resources Subject Tatter Expert 80 168,00/hr $13,440.00 7 Total - Test I $55,684.00 Task ti - Information Teclhnolonv plan JOB CLASSIFICATION HOURS FULLY BURDENED HOURLY RATE TOTAL 1 Project Manager 35 $ 240.00/hr $6,400.00 2 OA Man7gprA7lFinancial Systerns Subject Matter Expert 40 $ 200.00/hr $8,000.00 Toll Operations Subject Matter Expert 17 $ 172,04lhr $2,924.00 4 Program Management Office Subject Matter Expert 20 $ 182.00ihr $3,640.00 Toll Accounting/Operations Subject [utter Expert 70 $98.00Ih1w ii13,$60.00 $ Human Resources St/Ned Matter Expert $ 168.00lL1r $0.00 Total - Task II $36,$24.00 324 Task III - Toll Prooram Mananement, Communications, and Marketing JOB CLASSIFICATION - - HOURS �— -- - FULLY BURDENED RATE TOTALHOURLY rojeot Manager 189 240.00/hr $45,120.00 -- OA ManagerilTlFinanc al Systems ubjea Matter aped 12 200.00thr 2,400,00 3 .'Tall Operations. Subject Matter Expert 316 172,00fhr $54,352.08 u4 Program Management Office Subject tter Exert BO 1$,00lk�r $14,550.0 Toil AcaountingtOperatia-ns Subject Matter ,Expert 50 198.QQfhr 9 9�4.00 ', $ 'Human Rewurce$ Subject Matter Expert 0 �, 168.00fhr ^l $0,00 —_ Co_tzal - Task III $126,332.00 ' Consultant shall receive compensation for all services rendered under the agreement at the proposed rates set forth above. Consultant shall not invoice for Other Direct Costs (ODC), and Commission shall not be required to pay ODCs under this agreement. Consultants' proposed labor rates shall remain fixed for the term of the agreement. Proposed fully burdened labor rates shall include all relevant expenses, taxes, insurance, and fringe benefits, as well as indirect costs, overhead and profit allowance. Consultant acknowledges that the total cost proposal for Tasks I, II, III is $218,840. 325 AGENDA ITEM 8H RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee Alex Menor, Capital Projects Manager Marlin Feenstra, Project Delivery Director THROUGH: Anne Mayer, Executive Director SUBJECT: Agreement with SC Engineering for the Preparation of Consent to Common Use Agreements, Legal Descriptions, and Plats to Reestablish Utility Companies' Prior Rights Relocated by the State Route 74 Widening Project Between Dexter Avenue in the City of Lake Elsinore and 7th Street in the City of Perris and Donation Agreement to Transfer Mitigation Property to the Western Riverside County Regional Conservation Authority WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Award Agreement No. 14-31-163-00 to SC Engineering for engineering services for the preparation of consent to common use agreements (CCUAs), legal descriptions, and plat maps to establish utility easements for utilities with prior rights relocated by the State Route 74 widening project between Dexter Avenue in the city of Lake Elsinore and 7th Street in the city of Perris, for an amount of $134,358, plus a contingency amount of $13,450, for a total amount not to exceed $147,808; 2) Approve the Donation Agreement No. 15-31-018-00 between the Commission and the Western Riverside County Regional Conservation Authority (RCA) granting land acquired for mitigation purposes on the SR-74 widening project; 3) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreements, on behalf of the Commission; 4) Authorize the Executive Director to approve release of contingency work up to the total authorized amount as may be required for the project; and 5) Authorize the Executive Director, pursuant to legal counsel review, to execute agreements with Caltrans to reflect non -funding changes related to the project on behalf of the Commission. BACKGROUND INFORMATION: The SR-74 widening project, between Dexter Avenue in the city of Lake Elsinore and 7th Street in the city of Perris, was completed and accepted by Caltrans in 2006. The improvements Agenda Item 8H 326 included acquisition of right of way, realignment of curves, and highway widening from two lanes to four lanes plus eight -foot shoulders and a continuous 14-foot paved median. The highway widening required the relocation of existing utilities with prior rights to new locations inside the State right of way. The utilities affected are Southern California Edison (SCE), The Gas Company, and Elsinore Valley Municipal Water District (EVMWD). SC Engineering provided final design services, surveying, and construction support services on the SR-74 widening project. CCUAs will reestablish the three utility companies' prior rights in the State right of way. The project's environmental reevaluation, completed in 2000, required the Commission to acquire in fee 22 acres of Riversidean Sage Scrub habitat for wildlife habitat mitigation for the California Gnatcatcher. The property was to be transferred to the RCA for conservation maintenance upon the completion of the project. DISCUSSION: Because SC Engineering provided design, surveying, and construction support services on the SR-74 widening project, this firm has critical project knowledge and documentation related to the utility relocations which would not otherwise be available to a new consultant. Accordingly, staff requested a sole source proposal from SC Engineering to prepare CCUAs, legal descriptions, and plat maps. Staff reviewed SC Engineering's proposal and has found it to be fair and reasonable, and recommends award of Agreement No. 14-31-163-00 to SC Engineering for design services to prepare the CCUAs and necessary exhibits (legal descriptions and plat maps) and to secure Caltrans review and approval to reestablish SCE, EVMWD, and The Gas Company prior rights in the state right of way. CCUAs and exhibits will be prepared for the respective utility company at the following locations: Utility Company Estimated Number of Exhibits (Legal Descriptions and Plat Maps) per CCUA Dexter Avenue to Wasson Creek 1. SCE 24 2. EVMWD 28 Wasson Creek to 7th Street 3. EVMWD 14 4. SCE 62 5. The Gas Company 4 SC Engineering's proposal to complete this work is $134,358. Staff recommends the Executive Director be authorized to approve release of contingency work up to the total authorized amount of $147,808 as may be required for the project. As part of the environmental reevaluation completed in October 2000, the biological opinion of the U.S. Fish and Wildlife Service included an off -site requirement for the Commission to acquire "no less than 22 acres of Riversidean Sage Scrub and transfer to a conservation agency Agenda Item 8H 327 in fee" to manage as critical habitat for the California Gnatcatcher. In addition, the mitigation parcels were required to be contiguous to each other. The Commission completed acquisition of the mitigation parcels totaling 40 acres, which have 23.1 acres of Riversidean Sage Scrub habitat and is ready to transfer the properties to RCA for continued conservation management in perpetuity under Donation Agreement No. 15-31-018-00. Commission staff also determined it is not feasible to split and combine portions of the parcels containing critical habitat to reduce the acreage donation closer to the 22 acre minimum. Commission staff also checked the city of Lake Elsinore General Plan and the donation parcels are not in conflict with any future roads or planned developments. Staff recommends the Executive Director be authorized to execute the agreements with SC Engineering and RCA. Additionally, in connection with the close-out of the SR-74 widening project, agreements with Caltrans for non -funding changes related to the project may be necessary. Staff recommends authority for the Executive Director to execute such agreements with Caltrans. Financial Information In Fiscal Year Budget: Yes Year: FY 2014/15 Amount: $ 175,000 Source of Funds: 1989 Measure A Western County Highway Budget Adjustment: No GL/Project Accounting No.: 00300181403 222-31-81403 $147,808 003001 61XXX 222-31-61XXX $ 27,192 Fiscal Procedures Approved: \liff4,Aie,� Date: 08/14/2014 Attachments: 1) Scope of Work and Fee Proposal 2) Project Schedule 3) SC Engineering Agreement No. 14-31-163-00 4) Donation Agreement No. 15-31-018-00 5) Vicinity Map of Riversidean Sage Scrub Parcels Agenda Item 8H 328 ATTACHMENT 1 SC E N G I N E E R I H G June 27, 2014 TRANSPORTATION TRAFFIC CIVIL ENGINEERING PROJECT/CONSTRUCTION MANAGEMENT Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92502-2208 Attention: Mr. Alex Menor, PE Capital Project Manager Subject: Consent to Common Use Agreements (CCUAs) and Exhibits (Legal and Plats) for Utility Companies State Route 74 (SR-74), Segment 1 and 2 Dear Mr. Menor: Per our telephone conversation and subsequent meeting, included is a Scope of Work and Fee Proposal to complete/prepare the Consent to Use Agreement (CCUAs) for the following utility companies: 1. Southern California Edison (SCE) 2. Elsinore Valley Municipal Water District (EVMWD) 3. The Gas Company The above utility companies were affected by the realignment and widening of State Route 74, from Dexter Avenue to 7th Street. These utilities were located within the existing utility easements prior to the realignment and widening project and were relocated, within State Right of Way, to not be in conflict with the realignment and widening project. The utility companies have requested that their utility easement rights be re-established. Scope of Services will include: A. CCUAs — Prepare CCUAs and necessary exhibit documents (legal and plat) conforming to the most current Caltrans and respective utility company standards. CCUAs and exhibits will be prepared for the following: Utility Company SR74, Segment 1, Dexter Avenue to Wasson Creek 1. Southern California Edison 2. Elsinore Valley Municipal Water District SR74, Segment 2, Wasson Creek to 7th Street 3. Elsinore Valley Municipal Water District 4. Southern California Edison 5. The Gas Company Estimated Number of Exhibits (Legal and Plat) per CCUA 24 28 14 62 4 B. Project meeting and necessary record search: S=RVING THE TRANSPORTATION NEEDS OF THE INLAND EMPIRE AND HIGH DESERT HEADQUARTERS 16096 CHIWI ROAD APPLE VALLEY, CA 92307 760.242.2081 ♦ 951-204-8073 329 Mr. Alex Menor CCUAs Legal's and Exhibits Capitals Project Manager June 27, 2014 RCTC Page 2 of 2 Once again, I appreciate the opportunity to serve RCTC and assist in the processing of the approval of the necessary documents for the project. Should you have any question, do not hesitate to call me at 951-204-8073. Very Truly Yours, SC Engineering Q__9 Sal Chavez, PE Project Manager cc: Project File-55 Attachments Fee Proposal Project Schedule SC 330 E N G I N E E R I H G State Route 74, Segment 1 and 2 CCUAs and Exhibits for Utility Companies TASK Estimated No. of Legal -Plats Estimated Hours/Legal-Plat Estimated Hours Cost Consent to Common Use Agreements (CCUAs) 1 1 Segment 1, Dexter Ave to Wasson Creek 1. Southern California Edison (24 Power poles) 24 8 192 $21,076 2. Elsinore Valley Water District (+/-3-Miles) 28 12 336 $36,883 Segment 2, Wasson Creek to 7th Street 3. Elsinore Valley Water District (+/-1.8-Miles) 14 12 168 $18,441 4. Southern California Edison (62 Power poles) 62 8 496 $54,446 5. The Gas Company (4 Locations) 4 8 32 $3,513 TOTAL 1,224 $134,358 SC E N G I N E E R I H G 331 State Route 74, Segment 1 and 2 CCUAs and Exhibits for Utility Companies COST PROPOSAL WORKSHEET COMPANY: SC ENGINEERING SCOPE OF WORK CCUAs DATE June 27, 2014 REVISION PROJECT: State Route 74, Segment 1 and 2 MILESTONE/PHASE/PROJECT SUMMARY: DIRECT LABOR PERSONNEL FUNCTION HOURS RATE I AMOUNT Sal Chavez Darrin Ginn/Staff John Davis/Staff Staff Staff Staff Staff Staff Project Manager 122.0 $ 63.00 $7,686 Sr Engineer/Land Surveyor 367.0 $ 50.50 $18,534 Civil Engineer 0.0 $ 47.50 $0 Civil Engineer 122.0 $ 42.00 $5,124 Bridge Engineer 0.0 $ $0 CADD Operator/Technician 490.0 $ 31.00 $15,190 Landscape Architect 0.0 $ $0 Administrations/Project Controls 123.0 $ 27.00 $3,321 TOTAL HOURS' 1224.01 1224.0 OVERHEAD RATE $49,855 OVERHEAD (1.45) TOTAL OVERHEAD $72,289 OTHER DIRECT COST ITEM QUANTITY UNIT I UNIT COST I AMOUNT Reproduction 1 LS $ $0 TOTAL OTHER DIRECT EXPENSES SUBCONSULTANT'S COST $0 COMPANY AMOUNT TOTAL SUBCONSULTANT'S COST FEES $0 I FIXED FEE 10% $ 12,214.35 TOTAL FEE $12,214 I TOTAL COST $134,358 SC E N G I N E E R I H G 332 ATTACHMENT 2 74_CCUA_06.27.2014 Route 74, Segment 1 & 2 C.C.U.A.s 74_CCUA_06.27.2014 ID Task Name Duration Start Finish 2015 M J O N D J F M A 1 Project Management/Meeting/Coordination 153 days 5 days 148 days 210 days 60 days 45 days 20 days 45 days 10 days 30 days 190 days 40 days 45 days 20 days 45 days 10 days 30 days 195 days 45 days 45 days 20 days 45 days 10 days 30 days 200 days 50 days 45 days 20 days 45 days 10 days 30 days 180 days 30 days 45 days 20 days 45 days 10 days 30 days _ Mon 10/6/14 Wed 5/6/15 Mon 10/6/14 Fri 10/10/14 Mon 10/13/14 Wed 5/6/15 Mon 10/13/14 Fri 7/31/15 Mon 10/13/14 Fri 1/2/15 Mon 1/5/15 Fri 3/6/15 Mon 3/9/15 Fri 4/3/15 Mon 4/6/15 Fri 6/5/15 Mon 6/8/15 Fri 6/19/15 Mon 6/22/15 Fri 7/31/15 Mon 10/13/14 Fri 7/3/15 Mon 10/13/14 Fri 12/5/14 Mon 12/8/14 Fri 2/6/15 Mon 2/9/15 Fri 3/6/15 Mon 3/9/15 Fri 5/8/15 Mon 5/11/15 Fri 5/22/15 Mon 5/25/15 Fri 7/3/15 Mon 10/13/14 Fri 7/10/15 Mon 10/13/14 Fri 12/12/14 Mon 12/15/14 Fri 2/13/15 Mon 2/16/15 Fri 3/13/15 Mon 3/16/15 Fri 5/15/15 Mon 5/18/15 Fri 5/29/15 Mon 6/1/15 Fri 7/10/15 Mon 10/13/14 Fri 7/17/15 Mon 10/13/14 Fri 12/19/14 Mon 12/22/14 Fri 2/20/15 Mon 2/23/15 Fri 3/20/15 Mon 3/23/15 Fri 5/22/15 Mon 5/25/15 Fri 6/5/15 Mon 6/8/15 Fri 7/17/15 Mon 10/13/14 Fri 6/19/15 Mon 10/13/14 Fri 11/21/14 Mon 11/24/14 Fri 1/23/15 Mon 1 /26/15 Fri 2/20/15 Mon 2/23/15 Fri 4/24/15 Mon 4/27/15 Fri 5/8/15 Mon 5/11/15 Fri 6/19/15 =— 2 Kick -Off Meeting Edison (Segment 1) California Edison (Segment 1) Review California Edison (Segment 1) Review California Edison (Segment 1) (RCTC) Municipal Water District (EVMWD) (Segment 1) (Segment 1) Review (Segment 1) Review (Segment 1) (RCTC) Edison (Segment 2) California Edison (Segment 2) Review California Edison (Segment 2) Review California Edison (Segment 2) (RCTC) 2) (Segment 2) Review (Segment 2) Review (Segment 2) (by RCTC) (Segment 2) Gas Company (Segment 2) Review Company (Segment 2) Review Company (Segment 2) (by RCTC) 3 Monthly Meetings 1. CCUA for Southern California 4 5 Prepare Draft CCUA for Southern 6 1st Utility Company/Caltrans 7 Update CCUA for Southern 8 2nd/Final Review Utility Company/Caltrans �I 9 Finalize CCUA 10 Record CCUA for Southern 2. CCUA for Elsinore Valley 11 12 Prepare Draft CCUA for EVMWD 13 1st Utility Company/Caltrans 14 Update CCUA for EVMWD 15 2nd/Final Review Utility Company/Caltrans 16 Finalize CCUA �I 17 Record CCUA for EVMWD 3. CCUA for Southern California Prepare Draft CCUA for Southern 18 19 20 1st Utility Company/Caltrans 21 Update CCUA for Southern 22 2nd/Final Review Utility Company/Caltrans 23 Finalize CCUA Record CCUA for Southern 4. CCUA for EVMWD (Segment Prepare Draft CCUA for EVMWD 24 �I 25 26 27 1st Utility Company/Caltrans 28 Update CCUA for EVMWD �I 29 2nd/Final Review Utility Company/Caltrans 30 Finalize CCUA �I 31 Record CCUA for EVMWD 5. CCUA for The Gas Company 32 9100■••---- 33 Prepare Draft CCUA for The -- 34 1st Utility Company/Caltrans �I F 35 Update CCUA for The Gas 36 2nd/Final Review Utility Company/Caltrans 37 Finalize CCUA 38 Record CCUA for The Gas �I Project: 74_Seg1_Seg2 Date: Fri 6/27/14 Task I I Progress Split Milestone ♦ Summary Project Summary External Tasks I I Deadline External Milestone • Page 1 SC Engineering 333 ATTACHMENT 3 Agreement No. 14-31-163-00 RIVERSIDE COUNTY TRANSPORTATION COMMISSION AGREEMENT FOR ENGINEERING SERVICES WITH SC ENGINEERING 1. PARTIES AND DATE. This Agreement is made and entered into this day of , 2014, by and between the RIVERSIDE COUNTY TRANSPORTATION COMMISSION ("the Co- mmission") and REYES S. CHAVEZ, a sole proprietorship, d/b/a SC ENGINEERING ("Consultant"). 2. RECITALS. 2.1 Consultant desires to perform and assume responsibility for the provision of certain professional consulting services required by Commission on the terms and conditions set forth in this Agreement. Consultant represents that it is a professional consultant, experienced in providing engineering 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 certain consulting services for the State Route 74 widening project between Dexter Avenue in the city of Lake Elsinore and 7th Street in the city of Perris Project ("Project") as set forth herein. 3. TERMS. 3.1 General Scope of Services. Consultant promises and agrees to furnish to Commission all labor materials, tools, equipment, services, and incidental and customary work necessary to fully and adequately provide professional consulting services and advice on various issues affecting the decisions of Commission regarding the Project and on other programs and matters affecting Commission, hereinafter referred to as "Services". The Services are more particularly described in Exhibit "A" attached hereto and incorporated herein by reference. All Services shall be subject to, and performed in accordance with, this Agreement, the exhibits attached hereto and incorporated herein by reference, and all applicable local, state, and federal laws, rules and regulations. 3.2 Term. The term of this Agreement shall be from the date first specified above to December 31, 2015, 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. 17336.00000\8752982.1 334 3.3 Schedule of Services. Consultant shall perform the Services expeditiously, within the term of this Agreement, and in accordance with the Schedule of Services set forth in Exhibit "B" attached hereto and incorporated herein by reference. Consultant represents that it has the professional and technical personnel required to perform the Services in conformance with such conditions. In order to facilitate Consultant's conformance with the Schedule, the Commission shall respond to Consultant's submittals in a timely manner. Upon request of the Commission, Consultant shall provide a more detailed schedule of anticipated performance to meet the Schedule of Services. 3.4 Independent Contractor; Control and Payment of Subordinates. The Services shall be performed by Consultant under its supervision. Consultant will determine the means, method and details of performing the Services subject to the requirements of this Agreement. Commission retains Consultant on an independent contractor basis and Consultant is not an employee of Commission. Consultant retains the right to perform similar or different services for others during the term of this Agreement. Any additional personnel performing the Services under this Agreement on behalf of Consultant shall not be employees of Commission and shall at all times be under Consultant's exclusive direction and control. Consultant shall pay all wages, salaries, and other amounts due such personnel in connection with their performance of Services under this Agreement and as required by law. Consultant shall be responsible for all reports and obligations respecting such additional personnel, including, but not limited to: social security taxes, income tax withholding, unemployment insurance, and workers' compensation insurance. 3.5 Conformance to Applicable Requirements. All work prepared by Consultant shall be subject to the approval of Commission. 3.6 Substitution of Key Personnel. Consultant has represented to Commission that certain key personnel will perform and coordinate the Services under this Agreement. Should one or more of such personnel become unavailable, Consultant may substitute other personnel of at least equal competence and experience upon written approval of Commission. In the event that Commission and Consultant cannot agree as to the substitution of key personnel, Commission shall be entitled to terminate this Agreement for cause, pursuant to provisions of Section 3.16 of this Agreement. The key personnel for performance of this Agreement are as follows: Reyes Chavez. 3.7 Commission's Representative. Commission hereby designates Executive Director, or his or her designee, to act as its representative for the performance of this Agreement ("Commission's Representative"). Commission's representative shall have the power to act on behalf of Commission for all purposes under this Agreement. Consultant shall not accept direction from any person other than Commission's Representative or his or her designee. 3.8 Consultant's Representative. Consultant hereby designates Reyes Chavez, or his or her designee, to act as its representative for the performance of this 17336.00000\8752982.1 2 335 Agreement ("Consultant's Representative"). Consultant's Representative shall have full authority to represent and act on behalf of the Consultant for all purposes under this Agreement. The Consultant's Representative shall supervise and direct the Services, using his or her best skill and attention, and shall be responsible for all means, methods, techniques, sequences and procedures and for the satisfactory coordination of all portions of the Services under this Agreement. 3.9 Coordination of Services. Consultant agrees to work closely with Commission staff in the performance of Services and shall be available to Commission's staff, consultants and other staff at all reasonable times. 3.10 Standard of Care; Licenses. Consultant shall perform the Services under this Agreement in a skillful and competent manner, consistent with the standard generally recognized as being employed by professionals in the same discipline in the State of California. Consultant represents and maintains that it is skilled in the professional calling necessary to perform the Services. Consultant warrants that all employees and subcontractors shall have sufficient skill and experience to perform the Services assigned to them. Finally, Consultant represents that it, its employees and subcontractors have all licenses, permits, qualifications and approvals of whatever nature that are legally required to perform the Services and that such licenses and approvals shall be maintained throughout the term of this Agreement. Consultant shall perform, at its own cost and expense and without reimbursement from Commission, any Services necessary to correct errors or omissions which are caused by the Consultant's failure to comply with the standard of care provided for herein, and shall be fully responsible to the Commission for all damages and other liabilities provided for in the indemnification provisions of this Agreement arising from the Consultant's errors and omissions. 3.11 Laws and Regulations. Consultant shall keep itself fully informed of and in compliance with all local, state and federal laws, rules and regulations in any manner affecting the performance of the Project or the Services, including all Cal/OSHA requirements, and shall give all notices required by law. Consultant shall be liable for all violations of such laws and regulations in connection with Services. If the Consultant performs any work knowing it to be contrary to such laws, rules and regulations and without giving written notice to Commission, Consultant shall be solely responsible for all costs arising therefrom. Consultant shall defend, indemnify and hold Commission, its officials, directors, officers, employees and agents free and harmless, pursuant to the indemnification provisions of this Agreement, from any claim or liability arising out of any failure or alleged failure to comply with such laws, rules or regulations. 17336.00000\8752982.1 3 336 3.12 Insurance. 3.12.1 Time for Compliance. Consultant shall not commence work under this Agreement until it has provided evidence satisfactory to the Commission that it has secured all insurance required under this section, in a form and with insurance companies acceptable to the Commission. In addition, Consultant shall not allow any subcontractor to commence work on any subcontract until it has secured all insurance required under this section. 3.12.2 Minimum Requirements. Consultant shall, at its expense, procure and maintain for the duration of the Agreement insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the Agreement by the Consultant, its agents, representatives, employees or subcontractors. Consultant shall also require all of its subcontractors to procure and maintain the same insurance for the duration of the Agreement. Such insurance shall meet at least the following minimum levels of coverage: (A) Minimum Scope of Insurance. Coverage shall be at least as broad as the latest version of the following: (1) General Liability: Insurance Services Office Commercial General Liability coverage (occurrence form CG 0001 or exact equivalent); (2) Automobile Liability: Insurance Services Office Business Auto Coverage (form CA 0001, code 1 (any auto) or exact equivalent); and (3) Workers' Compensation and Employer's Liability: Workers' Compensation insurance as required by the State of California and Employer's Liability Insurance. (B) Minimum Limits of Insurance. Consultant shall maintain limits no less than: (1) General Liability: $2,000,000 per occurrence for bodily injury, personal injury and property damage. If Commercial General Liability Insurance or other form with general aggregate limit is used, either the general aggregate limit shall apply separately to this Agreement/location or the general aggregate limit shall be twice the required occurrence limit; (2) Automobile Liability: $1,000,000 per accident for bodily injury and property damage; and (3) if Consultant has an employees, Workers' Compensation and Employer's Liability: Workers' Compensation limits as required by the Labor Code of the State of California. Employer's Practices Liability limits of $1,000,000 per accident. 3.12.3 Professional Liability. [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) 17336.00000\8752982.1 4 337 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. 0) The automobile liability policy shall be endorsed to state that: (1) the Commission, its directors, officials, officers, employees and agents shall be covered as additional insureds with respect to the ownership, operation, maintenance, use, loading or unloading of any auto owned, leased, hired or borrowed by the Consultant or for which the Consultant is responsible; and (2) the insurance coverage shall be primary insurance as respects the Commission, its directors, officials, officers, employees and agents, or if excess, shall stand in an unbroken chain of coverage excess of the Consultant's scheduled underlying coverage. Any insurance or self-insurance maintained by the Commission, its directors, officials, officers, employees and agents shall be excess of the Consultant's insurance and shall not be called upon to contribute with it in any way. (C) Workers' Compensation and Employers Liability Coverage. 0) 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. 17336.00000\8752982.1 5 338 0) Defense costs shall be payable in addition to the limits set forth hereunder. (ii) Requirements of specific coverage or limits contained in this section are not intended as a limitation on coverage, limits, or other requirement, or a waiver of any coverage normally provided by any insurance. It shall be a requirement under this Agreement that any available insurance proceeds broader than or in excess of the specified minimum insurance coverage requirements and/or limits set forth herein shall be available to the Commission, its directors, officials, officers, employees and agents as additional insureds under said policies. Furthermore, the requirements for coverage and limits shall be (1) the minimum coverage and limits specified in this Agreement; or (2) the broader coverage and maximum limits of coverage of any Insurance policy or proceeds available to the named insured; whichever is greater. (iii) The limits of insurance required in this Agreement may be satisfied by a combination of primary and umbrella or excess insurance. Any umbrella or excess insurance shall contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non-contributory basis for the benefit of the Commission (if agreed to in a written contract or agreement) before the Commission's own insurance or self-insurance shall be called upon to protect it as a named insured. The umbrella/excess policy shall be provided on a "following form" basis with coverage at least as broad as provided on the underlying policy(ies). (iv) Consultant shall provide the Commission at least thirty (30) days prior written notice of cancellation of any policy required by this Agreement, except that the Consultant shall provide at least ten (10) days prior written notice of cancellation of any such policy due to non-payment of premium. If any of the required coverage is cancelled or expires during the term of this Agreement, the Consultant shall deliver renewal certificate(s) including the General Liability Additional Insured Endorsement to the Commission at least ten (10) days prior to the effective date of cancellation or expiration. (v) The retroactive date (if any) of each policy is to be no later than the effective date of this Agreement. Consultant shall maintain such coverage continuously for a period of at least three years after the completion of the work under this Agreement. Consultant shall purchase a one (1) year extended reporting period A) if the retroactive date is advanced past the effective date of this Agreement; B) if the policy is cancelled or not renewed; or C) if the policy is replaced by another claims -made policy with a retroactive date subsequent to the effective date of this Agreement. (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. 17336.00000\8752982.1 6 339 (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 Consultant shall procure a bond guaranteeing payment of losses and related investigation costs, claims and administrative and defense expenses. 3.12.6 Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M. Best's rating no less than A:VIII, licensed to do business in California, and satisfactory to the Commission. 3.12.7 Verification of Coverage. Consultant shall furnish Commission with original certificates of insurance and endorsements effecting coverage required by this Agreement on forms satisfactory to the Commission. The certificates and endorsements for each insurance policy shall be signed by a person authorized by that insurer to bind coverage on its behalf. All certificates and endorsements must be received and approved by the Commission before work commences. The Commission reserves the right to require complete, certified copies of all required insurance policies, at any time. 3.12.8 Subconsultant Insurance Requirements. Consultant shall not allow any subcontractors or subconsultants to commence work on any subcontract until they have provided evidence satisfactory to the Commission that they have secured all insurance required under this section. Policies of commercial general liability insurance provided by such subcontractors or subconsultants shall be endorsed to name the Commission as an additional insured using ISO form CG 20 38 04 13 or an endorsement providing the exact same coverage. If requested by Consultant, the Commission may approve different scopes or minimum limits of insurance for particular subcontractors or subconsultants. 17336.00000\8752982.1 340 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 "C" attached hereto. The total compensation shall not exceed [ INSERT WRITTEN DOLLAR AMOUNT ] ($[ INSERT NUMERICAL DOLLAR AMOUNT ]) without written approval of Commission's Executive Director ("Total Compensation"). Extra Work may be authorized, as described below, and if authorized, will be compensated at the rates and manner set forth in this Agreement. 3.14.2 Payment of Compensation. 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 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 17336.00000\8752982.1 8 341 transcripts or copies of such records and any other documents created pursuant to this Agreement. Consultant shall allow inspection of all work, data, documents, proceedings, and activities related to the Agreement for a period of three (3) years from the date of final payment under this Agreement. 3.16 Termination of Agreement. 3.16.1 Grounds for Termination. Commission may, by written notice to Consultant, terminate the whole or any part of this Agreement at any time and without cause by giving written notice to Consultant of such termination, and specifying the effective date thereof. Upon termination, Consultant shall be compensated only for those services which have been fully and adequately rendered to Commission through the effective date of the termination, and Consultant shall be entitled to no further compensation. Consultant may not terminate this Agreement except for cause. 3.16.2 Effect of Termination. If this Agreement is terminated as provided herein, Commission may require Consultant to provide all finished or unfinished Documents and Data, as defined below, and other information of any kind prepared by Consultant in connection with the performance of Services under this Agreement. Consultant shall be required to provide such document and other information within fifteen (15) days of the request. 3.16.3 Additional Services. In the event this Agreement is terminated in whole or in part as provided herein, Commission may procure, upon such terms and in such manner as it may determine appropriate, services similar to those terminated. 3.17 Delivery of Notices. All notices permitted or required under this Agreement shall be given to the respective parties at the following address, or at such other address as the respective parties may provide in writing for this purpose: CONSULTANT: Attn : 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. 17336.00000\8752982.1 9 342 3.18.1 Documents & Data. This Agreement creates an exclusive and perpetual license for Commission to copy, use, modify, reuse, or sub -license any and all copyrights and designs embodied in plans, specifications, studies, drawings, estimates, materials, data and other documents or works of authorship fixed in any tangible medium of expression, including but not limited to, physical drawings or data magnetically or otherwise recorded on computer diskettes, which are prepared or caused to be prepared by Consultant under this Agreement ("Documents & Data"). Consultant shall require all subcontractors to agree in writing that Commission is granted an exclusive and perpetual license for any Documents & Data the subcontractor prepares under this Agreement. Consultant represents and warrants that Consultant has the legal right to grant the exclusive and perpetual license for all such Documents & Data. Consultant makes no such representation and warranty in regard to Documents & Data which were prepared by design professionals other than Consultant or provided to Consultant by the Commission. Commission shall not be limited in any way in its use of the Documents & Data at any time, provided that any such use not within the purposes intended by this Agreement shall be at Commission's sole risk. 3.18.2 Intellectual Property. In addition, Commission shall have and retain all right, title and interest (including copyright, patent, trade secret and other proprietary rights) in all plans, specifications, studies, drawings, estimates, materials, data, computer programs or software and source code, enhancements, documents, and any and all works of authorship fixed in any tangible medium or expression, including but not limited to, physical drawings or other data magnetically or otherwise recorded on computer media ("Intellectual Property") prepared or developed by or on behalf of Consultant under this Agreement as well as any other such Intellectual Property prepared or developed by or on behalf of Consultant under this Agreement. The Commission shall have and retain all right, title and interest in Intellectual Property developed or modified under this Agreement whether or not paid for wholly or in part by Commission, whether or not developed in conjunction with Consultant, and whether or not developed by Consultant. Consultant will execute separate written assignments of any and all rights to the above referenced Intellectual Property upon request of Commission. Consultant shall also be responsible to obtain in writing separate written assignments from any subcontractors or agents of Consultant of any and all right 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. 17336.00000\8752982.1 10 343 All materials and documents which were developed or prepared by the Consultant for general use prior to the execution of this Agreement and which are not the copyright of any other party or publicly available and any other computer applications, shall continue to be the property of the Consultant. However, unless otherwise identified and stated prior to execution of this Agreement, Consultant represents and warrants that it has the right to grant the exclusive and perpetual license for all such Intellectual Property as provided herein. Commission further is granted by Consultant a non-exclusive and perpetual license to copy, use, modify or sub -license any and all Intellectual Property otherwise owned by Consultant which is the basis or foundation for any derivative, collective, insurrectional, or supplemental work created under this Agreement. 3.18.3 Confidentiality. All ideas, memoranda, specifications, plans, procedures, drawings, descriptions, computer program data, input record data, written information, and other Documents and Data either created by or provided to Consultant in connection with the performance of this Agreement shall be held confidential by Consultant. Such materials shall not, without the prior written consent of Commission, be used by Consultant for any purposes other than the performance of the Services. Nor shall such materials be disclosed to any person or entity not connected with the performance of the Services or the Project. Nothing furnished to Consultant which is otherwise known to Consultant or is generally known, or has become known, to the related industry shall be deemed confidential. Consultant shall not use Commission's name or insignia, photographs of the Project, or any publicity pertaining to the Services or the Project in any magazine, trade paper, newspaper, television or radio production or other similar medium without the prior written consent of Commission. 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 in order to allow the Commission to pursue legal remedies designed to limit any confidential information required to be disclosed or to assure the confidential treatment of the information following disclosure. 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. 3.18.4Infringement 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. 17336.00000\8752982.1 11 344 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 the Commission, its directors, officials, officers, agents, consultants, employees and volunteers free and harmless from any and all claims, demands, causes of action, costs, expenses, liabilities, losses, damages or injuries, in law or in equity, to property or persons, including wrongful death, in any manner arising out of or incident to any alleged negligent acts, omissions or willful misconduct of the Consultant, its officials, officers, employees, agents, consultants, and contractors arising out of or in connection with the performance of the Services, the Project or this Agreement, including without limitation, the payment of all consequential damages, attorneys fees and other related costs and expenses. Consultant shall defend, at Consultant's own cost, expense and risk, any and all such aforesaid suits, actions or other legal proceedings of every kind that may be brought or instituted against the Commission, its directors, officials, officers, agents, consultants, employees and volunteers. Consultant shall pay and satisfy any judgment, award or decree that may be rendered against the Commission or its directors, officials, officers, agents, consultants, employees and volunteers, in any such suit, action or other legal proceeding. Consultant shall reimburse the Commission and its directors, officials, officers, agents, consultants, employees and volunteers, for any and all legal expenses and costs, including reasonable attorney's fees, incurred by each of them in connection therewith or in enforcing the indemnity herein provided. Consultant's obligation to indemnity shall not be restricted to insurance proceeds, if any, received by the Commission or its directors, officials, officers, agents, consultants, employees and volunteers. Notwithstanding the foregoing, to the extent Consultant's Services are subject to Civil Code Section 2782.8, the above indemnity shall be limited, to the extent required by Civil Code Section 2782.8, to claims that arise out of, pertain to, or relate to the negligence, recklessness, or willful misconduct of the Consultant. This Section 3.21 shall survive any expiration or termination of this Agreement. 3.22 Entire Agreement. This Agreement contains the entire Agreement of the parties with respect to the subject matter hereof, and supersedes all prior negotiations, understandings or agreements. This Agreement may only be supplemented, amended, or modified by a writing signed by both parties. 3.23 Governing Law. This Agreement shall be governed by the laws of the State of California. Venue shall be in Riverside County. 3.24 Time of Essence. Time is of the essence for each and every provision of this Agreement. 17336.00000\8752982.1 12 345 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 and Conflicts. 3.27.1 Solicitation. Consultant maintains and warrants that it has not employed nor retained any company or person, other than a bona fide employee working solely for Consultant, to solicit or secure this Agreement. Further, Consultant warrants that it has not paid nor has it agreed to pay any company or person, other than a bona fide employee working solely for Consultant, any fee, commission, percentage, brokerage fee, gift or other consideration contingent upon or resulting from the award or making of this Agreement. For breach or violation of this warranty, Commission shall have the right to rescind this Agreement without liability. 3.27.2 Conflict of Interest. For the term of this Agreement, no member, officer or employee of Commission, during the term of his or her service with Commission, shall have any direct interest in this Agreement, or obtain any present or anticipated material benefit arising therefrom. 3.27.3 Conflict of Employment. Employment by the Consultant of personnel currently on the payroll of the Commission shall not be permitted in the performance of this Agreement, even though such employment may occur outside of the employee's regular working hours or on weekends, holidays or vacation time. Further, the employment by the Consultant of personnel who have been on the Commission payroll within one year prior to the date of execution of this Agreement, where this employment is caused by and or dependent upon the Consultant securing this or related Agreements with the Commission, is prohibited. 3.27.4 Employment Adverse to the Commission. Consultant shall notify the Commission, and shall obtain the Commission's written consent, prior to accepting work to assist with or participate in a third -party lawsuit or other legal or administrative proceeding against the Commission during the term of this Agreement. 3.28 Equal Opportunity Employment. Consultant represents that it is an equal opportunity employer and it shall not discriminate against any employee or applicant for employment because of race, religion, color, national origin, ancestry, sex or age. Such non-discrimination shall include, but not be limited to, all activities related to initial employment, upgrading, demotion, transfer, recruitment or recruitment advertising, layoff or termination. Consultant shall also comply with all relevant provisions of Commission's Disadvantaged Business Enterprise program, Affirmative Action Plan or other related Commission programs or guidelines currently in effect or hereinafter enacted. 17336.00000\8752982.1 13 346 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 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. 17336.00000\8752982.1 14 347 3.32 No Waiver. Failure of Commission to insist on any one occasion upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or condition, nor shall any waiver or relinquishment of any rights or powers hereunder at any one time or more times be deemed a waiver or relinquishment of such other right or power at any other time or times. 3.33 Eight -Hour Law. Pursuant to the provisions of the California Labor Code, eight hours of labor shall constitute a legal day's work, and the time of service of any worker employed on the work shall be limited and restricted to eight hours during any one calendar day, and forty hours in any one calendar week, except when payment for overtime is made at not less than one and one-half the basic rate for all hours worked in excess of eight hours per day ("Eight -Hour Law"), unless Consultant or the Services are not subject to the Eight -Hour Law. Consultant shall forfeit to Commission as a penalty, $50.00 for each worker employed in the execution of this Agreement by him, or by any sub - consultant under him, for each calendar day during which such workman is required or permitted to work more than eight hours in any calendar day and forty hours in any one calendar week without such compensation for overtime violation of the provisions of the California Labor Code, unless Consultant or the Services are not subject to the Eight -Hour Law. 3.34 Subpoenas or Court Orders. Should Consultant receive a subpoena or court order related to this Agreement, the Services or the Project, Consultant shall immediately provide written notice of the subpoena or court order to the Commission. Consultant shall not respond to any such subpoena or court order until notice to the Commission is provided as required herein, and shall cooperate with the Commission in responding to the subpoena or court order. 3.35 Survival. All rights and obligations hereunder that by their nature are to continue after any expiration or termination of this Agreement, including, but not limited to, the indemnification and confidentiality obligations, and the obligations related to receipt of subpoenas or court orders, shall survive any such expiration or termination. 3.36 No Third Party Beneficiaries. There are no intended third party beneficiaries of any right or obligation assumed by the Parties. 3.37 Labor Certification. By its signature hereunder, Consultant certifies that it is aware of the provisions of Section 3700 of the California Labor Code which require every employer to be insured against liability for Workers' Compensation or to undertake self-insurance in accordance with the provisions of that Code, and agrees to comply with such provisions before commencing the performance of the Services. 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. 17336.00000\8752982.1 15 348 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. 17336.00000\8752982.1 [SIGNATURES ON FOLLOWING PAGE] 16 349 SIGNATURE PAGE TO RIVERSIDE COUNTY TRANSPORTATION COMMISSION AGREEMENT FOR ENGINEERING SERVICES WITH SC ENGINEERING IN WITNESS WHEREOF, this Agreement was executed on the date first written above. RIVERSIDE COUNTY REYES S.CHAVEZ TRANSPORTATION COMMISSION dba SC ENGINEERING By: By: Marion Ashley Chair Signature Name Title Approved as to Form: Attest: By: By: Best Best & Krieger LLP General Counsel Its: Secretary 17336.00000\8752982.1 17 350 EXHIBIT "A" SCOPE OF SERVICES j INSERT ] 17336.00000\8752982.1 A-1 351 EXHIBIT "B" SCHEDULE OF SERVICES INSERT ] 17336.00000\8752982.1 B-1 352 EXHIBIT "C" COMPENSATION INSERT ] 17336.00000\8752982.1 C-1 353 ATTACHMENT 4 Project: RCTC Donation APN: 347-110-010,-011,-095 DONATION AGREEMENT THIS AGREEMENT ("Agreement") is made this day of , 2014 by and between the WESTERN RIVERSIDE COUNTY REGIONAL CONSERVATION AUTHORITY, a public agency and a joint powers authority, herein called "RCA," and the RIVERSIDE COUNTY TRANSPORTATION COMMISSION, a public agency of the State of California and a county transportation commission, herein called "Donor." The RCA and Donor are sometimes individually referred to as "Party" and collectively as "Parties." WHEREAS, Donor is the owner of certain real property located in Riverside County, and as more particularly described on Exhibit A attached hereto (the "Property"); WHEREAS, RCA desires to acquire the Property for purposes of wildlife and plant life conservation pursuant to the Western Riverside County Multiple Species Habitat Conservation Plan ("MSHCP"); and NOW, THEREFORE, RCA and Donor agree as follows: 1. Dedication of Property. Donor shall offer to dedicate the Property to RCA and RCA shall accept the offer of dedication of the Property, or interest therein, upon the terms and conditions set forth in this Agreement. 2. Obligations of Donor. 2.1 Fee Interest. Upon acceptance by RCA, Donor shall convey, assign and transfer its fee interest in the Property to RCA, free and clear of all liens, encumbrances, easements, leases (recorded or unrecorded), bonds, assessments, and taxes except for (i) liens for non -delinquent property taxes and assessments, and (ii) those liens and encumbrances and easements which, in the sole discretion of RCA, are acceptable pursuant to Section 6. 2.2 Representations and Warranties of Donor. Donor represents and warrants to RCA that as of the date of this Agreement and as of the Close of Escrow: 2.2.1 Hazardous Substances. The Property is: (i) free from Hazardous Substances; (ii) contains no buried or partially buried storage tanks located on the Property; (iii) has not been used for the generation, storage or disposal of any Hazardous Substance and no Hazardous Substance has been spilled, disposed of, or stored on, under, or at the Property; and (iv) has never been used as a dump or landfill; 2.2.2 Compliance with Law. The Property is in material compliance with all applicable Laws and Environmental Laws; 26493.00004\9067395.4 -1- 354 2.2.3 Leases. No leases, licenses, or other agreements allowing any third party rights to use the Property are or will be in force as of the Closing; 2.2.4 Litigation and Investigations. There is no pending or threatened litigation, administrative proceeding, or other legal or governmental action with respect to the Property, and Donor has received no notice, warning, administrative complaint, judicial complaint, or other formal or informal notice alleging that conditions on the Property are or have been in violation of any Laws or Environmental Laws, or informing Donor that the Property is subject to investigation or inquiry regarding the violation of any Laws or Environmental Laws. 2.2.5 Condition of Property. There are no natural or artificial conditions upon the Property or any part of the Property that could result in a material and adverse change in the condition of the Property; 2.2.6 Access to the Property. There is vehicular access to the Property either directly through a public right of way or through a recorded easement; and 2.2.7 No Insolvency Proceedings. Donor has not (i) made a general assignment for the benefit of creditors; (ii) filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition by its creditors; (iii) suffered the appointment of a receiver to take possession of all or substantially all of its assets; (iv) suffered the attachment or other judicial seizure of substantially all of its assets; or (v) admitted in writing its inability to pay its debts as they come due. 2.2.8 No Other Agreements, Undertakings or Tenancies. Donor will not enter into any agreements or undertake any new obligations prior to Close of Escrow which will in any way burden, encumber or otherwise affect the Property without the prior written consent of the RCA. 2.2.9 Disclosure. Donor has disclosed to RCA all information, records, and studies in Donor's possession in connection with the Property, including any reports or studies concerning Hazardous Substances. All information that Donor has delivered to RCA, either directly or through Donor's agents, is accurate and Donor has disclosed all material facts concerning the operation, development, or condition of the Property. Donor shall promptly notify RCA of any facts that would cause any of the representations contained in this Agreement to be untrue as of the Close of Escrow. If RCA reasonably concludes that a fact materially and adversely affects the Property, RCA shall have the option to terminate this Agreement by delivering written notice to Donor and Escrow Agent. If RCA terminates this Agreement pursuant to this Section, Escrow Agent shall cancel the Escrow and Donor shall be responsible for all costs of escrow. 2.3 Indemnity. Donor agrees to indemnify RCA and agrees to defend and hold RCA harmless from all loss, cost, liability, expense, damage, or other injury, including without limitation, attorneys' fees and expenses, to the fullest extent not prohibited by applicable law, and all other costs and expenses incurred by reason of, or in any manner resulting from (i) the breach of any warranties and representations in Section 2.2, and (ii) all third -party claims for 26493.00004\9067395.4 -2- 355 Donor's intentional acts or willful misconduct related to the Property occurring prior to the Close of Escrow. 2.4 Definitions. 2.4.1 `Environmental Laws" means all federal, state, local, or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, or requirements of any government authority regulating, relating to, or imposing liability or standards of conduct concerning any Hazardous Substance (as defined subsequently in this Agreement), or pertaining to occupational health or industrial hygiene (and only to the extent that the occupational health or industrial hygiene laws, ordinances, or regulations relate to Hazardous Substances on, under, or about the Property), occupational or environmental conditions on, under, or about the Property, as now in effect, including without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) and the Superfund Amendments and Reauthorization Act of 1986 (SARA) [42 U.S.C.A. §§ 9601 et seq.]; the Resource Conservation and Recovery Act of 1976 (RCRA) and the Solid Waste Disposal Act [42 U.S.C.A. §§ 6901 et seq.]; the Clean Water Act, also known as the Federal Water Pollution Control Act (FWPCA) [33 U.S.C.A. §§ 1251 et seq.]; the Toxic Substances Control Act (TSCA) [15 U.S.C.A. §§ 2601 et seq.]; the Hazardous Materials Transportation Act (HMTA) [49 U.S.C.A. §§ 1801 et seq.]; the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) [7 U.S.C.A. §§ 136 et seq.]; the Clean Air Act (CAA) [42 U.S.C.A. §§ 7401 et seq.]; the Safe Drinking Water Act (SDWA) [42 U.S.C.A. §§ 300f et seq.]; the Surface Mining Control and Reclamation Act of 1977 (SMCRA) [30 U.S.C.A. §§ 1201 et seq.]; the Emergency Planning and Community Right -to -Know Act of 1986 (EPCRA or EPCRTKA) [42 U.S.C.A. §§ 11001 et seq.]; the Occupational Safety and Health Act of 1970 (OSHA) [29 U.S.C.A. §§ 655, 657]; the California laws regarding the underground storage of hazardous substances [H & S C §§ 25280 et seq.]; the Hazardous Substance Account Act [H & S C §§ 25300 et seq.]; the California laws regarding hazardous waste control [H & S C §§ 25100 et seq.]; the Safe Drinking Water and Toxic Enforcement Act of 1986 [H & S C §§ 25249.5 et seq.]; the Porter -Cologne Water Quality Control Act [Wat C §§ 13000 et seq.], and any amendments of or regulations promulgated under the statutes cited above and any other federal, state, or local law, statute, ordinance, or regulation now in effect that pertains to occupational health or industrial hygiene, and only to the extent that the occupational health or industrial hygiene laws, ordinances, or regulations relate to Hazardous Substances on, under, or about the Property, or the regulation or protection of the environment, including ambient air, soil, soil vapor, groundwater, surface water, or land use. 2.4.2 "Hazardous Substances" includes without limitation: (i) Those substances included within the definitions of "hazardous substance," "hazardous waste," "hazardous material," "toxic substance," "solid waste," or "pollutant or contaminant" in CERCLA, RCRA, TSCA, HMTA, or under any other Environmental Law; (ii) Those substances listed in the United States Department of Transportation (DOT) Table [49 CFR 172.101 ], or by the Environmental Protection Agency (EPA), or any successor agency, as hazardous substances [40 CFR Part 302]; 26493.00004\9067395.4 -3- 356 (iii) Other substances, materials, and wastes that are or become regulated or classified as hazardous or toxic under federal, state, or local laws or regulations; and (iv) Any material, waste, or substance that is: a petroleum or refined petroleum product, asbestos, polychlorinated biphenyl, designated as a hazardous substance pursuant to 33 U.S.C.A. § 1321 or listed pursuant to 33 U.S.C.A. § 1317, a flammable explosive, or a radioactive material. 3. Escrow. By this Agreement, RCA and Donor establish an escrow ("Escrow") with a reputable title company chosen by RCA (the "Escrow Agent"), subject to the provisions of the standard conditions for acceptance of escrow and the terms and conditions in this Agreement, with a signed counterpart of this document to be delivered as escrow instructions to Escrow Agent. In the event of any conflict between the terms of this Agreement and the standard conditions for acceptance of escrow, the terms of this Agreement shall control. RCA's agent for matters related to the Closing of Escrow shall be the Executive Director or his designee. 4. Feasibility Period. 4.1 During the period commencing on the date of this Agreement and terminating on a date which is sixty (60) days from the date of this Agreement ("Feasibility Period"), RCA may undertake at RCA's expense an inspection of the Property. Said inspection may include: (i) a review of the physical condition of the Property, including but not limited to, inspection and examination of soils, environmental factors, Hazardous Substances, if any, and archeological information relating to the Property; and (ii) a review and investigation of the effect of any zoning, maps, permits, reports, engineering data, regulations, ordinances, and laws affecting the Property. Within ten (10) days following the full execution of this Agreement by both parties, Donor shall deliver to RCA copies of all architectural plans, surveys, specifications, and other documents pertaining to the physical, geological, or environmental condition of the Property that are owned by or in the possession of Donor. 4.2 If RCA's environmental consultant requires additional time to determine the existence and extent of any Hazardous Substances on the Property, RCA shall have the right, exercisable by delivering written notice to Donor prior to the expiration of the Feasibility Period, to extend the Feasibility Period for up to an additional sixty (60) days to complete the testing. 4.3 If RCA disapproves of the results of the inspection and review or the results of any Phase I Environmental Report, RCA may elect, prior to the last day of the Feasibility Period (or any extension thereof), to terminate this Agreement by giving Donor written notification prior to the last day of the Feasibility Period (or any extension thereof). If RCA fails to properly notify Donor of the intent to terminate this Agreement, RCA shall be deemed to be satisfied with the results of the inspection and shall be deemed to have waived the right to terminate this Agreement pursuant to this provision. 5. Access. 5.1 Access to the Property during the Feasibility Period shall be given to RCA, its agents, employees, or contractors during normal business hours upon at least one (1) 26493.00004\9067395.4 -4- 357 business day's notice to Donor, at their own cost and risk, for any purposes, including, but not limited to, inspecting the Property, taking samples of the soil, and conducting an environmental audit (including an investigation of past and current uses of the Property). RCA shall indemnify and defend Donor against and hold Donor harmless from all losses, costs, damages, liabilities, and expenses, including, without limitation, reasonable attorney fees arising out of RCA's entry onto the Property or any activity thereon by RCA or its agents, employees, or contractors prior to the Close of Escrow except to the extent any such losses, costs, damages, liabilities, and expenses arise out of the gross negligence or willful acts of Donor. Any entry onto the Property by RCA or its agents, employees, or contractors shall be at reasonable times. The provisions of this Section shall survive the Close of Escrow. Notwithstanding anything herein to the contrary, RCA and Donor agree that RCA shall not incur any liability hereunder merely by the discovery of an "Existing Adverse Condition" (as defined below) regardless of whether such Existing Adverse Condition, once revealed, negatively impacts the value of the Property or otherwise causes Donor to incur liabilities, costs or expenses. The term "Existing Adverse Condition" shall mean an adverse condition existing on or with respect to the Property that is discovered or revealed by RCA in the course of its Property inspection hereunder. 5.2 In addition to the provisions of Section 4.1, RCA and its agents, employees, or contractors shall have the right, from the date of this Agreement until the Closing Date, to contact any federal, state, or local governmental authority or agency to investigate any matters relating to the Property. Donor agrees to cooperate reasonably with RCA and its agents, employees, or contractors in the inspection of the Property and agrees to deliver to RCA all information in Donor's possession or control pertaining to the condition of the Property, including engineering and environmental reports, studies, tests, monitoring results, and related documentation. 6. Title. 6.1 Immediately following the execution of this Agreement by both Parties, RCA shall cause Escrow Agent to issue to RCA (with a copy to Donor) a preliminary report for an ALTA Standard Policy of Title Insurance, setting forth all liens, encumbrances, easements, restrictions, conditions, pending litigation, judgments, administrative proceedings, and other matters affecting Donor's title to the Property ("Preliminary Report"), together with copies of all documents relating to title exceptions referred to in the Preliminary Report. 6.2 Following the full execution of this Agreement by both Parties, RCA may cause a survey and/or an ALTA Survey of the Property to be prepared by a registered surveyor or professional engineer ("Survey"). Donor agrees to deliver to RCA, promptly following the full execution and delivery of this Agreement, copies of any survey of the Property in the possession of Donor. 6.3 RCA shall approve or disapprove, in writing to Donor with a copy to Escrow Agent, each exception shown on the Preliminary Report and each encroachment, overlap, or boundary line dispute, or any other matter that materially and adversely affects title to the Property or that violates any law, rule, or regulation reflected on the Survey (each an "Exception") within twenty (20) business days following the receipt of the Preliminary Report or the Survey, whichever is later. RCA's failure to object within the twenty (20) day period shall be 26493.00004\9067395.4 -5- 358 deemed to be a disapproval of the Exceptions. The Exceptions approved by RCA hereunder shall be referred to as the "Approved Exceptions." 6.4 If any Exception is disapproved or deemed disapproved (each a "Disapproved Exception"), Donor shall have the right, but not the obligation, within thirty (30) days following expiration of the twenty (20) day period provided under Section 6.3 above, to cause each Disapproved Exception to be discharged, satisfied, released, or terminated, as the case may be, of record, and in a form that is reasonably satisfactory to RCA and Escrow Agent, all at Donor's sole cost and expense. Donor agrees to deposit into Escrow the sum sufficient to discharge any Disapproved Exception that may be discharged only by the payment of money. If Donor is unable or unwilling to obtain a discharge, satisfaction, release, or termination of any Disapproved Exception within the period specified above, then this Agreement shall automatically terminate ten (10) business days after expiration of the 30-day period for curing the Disapproved Exceptions or after Donor advises RCA in writing that Donor is unable or unwilling to cause such discharge, satisfaction, release, or termination, whichever occurs first, unless within such 10-business-day period RCA waives in writing such Disapproved Exception, in which event such Disapproved Exception shall be deemed an Approved Exception under this Agreement. If this Agreement terminates pursuant to the foregoing sentence, then Donor shall pay all charges of the Escrow Agent in connection with this transaction, including the charges of the surveyor and environmental engineering company; and the Parties shall be relieved of all further obligations and liabilities to each other under this Agreement except as otherwise provided herein, and all funds and documents deposited with Escrow Agent shall be promptly refunded or returned, as the case may be, by Escrow Agent to the depositing Party. Anything above to the contrary notwithstanding, it is understood and agreed that RCA's indemnity obligations under Section 5 shall not terminate upon termination of this Agreement pursuant to this or any other provision hereof. 7. Installation of Markers. Donor shall execute a "fixed price" or "not to exceed price" contract for the installation of survey markers and white pipes [at a minimum of six (6) feet in height] ("Installation Contract"). Survey markers shall be installed in accordance with Riverside County Ordinance 460, section 9.10 and Ordinance 461, section 21 (attached herein as Exhibit `B"). Donor shall deposit with Escrow Agent prior to Close of Escrow a copy of the Installation Contract and Escrow Agent shall retain in Escrow sufficient of Donor's funds to pay the Installation Contract, which payment may occur after the Close of Escrow. Donor shall provide RCA and Escrow Agent with a Completion Notice, evidencing the completion of all work under the Installation Contract. Within thirty (30) days after receipt of such Completion Notice, RCA shall provide written notice to Donor and Escrow Agent ("Installation Notice") that RCA approves of all work done under the Installation Contract; or, in the alternative, such Installation Notice shall detail any objections which RCA may have to the work done under the Installation Contract. If RCA fails to provide any Installation Notice within thirty (30) days of receipt of any Completion Notice, then of all work done under the Installation Contract shall be deemed to have been approved by RCA. Upon Donor's receipt of an Installation Notice containing objections or non-compliance issues, Donor shall arrange with the contractor to correct all items listed in the Installation Notice. Upon receipt of Donor's second Completion Notice (evidencing the correction of all items listed in RCA's Installation Notice), RCA shall have fifteen (15) days to provide a second Installation Notice to Donor and Escrow Agent. Should RCA's second Installation Notice contain any objections or corrections not yet 26493.00004\9067395.4 -6- 359 satisfactorily completed, then Donor shall once again arrange for the remaining corrections. Upon completion, Donor shall once again issue a Completion Notice to RCA and to Escrow Agent. In the event all objections and corrections have not yet been satisfied/completed, RCA shall have the right to engage a different contractor to complete the work and Donor agrees to bear the costs for the different contract to complete the work described in RCA's Installation Notice(s). Any contractor retained by Donor or RCA under this Section 7 shall have a right of entry onto the Property. Escrow Agent's payment in full of the Installation Contract (directly to the contractor) shall only occur upon Escrow Agent's receipt of the following documents: (a) RCA's confirmation to Escrow Agent that all work under the Installation Contract has been completed satisfactorily; and (b) conditional lien release by contractor (if required) for the full payment to be made under the Installation Contract. 8. Close of Escrow. 8.1 Title. Simultaneously with the Close of Escrow, Escrow Agent shall issue an ALTA Standard Policy of Title Insurance (formerly referred to as a CLTA Title Policy) ("Title Policy") in the amount of $200,000, subject only to (i) liens for real property taxes, bonds, and assessments not then due, and (ii) the Approved Exceptions. 8.2 Donor's Deposits into Escrow. Donor shall deposit with Escrow Agent on or prior to the Close of Escrow the following documents: (i) a grant deed in the form attached hereto as Exhibit "C" executed and acknowledged by Donor, conveying to RCA good and marketable fee simple title to the Property, subject only to the Approved Exceptions ("Deed"); (ii) Donor's affidavit of nonforeign status as contemplated by Section 1445 of the Internal Revenue Code of 1986, as amended ("FIRPTA Affidavit"); (iii) copy of the Installation Contract and the Completion Notice described in Section 7; (iv) all funds required to be placed in escrow by Donor; and (v) Donor's approval of the draft of Escrow Agent's closing statement. 8.3 RCA's Deposits into Escrow. RCA's approval of the Survey, and RCA's approval of the draft of Escrow Agent's closing statement. RCA shall deposit with Escrow Agent prior to or after the Close of Escrow, the documents related to the Installation Contract described in Section 7. 8.4 Closing Date. The conveyance of the Property to RCA and the closing of this transaction ("Close of Escrow") shall take place within one hundred twenty (120) days ("Closing Date") following the establishment of an Escrow pursuant to Section 3 of this Agreement. 26493.00004\9067395.4 -7- 360 8.5 Closing Statements. No more than two days prior to the Closing Date, Escrow Agent shall deliver to RCA and to Donor, for their respective approvals, drafts of Escrow Agent's closing statement showing all receipts and disbursements of the Escrow. 8.6 Closing Instructions. On the Closing Date (or any extension thereof), Escrow Agent shall close Escrow as follows: Riverside County Recorder; (i) record the Deed (marked for return to RCA) with the (ii) issue the Title Policy; (iii) prorate taxes, assessments, rents, and other charges as provided in Section 8.7 below; (iv) retain an amount of Donor's funds sufficient to pay the contractor under the Installation Contract described in Section 7; (v) prepare and deliver to both RCA and Donor one signed copy of Escrow Agent's closing statement showing all receipts and disbursements of the Escrow; (vi) deliver to RCA the FIRPTA Affidavit, and the Withholding Affidavit; and (vii) If Escrow Agent is unable to simultaneously perform all of the instructions set forth above, Escrow Agent shall notify RCA and Donor and retain all funds and documents pending receipt of further instructions jointly issued by RCA and Donor. 8.7 Closing Costs and Prorations. Donor shall pay the following closing costs and prorations through the Close of Escrow: (i) All governmental conveyancing fees and taxes due upon transfer of the Property, except that no documentary transfer tax will be payable with respect to this transaction, pursuant to Revenue and Taxation Code Section 11922; (ii) The recording charges in connection with recordation of the Deed; except that this Deed is entitled to be recorded without a fee pursuant to Government Code Section 27383 because the Deed is for the benefit of a public agency; in the amount of $200,000; (iii) All charges in connection with issuance of the Title Policy (iv) INTENTIONALLY DELETED; (v) All charges related to any survey undertaken in connection with an ALTA Extended Policy of Title Insurance; 26493.00004\9067395.4 -8- 361 and (vi) All charges in connection with the Installation Contract; (vii) All fees and charges levied by Escrow Agent. 8.8 Real Estate Taxes, Bonds, and Assessments. Donor shall pay real property taxes at the Close of Escrow based on the most current real property tax bill available, including any additional property taxes that may be assessed after the Close of Escrow but that relate to a period prior to the Close of Escrow, regardless of when notice of those taxes is received or who receives the notice. Donor may seek reimbursement from the Riverside County Tax Assessor's office for any property taxes that have been assessed for a period after the Close of Escrow as RCA is a public agency exempt from payment of such taxes. RCA further agrees to cooperate with Donor to provide any necessary information to the Assessor's office in connection with such request for refund. All installments of any bond or assessment that constitutes a lien on the Property at the Close of Escrow shall be paid by Donor. 8.9 Possession. Possession of the Property shall be delivered to RCA at the Close of Escrow. 9. Acceptance. The acceptance of the Property by RCA and the Closing of Escrow (as defined in Section 8) are subject to the satisfaction of the following no later than the Closing Date: (i) RCA's approval of the condition of the Property as provided in Section 4 and title to the Property as provided in Section 6; (ii) The representations and warranties of Donor set forth in Section 2.2 shall be true and accurate as of the Closing Date; (iii) Donor's performance of all obligations under this Agreement; (iv) No adverse material change shall have occurred with respect to the condition of the Property from the end of the Feasibility Period through the Closing Date; and (v) Escrow Agent being prepared to issue the Title Policy on the Close of Escrow, subject only to the Approved Exceptions. 10. Intentionally Deleted. 11. The performance by the RCA of its obligations under this Agreement shall relieve the RCA of any and all further obligations or claims on account of the acceptance of the offer of dedication. The RCA agrees to use the Property for the purposes of wildlife and plant habitat conservation pursuant to the MSHCP. 12. This Agreement and Escrow may be terminated by RCA upon three (3) days written notice to Donor and Escrow Holder if the conditions to closing set forth in Section 9 have 26493.00004\9067395.4 -9- 362 not been fulfilled on or before the Closing Date. Upon termination by RCA pursuant to this Section 12, Donor shall be responsible for all costs and expenses of Escrow Holder. 13. As used in this Agreement, notice includes but is not limited to, the communication of any notice, request, demand, approval, statement, report, acceptance, consent, waiver and appointment. All notices must be in writing. Notice is given either (i) when delivered in person to the person or company intended named below, (ii) when delivered via facsimile with confirmation from the receiving party via return fax; or (iii) when sent via reputable overnight courier (such as Federal Express), addressed by name and addressed to the party or persons intended, as follows: To RCA: To Donor: Western Riverside County Regional Conservation Authority Riverside Centre Building 3403 loth Street, Suite 320 Riverside, CA 92501 Phone: (951) 955-9700 Fax: (951) 955-8873 Attention: Executive Director Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor P.O. Box 12008 Riverside, California 92502-2208 Attn: Executive Director Phone: (951) 787-7141 FAX: (951) 787-7920 until such time as a party gives notice of the change of address in accordance with the terms of this section. 14. This Agreement shall not be changed, modified or amended except upon the written consent of the Parties hereto. 15. This Agreement is the result of negotiations between the Parties and is intended by the Parties to be a final expression of their understanding with respect to the matters herein contained. This Agreement supersedes any and all other prior agreements and understandings, oral or written, in connection therewith. No provision contained herein shall be construed against the RCA solely because it prepared this Agreement in its executed form. 16. Donor, their assigns and successors in interest, shall be bound by all the terms and conditions contained in this Agreement, and all the parties thereto shall be jointly and severally liable thereunder. 17. This Agreement is not binding until executed by the Executive Director of the RCA. 26493.00004\9067395.4 -10- 363 18. Notwithstanding any other provision of this Agreement or any other agreement between any of the Parties hereto, once the Property is conveyed to and accepted by the RCA, the RCA shall have no obligation to return the Property to the Donor under any circumstances, except in the sole and exclusive discretion of the RCA. 19. Pursuant to RCA's Policies and Procedures for Execution of IRS Form 8283 for Bargain Sales and Donations, RCA agrees to cooperate with Donor to acknowledge receipt of the donation of the Property by signing Internal Revenue Form 8283 (Non -Cash Charitable Contributions) before the Close of Escrow and any other tax -related forms or documents reasonably requested by Donor and to return any such forms to Donor within thirty business (30) days after RCA's receipt of such forms from Donor. Notwithstanding the foregoing, RCA makes no representation or warranty to Donor regarding the tax attributes of this transaction, nor shall RCA endorse or otherwise acknowledge any valuation of the Property for tax purposes, it being understood that the Donor has obtained its own appraisals and tax advice for such purposes. 20. This Agreement may be executed in one or more counterparts. Each shall be deemed an original and all, taken together, shall constitute one and the same instrument. IN THE WITNESS THEREOF, the Parties have caused this Agreement to be executed by their duly -authorized representatives on the date and year set forth below. DONOR: RCA: Date: Date: Riverside County Transportation Commission Western Riverside County Regional Conservation Authority By: By: Executive Director Executive Director 26493.00004\9067395.4 -11- 364 EXHIBIT "A" LEGAL DESCRIPTION OF PROPERTY All that certain real property situated in the County of Riverside, State of California, described as follows: PARCEL A: (APN 347-110-010) The East 1/2 of the Southeast 1/4 of the Southwest 1/4 of the Northeast 1/4 of Section 29, Township 5 South, Range 4 West, San Bernardino Base and Meridian, in the County of Riverside, State of California, according to Official Plat thereof. Excepting therefrom all oil, and mineral rights together with rights of ingress and egress as reserved by W. J. Pearson, et ux, in deed recorded March 11, 1920 in Book 519, Page 257 of Deeds, Riverside County Records. PARCEL B: (APN 347-110-011) The West one-half of the West one-half of the Southeast Quarter of the Northeast Quarter of Section 29, Township 5 South, Range 4 West, San Bernardino Base and Meridian, as shown by United States Government Survey. PARCEL C: (APN 347-110-095) In the City of Lake Elsinore, County of Riverside, State of California, being that portion of the Northeast quarter of the Southeast quarter of Section 29, Township 5 South, Range 4 West, San Bernardino Meridian, according to the Official Plat of said land filed in the District Land Office, described as follows: Beginning a point on the Southerly line of said Northeast quarter lying North 89°42'39" West 1023.94 feet from the South 1/16th corner common to Sections 29 and 28 of said Township, said point also being the most Westerly corner of Parcel 4 as described in a Deed recorded April 07, 2003 as Document Number 2003-243425, Official Records of said County; Thence along the Northwesterly boundary of said Parcel 4 the following 10 (ten) courses: North 77°42'37" East 16.81 feet, North 68°57'33" East 21.82 feet, North 61°56'20" East 11.52 feet, North 66°51'31" East 17.30 feet, North 84°48'29" East 14.97 feet, North 90°00'00" East 7.45 feet, South 82°32'08" East 7.43 feet, North 49°25'50" East 25.58 feet, North 56°44'09" East 15.38 feet and North 62°58'44" East 17.19 feet to the Northeasterly line of Parcel 6 as described in said Deed; Thence along the Northwesterly boundary of Parcel 2 as described in said Deed the following 48 (forty eight) courses: North 62°58'44" East 4.91 feet, North 77°48'16" East 15.21 feet, North 42° 17'08" East 17.91 feet, North 52°42'27" East 21.21 feet, North 69° 12'04" East 21.49 feet, North 83°39'45" East 18.19 feet, South 85°36'11" East 15.72 feet, North 33°39'23" East 10.70 26493.00004\9067395.4 -12- 365 feet, North 40°29'48" East 10.18 feet, North 20°29'27" East 31.49 feet, North 26°51'18" East 27.90 feet, South 59°47'27" East 61.15 feet, North 83°25'29" East 40.95 feet, North 38°37'59" East 27.87 feet, North 11°24'56" East 55.38 feet, North 34°32'27" East 17.21 feet, South 79°41'25" East 35.19 feet, North 74°43'54" East 24.03 feet, North 49°00'56" East 26.58 feet, North 17°28'14" East 31.26 feet, North 2°04'22" East 41.01 feet, North 13°35'17" West 22.82 feet, North 37°14'08" West 32.79 feet, North 43°58'47" West 78.02 feet, North 20°10'43" East 20.08 feet, North 28°02'48" East 41.03 feet , North 34°05'07" East 42.28 feet, North 29°33'37" East 20.65 feet, North 32°07'19" East 62.69 feet, North 28°38'50" East 33.93 feet, North 41°45'54" East 23.56 feet, North 19°45'23" East 21.16 feet, North 25°48'57" East 21.22 feet, North 30°24'33" East 21.28 feet, North 43°33'40" East 42.47 feet, North 49°24'39" East 21.06 feet, North 54°00'01" East 20.96 feet, North 62°02'17" East 20.94 feet, North 66°24'14" East 57.02 feet, North 66°55'25" East 100.76 feet, South 75°27'52" East 28.12 feet, North 70°28'18" East 20.35 feet, North 46°06'22" East 41.18 feet, North 58°06'17" East 20.01 feet, North 31°23'39" East 22.75 feet, North 44°18'41" East 20.76 feet, North 84°10'13" East 21.94 feet and North 62°11'58" East 48.33 feet; Thence North 38°54'05" West 20.60 feet to a curve concave Easterly having a radius of 30.00 feet; Thence Northerly 33.18 feet along said curve through a central angle of 63°22'33" to a reverse curve concave Westerly having a radius of 100.00 feet; Thence Northerly 42.99 feet along said curve through a central angle of 24°37'50"; Thence North 0°09'22" West 27.08 feet to a curve concave Southwesterly having a radius of 15.00 feet; Thence Northwesterly 23.33 feet along said curve through a central angle of 89°07'45"; Thence North 89° 17'07" West 68.65 feet to a curve concave Northerly having a radius of 100.00 feet; Thence Westerly 74.47 feet along said curve through a central angle of 42°40'09"; Thence North 46°36'58" West 50.47 feet to a curve concave Northeasterly having a radius of 300.00 feet; Thence Northwesterly 231.02 feet along said curve through a central angle of 44°07'20" to the Northerly line of said Northeast quarter; Thence along the boundary of said Northeast quarter the following 2 (two) courses: North 89°43'55" West 969.24 feet and South 0°39'17" West 659.73 feet to the Southwest corner of the Northwest quarter of said Northeast quarter; Thence South 17°15'07" East 691.89 feet to said Southerly line; Thence along said Southerly line, South 89°42'39" East 79.20 feet to the Point of Beginning. 26493.00004\9067395.4 -13- 366 EXHIBIT B Western Riverside County Regional Conservation Authority Survey Monument and GPS Specifications Survey monuments shall be installed in accordance with Riverside County Ordinance 460, section 9.10 and Ordinance 461, section 21. (See attached Exhibit B-1.) Unless otherwise specified by RCA all monuments shall comply with criteria for Standard "A" monuments. 26493.00004\9067395.4 -14- 367 EXHIBIT B-1 http://www.clerkoftheboard.co.riverside.ca.us/ords.htm Ordinance 460 SECTION 9.10. SURVEYS AND MONUMENTS. A. At the time of making the survey for a final map or parcel map, the engineer or surveyor shall set sufficient durable monuments to conform to the standards described in section 8771 of the Business and Professions code and also comply with the requirements of Ordinance No. 461 and with the requirements of the County Surveyor. B. All monuments for final maps and parcel maps shall be set prior to the recordation of the map. The land divider may execute a secured agreement or cash bond guaranteeing the setting of the monuments upon approval by the County Surveyor. Ordinance 461 MONUMENTS 21.01 General Requirements: The subdivision boundaries, lot corners, road, street, highway centerline, angle points in all lines, beginning and end of all curved lines, shall monumented in accordance with the hereinafter described standard monuments and procedures. Any monument having characteristics other than the hereinafter described may be used only upon written approval of the County Surveyor. If an existing record and identified monument is found on the ground at the location of a subdivision corner, this monument may be used in lieu of replacement with a new monument provided the existing monument is a type considered to be durable. 21.02 Standard "A" Monuments: This monument is to be one inch (inside diameter) iron pipe eighteen (18") inches long. A metal disc or plastic plug bearing the registered civil engineer or land surveyor number shall be securely affixed to the top of the pipe. The top surface of the monument shall be flush with natural ground, flush with surface in paved streets and twelve (12") inches down in unpaved streets. 21.03 Standard `B" Monuments: This monument is to be an eighteen (18") inch long copper clad steel pin to which is secured at one end a one and one-half (1-1/2") inch conical brass cap. The monument may be used as an alternate to the type "A" monument to mark centerline control on streets. The monument is to be driven flush with the street pavement. After setting the monument, the Registered Civil Engineer or Land Surveyor number shall be stamped into the surface of the brass cap. Modification of the above standard may be approved by the County Surveyor. See Standard drawing numbers 900 and 901 for further information. 21.04 Standard "C" Monuments: This monument to consist of a 2" x 2" x 18" long redwood stake cut from clear heartwood firmly set in the ground. The exact point of intersection of the 26493.00004\9067395.4 -15- 368 lines shall be marked on the top center of the stake by a suitable tack or nail, which in turn shall be used to secure to the stake the metal disk bearing the Registered Civil Engineer or Land Surveyor Number. A 1/2" rebar, 18" long with appropriately stamped plastic cap may be used in place of a redwood stake. See monument schedule for use of this monument. 21.05 Standard "D" Monuments: This monument to consist of a 3/4" inside diameter x 18" long galvanized iron pipe, driven to a point not to exceed 1" above the natural ground surface. The exact point of intersection of the lines shall be marked on the top center of the pipe by a suitable tack or nail, which in turn shall be used to secure to the pipe the metal disk bearing the Registered Civil Engineer or Land Surveyor Number of plastic plug with RCE or LS number with mark for exact point. See monument schedule for use of this monument. 21.06 Standard "E" Monuments: This monument to consist of lead plug or steel pin with metal Identification disk set in concrete curb. See monument schedule for use of this monument. 26493.00004\9067395.4 -16- 369 Exhibit C Grant Deed Recorded at request of and return to: Economic Development Agency Real Estate Division 3403 Tenth Street, Suite 400 Riverside, California 92501 FREE RECORDING This instrument is for the benefit of the Western Riverside County Regional Conservation Authority, and is entitled to be recorded without fee. (Gov. Code, § 27383) PROJECT: APN: (Space above this line reserved for Recorder's use) GRANT DEED MULTIPLE SPECIES HABITAT CONSERVATION PLAN 347-110-010, 347-110-011, 347-110-095 FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, RIVERSIDE COUNTY TRANSPORTATION COMMISSION, a county transportation commission, herein called "Grantor", hereby GRANTS to WESTERN RIVERSIDE COUNTY REGIONAL CONSERVATION AUTHORITY, a public agency and joint powers authority ("Grantee"), the real property in the County of Riverside, State of California, described as: See Exhibit "A" attached hereto and made a part hereof IN WITNESS WHEREOF, Grantor has executed this Grant Deed as of the th day of 2014. Signature of Donor ATTACH NOTARY ACKNOWLEDGEMENT 26493.00004\9067395.4 -17- 370 CERTIFICATE OF ACCEPTANCE This is to certify that the real property conveyed by RIVERSIDE COUNTY TRANSPORTATION COMMISSION, on the Grant Deed dated , 2014, to the WESTERN RIVERSIDE COUNTY REGIONAL CONSERVATION AUTHORITY (Grantee), is hereby accepted by the undersigned officer on behalf of the Grantee, pursuant to authority conferred by Ordinance No. 08-01, as adopted by the Board of Directors on July 7, 2008. Dated: GRANTEE: WESTERN RIVERSIDE COUNTY REGIONAL CONSERVATION AUTHORITY, A public agency and a joint powers authority By: Charles V. Landry, Executive Director 26493.00004\9067395.4 -18- 371 ATTACHMENT 5 SR 74 Riversidean Sage Scrub Mitigation Parcels PVIA p R yo t J J -----NEIL RD W Et H SHARON ST 347-110-010 347-110-011 JOLENE DR 347-110-095 (25 acres) City of L e Elsinore 1.0 WW1 Si IMF R eft BURNET ST Riverside County TLMA GIS CRUMPTON Rd rr te w H 956 Feet RIVERSIDE ST 1J[f111 Riversidean Sage Scrub Mitigation Parcel(s): 347-110-010 347-110-011 347-110-095 372 AGENDA ITEM 81 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee Mark Lancaster, Right of Way Manager Marlin Feenstra, Project Delivery Director THROUGH: Anne Mayer, Executive Director SUBJECT: Quitclaim Deed Containing Covenants and Restrictions Including a Power of Termination and the Option to Purchase Agreement for the Old Elsinore Museum Line WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Approve the quitclaim deed containing covenants and restrictions including a power of termination (quitclaim deed) and the option to purchase agreement (agreement) between the Commission and the city of Perris for the Old Elsinore Museum Line (OEML) as well as the area between 7t" and 10h Streets (conveyed properties); and 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the quitclaim deed and the agreement on behalf of the Commission. BACKGROUND INFORMATION: The Commission acquired the OEML in 1993 from Atchison, Topeka and Santa Fe Railway Company as a part of the overall purchase of the San Jacinto Branch Line. The conveyed properties were subject to a lease agreement with Orange Empire Rail Museum (GERM) dated February 12, 1979. Since then, the lease has been assumed by the city of Perris, but OERM has the right to sublease the conveyed properties for the purpose of conducting museum train movements, both with and without passengers. The Commission and the city entered into a comprehensive license agreement for railroad tracks and other improvements on March 7, 2013. The Commission does not currently require the conveyed properties for its own purposes. The quitclaim deed will grant the city all rights, title and interest to the conveyed properties as long as the conveyed properties is used for the exclusive purpose of conducting museum train movements, both with and without passengers. Agenda Item 81 373 If the Commission determines the conveyed properties is necessary for commuter rail service or related purposes, the Commission has the option to issue a 90-day written notice to the city to terminate the city's fee interest and take possession of any improvements to the conveyed properties for a purchase price of $1. The Commission is not entitled to exercise the option for seven years after the agreement date or five years after the completion of the new track, covered by the comprehensive license agreement for railroad tracks and other improvements, whichever is earlier. The option will expire 80 years after the agreement date, if it was not previously exercised. Staff is requesting the approval of the quitclaim deed and the option agreement in order to move forward with the transaction. Financial Information In Fiscal Year Budget: N/A Year: FY 2015/16+ Amount: $1 Source of Funds: 1989 Measure A Western County Rail Budget Adjustment: N/A GL/Project Accounting No.: 003800 81401 221 33 81401 Fiscal Procedures Approved: \iiii,waj Date: 08/12/14 Attachments: 1) Quitclaim Deed Containing Covenants and Restrictions Including A Power Of Termination 2) Option to Purchase Agreement 3) Map Agenda Item 81 374 ATTACHMENT 1 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92502-2208 Attn: Executive Director Exempt from Recording Fee Exempt from Documentary Transfer Tax Pursuant to Government Code Section 27383 Pursuant to R&T Code § 11922 QUITCLAIM DEED CONTAINING COVENANTS AND RESTRICTIONS INCLUDING A POWER OF TERMINATION This Quitclaim Deed is made this _ day of , 2014 ("Effective Date"), by and between the RIVERSIDE COUNTY TRANSPORTATION COMMISSION, a county transportation commission ("Grantor") and the CITY OF PERRIS, a California municipal corporation ("Grantee"). RECITALS WHEREAS, Grantor owns in fee that certain real property, including the existing railroad track and certain railroad crossings and other improvements and appurtenances, in the City of Perris, Riverside County, California generally located south of 7th Street to Mapes Road, located within the City of Perris, County of Riverside, State of California (the "Property"), as more fully described in the legal description attached as Exhibit "A" and depicted in the attached Exhibit "B", both incorporated herein by reference; and WHEREAS, the Property was subject to that certain lease agreement originally entered into by the Atchison, Topeka and Santa Fe Railway Company ("Santa Fe") and the Orange Empire Railway Museum ("OERM") dated February 12, 1979, as subsequently amended (Secretary's Contract No. 157248, as amended) ("Lease"); and WHEREAS, the Lease was assumed by Grantor upon transfer of ownership of the Property from Santa Fe to Grantor; and WHEREAS, Grantor and Grantee have entered into that certain Comprehensive License Agreement ("License") to provide for the conveyance of the Property to Grantee and the licensing to Grantee of certain property referred to in the License as the "Perris Depot Property" and the "New Track Property," collectively referred to as the "Licensed Property." The Licensed Property is adjacent to the Property, and both the Property and the Licensed Property properties have been used by OERM for the purpose of conducting museum train movements, both with and without passengers; and WHEREAS, Grantor acknowledges that Grantee intends to enter into a new license agreement with OERM for the Licensed Property and the Property ("Sublicense"), for the 375 purpose of conducting museum train movements, both with and without passengers, which movements involve the operation of historic rail equipment which includes one or more diesel locomotives, steam locomotives, electric trains, and one or more passenger cars; and WHEREAS, Grantor does not currently require the Property for its own purposes, however, Grantor may, in the future, require the Property for the purpose of providing commuter rail service, and, therefore, has entered or intends to enter that certain Option to Purchase Agreement dated , 2014 ("Option Agreement") with Grantee whereby Grantee, in consideration of Grantor's conveyance of the Property to Grantee pursuant to this Quitclaim Deed, grants an irrevocable option to Grantor to purchase the Property, or a portion thereof, which option shall be maintained for the period set forth therein; and WHEREAS, Grantor now intends to convey the Property to Grantee, for continuation of its use by OERM as provided in the Sublicense, or use by Grantee as provided in the License, subject to certain restrictions and conditions, including a power of termination as set forth in this Quitclaim Deed; and WHEREAS, Grantee acknowledges that, as a material part of the consideration for this conveyance, Grantor has reserved to itself a power of termination as provided below. Grantee acknowledges that any future exercise of the power of termination will serve a public purpose; and WHEREAS, Grantee further acknowledges that Grantor acquired the property from Santa Fe pursuant to that certain Correction Grant Deed and Grant of Easement (San Jacinto Subdivision (Riverside County)) dated March 29, 1993, recorded in the Official Records of Riverside County as Document No. 191848 ("Correction Deed"), the terms of which are incorporated herein by reference. Pursuant to the Correction Deed, BNSF, as successor in interest to Santa Fe, retains a "Reserved Rail Freight Service Easement" and a "Reserved Rail Freight Service License" (as those terms are defined in the Correction Deed) in the properties described in the Correction Deed, which include the Property. WHEREAS, Grantee further acknowledges that the conveyance of the Property is made subject to certain restrictions regarding its use as set forth below. QUITCLAIM NOW THEREFORE FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, Grantor hereby remises, releases and quitclaims to Grantee all of Grantor's rights, title and interest in and to that certain real property legally described in Exhibit "A" attached to and by this reference incorporated into this Quitclaim Deed subject to the rights and restrictions contained below. Section 1. Condition of Property. Grantee acknowledges and agrees that the Property is quitclaimed by Grantor to Grantee in its "AS IS," "WHERE IS" and "SUBJECT TO ALL FAULTS," as of the date of recordation of this Quitclaim Deed, with no warranties, expressed or implied, as to the environmental or other physical condition of the Property, the presence or absence of any patent or latent environmental or other physical condition on or in the Property, or any other matters affecting the Property. 173 3 6.023 02\7616149.12 376 Section 2. Prohibited Uses. Grantee covenants and agrees for itself, its successors and assigns that Grantee shall not use the Property for any purpose that may interfere with Grantor's future ability to use the Property for commuter rail service, including but not limited to the following: placing of any buildings, infrastructure, and/or permanent improvements on the Property ("Interfering Structures"), except as provided in the License or Sublicense or as otherwise approved by Grantor. Section 3. No Transfer of Any Interest in the Property. Grantee covenants and agrees for the exclusive benefit of Grantor that Grantee will not transfer any ownership or other interest in the Property without the prior written approval of Grantor. Grantor hereby approves the Sublicense subject to Grantor's rights of review under the License. Section 4. No Encumberances. Grantee covenants and agrees for the exclusive benefit of Grantor that Grantee will not encumber the Property with any mortgage, deed of trust or similar financial instrument. Section 5. Conditional Grant. Grantee covenants and agrees for itself, its successors and assigns that the conveyance of the Property from Grantor to Grantee is made upon the express condition, limitation and restriction that the Property be used for the exclusive purpose of conducting museum train movements, both with and without passengers, which is hereby intended to mean the operation of historic rail equipment, except as may be approved by Grantor. Grantee agrees for itself, its successors and assigns that the express condition, limitation and restriction set forth in this Section 5 are intended to be binding upon Grantee and its permitted successors and assigns forever. Section 6. Covenant to Reconvey Property. Grantee covenants and agrees for the exclusive benefit of Grantor that Grantee shall reconvey the Property to Grantor, in accordance with the terms of this Quitclaim Deed, upon notification from Grantor, pursuant to Section 8(a) below, that Grantee has breached any condition, restriction or limitation set forth herein. Section 7. Complete Restoration. Grantee covenants and agrees to keep the Property free from any Interfering Structures. If Grantor later identifies any Interfering Structures on the Property, upon notice of its intent to exercise its power of termination pursuant to Section 7(a) below or upon exercise of its option under the Option Agreement, Grantor may also provide Grantee written notice of its demand that any Interfering Structures be removed within the thirty (30) day notice period. Grantee shall, at its own cost and expense, satisfactorily remove any Interfering Structures to Grantor's reasonable satisfaction, and in the event of Grantee's failure to do so, the same may be accomplished by Grantor at Grantee's expense. Section 8. Grantor Power of Termination Regarding Property. (a) Grantor hereby reserves a power of termination pursuant to Civil Code Sections 885.010, et seq., exercisable by Grantor, in its sole and absolute discretion, upon ninety (90) calendar days written notice to Grantee referencing this Section 8, to terminate the fee interest of Grantee in the Property and/or any improvements to the Property and revest such fee title in Grantor and take possession of all or any portion of the Property and any improvements located thereon, without compensation to Grantee, upon Grantee's breach of the condition set forth in 173 3 6.023 02\7616149.12 377 Section 5 above, or upon a breach by Grantee of any other restriction contained in this Quitclaim Deed. (b) The ninety (90) calendar day written notice specified in Section 8(a) shall specify the alleged breach of Grantee triggering Grantor's exercise of the power of termination. Grantor shall proceed with its remedy set forth in Section 8(a) only if the Grantee continues in default for a period of ninety (90) calendar days following such notice or, upon commencing to cure such default, fails to diligently and continuously prosecute said cure to satisfactory conclusion. (c) Upon Grantor's exercise of its power of termination pursuant to this Section 8, Grantee or its successors or assigns shall convey by quitclaim deed to Grantor title to the Property, as specified in Grantor's notice pursuant to Section 8(a), and all improvements thereon. Such conveyance shall be duly acknowledged by Grantee and a notary in a manner suitable for recordation. Grantor may enforce its rights pursuant to this Section 8 by means of injunctive relief or other appropriate action filed in any court of competent jurisdiction. (d) IMMEDIATELY FOLLOWING THE NINETY (90) DAY PERIOD SPECIFIED IN SECTION 8(A), ABOVE, GRANTOR, ITS EMPLOYEES AND AGENTS SHALL HAVE THE RIGHT TO REENTER AND TAKE POSSESSION OF ALL OR ANY PORTION OF THE PROPERTY AND ANY IMPROVEMENTS THEREON, WITHOUT FURTHER NOTICE OR COMPENSATION TO GRANTEE. BY INITIALING BELOW, GRANTEE HEREBY EXPRESSLY WAIVES, TO THE MAXIMUM EXTENT ALLOWED BY LAW, ANY AND ALL RIGHTS THAT GRANTEE MAY HAVE UNDER CALIFORNIA CIVIL CODE SECTION 791 AND CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 1162, AS THOSE STATUTES MAY BE AMENDED, REPLACED, RENUMBERED OR SUBSTITUTED, OR UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. Initials of Grantee's Authorized Representative (e) GRANTEE ACKNOWLEDGES AND AGREES THAT GRANTOR'S EXERCISE OF ITS POWER OF TERMINATION AND RIGHT OF REENTRY PURSUANT TO THIS SECTION 8 MAY WORK A FORFEITURE OF THE ESTATE IN THE PROPERTY CONVEYED TO GRANTEE THROUGH THIS QUITCLAIM DEED. GRANTEE HEREBY EXPRESSLY WAIVES, TO THE MAXIMUM EXTENT ALLOWED BY LAW, ANY AND ALL EQUITABLE AND LEGAL DEFENSES THAT GRANTEE MAY HAVE TO SUCH FORFEITURE, INCLUDING, BUT NOT LIMITED TO, THE DEFENSES OF LACHES, WAIVER, ESTOPPEL, SUBSTANTIAL PERFORMANCE OR COMPENSABLE DAMAGES. GRANTEE FURTHER EXPRESSLY WAIVES, TO THE MAXIMUM EXTENT ALLOWED BY LAW, ANY AND ALL RIGHTS AND DEFENSES THAT GRANTEE MAY HAVE UNDER CALIFORNIA CIVIL CODE SECTION 3275 OR ANY OTHER STATUTE OR COMMON LAW PRINCIPLE OF SIMILAR EFFECT. GRANTEE ACKNOWLEDGES THAT THE TERMS AND CONDITIONS THIS QUITCLAIM DEED REFLECT THE POSSIBILITY OF FORFEITURE BY VIRTUE OF THE EXERCISE OF GRANTOR'S POWER OF TERMINATION PROVIDED IN THIS 173 3 6.023 02\7616149.12 378 SECTION 8 AND FURTHER ACKNOWLEDGE THAT GRANTEE HAS RECEIVED INDEPENDENT AND ADEQUATE CONSIDERATION FOR ITS WAIVER AND RELINQUISHMENT OF RIGHTS AND REMEDIES PURSUANT TO THIS SECTION 8. Initials of Grantee's Authorized Representative Section 9. Grantee Indemnity Commencing as of the Effective Date, and to the fullest extent permitted by law, Grantee shall at all times indemnify and save harmless Grantor against and pay in full all losses, damages, or expenses that Grantor may sustain, incur or become liable for, including, but not limited to, (a) loss of or damage to property, or (b) injury to or death of persons, resulting in any manner from the Property or the use, ownership, maintenance or operation thereof on or after the Effective Date by Grantee or any third party, including, without limitation, any licensee of Grantee. The indemnification and defense obligations set forth in this Section 9 shall apply except to the extent of the sole negligence or willful misconduct of Grantor. Section 10. Covenants, Conditions and Restrictions Run with the Land. Each of the covenants and agreements contained in this Quitclaim Deed touch and concern the Property and each of them is expressly declared to be a covenant that runs with the land for the benefit of Grantor for the entire period that such covenants are in full force and effect, regardless of whether Grantor is or remains an owner of any land or interest in land to which such covenants relate. Grantor, in the event of any breach of any such covenants, has the right to exercise all of the rights and remedies, and to maintain any actions at law or suits in equity or other proper proceedings, to enforce the curing of such breach, as provided by law. Section 11. Duration of Covenants, Conditions and Restrictions. The covenants, conditions, restrictions and agreements of this Quitclaim Deed shall have the durations set forth below: Section 2: Section 3: Section 4: Section 5: Section 6: Section 7: Section 9: in perpetuity in perpetuity in perpetuity in perpetuity in perpetuity in perpetuity in perpetuity Section 12. Interpretation as Condition Subsequent. It is the intent of Grantor in executing this Quitclaim Deed that all of the covenants, conditions, restrictions and agreements set forth in this Quitclaim Deed be given full force and effect in favor of Grantor, as Grantor would not have executed this Quitclaim Deed without such covenants, conditions, restrictions and agreements, and that each such covenant, condition, restriction and agreement should be considered, as necessary to its enforcement in favor of the Grantor, as a condition subsequent to the conveyance of this Quitclaim Deed. Section 13. BNSF Reservation of Easement and License; Obligations of Grantee. Notwithstanding any other provision herein, this Quitclaim Deed and the rights granted 17336.02302\7616149.12 379 hereunder are expressly subject to the Correction Deed and the rights and obligations of the parties thereunder including, but not limited to, BNSF's "Reserved Rail Freight Service Easement" and "Reserved Rail Freight Service License", as well as the rights and obligations under the Shared Use Agreement (as referenced in the Correction Deed) as such rights and obligations pertain to the Property. As successor in interest to the Property, Grantee shall be responsible for all obligations of Grantor under the Correction Deed and the Shared Use Agreement, as such obligations pertain to the Property. Section 14. Costs and Attorneys' Fees. If legal proceedings are initiated to enforce the rights, duties or obligations of any of the covenants set forth in this Quitclaim Deed, then the prevailing party in such proceeding shall be entitled to collect its reasonable attorney fees and costs from the other party in addition to any other damages or relief obtained in such proceedings. Section 15. Severability. In the event that any provision of this Quitclaim Deed is held to be invalid, unenforceable or unlawful by a final judgment of a court of competent jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of any other provision of this Quitclaim Deed. Section 14. Incorporation of Recitals. The Recitals set forth above are true and correct and are incorporated into this Quitclaim Deed by reference as though fully set forth herein. 173 3 6.023 02\7616149.12 [SIGNATURES ON FOLLOWING PAGE] 380 QUITCLAIM DEED SUBJECT TO POWER OF TERMINATION IN WITNESS WHEREOF, the Grantor and the Grantee have caused this instrument to be executed on their behalf by their respective and duly authorized officers, on the following dates, effective as of , 2014. GRANTOR: Dated: RIVERSIDE COUNTY TRANSPORTATION COMMISSION, a county transportation commission By: Anne Mayer Executive Director GRANTEE: Dated: CITY OF PERRIS, a California municipal corporation 173 3 6.023 02\7616149.12 By: Its: ATTEST: By: Its: City Clerk 381 ATTACHMENT 2 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92502-2208 Attn: Executive Director Exempt from Recording Fee Exempt from Documentary Transfer Tax Pursuant to Government Code Section 27383 Pursuant to R&T Code § 11922 OPTION TO PURCHASE AGREEMENT THIS OPTION TO PURCHASE AGREEMENT ("Agreement") is made as of , 2014 ("Agreement Date"), by and between the RIVERSIDE COUNTY TRANSPORTATION COMMISSION, a county transportation commission ("Optionee") and the CITY OF PERRIS, a California municipal corporation ("Optionor"). Optionor and Optionee may be referred to herein individually as a "Party" or collectively as the "Parties." RECITALS 1. Optionee owns in fee that certain real property, including the existing railroad track, in the City of Perris, Riverside County, California generally located south of 7th Street to Mapes Road, commonly known as the Near Perris (Old Elsinore Museum Line) (the "Property"), as more fully described in the legal description attached as Exhibit "A" and depicted in the attached Exhibit `B", both incorporated herein by reference. 2. The Property was subject to that certain lease agreement originally entered into by the Atchison, Topeka and Santa Fe Railway Company ("Santa Fe") and the Orange Empire Railway Museum ("OERM") dated February 12, 1979, as subsequently amended (Secretary's Contract No. 157248, as amended) ("Lease"), which was assumed by Optionee upon transfer of the Property from Santa Fe to Optionee. 3. Optionor and Optionee have entered into that certain Comprehensive License Agreement ("License") to provide for the conveyance of the Property to Optionor and the licensing to Optionor of certain property referred to in the License as the "Perris Depot Property." The Perris Depot Property is adjacent to the Property, and both the Property and the Perris Depot Property properties have been used by OERM for the purpose of conducting museum train movements, both with and without passengers. 4. Pursuant to that certain Quitclaim Deed Containing Covenants and Restrictions Including a Power of Termination, dated as of , 2014, ("Quitclaim Deed") Optionee will convey the Property to Optionor, for continuation of its current use as made by OERM as provided in the License and Quitclaim Deed, subject to certain restrictions and conditions, including a power of termination as set forth therein. 382 5. In connection with the conveyance to be made under the Quitclaim Deed, and as material consideration therefor, Optionee has negotiated the exclusive right and option ("Option") to purchase the Property or a portion thereof ("Option Property") from Optionor at such future date, if any, as Optionee requires the Property for the purpose of providing commuter rail service. 6. Upon its exercise of the Option, Optionee shall pay the agreed Purchase Price for the Option Property, as set forth herein, and Optionee shall not be required to pay additional consideration for the Option Property. 7. In light of the foregoing, Optionor herein grants an option to Optionee to purchase the Option Property as more particularly set forth herein. OPTION AGREEMENT NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows: A. Grant of Option. In consideration of Optionee's agreement to convey the Property to Optionor pursuant to the Quitclaim Deed, Optionor hereby grants to Optionee the Option to purchase the Option Property, which shall be exercisable by Optionee in the manner and on the terms and conditions set forth in this Agreement. If not previously exercised, the term of the Option ("Option Term") shall expire eighty (80) years after the Agreement Date. B. Exercise of Option. Optionee shall exercise the Option, if at all, by giving ninety (90) calendar days written notice to Optioner during the Option Term that Optionee requires the Option Property for commuter rail or related purposes ("Exercise Notice"). The Exercise Notice shall be accompanied by the Purchase Price described in Section C below. The Exercise Notice shall specify the proposed use of the Option Property. Optionee's timely delivery of the Exercise Notice and the Purchase Price to Optionor shall create a binding contract for the purchase and sale of the Option Property. Optionee shall not be entitled to exercise the Option for seven (7) years commencing as of the Agreement Date, or five (5) years after the date of completion of the New Track (as defined in the License), whichever is earlier. C. Purchase Price and Closing Costs. The purchase price, including any applicable closing costs, for the Option Property ("Purchase Price") shall be One Dollar ($1.00). Optionee shall pay any applicable escrow fees, and any other closing costs. D. Conveyance. Upon Optionee's timely exercise of the Option, Optionor or its successors or assigns shall, at Optioner's sole expense, remove from title to the Option Property, prior to the closing date, all encumbrances not existing as of the date of the Quitclaim Deed (including without limitation any monetary liens) and shall thereafter convey by quitclaim deed to Optionee title to the Option Property, as specified in the Exercise Notice, and all improvements thereon. Such conveyance shall be duly acknowledged by Optionor, or its successors or assigns and a notary in a manner suitable for recordation. Optionee may enforce its rights pursuant to this Agreement by means of an action filed in any court of competent jurisdiction. Any improvements remaining on the Option Property following conveyance of the 17336.00609\7864328.5 383 Option Property from Optionor to Optionee, shall become the property of Optionee without further compensation to Optionor. E. Operation of Property During Option Term. During the period commencing on the Agreement Date and ending on the earlier to occur of (a) the recording of the grant deed conveying the Option Property to Optionee or (b) the expiration of the Option: 1. Maintenance. Optionor shall maintain the Option Property in as good condition and state of repair as that existing on the Agreement Date (ordinary wear and tear excepted) in compliance with applicable law. 2. No Alteration. Except as authorized in the License or the Quitclaim Deed, Optionor shall not materially alter the physical condition of the Option Property , or introduce or release, or permit the introduction or release, in, from, under or on the Property of any substance or material that is described as a toxic or hazardous substance, waste or material or a pollutant or contaminant, or words of similar import, under applicable Federal, state or local laws and regulations. F. Expiration Without Exercise; Unenforceability of Option. Should the Option expire without being exercised or be deemed unenforceable by a court of competent jurisdiction Optionor shall reasonably cooperate with Optionee to execute and acknowledge an instrument providing Optionee an easement for Optionee's use of the Option Property for commuter rail service. This Section F shall survive the termination or expiration of this Agreement. G. Miscellaneous. 1. Brokerage Commissions. Each Party warrants and represents to the other that no broker, finder or other intermediary hired or employed by it is entitled to a commission, finder's fee or other compensation based upon the transaction contemplated hereby for which the other Party may become financially responsible and each Party shall indemnify and hold harmless the other Party from and against any and all claims, liabilities, losses, damages, costs and expenses (including, but not limited to, reasonable attorneys' fees, court costs and litigation expenses) caused by or arising out of the claim of any broker, finder or other intermediary alleging to have been employed or hired by the indemnitor, to a commission, finder's fee or other compensation based upon the transaction contemplated hereby. The obligations of Optionor and Optionee pursuant to this Section shall survive any termination of this Agreement. 2. Notices. Any notice hereunder to be given by Optionee to Optionor shall be deemed to be properly served on the date it is deposited in the United States Mail, postage prepaid, addressed to City Manager, City of Perris, 101 North "D" Street, Perris, California 92570. Any notice to be given hereunder by Optionor to Optionee shall be deemed to be properly served on the date it is deposited in the United States Mail, postage prepaid, addressed to Executive Director, Riverside County Transportation Commission, 4080 Lemon Street, Third Floor, Riverside, CA 92502-2208. Either Optionor or Optionee may change its address for the receipt of notice by giving written notice thereof to the other party of such change. 3. Time of the Essence. Time is of the essence of this Agreement and each and every term and provision hereof. 17336.00609\7864328.5 384 4. California Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of California applicable to agreements made and to be performed within the state. 5. Interpretation. This Agreement has been negotiated at arm's length between the Parties. Accordingly, any rule of law (including California Civil Code Section 1654) or legal decision that would require interpretation of any ambiguities in this Agreement against the party that has drafted it is not applicable and is waived. The provisions of this Agreement shall be interpreted in a reasonable manner to effect the purpose of the Parties and this Agreement. 6. Severability. If any provision of this Agreement, or the application thereof, shall for any reason and to any extent be invalid or unenforceable, the remainder of this Agreement and application of such provision to other circumstances, shall be interpreted so as best to reasonably effect the intent of the Parties hereto. 7. Performance of Acts on Business Days. Unless specifically stated to the contrary, all references to days herein shall be deemed to refer to calendar days. In the event that the final date for payment of any amount or performance of any act hereunder falls on a Saturday, Sunday or holiday, such payment may be made or act performed on the next succeeding business day. 8. Venue; Jurisdiction. The Parties hereto agree that the State Courts located in Riverside County, California ("Court") shall have exclusive jurisdiction over any action or proceeding brought to enforce or interpret any provision of this Agreement or otherwise arising out of the transaction described herein ("Action"), and the Parties hereby consent to the exercise of personal jurisdiction over them by the Court for purposes of resolving the Action. Either Party may file a complaint with the Court, and in no other court. 9. Attorneys' Fees. In the event of any Action instituted between Optionor or Optionee in connection with this Agreement, the prevailing Party shall be entitled to recover from the losing Party all of its costs and expenses, including, without limitation, court costs, all costs of appeals and reasonable attorneys' fees. 10. Further Assurances; Survival. Subject to the terms and conditions hereof, the Parties agree to cooperate with each other and to perform such further acts or execute and deliver such additional instruments or documents as any Party may reasonably request in order to carry out the purposes of this Agreement and the transactions contemplated hereby. All covenants and obligations contained in this Agreement which imply or require performance after the conveyance of the Option Property date shall survive such conveyance. 11. Entire Agreement; Amendments. This Agreement is intended by the Parties to be the final expression of their agreement with respect to the subject matter hereof, and is intended as the complete and exclusive statement of the terms of the agreement between the Parties. As such, this Agreement supersedes any prior understandings between the Parties, whether oral or written. Any amendments to this Agreement shall be in writing and shall be signed by all Parties hereto. 17336.00609\7864328.5 385 12. No Waiver. No delay on the part of any Party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any Party hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder, nor shall any single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 13. Assignment. Optionor shall not assign any of its rights or delegate any of its obligations hereunder. Optionee may freely assign its rights hereunder to another entity for the purpose of providing commuter rail service on the Option Property. 14. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, representatives, successors and permitted assigns. 15. Headings; Cross -References; Exhibits. The headings and captions used in this Agreement are for convenience and ease of reference only and shall not be used to construe, interpret, expand or limit the terms of this Agreement. 16. Counterparts. This Agreement may be executed in any number of counterparts and by the Parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 17. Option Runs with the Land. This Option, and the rights and obligations herein, shall run with the Option Property and shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. [Signatures on following page] 17336.00609\7864328.5 386 SIGNATURE PAGE TO OPTION TO PURCHASE AGREEMENT BY AND BETWEEN RIVERSIDE COUNTY TRANSPORTATION COMMISSION AND CITY OF PERRIS IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives as of the Agreement Date. FOR "OPTIONEE" FOR "OPTIONOR" RIVERSIDE COUNTY CITY OF PERRIS TRANSPORTATION COMMISSION By: Anne Mayer, Executive Director By: Name: Its: APPROVED AS TO FORM: ATTEST: By: By: Best Best & Krieger LLP Its: City Clerk Counsel to the Riverside County Transportation Commission APPROVED AS TO FORM: By: Aleshire & Wynder, LLP Eric L. Dunn, City Attorney 17336.00609\7864328.5 387 MTenth Celebration PenenasooTGrande �.11111 • 1111 - PuntaTAre'nas I'1 �IIIII Loma BOmta Mountain Property I`m Eleventh is7 1 Seventh Eight Ninth 3 N Twelft e Thift IIIII Eighth F�Ninth Conveyed Properties 1 Perou 200' Orange Empire Railway Museum 0 250 500 1,000 Feet —.SMEF------Artlo- Epic Land Solutions, Inc.4 This map was created using the best data available at the time of production. Epic Land Solutions Inc. assumes no responsibility for the accuracy of third party information. This map is intended for data visualization purposes only and should not serve as the basis for any legal action or be used for engineering purposes. 8/18/2014 AGENDA ITEM 8J RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee Patti Castillo, Capital Projects Manager Marlin Feenstra, Project Delivery Director THROUGH: Anne Mayer, Executive Director SUBJECT: Agreement with M. S. Construction Management Group for the Construction of the Riverside Downtown Station Operations Control Center, in the City of Riverside WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Award Agreement No. 14-31-149-00 to M. S. Construction Management Group for the construction of the Riverside Downtown Station Operations Control Center (RDNOCC), in the amount of $1,533,891, plus a contingency amount of $153,389, for a total amount not to exceed $1,687,280; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission; 3) Amend the FY 2014/15 Commuter Rail Short Range Transit Plan (SRTP) to allocate an additional $250,000 of Transportation Development Act (TDA) State Transit Assistance (STA) funds for construction of the RDNOCC; 4) Reprogram $100,000 of STA funds from the Perris Multimodal project to the RDNOCC; 5) Approve an increase of $737,280 in FY 2014/15 budgeted expenditures for the RDNOCC project; 6) Approve an increase of $350,000 in FY 2014/15 budgeted transfer in to the RDNOCC and corresponding transfer out from the STA fund; and 7) Authorize the Executive Director to approve contingency work as may be required for the project. BACKGROUND INFORMATION: The Riverside Downtown Station opened in 1993. The facility includes an operations control center housing a centralized closed circuit television (CCTV) surveillance system for all of Riverside County's Commuter Rail stations. In order to enhance public safety, reduce vandalism, prevent crime, and identify criminal activity, the system monitors a variety of station environments and activities 24 hours a day. The system presently includes 115 cameras Agenda Item 81 389 distributed among the various station sites. The facility where the CCTV system is housed and monitored is known as the RDNOCC. In 1994, Metrolink installed modular crew layover offices at the station. Over the last two decades, the Commission's security surveillance system and Metrolink's rail operations have expanded and outgrown the capacity of their existing buildings. In response, staff developed a scope for comprehensive assessment of the Commission's security and surveillance operations. In January 2009, the Commission authorized staff to commission a station/park and ride security plan (security plan) to assess the security, surveillance, facility improvements, future facility design, and development of facility emergency response plans. The security plan recommended relocating video surveillance and security guard operations to a new RDNOCC. At its March 2013 meeting, the Commission reallocated over $1.3 million of surplus Proposition 1B Public Transportation Modernization, Improvement and Service Enhancement Account (PTMISEA) grant funds to construct a new operations control center. A portion of these funds have been allocated for final design and construction management, resulting in a balance available for construction of $932,032. Proposition 1B California Transit Security Grant Program funds (CTSGP) funds allocated in previous SRTPs are also available to fund the new operations control center. On July 8, 2014, the Commission advertised Invitation for Bids (IFB) No. 14-31-149-00 for the construction of the RDNOCC. A public notice was advertised in the Press Enterprise, and the IFB was posted on the Commission's PlanetBids website, which is accessible through the Commission's website. Electronic mail messages were sent to vendors registered in the Commission's PlanetBids database that fit the IFB qualification. Forty-seven firms downloaded the notice to bidders — twelve are located in Riverside County. Eighteen firms purchased the bid documents — seven are located in Riverside County. On August 12, 12 bids were received and publicly opened. A summary of the bids received is shown in Table A: Table A RDNOCC Bid Summary Firm (In order from low bid to high bid) Bid Amount Engineer's Estimate for Construction $1,075,952 1 Avi-Con, Inc. dba CA Construction $1,417,000 (Withdrawn) 2 M. S. Construction Management Group $1,533,891 3 Toby B. Hayward $1,616,334 4 JRH Construction Company, Inc. $1,681,801 Agenda Item 8J 390 5 AMG & Associates, Inc. $1,687,300 6 Dalke & Sons Construction, Inc. $1,688,680 7 Woodcliff Corporation $1,696,000 8 Hamel Contracting, Inc. $1,699,181 9 Braughton Construction, Inc. $1,726,049 10 Minako America Corporation $1,768,000 11 Simile Construction Service, Inc. $1,875,500 12 PUB Construction, Inc. $1,878,822 The basis for award for a public works contract is the lowest responsive and responsible bidder as defined by the Commission's procurement policy and state law. The bid analysis determined that the lowest responsible and responsive bidder is M. S. Construction Management Group with a bid amount of $1,533,891. The construction phase of this project will be funded with a variety of sources, which include $932,032 of Proposition 1B PTMISEA funds, $405,248 of Proposition 1B CTSGP, and $350,000 of TDA STA funds. Of the STA funds, $100,000 can be reprogrammed from the completed Perris Multimodal project, and staff requests that $250,000 be allocated in FY 2014/15 with approval of a corresponding SRTP amendment. The FY 2014/15 budget includes $950,000 for construction expenditures; budget adjustments are required for the additional construction costs as well as the STA funding. Staff recommends award of Agreement No. 14-31-149-00 for the construction of the RDNOCC to the lowest responsible and responsive bidder, M. S. Construction Management Group, Construction activity is expected to begin in October 2014 and will be completed in approximately six months. Financial Information Yes $950,000 (expenditures) In Fiscal Year Budget: No Year: FY 2014/15 Amount: $737,280 (expenditures) No $350,000 (revenues) Source of Funds: Proposition 1B PTIMSEA and CTSGP Budget Adjustment: No Yes funds, TDA STA funds Yes (transfer) 004018 81301 265 33 81301 $1,687,280 (expenditures) GL/Project Accounting No.: 004018 000 59001 265 33 59001 $350,000 (transfer in) 002204 97001 241 62 97001 $350,000 (transfer out) Fiscal Procedures Approved: \44,,,,tajte. Date: 08/19/2014 Attachments: 1) Draft Agreement No. 14-31-149-00 2) Bid Analysis Agenda Item 81 391 CONTRACT FOR CONSTRUCTION THIS CONTRACT is made this day of , 2014, in the County of Riverside, State of California, by and between the Riverside County Transportation Commission, hereinafter called Commission, and M. S. Construction Management Group, hereinafter called Contractor. The Commission and the Contractor for the considerations stated herein agree as follows: ARTICLE 1. SCOPE OF WORK. The Contractor shall perform all work within the time stipulated in the Contract and shall provide all labor, materials, equipment, tools, utility services, and transportation to complete all of the Work required in strict compliance with the Contract Documents as specified in Article 5 below for the following work: CONSTRUCTION SERVICES FOR THE RIVERSIDE DOWNTOWN OPERATIONS CONTROL CENTER The Contractor and its surety shall be liable to the Commission for any damages arising as a result of the Contractor's failure to comply with this obligation. ARTICLE 2. CONTRACT TIME. Time is of the essence in the performance of the Work. The Work shall be commenced on the date stated in the Commission's Notices to Proceed. The Contractor shall complete all Work required by the Contract Documents within ONE HUNDRED EIGHTY (180) calendar days from the commencement date stated in the Notice to Proceed (NTP) hereafter the Contract Time. No work shall be commenced on, or compensated for until the Commission has issued a NTP. Commission reserves the right to withhold payment to the Contractor if the Contractor fails to complete the work until such work is complete and accepted by Commission. By its signature hereunder, Contractor agrees the time for completion set forth above is adequate and reasonable to complete the Work. ARTICLE 3. CONTRACT PRICE. The Commission shall pay to the Contractor as full compensation for the performance of the Contract, subject to any additions or deductions as provided in the Contract Documents, and including all applicable taxes and costs, the sum of One Million Five Hundred Thirty Three Thousand Eight Hundred Ninety One dollars ($1,533,891), hereinafter, the Contract Price. Payment shall be made as set forth in the General Conditions. ARTICLE 4. LIQUIDATED DAMAGES. In accordance with Government Code Section 53069.85, it is agreed that the contractor will pay the Commission the sum of One Thousand Dollars ($1,000) for each and every calendar day of delay in completing the Work beyond Contract Time set forth in Article 2 above. In the event this is not paid, the contractor agrees the Commission may deduct that amount from any money due or that may become due the Contractor under the Contract. This Article does not exclude recovery of other damages specified in the Contract Documents. 392 ARTICLE 5. COMPONENT PARTS OF THE CONTRACT. The "Contract Documents" include only the following documents, each of which is incorporated into this Agreement by reference: Notice Inviting Bids Instructions to Bidders Contractor's Bid Forms Contractor's Certificate Regarding Workers' Compensation Bid Bond Designation of Subcontractors Information Required of Bidders Non -Collusion Declaration form Iran Contracting Act Certification Contract Performance Bond Payment (Labor and Materials) Bond General Conditions Special Provisions prepared by STV, Inc. Special Conditions (Including Proposition 1B Funding Requirements) Addenda Plans and Contract Drawings Approved and fully executed change orders The Contactor shall complete the Work in strict accordance with all of the Contract Documents. All of the Contract Documents are intended to be complementary. Work required by one of the Contract Documents and not by others shall be done as if required by all. This Contract shall supersede any prior agreement of the parties, whether written or oral. The Contract can be modified only by a written Change Order executed in accordance with the Contract Documents. ARTICLE 6. PROVISIONS REQUIRED BY LAW. Each and every provision of law required to be included in these Contract Documents shall be deemed to be included in these Contract Documents. The Contractor shall comply with all requirements of applicable federal, state and local laws, rules and regulations, including, but not limited to, the provisions of the California Labor Code and California Public Contract Code which are applicable to this Work. ARTICLE 7. INDEMNIFICATION. Contractor shall provide indemnification and defense as set forth in the General Conditions. ARTICLE 8. PREVAILING WAGES. Contractor shall be required to pay not less than the prevailing rate of wages in accordance with the Labor Code, which rates have been determined by the Director of the California Department of Industrial Relations and shall be made available at the Offices of the Commission or may be obtained online at http//www.dir.ca.gov/dlsr. The wage rates must be posted at the job site. 393 IN WITNESS WHEREOF, this Contract has been duly executed by the above -named parties, on the day and year above written. Riverside County Transportation Commission By: M. S. Construction Management Group By: Signature Signature Name Name Title Approved as to form: Title License Number Attest: By: Signature Name Its: Secretary Title 394 Attachment 2 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Project ID No. 14-31-149-00 County : Riverside Date: 8/26/2014 Project: Riverside Downtown Station Operations Control Center Item No. Item Description Unit Quantity 1.0 General LS 2.0 Architectural - Modular Building LS 2.1 Architectural- Lockers LS 3.0 Civil - Site Work (Except Track Access Road) LS 3.1 Civil - Track Access Road LS 4.0 Utilities - Utility Work LS 4.1 Utilities - Packaged Generator Set LS 5.0 Landscape LS 1 1 1 1 1 1 1 1 M.S CM LB vs E's E Toby B. Hayward 2nd vs E's E JRH U. P. Amount % U. P. Amount % U.P. Amount $99,120 $99,120 41.60% $119,000 $119,000 70.00% $124,172 $124,172 $965,786 $965,786 41.53% $850,934 $850,934 24.70% $998,993 $998,993 $3,910 $3,910 -56.28% $2,500 $2,500 -72.05% $6,519 $6,519 $128,376 $128,376 23.04% $425,000 $425,000 307.33% $287,708 $287,708 $37,278 $37,278 17.16% $28,900 $28,900 -9.17% $13,067 $13,067 $210,000 $210,000 58.85% $125,000 $125,000 -5.45% $180,910 $180,910 $75,309 $75,309 115.17% $40,000 $40,000 14.29% $56,787 $56,787 $14,112 $14,112 25.52% $25,000 $25,000 122.37% $13,645 $13,645 SUBTOTAL $ 1,533,891.00 SUBTOTAL $ 1,616,334.00 SUBTOTAL $ 1,681,801.00 RCTC's CALCULATED TOTAL BID AMOUNT = CONTRACTOR's CALCULATED TOTAL BID AMOUNT= DIFFERENCE (ERROR) Percent +/- Engineer's Estimate = General < 7.5% of Bid Price Total $ 1,533,891.00 $ 1,533,891.00 42.56% 6.46% Total $ 1,616,334.00 $ 1,616,334.00 50.22% 7.36% $ 1,681,801.00 $ 1,681,801.00 56.31 7.38% Prepared by Abacus Project Management, Inc. 1 395 as of 8/26/2014 Attachment 2 RIVERSIDE COUNTY TRANSPORTATION COMI Project ID No. 14-31-149-00 County : Riverside Date: 8/26/2014 Project: Riverside Downtown Station Operations Control Center 3rd vs E's E AMG 4th vs E's E Engineer's Estimate Item No. Item Description Unit Quantity % U.P. Amount % Unit Price Item Cost 1.0 General LS 1 77.39% $64,000 $64,000 -8.57% $ 70,000 $ 70,000 2.0 Architectural - Modular Building LS 1 46.39% $1,083,000 $1,083,000 58.70% $ 682,410 $ 682,410 2.1 Architectural - Lockers LS 1 -27.11% $6,300 $6,300 -29.56% $ 8,944 $ 8,944 3.0 Civil - Site Work (Except Track Access Road) LS 1 175.75% $186,000 $186,000 78.27% $ 104,337 $ 104,337 3.1 Civil - Track Access Road LS 1 -58.93% $26,000 $26,000 -18.29% $ 31,818 $ 31,818 4.0 Utilities - Utility Work LS 1 36.85% $273,000 $273,000 106.51% $ 132,200 $ 132,200 4.1 Utilities - Packaged Generator Set LS 1 62.25% $38,000 $38,000 8.57% $ 35,000 $ 35,000 5.0 Landscape LS 1 21.37% $11,000 $11,000 -2.16% $ 11,243 $ 11,243 SUBTOTAL $ 1,687,300.00 SUBTOTAL $ 1,075,951.50 RCTC's CALCULATED TOTAL BID AMOUNT = CONTRACTOR's CALCULATED TOTAL BID AMOUNT= DIFFERENCE (ERROR) Percent +/- Engineer's Estimate = General < 7.5% of Bid Price $ 1,687,300.00 $ 1,687,300.00 56.82% 3.79% Total $ 1,075,951.50 Prepared by Abacus Project Management, Inc. 2 396 as of 8/26/2014 $1,800,000.00 $1,600,000.00 $1,400,000.00 $1,200,000.00 $1,000,000.00 $800,000.00 $600,000.00 $400,000.00 $200,000.00 $0.00 - Attachment 2 Riverside Downtown Station Operations and Control Center $1,616,334.00 $1,681,801.00 $1,687,300.00 M.S. Construction Management Grp. Toby B. Hayward, Inc. N AMG & Associates, Inc. Engineer's Estimate Sri Prepared by Abacus Project Management, Inc. 3 as of 8/26/2014 397 AGENDA ITEM 8K RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Eliza Echevarria, Community Relations Manager John Standiford, Deputy Executive Director THROUGH: Anne Mayer, Executive Director SUBJECT: Agreements for On -Call Coordination Public Outreach Services BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission 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; and 3) Authorize the Executive Director, or designee, to execute task orders awarded to contractors under the terms of the agreements. 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 8K 398 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 8K 399 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 Yes FY 2014/15 $ 150,000 In Fiscal Year Budget: N/A Year: FY 2015/16+ Amount: $ 350,000 Measure A, Local Transportation Fund, Source of Funds: TUMF, and Motorist Assistance Budget Adjustment: No N/A Administration Funds GL/Project Accounting No.: 001001 65520 00000 0001 101 15 65520 Fiscal Procedures Approved: \Pataa jti Date: 08/14/2014 Attachment: Standard Form On -Call Professional Services Agreement Agenda Item 8K 400 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 APPENDIX B -1 17336.02100\8354633.2 401 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 APPENDIX B -2 17336.02100\8354633.2 402 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 APPENDIX B -3 17336.02100\8354633.2 403 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 APPENDIX B -4 17336.02100\8354633.2 404 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 f Reservedl 3.12.4Insurance 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 APPENDIX B -5 17336.02100\8354633.2 405 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). APPENDIX B -6 17336.02100\8354633.2 406 (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 APPENDIX B -7 17336.02100\8354633.2 407 Consultant shall procure a bond guaranteeing payment of losses and related investigation costs, claims and administrative and defense expenses. 3.12.6 Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M. Best's rating no less than A:VIII, licensed to do business in California, and satisfactory to the Commission. 3.12.7 Verification of Coverage. Consultant shall furnish Commission with original certificates of insurance and endorsements effecting coverage required by this Agreement on forms satisfactory to the Commission. The certificates and endorsements for each insurance policy shall be signed by a person authorized by that insurer to bind coverage on its behalf. All certificates and endorsements must be received and approved by the Commission before work commences. The Commission reserves the right to require complete, certified copies of all required insurance policies, at any time. 3.12.8 Subconsultant Insurance Requirements. Consultant shall not allow any subcontractors or subconsultants to commence work on any subcontract until they have provided evidence satisfactory to the Commission that they have secured all insurance required under this section. Policies of commercial general liability insurance provided by such subcontractors or subconsultants shall be endorsed to name the Commission as an additional insured using ISO form CG 20 38 04 13 or an endorsement providing the exact same coverage. If requested by Consultant, the Commission may approve different scopes or minimum limits of insurance for particular subcontractors or subconsultants. 3.13 Safety. Consultant shall execute and maintain its work so as to avoid injury or damage to any person or property. In carrying out its Services, the Consultant shall at all times be in compliance with all applicable local, state and federal laws, rules and regulations, and shall exercise all necessary precautions for the safety of employees appropriate to the nature of the work and the conditions under which the work is to be performed. Safety precautions as applicable shall include, but shall not be limited to: (A) adequate life protection and life saving equipment and procedures; (B) instructions in accident prevention for all employees and subcontractors, such as safe walkways, scaffolds, fall protection ladders, bridges, gang planks, confined space procedures, trenching and shoring, equipment and other safety devices, equipment and wearing apparel as are necessary or lawfully required to prevent accidents or injuries; and (C) adequate facilities for the proper inspection and maintenance of all safety measures. 3.14 Fees and Payment. 3.14.1 Compensation. Consultant shall receive compensation, including authorized reimbursements, for all Services rendered under this Agreement at the rates set forth in Exhibit "B" attached hereto and incorporated herein by reference. Compensation shall be on the basis of direct costs plus a fixed fee as further set forth in APPENDIX B -8 17336.02100\8354633.2 408 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 APPENDIX B -9 17336.02100\8354633.2 409 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 APPENDIX B -10 17336.02100\8354633.2 410 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. 3.18.2Intellectual 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 APPENDIX B -11 17336.02100\8354633.2 411 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. 3.18.4Infringement 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 APPENDIX B -12 17336.02100\8354633.2 412 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 APPENDIX B -13 17336.02100\8354633.2 413 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 provi- 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 APPENDIX B -14 17336.02100\8354633.2 414 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 APPENDIX B -15 17336.02100\8354633.2 415 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] APPENDIX B -16 17336.02100\8354633.2 416 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 [NOT NEEDED IF APPROVED BY COMMISSION] By: Anne Mayer Executive Director Name Title APPROVED AS TO FORM: ATTEST: By: By: Best Best & Krieger LLP Its: Secretary General Counsel APPENDIX B -17 17336.02100\8354633.2 417 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] A-1 17336.02100\8354633.2 418 EXHIBIT "B" COMPENSATION [INSERT] B 17336.02100\8354633.2 419 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 all 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: 17336.02100\8354633.2 c 420 AGENDA ITEM 8L RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Martha Durbin, Staff Analyst Josefina Clemente, Transit Manager Robert Yates, Multimodal Services Director THROUGH: Anne Mayer, Executive Director SUBJECT: Riverside Transit Agency's Fiscal Year 2014/15 Short Range Transit Plan Amendment BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission 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; and 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. 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 8L 421 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 8L 422 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: \i/u4,4avot , Date: 08/12/2014 Attachment: RTA FY 2014/15 Capital Assistance by Funding Source Agenda Item 8L 423 Riverside Transit Agency FY 2014/15 SRTP - Table 4 Amendment #1 Capital Assistance by Funding Source Table 1 - Capital Assistance 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 $0 424 AGENDA ITEM 8M RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Martha Durbin, Staff Analyst Josefina Clemente, Transit Manager Robert Yates, Multimodal Services Director THROUGH: Anne Mayer, Executive Director SUBJECT: Citizens Advisory Committee/Social Services Committee Membership Nominations Transportation Advisory BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to nominate 10 appointments to the Citizens Advisory Committee/Social Services Transportation Advisory Committee (CAC/SSTAC) effective September 1, 2014. 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 8M 425 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. Upon Commission direction and approval, additional members representing relevant TDA constituencies can be added to the CAC/SSTAC membership in the future. Attachment: CAC/SSTAC Representative and Categorical Membership List Agenda Item 8M 426 Riverside County Transportation Commission Categorical Nominations to the Citizens Advisory Committee / Social Services Transportation Advisory Council 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 427 AGENDA ITEM 8N RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Western Riverside County Programs and Projects Committee Brian Cunanan, Commuter and Motorist Assistance Manager Robert Yates, Multimodal Services Director THROUGH: Anne Mayer, Executive Director SUBJECT: Fiscal Year 2014/15 San Bernardino Associated Governments Agreement for Inland Empire Rideshare and 511 Services WESTERN RIVERSIDE COUNTY PROGRAMS AND PROJECTS COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Approve Agreement No. 15-41-031-00 with the San Bernardino Associated Governments (SANBAG) as part of the Commission's continuing bi-county partnership with SANBAG to deliver commuter/employer rideshare services and operation of the Inland Empire 511 (IE511) system for FY 2014/15 for an amount not to exceed $1,648,300; 2) Authorize the Chair or Executive Director, pursuant to legal counsel review, to execute the agreement on behalf of the Commission. BACKGROUND INFORMATION: Since 1993, SANBAG has contracted with the Commission to develop, implement, and manage a commuter assistance program (CAP) for San Bernardino County commuters. The program consists of several projects: • Rideshare Incentives, developed as a sister incentive project to the Commission's Measure A commuter incentive project, focuses on encouraging solo drivers to try alternative commute modes; • RidesharePlus, modeled after the Commission's rideshare rewards program, provides Entertainment© discounts to local and national merchants for long-term ridesharers. • Inland Empire Commuter Services (IECS), jointly established by SANBAG and the Commission in FY 1995/96 when it was determined by the two agencies that the Inland Empire would assume direct responsibility for the provision of local employer rideshare services. IECS provides various services to employers in the bi-county area including the provision of marketing promotions, rideshare survey processing, technical assistance, employer network meetings, and newsletters; Agenda Item 8N 428 " Ridematching and Information Services, jointly established in FY 2002/03 by the Commission and SANBAG when they began providing these services directly; " 1E511, implemented in FY 2009/10 to provide traveler information to Riverside and San Bernardino County commuters; and " IECommuter, which integrates 1E511 traveler information and rideshare services to provide commuters with a personalized service, will launch in FY 2014/15. In partnership with SANBAG, a FY 2014/15 work plan and budget for continuation of SANBAG's CAP and the ongoing maintenance and operation of a 511 travel information services system was developed by Commission staff. The proposed agreement between SANBAG and the Commission has been approved by the SANBAG Board. Staff is seeking Commission approval for an agreement with SANBAG for a total not to exceed amount of $1,648,300 to be reimbursed to the Commission. Financial Information In Fiscal Year Budget. Yes Year: FY 2014/15 Amount: $1,648,300 Source of Funds: SANBAG Budget Adjustment: No 002111/002112/632113/002139/002146/002178/002182/002188/002191 416 41605 GLA No.: 0000 263 41 41203 $1,275,500 452124 416 41605 0000 202 45 41203 $372,800 Fiscal Procedures Approved: ���� Date: 08/14/2014 Attachments: FY 2014/15 SANBAG Agreement and Scope of Work Agenda Item 8N 429 AGREEMENT C14170 BY AND BETWEEN SAN BERNARDINO COUNTY TRANSPORTATION COMMISSION AND RIVERSIDE COUNTY TRANSPORTATION COMMISSION FOR IMPLEMENTATION OF SAN BERNARDINO COUNTY FISCAL YEAR 2014/2015 EMPLOYER AND COMMUTER TRIP REDUCTION/RIDESHARE PROGRAMS THIS AGREEMENT ("Agreement") is entered into as of the 1st day of July 2014 ("Effective Date"), in the State of California by and between SAN BERNARDINO COUNTY TRANSPORTATION COMMISSION, referred to herein as "SANBAG," and the RIVERSIDE COUNTY TRANSPORTATION COMMISSION, referred to herein as "RCTC." WHEREAS, SANBAG approved allocation of Measure I - Valley Traffic Management Systems (VTMS) funds, and Victor Valley Traffic Management Systems funds, and Safe, Accountable, Flexible, Efficient Transportation Equity Act — A Legacy to Users (SAFE -TEA LU) Congestion Mitigation and Air Quality (CMAQ) funds, the allocation of SAFE -TEA LU (initially approved in October of 2005 by SANBAG board), to provide trip reduction services as well as incentives for the commuter programs. WHEREAS, SANBAG receives SAFE -TEA LU and other federal funds and may use these funds to reimburse RCTC for its services in performing Employer and Commuter Trip Reduction/Rideshare Services and RCTC will comply with all applicable federal requirements concerning these federal funds including the Catalog of Domestic Assistance Title No. 20.205. WHEREAS, SANBAG requires professional and consulting services with respect to the provision of commuter services and programs within San Bernardino County. WHEREAS, RCTC has managed the bi-county Inland Empire Commuter Services program since November 3, 1993, and has the expertise and resources necessary to manage such services for SANBAG. WHEREAS, the Code of Federal Regulations encourages grantees and subgrantees of federal funds, such as CMAQ funds, to enter into local intergovernmental agreements for procurement or use of common goods or services. WHEREAS, for the avoidance of doubt, the parties to this Agreement acknowledge and agree that RCTC is not a subrecipient of federal funds from SANBAG, but is entering into a local intergovernmental agreement with SANBAG for procurement or use of common goods or services. C14170 Page 1 of 17 430 WHEREAS, RCTC will own and/or operate web based software ("Software") implementing the Employer and Commuter Trip ReductionRideshare Services. WHEREAS, SANBAG will designate approved key personnel requiring access to the Software to receive log -in information for the Software from RCTC WHEREAS, SANBAG will protect the confidential information received or accessible through the Software and will obtain and provide to RCTC non -disclosure and confidentiality agreements with its approved key personnel designated to receive access to the Software. NOW, THEREFORE, the parties agree as follows: A. Contract Services. 1. RCTC will administer, market, and implement commuter services and 511 programs in coordination with RCTC's commuter services program and in coordination with the regional ridesharing core services program in compliance with and as specified in the scope of work, Attachment "A," attached hereto and incorporated herein by reference (the "Services"). 2. RCTC shall provide program administration and oversight and assure that its consultants and/or staff performs its services within the budgets set forth in the scope of work, Attachment "A." 3. RCTC shall provide SANBAG with the following reports, on a monthly or quarterly basis, as set forth below, relative to tasks identified in the scope of work, Attachment "A", to this Agreement: (a) Quarterly Commuter Assistance Report (b) Quarterly Commuter Assistance Activity Master Report (c) Quarterly Regional Database Report (d) Monthly IE511 All Hands Meeting Minutes/Agenda/Stats 4. RCTC will notify and work collaboratively with SANBAG regarding any possible program changes that would impact the Services. 5. SANBAG shall timely respond to RCTC on matters requiring RCTC to coordinate with SANBAG, as set forth in Attachment "A". B. Compensation. 1. It is understood that SANBAG funding for the program under this Agreement will not exceed one million six hundred forty-eight thousand three hundred dollars, and no cents ($1,648,300.00) and is being provided from the following sources: C14170 (a) One million four hundred seventy-nine thousand twenty Page 2 of 17 431 dollars and no cents ($1,479,020) from CMAQ funds, and (b) One hundred sixty-nine thousand two hundred eighty dollars and no cents ($169,280) from San Bernardino County local Y2 cent sales tax, Measure I - Valley Funds (Measure I Funds). 2. SANBAG receives SAFETEA-LU and other federal funds and may use these funds to reimburse RCTC for its costs in performing the Services. 3. It is agreed that SANBAG Measure I Funds will reimburse RCTC for the cost of purchasing any items not reimbursable by CMAQ, and invoices submitted to SANBAG shall clearly delineate CMAQ non -reimbursable expenditures. It is agreed that in the event sufficient funds from the sources set forth in (a) and (b) above do not become available to SANBAG for this Agreement, SANBAG may immediately terminate this Agreement with written notice, but shall pay to RCTC from other sources any amounts required to cover RCTC's costs to the date of Agreement termination. 4. SANBAG shall pay RCTC on a cost -reimbursement basis, based upon invoices which delineate charges based on tasks identified in the scope of work, Attachment "A." All invoices shall be provided to SANBAG no more frequently than on a bi-monthly basis and no less than a quarterly basis. All invoices will be delivered to and received by SANBAG no later than 60 days after the end of the calendar year quarter. 5. SANBAG shall be fully responsible for obtaining cost reimbursements of CMAQ funds. SANBAG shall ensure that the SAFE -TEA LU funds are used for authorized purposes in compliance with laws, regulations, and the provision of the terms in this agreement, and that performance goals are achieved. 6. SANBAG shall review all billings submitted by RCTC for accuracy and process payment based thereon to RCTC in a timely manner. 7. RCTC shall maintain during the term of this Agreement and for three years thereafter accounting records which cover the receipt and disbursement of all funds provided for the programs administered and implemented under this Agreement. Such records shall be made available for inspection during normal business hours by duly authorized representatives of SANBAG, SANBAG's auditors, Caltrans, Federal Highway Administration, and the United States Department of Transportation, so that SANBAG can comply with the Single Audit Act and OMB Circular No. A-133. In addition, the federal provisions set forth in Attachment "C" shall apply to this Agreement. C. Term. 1. This Agreement shall commence on July 1, 2014, and terminate on June 30, 2015, unless it is extended by a written amendment approved by the parties. C14170 Page 3 of 17 432 2. Either party may terminate this Agreement by giving thirty (30) days written notice to the other for no or any reason, including, but not limited to, changes in legislation, rules and regulations impacting trip reduction programs. SANBAG shall pay for any service provided up to the effective date of the termination. 3. The Executive Directors of both RCTC and SANBAG shall have the authority in their sole discretion to give notice of termination on behalf of their respective agencies. D. Indemnification and Insurance. 1. (a) It is understood and agreed that neither RCTC nor any officer, official, employee, director, consultant, agent, or volunteer thereof is responsible for any damage or liability occurring by reasons of anything done or omitted to be done by SANBAG under or in connection with any work authority or jurisdiction delegated to SANBAG under this Agreement. It is understood and agreed that, pursuant to Government Code Section 895.4, SANBAG shall fully defend, indemnify and save harmless RCTC, and all its officers, employees, consultants and agents from all claims, suits or actions of every name, kind, and description brought for or on account of injury (as defined in Government Code Section 810.8) occurring by reason of anything done or omitted to be done by SANBAG under or in connection with any work, authority or jurisdiction delegated to SANBAG under this Agreement. (b) It is understood and agreed that neither SANBAG nor any officer, official, employee, director, consultant, agent, or volunteer thereof is responsible for any damage or liability occurring by reasons of anything done or omitted to be done by RCTC under or in connection with any work authority or jurisdiction delegated to RCTC under this Agreement. It is understood and agreed that, pursuant to Government Code Section 895.4, RCTC shall fully defend, indemnify and save harmless SANBAG, and all its officers, employees, consultants and agents from all claims, suits or actions of every name, kind, and description brought for or on account of injury (as defined in Government Code Section 810.8) occurring by reason of anything done or omitted to be done by RCTC or its consultants under or in connection with any work, authority or jurisdiction delegated to RCTC under this Agreement. 2. Insurance Requirements Without anyway affecting the indemnity provisions identified in this Contract, RCTC shall, at RCTC's sole expense, and prior to the commencement of any work, procure and maintain in full force, insurance through the entire term of this Agreement and shall be written with at least the following limits of liability: (a) Professional Liability - Shall be provided in an amount not less than $1,000,000, per claim and $2,000,000 in the aggregate. RCTC shall secure and maintain this insurance or "tail" coverage provided throughout the term of this Contract and for a minimum of three (3) years after Contract completion. C14170 Page 4 of 17 433 (b) Workers' Compensation - Worker's Compensation insurance shall be provided in an amount and form to meet all applicable requirements of the Labor Code of the State of California, including Employers Liability with $250,000 limits, covering all persons providing services on behalf of RCTC and all risks to such persons under this Agreement. (c) Commercial General Liability - To include coverage for Premises and Operations, Contractual Liability, Personal Injury Liability, Products/Completed Operations Liability, Broad -Form Property Damage and Independent Contractors' Liability, in an amount of not less than $1,000,000 per occurrence, combined single limit, and $2,000,000 in the aggregate written on an occurrence form. For products and completed operations a $2,000,000 aggregate shall be provided. (d) Automobile Liability - To include owned, non -owned and hired automobiles, in an amount of not less than $1,000,000 per occurrence, combined single limit, and in the aggregate written on an occurrence form. (e) Network and Privacy Insurance. RCTC shall carry, or shall cause its third party subcontractors to carry, Network and Privacy (Errors and Omissions) insurance in an amount of not less than $1,000,000 per claim and $1,000,000 in the annual aggregate, protecting RCTC and SANBAG from the following exposures relating to RCTC's or any of its subcontractors performance under the Agreement: (i) the theft, dissemination and/or unauthorized disclosure of use of confidential information and personally identifiable information (not to be limited bank information, social security numbers, health information, credit card account information, and confidential corporate information). Such insurance shall also include coverage for credit monitoring, notification expenses and other related costs associated with mitigating a data security or privacy breach; and (ii) the introduction of a computer virus into, or otherwise causing damage to, a computer, computer system, network or similar computer -related property and the data, software, and programs used herein. If such insurance is maintained on an occurrence basis, RCTC or its third party subcontractors shall maintain such insurance for an additional period of one year following the end of the applicable Term. If such insurance is maintained on a claims -made basis, RCTC or its third party subcontractor shall maintain such insurance for an additional period of three years following the end of the applicable Term. (f) Proof of Coverage - RCTC shall furnish certificates of insurance to SANBAG evidencing the insurance coverage required above, prior to the commencement of performance of services hereunder, and such certificates shall include San Bernardino Associated Governments and San Bernardino County Transportation Commission) as additional insureds on C14170 Page 5 of 17 434 insurance. Prior to commencing any work, RCTC shall furnish SANBAG with a certificate(s) of insurance, executed by a duly authorized representative of each insurer, showing compliance with the insurance requirements set forth in this Article. If the insurance company elects to cancel or non -renew coverage for any reason, RCTC will provide SANBAG 30 days' notice of such cancellation or nonrenewal. If the policy is cancelled for nonpayment of premium, the RCTC will provide SANBAG ten (10) days' notice. RCTC shall maintain such insurance from the time RCTC commences performance of services hereunder until the completion of such Services. All certificates of insurance are to include the contract number and Project Manager's name. (g) Additional Insured- All policies, except for Workers Compensation and Professional Liability policies, shall contain endorsements naming San Bernardino Associated Governments and San Bernardino Country Transportation Commission and their officers, employees, agents, and volunteers as additional insureds with respect to liabilities arising out to the performance of Services hereunder. The additional insured endorsements shall not limit the scope of coverage for SANBAG to vicarious liability but shall allow coverage for SANBAG to the full extent provided by the policy. (h) Waiver of Subrogation Rights - RCTC shall require the carriers of the above required coverages to waive all rights of subrogation against SANBAG, its officers, employees, agents, volunteers, contractors, and subcontractors. All general auto liability insurance coverage provided shall not prohibit RCTC or CONSULTANT'S employees or agents from waiving the right of subrogation prior to a loss or claim. RCTC hereby waives all rights of subrogation against SANBAG. (i) All policies required herein are to be primary and non-contributory with any insurance carried or administered by SANBAG. (j) Certificates/Insurer Rating/Cancellation Notice. (1) RCTC shall maintain and shall require its consultants to maintain such insurance from the time the Services commence until the Services are completed, except as may be otherwise required by this Section. (2) RCTC may legally self -insure, but shall require its consultants to place insurance with insurers having an A.M. Best Company rating of no less than A:VIII and licensed to do business in California. (3) RCTC and its consultants shall replace certificates, policies and endorsements for any insurance expiring prior to completion of the Services. E. Rights of SANBAG and RCTC. The Executive Directors of both SANBAG and RCTC shall have full authority to exercise their respective entities' rights under this Agreement. C14170 Page 6 of 17 435 F. Ownership of Materials/Confidentiality/Use of Data. 1. Ownership. The following documents and data prepared by RCTC or RCTC's subconsultant pursuant to this Agreement shall become the common property of RCTC and SANBAG: (i) data regarding commuters in San Bernardino County; (ii) San Bernardino County employer information; (iii) park and ride information specific to San Bernardino County; (iv) any monthly or quarterly reports produced by RCTC as required by this Agreement; and (v) advertisements and collateral material funded in whole or in part by SANBAG under this Agreement ("Documents and Data"). RCTC and SANBAG shall not be limited in any way in its use of such data at any time, provided that any such use not within the purposes intended by this Agreement shall be at the respective party's sole risk and provided that the other party shall be indemnified against any damages resulting from such use, including the release of this material to third parties for a use not intended by this Agreement. Neither party to this Agreement shall sell the data or other materials prepared under this Agreement without the written permission of both parties. 2. Confidentiality. All ideas, memoranda, specifications, plans, procedures, drawings, descriptions, computer program data, input record data, written information, and other materials described in subsection (1.) either created by or provided to RCTC in connection with the performance of this Agreement shall be held confidential by RCTC. Such materials shall not, without the prior written consent of SANBAG, be used by RCTC 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. Nothing furnished to RCTC that is otherwise known to RCTC or is generally known, or has become known, to the related industry shall be deemed confidential. RCTC shall not use SANBAG's name or insignia, photographs of the project, or any publicity pertaining to the Services in any magazine, trade paper, newspaper, television or radio production or other similar medium without the prior written consent of SANBAG. 3. Use of Data. All Documents and Data, as defined above, shall be provided to SANBAG in hard copy and electronic media. Documents and Data in electronic media shall be provided in a form that will allow SANBAG to use, access, and manipulate the data to prepare reports and perform other ride matching activities contemplated by this Agreement. All Documents and Data shall be provided to SANBAG within 30 days upon written notice. G. Confidential Information/Non-Disclosure. 1. Confidential Information. "Confidential Information" shall include: all user names, passwords, or other log -in credentials used, provided, or accessible in connection with the Software; all data or information accessible in connection with the Software; all source code, work product, proprietary information, server logs, technical information, trade secrets, and proprietary systems related to the Software; all personal information of Employer and Commuter Trip Reduction/Rideshare Programs participants, including but not limited to a participant's residence address, employment address or hours of employment for the purpose of C14170 Page 7 of 17 436 assisting private entities in the establishment or implementation of carpooling or ridesharing programs as required by California Penal Code Section 637, as well as names, biographical information, demographic information, use data, contact information, or similar personal information of participants; and any and all data, content, materials, documents and/or other information related to the Software and/or the Employer and Commuter Trip Reduction Rideshare Services designated, from time to time, in writing by RCTC as Confidential Information. 2. Non -Disclosure. Notwithstanding any other provisions of this Agreement, SANBAG shall hold the Confidential Information in confidence, shall take reasonable precaution to protect and keep the Confidential Information confidential, shall not disclose the Confidential Information to any person or party not specifically authorized in writing by RCTC to receive the Confidential Information, and shall not use the Confidential Information for any purpose other than as necessary to operate the Employer and Commuter Trip Reduction/Rideshare Services. Further, SANBAG shall not disclose a particpant's personal information, including but not limited to a participant's residence address, employment address or hours of employment for the purpose of assisting private entities in the establishment or implementation of carpooling or ridesharing programs, to any other person or use such information for purposes other than as necessary to operate the Employer and Commuter Trip Reduction/Rideshare Services, without the prior written consent of the participant, as required by California Penal Code section 637. SANBAG shall limit access to the Confidential Information only to individuals who are directly involved in operation of the Employer and Commuter Trip Reduction/Rideshare Services and further provided that such individuals are legally bound to maintain the confidentiality of the Confidential Information on substantially the same terms as set forth herein. The foregoing restrictions on disclosure shall not apply to Confidential Information which is (a) already known by the recipient, (b) becomes, through no act or fault of the recipient, publicly known, (c) received by recipient from a third party without a restriction on disclosure or use, or (d) independently developed by recipient without reference to the other party's Confidential Information. 3. Expiration. Immediately upon (a) the expiration or termination of this Agreement, or (b) a request by RCTC, SANBAG shall turn over to RCTC all Confidential Information and all documents or media containing any such Confidential Information and any and all copies or extracts thereof, except that SANBAG legal counsel may retain one copy of all Confidential Information in its office solely for archival legal purposes. 4. Key Personnel. SANBAG shall designate key personnel ("Key Personnel") requiring web based access to the Software for the operation of the Employer and Commuter Trip Reduction/Rideshare Services, to receive from RCTC log -in information enabling access to the Software. Key Personnel shall use the log -in information provided by RCTC and all Confidential Information only and strictly for the operation of the Employer and Commuter Trip Reduction/Rideshare Services and shall not disclose or share such log -in information, or any other Confidential Information, with any party, whether or not employed or C14170 Page 8 of 17 437 in any way associated with SANBAG, who has not been specifically approved in writing by RCTC to receive such log -in information or other Confidential Information. 5. Non -Disclosure and Confidentiality Agreement. To protect RCTC's Confidential Information, SANBAG shall require each Key Personnel to execute a Non - Disclosure and Confidentiality Agreement substantially in the form of Attachment "B" attached hereto and incorporated by this reference. SANBAG shall provide RCTC a signed Non - Disclosure and Confidentiality Agreement for each Key Personnel designated below or designated from time -to -time by SANBAG's Executive Director or his designee prior to RCTC's disclosure of any log -in information or other Confidential Information to such Key Personnel. SANBAG hereby designates the following individuals as Key Personnel requiring web based access to the Software for the operation of the Employer and Commuter Trip Reduction/Rideshare Programs: 6. This Paragraph G and all of its subparagraphs shall survive expiration or termination of the Agreement. H. Independent Contractor. SANBAG retains RCTC on an independent contractor basis and RCTC and its subconsultants shall not be employees of SANBAG. The subconsultants and other personnel performing the Services under this Agreement on behalf of RCTC shall at all times be under RCTC's exclusive direction and control. RCTC shall pay all wages, salaries, and other amounts due its employees in connection with their performance of Services under this Agreement and as required by law. RCTC shall be responsible for all reports and obligations respecting such employees, including, but not limited to, social security taxes, income tax withholding, unemployment insurance, and workers' compensation insurance. I. Attorneys' Fees and Costs. If any legal action is instituted to enforce or declare any party's rights hereunder, each party, including the prevailing party, must bear its own costs and attorneys' fees. This paragraph shall not apply to those costs and attorneys' fees directly arising from any third party legal action against a party hereto and payable under Paragraph D, Indemnification and Insurance. J. Consent. Whenever consent or approval of any party is required under this Agreement, that party shall not unreasonably withhold nor delay such consent or approval. K. Incorporation of Recitals. The recitals set forth above are true and correct and are incorporated by reference as though fully set forth herein. C14170 [Signatures on following page] Page 9 of 17 438 SIGNATURE PAGE TO AGREEMENT C14170 FOR IMPLEMENTATION OF SAN BERNARDINO COUNTY FISCAL YEAR 2014/2015 EMPLOYER AND COMMUTER TRIP REDUCTION/RIDESHARE PROGRAMS IN WITNESS THEREOF, THE AUTHORIZED PARTIES HAVE SIGNED AND EXECUTED THE AGREEMENT BELOW: SAN BERNARDINO COUNTY RIVERSIDE COUNTY TRANSPORTATION COMMISSION TRANSPORTATION COMMISSION L. Dennis Michael, President Marion Ashley, Chair APPROVED AS TO LEGAL FORM APPROVED AS TO LEGAL FORM Eileen Monaghan Teichert, SANBAG Counsel Best, Best & Krieger, LLP, General Counsel CONCURRENCE: Jeffery Hill Contract Administrator C14170 Page 10 of 17 439 Attachment "A " Scope of Work San Bernardino Employer and Commuter Assistance Programs Fiscal Year 2014-15 Inland Empire Rideshare Services Provide a variety of services to employers and commuters, who participate in trip reduction activities. Activities shall include, but not be limited to: RideGuide/survey services, employer technical assistance, promotions, RideGuide production, coordination/dissemination of surveys and resulting report analysis for target marketing, Rideshare Connection broadcast e-mails, eNewsletters, networking meetings and coordination with other rideshare agencies and service providers. Assist multi -site and multi jurisdictional headquarters employers within the County as well as related worksites outside of the County. Oversee and maintain the IE511.org website, social media platforms, and other regional products/outreach as assigned. Respond and coordinate inquiries with SANBAG that are San Bernardino specific and generated from 511, 1- 866-RIDESHARE as well as direct referrals. Oversee and maintain an Inland Empire focussed database of commuters with SANBAG owning all Documents and Data (hard copy and electronic formats), as that term is defined in Section F(1) of the Agreement. Market the regional Guaranteed Ride Home Program to employers in San Bernardino County. Assist in the County's leased Park and Ride lot program. Operate the 511 program through phone and web services, providing enhancements, resolving issues, conducting marketing and periodic surveys. RCTC is to keep SANBAG advised regarding potential enhancements, issues, and periodic surveys if such tasks could potentially change/alter the current Rideshare and/or 511 programs in San Bernardino County. Conduct special projects and studies, as assigned, and coordinate/inform SANBAG rideshare staff if special projects and/or studies impact the San Bernardino Rideshare Program. Related Expenses ($1,054,500): Includes labor, office expenses, marketing materials, office equipment, computer programming, telephone and other direct expenses. Goals: 1. Implementation of commuter assistance programs to approximately 360 regulated and non -regulated employer worksites in San Bernardino County, to assist in the development and implementation of trip reduction programs and for technical assistance. 2. Work with 85 employers on AVR/Transportation surveys and AVR calculations. 3. Maintain an accurate database of 50,000 active San Bernardino County commuter registrants, resulting from completed commuter surveys at 85 San Bernardino County employers. 4. Disseminate 6,300 RideGuides to San Bernardino County commuters at 360 worksites. 5. Provide assistance to five multisite/multijurisdictional headquarters located in San Bernardino County representing 34 worksites in San Bernardino, Riverside, as well as Los Angeles and Orange counties. 6. Develop and implement three employer transportation network meetings, one promotional marketing campaign at San Bernardino employer worksites, and other events. C14170 Page 11 of 17 440 7. Produce and disseminate other regional marketing materials, as standalone campaigns within the Inland Empire or regional campaigns in coordination with the five CTCs. 8. Broadcast 12 Rideshare Connection a -mails to San Bernardino County employers. 9. For the two -county area, respond to 2,000 inquires/calls from commuters who work or reside in San Bernardino or Riverside counties, via 1-866-RIDESHARE, 511, direct referrals and other internet sources. Of these 2,000 inquiries, 200 RideGuides will be generated. In addition, 575 Inland residents will register in the database via the www.ie511.org website. SANBAG will be copied on responses that are specific to San Bernardino County. 10. Manage and operate the 511 system which will be available to commuters 24 hours a day, 7 days per week, 365 days per year. 11. The 511 phone system will provide assistance to 25,000 callers per month throughout the year. The system will have the capacity to handle 100,000 concurrent callers. 12. The www..ie51 Low, website will potentially receive 40,000 unique visitors per month . Website will be able to handle 100,000 concurrent users. 13. Continue 511 marketing/outreach and coordinating development of the marketing plan, campaign themes, surveys, studies and potential collateral materials for San Bernardino County with SANBAG rideshare staff, before the tasks are implemented. 14. Conduct and coordinate periodic surveys with SANBAG to determine the 511 program use, effectiveness and customer satisfaction. 15. Provide IE511 website, phone, and mobile application enhancements/upgrades as needed. Rideshare Incentive Programs The SANBAG $2/day Rideshare Incentive offers San Bernardino County residents who commute to work, up to $2 a day (in gift cards) for each day they participate in a rideshare mode, during a three-month period. The Vanpool Incentive Program provides up to $1,800 over nine months in discounted vanpool fares. The SANBAG RidesharePlus program provides ongoing ridesharers who reside in San Bernardino County a Rideshare Plus Rewards Book with discounts to local merchants plus 135,000 additional discounts available online. RCTC to manage and operate the Incentive Programs listed above, and to coordinate and discuss with SANBAG when potential changes to the Incentive Programs are being considered. Related Expenses ($593,800): Includes labor, office expenses, marketing materials, office equipment, programming, telephone, direct commuter incentives (gift cards/ subsidies) and other direct expenses. Goals: 1. The SANBAG $2/day Rideshare Incentive program will enlist 1,200 County residents, who commute to work to 125 employers in Southern California. These participants on average have a one-way commute distance of 27.59 miles and the goal is to reduce 109,000 one way vehicle trips from the roadways. 2. The SANBAG RidesharePlus program will consist of 6,100 members when the program is at its highest membership. Members will work at employment sites from 350 employers throughout Southern California. C14170 Page 12 of 17 441 Attachment "B" NON -DISCLOSURE AND CONFIDENTIALITY AGREEMENT This Non -Disclosure and Confidentiality Agreement is entered into as of 2014, by and between SAN BERNARDINO COUNTY TRANSPORTATION COMMISSION ("SANBAG") and the undersigned interested party ("Interested Party"). SANBAG and Interested Party shall individually be referred to as a "Party" or collectively as the "Parties". 1. RECITALS 1.1 WHEREAS, SANBAG and the RIVERSIDE COUNTY TRANSPORTATION COMMISSION ("RCTC") entered into that certain Implementation of San Bernardino County Fiscal Year 2013/2014 Employer and Commuter Trip Reduction/Rideshare Programs Agreement dated July 1, 2013 ("Agreement"). 1.2 WHEREAS, in the Agreement, SANBAG has designated approved key personnel requiring access to the web based software ("Software") implementing the Employer and Commuter Trip Reduction/Rideshare Programs to receive log -in information for the Software. 1.3 WHEREAS, in the Agreement, SANBAG has agreed to protect the personal information accessible through the Software of public participants in the Employer and Commuter Trip Reduction/Rideshare Programs, and has agreed to obtain non -disclosure and confidentiality agreements with all approved key personnel receiving access to the Software. 1.4 WHEREAS, SANBAG has designated Interested Party as a Key Personnel to receive Confidential Information, as those terms are defined in Agreement, and Interested Party desires to receive and protect the Confidential Information upon the terms and conditions set forth herein. 2. TERMS 2.1 Confidential Information. "Confidential Information" shall include: all user names, passwords, or other log -in credentials used, provided, or accessible in connection with the Software; all data or information accessible in connection with the Software; all source code, work product, proprietary information, server logs, technical information, trade secrets, and proprietary systems related to the Software; all market research, financial data, operating procedures, and third party confidential and proprietary information; all personal information of Employer and Commuter Trip Reduction/Rideshare Programs participants, including but not limited a participants residence address, employment address or hours of employment for the purpose of assisting private entities in the establishment or implementation of carpooling or ridesharing programs as required by California Penal Code section 637, as well as names, biographical information, demographic information, use data, contact information, or similar personal information of participants; and any and all data, content, materials, documents and/or other information related to the Software and/or Employer and Commuter Trip C14170 Page 13 of 17 442 Reduction/Rideshare Programs designated, from time to time, by RCTC as confidential information. 2.2 Interested Party shall hold the Confidential Information in confidence, shall take reasonable precaution to protect and keep the Confidential Information confidential, shall not disclose the Confidential Information to any person or party not specifically authorized in writing by RCTC to receive the Confidential Information, and shall not use the Confidential Information for any purpose other than as necessary to operate the Employer and Commuter Trip Reduction/Rideshare Programs. Further, Interested Party shall not disclose a participant's personal information, including but not limited to a participant's residence address, employment address or hours of employment for the purpose of assisting private entities in the establishment or implementation of carpooling or ridesharing programs, to any other person or use such information for purpose other than as necessary to operate the Employer and Commuter Trip Reduction/Rideshare Programs without the prior written consent of the participant as required by California Penal Code section 637. Interested Party shall limit access to the Confidential Information only to individuals who are directly involved in operation of the Employer and Commuter Trip Reduction/Rideshare Programs and further provided that such individuals are legally bound to maintain the confidentiality of the Confidential Information on substantially the same terms as set forth herein. The foregoing restrictions on disclosure shall not apply to Confidential Information which is (a) already known by the recipient, (b) becomes, through no act or fault of the recipient, publicly known, (c) received by recipient from a third party without a restriction on disclosure or use, or (d) independently developed by recipient without reference to the other party's Confidential Information. 2.3 Immediately upon (i) the expiration or termination of Interested Party's employment or association with SANBAG, (ii) the expiration or termination of the Agreement, or (iii) a request by RCTC, Interested Party shall turn over to RCTC all Confidential Information and all documents or media containing any such Confidential Information and any and all copies or extracts thereof. 2.4 RCTC is an express third party beneficiary of this Non -Disclosure and Confidentiality Agreement. SIGNATURES ON FOLLOWING PAGE C14170 Page 14 of 17 443 IN WITNESS WHEREOF, the parties hereto have executed this Non -Disclosure and Confidentiality Agreement on the date first written above. SAN BERNARDINO COUNTY INTERESTED PARTY TRANSPORTATION COMMISSION By: Executive Director By: Name: Title: C14170 Page 15 of 17 444 Attachment "C" Federal Flow Down Provisions ARTICLE I -- FISCAL PROVISIONS A. The Cost Principles and Procedures set forth in 48 CFR Ch. 1, Subch. E, Part 31, as constituted on the effective date of this Contract shall be utilized to determine allowability of costs under this Contract and may be modified from time to time by written amendment of the Contract. B. RCTC agrees to comply with Federal Department of Transportation procedures in accordance with 49 CFR, Part 18, Uniform Administrative Requirements for Grants and Cooperative Agreements to State and Local Governments. C. Any costs for which payment has been made to RCTC that are determined by subsequent audit to be unallowed under 48 CFR, Ch.l, Subch E, Part 31, Contract Cost Principles and Procedures, or 49 CFR, Part 18, Uniform Administrative Requirements for Grants and Cooperative Agreements to State and Local Governments shall be repaid by RCTC to Agency. SANBAG shall then repay RCTC for such costs, if such costs are for the Services, using local funds. ARTICLE II — AUDITS, THIRD PARTY CONTRACTING, RECORDS RETENTION AND REPORTS A. RCTC agrees that any and all subcontractors of RCTC performing Work under this Agreement will comply with the terms and conditions of this Agreement applicable to the portion of Work performed by them. CONSULTANT shall incorporate the following applicable provisions of this Agreement into their subcontracts regardless of the tier: Article I -- Fiscal Provisions, and this Article II -- Audits, Third Party Contracting, Records Retention and Reports. B. RCTC shall provide SANBAG, or authorized representatives or agents of SANBAG, including but not limited to Caltrans, Federal Transit Administration (FTA) or Federal Highway Administration (FHWA), access to CONSULTANT'S records that are directly related to this Agreement for the purpose of inspection, auditing or copying. RCTC shall maintain all records related to this Agreement in an organized way in the original format, electronic and hard copy, conducive to professional review and audit, for a period of three (3) years from the date of final payment by SANBAG, except in the event of litigation or settlement of claims arising out of this Agreement in which case RCTC agrees to maintain records through the conclusion of all such litigation, appeals or claims related to this Agreement. RCTC further agrees to maintain separate records for costs of work performed by amendment. RCTC shall allow SANBAG, Caltrans, FHWA, FTA or any duly authorized agents to reproduce any materials as reasonably necessary. C14170 Page 16 of 17 445 D. The cost proposal and/or invoices for this Agreement are subject to audit by SANBAG and/or any state or federal agency funding this Project at any time. After RCTC receives any audit recommendations, the cost proposal shall be adjusted by RCTC and approved by SANBAG's Project Manager to conform to the audit recommendations. RCTC agrees that individual items of cost identified in the audit report may be incorporated into the Agreement at SANBAG's sole discretion. Refusal by RCTC to incorporate the audit or post award recommendations will be considered a breach of the Agreement and cause for termination of the Agreement. Any dispute concerning the audit findings of this Agreement shall be reviewed by SANBAG's Chief Financial Officer. RCTC may request a review by submitting the request in writing to SANBAG within thirty (30) calendar days after issuance of the audit report. SANBAG shall pay all costs related to the audit. Further, a breach under this clause shall not imply any wrongdoing by ROTC. SANBAG shall pay RCTC for work completed up to the date of termination if such costs are for the Services. As determined necessary by SANBAG, such payment will be made using local funds. E. RCTC agrees that RCTC's travel and per diem reimbursements and third -party contract reimbursements to subcontractors will be allowable as Project Costs only after those costs are incurred and paid for by the subcontractors. ARTICLE III. EQUAL EMPLOYMENT OPPORTUNITY During the term of this Agreement, RCTC shall not willfully discriminate against any employee or applicant for employment because of race, religion, color, national origin, ancestry, physical handicap, medical condition, gender, marital status, sexual orientation, age, political affiliation or disability. RCTC agrees to comply with the provisions of Executive Orders 11246, 11375, 11625, 12138, 12432, 12250, Title VII of the Civil Rights Act of 1964, the California Fair Employment Practices Act and other applicable Federal, State and County laws and regulations and policies relating to equal employment and contracting opportunities, including laws and regulations hereafter enacted. ARTICLE IV. GENERAL A. Subcontracts must include provisions for terminating the subcontract for cause or convenience by SANBAG. SANBAG's own preferred language may be used. B. Subcontracts must include administrative, contractual or legal remedies in instances of the subcontractor violating or breaching the Agreement terms. ARTICLE V. COMPLIANCE WITH THE AMERICANS WITH DISABILITIES ACT RCTC shall comply with all applicable provisions of the Americans With Disabilities Act in performing Work under this Agreement. C14170 Page 17 of 17 446 AGENDA ITEM 80 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Tanya Love, Goods Movement Manager John Standiford, Deputy Executive Director THROUGH: Anne Mayer, Executive Director SUBJECT: Clay Street Grade Separation BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission 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; and 6) Approve an increase of $2,432,000 in FY 2014/15 budgeted 2009 Measure A Western County Economic Development expenditures. 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 Agenda Item 80 447 Commission allocated $1,199,246 in CMAQ funding to cover a shortfall in the construction 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: \lA14, Date: 08/14/2014 Agenda Item 80 448 AGENDA ITEM 8P RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Aaron Hake, Government Relations Manager John Standiford, Deputy Executive Director THROUGH: Anne Mayer, Executive Director SUBJECT: State and Federal Legislative Update BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to receive and file an update on the state and federal legislation. 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 8P 449 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 1-15 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 8P 450 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 8P 451 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 8P 452 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 453 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 454 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 455 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 (Peres) 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 1-405 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 456 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 457 AGENDA ITEM 9 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Theresia Trevino, Chief Financial Officer John Standiford, Deputy Executive Director THROUGH: Anne Mayer, Executive Director SUBJECT: Substitution of Standby Bond Purchase Agreements for 2009 Sales Tax Revenue Bonds BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission 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. (WMorgan); 3) Ratify the amended and restated remarketing agreements with Barclays Capital Inc. (Barclays) for 2009 Bonds Series B and Series C and Stifel, Nicolaus & Company (Stifel) for 2009 Bonds Series A, 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; and 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. 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 Agenda Item 9 458 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 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. The fees for the replacement SBPAs reflect a 45 percent reduction. 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. Agenda Item 9 459 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. 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. The remarketing memorandum will be published on September 11 in order to meet the substitution schedule. Agenda Item 9 460 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. 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: \14-1/4"4-44� Date: 08/14/2014 Attachments: 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 9 461 ATTACHMENT 1 NO. 14-026 RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION AUTHORIZING THE EXECUTION AND DISTRIBUTION OF AN OFFERING MEMORANDUM RELATING TO 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 WHEREAS, the Riverside County Transportation Commission (the "Commission") is a county transportation commission duly organized and existing pursuant to the County Transportation Commissions Act, being Division 12 of the Public Utilities Code of the State of California (Section 130000 etseq.); WHEREAS, the Commission is authorized pursuant to the Riverside County Transportation Sales Tax Act, being Division 25 of the Public Utilities Code of the State of California (Section 240000 et seq.) (the "Act"), to, among other things, and with voter approval, levy a retail transactions and use tax in accordance with the provisions of Part 1.6 (commencing with Section 7251) of Division 2 of the California Revenue and Taxation Code (the "Sales Tax Law") and to issue limited tax bonds payable from the proceeds of such tax; WHEREAS, the Commission adopted Ordinance No. 02-001, named the "Transportation Expenditure Plan and Retail Transaction and Use Tax Ordinance" (the "Ordinance") on May 8, 2002, pursuant to the provisions of the Act, which Ordinance provides for the imposition of a retail transactions and use tax (the "Sales Tax") applicable in the incorporated and unincorporated territory of the County in accordance with the provisions of the Sales Tax Law at the rate of one-half of one percent (1/2%) commencing July 1, 2009 and continuing for a period not to exceed thirty (30) years; WHEREAS, the Commission is authorized by Section 240309 of the California Public Utilities Code to issue from time to time limited tax bonds (defined to include indebtedness and securities of any kind or class, including sales tax revenue bonds), secured and payable in whole or in part from revenues of the Sales Tax ("Sales Tax Revenues"); WHEREAS, pursuant to authorization in the Commission's Resolution No. 09-017 ("Resolution No. 09-017"), the Commission has heretofore issued its Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series A, 2009 Series B and 2009 Series C (collectively, the "Series 2009 Bonds") in the aggregate principal amount of $185,000,000 pursuant to an Indenture, dated as of June 1, 2008 (the "Master Indenture"), as amended and supplemented, including by a First Supplemental Indenture, dated as of June 1, 2008 (the "First Supplemental Indenture") and a Second Supplemental Indenture, dated as of October 1, 2009 (the "Second Supplemental Indenture"), each by and between the Commission and U.S. Bank National Association, as trustee (the "Trustee"), which Series 2009 Bonds are currently outstanding in the aggregate principal amount of $154,300,000; OHSUSA:758875829.4 462 WHEREAS, the Commission has heretofore issued its Sales Tax Revenue Bonds (Limited Tax Bonds), 2010 Series A and 2010 Series B (collectively, the "Series 2010 Bonds") in the aggregate principal amount of $150,000,000 pursuant to the Master Indenture, as amended and supplemented, including as amended and supplemented by a Third Supplemental Indenture, dated as of November 1, 2010 (the "Third Supplemental Indenture"), by and between the Commission and the Trustee, which Series 2010 Bonds are currently outstanding in the aggregate principal amount of $150,000,000; WHEREAS, the Commission's Resolution No. 11-010 (together with Resolution No. 09-017, the "Authorizing Resolutions") authorized the amendment of any documents or other agreements in connection with the replacement of liquidity facilities for the Series 2009 Bonds, the replacement of any remarketing agents and the reduction or elimination of certain reserve requirements, and the Commission has heretofore eliminated such reserve requirements with respect to the Series 2009 Bonds, pursuant to a Fourth Supplemental Indenture, dated as of September 1, 2011 (the "Fourth Supplemental Indenture"), by and between the Commission and the Trustee; WHEREAS, the Commission has heretofore issued its Sales Tax Revenue Bonds (Limited Tax Bonds), 2013 Series A (the "Series 2013 Bonds") in the aggregate principal amount of $462,200,000 pursuant to the Master Indenture, as amended and supplemented, including as amended and supplemented by a Fifth Supplemental Indenture, dated as of June 1, 2013 (the "Fifth Supplemental Indenture" and, together with the Master Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture and the Fourth Supplemental Indenture, the "Indenture"), by and between the Commission and the Trustee, which Series 2013 Bonds are currently outstanding in the aggregate principal amount of $462,200,000; WHEREAS, the Series 2009 Bonds currently bear interest at a Weekly Rate (as defined in the Indenture) and the Commission has heretofore entered into three Standby Bond Purchase Agreements, each dated as of October 1, 2009 (collectively, and as heretofore amended and supplemented, the "2009 Standby Agreements"), with JPMorgan Chase Bank, N.A. (the "Bank"), each of which currently provides liquidity support for a respective series of Series 2009 Bonds; WHEREAS, the Commission desires to obtain alternate liquidity facilities in place of the 2009 Standby Agreements and to enter into new remarketing agreements with one or more remarketing agents to provide remarketing agent services with respect to the Series 2009 Bonds, in each case pursuant to the terms of the Indenture (collectively, the "Substitution"); WHEREAS, the Commission is negotiating alternate liquidity facilities, in the form of standby bond purchase agreements, with The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting through its New York Branch; WHEREAS, in order to provide information to purchasers and potential purchasers of the Series 2009 Bonds concerning the Series 2009 Bonds subsequent to the Substitution, the Commission proposes to execute and distribute or cause the distribution of a Remarketing Memorandum (the "Offering Memorandum"); OHSUSA:758875829.4 -2- 463 WHEREAS, there has been prepared and presented to the Commission a proposed form of Offering Memorandum; WHEREAS, there has been prepared and presented to the Commission a form of the 2014 Standby Bond Purchase Agreement or Agreements and Fee Letter or Fee Letters (collectively, the "2014 Standby Agreements") and a form of the new Remarketing Agreement or Agreements (the "Remarketing Agreements"); WHEREAS, the Commission has examined and approved each document presented to it and desires to authorize and direct the execution and distribution of the Offering Memorandum and to ratify, confirm, continue and extend its prior authorizations in the Authorizing Resolutions of the Substitution and the execution and delivery of the 2014 Standby Agreements and the Remarketing Agreements; and WHEREAS, the Commission is now duly authorized and empowered, pursuant to each and every requirement of law, to authorize the Substitution and the execution of the Offering Memorandum and to ratify the execution of the 2014 Standby Agreements and the Remarketing Agreements for the purposes, in the manner and upon the terms provided; NOW THEREFORE, THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION RESOLVES: Section 1. The Commission finds and determines that the foregoing recitals are true and correct. Section 2. The proposed form of Offering Memorandum presented to this meeting is hereby approved. The Executive Director is hereby authorized and directed, for and in the name and on behalf of the Commission, to execute the Offering Memorandum, in substantially said form, with such changes therein as the officer executing the same may require or approve, such approval to be conclusively evidenced by the execution thereof. The remarketing agents for the Series 2009 Bonds pursuant to the Remarketing Agreements are hereby authorized to distribute the Offering Memorandum in the form so executed by the Executive Director, if the Executive Director determines such distribution is appropriate for the remarketing of the Series 2009 Bonds. Section 3. The Commission hereby ratifies its prior authorizations of the Substitution contained in the Authorizing Resolutions, and confirms, continues and extends such authorizations of the execution and delivery by Authorized Representatives (as such term is defined in the Indenture), for and in the name and on behalf of the Commission, of any other agreements or amendments in connection with the replacement of liquidity facilities for the Series 2009 Bonds, including without limitation the 2014 Standby Agreements and the Remarketing Agreements in substantially the forms presented to the Commission herewith, with such changes therein as the officer executing the same may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 4. All approvals, consents, directions, notices, orders, requests and other actions permitted or required by any of the documents authorized by this Resolution, the Indenture, the Remarketing Agreements, the 2009 Standby Agreements or the 2014 Standby OHSUSA:758875829.4 -3- 464 Agreements, including, without limitation, any amendment of any of such documents or execution of other agreements related thereto, and any of the foregoing that may be necessary or desirable in connection with the addition, amendment or replacement of liquidity facilities for the Series 2009 Bonds, or any agreements with paying agents, the removal or replacement of the Trustee or any remarketing agents or any similar action may be given or taken by an Authorized Representative, without further authorization or direction by the Commission, and each Authorized Representative is hereby authorized and directed to give any such approval, consent, direction, notice, order, request, or other action and to execute such documents and take any such action which such Authorized Representative may deem necessary or desirable to further the purposes of this Resolution. Section 5. All actions heretofore taken by the officers and agents of the Commission with respect to the Series 2009 Bonds, the Offering Memorandum, the Remarketing Agreements and the 2014 Standby Agreements are hereby ratified, confirmed and approved. If at the time of execution of any of the documents authorized herein, the Executive Director is unavailable, such documents may be executed by the Deputy Executive Director of the Commission or the Chief Financial Officer in lieu of the Executive Director. The Clerk of the Board is hereby authorized to attest to the execution by the Executive Director or the Deputy Executive Director or the Chief Financial Officer of any of such documents as said officers deem appropriate. The officers and agents of the Commission are hereby authorized and directed, jointly and severally, for and in the name and on behalf of the Commission, to do any and all things and to take any and all actions and to execute and deliver any and all agreements, certificates and documents, including, without limitation, signature or incumbency certificates, certificates concerning items set forth in the 2014 Standby Agreements, certificates concerning the contents of an official statement, an amendment or supplement to an official statement or other disclosure document, any agreements for depository or verification services, and any agreements for rebate compliance services, which they, or any of them, may deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of the Ordinance, this Resolution, and the documents approved hereby or the approval of which was ratified herein. OHSUSA:758875829.4 -4- 465 Section 6. This Resolution shall take effect immediately upon its adoption and approval. APPROVED AND ADOPTED by the Riverside County Transportation Commission at its meeting on September 10, 2014. ATTEST: By: Clerk of the Board of the Commission By: Chair, Board of Commissioners OHSUSA:758875829.4 -5- 466 CERTIFICATE OF THE CLERK OF THE BOARD OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION I, Jennifer Harmon, Clerk of the Board of the Riverside County Transportation Commission (the "Commission"), hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted at a meeting of the governing board of said Commission duly and regularly held in Riverside, California, on September 10, 2014, of which meeting all of the members of said Commission had due notice. I further certify that I have carefully compared the foregoing copy with the original minutes of said meeting on file and of record in my office; that said copy is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes; and that said resolution has not been amended, modified, rescinded or revoked in any manner since the date of its adoption, and the same is now in full force and effect. I further certify that an agenda of said meeting was posted at least 72 hours before said meeting at a location in Riverside, California, freely accessible to the public and a brief general description of the resolution to be adopted at said meeting appeared on said agenda. IN WITNESS WHEREOF, I have executed this certificate hereto as of this date, , 2014. By Clerk OHSUSA:758875829.4 -6- 467 ATTACHMENT 2 CHAPMAN AND CUTLER DRAFT DATED AUGUST 27, 2014 STANDBY BOND PURCHASE AGREEMENT by and between RIVERSIDE COUNTY TRANSPORTATION COMMISSION and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., acting through its New York Branch Dated as of September 1, 2014 $70,900,000 Riverside County Transportation Commission 2009 Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series A 2009 a standby bond purchase agreement - 3618386 01 23.doc 4149910 468 TABLE OF CONTENTS SECTION HEADING PAGE ARTICLE I DEFINITIONS 2 Section 1.1. Specific Terms 2 Section 1.2. Incorporation of Certain Definitions by Reference 13 Section 1.3. Accounting Matters 13 Section 1.4. Interpretation 13 ARTICLE II THE COMMITMENT; FEES 13 Section 2.1. Commitment to Purchase Bonds 13 Section 2.2. Bank Bonds 14 Section 2.3. Method of Purchasing 15 Section 2.4. Mandatory Reductions of Available Commitment; Termination; Substitution 16 Section 2.5. Sale of Bank Bonds 17 Section 2.6. Rights of Bank Owners 18 Section 2.7. Fees 18 Section 2.8. Net of Taxes, Etc 18 Section 2.9. Increased Costs 19 Section 2.10. Computations; Payments 21 Section 2.11. Nature of Obligations 22 ARTICLE III BANK BONDS 23 Section 3.1. Maturity; Interest 23 ARTICLE IV CONDITIONS PRECEDENT TO EFFECTIVENESS 25 Section 4.1. Conditions Precedent to Effectiveness 25 ARTICLE V REPRESENTATIONS AND WARRANTIES 28 Section 5.1. Due Organization; Power and Authority 28 Section 5.2. Due Authorization; No Violation 28 Section 5.3. Enforceability 28 Section 5.4. Disclosure 29 Section 5.5. No Litigation 29 Section 5.6. Consents 29 Section 5.7. No Proposed Legal Changes 29 Section 5.8. Sovereign Immunity 30 Section 5.9. Incorporation of Representations and Warranties 30 Section 5.10. Bank Bonds 30 Section 5.11. Financial Statements 30 Section 5.12. Compliance with Laws and Contracts 30 Section 5.13. Federal Reserve Board Regulations 31 -i- 469 Section 5.14. Section 5.15. Section 5.16. Section 5.17. Section 5.18. Section 5.19. Section 5.20. Section 5.21. Section 5.22. Section 5.23. Section 5.24. Section 5.25. ARTICLE VI Section 6.1. Section 6.2. ARTICLE VII Section 7.1. Section 7.2. ARTICLE VIII Section 8.1. Section 8.2. Section 8.3. Section 8.4. ARTICLE IX Section 9.1. ARTICLE X Section 10.1 Section 10.2. Section 10.3. Section 10.4. Section 10.5. Section 10.6. Section 10.7. Section 10.8. Section 10.9. Section 10.10. Section 10.11. Investment Company Act 31 Trustee and Remarketing Agent 31 Tax Exempt Status 31 Permitted Investments 31 Compliance with this Agreement 31 Pledge of Sales Tax Revenues 31 Bonds 31 The Indenture 31 Liens 32 Pension Obligations 32 Swap Termination Payments 32 Parity Repayment 32 CONDITIONS PRECEDENT TO PURCHASE 32 Conditions 32 Conditions to Bank Bond Amortization Period 33 COVENANTS 33 Affirmative Covenants of the Commission 33 Negative Covenants of the Commission 39 EVENTS OF DEFAULT AND SUSPENSION EVENTS 41 Events of Default not Constituting a Suspension Event or a Special Event of Default 41 Suspension Events 42 Special Events of Default 43 Remedies 45 OBLIGATIONS ABSOLUTE 49 Obligations Absolute 49 MISCELLANEOUS 49 Liability of the Bank 49 [Reserved] 50 Costs and Taxes; Expenses; Indemnification 50 Notices 51 Successors, Participants and Assigns 53 Governing Law; Waiver of Trial by Jury; Judicial References; Miscellaneous 54 No Waivers, Amendments, Etc 55 Counterparts 55 Source of Funds 55 Term of the Agreement; Survival 55 Headings 56 470 Section 10.12. Complete and Controlling Agreement 56 Section 10.13. Beneficiaries 56 Section 10.14. Severability 56 Section 10.15. Patriot Act 56 EXHIBIT A EXHIBIT B EXHIBIT C EXHIBIT D Notice of Bank Purchase (Optional Tender) Notice of Bank Purchase (Mandatory Tender) Form of Request for Extension of Expiration Date Form of Letter from Trustee 471 STANDBY BOND PURCHASE AGREEMENT This STANDBY BOND PURCHASE AGREEMENT, dated as of September 1, 2014 (this "Agreement"), by and between RIVERSIDE COUNTY TRANSPORTATION COMMISSION (the "Commission ") and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., acting through its New York Branch (the "Bank"). WITNESSETH: WHEREAS, the Commission has previously issued the Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds) Series 2008 (the "2008 Bonds") pursuant to an Indenture, dated as of June 1, 2008 (the "2008 Indenture"), the First Supplemental Indenture, dated as of June 1, 2008 (the "First Supplemental Indenture"), the Second Supplemental Indenture, dated as of October 1, 2009 (the "Second Supplemental Indenture"), the Third Supplemental Indenture, dated as of November 1, 2010 (the "Third Supplemental Indenture"), the Fourth Supplemental Indenture, dated as of September 1, 2011 (the "Fourth Supplemental Indenture"), and the Fifth Supplemental Indenture, dated as of June 1, 2013 (the "Fifth Supplemental Indenture" and, together with the 2008 Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture and the Fourth Supplemental Indenture, the "Indenture"), each between the Commission and U.S. Bank National Association, as trustee (the "Trustee"); WHEREAS, the Commission has previously issued the Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series A (the "2009 Series A Bonds"), currently outstanding in the aggregate principal amount of $70,900,000, the Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series B (the "2009 Series B Bonds"), currently outstanding in the aggregate principal amount of $54,210,000, and the Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series C (the "2009 Series C Bonds" and, together with the 2009 Series A Bonds and the 2009 Series B Bonds, the "2009 Bonds"), currently outstanding in the aggregate principal amount of $29,190,000, for the purpose of (i) refunding approximately $53,716,000 principal amount of the Commission's outstanding Commercial Paper Notes (Limited Tax Bonds), Series A (the "CP Notes"), (ii) refunding all of the Commission's 2008 Bonds, (iii) to provide funds for authorized projects, (iv) to fund a reserve fund and (v) to pay costs of issuance, all as provided in the Second Supplemental Indenture; WHEREAS, the Commission wishes to ensure the liquidity of the 2009 Series A Bonds by providing for the purchase by the Bank of the 2009 Series A Bonds which are not remarketed upon certain tenders by the owners thereof on or prior to the last day of the Commitment Period (as defined below), as provided herein; WHEREAS, the Commission has requested that the Bank issue the Agreement as an Alternate Liquidity Facility to replace the Existing Liquidity Facility (as hereinafter defined) for the aforementioned purpose; 472 WHEREAS, the Bank is willing, upon the occurrence of certain events, to purchase 2009 Series A Bonds tendered by the owners thereof but not remarketed, upon the terms and conditions set forth in this Agreement; and Now, THEREFORE, the parties hereto agree as follows: ARTICLE I DEFINITIONS Section 1.1. Specific Terms. As used herein, the following terms have the meanings indicated below or in the referenced Section of this Agreement, unless the context clearly indicates otherwise: "2008 Bonds" has the meaning assigned to such term in the recitals to this Agreement. "2009 Bonds" means, collectively, the Series 2009A Bonds, the Series 2009B Bonds and the Series 2009C Bonds. "2009 Series A Bonds" has the meaning assigned to such term in the recitals to this Agreement. "2009 Series B Bonds" has the meaning assigned to such term in the recitals to this Agreement. "2009 Series C Bonds" has the meaning assigned to such term in the recitals to this Agreement. "2009 Series B Liquidity Facility" means the Standby Bond Purchase Agreement dated as of September 1, 2014 among the Commission and the Bank, relating to the $54,210,000 Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series B. "2009 Series C Liquidity Facility" means the Standby Bond Purchase Agreement dated as of September 1, 2014 among the Commission and the Bank, relating to the $29,190,000 Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series C. "Act" has the meaning assigned to that term in the Indenture. "Affiliate" means any other Person controlling or controlled by or under common control with the Commission. For purposes of this definition, "control," when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. -2- 473 "Agreement" means this Standby Bond Purchase Agreement, including any and all amendments and supplements hereto. The Commission hereby agrees that, for all purposes of the Indenture, this Agreement shall constitute and be treated as a "Liquidity Facility," as such term is defined in the Indenture. "Alternate Liquidity Facility" has the meaning assigned to such term in the Indenture. "Authorized Representative" has the meaning assigned to such term in the Indenture. "Available Commitment" as of any day means the sum of the Available Principal Commitment and the Available Interest Commitment, in each case, as of such day. "Available Interest Commitment" means an amount equal to $792,527 (which amount equals 34 days' interest on the Available Principal Commitment for the 2009 Series A Bonds based upon an assumed rate of interest of 12.00% per annum and a 365-day year calculated on the basis of the actual number of days elapsed), as such amount shall be adjusted from time to time as follows: (A) downward by an amount that bears the same proportion to such amount as the amount of any reduction in the Available Principal Commitment, in accordance with clause (a) or (b) of the definition herein of Available Principal Commitment, bears to the initial Available Principal Commitment; and (B) upward by an amount that bears the same proportion to such initial amount as the amount of any increase in the Available Principal Commitment, in accordance with clause (c) of the definition herein of Available Principal Commitment, bears to the initial Available Principal Commitment. "Available Principal Commitment" means initially the aggregate principal amount of the 2009 Series A Bonds outstanding of $70,900,000 and, thereafter, means such initial amount adjusted from time to time as follows: (a) downward by the amount of any mandatory reduction of the Available Principal Commitment pursuant to Section 2.4 hereof; (b) downward by the principal amount of any 2009 Series A Bonds purchased by the Bank pursuant to Section 2.1 hereof; and (c) upward by the principal amount of any 2009 Series A Bonds theretofore purchased by the Bank pursuant to Section 2.1 hereof which are remarketed (or deemed to be remarketed) pursuant to Section 2.5(c) hereof by the Remarketing Agent and for which the Bank Owner has received immediately available funds equal to the principal amount thereof; provided, however, that the sum of (i) the Available Principal Commitment plus (ii) the aggregate principal amount of Bank Bonds shall never exceed $70,900,000. Any adjustment to -3- 474 the Available Principal Commitment pursuant to clause (a), (b) or (c) hereof shall occur simultaneously with the occurrence of the events described in such clauses. "Bank" has the meaning assigned to such term in the introductory paragraph, and includes any successor or assign permitted hereby. The Commission hereby agrees that, for all purposes of the Indenture, the Bank shall constitute and be treated as a "Liquidity Provider," as such term is defined in the Indenture. "Bank Agreement" means any credit agreement, liquidity agreement, standby bond purchase agreement, reimbursement agreement, direct purchase agreement, bond purchase agreement, or other agreement or instrument (or any amendment, supplement or other modification thereof) under which, directly or indirectly, any Person or Persons undertake(s) to make or provide funds to make payment of, or to purchase or provide credit or liquidity enhancement for senior bonds or other obligations of the Commission secured by Sales Tax Revenues or any other obligation secured on a parity therewith. "Bank Bond Amortization Period" means, subject to satisfaction of the conditions set forth in Section 6.2 hereof, the period commencing on the Bank Bond Amortization Start Date and ending on the first to occur of (i) the fifth (5th) anniversary of the related Purchase Date, (ii) the date on which the related Bank Bond is redeemed, defeased, accelerated or otherwise paid in accordance with its terms, (iii) the date of the remarketing of such Bank Bond, (iv) the date on which such Bank Bond matures in accordance with its terms, (v) the Substitution Date, (vi) the Conversion Date, and (vii) the date on which the Available Commitment has been reduced to zero or terminated in its entirety pursuant to Section 8.4 hereof. "Bank Bond Amortization Rate" means the Base Rate plus one percent (1.0%) per annum; provided, however, such rate shall not exceed the Maximum Rate. "Bank Bond Amortization Start Date" means the second Business Day immediately following the one hundred eightieth (180th) day immediately following (a) the related Purchase Date or (b) the Expiration Date, whichever is the first to occur. "Bank Bond Nonpayment Suspension Event" means a Suspension Event specified in Section 8.2(a) hereof. "Bank Bonds" means each 2009 Series A Bond purchased by the Bank pursuant to Section 2.1 hereof and held by or for the account of the Bank or a subsequent Bank Owner in accordance with the terms of this Agreement, until purchased in accordance with Section 2.5(c) or redeemed in accordance with Section 3.1 or otherwise paid in full. The Commission hereby agrees that, for all purposes of the Indenture, Bank Bonds hereunder shall constitute and be treated as "Liquidity Facility Bonds," as such term is defined in the Indenture. "Bank Information" has the meaning assigned to such term in Section 10.2 hereof. "Bank Owner" means the Bank (but only in its capacity as owner (which, as used herein, shall mean beneficial owner if, at the relevant time, Bank Bonds are Book Entry Bonds) of Bank -4- 475 Bonds pursuant to this Agreement) or any other Person to whom the Bank or a subsequent Bank Owner has sold Bank Bonds in accordance with Section 2.5(a) hereof. "Bank Rate" means, for each period specified below, beginning with and including the date funds are advanced hereunder and ending on but excluding the date they are repaid in full with interest thereon as provided herein, the interest rate specified with respect to such period, which interest rates shall be computed on the basis set forth in Section 2.10(a) hereof: PERIOD RATE I. Purchase Date through the earlier to occur of the last day of the Commitment Period and the 90th day immediately following the Purchase Date Base Rate II. The earlier to occur of the last day of the Bank Bond Commitment Period and the 91 st day immediately Amortization Rate following the Purchase Date and thereafter provided, however, that (a) upon and following the occurrence of an Event of Default or Suspension Event or Ratings Event hereunder, all amounts due hereunder shall bear interest in an amount equal to the Default Rate, (b) at no time shall the Bank Rate exceed the Maximum Rate and (c) notwithstanding the time periods set forth above, the Bank Bond Amortization Rate shall be applicable with respect to all Eligible Bonds purchased by the Bank on the last day of the Commitment Period from and including such day; and provided further that at no time shall the Bank Rate be less than the highest rate of interest on the 2009 Series A Bonds that are not Bank Bonds. "Banking Arrangements" means (a) the agreements of the Bank and the Commission set forth in this Agreement and the transactions contemplated thereby, including, without limitation, (i) any commitment to extend credit, to issue any credit or liquidity facility, to purchase any obligation of or for the benefit of the Commission, or to extend any other financial accommodation, (ii) any issuance, extension or maintenance of any of the foregoing, and (iii) any pledge, purchase or carrying of any obligation of or for the benefit of the Commission, and (b) any participation agreement or similar arrangement entered into in connection with the foregoing. "Base Rate" means, for any day, the greatest of (a) the sum of the Prime Rate plus two Percent (2.00%) per annum, (b) the sum of the Federal Funds Rate plus four percent (4.00%) per annum and (c) eight percent (8.00%) per annum. Each change in the Base Rate shall take effect at the time of such change in the Prime Rate or the Federal Funds Rate, as the case may be. Each determination of the Base Rate by the Bank will be conclusive and binding on the Commission, absent manifest error. "Bond Counsel" means Orrick, Herrington & Sutcliffe LLP (or another nationally recognized bond counsel selected by the Commission and approved in writing by the Bank). -5- 476 "Bond Register" has the meaning assigned to such term in the Indenture. "Bondholder" has the meaning assigned to such term in the Indenture. "Book Entry Bonds" means the 2009 Series A Bonds so long as the book entry system with DTC is used for determining beneficial ownership of the 2009 Series A Bonds. "Business Day" means any day other than (a) a Saturday, Sunday or a day on which banking institutions in the State, the State of New York or the jurisdiction in which the corporate trust office of the Trustee is located are authorized or obligated by law or executive order to be closed, (b) a day upon which commercial banks in the city in which is located the office of the Bank at which advances hereunder will be paid are authorized or obligated by law or executive order to be closed or (c) a day on which The New York Stock Exchange is closed. "Change of Law" means the adoption of or change in any law, rule, regulation, statute, treaty, guideline or directive of any Governmental Authority, after the Effective Date, or the occurrence of the effective date of any of the foregoing if adopted prior to the Effective Date or any change after the Effective Date in the application, interpretation or enforcement, of any of the foregoing, subject in every case to Section 2.9(f) hereof. "Code" means the Internal Revenue Code of 1986, as amended from time to time. "Commission" has the meaning assigned to such term in the introductory paragraph hereto, and includes any successor or assign permitted hereby. "Commitment Fee" has the meaning assigned to such term in the Fee Letter. "Commitment Period" means the period from the Effective Date hereof to and including the earliest of (a) the Expiration Date, (b) the date on which no Eligible Bonds are Outstanding, (c) the close of business (New York City time) on the Conversion Date; provided that the Bank has paid in full the amount set forth in a Notice of Bank Purchase provided to the Bank in connection with a mandatory purchase of the 2009 Series A Bonds on such date, (d) the close of business on the thirtieth (30th) day following the date on which a Notice of Termination Date is received by the Commission and the Trustee pursuant to Section 8.4(c) hereof, or if such thirtieth (30th) day is not a Business Day, the next succeeding Business Day, and (e) the date on which the Available Commitment has been reduced to zero or terminated in its entirety pursuant to Section 2.4 (including a Substitution Date) or Section 8.4 hereof. "Conversion Date" means the effective date of a conversion of all the 2009 Series A Bonds to bear interest at a rate of interest other than a Covered Rate. "Covered Rate" means, with respect to the 2009 Series A Bonds, the Daily Rate, or the Weekly Rate. "Cut -Off -Date" has the meaning assigned to such term in Section 2.9(g) hereof. -6- 477 "Daily Rate" has the meaning assigned to such term m the Second Supplemental Indenture. "Default" means any occurrence, circumstance or event, or any combination thereof, which, with the lapse of time and/or the giving of notice, or both, would constitute an Event of Default. "Default Rate" means the Base Rate from time to time in effect plus two percent (2.00%) per annum; provided, however, with respect to Bank Bonds, such rate shall not exceed the Maximum Rate. "Default Tender" means a mandatory tender of the 2009 Series A Bonds as a result of the Bank's delivery of a Notice of Termination Date to the Trustee. "Differential Interest Amount" means the excess of (a) interest which has accrued and could actually be paid at the Bank Rate (subject to the Maximum Rate), as determined in accordance with Section 3.1 hereof, up to but excluding the Sale Date, less (b) the interest accrued on such 2009 Series A Bonds which is received by the Bank Owners as part of the Sale Price. "Dodd -Frank Act" means the Dodd -Frank Wall Street Reform and Consumer Protection Act of 2010, as enacted by the United States Congress, and signed into law on July 21, 2010, and all statutes, rules, guidelines or directives promulgated thereunder. "DTC" means The Depository Trust Company, and any successor or assign. "DTC Book -Entry Account" has the meaning assigned to such term in Exhibit D, attached hereto. "DTC-VRDO Notice" has the meaning assigned to such term in Exhibit D, attached hereto. "Effective Date" has the meaning assigned to such term in the introductory paragraph of Article IV hereof. "Eligible Bonds" has the meaning assigned to such term in Section 2.1 hereof. "ERISA " means the Employment Retirement Income Security Act of 1974, as amended, or any successor statute thereto. hereto. "Event of Default" has the meaning assigned to such term in Article VIII hereof. "Excess Bank Bond Interest" has the meaning assigned to such term in Section 2.2 -7- 478 "Existing Liquidity Facility" means that certain Standby Bond Purchase Agreement dated as of October 1, 2009, as amended, by and between the Commission and JPMorgan Chase Bank, National Association, relating to the 2009 Series A Bonds. "Expiration Date" means the later of (a) 5:00 p.m., New York time, on [March 15, 2019] or, if such day is not a Business Day, the Business Day next preceding such day and (b) 5:00 p.m., New York time, on the last day of any extension of such date pursuant to Section 10.10(b) hereof or, if such last day is not a Business Day, the Business Day next preceding such day. "FAST Eligible Bond" has the meaning assigned to such term in Exhibit D, attached hereto. "Federal Funds Rate" means for any day the rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be the rate applicable to such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to the Bank on such day by three Federal funds brokers selected by the Bank. Each determination of the Federal Funds Rate by the Bank shall be conclusive and binding on the Commission absent manifest error. "Fee and Expenses Fund" has the meaning assigned to that term in the Indenture. "Fee Letter" means that certain Fee Letter dated the Effective Date, between the Bank and the Commission, as the same may be amended, restated, modified or supplemented from time to time by written instrument executed by the Bank and the Commission, the terms of which are incorporated herein by reference. "Final Date" means the first to occur of (a) the Expiration Date, (b) the date on which the Bank's obligations hereunder have terminated (or been terminated) in accordance with the terms hereof and (c) the second anniversary of the occurrence of the related Suspension Event. "Fitch" means Fitch Ratings, Inc. (provided that if such entity changes its legal name, "Fitch" shall still refer to such entity with its new legal name). "Fixed Rate" has the meaning assigned to that term m the Second Supplemental Indenture. "Government Action Suspension Event" means a Suspension Event specified in Section 8.2(c) hereof. -8- 479 "Governmental Authority" means any national, state or local domestic government, any political subdivision thereof or any other governmental, quasi -governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau or entity (including, with respect to the Bank, any zoning authority, the Federal Deposit Insurance Corporation or the Federal Reserve Board, any central bank or any comparable authority), or any arbitrator with authority to bind a party at law. "Indemnified Party" has the meaning assigned to such term in Section 10.3 hereof. "Indenture" has the meaning assigned to such term in the recitals to this Agreement. "Indenture Event of Default" means an "Event of Default" as defined in the Indenture. "Interest Component" has the meaning assigned to such term in Section 2.1 hereof. "Interest Payment Date" with respect to the 2009 Series A Bonds which are not Bank Bonds, has the meaning assigned to such term in the Indenture and, with respect to Bank Bonds, means each of the days described in Section 3.1(a) hereof. "Interest Rate Swap Agreement" has the meaning assigned to that term in the Indenture. "Investment Grade" means "BBB-" (or its equivalent) by Fitch, "BBB-" (or its equivalent) by S&P and `Baa3" (or its equivalent) by Moody's, respectively. "Involuntary Insolvency Suspension Event" means either a Suspension Event specified under Section 8.2(b)(i) or a Suspension Event specified in Section 8.2(b)(ii) hereof. "Law" means the Act and the Sales Tax Law, each as now in effect and as it may from time to time hereafter be amended or supplemented. "Lien" shall mean, with respect to any asset, (i) any lien, charge, claim, mortgage, security interest, pledge or assignment of revenues of any kind in respect of such asset or (ii) the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. "Mandatory Tender" means the mandatory tender of the 2009 Series A Bonds on any date on which the 2009 Series A Bonds are subject to mandatory tender for purchase in accordance with Section 22.05(a)(1), (a)(2) and (a)(5) of the Second Supplemental Indenture. "Maximum Rate" means, (a) with respect to Bank Bonds, the lesser of (i) the maximum lawful rate of interest permitted by applicable law and (ii) 18.00% per annum, and (b) with respect to any other Obligation, means the maximum lawful rate of interest permitted by applicable law. "Moody's" means Moody's Investors Service, Inc. (provided that if such entity changes its legal name, "Moody's" shall still refer to such entity with its new legal name) -9- 480 "Notice of Bank Purchase" means (a) in the case of a purchase of 2009 Series A Bonds by the Bank as a result of an Optional Tender, a notice in the form of Exhibit A attached hereto and incorporated herein by this reference, or (b) in the case of a purchase of 2009 Series A Bonds by the Bank as a result of a Mandatory Tender, a notice in the form of Exhibit B attached hereto and incorporated herein by this reference. "Notice of Termination Date" has the meaning assigned to such term in Section 8.4(c) hereto. "Obligations" means the obligation of the Commission to reimburse the Bank for amounts paid hereunder to purchase 2009 Series A Bonds tendered hereunder (including interest thereon at the rate specified herein) and to pay all other amounts owed by the Commission to the Bank under this Agreement, the Fee Letter and the Bank Bonds. "Official Statement" means the [Remarketing Memorandum] relating to the 2009 Series A Bonds (including the cover page and all summary statements, appendices and other materials included or incorporated by reference or attached thereto) dated September [_], 2014, as amended or supplemented, or any other final official statement of the Commission used with respect to the remarketing of the 2009 Series A Bonds or any supplement thereto. "Optional Tender" means the optional tender of any of the 2009 Series A Bonds in accordance with Section 22.04 of the Second Supplemental Indenture. "Other Liquidity Facilities" means, collectively, the 2009 Series B Liquidity Facility and the 2009 Series C Liquidity Facility. "Other Taxes" has the meaning assigned to such term in Section 2.8(a) hereof. "Parity Obligations" means, without duplication and except as otherwise provided in the next succeeding sentence, (a) all obligations of the Commission for borrowed money, (b) all obligations of the Commission evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of the Commission to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business, (d) all obligations of the Commission as lessee under capital leases and (e) the obligations of the Commission pursuant to each Interest Rate Swap Agreement to repay interest (but not termination payments or fees and expenses) in connection with the 2009 Series A Bonds; provided, in each case, that the obligation described hereinabove is incurred in accordance with Section 3.05(C) of the Indenture and has a lien and charge upon the Sales Tax Revenues that is on parity with the 2009 Series A Bonds. For purposes of Section 8.2, 8.3 and 8.4 of this Agreement only, the term "Parity Obligations" shall be deemed to include only those obligations described in clauses (b), (d) and (e) of the immediately preceding sentence. "Participant(s) " means any bank(s) or other financial institutions that may purchase from the Bank a participation interest in this Agreement or any Bank Bonds pursuant to a participation agreement between the Bank and the Participant(s). -10- 481 "Payment Due Date" means any of the dates described in Section 3.1(a) relating to the repayment of any Bank Bonds. "Payment Office" means , or such other office or account as the Bank may designate from time to time. "Pending Invalidity Suspension Event" means a Suspension Event specified in Section 8.2(d) hereof. "Person" means an individual, a corporation, a partnership, a limited liability company, an association, a joint venture, a trust, a business trust or any other entity or organization, including a governmental or political subdivision or an agency or instrumentality thereof. "Plan" shall mean, with respect to the Commission at any time, an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code. "Prime Rate" means on any day, the rate of interest announced or otherwise established by the Bank from time to time as its prime commercial rate, or its equivalent, for U.S. Dollar loans to borrowers located in the United States as in effect on such day, with any change in the Base Rate resulting from a change in said prime commercial rate to be effective as of the date of the relevant change in said prime commercial rate (it being acknowledged and agreed that such rate may not be the Bank's best or lowest rate). "Purchase Date" has the meaning assigned to such term in Section 2.3 hereof. "Purchase Notice" has the meaning assigned to such term in Section 2.5(b) hereof. "Purchase Price" means, with respect to any Eligible Bond as of any date, 100% of the principal amount of such Eligible Bond plus (if the Purchase Date is not an Interest Payment Date) accrued and unpaid interest thereon to the Purchase Date, but in no event to exceed the Available Commitment; provided, however, if the Purchase Date for any Eligible Bond is also an Interest Payment Date for such Eligible Bond, the Purchase Price for such Eligible Bond shall not include accrued but unpaid interest on such Eligible Bond; and provided, further, in no event shall the Purchase Price of any 2009 Series A Bond include any premium owed with respect to any 2009 Series A Bond. "Purchaser" has the meaning assigned to such term in Section 2.5(b) hereof "Rating Agency" means, initially, Moody's, Fitch and Standard & Poor's. "Ratings Event" means (a) the withdrawal or suspension for a credit related reason by each Rating Agency then rating the 2009 Series A Bonds of the unenhanced long term rating assigned by each such Rating Agency to the 2009 Series A Bonds or any Parity Obligations or -11- 482 (b) the reduction by each Rating Agency then rating the 2009 Series A Bonds of the long term rating assigned to the 2009 Series A Bonds or any Parity Obligations below Investment Grade; provided that a withdrawal or suspension of the long term rating assigned by each such Rating Agency to the 2009 Series A Bonds or any Parity Obligations due to the purchase of 2009 Series A Bonds or such Parity Obligations by the Commission shall not constitute a "Ratings Event." "Related Documents" means this Agreement, the Fee Letter, the 2009 Series A Bonds, the 2009 Series B Bonds, the 2009 Series C Bonds, the Other Liquidity Facilities, the Remarketing Agreement, and the Indenture. "Remarketing Agent" means Stifel, Nicolaus & Company, Incorporated, and its successors and assigns. "Remarketing Agreement" means the Remarketing Agreement, dated as of September 1, 2014, between the Commission and the Remarketing Agent. "Revenue Fund" has the meaning assigned to such term in the Indenture. "Revenues" has the meaning assigned to such term in the Indenture. "Sale Date" has the meaning assigned to such term in Section 2.5(b) hereof. "Sale Price" has the meaning assigned to such term in Section 2.5(b) hereof. "Sales Tax Law" means the provisions of Part 1.6 (commencing with Section 7251) of Division 2 of the California Revenue and Taxation Code as supplemented and amended from time to time. "Sales Tax Revenues" has the meaning assigned to such term in the Indenture. "Second Supplemental Indenture" means the Second Supplemental Indenture, dated as of October 1, 2009 between the Commission and the Trustee. "Special Event of Default" means any Event of Default specified in Section 8.3 hereof, subject to any limitations thereon as provided in Sections 8.4(a) and 8.4(b) hereof. "State" means the State of California. "Standard & Poor's" means Standard & Poor's Rating Services, a Standard & Poor's Financial Services LLC business (provided that if such entity changes its legal name, "Standard & Poor's" shall still refer to such entity with its new legal name). "Substitution Date" means the date that an Alternate Liquidity Facility has been delivered to the Trustee and become effective with respect to the 2009 Series A Bonds in replacement of this Agreement. -12- 483 "Subordinate Obligations" has the meaning assigned to such term in the Indenture. "Supplemental Indentures" means, collectively, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture. "Suspension Event" means a Bank Bond Nonpayment Suspension Event, an Involuntary Insolvency Suspension Event, a Pending Invalidity Suspension Event, or a Government Action Suspension Event, subject to the provisions of Section 8.4(b) hereof. "Taxes" has the meaning assigned to such term in Section 2.8(a) hereof. "Trustee" has the meaning assigned to such term in the recitals to this Agreement. "2002 Ordinance" has the meaning assigned to such term in the Indenture. "U.S. Dollars" means the lawful currency of the United States of America. "Weekly Rate" has the meaning assigned to such term in the Second Supplemental Indenture. "written" or "in writing" means any form of written communication or a communication by means of telex, telecopier device or telegraph, or email; provided, however that with respect to the notices required by Section 2.3(a) (as set forth in Exhibit A or Exhibit B hereto) "written" or "in writing" shall not include emails. Section 1.2. Incorporation of Certain Definitions by Reference. Each capitalized term used herein and not defined herein shall have the meaning provided therefor in the Indenture, unless the context otherwise requires. Section 1.3. Accounting Matters. All accounting terms used herein without definition shall be interpreted in accordance with generally accepted accounting principles and, except as otherwise expressly provided herein, all accounting determinations required to be made pursuant to this Agreement shall be made in accordance with generally accepted accounting principles. Section 1.4. Interpretation. All words used herein shall be construed to be of such gender or number as the circumstances require. Reference to any document means such document as amended or supplemented from time to time as permitted pursuant to its terms and the terms hereof. ARTICLE II THE COMMITMENT; FEES Section 2.1. Commitment to Purchase Bonds. Subject to the terms and conditions of this Agreement, including Article VI hereof, the Bank hereby agrees from time to time during -13- 484 the Commitment Period to purchase, at the Purchase Price, with immediately available funds, Bonds which bear interest at a Covered Rate and which are not Bank Bonds or Bonds owned by or held on behalf of, for the benefit of or for the account of, the Commission or any Affiliate of the Commission ( "Eligible Bonds") which are tendered pursuant to (i) an Optional Tender or (ii) a Mandatory Tender and which, in either case, the Remarketing Agent has been unable to remarket. The Bank will pay said Purchase Price with its own funds. The aggregate principal amount (or portion thereof) of any Eligible Bond purchased on any Purchase Date shall be in an authorized denomination required by the terms of the Indenture and, in any case, the aggregate principal amount of all the 2009 Series A Bonds purchased on any Purchase Date, together with the aggregate principal amount of all Bank Bonds then Outstanding, shall not exceed the Available Principal Commitment (calculated without giving effect to any purchase of the 2009 Series A Bonds by the Bank on such date) at 10:00 a.m., New York City time, on such date. The aggregate amount of the Purchase Price comprising interest on the 2009 Series A Bonds (the "Interest Component") purchased on any Purchase Date shall not exceed the lesser of (a) the Available Interest Commitment on such date and (b) the actual aggregate amount of interest accrued on each such 2009 Series A Bond to but excluding such Purchase Date. Section 2.2. Bank Bonds. Any 2009 Series A Bonds purchased by the Bank pursuant to Section 2.1 hereof shall thereupon constitute Bank Bonds and have all of the characteristics of Bank Bonds as set forth herein and in the Indenture and shall be deemed and treated by the Commission and the Trustee like the 2009 Series A Bonds that are not Bank Bonds, except with any different characteristics as set forth herein and in the Indenture. All Bank Bonds shall bear interest at the Bank Rate. In the event that the average Bank Rate accruing on any Bank Bonds during any period exceeds the Maximum Rate for such period, the Bank shall receive interest on account of Bank Bonds only at the Maximum Rate for such period (the difference between (a) the interest payable to the Bank if the Bank Bonds had continuously borne interest at the Bank Rate and (b) the interest actually paid to the Bank at the Maximum Rate is referred to below as the "Excess Bank Bond Interest"). Notwithstanding any subsequent reduction in the Bank Rate, Bank Bonds shall bear interest from and after the date on which any Excess Bank Bond Interest is accrued at the Maximum Rate until the date on which the interest paid to the Bank on Bank Bonds in excess of the Bank Rate equals such Excess Bank Bond Interest; provided, that, upon termination of this Agreement, in consideration for the limitation of the rate of interest otherwise payable hereunder, the Commission shall pay from the sources described in Section 2.11 hereof, to the extent permitted by law, the Bank a fee equal to the amount of all unpaid Excess Bank Bond Interest. The Commission shall pay to the Bank Owner accrued interest, including any accrued but unpaid Excess Bank Bond Interest, on Bank Bonds as provided in Section 3.1 hereof. On any date on which Excess Bank Bond Interest is due and payable, the Bank shall notify the Commission and the Trustee as to the amount of such Excess Bank Bond Interest due on such date; provided, that the failure of the Bank to so notify the Commission or the Trustee shall not affect the accrual of or obligation of the Commission to pay such Excess Bank Bond Interest. All amounts owed to the Bank hereunder with respect to Bank Bonds shall be calculated in accordance with Section 2.10 hereof and shall become due and payable as set forth in Section 3.1 hereof. -14- 485 Section 2.3. Method of Purchasing. (a) The Trustee shall give notice by telecopier promptly confirmed by a written notice in the form of Exhibit A or Exhibit B, as applicable, to the Bank, pursuant to an Optional Tender or a Mandatory Tender, no later than 12:00 noon, New York City time, on the Business Day on which Bonds are subject to an Optional Tender or Mandatory Tender. If the Bank receives such notice as provided above, and subject, in each case, to the satisfaction of the conditions set forth in Article VI hereof, the Bank will transfer to the Trustee not later than 2:30 p.m., New York City time, on such date (a "Purchase Date,"), in immediately available funds, an amount equal to the aggregate Purchase Price of all or such portion of such Eligible Bonds as requested from the Trustee. A Notice of Bank Purchase shall be irrevocable after receipt thereof by the Bank. The Bank shall have no responsibility for, nor incur any liability in respect of, any act, or any failure to act, by the Trustee which results in the failure of the Trustee to effect the purchase of 2009 Series A Bonds for the account of the Bank with such funds provided pursuant to this Section 2.3(a) or otherwise. The 2009 Series A Bonds purchased pursuant to this Section 2.3(a) shall be registered in the name of the Bank or, if directed in writing by the Bank, its nominee or designee on the Bond Register and shall be held in trust by the Trustee for the benefit of the Bank. If the 2009 Series A Bonds purchased pursuant to this Section 2.3(a) are Book Entry Bonds, the beneficial ownership of such 2009 Series A Bonds shall be credited on the records maintained by DTC to the account of the Bank or, if directed in writing by the Bank, a nominee or designee of the Bank, maintained at DTC, and prior to the sale of any Bank Bond by the Bank as provided in Section 2.5(a) hereof, the Bank agrees to give all notices in the manner and by the time required by DTC to exclude such Bank Bond(s) from the Mandatory Tender of the 2009 Series A Bonds as specified in Section 2.5(a). The Interest Component of the Purchase Price paid for such 2009 Series A Bonds shall be paid to the Bank as provided in Section 3.1 hereof. (b) If the Bank receives a Notice of Bank Purchase after 12:00 noon, New York City time, on a Purchase Date from the Trustee, the Bank, subject to satisfaction of the conditions provided in Article VI hereof, will transfer to the Trustee at or before 2:30 p.m., New York City time, on the Business Day immediately following the Purchase Date specified in such notice, in immediately available funds, an amount equal to the aggregate Purchase Price of Eligible Bonds tendered or deemed tendered on such Purchase Date. In such event, all other provisions of Section 2.3(a) shall apply to the purchase and registration of Bank Bonds after the delivery of a Notice of Bank Purchase and transfer of funds as set forth herein. (c) In the event that any funds paid by the Bank to the Trustee pursuant to Section 2.3(a) or (b) hereof shall not be required to be applied to purchase 2009 Series A Bonds as provided herein, such funds shall be held and be returned to the Bank as soon as practicable by the Trustee and, until so returned, shall be held uninvested and in trust by the Trustee for the account of the Bank. In the event that such funds are not returned to the Bank in immediately available funds as provided in Section 2.10(a) hereof by 4:00 p.m., New York City time, on the same day on which such funds were advanced, the Commission shall pay or cause to be paid to the Bank interest on such funds payable on demand and, in any event, on the date on which such funds are returned, at a rate equal to the Federal Funds Rate plus one percent (1.0%) for the day such funds were advanced through the date which is two (2) Business Days after the day such funds were advanced, and, thereafter, at the Default Rate. -15- 486 (d) Notwithstanding any provisions of this Section 2.3 to contrary, the Bank and DTC may cause the transfer of funds and the transfer of any Bank Bond as described in this Section 2.3 on the basis of delivery versus payment or by such other means as shall be acceptable to the Bank, the Trustee and DTC and not contrary to the Indenture. Section 2.4. Mandatory Reductions of Available Commitment; Termination; Substitution. (a) Upon (i) any redemption, repayment or other payment of all of the principal amount of the 2009 Series A Bonds so that such 2009 Series A Bonds (including Bank Bonds) shall cease to be Outstanding, or (ii) the close of business (New York City time) on the Conversion Date (and provided that the Bank has paid in full the amount set forth in a Notice of Bank Purchase, if any, delivered to the Bank in connection with a mandatory purchase of the 2009 Series A Bonds on such Conversion Date), the aggregate Available Commitment shall be reduced to zero and, in connection with any action described in clause (i) or (ii) above, the Commission shall pay, or cause to be paid (whether by purchase or otherwise), all principal and interest evidenced by Bank Bonds, if any, and all Obligations up to and including the time of said reduction of the Available Commitment including, without limitation, all amounts payable pursuant to Section 2.7, as applicable, and all other amounts payable pursuant to Article III hereof. (b) Upon (i) the redemption, repayment or other payment of less than all of the principal amount of the 2009 Series A Bonds that are not Bank Bonds or (ii) a partial conversion of the 2009 Series A Bonds to bear interest at a rate other than a Covered Rate (and provided that the Bank has paid in full the amount set forth in a Notice of Bank Purchase, if any, delivered to the Bank in connection with the mandatory purchase of the 2009 Series A Bonds subject to such conversion), the Available Principal Commitment shall be reduced by the principal amount of 2009 Series A Bonds redeemed, successfully converted or otherwise paid and the Available Interest Commitment will be reduced as provided therefor in the definition of such term set forth in Article I hereof. (c) The Available Commitment shall, subject to Section 2.4(e) below, terminate at the close of business (New York City time) on the Substitution Date; provided, that the Bank has paid in full the amount set forth in a Notice of Bank Purchase provided to the Bank in connection with a mandatory purchase of the 2009 Series A Bonds on the Substitution Date. The Commission shall comply with the requirements of the Indenture with respect to the delivery of an Alternate Liquidity Facility. On the Substitution Date, the Commission shall pay, or cause to be paid, to the Bank all principal and interest evidenced by Bank Bonds then Outstanding, if any, and all Obligations up to and including the time of the Substitution Date including, without limitation, all amounts payable pursuant to Section 2.7, as applicable, and all other amounts payable pursuant to Article III hereof. (d) Subject to satisfaction of the requirements of the Fee Letter, the Commission may terminate this Agreement at any time following no less than fifteen (15) calendar days' prior written notice to the Bank and the Trustee. (e) In connection with any reduction or termination of the Available Commitment as described in Sections 2.4(a), (b) or (c) above as applicable, the Trustee shall provide the Bank -16- 487 with written notice of the effective date of such reduction or termination and, unless and until said notice is received by the Bank, the Available Commitment shall not be deemed reduced and/or terminated pursuant to the terms of Sections 2.4(a), (b) or (c) as applicable. (f) Except as specifically provided in this Section 2.4, the Commission shall have no right to reduce or terminate the Available Commitment. Section 2.5. Sale of Bank Bonds. (a) Right to Sell Bank Bonds. The Bank expressly reserves the right to sell, at any time, Bank Bonds subject, however, to the express terms of this Agreement. The Bank agrees that such sales (other than sales made pursuant to Section 2.5(c) hereof) will be made only to institutional investors which customarily purchase commercial paper or tax-exempt securities in large denominations, all in accordance with applicable securities laws. The Bank agrees to notify the Commission, the Trustee and the Remarketing Agent promptly of any such sale (other than a sale made pursuant to Section 2.5(c) hereof) and, if such Bank Bond is a Book Entry Bond, specifying in accordance with DTC guidelines the account at DTC to which such Bank Bond is credited; and to notify the transferee in writing that (i) such 2009 Series A Bond is no longer an Eligible Bond so long as it remains a Bank Bond; and (ii) there may not be a short-term investment rating assigned to such 2009 Series A Bond so long as it remains a Bank Bond. Any Bank Owner purchasing a Bank Bond from the Bank shall acknowledge in writing its agreement (y) not to sell such Bank Bond to any Person except the Bank or a Purchaser identified by the Remarketing Agent pursuant to Section 2.5(b) hereof and (z) if such Bank Bond is a Book Entry Bond, to give all notices in the manner and by the time required by DTC to exclude such Bank Bond from Mandatory Tenders of 2009 Series A Bonds except for Mandatory Tenders in connection with a Conversion Date, substitution of an Alternate Liquidity Facility, or other mandatory tender where the Purchase Price of tendered Bonds will not be paid by the Bank pursuant to this Agreement. (b) Purchase Notices. Prior to 12:00 noon, New York City time, on any Business Day on which a Bank Owner holds Bank Bonds, the Remarketing Agent may deliver a notice (a "Purchase Notice") to a Bank Owner as registered on the Bond Register and to the Bank, stating that it has located a purchaser (the "Purchaser") for some or all of such Bank Bonds and that such Purchaser desires to purchase on the Business Day following the Business Day on which a Bank Owner receives, prior to 12:00 noon, New York City time, a Purchase Notice (a "Sale Date") an authorized denomination of such 2009 Series A Bonds at a price equal to the principal amount thereof, plus accrued interest thereon (calculated as if such 2009 Series A Bonds were not Bank Bonds) (the "Sale Price"); provided, however, that the Remarketing Agent shall not remarket Bank Bonds following the delivery of a Notice of Termination Date unless the Purchaser shall have received written notice stating that a Notice of Termination Date is in effect with respect to the Bank Bonds which are the subject of such Purchase Notice. (c) Sale of Bank Bonds. Upon receipt by a Bank Owner of (i) a Purchase Notice (which notice shall identify the CUSIP numbers and state the principal amount of the Bank Bonds to be sold), such Bank Owner shall deliver such Bank Bonds to the Trustee (or, in the case of Bank Bonds which are Book Entry Bonds, shall cause the beneficial ownership thereof to be credited -17- 488 to the account of the Remarketing Agent at DTC) by 2:30 p.m., New York City time, on the Sale Date against receipt of the Sale Price therefor in immediately available funds or at the Bank Owner's address listed in the Bond Register, and such 2009 Series A Bonds shall thereupon no longer be considered Bank Bonds; provided that, in the event that the Bank Owner has not delivered Bank Bonds as provided above and the Sale Price therefor has been delivered as provided above, such Bank Bonds shall be deemed to have been delivered and such 2009 Series A Bonds shall no longer be considered Bank Bonds. When Bank Bonds are purchased in accordance with this Section 2.5(c), the Trustee shall, upon receipt of such Bank Bonds and upon receipt by such Bank Owner of the Sale Price, notify the Commission and the Remarketing Agent that such 2009 Series A Bonds are no longer Bank Bonds. Any interest accrued on the Bank Bonds shall be paid to the Bank Owner as provided in Section 3.1 hereof and the Differential Interest Amount, if any, shall be paid to such Bank Owner by the Commission on the next succeeding Interest Payment Date for Bank Bonds as set forth in Section 3.1 hereof; provided, however, that interest shall accrue on any Differential Interest Amount from and after said Interest Payment Date and, until paid in full, at the Default Rate. Any sale of a Bank Bond pursuant to this Section 2.5 shall be without recourse to the seller and without representation or warranty of any kind. (d) Continuing Obligation. Following any sale of Bank Bonds pursuant to Section 2.5(c), the Bank and each Bank Owner shall retain the right to receive payment from the Commission of any accrued Differential Interest Amount as provided in Section 3.1 hereof and in the Indenture. (e) Delivery Versus Payment. Notwithstanding any provisions of this Section 2.5 to contrary, the Bank and DTC may cause the transfer of any Bank Bond and the transfer of any funds described in this Section 2.5 on the basis of delivery versus payment or by such other means as shall be acceptable to the Bank, the Trustee and DTC and not contrary to the Indenture. Section 2.6. Rights of Bank Owners. Upon purchasing Bank Bonds, Bank Owners shall be entitled to and, where necessary, shall be deemed assigned all rights and privileges accorded Bondholders under the Indenture, other than the right to optionally tender such 2009 Series A Bonds or require mandatory tender and purchase by the Bank as provided in Section 2.5 hereof, and any additional rights and privileges as to payment of interest and principal that are provided by this Agreement with respect to Bank Bonds. Section 2.7. Fees. The Commission shall pay to the Bank the fees, expenses and other amounts described in the Fee Letter at the times specified in the Fee Letter. Any references to the Commitment Fee, other fees or payments owed to the Bank hereunder without specific reference to the Fee Letter shall be read so as to include the Fee Letter, which is hereby incorporated by reference. Section 2.8. Net of Taxes, Etc. (a) Taxes. Any and all payment to the Bank by the Commission hereunder shall be made free and clear of and without deduction for any and all taxes, levies, imposts, deductions, charges, withholdings or liabilities imposed as a result of a Change of Law, excluding, however, -18- 489 taxes imposed on or measured by the net income of the Bank by any jurisdiction or any political subdivision or taxing authority thereof or therein solely as a result of a connection between the Bank and such jurisdiction or political subdivision (all such non -excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being referred to below as "Taxes"). If as a result of a Change of Law, the Commission shall be required by law to withhold or deduct any Taxes imposed by the United States or any political subdivision thereof from or in respect of any sum payable hereunder to the Bank, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including, deductions applicable to additional sums payable under this Section 2.8), the Bank receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Commission shall make such deductions, and (iii) the Commission shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. If the Commission shall make any payment under this Section 2.8 to or for the benefit of the Bank with respect to Taxes and if the Bank shall claim any credit or deduction for such Taxes against any other taxes payable by the Bank to any taxing jurisdiction in the United States, then the Bank shall pay to the Commission an amount equal to the amount by which such other taxes are actually reduced; provided that the aggregate amount payable by the Bank pursuant to this sentence shall not exceed the aggregate amount previously paid by the Commission with respect to such Taxes. In addition, the Commission, agrees to pay any present or future stamp, recording or documentary taxes and, if as a result of a Change of Law, any other excise or property taxes, charges or similar levies that arise under the laws of the United States of America or the State of New York from any payment made hereunder or from the execution or delivery or otherwise with respect to this Agreement (referred to below as "Other Taxes"). The Bank shall provide to the Commission within a reasonable time a copy of any written notification it receives with respect to Other Taxes owing by the Commission to the Bank hereunder; provided that the Bank's failure to send such notice shall not relieve the Commission of its obligation to pay such amounts hereunder. The Commission shall have thirty (30) days to make such payments from the date that the Bank requests such payments in writing. (b) Notice. Within thirty (30) days after the date of any payment of Taxes by the Commission, the Commission shall furnish to the Bank, the original or a certified copy of a receipt evidencing payment thereof. To the extent permitted by law, the Commission shall compensate the Bank for all reasonable losses and expenses sustained by the Bank as a result of any failure by the Commission to so furnish such copy of such receipt. (c) Survival of Obligations. The obligations of the Commission under this Section 2.8 shall survive the termination of this Agreement. Section 2.9. Increased Costs. (a) Costs. In the event that any Change of Law affecting the Bank or a Participant or the transactions contemplated by this Agreement (whether or not having the force of law) shall: (i) limit the deductibility of interest on funds obtained by the Bank to pay any of its liabilities or subject the Bank to any tax, duty, charge, deduction or withholding on or with respect to payments relating to the 2009 Series A Bonds or any Banking -19- 490 Arrangements, or any amount paid or to be paid by the Bank hereunder (other than any tax measured by or based upon the overall net income of the Bank imposed by any jurisdiction having control over the Bank); (ii) impose, modify, require, make or deem applicable to the Bank any reserve requirement, capital requirement, liquidity requirement, special deposit requirement, insurance assessment or similar requirement against any assets held by, deposits with or for the account of, or loans or commitments by, the Bank; (iii) change the basis of taxation of payments due the Bank under this Agreement, the 2009 Series A Bonds or any Banking Arrangements (other than by a change in taxation of the overall net income of the Bank); or (iv) impose upon the Bank any other condition with respect to any amount paid or payable to or by the Bank or with respect to this Agreement, the 2009 Series A Bonds or any Banking Arrangements; and the result of any of the foregoing shall be to increase the cost to the Bank of extending, issuing or maintaining any of the Banking Arrangements or to reduce any amount (or the effective return on any amount) received or receivable by the Bank in connection with the Banking Arrangements (which increase in cost or reduction in yield shall be the result of the Bank's reasonable allocation, in a reasonable and appropriate manner, of the aggregate of such cost increases or yield reductions resulting from such event), then, within forty-five (45) days of written demand by the Bank, the Commission shall pay to the Bank, from time to time as specified by the Bank, additional amounts which shall be sufficient to compensate the Bank for all such increased costs or reductions in yield. Notwithstanding the foregoing, no Participant shall be entitled to any such additional amount from the Commission in excess of that to which the Bank would have been entitled had the Bank not granted such Participant a participation in this Agreement. The Bank shall submit to the Commission, at or prior to the making of each such demand, a certificate setting forth in reasonable detail such increased costs or yield reduction incurred by the Bank or such Participant as a result of any of the foregoing. (b) Capital Adequacy. If the Bank shall have determined that the adoption after the date hereof of any applicable law, rule, regulation or guideline (whether or not having the force of law) regarding capital adequacy or liquidity by any Governmental Authority having regulatory jurisdiction over the Bank, or any change in applicable law, rule, regulation or guideline, as the case may be, or any change in the enforcement or interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, or compliance by the Bank (or any lending office thereof) with any request or directive regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority, has or would have the effect of reducing the rate of return on capital of the Bank as a consequence of its obligations hereunder or its purchase or holding of Bank Bonds to a level below that which the Bank could have achieved but for such adoption, change or compliance (taking into consideration the policies of the Bank with respect to capital adequacy and liquidity) by an amount deemed by the Bank to be material, then within thirty (30) days after demand by the Bank, the Commission shall pay to the Bank from time to time, as specified by the Bank, such -20- 491 additional amount or amounts as will compensate the Bank for such reduction from the date of such adoption, change or compliance with respect to such law, rule, regulation, guideline, request or directive, together with interest on each such amount from the date payment is due until the earlier of the date of payment in full thereof or the thirtieth (30th) day after which such payment is due, at the Bank Rate and, thereafter, at the Default Rate. (c) Payment. Each demand for compensation pursuant to Section 2.9(a) or 2.9(b) shall be accompanied by a certificate of the Bank in reasonable detail setting forth the computation of such compensation (including the reason therefor), which certificate shall be conclusive, absent manifest error, as against all other Persons, including, without limitation, the Commission and any Participant. The amounts owed by the Commission as compensation to the Bank pursuant to this Section 2.9 shall be calculated as though the Bank were the holder of all Bank Bonds and without regard to any sales of Bank Bonds by the Bank pursuant to Section 2.5 or to any assignments or participations made by the Bank with regard to its obligations or rights hereunder or with regard to Bank Bonds. The Bank assumes all responsibility and liability for payment of such costs to other Bank Owners. (d) Continuing Costs. If such costs are to be incurred on a continuing basis and the Commission shall be so notified by the Bank in writing as to the amount thereof, then such costs shall be payable by the Commission to the Bank on each Interest Payment Date to the extent therefore incurred. (e) Survival of Obligations. The obligations of the Commission under this Section 2.9 shall survive the termination of this Agreement and the payment in full of the Bank Bonds and the other Obligations of the Commission hereunder. (f) Dodd Frank Act; Basel Committee. Notwithstanding the foregoing, for purposes of this Agreement (i) all requests, rules, guidelines or directives in connection with the Dodd -Frank Act shall be deemed to be a Change of Law, regardless of the date enacted, adopted or issued, and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or any Governmental Authority with proper jurisdiction over the Bank shall be deemed to be a Change of Law regardless of the date enacted, adopted or issued. (g) Increased Costs Cut-off Date. Notwithstanding anything contained in paragraph (a) or paragraph (b) of this Section 2.9, the Commission shall have no liability to the Bank for any increased costs to the extent incurred by or imposed on the Bank more than six months prior to the date the certificate is given to the Commission with respect thereto (such date occurring six months before the date of said certificate, the "Cut -Off Date"), except where (A) the Bank had no actual knowledge of the action resulting in such increased costs as of the Cut -Off -Date or (B) such increased costs apply to the Bank retroactively to a date prior to the Cut -Off -Date. Section 2.10. Computations; Payments. (a) Computations. Interest, fees and other amounts payable to the Bank hereunder shall be computed on the basis of a year of 365 days or 366 days, as applicable, and actual number of -21- 492 days elapsed; provided, however, that interest calculated with respect to any Bank Bonds shall be on the basis applicable to the interest rate mode then in effect with respect to such 2009 Series A Bonds as determined pursuant to Section 21.05 of the Second Supplemental Indenture; provided further, that the Commitment Fee shall be computed on the basis of a 360-day year and actual days elapsed. Any payments received by the Bank later than 4:00 p.m., New York City time, and before 5:00 p.m., New York City time, shall not result in an Event of Default hereunder if the payment was due on such date, but interest shall accrue on such payment at the Federal Funds Rate plus two percent (2.00%), which additional day of interest shall he invoiced by the Bank to the Commission pursuant to Section 2.7 hereof. If any payment due hereunder is due on a day that is not a Business Day, then such amount shall be due on the next succeeding Business Day and, in the case of the computation of any fees described in Section 2.7 hereof, such extension of time shall in such case be included in the computation of the payment due hereunder. All payments to the Bank hereunder shall be made in U.S. Dollars and in immediately available funds. Unless the Bank shall otherwise direct, all such payments shall be made by means of wire transfer of funds through the Federal Reserve Wire System to the Bank at its Payment Office. (b) Transfer Costs. The Commission agrees to pay to the Bank on each Purchase Date or Sale Date, as applicable, an amount equal to any charge imposed on the Bank pursuant to the Indenture in connection with the transfer or exchange of the 2009 Series A Bonds. The Commission agrees to cause the Trustee to give the Bank timely notice of each such charge, including the amount thereof. (c) Application of Payments. Payments made to the Bank under this Agreement (other than the Purchase Price of Bank Bonds) shall first be applied to any fees, costs, charges or expenses payable to the Bank hereunder, next to any past due interest, next to any current interest due, and then to outstanding principal; provided that payments of the Purchase Price of any Bank Bonds shall be applied to the payment thereof and the reinstatement of the Commitment related thereto. (d) Survival of Obligation. The obligations of the Commission under this Section 2.10 shall survive the termination of this Agreement. Section 2.11. Nature of Obligations. (a) The interest due on Bank Bonds (including any Differential Interest Amount and Excess Bank Bond Interest that is not a fee as described in Section 2.2) shall be payable from, and secured by, the Sales Tax Revenues, on a parity with the payment of interest on the 2009 Series A Bonds and the payment of interest on all other Parity Obligations, and any unpaid Excess Bank Bond Interest that is a fee as described in Section 2.2 hereof shall be an obligation of the Commission under the Agreement, payable from Revenues, but subordinate to payment of principal and interest on the 2009 Series A Bonds (including Bank Bonds) and any amount payable on a parity therewith and any Subordinate Obligations. (b) The maturing principal and sinking fund requirements due and payable in connection with Bank Bonds shall be payable from, and secured by, the Sales Tax Revenues, on a parity with the payment of maturing principal and sinking fund requirements due on the 2009 Series A Bonds and all other Parity Obligations. -22- 493 (c) The obligation of the Commission to pay the Commitment Fee and all other amounts set forth herein and in the Fee Letter as fees (including, but not limited to, the amounts described in Sections 2.7, 2.8, 2.9 and 10.3 hereof) shall be payable from the Fee and Expenses Fund of the Revenue Fund, pursuant to Section 5.02(A)(5) of the Indenture, if and to the extent that such amounts are not paid by the Commission from other moneys. (d) Notwithstanding any other provision of this Agreement to the contrary, all obligations of the Commission to the Bank hereunder are special, limited obligations of the Commission payable solely from the Sales Tax Revenues and other funds available for such purposes under the Indenture. The Commission hereby pledges the Sales Tax Revenues, on a subordinated basis to the Subordinate Obligations, to the payment of the Commitment Fees and all amounts due hereunder other than principal and interest payments on the 2009 Series A Bonds (including the Bank Bonds). ARTICLE III BANK BONDS Section 3.1. Maturity; Interest. (a) Bank Bonds. Notwithstanding anything to the contrary contained in such 2009 Series A Bond, the Commission agrees that, each purchase of an Eligible Bond by the Bank pursuant to Section 2.3 hereof shall result in the creation of a Bank Bond. Interest on any Bank Bond will be due and payable on the first Business Day of each month and on each Payment Due Date. Each Bank Bond, and the accrued interest thereon, shall be repaid by or on behalf of the Commission (or purchased) as follows: (y) on the one hundred eightieth (180th) day immediately following the earlier of the related Purchase Date or the Expiration Date, as the case may be, and, only if the conditions described in Section 6.2 have been satisfied on such one hundred eightieth (180th) day, said Bank Bond will commence amortization on the Bank Bond Amortization Start Date and will further amortize on each date set forth in Section 3.1(b) hereof; provided, however, that (A) the principal and interest due on said Bank Bond will become due and payable in full on the first to occur of (i) the date on which such Bank Bond is redeemed, defeased, accelerated or otherwise paid in accordance with its terms and (ii) the date on which such Bank Bond matures in accordance with its terms; and (B) notwithstanding the foregoing, such Bank Bond shall be purchased from the Bank on (i) the date of the remarketing of such Bank Bond, (ii) the Substitution Date, (iii) the Conversion Date and (iv) the final day of the Bank Bond Amortization Period (any one of the dates described in clauses (A) and (B) above constituting a "Payment Due Date"); and (z) if the conditions described in Section 6.2 are not satisfied on the one hundred eightieth (180th) day immediately following the earlier of the related Purchase Date or the Expiration Date, as the case may be, then all amounts due and payable on the -23- 494 Bank Bonds shall become immediately due and payable on the second Business Day immediately following such date. The Bank shall be under no obligation to purchase any Eligible Bond pursuant to Section 2.3 hereof unless the conditions set forth in Section 6.1 hereof have been satisfied. The Commission may prepay any Bank Bond as provided in Section 3.1(c) below. The Bank shall use its best efforts to notify the Commission and the Trustee of the amount of accrued interest on each Bank Bond on the Business Day prior to the date on which such amount is due provided that no failure on the part of the Bank hereunder to do so shall affect or impair the interest owing to the Bank hereunder. (b) Redemption of Bank Bonds. Subject to the prepayment of any Bank Bond as provided in Section 3.1(a) and Section 3.1(c) hereof, each Bank Bond, and the accrued interest thereon, shall be redeemed from the sources described in Section 2.11 hereof in ten equal semi-annual installments of principal, the first of which will occur on the Bank Bond Amortization Start Date, with each subsequent installment being payable, together with interest accrued thereon, one hundred eighty (180) days thereafter, and with the final installment being due and payable no later than the final day of the Bank Bond Amortization Period. The Bank shall use its best efforts to notify the Commission and the Trustee of the amount of accrued interest on each Bank Bond on the Business Day prior to the date on which such amount is due. (c) Prepayment of Bank Bonds. Any Bank Bond may be prepaid or purchased by the Commission, without premium or penalty, upon one (1) Business Day's prior written, electronic or telephonic notice to the Bank (which notice, if electronic or telephonic, shall be promptly confirmed in writing), in whole or in part but, if in part, in a minimum aggregate principal amount of $100,000 and integral multiples of $5,000 in excess thereof. Any prepayment of principal by the Commission of a Bank Bond (including any prepayment pursuant to the sinking fund requirements associated with the related Bank Bond or any prepayment of principal by purchase of a Bank Bond pursuant to a remarketing), shall be credited against the next succeeding payment due on the Bank Bond. (d) CUSIPs and Ratings for Bank Bonds. (i) The Commission will maintain, at its expense, a CUSIP number different from any CUSIP number assigned to the Bonds that are not Bank Bonds, and (ii) at the Commission's expense, an Investment Grade rating assigned to the Bank Bonds bearing the CUSIP number referenced in clause (i) hereof by at least one of Moody's, Fitch or Standard and Poor's; furthermore, the Commission will ensure (at its expense) that, for so long as there remain any Bank Bonds outstanding, the long-term rating assigned to such Bank Bonds are available on the Bloomberg Municipal Bond Description Screen (or are otherwise available electronically to the Bank pursuant to a third -party provider of such information). -24- 495 ARTICLE IV CONDITIONS PRECEDENT TO EFFECTIVENESS Section 4.1. Conditions Precedent to Effectiveness. This Agreement shall become effective as of September [18], 2014 (the "Effective Date") provided that each of the following conditions have been fulfilled to the satisfaction of the Bank and its counsel: (a) On the Effective Date, the Bank shall have received executed copies of each of the following documents, which documents shall be in full force and effect on the Effective Date and in form and substance satisfactory to the Bank: (i) the Indenture, including the Supplemental Indentures; (ii) the Official Statement; (iii) the Remarketing Agreement; (iv) the Other Liquidity Facilities; (v) this Agreement; (vi) the Fee Letter; and (vii) the form of the 2009 Series A Bonds, which may be marked as a "specimen" or otherwise marked as "void". (b) There shall have been delivered to the Bank such information and copies of documents, approvals (if any) and records (certified, where appropriate) of corporate and legal proceedings as the Bank may have requested relating to the entering into and performance by each of the parties (other than the Bank) thereto, of each of the Related Documents and the Official Statement and the transactions contemplated thereby, and the tax exempt status of the Bonds. (c) The approving opinion of bond counsel, together with a reliance letter addressed to the Bank with respect thereto, and the opinion of counsel to the Commission regarding the enforceability of this Agreement and related matters, in each case, in form satisfactory to the Bank and dated the Effective Date. (d) There shall have been delivered to the Bank such information and copies of documents, approvals (if any) and records certified, where appropriate, of corporate and legal proceedings as the Bank may have requested relating to the Commission entering into, performing, accepting and/or agreeing to this Agreement and the other Related Documents, and the transactions contemplated hereby and thereby. Such documents shall, in any event, include: -25- 496 (i) a certificate of the Secretary of the Commission, attaching the following and certifying that such are in full force and effect on the Effective Date: (1) copies of (y) a resolution of the Commission approving this Agreement and the other matters contemplated hereby and (z) all other documents evidencing any other necessary corporate action; (2) the bylaws of the Commission, if any; (3) a copy of the Commission's investment policy applicable to the 2009 Bonds; and (4) a copy of the Interest Rate Swap Agreement if any applicable to the 2009 Bonds; and (ii) an incumbency certificate with respect to the officers or agents of the Commission who are authorized to execute and deliver this Agreement. (e) A certificate signed by an Authorized Representative, dated the Effective Date, stating that: (i) the representations and warranties of the Commission contained in Article V hereof, the Indenture and the other Related Documents (excluding the Remarketing Agreement) to which it is a party are true and correct on and as of the Effective Date as though made on and as of such date; (ii) no petition by or against the Commission has at any time been filed under the United States Bankruptcy Code; (iii) no Ratings Event, Suspension Event, Default or Event of Default hereunder has occurred and is continuing, or would result, from the execution and performance of this Agreement; (iv) the Indenture and the other Related Documents have not been amended, supplemented or modified in any way since their respective effective dates except such amendment, supplement or modification of which the Bank shall have received notice from the Commission prior to the Effective Date; (v) except as described in the Official Statement or any other documents provided by the Commission to the Bank or except as approved by the Bank prior to the Effective Date, no material adverse change shall have occurred in the condition (financial or otherwise) or operations of the Commission between the date of the Commission's fiscal year 2012-2013 financial statements and the Effective Date; and (vi) except as described in the Official Statement or any other documents provided by the Commission to the Bank or except as approved by the Bank prior to the Effective Date, no transaction or event shall have occurred and no change shall have occurred in the condition (financial or otherwise) or operations of the Commission between the date of the Commission's most recent audited financial statements and the Effective Date which materially adversely affects the security for any of the 2009 Series A Bonds, or the Commission's ability to repay when due its obligations under this Agreement, any of the 2009 Series A Bonds and the Related Documents. (f) A certificate signed by duly authorized officer or officers of the Trustee stating that: (i) the officer or officers who executed and delivered the Indenture were authorized under the Trustee's governing documents to do so and the titles or offices of the officer or officers who are authorized under the Trustee's governing documents to present Notices of Bank Purchase hereunder, (ii) no Indenture Event of Default has occurred, nor has there occurred any circumstance or event or any combination thereof which, with the lapse of time and/or the giving of notice, would constitute an Indenture Event of Default, (iii) the execution and delivery of the Indenture by the Trustee, and the -26- 497 performance of the Trustee's obligations thereunder, did not, at all relevant times, and will not result in a default under any agreement or instrument to which the Trustee is a party, and (iv) such other matters as the Bank may reasonably request in a form satisfactory to the Bank and dated the Effective Date. (g) [Subject to timely receipt of invoices] [Discuss], payment of the Bank's fees and expenses (including attorney's fees and expenses described in Section 10.3 hereof) payable on the Effective Date. (h) Evidence satisfactory to the Bank that the 2009 Series B Bonds and the 2009 Series C Bonds are being remarketed concurrently with the 2009 Series A Bonds. (i) Legal opinions of Chapman and Cutler LLP, special U.S. counsel to the Bank, and Yamoto, Otta and Miyazaki, Japanese counsel to the Bank, each addressed to the Commission, the Trustee and the Remarketing Agent, dated the Effective Date, and as to such matters required by any Rating Agency. (j) The Bank shall have received written evidence satisfactory to the Bank that (a) a CUSIP number has been obtained and reserved from Standard & Poor's CUSIP Service for the Bank Bonds and (b) the Bank Bonds shall have been assigned a rating of at least "BBB-" by Fitch or `Baa3" by Moody's. (k) The Bank shall have received satisfactory evidence that the 2009 Bonds have long-term ratings of at least ["Aa2"] by Moody's, ["AA+"] by Standard & Poor's and ["AA"] by Fitch. (1) An executed letter from the Trustee, in form and substance reasonably satisfactory to the Bank, in substantially the form attached hereto as Exhibit D. (m) The Bank shall have received satisfactory evidence that the Existing Liquidity Facility will be cancelled and that all obligations owed thereunder shall have been paid in full upon delivery of the Agreement. (n) Such other documents, instruments, approvals and, if requested by the Bank, certified duplicates of executed originals thereof, and opinions as the Bank may reasonably request In addition, (A) the Bank shall have determined, as of the Effective Date, that no law, regulation, ruling or other action of the United Stales, the State of New York or the State of California or any political subdivision or other Governmental Authority therein or thereof shall be in effect or shall have occurred, the effect of which would be to prevent the Commission, the Trustee, the Remarketing Agent or the Bank from fulfilling their respective obligations under this Agreement or the other Related Documents to which such entity is a party and (B) no material adverse change in the laws, rules, guidelines, or regulations (or their interpretation or administration) currently in effect and applicable to the parties hereto, and the transactions contemplated hereby, as determined in sole discretion of the Bank, shall have occurred. -27- 498 ARTICLE V REPRESENTATIONS AND WARRANTIES To induce the Bank to enter into this Agreement and to purchase 2009 Series A Bonds as provided herein, the Commission makes the following representations and warranties to, and agreements with the Bank (which representations, warranties and agreements shall survive the execution and delivery of this Agreement and any purchases of 2009 Series A Bonds by the Bank): Section 5.1. Due Organization; Power and Authority. The Commission is a county transportation commission, duly organized and validly existing under the laws of the State of California. The Commission has all requisite power and authority to adopt, execute, deliver and perform all of its obligations under the Related Documents and to incur the indebtedness evidenced by the 2009 Series A Bonds, and to adopt, execute and deliver any and all instruments and documents required to be adopted, executed or delivered pursuant to or in connection herewith or therewith and to perform each and all of the matters and things provided for herein and therein. Section 5.2. Due Authorization; No Violation. The execution, delivery and performance by the Commission of the Agreement and the other Related Documents and any and all instruments or documents required to be adopted or executed in connection herewith or therewith have been or will by the Effective Date be duly authorized and do not, in any material respect, (a) violate any provision of any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award in effect having applicability to the Commission or (b) result in a breach of or constitute a default under any indenture, loan, credit agreement or any other agreement, lease or instrument to which the Commission is a party or by which the Commission is bound. Section 5.3. Enforceability. Each Related Document (other than the 2009 Series A Bonds) to which the Commission is a party constitutes a legal, valid and binding obligation of the Commission, enforceable against the Commission in accordance with its terms, except as such enforceability may be limited by applicable reorganization, insolvency, liquidation, readjustment of debt, moratorium or other similar laws affecting the enforcement of the rights of creditors generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law, the exercise of judicial discretion and the limitations on remedies against transportation commissions in the State). The 2009 Series A Bonds have been duly issued, executed and delivered in conformity with the Act and the Indenture, and constitute legal, valid and binding special limited tax bond obligations of the Commission, enforceable in accordance with their terms, except as such enforceability may be limited by applicable reorganization, insolvency, liquidation, readjustment of debt, moratorium or other similar laws affecting the enforcement of the rights of creditors generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), the exercise of judicial discretion and the limitations on remedies against transportation commissions in the State and are entitled to the benefit and security of the Indenture. -28- 499 Section 5.4. Disclosure. All information, reports and data with respect to the Sales Tax Revenues and Parity Obligations furnished by or at the request of the Commission to the Bank in writing upon its request therefor were, at the time the same were so furnished, accurate in all material respects unless the Bank was otherwise notified to the contrary by the Commission; provided, however, that the representation set forth hereinabove shall not be applicable to information available on the Commission's website (excluding information on the Commission's website required pursuant to Section 7.1(d)(ii) hereof as set forth in Appendix A hereto) unless the same was, at the request of the Bank, furnished by or on behalf of the Commission in writing to the Bank. The Official Statement (other than the financial statements included therein), true copies of which have heretofore been delivered to the Bank, and each amendment or supplement thereto prepared subsequent to the Effective Date (a true copy of which shall be furnished to the Bank), do not and will not as of the date thereof contain any untrue statement of a material fact and do not and will not as of the date thereof omit to state a material fact necessary to make the statements therein, in light of the circumstances under which made, not misleading, except no representation is made as to any information furnished by DTC or the Bank expressly for inclusion therein or as to any information concerning DTC or the book -entry system. Section 5.5. No Litigation. Except as disclosed in the Official Statement or otherwise provided in writing to the Bank as of the date hereof, there is no action, suit, proceeding, inquiry or investigation at law or in equity before or by any court, arbitrator, governmental or other board, body or official, pending with service of process accomplished or, to the best knowledge of the Commission after due inquiry, threatened against or affecting the Commission, which in any manner draws into question the validity or enforceability of any of the Related Documents or in any way contests the existence, organization or powers of the Commission or any elected official thereof to adopt, execute and deliver any of the Related Documents, to issue the 2009 Series A Bonds or to perform the obligations thereunder or contemplated thereby or which, if determined adversely to the Commission, would have a material adverse effect on the Sales Tax Revenues or the ability of the Commission to perform its obligations under any of the Related Documents. Section 5.6. Consents. No authorization, consent, approval, license, exemption from or registration with any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, other than those which have been or will by the Effective Date be obtained, will be necessary for the valid adoption, execution, delivery and performance by the Commission of any of the Related Documents; provided that no representation is made as to compliance with any "blue sky" or securities laws of any jurisdiction. Section 5.7. No Proposed Legal Changes. There is no amendment, or to the knowledge of the Commission, any proposed amendment certified for placement on a statewide ballot, to the Constitution of the State of California or any adopted State of California law (including the Act and the Sales Tax Law), or any published administrative interpretation of the Constitution of the State of California or any State of California law (including the Act and the Sales Tax Law), the effect of which could reasonably be expected to (a) materially adversely affect the ability of the Commission to perform its obligations under this Agreement, the 2009 Series A Bonds or the Indenture or (b) invalidate, eliminate or materially reduce the Sales Tax Revenues. -29- 500 Section 5.8. Sovereign Immunity. The Commission is not exempt from immunity from liability or suit in connection with any legal proceedings to enforce or collect any obligation under this Agreement, the Fee Letter, the 2009 Series A Bonds or any other Related Document; and the Commission is subject to services of process and legal proceedings may be commenced and maintained against the Commission for enforcement and collection in respect of any of the Commission's obligations under this Agreement, the 2009 Series A Bonds and the Bank Bonds, recognizing, however, that the procedural requirements of the California civil and commercial law which apply to the Commission are, in many respects, different from the procedural requirements which would apply to an individual, partnership, corporation or other private entity under similar circumstances. Section 5.9. Incorporation of Representations and Warranties. The Commission hereby makes to the Bank the same representations and warranties as were made by it in the Related Documents (excluding the Remarketing Agreement) to which it is a party. Section 5.10. Bank Bonds. The Bank Bonds purchased pursuant to Article II will be transferred to the Bank, free and clear of all liens, security interests or claims of any Person other than the Bank, except for consensual liens or other security interests as may be created by the Bank. Section 5.11. Financial Statements. The audited financial statements of the Commission for each of its fiscal years ended June 30, 2012 and June 30, 2013, including balance sheets as of June 30 of each of said years, all examined and reported on by independent public accountants, prepared by the Commission, as heretofore delivered to the Bank correctly and fairly present the financial condition of the Commission as of said dates and the results of the operations of the Commission for each of such periods, respectively, and have been prepared in accordance with generally accepted accounting principles consistently applied except as stated in the notes thereto; and, as of the Effective Date, there has been no material adverse change in the condition, financial or otherwise, of the Commission since June 30, 2013 from that set forth in said financial statements as of and for the period ended on that date except as described in the Official Statement or any other documents provided by the Commission to the Bank or except as approved by the Bank prior to the Effective Date. Section 5.12. Compliance with Laws and Contracts. The execution, delivery and performance by the Commission of the Related Documents to which it is a party do not and will not (a) violate any provision of any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award as currently in effect to which the Commission is subject; (b) result in a breach of or constitute a default under the provisions of any resolution, indenture, loan or credit agreement or any other agreement, lease or instrument to which the Commission may be or is subject or by which it, or its property, is bound; or (c) result in, or require, the creation or imposition of any mortgage, deed of trust, assignment, pledge, lien, security interest or other charge or encumbrance of any nature or with respect to any of the properties of the Commission other than as provided herein and therein; and the transactions undertaken pursuant to the Indenture will not result in a material default under any such law, rule, regulation, order, writ, judgment, injunction, decree, determination or award or any such resolution, indenture, agreement, lease or instrument. -30- 501 Section 5.13. Federal Reserve Board Regulations. No part of the proceeds of any 2009 Series A Bonds will be used for the purpose, whether immediate, incidental or ultimate, to purchase or carry any margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System, as amended from time to time), or to extend credit to others for the purpose of purchasing or carrying any margin stock. Section 5.14. Investment Company Act. The Commission is not an "investment company" or a company "controlled" by an "investment company," as such terms are defined in the Investment Company Act of 1940, as amended. Section 5.15. Trustee and Remarketing Agent. As of the Effective Date, U.S. Bank National Association is the duly appointed and acting Trustee and Stifel, Nicolaus & Company, Incorporated (or a successor or assign meeting the requirements of the Indenture and Section 7.2(a) hereof) is the duly appointed and acting Remarketing Agent for the 2009 Series A Bonds. Section 5.16. Tax Exempt Status. The Commission has not taken any action or omitted to take any action, and knows of no action taken or omitted to be taken by any other person or entity, which action, if taken or omitted, would cause interest on the 2009 Series A Bonds to be subject to personal income taxes levied by the State. Section 5.17. Permitted Investments. As of the Effective Date, the Commission has no knowledge that it has made any material investment of the Sales Tax Revenues, or entered into any agreement for the purpose of effecting any such investment, which is not permitted to be made pursuant to the Act or the Indenture. Section 5.18. Compliance with this Agreement. The Commission is in compliance with the terms and conditions of this Agreement, and no breach of the terms hereof nor any Ratings Event, Event of Default, Special Event of Default or Suspension Event has occurred and is continuing, and no event, act or omission has occurred and is continuing which, with the lapse of time, the giving of notice, or both, would constitute a Ratings Event, Event of Default, Special Event of Default or Suspension Event or a breach of the terms hereof. Section 5.19. Pledge of Sales Tax Revenues. The Indenture creates a valid pledge in favor of the Trustee in the Sales Tax Revenues and, as of the Effective Date, all necessary actions on the part of the Commission have been taken as required to pledge the Sales Tax Revenues in favor of the Trustee under the Indenture. The Commission hereby represents and warrants that the statements set forth in Section 2.11 hereof are true and correct. Section 5.20. Bonds. Each 2009 Series A Bond (including each Bank Bond excluding tender rights) is entitled to the benefits of the Indenture. Section 5.21. The Indenture. The Indenture is in full force and effect and has not been amended or supplemented except by such amendments or supplements as have previously been delivered to the Bank. -31- 502 Section 5.22. Liens. No filings, recordings, registrations or other actions are necessary to create and perfect the Liens provided for in the Indenture and herein; all Obligations of the Commission hereunder and under the Bank Bonds are secured by the Lien provided for herein or in the Indenture, as applicable, and such Lien constitutes a valid Lien subject to no other Liens other than a Lien established by or permitted by the Indenture; the Lien on the Sales Tax Revenues established by or permitted in the Indenture in respect of the 2009 Series A Bonds, the Bank Bonds and other Parity Obligations constitutes a valid Lien subject to no other Liens other than the Lien provided for in the Indenture. Section 5.23. Pension Obligations. The Commission has an actuarial liability with respect to the employee benefit plan maintained by the Commission or in which the Commission participates. The Commission is in compliance with the terms of all such plans which the Commission maintains or in which the Commission participates. Neither the Commission nor any employee benefit plan maintained by the Commission is subject to ERISA. The Commission is not subject to ERISA and maintains no Plans thereunder. Section 5.24. Swap Termination Payments. The Commission is not a party to any Interest Rate Swap Agreement that provides that any termination payment thereunder is payable from or secured by Sales Tax Revenues or Revenues on a basis that is senior to or on a parity with the lien securing the 2009 Series A Bonds or the Bank Bonds. Section 5.25. Parity Repayment. The Commission has not granted to the issuer of any Bank Agreement the right to declare any obligations owing to the issuer of such Bank Agreement to be immediately due and payable, or to be due and payable earlier or in greater percentages, than the Commission's obligations with respect to Bank Bonds. ARTICLE VI CONDITIONS PRECEDENT TO PURCHASE Section 6.1. Conditions. The obligation of the Bank to purchase Eligible Bonds hereunder on any date is subject to the satisfaction of the following conditions, unless waived in writing by the Bank: (a) No Ratings Event, Special Event of Default or Suspension Event shall have occurred and be continuing and the Bank's obligations hereunder shall not otherwise have been terminated or suspended. If and to the extent that a Suspension Event shall have been cured as provided in Section 8.4(b) hereof, the condition described in this Section 6.1(a) will be deemed satisfied; and (b) The Bank shall have timely received the Notice of Bank Purchase(s) as provided in Section 2.3 hereof; provided, that if the Notice of Bank Purchase(s) is not received in a timely manner, the Bank will be obligated to purchase Eligible Bonds on the Business Day following receipt thereof. -32- 503 Each notification delivered pursuant to clause (b) of this Section 6.1 shall constitute a representation and warranty by the Commission on each Purchase Date that the condition described in the clause (a) of this Section 6.1 has been satisfied on such Purchase Date. As promptly as possible after satisfaction of the conditions set forth in (a) and (b) hereof, the Bank Bonds to be purchased by the Bank on such Purchase Date shall be executed, registered and, if applicable, delivered in accordance with the Indenture and this Agreement. Section 6.2. Conditions to Bank Bond Amortization Period. Bank Bonds will be eligible for the Bank Bond Amortization Period described in Section 3.1 hereof; provided that the following conditions are satisfied on the one hundred eightieth (180th) day immediately following either the related Purchase Date or the final day of the Commitment Period, as the case may be: (a) No Ratings Event, Suspension Event or Event of Default shall have occurred and be continuing on the one hundred eightieth (180th) day immediately following either the related Purchase Date or the final day of the Commitment Period, as the case may be; provided, however, that upon reinstatement of the Bank's obligation to purchase Eligible Bonds as provided in Section 8.4(b) hereof, then this condition of Section 6.2 shall be deemed satisfied; and (b) All representations and warranties of the Commission contained in, or incorporated by reference in, this Agreement are true and correct as of the eightieth (180th) day immediately following either the related Purchase Date or the final day of the Commitment Period as if made on such date (excluding those representations and warranties which, by their terms, expressly relate to an earlier date such as the Effective Date). Unless the Commission shall have previously advised the Bank in writing that any one of the above statements is no longer true, the Commission is deemed to have represented and warranted on such date that the above statements are true and correct. ARTICLE VII COVENANTS Section 7.1. Affirmative Covenants of the Commission. So long as any of the 2009 Series A Bonds bearing interest at a Covered Rate shall be outstanding (including any Bank Bonds) or any Obligations remain unpaid hereunder, the Commission covenants and agrees as follows, unless the Bank shall otherwise consent in writing: (a) Performance of This and Other Agreements. The Commission shall punctually pay or cause to be paid all amounts payable under this Agreement, the Indenture and the other Related Documents and observe and perform all of the conditions, covenants and requirements of this Agreement, the Indenture and the other Related Documents. -33- 504 (b) Further Assurances. The Commission will at any and all times, insofar as it may be authorized so to do by law, authorize, make, do, execute, acknowledge and deliver every and all such further resolutions, acts, deeds, conveyances, assignments, recordings, filings, transfers and assurances as may be necessary or desirable for the better assuring, conveying, granting, assigning and confirming all and singular rights of the Bank hereunder or payment of the obligations of the Commission arising under or pursuant to this Agreement and the Bank Bonds, or intended so to be, or which the Commission may hereafter become bound to pledge or assign thereto, including the maintenance of the security interests in and pledge of the Sales Tax Revenues created pursuant to the Indenture. (c) Books and Records; Inspection Rights. To the extent permitted by law and with reasonable notice, the Commission will permit any person designated by the Bank to visit the offices of the Commission to examine the books and financial records, including minutes of meetings of any relevant governmental committees or agencies, and make copies thereof or extracts therefrom, and to discuss the affairs, finances and accounts of the Commission with its principal officials, all at such reasonable times and as often as the Bank may reasonably request on behalf of the Bank; provided, however that the Commission shall not disclose to the Bank any documents and information which are subject to confidentiality agreements and which are not public record or otherwise available under California law for public inspection; and provided further that the Commission acknowledges that its accounting and financial records are not subject to any confidentiality agreement and are available for inspection. The Bank agrees to maintain the confidentiality of all such books, records and information regarding the Commission which is not otherwise publicly available; provided, however, that the Bank shall not be precluded from disclosing such information or the contents of such books and records (i) to its officers, directors, employees, agents, attorneys and accountants who have a need to know such books, records or information in accordance with customary banking practices and who receive such books, records or information having been made aware of the restrictions set forth in this Section 7.1(c), (ii) to any actual or proposed Participant or Bank which has agreed in writing to be bound by the provisions of this Section 7.1(c), (iii) to the extent disclosure is required by law, statute, rule, regulation or judicial process or (iv) upon the lawful demand of any court or agency having jurisdiction over the Bank or any Participant. (d) Reporting Requirements. The Commission shall furnish to the Bank: (i) as soon as available (and, in no event, later than two hundred ten (210) days after the end of each fiscal year of the Commission), a copy of its audited annual financial statements, consisting of a balance sheet and a statement of revenues, expenditures and changes in fund balances of the Commission, including the Sales Tax Revenues for such fiscal year, and accompanied by an unqualified opinion of a nationally recognized independent certified public accounting firm stating that they have been prepared in accordance with generally accepted accounting principles consistently applied and accompanied by a certification from the Executive Director or the Chief Financial Officer of the -34- 505 Commission addressed to the Bank stating that no Ratings Event, Event of Default, Special Event of Default or Suspension Event has occurred which was continuing at the end of such fiscal year or on the date of his or her certification, or, if such an event has occurred and was continuing at the end of such fiscal year or on the date of his or her certification, indicating the nature of such event and the action which the Commission proposes to take with respect thereto; (ii) within forty-five (45) days of the end of each fiscal quarter, the Commission will provide the Bank with the quarterly Measure A sales tax report that it receives from its consultants; (iii) as soon as possible and in any event within five (5) Business Days after the occurrence of a Ratings Event, or each Suspension Event, Event of Default or Default continuing on the date of such statement, a statement of an Authorized Representative setting forth details of such Ratings Event, Suspension Event, Event of Default or Default and the action which is being taken or proposed to be taken with respect thereto; (iv) promptly after the receipt or giving thereof, copies of all notices of resignation by or removal of the Trustee or Remarketing Agent which are received or given by the Commission; (v) promptly after the adoption thereof, copies of any amendments or supplements to the Official Statement and each Related Document; (vi) with reasonable promptness, a copy of its investment policy and Interest Rate Swap Agreement applicable to the 2009 Bonds; (vii) within thirty (30) days of the adoption thereof, a copy of the annual budget of the Commission prior to the commencement of each fiscal year of the Commission; and (viii) such other information respecting the business, properties or the condition or operations, financial or otherwise, of the Commission as the Bank may from time to time reasonably request. As and to the extent that any financial statement, audit report or other filing described in Section 7.1(d)(i), 7.1(d)(iii), 7.1(d)(v) or 7.1(d)(vii) has been filed on a timely basis with the Municipal Securities Rulemaking Board through its Electronic Municipal Market Access system, the requirements of such Sections 7.1(d)(i), 7.1(d)(iii), 7.1(d)(v) or 7.1(d)(vii), with respect thereto shall be deemed satisfied. (e) Compliance with Documents. The Commission will take all necessary steps to assure that all 2009 Bonds will be issued in compliance with the Indenture. The Commission agrees that it will perform and comply with each and every covenant and agreement required to be performed or observed by it in the Related Documents. -35- 506 (f) Amendments to the Sales Tax Law. The Commission shall notify the Bank of any amendments to the law of which the Commission has actual knowledge which could (i) annul or replace the Sales Tax Law, or (ii) amend, modify or adversely impact the Sales Tax Law, or lead to the diminution or reallocation of the Sales Tax Revenues or any portion thereof, which could reasonably be expected to materially impair or adversely affect the rights of the Commission to any or all of the Sales Tax Revenues or to the security of the Bank or the owners of the 2009 Bonds. (g) Changes to Law. The Commission shall vigorously oppose any rescission of or amendment to or any other action under or in connection with the Sales Tax Revenues (including, without limitation, any modification of the Sales Tax Law) which would or could materially reduce the amount of the Sales Tax Revenues or the allocation of such revenues to the payment of the 2009 Bonds or the obligations of the Commission hereunder or which would or could in any manner materially impair or adversely affect the rights of the Commission to any or all of the Sales Tax Revenues or to the security of the Bank or the owners of the 2009 Bonds. (h) Selection of 2009 Series A Bonds for Redemption. The Commission shall select, or cause to be selected, for redemption any and all Bank Bonds subject to redemption prior to selecting, or causing to be selected, for redemption any 2009 Series A Bonds that are not Bank Bonds; provided that if notice of redemption has been mailed prior to the existence of Bank Bonds, such 2009 Series A Bonds called for redemption may be redeemed prior to the redemption of Bank Bonds. (i) Compliance With Law. The Commission shall comply with all laws, rules and regulations (including all federal, state and local environmental and health and safety laws, rules and regulations), and with all final orders, writs, judgments, injunctions, decrees or awards to which it may be subject; provided, however, that the Commission may contest the validity or application thereof and appeal or otherwise seek relief therefrom, and exercise any and all of the rights and remedies which it may have with regard thereto, so long as such acts do not affect the Commission's power and authority to execute and deliver this Agreement or any other Related Documents to which it is a party, to perform its obligations and pay all amounts payable by it hereunder and under the other Related Documents. (j) Notices. The Commission will promptly furnish, or cause to be furnished, to the Bank (i) notice of the occurrence of any Ratings Event, Suspension Event, Event of Default or Default as defined herein or in the Indenture, (ii) notice of the failure by the Remarketing Agent to perform any of its material obligations under the Remarketing Agreement or the Trustee to perform any of its material obligations under the Indenture, (iii) notice of any proposed substitution of this Agreement, (iv) each notice required to be given to the Bank pursuant to the Indenture, (v) notice of any litigation, administrative proceeding or enacted legislation which may reasonably be expected to materially adversely affect the Sales Tax Revenues, the transactions authorized pursuant to the Indenture or the ability of the Commission to perform its obligations as set forth hereunder, under the Indenture or under any of the other Related Documents to which it -36- 507 is a party, (vi) copies of any material communications delivered or received by the Commission pursuant to the Indenture (unless, with respect to communication received by it under the Indenture, the same are required to be furnished by the sender thereof directly to the Bank under the terms of the Indenture), or copies of any communications to and from the Securities and Exchange Commission or the Internal Revenue Service with respect to the transactions contemplated hereby that have not previously been disclosed to the Municipal Securities Rulemaking Board through its Electronic Municipal Market Access system if said communications could reasonably be expected to materially adversely affect the Sales Tax Revenues, the transactions authorized pursuant to the Indenture or the ability of the Commission to perform its obligations as set forth hereunder, under the Indenture or under any of the other Related Documents to which it is a party, (vii) notice of any downgrade, withdrawal, or suspension of the long-term rating based on the Commission's underlying rating assigned by a Rating Agency to the 2009 Bonds or any Parity Obligation or the placement of any such 2009 Bonds or Parity Obligation on credit watch by a Rating Agency or, if a Rating Agency then maintaining ratings on the 2009 Bonds and Parity Obligation expresses in writing a negative outlook as to the long-term rating of any such 2009 Series A Bonds or Parity Obligation, and (viii) such further financial and other information with respect to the Sales Tax Revenues and the other transactions authorized pursuant to the Indenture as the Bank may reasonably request from time to time. (k) Liquidity. (i) Other than in connection with a Conversion Date or other refinancing, the Commission shall use its best efforts to obtain an Alternate Liquidity Facility to replace this Agreement in the event (A) the Bank shall decide not to extend the Expiration Date pursuant to Section 10.10(b) hereof or the Commission fails to request such an extension on a timely basis, (B) the Commission terminates this Agreement pursuant to Section 2.4 hereof, (C) the Bank shall furnish a Notice of Termination Date pursuant to Section 8.4(c) hereof or (D) a Default Tender shall have been effected with any funds made available hereunder. (ii) The Commission agrees that any Alternate Liquidity Facility will require, as a condition to the effectiveness of the Alternate Liquidity Facility, that the Commission or the issuer of the Alternate Liquidity Facility will provide funds to the extent necessary, in addition to other funds available, on the proposed Substitution Date, for the purchase of all Bank Bonds at par plus all accrued interest thereon (plus any Differential Interest Amount and Excess Bank Bond Interest) through the proposed Substitution Date. On such proposed Substitution Date, any and all amounts due hereunder to the Bank shall be payable in full to the Bank. (iii) The Commission shall not permit an Alternate Liquidity Facility to become effective with respect to less than all of the 2009 Series A Bonds bearing interest at a Covered Rate without the prior written consent of the Bank. (1) Preservation of Existence. To the fullest extent permitted by law, the Commission shall maintain its legal existence. -37- 508 (m) Disclosure of Participants. The Commission shall permit the Bank to disclose any information received by the Bank in connection herewith, including without limitation the financial information described in Section 7.1(d) hereof, to any Participants; provided, that the Bank shall require, as a condition to providing any such information to any Participant, an agreement on the part of said Participant to maintain the confidentiality of said information except for the reasons set forth in the second proviso to Section 7.11 hereof. (n) Other Covenants. For the benefit of the Bank, the Commission shall comply with, abide by and be restricted by all the agreements, covenants, obligations and undertakings contained in the provisions of the Indenture and the other Related Documents, all of which provisions, together with the related definitions, exhibits and ancillary provisions, are incorporated herein by reference and made a part hereof to the same extent and with the same force and effect as if the same had been herein set forth in their entirety and, without regard to giving effect to any amendment or modification of any provisions of the such documents or any waiver of compliance therewith, no such amendment, modification or waiver (except as expressly noted above) shall in any manner constitute an amendment, modification or waiver of the provisions thereof as incorporated herein unless consented to in writing by the Bank; provided, that no such consent shall be necessary in the event (i) the Bank shall have failed to honor its obligation to purchase Eligible Bonds hereunder or (ii) in the event no such consent is required pursuant to Section 7.2(b) hereof. Notwithstanding the foregoing, a "default" or an "event of default" designated as a "Suspension Event" or a "Special Event of Default" in the Other Liquidity Facilities will not be deemed incorporated herein by reference nor shall such provisions be made a part hereof. (o) Conversions; Defeasance. The Commission shall promptly furnish, or cause to be furnished, to the Bank, not later than its furnishing the same to the Remarketing Agent, a copy of any written notice furnished by the Commission to the Remarketing Agent pursuant to the Indenture indicating a proposed conversion of the interest rate on the 2009 Series A Bonds to a rate other than a Covered Rate. In addition, the Commission will not defease, nor allow the defeasance of, the 2009 Series A Bonds without having contemporaneously satisfied all of its Obligations hereunder, including the Bank Bonds. (p) Remarketing Agent. The Commission shall use reasonable efforts to cause each Remarketing Agent at all times to comply with the terms of the Related Documents to which each is a party or by which such party is bound. In addition, the Commission will not permit the position of Remarketing Agent to be vacant without obtaining the prior written consent of the Bank thereto. After the Liquidity Provider has held Bank Bonds for a period of thirty (30) continuous days, it may direct the Commission to remove and replace the Remarketing Agent at any time, upon forty-five (45) days' prior written notice to the Remarketing Agent, the Commission, and the Trustee, and the Commission agrees to use commercially reasonable efforts to remove and replace the Remarketing Agent. -38- 509 (q) Use of Bond Proceeds. The Commission shall cause (i) the proceeds from moneys received hereunder to be used solely to pay the Purchase Price of 2009 Series A Bonds as more fully described in Sections 2.1 and 2.3 hereof, and (ii) the proceeds of the 2009 Series A Bonds to be used solely for the purposes set forth in the Indenture. (r) Invalidity. In the event this Agreement, the Fee Letter, the 2009 Series A Bonds, the Bank Bonds or the Indenture or any provision thereof is declared null and void or ceases to be valid and binding on the Commission, as determined in a final judgment rendered by a court of competent jurisdiction, and such event, in the judgment of the Bank, would or could adversely affect or reduce the amount that otherwise would be paid to the Bank when due under this Agreement or the Fee Letter or otherwise affect the security of the Bank, the Commission to the extent permitted by law will immediately take all necessary actions, including, if required, the authorization, execution and delivery of any additional or substitute indentures, trust agreements, resolutions or other agreements and the appointment of any additional or substitute trustee, to ensure that all payments required to be paid under the Indenture and this Agreement are paid when due. (s) Application of Revenues. The Commission shall cause all bond indentures under which the obligations are secured by Sales Tax Revenues to provide, so long as this Agreement is in effect or any Obligations outstanding, that the Trustee shall apply or transfer any and all Sales Tax Revenues and Revenues in the manner set forth in the Indenture. (u) Bond Ratings. The Commission shall maintain long term unenhanced ratings of the 2009 Series A Bonds from any two of Moody's, S&P or Fitch. (v) Sovereign Immunity. To the extent that the Commission has or hereafter may acquire under any applicable law any right to immunity from legal proceedings, on the grounds of sovereign immunity or any other similar doctrine, to the extent permitted by law, the Commission hereby irrevocably waives such rights to immunity for itself in respect of any claims arising under or related to this Agreement, the Fee Letter or any other Related Document. Section 7.2. Negative Covenants of the Commission. So long as any of the 2009 Series A Bonds (including any Bank Bonds) or any Obligations remain unpaid hereunder, the Commission shall not do any of the following, without the prior written consent of the Bank, which consent shall not be unreasonably withheld: (a) Successor Remarketing Agent and Remarketing Agreement. Appoint, permit or suffer to be appointed any successor Remarketing Agent unless (i) such successor meets the requirements for a remarketing agent under the Indenture; or (ii) the Commission provides at least three (3) Business Days' notice to the Bank and obtains the prior written consent of the Bank to such replacement remarketing agent, which consent shall not be unreasonably withheld and the Commission may deem such consent to have been given if the Commission has not received any notice to the contrary from the Bank after three (3) Business Days. -39- 510 (b) Amendments to the Indenture. Without the prior written consent of the Bank, (i) consent or agree to or permit any rescission of or amendment to the Act or the Sales Tax Law which would reduce the amount of the Sales Tax Revenues or the obligations of the Commission hereunder or which would in any manner materially impair or materially adversely affect the rights of the Commission to the Sales Tax Revenues or the security of the Indenture; or (ii) agree to the amendment of the Indenture such that payments to holders of 2009 Series A Bonds are impaired or reduced or the priority of the obligations of the Commission under the Indenture or to the Bank hereunder is adversely affected in any way; or (iii) agree to any amendment of the Indenture whatsoever which will materially and adversely affect the rights or obligations of the Bank or the holders of 2009 Series A Bonds in respect thereof; provided that no consent shall be required or impairment deemed or adverse affect assumed from the issuance of additional Bonds in accordance with the Indenture or in connection with a change in interest rate mode for any 2009 Series A Bonds. (c) Bank Disclosure. Include in the Official Statement any information concerning the Bank that is not supplied in writing, or otherwise consented to, by the Bank expressly for inclusion therein, nor shall the Commission make any changes in any reference to the Bank in any amendment or supplement to the Official Statement. In addition, the Commission shall not include in any offering document for any debt secured by the Sales Tax Revenues (other than the 2009 Bonds) any information concerning the Bank that is not supplied in writing, or otherwise consented to, by the Bank expressly for inclusion therein; provided, that the Commission may include references to the existence of this Agreement, the Bank and its role with respect to the 2009 Series A Bonds without the Bank's consent thereto in connection with (i) the preparation of an offering document for such debt (other than the 2009 Series A Bonds), (ii) the Commission's satisfaction of its continuing disclosure requirements, (iii) the preparation of its annual financial statements; and (iv) compliance with any other legal or regulatory requirement applicable to the Commission. (d) Maintenance of Tax -Exempt Status of the 2009 Series A Bonds. Take any action or omit to take any action which, if taken or omitted, would adversely affect the exclusion from gross income of such interest on the 2009 Series A Bonds for purposes of the exemption of such interest from Federal and State income taxes. (e) Federal Reserve Board Regulations. Use the moneys received hereunder, or permit the use of the moneys received hereunder, in violation of Regulation U, as amended, promulgated by the Board of Governors of the Federal Reserve System. (f) Accounting Method. Materially change its method of accounting relating to Sales Tax Revenues, or the times of commencement or termination of fiscal years or other accounting periods relating to Sales Tax Revenues without first disclosing in writing such change to the Bank. (g) Parity Repayment. The Commission shall not grant to the issuer of any Bank Agreement the right to declare any obligations owing to the issuer of such Bank -40- 511 Agreement to be immediately due and payable, or to be due and payable over a shorter amortization period, than the Commission's obligations with respect to Bank Bonds and its other Obligations hereunder, unless the Commission (i) gives notice to the Bank of such grant, and (ii) if requested by the Bank, enters into an amendment to this Agreement with the Bank in order to conform this Agreement to such Bank Agreement, in each case, at least thirty (30) prior the effectiveness of such grant to the issuer of the applicable Bank Agreement. (h) Swap Termination Payments. Enter into any Interest Rate Swap Agreement unless any and all termination payments that may become owing by the Commission thereunder shall be subordinate to the payment of the principal of and interest on the 2009 Series A Bonds and Bank Bonds. The Commission shall not permit any Lien on any portion of the Sales Tax Revenues securing any swap termination payments to be pari passu with or senior to the Lien on the Sales Tax Revenues created pursuant to the Indenture. ARTICLE VIII EVENTS OF DEFAULT AND SUSPENSION EVENTS Section 8.1. Events of Default not Constituting a Suspension Event or a Special Event of Default. The following occurrences shall be deemed and treated as events of default hereunder (each, an "Event of Default"): (a) Payments. The Commission shall fail to pay when due any fee, expense or other amount payable to the Bank pursuant to this Agreement or the Fee Letter, including without limitation, any amount owing under Section 2.7, Section 2.8, Section 2.9 or Section 10.3 hereof; or (b) Representations. Any material representation or warranty made by or on behalf of the Commission in this Agreement, the Indenture or in any other Related Document or in any certificate or statement delivered hereunder or thereunder shall be incorrect or untrue in any material respect when made or deemed to have been made; or (c) Certain Covenants. The Commission shall default in the due performance or observance of any of the covenants set forth in Section 7.1(h), 7.1(k), 7.1(1), 7.1(o), 7.1(q) 7.1(s), 7.1(u), 7.2(b), 7.2(d), 7.2(g), or 7.2(h) hereof; or (d) Other Covenants. The Commission shall materially default in the due performance or observance of any other term, covenant or agreement contained in this Agreement (other than those referred to in Sections 8.1(a), 8.1(b), and 8.1(c) hereof), the Indenture or any other Related Document and such default shall remain unremedied for a period of thirty (30) days after the Commission shall have received notice thereof from the Bank; provided, that, if such default cannot be remedied within such time period, such time period shall be extended by the Bank for a period of up to ninety (90) -41- 512 additional days, as long as the Commission shall be diligently pursuing the remedy therefor during such period; or (e) Cross Defaults. Except as otherwise provided in Section 8.3(e), any "Event of Default" as set forth in Section 7.01 of the Indenture shall occur and be continuing or any "Event of Default" shall occur and be continuing under any other agreement between the Commission and the Bank regarding Parity Obligations, if any; or (f) Failure to Preserve Pledge. The Commission shall fail to preserve the pledge indicated in Section 2.11 hereof; or (g) Rescission or Adverse Amendment to Sales Tax Revenues. Any rescission of or amendment to the Sales Tax Law which would materially reduce the amount of the Sales Tax Revenues or the allocation of the Revenues to the payment of the 2009 Series A Bonds, the Bank Bonds or the Obligations of the Commission hereunder or which would materially impair the rights of the Commission to receive the Sales Tax Revenues. Section 8.2. Suspension Events. The following occurrences shall be deemed and treated as suspension events (each, a "Suspension Event"): (a) Payment on Bonds. The Commission shall fail to pay when due any principal payment due on any Bank Bond during the Bank Bond Amortization Period pursuant to Section 3.1(b) hereof (a "Bank Bond Nonpayment Suspension Event"); or (b) Involuntary Insolvency. (i) There shall be commenced against the Commission any case, proceeding or other action in a court of competent jurisdiction, the commencement of which results in an immediate suspension as described in Section 8.4(b)(ii), relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered against the Commission, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding -up, liquidation, dissolution, composition or other relief with respect to it or the 2009 Series A Bonds, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets or for all or any substantial portion of the Sales Tax Revenues, which case, proceeding or other action remains undismissed, undischarged or unbonded for sixty (60) days from the commencement of such case, proceeding or other action; or (ii) any case, proceeding or other action commenced against the Commission in a court of competent jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered against the Commission, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding -up, liquidation, dissolution, composition or other relief with respect to it or the 2009 Series A Bonds, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets or for all or any substantial portion of the Sales Tax Revenues, results in an order for such relief or in the appointment of a receiver or similar official (each of (i) and (ii) being an "Involuntary Insolvency Suspension Event"); or -42- 513 (c) Government Action. There shall be commenced against the Commission, any case, proceeding or other action (excluding any action by the State Board of Equalization to recover its fees related to the disbursement of Sales Tax Revenues to the Commission), the commencement of which results in an immediate suspension as described in Section 8.4(b)(iv), by a Governmental Authority seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets or for all or any substantial portion of the Sales Tax Revenues, which case, proceeding or other action shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the commencement thereof (a "Government Action Suspension Event"); or (d) Pending Invalidity. (i) Any Governmental Authority with jurisdiction to rule on the validity or enforceability of this Agreement, the 2009 Series A Bonds, the Act the 2002 Ordinance or the Indenture shall find or rule, in a judicial or administrative proceeding, that any provision of this Agreement, the 2009 Series A Bonds, the Act, the 2002 Ordinance or the Indenture, as the case may be, relating to (A) the payment, when due, of the principal of or interest on the 2009 Series A Bonds (including any Bank Bonds) or (B) the Sales Tax Revenues securing said 2009 Series A Bonds (including any Bank Bonds) is not valid or not binding on, or enforceable against, the Commission; (ii) the State, acting on behalf of the Commission (A) makes a claim in a judicial or administrative proceeding that the Commission has no further liability or obligation hereunder, under the 2009 Series A Bonds (including any Bank Bonds), the Act or the Indenture to pay, when due, the principal of or interest on the 2009 Series A Bonds (including any Bank Bonds) or (B) contests in a judicial or administrative proceeding the validity or enforceability of any provision of this Agreement, the 2009 Series A Bonds (including any Bank Bonds), the Act, the 2002 Ordinance or the Indenture relating to or otherwise affecting (y) the payment, when due, of the principal of or interest on the 2009 Series A Bonds (including any Bank Bonds) or (z) the Sales Tax Revenues securing said 2009 Series A Bonds (including any Bank Bonds); or (iii) the Commission (A) makes a claim in a judicial or administrative proceeding that the Commission has no further liability or obligation hereunder, under the 2009 Series A Bonds (including any Bank Bonds), the Act, the Indenture or any Parity Obligation to pay, when due, the principal of or interest on the 2009 Series A Bonds (including any Bank Bonds) or on any Parity Obligation or (B) contests in a judicial or administrative proceeding the validity or enforceability of any provision of this Agreement, the 2009 Series A Bonds (including any Bank Bonds), the Act, the 2002 Ordinance, the Indenture or any Parity Obligation relating to or otherwise affecting (y) the payment, when due, of the principal of or interest on the 2009 Series A Bonds (including any Bank Bonds) or on any Parity Obligation or (z) the Sales Tax Revenues securing said 2009 Series A Bonds (including any Bank Bonds) and Parity Obligations (in all cases, a "Pending Invalidity Suspension Event"). Section 8.3. Special Events of Default. The following occurrences shall be deemed and treated as special events of default (each a "Special Event of Default"): -43- 514 (a) Payment on Bonds. The Commission shall fail to pay when due (i) any principal or sinking fund requirement due on any 2009 Series A Bond (including any Bank Bond prior to the commencement of the Bank Bond Amortization Period, but not including any Bank Bond during the Bank Bond Amortization Period) and (ii) any interest on any 2009 Series A Bond (including any Bank Bond); or (b) Judgments. One or more final, unappealable judgment(s) against the Commission for the payment of money, which judgment(s) is not covered by insurance, and which judgment(s) is to be enforced pursuant to a lien upon, or an attachment against, any or all of the Sales Tax Revenues, the operation or result of which judgment(s), individually or in the aggregate, equal or exceed $15,000,000 and which judgment(s) shall remain unpaid, undischarged, unbonded or undismissed for a period of sixty (60) days; or (c) Insolvency. The Commission shall commence any case, proceeding or other action (i) (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding -up, liquidation, dissolution, composition or other relief with respect to it, the 2009 Series A Bonds or the Parity Obligations, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets or for all or any substantial portion of the Sales Tax Revenues (excluding appointment of any trustee pursuant to the terms of the Indenture or the indenture relating to the CP Notes, and the pledges of Sales Tax Revenues thereunder), or the Commission shall make a general assignment for the benefit of its creditors; or (ii) the Commission shall take any action indicating its consent to, approval of, or acquiescence in, any of the acts constituting an Involuntary Insolvency Suspension Event; or (iii) the Commission shall admit in writing its inability to pay its debts as they become due; or (iv) the Commission becomes insolvent within the meaning of Section 101(32) of the United States Bankruptcy Code of 1978, as it may be amended from time to time, and any successor statute thereto; or (d) Invalidity. (i) The Act or the 2002 Ordinance is repealed, (ii) any provision of the Act, the 2002 Ordinance, this Agreement, the Indenture or the 2009 Series A Bonds relating to (A) the payment, when due, of the principal of or interest on the 2009 Series A Bonds (including any Bank Bonds) or (B) the Sales Tax Revenues securing said 2009 Series A Bonds shall, at any time and for any reason, cease to be valid and binding on the Commission, or shall be found or ruled to be null and void, invalid or unenforceable as the result of a final nonappealable judgment by any federal or state court or as a result of any legislative or administrative action by any Governmental Authority having jurisdiction over the Commission; or (iii) the Commission repudiates further liability or obligation under or with respect to any provision of the Act, the 2002 Ordinance, this Agreement, the Indenture, the 2009 Series A Bonds or the Parity Obligations relating to (A) the payment, when due, of the principal of or interest on the 2009 Series A Bonds (including any Bank Bonds) or on any Parity Obligation or (B) the Sales Tax Revenues securing said 2009 Series A Bonds and Parity Obligation; or (iv) the -44- 515 State, acting on behalf of the Commission, shall have taken or permitted to be taken any official action, or has duly enacted any statute, which supplements, modifies and/or amends in any manner that makes invalid or unenforceable any provision of this Agreement, the 2009 Series A Bonds, the Act, the 2002 Ordinance or the Indenture relating to (A) the payment, when due, of the principal of or interest on the 2009 Series A Bonds (including any Bank Bonds) or (B) the Sales Tax Revenues securing said 2009 Series A Bonds (including any Bank Bonds); or (v) the Commission shall have taken or permitted to be taken any official action which supplements, modifies and/or amends in any manner that makes invalid or unenforceable any provision of this Agreement, the 2009 Series A Bonds, the Act, the 2002 Ordinance, the Indenture or any Parity Obligation relating to (A) the payment, when due, of the principal of or interest on the 2009 Series A Bonds (including any Bank Bonds) or on any Parity Obligation or (B) the Sales Tax Revenues securing said 2009 Series A Bonds (including any Bank Bonds) and Parity Obligation; or (vi) a debt moratorium or comparable extraordinary restriction on repayment of principal or interest on any debt shall have been declared (whether or not in writing) by the Commission or imposed pursuant to a finding or ruling by a Governmental Authority with jurisdiction over the Commission with respect to the 2009 Series A Bonds (including any Bank Bond); or (e) Cross Default. The Commission shall fail to make any payment in respect of principal or interest on any Parity Obligation, issued and outstanding or to be issued, when due (i.e., whether upon said Parity Obligation's scheduled maturity, required prepayment, acceleration, upon demand or otherwise, except as such payments may be accelerated, demanded or required to be prepaid under this Agreement), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Parity Obligation. Section 8.4. Remedies. (a) In the ease of a Ratings Event or any Special Event of Default, the Available Commitment shall immediately be reduced to zero, in which case, the obligations of the Bank under Article II of this Agreement (including any obligations which have been suspended pursuant to Section 8.4(b) hereof) shall immediately terminate and expire without requirement of notice by the Bank; provided, that (i) the Suspension Event described in Section 8.3(a) will not qualify as a "Special Event of Default" hereunder if the failure to pay the principal of, or interest on, a Bank Bond is due solely to an acceleration of all of the Bank Bonds by the Bank for any reason other than nonpayment as described in Section 8.3(a) hereof and (ii) the Suspension Events described in Section 8.4(b) hereof will not qualify as "Special Events of Default" unless and until the conditions described in said Section 8.4(b) for such qualification have been satisfied. After such termination or expiration, the Bank shall deliver promptly to the Commission, the Trustee and the Remarketing Agent written notice of such termination or expiration; provided, however, that failure to provide such written notice shall have no effect on the validity or enforceability of such termination or expiration. (b) In the case of a Suspension Event, the obligation of the Bank to purchase Eligible Bonds under this Agreement shall be immediately suspended without notice or demand and, thereafter, the Bank shall be under no obligation to purchase Eligible Bonds until the Available Commitment is reinstated as described below (or is otherwise terminated or expires pursuant to -45- 516 the terms of this Agreement). Promptly upon the occurrence of any such Suspension Event, the Bank shall notify the Commission, the Trustee and the Remarketing Agent of such suspension and the effective date of such suspension in writing by facsimile, promptly confirmed by regular mail; provided, however, that failure to provide such written notice shall have no effect on the validity or enforceability of such suspension. (i) Upon the occurrence of a Bank Bond Nonpayment Suspension Event, the Bank's obligations to purchase Eligible Bonds shall be suspended immediately and automatically and remain suspended until the Commission cures the Bank Bond Nonpayment Suspension Event resulting in said suspension or the Final Date occurs, whichever is first. If the Commission shall cure the Bank Bond Nonpayment Suspension Event prior to the Final Date, then the Available Commitment and the obligations of the Bank under this Agreement shall thereupon be reinstated (unless the Commitment Period shall otherwise have been terminated, suspended or expired as provided in this Agreement). Notwithstanding the foregoing, if the Commission shall not have cured the Bank Bond Nonpayment Suspension Event resulting in said suspension prior to date when principal is due on such Bank Bond during the Bank Bond Amortization Period, then the Available Commitment and the obligations of the Bank to purchase Eligible Bonds shall terminate on the Final Date without notice or demand and, thereafter, the Bank shall be under no obligation to purchase Eligible Bonds. (ii) Upon the commencement of the case, proceeding or other action constituting an Involuntary Insolvency Suspension Event described in Section 8.2(b)(i), the Bank's obligations to purchase Eligible Bonds shall be immediately and automatically suspended and remain suspended until the case, proceeding or other action referred to therein is either dismissed, discharged or bonded within sixty (60) days from the commencement of such case, proceeding or action, or the Final Date occurs, whichever is first. In the event that said case, proceeding or other action shall have been dismissed, discharged or bonded within the sixty (60) day period described therein and prior to the Final Date, then the Available Commitment and the obligation of the Bank to purchase Eligible Bonds shall be reinstated and the terms of this Agreement shall continue in full force and effect as if there had been no such suspension (unless the Commitment Period shall otherwise have been terminated, suspended or expired as provided in this Agreement). In the event that said case, proceeding or other action shall not have been dismissed, discharged or bonded within such sixty (60) day period, then the Available Commitment and the obligation of the Bank to purchase Eligible Bonds shall terminate at the close of business on such sixtieth (60th) day without notice or demand and, thereafter, the Bank shall be under no obligation to purchase Eligible Bonds. (iii) Upon the occurrence of an Involuntary Insolvency Suspension Event described in Section 8.2(b)(ii), the Bank's obligations to purchase Eligible Bonds shall be suspended immediately and automatically and remain suspended until said case, proceeding or other action referred to therein is either dismissed, discharged or bonded or the Final Date occurs, whichever is first. In the event that said Involuntary Insolvency Suspension Event shall have been dismissed, discharged or bonded prior to the Final Date, then the Available Commitment and the obligation of the Bank to purchase Eligible -46- 517 Bonds shall be reinstated and the terms of this Agreement shall continue in full force and effect as if there had been no such suspension (unless the Commitment Period shall otherwise have been terminated, suspended or expired as provided in this Agreement). In the event that said Involuntary Insolvency Suspension Event shall not have been dismissed, discharged or bonded prior to the Final Date, then the Available Commitment and the obligation of the Bank to purchase Eligible Bonds shall terminate on such Final Date without notice or demand and, thereafter, the Bank shall be under no obligation to purchase Eligible Bonds. (iv) Upon the commencement of the case, proceeding or other action constituting a Government Action Suspension Event, the Bank's obligations to purchase Eligible Bonds shall be immediately and automatically suspended and remain suspended until the case, proceeding or other action referred to therein is either vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the commencement of such case, proceeding or action, or the Final Date occurs, whichever is first. In the event that the case, proceeding or other action shall have been vacated, discharged, or stayed or bonded pending appeal within the sixty (60) day period described therein and prior to the Final Date, then the Available Commitment and the obligation of the Bank to purchase Eligible Bonds shall be reinstated and the terms of this Agreement shall continue in full force and effect as if there had been no such suspension (unless the Commitment Period shall otherwise have been terminated, suspended or expired as provided in this Agreement). In the event that the case, proceeding or other action shall not have been vacated, discharged, or stayed or bonded pending appeal within such sixty (60) day period, then the Available Commitment and the obligation of the Bank to purchase Eligible Bonds shall terminate at the close of business on such sixtieth (60th) day without notice or demand and, thereafter, the Bank shall be under no obligation to purchase Eligible Bonds. (v) Upon the occurrence of a Pending Invalidity Suspension Event, the Bank's obligations to purchase Eligible Bonds shall be immediately and automatically suspended and remain suspended unless and until a court with jurisdiction to rule on such a Pending Invalidity Suspension Event shall enter a final and nonappealable judgment that any of the material provisions of the Act or any other document described in Section 8.2(d)(i) are not valid or not binding on, or enforceable against, the Commission or that a claim or contest described in Section 8.2(d)(ii) shall have been upheld in favor of the State, acting on behalf of the Commission, or the Commission in accordance with a final and nonappealable judgment, then, in each such case, the Available Commitment and the obligation of the Bank to purchase Eligible Bonds shall immediately terminate without notice or demand and, thereafter, the Bank shall be under no obligation to purchase Eligible Bonds. If a court with jurisdiction to rule on such a Pending Invalidity Suspension Event shall find or rule by entry of a final and nonappealable judgment that the material provision of the Act or any other document described in Section 8.2(d)(i) is valid and binding on, or enforceable against, the State, acting on behalf of the Commission, or the Commission or that the claim or contest described in Section 8.2(d)(ii) shall have been dismissed pursuant to a final and nonappealable judgment, then the Available Commitment and the obligations of the Bank under this -47- 518 Agreement shall, in each such case, thereupon be reinstated (unless the Commitment Period shall otherwise have been terminated, suspended or expired as provided in this Agreement). Notwithstanding the foregoing, if the suspension of the obligations of the Bank pursuant to a Pending Invalidity Suspension Event remains in effect and litigation is still pending and a determination regarding same shall not have been dismissed or otherwise made pursuant to a final and non -appealable judgment, as the case may be, when the Final Date occurs, then the Available Commitment and the obligation of the Bank to purchase Eligible Bonds shall terminate on the Final Date without notice or demand and, thereafter, the Bank shall be under no obligation to purchase Eligible Bonds. In the case of each Suspension Event, the Commission shall cause the Trustee to subsequently notify all Bondholders of the suspension and/or termination of both the Available Commitment and the obligation of the Bank to purchase Eligible Bonds. (c) Upon the occurrence of a Ratings Event, Suspension Event or any Event of Default, the Bank shall have all remedies provided at law or equity, including, without limitation, specific performance; and in addition, the Bank, in its sole discretion, may do one or more of the following: (i) declare all obligations of the Commission to the Bank hereunder (other than payments of principal and redemption price of and interest on the Bank Bonds) to be immediately due and payable, and the same shall thereupon become due and payable without demand, presentment, protest, notice of intent to accelerate, notice of acceleration or further notice of any kind, all of which are hereby expressly waived; (ii) the Bank may give written notice of such Event of Default and termination of the Agreement (a "Notice of Termination Date") to the Trustee, the Commission and the Remarketing Agent requesting a Default Tender; provided, that the obligation of the Bank to purchase 2009 Series A Bonds shall terminate on the thirtieth (30th) day (or if such day is not a Business Day, the next following Business Day) after such Notice of Termination Date is received by the Trustee and, on such date, the Available Commitment shall terminate and the Bank shall be under no obligation hereunder to purchase 2009 Series A Bonds; (iii) exercise any right or remedy available to it under any other provision of this Agreement; or (iv) exercise any other rights or remedies available under the Indenture and any other Related Document, any other agreement or at law or in equity; provided, further, however, the Bank shall not have the right to terminate its obligation to purchase 2009 Series A Bonds except as provided in this Section 8.4. Notwithstanding anything to the contrary herein, no failure or delay by the Bank in exercising any right, power or privilege hereunder, under the Indenture and any other Related Document or under the 2009 Series A Bonds and no course of dealing between the Commission and the Bank shall operate as a waiver hereof or thereof nor shall any single or partial exercise hereof or thereof preclude any other or further exercise hereof or thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies which the Bank would otherwise have. (d) In addition to the foregoing, upon the occurrence of a Ratings Event, Special Event of Default, Suspension Event or any Event of Default hereunder, all Obligations due and payable hereunder (including any Bank Bonds) shall bear interest at the Default Rate. -48- 519 ARTICLE IX OBLIGATIONS ABSOLUTE Section 9.1. Obligations Absolute. The obligations of the Commission under this Agreement shall be absolute, unconditional and irrevocable and shall be paid or performed strictly in accordance with the terms of this Agreement, under all circumstances whatsoever, including, without limitation, the following circumstances: (a) any lack of validity or enforceability of this Agreement, the Indenture or any other Related Document or any other agreement or instrument delivered in connection herewith or therewith; (b) any amendment or waiver of, or any consent to departure from, the terms of the Indenture or any other Related Document; (c) the existence of any claim, set-off, defense or other right which the Commission may have at any time against the Trustee, the Remarketing Agent, the Bank or any other Person, whether in connection with this Agreement, the Indenture, any other Related Document or any unrelated transaction; provided, however, that nothing, herein contained shall prevent the assertion of such claim by separate suit; (d) any statement or any other document presented other than by the Bank under this Agreement, the Indenture or any of the other Related Documents proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect whatsoever; (e) the purchase of a Bank Bond after the delivery of a Notice of Bank Purchase that does not comply with the terms of this Agreement; or (f) any other circumstances or happening whatsoever, whether or not similar to any of the foregoing. ARTICLE X MISCELLANEOUS Section 10.1 Liability of the Bank. (a) With respect to the Bank, the Commission assumes all risks of the acts or omissions of the Trustee, the Remarketing Agent and any of their agents in respect of their use of this Agreement or any amounts made available by the Bank hereunder. To the extent permitted by applicable law, neither the Bank nor any of it officers or directors shall be liable or responsible for: (i) the use which may be made of this Agreement or any amounts made available by the Bank hereunder or for any acts or omissions of the Trustee or Remarketing Agent or their agents in connection therewith, (ii) the validity, sufficiency or genuineness of documents (other than this Agreement), or of any endorsements thereon, even if such documents should in fact prove to be in any or all respects invalid, insufficient, fraudulent -49- 520 or forged; (iii) any action, inaction or omission which may be taken by the Bank in good faith without gross negligence in connection with the Agreement; (iv) the validity, sufficiency or genuineness of documents (other than this Agreement), or of any endorsements thereon, even if such documents should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged; (v) payment by the Bank against presentation of documents which do not comply with the terms of this Agreement, including failure of any documents to bear any reference or adequate reference to this Agreement; or (vi) any other circumstances whatsoever in making or failing to make payment under this Agreement, except only that the Commission shall have a claim against the Bank and the Bank shall be liable to the Commission to the extent, but only to the extent, of any direct, as opposed to consequential, damages suffered by the Commission which the Commission proves were caused by the Bank's gross negligence or willful failure to make payment under this Agreement in accordance with the terms hereof. In furtherance and not in limitation of the foregoing, the Bank may accept documents that the Bank in good faith determines appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary. (b) The Commission assumes all risks associated with the acceptance by the Bank of documents received by telecommunication, it being agreed that the use of telecommunication devices is for the benefit of the Commission and that the Bank assumes no liabilities or risks with respect thereto. Section 10.2. [Reserved]. Section 10.3. Costs and Taxes; Expenses; Indemnification. (a) The Commission shall pay to the Bank the following amounts: (i) on the Effective Date pursuant to a written invoice received at least two (2) Business Days prior to the Effective Date, all reasonable costs and expenses actually incurred by the Bank, the Bank's out-of-pocket expenses, and the fees and disbursements of the Bank's counsel in connection with the preparation, execution and delivery of this Agreement and any other documents and instruments that may be delivered in connection therewith, plus the reasonable out-of-pocket expenses of counsel to the Bank in accordance with the Fee Letter, (ii) thirty (30) days following the Commission's receipt of a written invoice from the Bank for such amounts, all costs and expenses incurred by the Bank, including reasonable fees and out-of-pocket expenses of counsel for the Bank, otherwise arising in connection with this Agreement and the Related Documents, including, without limitation, in connection with any amendment hereto or thereto, the enforcement hereof or thereof or the protection of the rights of the Bank hereunder or thereunder, and (iii) thirty (30) days following the Commission's receipt of a written invoice from the Bank for such amounts, any and all stamp, excise or other similar tax and any penalties or interest with respect thereto, which may be assessed, levied or collected by any jurisdiction in connection with the execution, delivery and performance of, or any payment made under, this Agreement and any other documents or instruments that may be delivered in connection herewith. (b) To the extent permitted by applicable law, the Commission hereby indemnifies and holds harmless the Bank and its respective officers, directors, employees and agents (each, an "Indemnified Party") from and against any and all claims, damages, losses, liabilities, costs or expenses whatsoever which any Indemnified Party may incur (or which may be claimed against -50- 521 the Indemnified Party by any person or entity whatsoever) by reason of or in connection with the offering and sale of the 2009 Series A Bonds (including, without limitation, by reason of any inaccuracy in any material respect, or any untrue statement or alleged untrue statement of any material fact, contained in the Official Statement or any amendment or supplement thereto, or by reason of the omission or alleged omission to state therein a material fact necessary to make such statements, in light of the circumstances under which they were made, not misleading), the execution and delivery and performance of this Agreement and the Fee Letter by the Commission and the Bank, and payment or failure to pay under this Agreement by the Bank or any other aspect of the transactions contemplated by this Agreement or any of the other Related Documents; provided, however, that the Commission shall not be required to indemnify any Indemnified Party for any claims, damages, losses, liabilities, costs or expenses (i) to the extent, but only to the extent, caused by the willful misconduct or gross negligence of the Indemnified Party or its respective officers, directors, employees or agents or (ii) in the case of any action or proceeding alleging an inaccuracy in a material respect, or an untrue statement, with respect to information supplied in writing by the Bank contained in the Official Statement (the "Bank Information"), if, in any such action or proceeding, it is finally determined that the Bank was liable in providing Bank Information which contained an inaccuracy in any material respect or an untrue statement of a material fact. (c) Subject to applicable law, nothing in this Section 10.3 is intended to limit any other obligations of the Commission contained in Articles II and III hereof and the obligations of the Commission under this Section 10.3 shall be in addition to any and all rights of reimbursement, indemnification, subrogation or any other rights pursuant hereto or under law or equity. (d) The provisions of this Section 10.3 shall survive the termination of this Agreement and payment of the Obligations. Section 10.4. Notices. Unless otherwise specified herein, all notices, requests, demands or other communications to or upon the respective parties hereto or referred to herein shall be deemed to have been given (a) in the case of notice by letter, when delivered by hand or four (4) days after the same is deposited in the mails, first-class postage prepaid, and (b) in the case of notice by telecopier or email, when sent, receipt confirmed, addressed to them as follows or at such other address as any of the parties hereto may designate by written notice to the other parties hereto and to the Remarketing Agent: -51- 522 Commission: If to the Commission by U.S. Postal Service: If to the Commission by other carrier: Bank: For purposes of Notices of Bank Purchase, billing and payment: For all other purposes: -52- 523 Remarketing Agent: Trustee: Section 10.5. Successors, Participants and Assigns. This Agreement shall be binding upon and inure to the benefit of the Commission and the Bank and their respective successors, endorsees and assigns, except that (i) the Commission may not assign or transfer its rights or obligations hereunder without the prior written consent of the Bank; provided, however, that if and to the extent the rights and obligations of the Commission hereunder are assigned or transferred to a successor entity pursuant to State legislation, and such assignee or transferee assumes said rights and obligations in a written notice to the Bank, the consent of the Bank hereunder will not be required; and (ii) the Bank may not assign or transfer its rights or obligations hereunder without providing thirty (30) days' written notice thereof to the Commission and the Remarketing Agent and without obtaining written notice from Standard & Poor's, if the 2009 Series A Bonds are rated by Standard & Poor's, Moody's, if the 2009 Series A Bonds are rated by Moody's, and Fitch, if the 2009 Series A Bonds are rated by Fitch that such assignment will not result in a suspension, lowering or withdrawal of the rating on the 2009 Series A Bonds. The Bank may grant a participation to any financial institution in all or any part of, or any interest (undivided or divided) in, the Bank's rights and benefits under this Agreement and any 2009 Series A Bonds owned by it, and to the extent of that participation such Participant shall, except as set forth in the following clause (b), have the same rights and benefits against the Commission hereunder as it would have had if such Participant were the Bank hereunder; provided, that (a) no such participation shall affect the obligations of the Bank to purchase 2009 Series A Bonds as herein provided; (b) the Commission shall be required to deal only with the Bank with respect to any matters under this Agreement and no such Participant shall be entitled to enforce directly against the Commission any provision hereunder; and (c) such Participant shall not be any Person registered as an investment company under the Investment Company Act of 1940, as amended, substantially all of the assets of which are invested in obligations exempt from federal income taxation under Section 103 or 103A of the Code or any similar or successor provision. The obligations of the Bank under this Agreement or any part hereof may be assigned by the Bank to any financial institution only with the prior written consent of the Commission. (b) The Bank may assign and pledge all or any portion of the obligations owing to it to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any Operation Circular issued by such Federal Reserve Bank; provided, that any payment in respect of such assigned obligations made by the Commission to the Bank in accordance with the terms of this Agreement shall satisfy the Commission's obligations hereunder in respect of such assigned obligation to the extent of such payment. No such assignment shall release the Bank from its obligations hereunder. -53- 524 Section 10.6. Governing Law; Waiver of Trial by Jury; Judicial References; Miscellaneous. (a) THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT UNDER, AND FOR ALL PURPOSES SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT THE AUTHORIZATION OF THIS AGREEMENT AND THE OBLIGATIONS OF THE COMMISSION HEREUNDER SHALL BE GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA. (b) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE FEE LETTER OR ANY OTHER RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). IF AND TO THE EXTENT THE FOREGOING WAIVER OF THE RIGHT TO A JURY TRIAL IS UNENFORCEABLE FOR ANY REASON, THE PARTIES HERETO HEREBY CONSENT TO THE ADJUDICATION OF ANY AND ALL CLAIMS PURSUANT TO JUDICIAL REFERENCE AS PROVIDED IN CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638, AND THE JUDICIAL REFEREE SHALL BE EMPOWERED TO DETERMINE ANY AND ALL ISSUES IN SUCH REFERENCE WHETHER FACT OR LAW. EACH PARTY HERETO ACKNOWLEDGES AND REPRESENTS THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE FEE LETTER BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION, AND THAT IT HAS REVIEWED THIS WAIVER AND CONSENT, AND KNOWINGLY AND INTENTIONALLY WAIVES ITS JURY TRIAL RIGHTS AND CONSENTS TO JUDICIAL REFERENCES FOLLOWING THE OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL OF ITS CHOICE ON SUCH MATTERS. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT OR TO JUDICIAL REFERENCE UNDER CALIFORNIA CODE OF CIVIL PROCEDURES SECTION 678 AS PROVIDED HEREIN. (c) TO THE EXTENT PERMITTED BY LAW, THE WAIVERS MADE PURSUANT TO THIS SECTION 10.6 SHALL BE IRREVOCABLE AND UNMODIFIABLE, WHETHER IN WRITING OR ORALLY, AND SHALL BE APPLICABLE TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS OF THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT SITTING WITHOUT A JURY. (d) EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT OF THE STATE OF NEW YORK OR CALIFORNIA, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE FEE LETTER OR ANY OTHER RELATED DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR CALIFORNIA STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT, THE FEE LETTER OR IN ANY OTHER RELATED DOCUMENT SHALL AFFECT ANY RIGHT THAT THE BANK MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS -54- 525 AGREEMENT, THE FEE LETTER OR ANY OTHER RELATED DOCUMENT AGAINST THE COMMISSION OR ANY OTHER PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. (e) WAIVER OF VENUE. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE FEE LETTER OR ANY OTHER RELATED DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (D) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. (f) THE PARTIES HERETO FURTHER IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS SET FORTH IN SECTION 10.6 HEREOF, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE PARTIES HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. Section 10.7. No Waivers, Amendments, Etc. No provision of this Agreement shall be waived, amended or supplemented except by a written instrument executed by the parties hereto. This Agreement may not be amended or modified without the prior written consent of each party hereto and the Commission agrees to use its best efforts to deliver to the Trustee and each Rating Agency a copy of any amendment to this Agreement. Section 10.8. Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Section 10.9. Source of Funds. The Bank agrees that all funds provided by the Bank hereunder will be paid from funds of the Bank and not directly or indirectly from funds or collateral on deposit with or for the account of, or pledged with or for the account of, the Bank by the Commission. Section 10.10. Term of the Agreement; Survival. (a) Term. The term of this Agreement shall be until the later of (x) the last day of the Commitment Period and (y) the payment in full of the principal of and interest on all Bank Bonds and all Obligations due hereunder. (b) Extension of Term. Upon the written request of the Commission received by the Bank no earlier than one hundred eighty (180) days and no later than ninety (90) days prior to the Expiration Date then in effect, or such other date to which the Bank may consent in writing, the Bank shall, using commercially reasonable efforts, within sixty (60) days after its receipt of such request notify the Commission, the Trustee and the Remarketing Agent whether or not it will extend the current Expiration Date. Any extension shall be at the sole and absolute discretion of -55- 526 the Bank. If the Bank fails to notify the Commission of its decision within such 60-day period, the Bank shall be deemed to have rejected such request. Any such request by the Commission for an extension of the Expiration Date shall be substantially in the form of Exhibit C hereto (or in such other form to which the Bank may consent in writing) and, unless the Bank shall otherwise consent, shall include (i) a statement of the outstanding principal amount of the 2009 Series A Bonds, (ii) a reasonably detailed description of any Ratings Event, Suspension Event or any and all Events of Default and all conditions, events and acts which with notice or lapse of time or both would become a Ratings Event, Suspension Event or an Event of Default, and (iii) any other pertinent information requested by the Bank. (c) Survival of Obligations. To the extent permitted by law, the obligations of the Commission under Sections 2.2, 2.7, 2.8, 2.9, 3.1 and 10.3 hereof, including all Obligations set forth herein, shall survive for up to three (3) years after the termination of the Available Commitment. Section 10.11. Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not have any effect for purposes of interpretation or construction of the terms of this Agreement. Section 10.12. Complete and Controlling Agreement. This Agreement, the Indenture and the other Related Documents completely set forth the agreements between the Bank and the Commission and supersede all prior agreements, both written and oral, between the Bank and the Commission relating to the matters set forth herein. Section 10.13. Beneficiaries. This Agreement is made solely for the benefit of the Commission, the Trustee and the Bank, their successors and assigns, and no other Person (including, without limitation, any owners of the 2009 Series A Bonds) shall have any right, benefit or interest under or because of the existence of this Agreement. Section 10.14. Severability. If any provision of this Agreement shall be held or deemed to be or shall in fact be illegal, inoperative or unenforceable, the same shall not affect any other provision or provisions herein contained or render the same invalid, inoperative or unenforceable to any extent whatever. Section 10.15. Patriot Act. The Bank hereby notifies the Commission that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Patriot Act"), it is required to obtain, verify and record information that includes the name and address of the Commission and other information that will allow the Bank to identify the Commission in accordance with the Patriot Act. The Commission shall, promptly following a request by the Bank, provide all documentation and other information that the Bank reasonably requests in order to comply with its ongoing obligations under applicable law or regulation, including, without limitation, "know your customer" and anti -money laundering rules and regulations, including the Act, and shall comply with all applicable Bank Secrecy Act ( "BSA ") laws and regulations, as amended. -56- 527 The Commission shall (a) ensure that no person who owns a controlling interest in or otherwise controls the Commission is or shall be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control ( "OFAC "), the Department of the Treasury or included in any Executive Orders, that prohibits or limits the Bank from making any advance or extension of credit to the Commission or from otherwise conducting business with the Commission and (b) ensure that the proceeds of the 2009 Series A Bonds shall not be used to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto. Remainder of page intentionally left blank; signature page to follow. -57- 528 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the Effective Date. RIVERSIDE COUNTY TRANSPORTATION COMMISSION By: Name: Title: THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., acting through its New York Branch By: Name: Title: S-1 to BTMU-RCTC SBPA relating to 2009 Series A Bonds 529 EXHIBIT A NOTICE OF BANK PURCHASE (Optional Tender) The undersigned, a duly authorized officer of U.S. Bank National Association, as Trustee (the "Trustee"), hereby certifies to The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting through its New York Branch (the "Bank'), in accordance with the Standby Bond Purchase Agreement (the "Standby Purchase Agreement" dated as of September 1, 2014, by and between Riverside County Transportation Commission and the Bank (all capitalized terms herein having the meanings ascribed thereto in the Standby Purchase Agreement), that: 1. Notice of a tender of Eligible Bonds for purchase having a Purchase Price of $ , pursuant to Section 22.04 of the Second Supplemental Indenture, has been received of which $ , constitutes principal and $ constitutes accrued interest. 2. Amounts available for the payment of the Purchase Price of such Eligible Bonds is $ of which $ is available to pay principal and of which $ is available to pay accrued interest. 3. The total principal amount requested hereby for the payment of the principal portion of the Purchase Price of Eligible Bonds is $ which amount does not exceed the Available Principal Commitment or the principal amount referred to in paragraph 1 above minus the principal amount referred to in 2 above. 4. The total amount requested hereby to pay the portion of the Purchase Price for Eligible Bonds constituting accrued interest is $ , which amount does not exceed the Available Interest Commitment or the amount of interest referred to in paragraph 1 above minus the amount of interest referred to in paragraph 2 above. 5. Eligible Bonds referred to above having a Purchase Price of $ [the amount in paragraph 3 plus the amount in paragraph 4] are hereby tendered to the Bank for purchase pursuant to the Standby Purchase Agreement on the date hereof. 6. Upon completion of purchase, the Trustee will [register such 2009 Series A Bonds, or if a 2009 Series A Bond for which notice of tender for purchase pursuant to the Indenture has been given is not delivered, a new 2009 Series A Bond issued in replacement of the undelivered 2009 Series A Bond, in the name of the Bank or if directed in writing by the Bank its nominee or designee on the Bond Register] [in the case of Book Entry Bonds, cooperate with the Bank and DTC to the extent necessary to ensure that the beneficial ownership of such 2009 Series A Bonds shall be credited to the account of the Bank or if directed in A-1 530 writing by the Bank its nominee or designee with DTC] [, and will hold such 2009 Series A Bonds in trust for the benefit of the Bank]. 7. The Purchase Date is , 20. 8. The Purchase Price for such Eligible Bonds is to be paid to the Trustee as follows: [insert wire transfer instructions] 9. To the best of the Trustee's knowledge, no Ratings Event, Special Event of Default or Suspension Event has occurred and is continuing on the date hereof. IN WITNESS WHEREOF, the Trustee has executed and delivered this Certificate as of the day of , 20. U.S. BANK NATIONAL ASSOCIATION, as Trustee By: Name: Title: A-2 531 EXHIBIT B NOTICE OF BANK PURCHASE (Mandatory Tender) The undersigned, a duly authorized officer of U.S. Bank National Association, as Trustee (the "Trustee") hereby certifies to The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting through its New York Branch (the "Bank"), in accordance with the Standby Bond Purchase Agreement (the "Standby Purchase Agreement"), dated as of September 1, 2014, by and between the Riverside County Transportation Commission and the Bank (all capitalized terms herein having the meanings ascribed thereto in the Standby Purchase Agreement), that: 1. Eligible Bonds have been called for Mandatory Tender having a Purchase Price of $ pursuant to Section 22.05 [(a)(1)/(a)(2)/(a)(5)] [Trustee to specify] of the Second Supplemental Indenture, of which $ constitutes principal and $ constitutes accrued interest. 2. Amounts available for the payment of the Purchase Price of such Eligible Bonds is $ of which $ is available to pay principal and of which $ is available to pay accrued interest. 3. The total principal amount requested hereby for the payment of the principal portion of the Purchase Price of Eligible Bonds is $ which amount does not exceed the Available Principal Commitment or the principal amount referred to in paragraph I above minus the principal amount referred to in paragraph 2 above. 4. The total amount requested hereby to pay the portion of the Purchase Price for Eligible Bonds constituting accrued interest is $ , which amount does not exceed the Available Interest Commitment or the amount of interest referred to in paragraph 1 above minus the amount of interest referred to in paragraph 2 above. 5. Eligible Bonds referred to above having a Purchase Price of $ [the amount in paragraph 3 plus the amount in paragraph 4] are hereby tendered to the Bank for purchase pursuant to the Standby Purchase Agreement on the date hereof. 6. Upon completion of purchase, the Trustee will [register such 2009 Series A Bonds or, if a 2009 Series A Bond subject to Mandatory Tender pursuant to the Indenture is not delivered, a new 2009 Series A Bond issued in replacement of the undelivered 2009 Series A Bond, in the name of the Bank or if directed in writing by the Bank its nominee or designee on the Bond Register] [in the case of Book Entry Bonds, cooperate with the Bank and DTC to the extent necessary to ensure that the beneficial ownership of such 2009 Series A Bonds shall be credited to the account of the Bank or if directed in writing by the Bank its B-1 532 nominee or designee with DTC] [,and will hold such 2009 Series A Bonds in trust for the benefit of the Bank]. 7. The Purchase Date is , 20 . 8. The Purchase Price for such 2009 Series A Bonds is to be paid to the Trustee as follows: [insert wire transfer instructions] 9. To the best of the Trustee's knowledge, no Ratings Event, Special Event of Default or Suspension Event has occurred and is continuing on the date hereof. IN WITNESS WHEREOF, the Trustee has executed and delivered this Certificate as of the day of , 20. U.S. BANK NATIONAL ASSOCIATION, as Trustee By: Name: Title: B-2 533 EXHIBIT C FORM OF REQUEST FOR EXTENSION OF EXPIRATION DATE [Date] Re: Request for Extension of Expiration Date Ladies/Gentlemen: Reference is hereby made to that certain Standby Bond Purchase Agreement, dated as of September 1, 2014 (the "Agreement"), by and between Riverside County Transportation Commission (the "Commission") and The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting through its New York Branch (the "Bank"). All capitalized terms contained herein which are not specifically defined shall be deemed to have the definitions set forth in the Agreement. The Commission hereby requests, pursuant to Section 10.10(b) of the Agreement, that the Expiration Date for the Commitment Period be extended by [_] days/[_] year[s]. Pursuant to Section 10.10(b) of the Agreement, we have enclosed along with this request the following information: 1. The outstanding principal amount of the 2009 Series A Bonds; 2. The nature of any Ratings Event, Suspension Event or any and all Events of Default and all conditions, events and acts which with notice or lapse of time or both would become a Ratings Event, Suspension Event or an Event of Default; and 3. Any other pertinent information previously requested by the Bank. C-1 534 The Bank is required to notify the Commission, the Trustee and the Remarketing Agent of its decision with respect to this request for extension within forty-five (45) days of the date of receipt hereof. If the Bank fails to notify the Commission of its decision within such 45 day period, the Bank shall be deemed to have rejected such request. Very truly yours, RIVERSIDE COUNTY TRANSPORTATION COMMISSION By: Name: Title: B-2 535 EXHIBIT D FORM OF LETTER FROM TRUSTEE September 1, 2014 Re: DTC and Book Entry Ladies/Gentlemen: Reference is hereby made to that certain Standby Bond Purchase Agreement, dated as of September 1, 2014 (the "Agreement"), by and between Riverside County Transportation Commission (the "Commission") and The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting through its New York Branch (the "Bank"). All capitalized terms contained herein which are not specifically defined shall be deemed to have the definitions set forth in the Agreement. Pursuant to Article IV, subparagraph (n) of the Agreement, the undersigned, a duly authorized officer of U.S. Bank National Association, as Trustee (the "Trustee") hereby agrees as follows: 1. The Trustee agrees to act as the agent of the Bank as owner of any Bank Bonds and agreeing to dispose of, and accept instructions with respect to, Bank Bonds only as directed by the Bank. 2. The Trustee agrees that so long as the 2009 Series A Bonds are issued in book -entry form and held by the Trustee as custodian of DTC as part of DTC's fast automated transfer program ( "FAST Eligible Bond"), concurrently with the Trustee's receipt of the purchase price for each purchase of 2009 Series A Bonds by the Bank hereunder, the Trustee, as a participant of DTC (or any other successor securities depository) or an eligible transfer agent, shall (A) credit the DTC account designated by the Bank as its account in which to hold Bank Bonds purchased by it (each, the "Bank Book -Entry Account") by the principal amount of the 2009 Series A Bonds purchased under the Agreement by the Bank using the Bank Bond CUSIP number for such 2009 Series A Bonds set forth below; and (B) debit the book -entry account of DTC for the 2009 Series A Bonds (thereby reducing the principal balance of the global certificate representing the 2009 Series A Bonds) (the `DTC Book -Entry Account") by the principal amount of the 2009 Series A Bonds purchased hereunder by the Bank. 536 3. The CUSIP number for 2009 Series A Bonds that are Bank Bonds is [769125DQ5]. 4. So long as the 2009 Series A Bonds are FAST Eligible Bonds, upon a remarketing of Bank Bonds in accordance with the terms of the Agreement and the Trustee's receipt from the Remarketing Agent and/or the Commission of the amounts set forth in Section 2.3(a) of the Agreement, the Trustee, as a participant of DTC (or any other successor securities depository) or an eligible transfer agent, shall (A) debit the Bank Book -Entry Account of the Bank by the principal amount of the 2009 Series A Bonds so remarketed; and (B) credit the DTC Book -Entry Account for such 2009 Series A Bonds (thereby increasing the principal balance of the global certificate representing such 2009 Series A Bonds) by the principal amount of the 2009 Series A Bonds so remarketed. 5 The Trustee also hereby acknowledges that it is familiar with, and in compliance with, the procedures and requirements set forth in a notice (the "DTC-VRDO Notice") from DTC, dated April 4, 2008, respecting "Variable Rate Demand Obligations ("VRDO ") Failed Remarketings and Issuance of Bank Bonds", as amended by DTC Notice number B3488-08 dated May 15, 2008, and agrees that, with respect to any and all Bank Bonds, it will follow the procedures and requirements set forth in the DTC-VRDO Notice, as the same may be amended from time to time. 6. The Trustee agrees that, following any amendment of the DTC-VRDO Notice, should the procedures and requirements therein become inconsistent with any aspect of the provisions of the Indenture, the Trustee shall promptly negotiate in good faith and consent to amendments as necessary to eliminate such inconsistency. 7. The Trustee acknowledges and agrees to perform its obligations under and to act in strict accordance with the terms of the Agreement. Very truly yours, U.S. BANK NATIONAL ASSOCIATION, solely in its capacity as Trustee and not in its individual capacity By: Name: Title: -2- 537 ATTACHMENT 3 CHAPMAN AND CUTLER DRAFT DATED AUGUST 27, 2014 FEE LETTER DATED AS OF SEPTEMBER 18, 2014 Reference is hereby made to that certain Standby Bond Purchase Agreement dated as of September 1, 2014 (the "Agreement"), by and between the RIVERSIDE COUNTY TRANSPORTATION COMMISSION (the "Commission "), and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., acting through its New York Branch (the "Bank"), relating to the Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series A (the "Bonds"). Capitalized terms not otherwise defined herein shall have the meanings set forth in the Agreement. The purpose of this Fee Letter is to confirm the agreement between the Bank and the Commission with respect to, among other things, the Commitment Fees (as defined below) and certain other fees payable to the Bank. This Fee Letter is the Fee Letter referenced in the Agreement. ARTICLE I. FEES AND OTHER AGREEMENTS. Section 1.1. Commitment Fees. The Commission hereby agrees to pay or cause to be paid to the Bank on December 1, 2014, for the period commencing on the Effective Date and ending on November 30, 2014, and in arrears on the first Business Day of each March, June, September and December occurring thereafter to the last day of the Commitment Period, and on the last day of the Commitment Period, a non-refundable facility fee (the "Commitment Fees") in an amount, for each day during the related fee period, equal to the product of the Available Commitment for such day and the applicable rate per annum based on the Level corresponding to the Rating (as defined below) in effect on such day. LEVEL Level 1 Level Level Level Level Level Level Level MOODY' S RATING Aa2 or above Aa3 Al A2 A3 Baal Baa2 Baa3 or below S&P RATING AA+ or above AA or AA- A+ A A - BBB+ BBB BBB- or below FITCH RATING AA or above AA- A+ A A - BBB+ BBB BBB- or below COMMITMENT FEE RATE The term "Rating" as used above shall mean the lowest long-term unenhanced credit rating assigned by any Rating Agency to the Bonds or any other Parity Obligation. For the avoidance of doubt, in the event of a split in the ratings on the Bonds or any Parity Obligation (i.e., one or more of the Rating Agencies' ratings on the Bonds or any other Parity Obligation is Official Statement APP B revisions.DOC 4149910 538 at a different level than such rating by either of the other Rating Agencies), the Rating shall be based upon the Level in which the lowest such rating appears. Any change in the Commitment Fee Rate resulting from a change in the Rating shall be and become effective as of and on the date of the announcement of the change in the Rating. References to ratings above are references to rating categories as presently determined by the Rating Agencies and in the event of adoption of any new or changed rating system by any Rating Agency, including, without limitation, any recalibration of such ratings in connection with the adoption of a "global" rating scale, each rating from the Rating Agency in question referred to above shall be deemed to refer to the rating category under the new rating system which most closely approximates the applicable rating category as currently in effect. The Commission acknowledges and the Bank agrees that as of the Effective Date the Commitment Fee Rate is that specified above for Level 1. In the event that any rating on the Bonds or any Parity Obligation is suspended, withdrawn or otherwise unavailable from any Rating Agency (except, with respect to such other unavailability only, to the extent that the applicable Rating Agency states in writing that such action occurred for a non -credit -related reason), the Commitment Fee Rate shall be that set forth above in Level 8. In addition, upon the occurrence of and during the continuance of an Event of Default, the Commitment Fee Rate shall immediately increase by -% per annum above the Commitment Fee Rate otherwise in effect. The Commitment Fees shall be payable on the dates set forth above on the basis of a year of 360-days and the actual number of days elapsed. The Bank agrees to use commercially reasonable efforts to submit an invoice to the Commission thirty (30) days prior to each date a Commitment Fee is due (assuming no change in ratings or commitment amount for such invoice); provided, however, that no failure on the part of the Bank to do so shall in any way diminish or affect the obligations of the Commission or the rights of the Bank with respect thereto. To the extent any Commitment Fees are not paid when due, such Commitment Fees shall accrue interest from the date payment is due until payment in full at a per annum rate of interest equal to the Default Rate, payable on demand; provided, however, that such interest shall not commence accruing until ten (10) Business Days after the Commission's receipt of an invoice from the Bank with respect to such Commitment Fees. Section 1.2. Purchase Fees. The Commission hereby agrees to pay to the Bank a non-refundable purchase fee equal to $. for each purchase of Bonds pursuant to the Agreement, payable on the applicable Purchase Date. Section 1.3. Amendment Fee. The Commission hereby agrees to pay to the Bank on the date of any amendment, modification or supplement to the Agreement or any Related Document, or any waiver or consent by the Bank with respect thereto (to the extent the Bank's consent is required), a non-refundable amendment, modification, supplement, waiver or consent fee, as applicable, in an amount equal to $- (or such other amount as agreed to by the Commission and the Bank), plus, in each case, the fees and expenses of any legal counsel retained by the Bank in connection therewith. -2- 539 Section 1. S. Fees and Expenses. The Commission will promptly pay upon receipt of an invoice (a) the reasonable expenses of the Bank incurred in connection with the preparation, execution and delivery of the Agreement and (b) the fees and expenses domestic counsel to the Bank incurred in connection with the preparation, execution and delivery of the Agreement (in an amount not to exceed $_, plus expenses), and (c) the fees and expenses of foreign counsel to the Bank incurred in connection with the preparation, execution and delivery of the Agreement (in an amount not to exceed $-, plus expenses). ARTICLE II. MISCELLANEOUS. Section 2.1. Amendments. No amendment to this Fee Letter shall become effective without the prior written consent of the Commission and the Bank. Section 2.2. Governing Law. THIS FEE LETTER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND APPLICABLE FEDERAL LAW; PROVIDED, HOWEVER, THE AUTHORIZATION OF THIS FEE LETTER AND THE OBLIGATIONS OF THE COMMISSION HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA AND APPLICABLE FEDERAL LAW. Section 2.3. Counterparts. This Fee Letter may be executed in two or more counterparts, each of which shall constitute an original but both or all of which, when taken together, shall constitute but one instrument. This Fee Letter may be delivered by the exchange of signed signature pages by facsimile transmission or by attaching a pdf copy to an email, and any printed or copied version of any signature page so delivered shall have the same force and effect as an originally signed version of such signature page. -3- 540 Section 2.4. Severability. Any provision of this Fee Letter which is prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or non -authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in any other jurisdiction. [SIGNATURE PAGES TO FOLLOW] -4- 541 IN WITNESS WHEREOF, the parties hereto have caused this Fee Letter to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first set forth above. RIVERSIDE COUNTY TRANSPORTATION COMMISSION By: Name: Title: [Signature Page to BTMU-Riverside County Transportation Commission 2009 Series A Fee Letter] 542 THE BANK OF TOKYO MITSUBISHI UFJ, LTD., acting through its New York Branch By: Name: Title: [Signature Page to BTMU-Riverside County Transportation Commission 2009 Series A Fee Letter] 543 ATTACHMENT 4 NP Draft 08/22/14 REMARKETING AGREEMENT Between RIVERSIDE COUNTY TRANSPORTATION COMMISSION and BARCLAYS CAPITAL INC. Remarketing Agent Dated as of September 1, 2014 Relating to $54,210,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION SALES TAX REVENUE BONDS (LIMITED TAX BONDS) 2009 SERIES B $29,190,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION SALES TAX REVENUE BONDS (LIMITED TAX BONDS) 2009 SERIES C 15079886.8 544 This REMARKETING AGREEMENT, dated as of September 1, 2014 (the "Agreement"), between RIVERSIDE COUNTY TRANSPORTATION COMMISSION (the "Commission") and BARCLAYS CAPITAL INC. (the "Remarketing Agent"). WITNESSETH: WHEREAS, the Commission has issued its Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series B currently outstanding in an aggregate principal amount of $54,210,000 (the "2009 Series B Bonds") and its Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series C currently outstanding in an aggregate principal amount of $29,190,000 (the "2009 Series C Bonds" and, together with the 2009 Series B Bonds, the "Bonds") pursuant to an Indenture, dated as of June 1, 2008, between the Commission and U.S. Bank National Association, as trustee (the "Trustee"), as supplemented and amended to the date hereof (as so supplemented and amended, the "Indenture"); and WHEREAS, the party identified in Section 14 hereof (the "2014 Liquidity Provider") has committed to deliver Standby Bond Purchase Agreements, each dated as of September 1, 2014 (collectively, the "2014 Liquidity Facility") with respect to the 2009 Series B Bonds and the 2009 Series C Bonds, respectively, to the Trustee in accordance with the terms of the Indenture and the 2014 Liquidity Facility; and WHEREAS, the Indenture provides for optional and mandatory tenders for purchase of the Bonds by the registered owners (the "Owners") of the Bonds, all in accordance with the terms of the Indenture; and WHEREAS, the Indenture provides for the appointment of a remarketing agent to perform certain duties, including the remarketing of any Bonds tendered or deemed tendered by the Owners thereof for purchase; and WHEREAS, the Remarketing Agent has agreed to accept the duties and responsibilities of the Remarketing Agent with respect to the Bonds under the Indenture and this Agreement; and WHEREAS, the Remarketing Agent is currently performing such duties with respect to the Commission's Sales Tax Revenue (Limited Tax Bonds), 2009 Series A (the "2009 Series A Bonds") under a Remarketing Agreement with the Commission dated as of October 1, 2009 (the "Prior Remarketing Agreement"), which duties and such Prior Remarketing Agreement the parties hereto have agreed will terminate on September 18, 2014 (the "Substitution Date") in connection with the mandatory tender and remarketing of the 2009 Series A Bonds; NOW, THEREFORE, for and in consideration of the mutual covenants made herein and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: Section 1. Definitions. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the Indenture. Section 2. Appointment of Remarketing Agent. Subject to the terms and conditions contained herein, the Commission hereby appoints Barclays Capital Inc. as exclusive 15079886.8 1 545 Remarketing Agent for the Bonds, and the Remarketing Agent hereby accepts such appointment to be effective on the Substitution Date in connection with the mandatory tender and remarketing of the Bonds upon the substitution of the 2014 Liquidity Facility for the existing Liquidity Facility for the Bonds. The Remarketing Agent will determine the Weekly Rate to become effective on the Substitution Date on the date prior thereto in accordance with the Indenture. Section 3. Responsibilities of Remarketing Agent. (a) Subject to the terms and conditions set forth in this Agreement, the Remarketing Agent agrees to perform the duties of Remarketing Agent set forth in the Indenture and in this Agreement. It is understood that in undertaking to perform such duties, and in the performance thereof, it is the intention of the parties that the Remarketing Agent will act solely as an agent and not as a principal, except as expressly provided in Section 12 hereof. The duties of the Remarketing Agent shall include the following: (i) Determination of Interest Rates. The Remarketing Agent shall determine the interest rates on the Bonds in the manner and at the times specified therefor in the Indenture. (ii) Remarketing of Tendered Bonds. (A) The Remarketing Agent shall use its best efforts to remarket the applicable Bonds tendered under the terms and conditions provided for in the Indenture. (B) Prior to any remarketing of Bonds in connection with a conversion of the Bonds from one Interest Rate Determination Method to another, the Commission and the Remarketing Agent shall enter into a mutually agreeable contract for the purchase by the Remarketing Agent of such Bonds for reoffering to the public or for a "best efforts" remarketing by the Remarketing Agent of such Bonds (a "Remarketing Contract"). The Remarketing Contract shall contain usual and customary terms and conditions, which shall be substantially similar to the terms and conditions contained in the Bond Purchase Agreement, dated as of September 29, 2009, between the Commission and the Remarketing Agent (the "Purchase Agreement") as modified to reflect the facts and circumstances then in existence, and shall provide for a mutually agreeable fee to the Remarketing Agent in connection with such remarketing. (iii) Furnishing of Disclosure Material. The Commission shall timely furnish to the Remarketing Agent at the Commission's expense the disclosure materials contemplated by this Agreement, and the Remarketing Agent shall, in turn, furnish such materials to potential purchasers of the Bonds. (iv) Other Duties. The Remarketing Agent shall perform such other duties as are specifically set forth in this Agreement and the Indenture for the Remarketing Agent. (b) Notwithstanding anything to the contrary contained herein, the Remarketing Agent: 15079886.8 2 546 (i) will suspend its remarketing efforts upon the receipt of notice of the occurrence of an event of default under the Bonds, the Indenture, or a Suspension Event, Ratings Event or Special Event of Default (as such terms are defined in the 2014 Liquidity Facility) under the 2014 Liquidity Facility; and (ii) may, in its sole discretion, suspend its remarketing efforts with respect to the Bonds immediately upon the occurrence of any of the following events, which suspension will continue so long as, in the Remarketing Agent's reasonable judgment, such event continues to exist and materially adversely affects the marketability of, or the Remarketing Agent's ability to remarket, the Bonds: (1) suspension or material limitation in trading in bonds generally on the New York Stock Exchange, or material disruptions in commercial banking or securities settlement or clearance services; (2) a general moratorium on commercial banking activities in New York is declared by either federal or New York State authorities; (3) the engagement or escalation by the United States in hostilities or the occurrence of a calamity or crisis if the effect of such event, in the Remarketing Agent's judgment, makes it impractical or inadvisable to proceed with the solicitation of offers to purchase the Bonds; (4) legislation shall be introduced by committee, by amendment or otherwise, in, or be enacted by, the House of Representatives or the Senate of the Congress of the United States, or a decision by a court of the United States shall be rendered, or a stop order, ruling, regulation or official statement by, or on behalf of, the United States Securities and Exchange Commission or other governmental agency having jurisdiction of the subject matter shall be made or proposed, to the effect that the offering or sale of obligations of the general character of the Bonds, as contemplated hereby, is or would be in violation of any provision of the Securities Act of 1933, as amended (the "Securities Act") as then in effect, or the Securities Exchange Act of 1934, as amended (the "Exchange Act") as then in effect, or with the purpose or effect of otherwise prohibiting the offering or sale of obligations of the general character of the Bonds, or the Bonds themselves, as contemplated hereby; (5) any event shall occur or information shall become known, which, in the Remarketing Agent's reasonable opinion, makes untrue, incorrect or misleading in any material respect any statement or information contained in any disclosure documents provided to the Remarketing Agent in connection with the performance of its duties hereunder, whether provided pursuant to Section 5 hereof or otherwise, or causes such documents to contain an untrue, incorrect or misleading statement of a material fact or to omit to state a material fact required to be stated therein 15079886.8 3 547 or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading; (6) any governmental authority shall impose, as to the Bonds, any material restrictions not now in force, or increase materially those now in force; (7) any of the representations and warranties of the Commission made hereunder shall not have been true and correct in any material respect on the date made; (8) the Commission fails to observe any of the covenants or agreements made herein; (9) any of the rating agencies then rating the Bonds or the 2014 Liquidity Provider shall either (i) downgrade the ratings assigned to the Bonds or the short-term rating assigned to the 2014 Liquidity Provider so that such Bonds are not "Eligible Bonds" as defined under Rule 2a-7 of the Investment Company Act of 1940, as amended or (ii) suspend or withdraw the then current ratings assigned to the Bonds or the short-term rating assigned to the 2014 Liquidity Provider; or (10) a default or a moratorium in respect of payment of any U.S. Treasury bills, bonds or notes the effect of which in the Remarketing Agent's judgment makes it impractical to market the Bonds or to enforce contracts for the sale of the Bonds. Section 4. Resignation and Removal of Remarketing Agent. (a) The Remarketing Agent may at any time resign and be discharged of its duties and obligations hereunder by giving at least sixty (60) days written notice to the Commission, the 2014 Liquidity Provider, and the Trustee; provided that in the event a successor shall not have been appointed within such sixty (60) day period, the Remarketing Agent's resignation and discharge from duties and obligations hereunder will not be effective until the earlier of (a) the appointment of a successor, or (b) thirty (30) days from the expiration of such sixty (60) day notice period, for a total maximum period of ninety (90) days from the date of the Remarketing Agent's notice of resignation. The Commission shall give the Remarketing Agent three (3) Business Days' notice before the end of the initial sixty (60) day period if a successor has not been appointed. (b) The Remarketing Agent may be removed at any time, at the direction of the Commission, upon fifteen (15) days' prior written notice to the Remarketing Agent, the Trustee and the 2014 Liquidity Provider. Upon removal or resignation of the Remarketing Agent, the Commission shall promptly cause the Trustee to give notice thereof by mail to all Owners and to any rating agency which has assigned a rating to the Bonds. Following termination or resignation of the Remarketing Agent pursuant to this Section 4, the Commission will pay the Remarketing Agent any amounts owing at the time of termination pursuant to Section 7. 15079886.8 4 548 Section 5. Furnishing of Disclosure Materials. (a) The Commission agrees to furnish the Remarketing Agent with as many copies as the Remarketing Agent may reasonably request of the Remarketing Memorandum of the Commission relating to the Bonds dated September [_], 2014 (the "Remarketing Memorandum"), and such other information with respect to the Commission and the Bonds as the Remarketing Agent shall reasonably request from time to time. The Commission will not amend or supplement, or request the amendment or supplementation of, the Remarketing Memorandum prior to notifying the Remarketing Agent in writing of the proposed amendment or supplement thereto. (b) The Commission agrees to cooperate with the Remarketing Agent in the preparation from time -to -time of a new remarketing memorandum, reoffering document or other disclosure material for the Bonds in the event the Remarketing Agent determines that the preparation and distribution of such remarketing memorandum, reoffering document or other disclosure material is necessary or desirable in connection with remarketing the Bonds and to furnish or to cause to be furnished to the Remarketing Agent as many copies (to the extent the Remarketing Agent informs the Commission that electronic copies alone are insufficient) of such new remarketing memorandum or other reoffering materials as the Remarketing Agent shall request. (c) If, at any time during the term of this Agreement, an event shall occur or facts become known to either party that might affect the correctness or completeness of any statement of a material fact contained in the Remarketing Memorandum, reoffering document or other disclosure material, such party shall promptly notify the other in writing of the circumstances and details of such event. The Commission agrees to timely file on the Municipal Securities Rulemaking Board's Electronic Municipal Market Access ("EMMA") system any information required pursuant to any continuing disclosure undertaking or other agreement of the Commission made under or with reference to any provision of Rule 15c2-12 promulgated by the Securities and Exchange Commission ("Rule 15c2-12"). (d) In connection with the remarketing of the Bonds as a result of, or in anticipation of (i) the occurrence of the conversion of the Bonds to a different Interest Rate Determination Method, (ii) the occurrence of a material adverse change in the financial condition of the Commission, including, but not limited to, a change in the long-term or short-term credit ratings of the Commission, (iii) the delivery of an Alternate Liquidity Facility, or (iv) one of the events mentioned in (c) above, the Commission shall prepare or cause to be prepared at its expense any disclosure documents that in the reasonable opinion of the Remarketing Agent or the Commission are necessary or desirable. (e) In order to comply with the requirements of Rule 15c2-12, in the event the Remarketing Agent is asked to remarket Bonds in one or more of the following circumstances: (0 where the Bonds are to be converted from variable rate bonds to the Long - Term Rate or Fixed Rate; or 15079886.8 5 549 (ii) where the authorized denomination of the Bonds will be reduced (because of a change in Interest Rate Determination Method or otherwise) from $100,000 to less than $100,000; or (iii) where the Bonds are otherwise not exempt from the requirements of Rule 15c2-12 (as they are on the date hereof by virtue of being in the Weekly Rate Period and in minimum authorized denominations of $100,000); then (1) the Commission, at the expense of the Commission, shall provide the Remarketing Agent, prior to the date the Remarketing Agent is to bid for, offer or sell any Bonds or remarket any Bonds, a remarketing memorandum the Commission deems final as of its date (exclusive of pricing and other sales information permitted to be excluded by Rule 15c2-12); (2) if a preliminary remarketing memorandum or other disclosure document is prepared, the Commission, at the expense of Commission, shall provide the Remarketing Agent with such number of copies thereof as the Remarketing Agent may need to supply at least one copy thereof to each potential customer who requests it (to the extent the Remarketing Agent informs the Commission that electronic copies alone are insufficient); (3) the Commission, at the expense of the Commission, shall provide the Remarketing Agent within seven (7) Business Days after the date upon which the interest rate on the Bonds is determined or by the time "money confirmations" are to be sent to customers, whichever is earlier, with a number of copies (to the extent the Remarketing Agent informs the Commission that electronic copies alone are insufficient) of the final remarketing memorandum or disclosure document adequate to supply at least one copy of such final remarketing memorandum or disclosure document to any customer or any potential customer for a period commencing on the date such final remarketing memorandum or disclosure document is available and extending for a period of twenty-five (25) days after the end of the initial offering period with respect to the Bonds in the Long -Term Rate or Fixed Rate or with the denomination of less than $100,000. During such period, the Commission agrees to update the final remarketing memorandum or disclosure document in the same way as provided in paragraph 5(b) above. The Commission hereby agrees to cooperate fully with the Remarketing Agent in the preparation of such disclosure documents. All costs incurred in connection with the preparation of such disclosure documents and the printing and shipping of such disclosure documents shall be borne by the Commission; and (4) where then required by Rule 15c2-12, the Commission agrees to adopt a continuing disclosure undertaking complying with paragraph (b)(5) of Rule 15c2-12 which will become effective prior to any such remarketing. (0 Notwithstanding anything to the contrary contained herein, the Commission may, to the extent permitted by law, include, through incorporation by reference in 15079886.8 6 550 any disclosure material furnished pursuant to this Section, such relevant reports, official statements, continuing disclosure statements and other documents as are filed with the Securities and Exchange Commission, any nationally recognized municipal securities information repository recognized by said Commission, any state information depository or the Municipal Securities Rulemaking Board. Section 6. No Fiduciary Duty. The Remarketing Agent hereby notifies the Commission that it is not acting as a Municipal Advisor (as defined in Section 15B of the Securities Exchange Act of 1934, as amended), and that it does not have a fiduciary duty to the Commission, the 2014 Liquidity Provider or any other party in connection with the matters contemplated by this Agreement. The Commission and the Remarketing Agent acknowledge and agree that: (i) the transactions contemplated by this Agreement are arm's length, commercial transactions between the Commission and the Remarketing Agent in which the Remarketing Agent is acting solely as a principal or agent, as applicable and is not acting as a municipal advisor, financial advisor or fiduciary to the Commission; (ii) the Remarketing Agent has not assumed any advisory or fiduciary responsibility to the Commission with respect to the transactions contemplated hereby and the discussions, undertakings and procedures leading thereto (irrespective of whether the Remarketing Agent or its affiliates have provided other services or is currently providing other services to the Commission on other matters) or other contractual, advisory or fiduciary obligation to the Commission related to this Agreement except the contractual obligations set forth in this Agreement and the Indenture or otherwise imposed by law; and (iii) the Commission has consulted its own legal, accounting, tax, financial and other advisors, as applicable, to the extent it has deemed appropriate Section 7. Fees and Expenses. For the Remarketing Agent's services under this Agreement and the Indenture, the Commission will pay the Remarketing Agent a fee commencing on the Substitution Date of -% per annum of the weighted average of the principal amount of Bonds outstanding during each three month period. The Commission will pay the fee quarterly in arrears commencing December 1, 2014, and each March 1, June 1, September 1 and December 1 thereafter. When Bonds are remarketed in connection with the conversion of the interest rate to a different Mode or to a Term Rate or a Fixed Rate, the Commission and the Remarketing Agent will agree on a fee specifically for such remarketing. If the Remarketing Agent is unable to remarket Bonds, no fee will be owed or paid with respect to Bonds purchased by the 2014 Liquidity Provider pursuant to the 2014 Liquidity Facility. The Commission will reimburse the Remarketing Agent for all direct, out-of-pocket expenses incurred by it as Remarketing Agent, including reasonable counsel fees and disbursements. Section 8. Representations, Warranties, Covenants and Agreements of the Remarketing Agent. The Remarketing Agent, by its acceptance hereof, represents, warrants and covenants and agrees with the Commission as follows: (a) the Remarketing Agent is a member of the Financial Industry Regulatory Authority, having a capitalization of at least $500,000, and otherwise meets the requirements for the Remarketing Agent set forth in the Indenture; 15079886.8 7 551 (b) the Remarketing Agent has been duly incorporated, is validly existing and is in good standing under the laws of the State of Connecticut, and is authorized by law to perform all the duties and obligations imposed upon it as Remarketing Agent by this Agreement and the Indenture; and (c) the Remarketing Agent has full power and authority to take all actions required or permitted to be taken by the Remarketing Agent by or under, and to perform and observe the covenants and agreements on its part contained in, this Agreement and the Indenture. Section 9. Representations, Warranties, Covenants and Agreements of the Commission. The Commission, by its acceptance hereof, represents, warrants, covenants, and agrees with the Remarketing Agent that: (a) it is a county transportation commission of the State of California; (b) it has full power and authority to take all actions required or permitted to be taken by the Commission by or under, and to perform and observe the covenants and agreements on its part contained in, this Agreement; (c) it has, on or before the date hereof, duly taken all action necessary to be taken by it prior to such date to authorize (i) the execution, delivery and performance of this Agreement, the Indenture and the 2014 Liquidity Facility; and (ii) the carrying out, giving effect to, consummation and performance of the transactions and obligations contemplated by the foregoing agreements and the Remarketing Memorandum; (d) the terms of the Indenture, the execution, delivery and performance of the Indenture, the Bonds, the 2014 Liquidity Facility and this Agreement, the tender and remarketing of the Bonds, and the consummation of the transactions contemplated by the Indenture, the Bonds, the 2014 Liquidity Facility and this Agreement, under the circumstances contemplated by such documents, do not and will not: (i) conflict with or constitute on the part of the Commission a breach of or default under any agreement, indenture, mortgage, lease or other instrument to which the Commission is a party or by or to which it or its revenues, properties, assets or operations are bound or subject, (ii) conflict with or result in a violation by the Commission of the Constitution of the United States or the State of California or any other law, ordinance, regulation, order, decree, judgment or ruling by or to which it or its revenues, properties, assets or operations are bound or subject, or (iii) except as provided in the Indenture, result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of its revenues, properties or assets; (e) it shall provide the Remarketing Agent, by posting on EMMA within 210 days of the end of each fiscal year, a copy of its annual audited financial statements and annual report for that fiscal year; (0 it shall provide the Remarketing Agent, by timely posting on EMMA, copies of any listed event or voluntary filings under its continuing disclosure undertakings; (g) it will promptly notify the Remarketing Agent by Electronic Means of any material adverse changes that may adversely affect the levy, collection or remission to the 15079886.8 8 552 Trustee of the Sales Tax, or any fact or circumstance which may constitute, or with the passage of time will constitute, an event of default under the Bonds, the Indenture, or the 2014 Liquidity Facility or a Suspension Event under the 2014 Liquidity Facility; (h) it will promptly notify the Remarketing Agent in writing of the circumstances and details of any event known to the Commission occurring after the date hereof relating to or affecting the Commission, the Sales Tax, the 2014 Liquidity Provider, the 2014 Liquidity Facility, the Trustee, the Indenture, this Agreement or the Bonds which (i) causes the Remarketing Memorandum, as then supplemented or amended, to contain any untrue, incorrect or misleading statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or (ii) could reasonably be expected to have a material effect on the remarketing of the Bonds; (i) it (i) agrees to provide the Remarketing Agent with a copy of the execution version of any document that the Remarketing Agent determines is required to be filed with the MSRB pursuant to its rules, including, but not limited to, MSRB Rule G-34(c) ("Rule G-34(c)") in such format and at such time as to permit the Remarketing Agent to comply with such rules, and (ii) authorizes the Remarketing Agent to submit such documents to the MSRB in accordance with Rule G-34(c) and other applicable rules and regulations. If the Commission determines that redaction of information in any such document is required to maintain the confidentiality or proprietary nature of such information (such information to include, but not be limited to, fees, staff names and contact information, and bank routing or account numbers), the Commission shall identify such information to the Remarketing Agent in writing and request the Remarketing Agent accept delivery of the applicable documents with such redactions. The Remarketing Agent agrees to comply with any such request to the extent permitted by Rule G- 34(c) and such other applicable rules and regulations. The Commission agrees that the Remarketing Agent shall have no responsibility with respect to, identifying and/or redacting any confidential information; 0) it has not failed during the previous five years to comply with any previous undertakings in a written continuing disclosure undertaking or agreement under Rule 15c2-12; (k) the Remarketing Memorandum and any supplements, amendments and updates thereto, and any other disclosure material intended for release to investors or potential investors furnished by the Commission pursuant to Section 5 hereof and provided to investors or potential investors by the Remarketing Agent (including amendments, supplements and replacements thereof), as of the date thereof, shall not contain any untrue, incorrect or misleading statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading; and (1) the Remarketing Memorandum, as of its date and as of the Substitution Date, did not and does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they are made, not misleading. 15079886.8 9 553 Section 10. Term of Agreement. This Agreement shall become effective on the Substitution Date and shall continue in full force and effect until the payment in full of the Bonds or the earlier conversion of all Bonds to the Long -Term Rate or Fixed Rate, subject to the right of suspension and termination as provided herein. The Prior Remarketing Agreement shall terminate on the Substitution Date in connection with the mandatory tender and remarketing of the 2009 Series A Bonds. Section 11. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California. Section 12. Dealing in Bonds by the Remarketing Agent; No Obligation to Purchase Bonds. (a) The Remarketing Agent, in its individual capacity, may in good faith buy, sell, own, hold and deal in any of the Bonds, including, without limitation, any Bonds offered and sold by the Remarketing Agent pursuant to this Agreement, and may join in any action which any Owner may be entitled to take with like effect as if it did not act in any capacity hereunder. The Remarketing Agent may sell any Bonds it has purchased to one or more affiliated investment vehicles for collective ownership or enter into derivative arrangements with affiliates or others. The Remarketing Agent, in its individual capacity, either as principal or agent, may also engage in or be interested in any financial or other transaction with the Commission and may act as depository or agent for any committee or body of Owners of Bonds or other obligations of the Commission as freely as if it did not act in any capacity hereunder. (b) Nothing in this Agreement shall be deemed to constitute the Remarketing Agent an underwriter of the Bonds or to obligate the Remarketing Agent to purchase any Bonds at any time. Section 13. Intention of Parties. It is the express intention of the parties hereto that any purchase, sale or transfer of any Bonds, as herein provided, including to the Commission, shall not constitute or be construed to be the extinguishment of any Bonds or the indebtedness represented thereby or the reissuance of any Bonds. Section 14. Miscellaneous. (a) Except as otherwise specifically provided in this Agreement, all notices, demands and formal actions under this Agreement shall be in writing and either (i) hand -delivered, (ii) sent by Electronic Means, or (iii) mailed by registered or certified mail, return receipt requested, postage prepaid, to: The Remarketing Agent: 15079886.8 10 554 With a copy to: The Commission: for delivery by overnight courier: The Trustee: The 2014 Liquidity Provider: 15079886.8 11 555 With a copy to: Each party hereto may, by notice given under this Agreement to the other parties described above, designate other addresses to which subsequent notices, requests, reports or other communications shall be directed. (b) This Agreement shall inure to the benefit of and be binding only upon the parties hereto and their respective successors and assigns. The terms "successors" and "assigns" shall not include any purchaser of any of the Bonds merely because of such purchase. Neither the 2014 Liquidity Provider nor any Owner or other third party shall have any rights or privileges hereunder. (c) All of the representations and warranties of the Commission and the Remarketing Agent in this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of the Remarketing Agent or the Commission, (ii) the offering and sale of and any payment for any Bonds hereunder, or (iii) suspension, termination or cancellation of this Agreement. (d) This Agreement and each provision hereof may be amended, changed, waived, discharged or terminated only by an instrument in writing signed by the parties hereto. (e) Nothing herein shall be construed to make any party an employee of the other or to establish any fiduciary relationship between the parties except as expressly provided herein. (0 If any provision of this Agreement shall be held or deemed to be or shall, in fact, be invalid, inoperative or unenforceable for any reason, such circumstances shall not have the effect of rendering any other provision or provisions of this Agreement invalid, inoperative or unenforceable to any extent whatsoever. (g) This Agreement may be executed in several counterparts, each of which shall be regarded as an original and all of which shall constitute one and the same document. 15079886.8 12 556 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. RIVERSIDE COUNTY TRANSPORTATION COMMISSION By: Name: Anne Mayer Title: Executive Director BARCLAYS CAPITAL INC. By: Name: John McCray-Goldsmith Title: Director [Signature Page to the Amended and Restated Remarketing Agreement] 15079886.8 S-1 557 ATTACHMENT 5 NRF DRAFT OF 08/27/14 REMARKETED ISSUE —BOOK -ENTRY ONLY On the date of original issuance and delivery of the 2009 Bonds, Orrick Herrington & Sutcliffe LLP rendered its opinion that based upon an analysis of existing laws, regulations, rulings and court decisions, interest on the 2009 Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and is exempt from State of California personal income taxes. The opinion of Orrick, Herrington & Sutcliffe LLP has not been updated as of the date of this Remarketing Memorandum. A copy of the opinion of Orrick, Herrington & Sutcliffe LLP delivered in connection with the original issuance of the 2009 Bonds is attached hereto as Appendix E. See "TAX MATTERS." [DAC Logo] $154,300,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series $70,900,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series A CUSIP No. 769125 DP7 $54,210,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series B CUSIP No. 769125 DR3 RATINGS: Moody's: " / " S&P: /—" Fitch: " / " See "RATINGS" herein $29,190,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series C CUSIP No. 769125 DT9 Dated: October 1, 2009 Price: 100% Due: June 1, 2029 The Sales Tax Revenue Bonds described above (individually referred to as the "2009 Series A Bonds," the "2009 Series B Bonds" and the "2009 Series C Bonds," and collectively referred to herein as the "2009 Bonds") were issued and delivered by the Riverside County Transportation Commission (the "Commission") pursuant to an Indenture, dated as of June 1, 2008, between the Commission and U.S. Bank National Association, as trustee (the "Trustee"), as supplemented (collectively, the "Indenture"). The 2009 Bonds are dated October 1, 2009 and bear interest at a Weekly Rate during a Weekly Rate Period. Interest on the 2009 Bonds during a Weekly Rate Period is payable on the first Business Day of each calendar month. The 2009 Bonds were issued as fully registered bonds without coupons in the denominations of $100,000 and any integral multiple of $5,000 in excess thereof. The 2009 Bonds are registered in the name of Cede & Co., as holder of the 2009 Bonds and nominee for The Depository Trust Company, New York, New York ("DTC"). The principal or redemption price of and interest on the 2009 Bonds are payable by wire transfer to DTC which, in turn, is obligated to remit such principal, redemption price or interest to DTC Participants for subsequent disbursement to the Beneficial Owners of the 2009 Bonds. This Remarketing Memorandum describes terms of the 2009 Bonds only during a Weekly Rate Period. There are significant differences in the terms of the 2009 Bonds bearing interest using other Interest Rate Determination Methods. This Remarketing Memorandum is not intended to provide information with respect to the 2009 Bonds bearing interest at a Rate other than a Weekly Rate. The 2009 Bonds are subject to optional and mandatory sinking fund redemption and to optional and mandatory tender for purchase as described herein. See "THE 2009 BONDS" herein. Payment of the purchase price of tendered 2009 Bonds is payable from the proceeds of remarketing of the 2009 Bonds and, to the extent remarketing proceeds are insufficient, from amounts available under separate Standby Bond Purchase Agreements, each dated as of September 1, 2014 (each, a "Liquidity Facility" and, together, the "Liquidity Facilities"), each by and between the Commission and The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting through its New York Branch (the "Liquidity Provider"), relating to each Series of 2009 Bonds and thereafter from such Alternate Liquidity Facility as may be obtained by the Commission to provide for payment of the purchase price of the applicable Series of 2009 Bonds. Each Liquidity Facility becomes effective on September 18, 2014 and terminates on [March 15], 2019, unless extended or terminated sooner in accordance with its terms. Under certain circumstances as described herein, the Liquidity Facilities may be terminated or suspended immediately and without notice. [Bank logo] The 2009 Bonds are special obligations of the Commission payable from and secured solely by a pledge of the Revenues (which is defined herein and which principally includes the receipts from the imposition in the County of Riverside, California (the "County") of a'h-cent sales tax that became effective on July 1, 2009 (the "Sales Tax"), less certain administrative fees paid to the 46616375.6 558 California State Board of Equalization), as described herein. The Sales Tax was approved by more than a two-thirds vote of the electorate of the County on November 5, 2002 and is scheduled to expire on June 30, 2039. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE COUNTY OF RIVERSIDE, THE STATE OF CALIFORNIA OR ANY POLITICAL SUBDIVISION OR PUBLIC AGENCY THEREOF, OTHER THAN THAT OF THE COMMISSION TO THE EXTENT OF THE PLEDGE OF THE REVENUES, IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, PURCHASE PRICE, OR INTEREST ON THE 2009 BONDS. This cover page contains certain information for general reference only. It is not a summary of the security or terms of this issue. Investors must read the entire Remarketing Memorandum to obtain information essential to make an informed investment decision with respect to the 2009 Bonds. Orrick, Herrington & Sutcliffe LLP is currently serving as Bond Counsel to the Commission. Fulbright & Jaworski LLP, a member of Norton Rose Fulbright, is currently serving as Disclosure Counsel to the Commission. Nixon Peabody LLP is currently serving as counsel to the Remarketing Agents. Stifel Barclays Remarketing Agent for the 2009 Series A Bonds Dated: September _, 2014 Remarketing Agent for the 2009 Series B Bonds and the 2009 Series C Bonds 46616375.6 559 No dealer, salesman or any other person has been authorized by the Riverside County Transportation Commission (the "Commission") or the Remarketing Agents of the 2009 Bonds (the "Remarketing Agents") to give any information or to make any representations, other than those contained in this Remarketing Memorandum, and, if given or made, such other information or representations must not be relied upon as having been authorized by the Commission or the Remarketing Agents. This Remarketing Memorandum does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the 2009 Bonds by a person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. This Remarketing Memorandum is not to be construed as a contract with the purchasers of the 2009 Bonds. Neither the delivery of this Remarketing Memorandum nor the sale of any of the 2009 Bonds implies that the information herein is correct as of any time subsequent to the date hereof The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Remarketing Memorandum nor any sale made hereunder shall, under any circumstances, create the implication that there has been no change in the matters described herein since the date hereof. This Remarketing Memorandum is submitted in connection with the sale of securities referred to herein and may not be reproduced or be used, as a whole or in part, for any other purpose. The information set forth herein has been obtained from the Commission and other sources believed to be reliable. The information and expressions of opinions herein are subject to change without notice and neither delivery of the Remarketing Memorandum nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the Commission since the date hereof. All summaries contained herein of the Indenture (as defined herein) or other documents are made subject to the provisions of such documents and do not purport to be complete statements of any or all of such provisions. All statements made herein are made as of the date of this document by the Commission except statistical information or other statements where some other date is indicated in the text. CUSIP is a registered trademark of the American Bankers Association. CUSIP data on the cover hereof and herein is provided by CUSIP Global Services, managed by Standard & Poor's Financial Services LLC on behalf of The American Bankers Association. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Services. The Commission, the Financial Advisor and the Remarketing Agents are not responsible for the selection or correctness of the CUSIP numbers set forth on the cover hereof or herein. 46616375.6 560 FORWARD -LOOKING STATEMENTS Certain statements included or incorporated by reference in this Remarketing Memorandum constitute forward -looking statements. Such statements are generally identifiable by the terminology used such as "plan," "expect," "estimate," "project," "budget" or other similar words. The achievement of certain results or other expectations contained in such forward -looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward -looking statements. No assurance is given that actual results will meet the forecasts of the Commission in any way, regardless of the level of optimism communicated in the information. The Commission is not obligated to issue any updates or revisions to the forward - looking statements if or when its expectations, or events, conditions or circumstances on which such statements are based occur. THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH FORWARD LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS DESCRIBED TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD -LOOKING STATEMENTS. THE COMMISSION DOES NOT PLAN TO ISSUE ANY UPDATES OR REVISIONS TO THOSE FORWARD -LOOKING STATEMENTS IF OR WHEN ANY OF ITS EXPECTATIONS, OR EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH SUCH STATEMENTS ARE BASED DO OR DO NOT OCCUR. 46616375.6 561 [Intentionally left blank.] 46616375.6 562 RIVERSIDE COUNTY TRANSPORTATION COMMISSION BOARD MEMBERS Marion Ashley, County of Riverside, Chair Daryl R. Busch, City of Perris, Vice Chair Scott Matas, City of Desert Hot Springs, 2nd Vice Chair John J. Benoit County of Riverside Kevin Jeffries County of Riverside Jeff Stone County of Riverside John F. Tavaglione County of Riverside Debbie Franklin City of Banning Roger Berg City of Beaumont Joseph DeConinck City of Blythe Ella Zanowic City of Calimesa Mary Craton City of Canyon Lake Greg Pettis City of Cathedral City Deputy Executive Director John Standiford Steven Hernandez City of Coachella Karen Spiegel City of Corona Adam Rush City of Eastvale Larry Smith City of Hemet Douglas Hanson City of Indian Wells Glenn Miller City of Indio Frank Johnston City of Jurupa Valley Terry Henderson City of La Quinta Bob Magee City of Lake Elsinore Scott Mann City of Menifee MANAGEMENT Executive Director Anne Mayer SPECIAL SERVICES Bond Counsel Orrick, Herrington & Sutcliffe LLP San Francisco, California Financial Advisor Fieldman, Rolapp & Associates Irvine, California Jesse Molina City of Moreno Valley Rick Gibbs City of Murrieta Berwin Hanna City of Norco Jan Harnik City of Palm Desert Ginny Foat City of Palm Springs Ted Weill City of Rancho Mirage Steve Adams City of Riverside Andrew Kotyuk City of San Jacinto Ron Roberts City of Temecula Ben Benoit City of Wildomar Basem Muallem Caltrans, District #8 Chief Financial Officer Theresia Trevino Disclosure Counsel Fulbright & Jaworski LLP a member of Norton Rose Fulbright Los Angeles, California Trustee U.S. Bank National Association Los Angeles, California 46616375.6 563 [Intentionally left blank.] 46616375.6 564 TABLE OF CONTENTS Page INTRODUCTION 1 General 1 Authority for Issuance 1 Purpose and Application of Original Proceeds 2 The 2009 Bonds 2 Security for the 2009 Bonds 2 Liquidity Facilities 3 No Reserve Fund 3 Existing Bonds 3 Existing Swaps 3 Continuing Disclosure 4 Remarketing Agents 4 References 4 THE 2009 BONDS 5 General 5 Weekly Rate 5 Conversion of Interest Rate 6 Redemption 8 Purchase In Lieu of Redemption 9 General Redemption Provisions 9 Tender Provisions 10 SPECIAL CONSIDERATIONS RELATING TO THE 2009 BONDS SUBJECT TO OPTIONAL TENDER AND REMARKETING 14 The Remarketing Agents are Paid by the Commission 14 The Remarketing Agents Routinely Purchase 2009 Bonds for their Own Account 14 2009 Bonds May Be Offered at Different Prices on Any Date Including a Rate Determination Date 15 The Ability to Sell the 2009 Bonds Other Than through Tender Process May Be Limited 15 No Remarketing Agent Successor in Certain Circumstances 15 DEBT SERVICE SCHEDULE 16 SECURITY AND SOURCES OF PAYMENT FOR THE 2009 BONDS 17 Limited Obligation 17 Pledge of Revenues 17 Revenue Fund; Allocation of Revenues 18 No Reserve Fund 21 Additional Bonds and Parity Obligations 21 OTHER SALES TAX OBLIGATIONS 23 Existing Bonds 23 46616375.6 i 565 TABLE OF CONTENTS (continued) Page Existing Swap Agreements 23 Subordinate Obligations 25 Limitation on Outstanding Sales Tax Obligations 25 THE LIQUIDITY FACILITIES 26 General 26 Ratings Event 27 Special Events of Default 27 Suspension Events 29 Events of Default Not Constituting a Suspension Event or a Special Event of Default 30 Remedies 31 THE LIQUIDITY PROVIDER 36 THE SALES TAX 36 General 36 Collection of Sales Tax Revenues 38 Historical Sales Tax Revenues 38 RIVERSIDE COUNTY TRANSPORTATION COMMISSION HISTORICAL SALES TAX REVENUES 39 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 40 General 40 The Transportation Expenditure Plan 40 Commissioners 41 Executive Staff 41 RISK FACTORS 42 Economic Conditions 42 Investments 42 The Sales Tax 43 Increased Internet Use May Reduce Sales Tax Revenues 43 Financial and Operating Risks of the SR-91 Project 43 Impact of Bankruptcy of the Commission 44 Reduction in Subsidy Payments 45 Limitations of the Liquidity Facilities 46 No Acceleration Provision except for Liquidity Facility Bonds 47 Loss of Tax Exemption 47 Proposition 218 47 Further Initiatives 48 FINANCIAL STATEMENTS 48 LITIGATION 48 46616375.6 ii 566 TABLE OF CONTENTS (continued) Page TAX MATTERS 48 CERTAIN LEGAL MATTERS 50 RATINGS 50 REMARKETING AGENTS 51 FINANCIAL ADVISOR 51 CONTINUING DISCLOSURE 51 MISCELLANEOUS 51 APPENDIX A — Commission Audited Financial Statements for Fiscal Year Ended June 30, 2013 A-1 APPENDIX B — County Demographic and Economic Information B-1 APPENDIX C — Summary of Certain Provisions of the Indenture C-1 APPENDIX D — Book -Entry System D-1 APPENDIX E — Original Opinion of Bond Counsel E-1 APPENDIX F — Continuing Disclosure Agreement F-1 46616375.6 iii 567 REMARKETING MEMORANDUM $154,300,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series $70,900,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series A General $54,210,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series B INTRODUCTION $29,190,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series C This Remarketing Memorandum, which includes the cover page and the appendices hereto, sets forth certain information in connection with the remarketing by the Riverside County Transportation Commission (the "Commission") of $70,900,000 principal amount of Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series A (the "2009 Series A Bonds"), $54,210,000 principal amount of Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series B (the "2009 Series B Bonds") and $29,190,000 principal amount of Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series C (the "2009 Series C Bonds" and, together with the 2009 Series A Bonds and the 2009 Series B Bonds, the "2009 Bonds"). As used herein, the term "Bonds" means any Bonds, including the 2009 Bonds, issued pursuant to the Indenture (as defined below). Authority for Issuance The 2009 Bonds were issued by the Commission under and pursuant to the Riverside County Transportation Sales Tax Act, being Division 25 of the Public Utilities Code of the State of California (Section 240000 et seq.) (the "Act"), the Transportation Expenditure Plan and Retail Transaction and Use Tax Ordinance, adopted by the Commission on May 8, 2002 and approved by at least two-thirds of electors of the County of Riverside, California (the "County") voting on such proposition in the November 5, 2002 election, and any amendments or extensions thereto (collectively, and together with the Act, the "Law"); and an Indenture, dated as of June 1, 2008, as amended and supplemented to the date hereof (collectively, the "Indenture"), between the Commission and U.S. Bank National Association, as trustee (the "Trustee"). All capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in "APPENDIX C — SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE" or in the Indenture. 46616375.6 568 At a special election held in the County on November 2, 2010, an amendment to the Ordinance increasing the limitation on the amount of the Commission's bonds secured by Sales Tax Revenues from $500 million to $975 million was approved by a majority of those voting on the proposition. See "OTHER SALES TAX OBLIGATIONS — Limitation on Outstanding Sales Tax Obligations." Purpose and Application of Original Proceeds The proceeds of the 2009 Bonds were applied to (i) refund all of the Commission's then outstanding Sales Tax Revenue Bonds (Limited Tax Bonds) Series 2008 (the "Refunded Bonds"), (ii) retire $53,716,000 aggregate principal amount of the Commission's then outstanding Commercial Paper Notes (Limited Tax Bonds), Series A, (iii) fund a portion of a debt service reserve for the 2009 Bonds, and (iv) pay costs of issuance of the 2009 Bonds. The 2009 Bonds The 2009 Bonds are dated October 1, 2009 and currently bear interest at a Weekly Rate during a Weekly Rate Period. Interest on the 2009 Bonds during a Weekly Rate Period is payable on the first Business Day of each calendar month. The Remarketing Agent for each Series sets a Weekly Rate for such 2009 Bonds, by 5:00 p.m., New York City time, on each Wednesday (or the immediately succeeding Business Day, if such Wednesday is not a Business Day) for the next Calendar Week; provided, that, the Weekly Rate for the first Calendar Week (or portion thereof) following a Conversion Date resulting in a change in the Interest Rate Determination Method to a Weekly Rate shall be set by such Remarketing Agent on the Business Day immediately preceding such Conversion Date. See "THE 2009 BONDS — Weekly Rate" herein. The 2009 Bonds were issued as fully registered bonds without coupons in the denominations of $100,000 and any integral multiple of $5,000 in excess thereof. The 2009 Bonds are registered in the name of Cede & Co., as holder of the 2009 Bonds and nominee for The Depository Trust Company, New York, New York ("DTC"). Purchasers will not receive physical certificates representing their interest in the 2009 Bonds purchased. This Remarketing Memorandum describes terms of the 2009 Bonds only during a Weekly Rate Period. There are significant differences in the terms of the 2009 Bonds bearing interest using other Interest Rate Determination Methods. This Remarketing Memorandum is not intended to provide information with respect to the 2009 Bonds bearing interest at a Rate other than a Weekly Rate. The 2009 Bonds are subject to optional and mandatory sinking fund redemption and to optional and mandatory tender for purchase. See "THE 2009 BONDS" herein. Security for the 2009 Bonds The 2009 Bonds are limited obligations of the Commission payable from and secured by certain revenues (the "Revenues") pledged under the Indenture, including a pledge of revenues (the "Sales Tax Revenues") derived from a 1/2-cent sales tax that became effective on July 1, 2009 (the "Sales Tax"), imposed in the County in accordance with the Law and the California Transactions and Use Tax Law (Revenue and Taxation Code Section 7251 et seq.), net of an administrative fee paid to the California State Board of Equalization (the "Board of 46616375.6 2 569 Equalization") in connection with the collection and disbursement of the Sales Tax. The Sales Tax was approved by more than a two-thirds vote of the electorate of the County on November 5, 2002 and is scheduled to expire on June 30, 2039. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE COUNTY OF RIVERSIDE, THE STATE OF CALIFORNIA OR ANY POLITICAL SUBDIVISION OR PUBLIC AGENCY THEREOF, OTHER THAN THE COMMISSION TO THE EXTENT OF THE PLEDGE OF THE REVENUES, IS PLEDGED TO THE PAYMENT OF THE 2009 BONDS. Liquidity Facilities Payment of the purchase price of tendered 2009 Bonds is payable from the proceeds of remarketing of the 2009 Bonds and, to the extent remarketing proceeds are insufficient, from amounts available under separate Standby Bond Purchase Agreements, each dated as of September 1, 2014 (each, a "Liquidity Facility" and, together, the "Liquidity Facilities"), each by and between the Commission and The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting through its New York Branch (the "Liquidity Provider"), relating to each Series of 2009 Bonds and thereafter from such Alternate Liquidity Facility as may be obtained by the Commission to provide for payment of the purchase price of the applicable Series of 2009 Bonds. Each Liquidity Facility becomes effective on September 18, 2014 and terminates on [March 15], 2019, unless extended or terminated sooner in accordance with its terms. See "THE LIQUIDITY FACILITIES" and "THE LIQUIDITY PROVIDER" herein. No Reserve Fund The 2009 Bonds are not secured by amounts on deposit in any debt service reserve fund. See "SECURITY AND SOURCES OF PAYMENT FOR THE 2009 BONDS — No Reserve Fund." Existing Bonds On November 30, 2010, the Commission issued its $37,630,000 Sales Tax Revenue Bonds (Limited Tax Bonds) 2010 Series A (Tax -Exempt) (the "2010 Series A Bonds") and $112,370,000 Sales Tax Revenue Bonds (Limited Tax Bonds) 2010 Series B (Taxable Build America Bonds) (the "2010 Series B Bonds" and, together with the 2010 Series A Bonds, the "2010 Bonds"). On July 3, 2013, the Commission issued its $462,200,000 Sales Tax Revenue Bonds (Limited Tax Bonds) 2013 Series A (the "2013 Bonds"). See "OTHER SALES TAX OBLIGATIONS." The 2010 Bonds and the 2013 Bonds are payable from and secured by Revenues (as defined below) on a parity with the 2009 Bonds. Existing Swaps The Commission has entered into interest rate swap agreements, with an effective date of October 1, 2009 and with a combined notional amount of $154,300,000 as of September _, 2014 (subject to amortization corresponding to the amortization of the 2009 Bonds). The swaps expire on June 1, 2029 and are designed, when combined with the interest obligation with respect to the 2009 Bonds, to approximate a synthetic fixed rate. Under the swaps, the 46616375.6 3 570 Commission has agreed to pay a fixed interest rate to the swap providers and the swap providers have agreed to pay the Commission a floating rate of interest based upon an index. The Commission's obligation to make regularly scheduled payments under the swaps constitutes a Parity Obligation under the Indenture. The Commission's obligation to pay any early termination amounts under the swaps is secured by a pledge of Sales Tax Revenues subordinate to the pledge in favor of the 2009 Bonds. See "OTHER SALES TAX OBLIGATIONS — Existing Swap Agreements" herein. Continuing Disclosure The Commission has voluntarily agreed to follow the requirements of Rule 15c2-12 (the "Rule"), promulgated by the U.S. Securities and Exchange Commission (the "SEC") pursuant to the Securities Exchange Act of 1934, as amended, and in such connection delivered a Continuing Disclosure Agreement (the "Continuing Disclosure Agreement"), in which the Commission undertakes, for the benefit of the beneficial owners of the 2009 Bonds, to provide certain information to the Municipal Securities Rulemaking Board (the "MSRB") as set forth therein. See "APPENDIX F — CONTINUING DISCLOSURE AGREEMENT." Remarketing Agents The Remarketing Agent for the 2009 Series A Bonds is Stifel, Nicolaus & Company, Incorporated (the "2009 Series A Remarketing Agent"). The Remarketing Agent for the 2009 Series B Bonds and the 2009 Series C Bonds is Barclays Capital Inc. (the "2009 Series B and Series C Remarketing Agent" and, together with the 2009 Series A Remarketing Agent, the "Remarketing Agents"). See "SPECIAL CONSIDERATIONS RELATING TO THE 2009 BONDS SUBJECT TO OPTIONAL TENDER AND REMARKETING" herein. References The descriptions and summaries of the Indenture and various other documents referenced herein do not purport to be comprehensive or definitive, and reference is made to each such document for the complete details of all terms and conditions. All statements herein are qualified in their entirety by reference to each such document, copies of which are available for inspection at the offices of the Commission. 46616375.6 4 571 THE 2009 BONDS General The 2009 Bonds are dated October 1, 2009 and bear interest at a Weekly Rate during a Weekly Rate Period. This Remarketing Memorandum describes terms of the 2009 Bonds only during a Weekly Rate Period. There are significant differences in the terms of the 2009 Bonds bearing interest using other Interest Rate Determination Methods. This Remarketing Memorandum is not intended to provide information with respect to the 2009 Bonds bearing interest at a Rate other than a Weekly Rate. Interest on the 2009 Bonds during a Weekly Rate Period is payable on the first Business Day of each calendar month. "Business Day" means any day other than (1) a Saturday, Sunday, or a day on which banking institutions in the State, the State of New York or the jurisdiction in which the Corporate Trust Office of the Trustee is located are authorized or obligated by law or executive order to be closed, (2) for purposes of payments and other actions relating to Bonds secured by Credit Enhancement or supported by a Liquidity Facility, a day upon which commercial banks in the city in which is located the office of the issuing bank at which demands for payment under the Credit Enhancement or Liquidity Facility, as applicable, are to be presented are authorized or obligated by law or executive order to be closed, or (3) a day on which the New York Stock Exchange is closed. DTC is the initial securities depository for the 2009 Bonds. See "APPENDIX D — BOOK -ENTRY SYSTEM." Under the Indenture, the Commission may appoint a successor securities depository to DTC for the 2009 Bonds. The Holders of the 2009 Bonds have no right to certificated securities while the book -entry system is in effect for the 2009 Bonds. The information under this caption, "THE 2009 BONDS," is subject in its entirety to the provisions described in "APPENDIX D — BOOK -ENTRY SYSTEM" while the 2009 Bonds are in the book -entry only system. There are a number of provisions in the Indenture relating to the terms of 2009 Bonds purchased by the Liquidity Provider that are not described in this Remarketing Memorandum. All references to the terms of the 2009 Bonds in this Remarketing Memorandum describe only 2009 Bonds that are not owned by the Liquidity Provider unless expressly indicated herein. The 2009 Bonds are subject to optional and mandatory sinking fund redemption and to optional and mandatory tender for purchase as described herein. See "THE 2009 BONDS — Redemption" herein. Weekly Rate The Remarketing Agent for each Series sets a Weekly Rate for such 2009 Bonds, by 5:00 p.m., New York City time, on each Wednesday (or the immediately succeeding Business Day, if such Wednesday is not a Business Day) for the next Calendar Week; provided, that, the Weekly Rate for the first Calendar Week (or portion thereof) following a Conversion Date resulting in a change in the Interest Rate Determination Method to a Weekly Rate shall be set by such Remarketing Agent on the Business Day immediately preceding such Conversion Date. Each Weekly Rate shall be the rate of interest that, if borne by such 2009 Bonds in the Weekly Rate Period, would, in the judgment of the Remarketing Agent, having due regard for 46616375.6 5 572 the prevailing financial market conditions for Tax -Exempt Securities that are of the same general nature as such 2009 Bonds for which the Weekly Rate is to be determined, or Tax -Exempt Securities that are competitive as to credit and maturity (or period for tender) with the credit and maturity (or period for tender) of the 2009 Bonds for which the Weekly Rate is to be determined, be the lowest interest rate that would enable the Remarketing Agent to place all such 2009 Bonds at a price equal to 100% of the aggregate principal amount of such 2009 Bonds (plus accrued interest, if any) on the first day of such Weekly Rate Period. See "APPENDIX C — SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE — Additional Provisions Regarding Determination of Weekly Rates." Conversion of Interest Rate Right of Conversion. The Interest Rate Determination Method for any Series of 2009 Bonds is subject to Conversion from time to time by the Commission, with such right to be exercised by delivery of a Conversion Notice to the Notice Parties for the 2009 Bonds of such Series as follows: (1) at least two Business Days prior to the fifteenth day preceding the effective date of such proposed Conversion, in the event of a Conversion from the Weekly Rate to a Daily Rate or Commercial Paper Rate; and (2) at least three Business Days prior to the fifteenth day preceding the effective date of such proposed Conversion, in the event of a Conversion to a Long -Term Rate or a Fixed Rate. The date of the proposed Conversion must be a Business Day and a date on which such 2009 Bonds are subject to mandatory tender. The Conversion Notice must be accompanied by (i) an Opinion of Bond Counsel stating that the Conversion is authorized and permitted under the Indenture and will not, in and of itself, adversely affect the Tax -Exempt status of the interest on the 2009 Bonds to be converted, and (ii) a notice of any 2009 Liquidity Facility or any 2009 Credit Enhancement, if at the same time as such 2009 Bonds are being converted an Alternate Liquidity Facility or a new 2009 Credit Enhancement with respect to such 2009 Bonds will be provided. No Conversion to a new Interest Rate Determination Method may take effect under the Indenture unless each of the following conditions shall have been satisfied: (i) the Trustee shall have received a Favorable Opinion of Bond Counsel with respect to such Conversion; (ii) all 2009 Bonds to be converted are successfully purchased or deemed purchased (from remarketing proceeds or from funds provided by the 2009 Liquidity Provider) and remarketed in the new Interest Rate Determination Method on the Conversion Date; (iii) in the case of a Conversion to a Daily Rate or a Commercial Paper Rate, the 2009 Liquidity Facility for such 2009 Bonds must cover principal plus accrued interest, (computed at the Maximum Interest Rate then in effect on the basis of a 365 day year and actual days elapsed or a 360 day year of twelve 30 day months, as applicable) for the maximum number of days between Interest Payment Dates permitted under that Interest Rate Determination Method, plus such additional number of days, if any, as shall be required by each Rating Agency then rating such 2009 Bonds; provided that if the number of days of interest coverage provided by the applicable 2009 Liquidity Facility is being changed from the number of days previously in 46616375.6 6 573 place, the Trustee shall have also received a Rating Confirmation from each of the Rating Agencies then rating such 2009 Bonds; and (iv) such other conditions as are specified in the Indenture. On the Conversion Date, the Commission may, at its sole option, purchase 2009 Bonds not remarketed to other investors, but it will be under no obligation to do so. Conversion of the Interest Rate Determination Method requires that all 2009 Bonds to be converted must be tendered for purchase on the Conversion Date. See "APPENDIX C — SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE." Notice of Conversion to DTC and Beneficial Owners. Upon receipt of a Conversion Notice, as soon as possible, but in any event not less than 15 days prior to the proposed Conversion Date, the Trustee is to give notice of the proposed Conversion to DTC by first-class mail. Conveyance of notices and other communications by DTC to DTC Direct Participants, by DTC Direct Participants to DTC Indirect Participants, and by DTC Direct Participants and DTC Indirect Participants to Beneficial Owners of 2009 Bonds to be converted will be governed by arrangements among them, and the Commission and the Trustee will not have any responsibility or obligation to send a Conversion Notice to Beneficial Owners of 2009 Bonds. Failure of DTC or a Beneficial Owner of 2009 Bonds to receive the notice described in the preceding paragraph, or any defect therein, will not affect the validity of any Rate or any continuation of or change in the Interest Rate Determination Method for any of the 2009 Bonds or extend the period for tendering any of the 2009 Bonds for purchase, and the Trustee will not be liable to DTC or any Beneficial Owner of a 2009 Bond by reason of the failure of such Holder to receive such notice or any defect therein. Rescission of Notice of Conversion. Notwithstanding anything in the Indenture to the contrary, the Commission may rescind any previously given Conversion Notice by giving written notice thereof to the Notice Parties two or more Business Days prior to the proposed Conversion Date. If the Trustee receives notice of such rescission prior to the time the Trustee has given notice of the proposed Conversion to DTC, then the Conversion Notice previously delivered by the Commission shall be of no force and effect. If the Trustee receives notice from the Commission of such rescission after the Trustee has given notice of the proposed Conversion to DTC, then the 2009 Bonds subject to the proposed conversion shall continue to be subject to mandatory tender for purchase on the proposed Conversion Date (unless, prior to the proposed Conversion Date, such 2009 Bonds were in a Long -Term Rate Period for which there was no Liquidity Facility) and the Rate Period for such 2009 Bonds shall automatically adjust to, or continue as, a Weekly Rate Period on the proposed Conversion Date. No Opinion of Bond Counsel is required in connection with any automatic adjustment to a Weekly Rate Period. Failure to Convert. The Indenture includes provisions setting forth the procedures and conditions for the exercise by the Commission of its right of Conversion of the Interest Rate Determination Method for any Series of 2009 Bonds, including the conditions described above under "— Right of Conversion." Under certain circumstances, a planned Conversion may not be completed. However, once a notice of Conversion is provided to DTC as described above, all 2009 Bonds subject to the proposed conversion must be tendered for purchase. 46616375.6 7 574 The Indenture provides that a failed Conversion of the Interest Rate Determination Method for any Series of 2009 Bonds means that such 2009 Bonds will continue to bear interest at the Interest Rate Determination Method in effect prior to the proposed Conversion Date (as if no proceedings for Conversion had taken place) and the rate of interest thereon shall be determined on the proposed Conversion Date. If the failed conversion is due to insufficient funds, such 2009 Bonds will be returned to their respective Holders and will bear interest at the lesser of the SIFMA Swap Index plus three percent (3%) and the Maximum Interest Rate of 12% from the date of such failed purchase until all such 2009 Bonds are purchased as required in accordance with the Indenture. Such failed purchase and return does not constitute an Event of Default under the Indenture. Redemption Optional Redemption. The 2009 Bonds of a Series are subject to redemption prior to their stated maturity, at the option of the Commission, in whole or in part, in Authorized Denominations, on any Business Day, at a Redemption Price equal to the amount of 2009 Bonds called for redemption, plus accrued interest, if any, without premium. "Authorized Denominations" means $100,000 and any integral multiple of $5,000 in excess thereof. Mandatory Redemption of the 2009 Bonds from Mandatory Sinking Account Payments. The 2009 Bonds of each Series are subject to mandatory redemption from Mandatory Sinking Account Payments on each date a Mandatory Sinking Account Payment for such 2009 Bonds is due, and in the principal amount equal to the Mandatory Sinking Account Payment due on such date at a redemption price equal to the principal amount thereof, plus accrued but unpaid interest to the redemption date, without premium, as set forth below. 2009 Series A Bonds Redemption Date Mandatory Sinking (June 1) Account Payment Redemption Date Mandatory Sinking (June 1) Account Payment 2015 $3,400,000 2023 $4,900,000 2016 3,600,000 2024 5,100,000 2017 3,700,000 2025 5,300,000 2018 3,900,000 2026 5,500,000 2019 4,100,000 2027 5,800,000 2020 4,300,000 2028 6,000,000 2021 4,400,000 2029t 6,300,000 2022 4,600,000 t Final Maturity. 46616375.6 8 575 2009 Series B Bonds Redemption Date Mandatory Sinking Redemption Date Mandatory Sinking (June 1) Account Payment (June 1) Account Payment 2015 $2,600,000 2023 $3,705,000 2016 2,730,000 2024 3,900,000 2017 2,860,000 2025 4,030,000 2018 2,990,000 2026 4,225,000 2019 3,120,000 2027 4,420,000 2020 3,250,000 2028 4,615,000 2021 3,380,000 2029t 4,810,000 2022 3,575,000 t Final Maturity. 2009 Series C Bonds Redemption Date Mandatory Sinking (June 1) Account Payment Redemption Date Mandatory Sinking (June 1) Account Payment 2015 $1,400,000 2023 $1,995,000 2016 1,470,000 2024 2,100,000 2017 1,540,000 2025 2,170,000 2018 1,610,000 2026 2,275,000 2019 1,680,000 2027 2,380,000 2020 1,750,000 2028 2,485,000 2021 1,820,000 2029t 2,590,000 2022 1,925,000 t Final Maturity. Purchase In Lieu of Redemption The Commission reserves the right at all times to purchase any of its 2009 Bonds on the open market. In lieu of mandatory redemption, the Commission may surrender to the Trustee for cancellation 2009 Bonds purchased on the open market, and such 2009 Bonds shall be cancelled by the Trustee. If any 2009 Bonds are so cancelled, the Commission may designate the Mandatory Sinking Account Payments or portions thereof within such 2009 Bonds so purchased that are to be reduced as a result of such cancellation. General Redemption Provisions Selection of 2009 Bonds for Redemption. The Commission will designate which Series of 2009 Bonds and which maturities of such Series are to be redeemed; provided, that 2009 Bonds of such Series registered in the name of the 2009 Liquidity Provider must be redeemed prior to redeeming any other 2009 Bonds of such Series. If less than all 2009 Bonds of a Series 46616375.6 9 576 maturing on any one date are to be redeemed at any one time, DTC's practice is to determine by lot the amount of the interest of each DTC Direct Participant in the Series to be redeemed. For purposes of such selection, the 2009 Bonds of such Series shall be deemed to be composed of multiples of minimum Authorized Denominations and any such multiple may be separately redeemed. The Commission may designate the Mandatory Sinking Account Payments, or portions thereof, that are to be reduced as a result of such redemption. Notice of Redemption. Each notice of redemption is to be mailed by the Trustee not less than 10 nor more than 90 days prior to the redemption date, to DTC, the Remarketing Agents and other parties specified in the Indenture. Conveyance of notices and other communications by DTC to DTC Direct Participants, by DTC Direct Participants to DTC Indirect Participants, and by DTC Direct Participants and DTC Indirect Participants to Beneficial Owners of 2009 Bonds will be governed by arrangements among them, and the Commission and the Trustee will not have any responsibility or obligation to send a notice of redemption except to DTC. Failure of DTC to receive any notice of redemption or any defect therein will not affect the sufficiency of any proceedings for redemption. Rescission. The Commission may, at its option, prior to the date fixed for redemption in any notice of redemption rescind and cancel such notice of redemption by written notice of the Commission to the Trustee and the Trustee shall mail notice of such cancellation to the recipients of the notice of redemption being cancelled. Effect of Redemption. Notice of redemption having been duly given as aforesaid, and moneys for payment of the redemption price of, together with interest accrued to the redemption date on, the 2009 Bonds (or portions thereof) so called for redemption being held by the Trustee, on the redemption date designated in such notice, the 2009 Bonds (or portions thereof) so called for redemption shall become due and payable at the redemption price specified in such notice, together with interest accrued thereon to the date fixed for redemption, interest on the 2009 Bonds so called for redemption shall cease to accrue, such 2009 Bonds (or portions thereof) shall cease to be entitled to any benefit or security under the Indenture, and the Holders of such 2009 Bonds shall have no rights in respect thereof except to receive payment of said redemption price and accrued interest to the date fixed for redemption. Partial Redemption of Bonds. Upon surrender of any Bond to be redeemed in part only, the Commission shall execute, and the Trustee shall authenticate and deliver to the Holder of such 2009 Bond, at the expense of the Commission, a new Bond or Bonds of Minimum Authorized Denominations equal in aggregate principal amount to the unredeemed portion of the Bond surrendered, at the same maturity and terms as the surrendered Bond. Tender Provisions Optional Tender of 2009 Bonds for Purchase. Except as otherwise provided in the Indenture, during any Weekly Rate Period, any 2009 Bond or (provided that the amount so purchased and the amount not so purchased must each be an Authorized Denomination) a portion thereof, may be tendered for purchase on any Business Day at the applicable Purchase Price, payable in accordance with the Indenture in immediately available funds, upon (A) delivery by the Holder or Beneficial Owner of such 2009 Bond to the Remarketing Agents and to the Trustee 46616375.6 10 577 at its Principal Office of an irrevocable written notice or notice by Electronic Means by 5:00 p.m. (New York City time) on any Business Day at least seven (7) days prior to the Purchase Date, which states the principal amount of such 2009 Bond to be tendered for purchase and the Purchase Date, and (B) delivery of such 2009 Bond to the Trustee on the Purchase Date in accordance with the Indenture. Mandatory Tender of 2009 Bonds for Purchase. The 2009 Bonds shall be subject to mandatory tender for purchase at the applicable Purchase Price, at the following times and upon the occurrence of any of the events stated below: (1) with respect to any Series of 2009 Bonds, on the Conversion Date for such 2009 Bonds to a new Interest Rate Determination Method specified in a Conversion Notice (whether or not the proposed Conversion becomes effective on such date, unless converting from a Long - Term Rate Period for which there is no Liquidity Facility and the proposed Conversion does not occur, in which case the mandatory tender will be cancelled); (2) (A) on the fifth (5th) Business Day preceding (i) the scheduled Expiration of a 2009 Liquidity Facility or (ii) the Termination of a 2009 Liquidity Facility, at the election of the Commission as permitted by such 2009 Liquidity Facility; and (B) on the date of the provision of an Alternate Liquidity Facility for such 2009 Bonds pursuant to the Indenture and the resultant Termination of the existing 2009 Liquidity Facility; provided, however, that, notwithstanding any other provision of the Indenture to the contrary, no mandatory tender for purchase shall be required pursuant to this subsection if a Rating Confirmation shall be delivered by each Rating Agency then rating the 2009 Bonds on the date of the provision of the Alternate Liquidity Facility pursuant to the Indenture and the resultant Termination of the existing 2009 Liquidity Facility; and (3) with respect to each 2009 Bond bearing interest at a Weekly Rate or a Daily Rate upon receipt by the Trustee of written notice from the 2009 Liquidity Provider for such 2009 Bonds that an event of default or an event of termination (other than an immediate termination or suspension) has occurred under the related 2009 Liquidity Facility with the effect that the obligations of such 2009 Liquidity Provider to purchase such 2009 Bonds or otherwise provide for the Purchase Price of such 2009 Bonds under such 2009 Liquidity Facility shall terminate on the date specified in such notice, in which event such 2009 Bonds shall be subject to purchase on a Business Day selected by the Trustee which date shall be not more than five (5) Business Days after receipt of such notice, but in no event later than the Business Day preceding the termination date specified in the notice received from such 2009 Liquidity Provider. Notice of mandatory tender for purchase on the Conversion Date shall be given by the Trustee to the Holders as provided in the Indenture. The 2009 Bonds will be registered in the name of Cede & Co., as Holder of the 2009 Bonds and nominee for DTC. The Trustee shall give notice by first class mail to the Holders of affected 2009 Bonds of each Termination of a 2009 Liquidity Facility and each Expiration of a 2009 Liquidity Facility making 2009 Bonds subject to mandatory tender as provided above, which notice shall (i) state the date of such Termination, substitution or Expiration; (ii) state that unless a Rating Confirmation is received with respect to the substitution (in which event no mandatory tender for purchase shall occur), such 2009 Bonds shall be subject to mandatory tender for purchase on the specified Purchase Date at the 46616375.6 11 578 applicable Purchase Price (which shall be specified in such notice); and (iii) be mailed by the Trustee not later than the fifteenth (15th) day prior to such Termination, substitution or expiration. The Trustee shall give notice by first class mail within two (2) Business Days of receipt of a notice from a 2009 Liquidity Provider, to the Holders of the affected 2009 Bonds at their addresses shown on the bond registration books maintained by the Trustee which notice shall: (1) state such 2009 Bonds are subject to mandatory tender for purchase at the applicable Purchase Price (which shall be specified in such notice); and (2) state the Purchase Date. With respect to any 2009 Bond that is registered in book -entry form with a Securities Depository, delivery of such 2009 Bond to the Trustee in connection with any optional or mandatory tender for purchase pursuant to the Indenture shall be effected by the making of, or the irrevocable authorization to make, appropriate entries on the books of the Securities Depository for such 2009 Bond or any Participant of such Securities Depository to reflect the transfer of the beneficial ownership interest in such 2009 Bond to the account of the Trustee, or to the account of a Participant of such Securities Depository acting on behalf of the Trustee. With respect to any 2009 Bond that is not registered in book -entry form with a Securities Depository, delivery of such 2009 Bond to the Trustee in connection with any optional or mandatory tender for purchase shall be effected by physical delivery of such 2009 Bond to the Trustee at its Principal Office, by 1:00 p.m. (New York City time) on the Purchase Date, accompanied by an instrument of transfer thereof, in a form satisfactory to the Trustee, executed in blank by the Holder thereof with the signature of such Holder guaranteed in accordance with the guidelines set forth by one of the nationally recognized medallion signature programs. If moneys sufficient to pay the Purchase Price of 2009 Bonds to be purchased pursuant to the Indenture shall be held by the Trustee on the applicable Purchase Date, such 2009 Bonds shall be deemed to have been purchased for all purposes of the Indenture, irrespective of whether or not such 2009 Bonds shall have been delivered to the Trustee or transferred on the books of a Securities Depository for such 2009 Bonds, and neither the former Holder or Beneficial Owner of such 2009 Bonds nor any other person shall have any claim thereon, under the Indenture or otherwise, for any amount other than the Purchase Price thereof. In the event of non -delivery of any 2009 Bond to be purchased pursuant to the Indenture, the Trustee shall segregate and hold uninvested the moneys for the Purchase Price of such 2009 Bond in trust, without liability for interest thereon, for the benefit of the former Holders or Beneficial Owners of such 2009 Bond, who shall, except as provided in the following sentence, thereafter be restricted exclusively to such moneys for the satisfaction of any claim for the Purchase Price of such 2009 Bond. Any moneys that the Trustee shall segregate and hold in trust for the payment of the Purchase Price of any 2009 Bond and remaining unclaimed for two (2) years after the date of purchase shall, subject to satisfaction of all amounts then due and payable to the Liquidity Provider (other than 2009 Liquidity Facility Bonds), be paid automatically to the Commission. After the payment of such unclaimed moneys to the Commission, the former Holder or Beneficial Owner of such 2009 Bond shall look only to the Commission for the payment thereof. 46616375.6 12 579 Mandatory Tender for Purchase of 2009 Bonds at the Direction of the Commission. The 2009 Bonds, or any of them, shall be subject to mandatory tender for purchase by the Commission, in whole or in part (such that the portion that is subject to mandatory tender for purchase and the portion not subject to such mandatory tender shall each be in an Authorized Denomination), at the applicable Optional Purchase Price on each Optional Purchase Date. "Optional Purchase Price" means, with respect to the 2009 Bonds to be purchased pursuant to the Indenture on any Optional Purchase Date, the principal amount thereof, plus accrued interest to such Optional Purchase Date, plus an amount equal to the premium, if any, that would be payable upon the redemption, at the option of the Commission exercised on such Optional Purchase Date, of such 2009 Bonds. "Optional Purchase Date" means each date on which the 2009 Bonds would be subject to optional redemption and therefore are subject to purchase at the option of the Commission pursuant to the Indenture. If the Commission determines to purchase any 2009 Bonds on any Optional Purchase Date, the Commission shall provide the Trustee with written notice of such determination at least fifteen (15) days prior to the Optional Purchase Date, which notice shall specify the Series of 2009 Bonds and the principal amount of such 2009 Bonds of each maturity that are to be purchased and the Optional Purchase Date on which such purchase is to occur. When the Trustee shall receive notice from the Commission of its determination to purchase 2009 Bonds, the Trustee shall give notice, in the name of the Commission, of the mandatory tender for purchase of such 2009 Bonds, which notice shall be mailed, by first class mail, postage prepaid, not more than ninety (90) nor less than ten (10) days before the Optional Purchase Date to the Holders of any 2009 Bonds or portions of 2009 Bonds to be purchased at their addresses appearing in the bond registration books maintained by the Trustee, with a copy to the Notice Parties. Such notice shall specify the Series of 2009 Bonds and the maturities of such 2009 Bonds to be purchased, the Optional Purchase Date, the Optional Purchase Price and the place or places where the Optional Purchase Price due upon such tender for purchase shall be payable and, if less than all of the 2009 Bonds of such Series and of like maturity are to be purchased, the letters and numbers or other distinguishing marks of such 2009 Bonds so to be purchased, and, in the case of 2009 Bonds to be purchased in part only, such notice shall also specify the respective portions of the principal amount thereof to be purchased. Such notice shall further state that on such Optional Purchase Date there shall become due and payable upon each 2009 Bond to be purchased, the Optional Purchase Price thereof, or the Optional Purchase Price of the specified portions of the principal amount thereof to be purchased in the case of 2009 Bonds to be purchased in part only, and that from and after such Optional Purchase Date interest on such 2009 Bond for the benefit of the current Holder of such 2009 Bond or the portion of such 2009 Bond to be purchased shall cease to accrue and be payable. Receipt of such notice of mandatory tender for purchase shall not be a condition precedent to the mandatory tender for purchase of the 2009 Bonds and failure of any Holder of a 2009 Bond to receive any such notice or any defect in such notice shall not affect the validity of the proceedings for the mandatory tender for purchase of the 2009 Bonds. If at the time the Trustee sends any notice of mandatory tender for purchase of the 2009 Bonds, the Commission has not deposited with the Trustee an amount sufficient to pay the full Optional Purchase Price of the 2009 Bonds, or the portions thereof, to be purchased, such notice 46616375.6 13 580 shall state that such mandatory tender for purchase is conditional upon the receipt by the Trustee on or prior to the Optional Purchase Date fixed for such purchase of moneys sufficient to pay the Optional Purchase Price of such 2009 Bonds, or the portions thereof to be purchased, and that if such moneys shall not have been so received said notice shall be of no force and effect and the Commission shall not be required to purchase such 2009 Bonds. In the event that such notice of mandatory tender for purchase contains such a condition and such moneys are not so received, no purchase of the 2009 Bonds identified in the notice of mandatory tender for purchase shall be made and the Trustee shall, within a reasonable time thereafter, give notice, to the Remarketing Agent and to the persons and in the manner in which the notice of tender was given, that such moneys were not so received and that there will be no purchase of 2009 Bonds pursuant to the notice of mandatory tender for purchase. Tenders of 2009 Bonds and Deliveries of Converted 2009 Bonds Are Subject to DTC Procedures. As long as the book -entry only system is in effect with respect to the 2009 Bonds, all tenders for purchase and deliveries upon Conversion of 2009 Bonds tendered for purchase or subject to mandatory tender under the provisions of the Indenture shall be made pursuant to DTC's procedures as in effect from time to time, and neither the Commission, the Trustee, nor any Remarketing Agent shall have any responsibility for or liability with respect to the implementation of these procedures. SPECIAL CONSIDERATIONS RELATING TO THE 2009 BONDS SUBJECT TO OPTIONAL TENDER AND REMARKETING The information under this caption "SPECIAL CONSIDERATIONS RELATING TO THE 2009 BONDS SUBJECT TO OPTIONAL TENDER AND REMARKETING" has been provided by the Remarketing Agents for inclusion in this Remarketing Memorandum and the Commission makes no representation regarding its completeness or accuracy. The Remarketing Agents are Paid by the Commission The Remarketing Agents' responsibilities include determining the interest rate from time to time and remarketing 2009 Bonds that are optionally or mandatorily tendered by the Owners thereof (subject, in each case, to the terms of the applicable Remarketing Agreement), as further described in this Remarketing Memorandum. The Remarketing Agents are appointed by the Commission and are paid by the Commission for their services. As a result, the interests of the Remarketing Agents may differ from those of existing Holders and potential purchasers of such 2009 Bonds. The Remarketing Agents Routinely Purchase 2009 Bonds for their Own Account The Remarketing Agents act as remarketing agent for a variety of variable rate demand obligations and, in their sole discretion, routinely purchase such obligations for their own account. The Remarketing Agents are permitted, but not obligated, to purchase tendered 2009 Bonds for their own account and, in their sole discretion, routinely acquire such tendered 2009 Bonds to achieve a successful remarketing of the 2009 Bonds (i.e., because there otherwise are not enough buyers to purchase the 2009 Bonds) or for other reasons. However, the Remarketing Agents are not obligated to purchase 2009 Bonds, and may cease doing so at any time without 46616375.6 14 581 notice. The Remarketing Agents may also make a market in the 2009 Bonds by routinely purchasing and selling 2009 Bonds other than in connection with an optional or mandatory tender and remarketing. Such purchases and sales may be at or below par. However, the Remarketing Agents are not required to make a market in the 2009 Bonds. The Remarketing Agents may also sell any 2009 Bonds they have purchased to one or more affiliated investment vehicles for collective ownership or enter into derivative arrangements with affiliates or others in order to reduce its exposure to the 2009 Bonds. The purchase of 2009 Bonds by the Remarketing Agents may create the appearance that there is greater third party demand for the 2009 Bonds in the market than is actually the case. The practices described above also may result in fewer 2009 Bonds being tendered in a remarketing. 2009 Bonds May Be Offered at Different Prices on Any Date Including a Rate Determination Date Pursuant to the Remarketing Agreements, each Remarketing Agent is required to determine the applicable rate of interest that, in its judgment, is the lowest rate that would permit the sale of the applicable 2009 Bonds bearing interest at the applicable interest rate at par plus accrued interest, if any, on and as of the applicable date. The interest rate will reflect, among other factors, the level of market demand for the applicable 2009 Bonds (including whether such Remarketing Agent is willing to purchase such 2009 Bonds for its own account). There may or may not be 2009 Bonds tendered and remarketed on any given date, such Remarketing Agent may or may not be able to remarket any 2009 Bonds tendered for purchase on such date at par and such Remarketing Agent may sell 2009 Bonds at varying prices to different investors on such date or any other date. The Remarketing Agents are not obligated to advise purchasers in a remarketing if they do not have third party buyers for all of the applicable 2009 Bonds at the remarketing price. If a Remarketing Agent owns any 2009 Bonds for its own account, it may, in its sole discretion in a secondary market transaction outside the tender process, offer such 2009 Bonds on any date at a discount to par to some investors. The Ability to Sell the 2009 Bonds Other Than through Tender Process May Be Limited The Remarketing Agents may buy and sell 2009 Bonds other than through the tender process. However, they are not obligated to do so and may cease doing so at any time without notice and may require holders that wish to tender their 2009 Bonds to do so through the tender agent with appropriate notice. Thus, investors who purchase the 2009 Bonds, whether in a remarketing or otherwise, should not assume that they will be able to sell their 2009 Bonds other than by tendering the 2009 Bonds in accordance with the tender process. No Remarketing Agent Successor in Certain Circumstances Under certain circumstances a Remarketing Agent may be removed or have the ability to resign or cease its remarketing efforts, without a successor having been named, subject to the terms of the applicable Remarketing Agreement and the Indenture. 46616375.6 15 582 DEBT SERVICE SCHEDULE 2009 Bonds 2010 Series A Bonds 2010 Series B Bonds 2013 Bonds Fiscal Year Annual Ending Subsidy Net Debt June 30 Principal Interest(l) Principal Interest Principal Interest Payments(2) Principal Interest Service 2015 $ 7,400,000 $ 5,340,638 $ 1,881,500 $ 7,649,026 $ (2,767,401) $ 19,503,764 2016 7,800,000 5,098,368 1,881,500 7,649,026 (2,767,401) 19,661,494 2017 8,100,000 4,814,474 1,881,500 7,649,026 (2,767,401) 19,677,599 2018 8,500,000 4,533,938 1,881,500 7,649,026 (2,767,401) $22,960,000 $ 12,020,556 54,777,619 2019 8,900,000 4,239,632 1,881,500 7,649,026 (2,767,401) 12,090,000 22,893,113 54,885,870 2020 9,300,000 3,942,330 1,881,500 7,649,026 (2,767,401) 12,690,000 22,288,613 54,984,068 2021 9,600,000 3,609,719 1,881,500 7,649,026 (2,767,401) 13,325,000 21,654,113 54,951,957 2022 10,100,000 3,277,300 1,881,500 7,649,026 (2,767,401) 13,995,000 20,987,863 55,123,287 2023 10,600,000 2,927,432 1,881,500 7,649,026 (2,767,401) 14,695,000 20,288,113 55,273,670 2024 11,100,000 2,567,605 1,881,500 7,649,026 (2,767,401) 15,425,000 19,553,363 55,409,093 2025 11,500,000 2,176,304 1,881,500 7,649,026 (2,767,401) 16,235,000 18,743,550 55,417,979 2026 12,000,000 1,778,240 1,881,500 7,649,026 (2,767,401) 17,090,000 17,891,213 55,522,578 2027 12,600,000 1,362,718 1,881,500 7,649,026 (2,767,401) 17,985,000 16,993,988 55,704,831 2028 13,100,000 929,092 1,881,500 7,649,026 (2,767,401) 18,930,000 16,049,775 55,771,993 2029 13,700,000 472,925 1,881,500 7,649,026 (2,767,401) 19,925,000 15,055,950 55,917,000 2030 - $12,105,000 1,881,500 7,649,026 (2,767,401) 20,970,000 14,009,888 53,848,013 2031 12,710,000 1,276,250 7,649,026 (2,767,401) 22,070,000 12,908,963 53,846,838 2032 12,815,000 640,750 $ 530,000 7,649,026 (2,767,401) 23,230,000 11,750,288 53,847,663 2033 - 14,010,000 7,612,949 (2,755,683) 24,450,000 10,530,713 53,847,979 2034 - - 14,630,000 6,659,288 (2,445,934) 25,735,000 9,247,088 53,825,442 2035 - - 15,275,000 5,663,424 (2,122,477) 27,075,000 7,896,000 53,786,947 2036 - - 15,955,000 4,623,655 (1,784,760) 28,505,000 6,474,563 53,773,457 2037 - - 16,660,000 3,537,598 (1,432,009) 30,005,000 4,978,050 53,748,639 2038 17,330,000 2,403,552 (1,003,723) 31,580,000 3,402,788 53,712,616 2039 17,980,000 1,223,899 (511,100) 33,235,000 1,744,838 53,672,636 Total $154,300,000 $47,070,715 $37,630,000 $32,021,000 $112,370,000 $169,406,830 $(61,868,895) $462,200,000 $307,363,381 $1,260,493,031 (1) Interest on the 2009 Bonds is calculated assuming the interest rates are equal to the fixed rates on the Existing Swaps, without including any remarketing agent or liquidity provider fees and expenses. See "OTHER SALES TAX OBLIGATIONS — Existing Swap Agreements." (2) Under the Indenture, Subsidy Payments expected to be received from the United States Treasury Department are treated as an offset to Debt Service. The amounts shown reflect a decrease of 7.2% from the original amounts due to automatic spending cuts under the Budget Control Act of 2011. See "RISK FACTORS — Reduction in Subsidy Payments." 46616375.6 16 583 SECURITY AND SOURCES OF PAYMENT FOR THE 2009 BONDS Limited Obligation THE 2009 BONDS ARE LIMITED TAX OBLIGATIONS OF THE COMMISSION PAYABLE SOLELY FROM REVENUES AS DEFINED AND PROVIDED IN THE INDENTURE AND CERTAIN OTHER FUNDS PLEDGED UNDER THE INDENTURE. THE COMMISSION IS NOT OBLIGATED TO PAY THE 2009 BONDS EXCEPT FROM REVENUES AND THOSE CERTAIN OTHER FUNDS PLEDGED UNDER THE INDENTURE. THE 2009 BONDS DO NOT CONSTITUTE A DEBT OR LIABILITY OF THE STATE OR ANY POLITICAL SUBDIVISION OF THE STATE OTHER THAN THE COMMISSION, OR A PLEDGE OF THE FULL FAITH AND CREDIT OF THE STATE OR OF ANY POLITICAL SUBDIVISION OF THE STATE. THE GENERAL FUND OF THE COMMISSION IS NOT LIABLE, AND THE CREDIT OR TAXING POWER (OTHER THAN AS DESCRIBED IN THE INDENTURE) OF THE COMMISSION IS NOT PLEDGED, FOR THE PAYMENT OF THE 2009 BONDS, THEIR INTEREST, OR ANY PREMIUM DUE UPON REDEMPTION OF THE 2009 BONDS. THE 2009 BONDS ARE NOT SECURED BY A LEGAL OR EQUITABLE PLEDGE OF, OR CHARGE, LIEN OR ENCUMBRANCE UPON, ANY OF THE PROPERTY OF THE COMMISSION OR ANY OF ITS INCOME OR RECEIPTS, EXCEPT THE REVENUES AND THE CERTAIN OTHER FUNDS PLEDGED UNDER THE INDENTURE. Pledge of Revenues All Revenues, consisting of Sales Tax Revenues and Swap Revenues are irrevocably pledged by the Commission to secure the punctual payment of the principal of, premium, if any, and interest on the 2009 Bonds and any additional Series of Bonds issued under the Indenture and all amounts owing on any Parity Obligations in accordance with their terms. The Revenues shall not be used for any other purpose while any of the Bonds or Parity Obligations remain Outstanding, except as permitted by the provisions of the Indenture permitting the application thereof for the purposes and on the terms and conditions set forth therein. Additionally, all amounts (including proceeds of the Bonds) held by the Trustee under the Indenture (except for amounts held in the Rebate Fund, any Letter of Credit Account and any Bond Purchase Fund) are pledged to secure the payment of all amounts owing on the Bonds and Parity Obligations, subject only to the provisions of the Indenture permitting the application thereof for the purposes and on the terms and conditions set forth therein. Pursuant to the Indenture, the pledge of Revenues constitutes a first lien to secure the Bonds and Parity Obligations. The pledge of Revenues shall be irrevocable until all Bonds issued under the Indenture, including the 2009 Bonds, and all Parity Obligations are no longer Outstanding. The Revenues pledged to the payment of the Bonds and Parity Obligations shall be applied without priority or distinction of one over the other and the Sales Tax Revenues shall constitute a trust fund for the security and payment of the Bonds and Parity Obligations; but nevertheless out of Revenues certain amounts may be applied for other purposes as provided in the Indenture. 46616375.6 17 584 For a detailed description of the Sales Tax and projected receipts of Sales Tax Revenues, see "THE SALES TAX" herein. For a discussion of Swap Revenues, see "OTHER SALES TAX OBLIGATIONS — Existing Swap Agreements" herein. Revenue Fund; Allocation of Revenues As long as any Bonds are Outstanding or any Parity Obligations remain unpaid, the Commission has assigned the Sales Tax Revenues to the Trustee and shall cause the Board of Equalization to transmit the same directly to the Trustee. The Sales Tax Revenues shall be received and held in trust by the Trustee for the benefit of the Holders of the Bonds and any Parity Obligations. The Trustee shall forthwith deposit all Sales Tax Revenues in the Revenue Fund, maintained and held in trust by the Trustee, when and as such Sales Tax Revenues are received by the Trustee. See "APPENDIX C — SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE — Allocation of Sales Tax Revenues." Investment income on amounts held by the Trustee (other than amounts held in the Rebate Fund or for which particular instructions are provided) shall also be deposited in the Revenue Fund. In each month while Bonds remain Outstanding, the Trustee is required to set aside receipts of Sales Tax Revenues in the following respective funds, amounts and order of priority (provided that deficiencies in any previously required deposit shall be made up prior to the deposit to a fund subsequent in priority and further provided that set asides or transfers required with respect to Parity Obligations, including certain regularly scheduled payments pursuant to Interest Rate Swap Agreements that are payable on a parity with the 2009 Bonds, shall be made on a parity basis, as provided in the Indenture): 1. Interest Fund. The Indenture requires the Trustee to make monthly deposits in the Interest Fund in an amount equal to (a) one -sixth of the aggregate half -yearly amount of interest becoming due and payable on Outstanding Current Interest Bonds (other than Bonds constituting Variable Rate Indebtedness) during the ensuing six-month period, plus (b) the aggregate amount of interest to accrue during that month on Outstanding Variable Rate Indebtedness, calculated, if the actual rate of interest is not known, at the interest rate specified in writing by the Commission, or if the Commission has not specified an interest rate in writing, calculated at the maximum interest rate borne by such Variable Rate Indebtedness during the month prior to the month of deposit plus one hundred (100) basis points (provided, however, that the amount of such deposit into the Interest Fund for any month may be reduced by the amount by which the deposit in the prior month exceeded the actual amount of interest accrued and paid during that month on said Outstanding Variable Rate Indebtedness and provided further that the amount of such deposit into the Interest Fund for any month will be increased by the amount by which the deposit in the prior month was less than the actual amount of interest accruing during that month on said Outstanding Variable Rate Indebtedness). No deposit need be made into the Interest Fund if the amount contained therein is at least equal to the interest to become due and payable on the Interest Payment Dates falling within the next six (6) months upon all of the Outstanding Bonds issued under the Indenture, and on June 1 and December 1 of each year any excess amounts in the Interest Fund not needed to pay interest on such date (and not held to pay interest on Bonds having Interest Payment Dates other than June 1 and December 1) will be transferred to 46616375.6 18 585 the Commission (but excluding, in each case, any moneys on deposit in the Interest Fund from the proceeds of any Series of Bonds or other source and reserved as capitalized interest to pay interest on any future Interest Payment Dates following such Interest Payment Dates). All Swap Revenues received with respect to Interest Rate Swap Agreements that are Parity Obligations shall be deposited in the Interest Fund and credited to the above -required deposits, and that payments on such Interest Rate Swap Agreements (other than fees and expenses and termination payments) shall be payable from the Interest Fund and the above -required deposits shall be adjusted to include such payments. 2. Principal Fund; Sinking Accounts. The Indenture also requires the Trustee to make monthly deposits in the Principal Fund in an amount equal to at least (a) one -sixth of the aggregate semiannual amount of principal and accreted value, if applicable, becoming due and payable within the next six months on Outstanding Bonds having semiannual maturity dates, plus (b) one -twelfth of the aggregate yearly amount of principal, accreted value, if applicable, becoming due and payable within the next twelve months on Outstanding Bonds having annual maturity dates, plus (c) one -sixth of the aggregate of the Mandatory Sinking Account Payments to be paid during the next six-month period into the respective Sinking Accounts for the Term Bonds of all Series for which Sinking Accounts have been created and for which semiannual mandatory redemption is required from said Sinking Accounts, plus (d) one -twelfth of the aggregate of the Mandatory Sinking Account Payments to be paid during the next 12-month period into the respective Sinking Accounts for the Term Bonds of all Series for which Sinking Accounts have been created and for which annual mandatory redemption is required from such Sinking Accounts; provided that if the Commission certifies to the Trustee that any principal payments are expected to be refunded on or prior to their respective due dates or paid from amounts on deposit in a Bond Reserve Fund that would be in excess of the Bond Reserve Requirement applicable to such Bond Reserve Fund upon such payment, no amounts are required to be set aside toward such principal to be so refunded or paid. All of the aforesaid deposits made in connection with future Mandatory Sinking Account Payments are to be made without priority of any payment into any one such Sinking Account over any other such payment. If the Sales Tax Revenues are not sufficient to make the required deposits so that moneys in the Principal Fund on any principal or mandatory redemption date are equal to the amount of Bond Obligation to become due and payable on the Outstanding Serial Bonds of all Series plus the Bond Obligation amount of and redemption premium on the Outstanding Term Bonds required to be redeemed or paid at maturity on such date, then such moneys will be applied on a Proportionate Basis and in such proportion as said Serial Bonds and said Term Bonds shall bear to each other, after first deducting for such purposes from said Term Bonds any of said Term Bonds required to be redeemed annually which will have been redeemed or purchased during the preceding 12-month period and any of said Term Bonds required to be redeemed semiannually which will have been redeemed or purchased during the six-month period ending on such date or the immediately preceding six month period. In the event that the Sales Tax Revenues will not be sufficient to pay in full all Mandatory Sinking Account Payments required to be paid at any one time into all such Sinking Accounts, then payments into all such Sinking 46616375.6 19 586 Accounts are to be made on a Proportionate Basis, in proportion that the respective Mandatory Sinking Account Payments required to be made into each Sinking Account during the then current 12-month period bear to the aggregate of all of the Mandatory Sinking Account Payments required to be made into all such Sinking Accounts during such 12-month period. No deposit must be made into the Principal Fund as long as such fund holds (i) moneys sufficient to pay the Bond Obligations of all then Outstanding Serial Bonds maturing by their terms within the next twelve (12) months plus (ii) the aggregate of all Mandatory Sinking Account Payments required to be made in such 12-month period, but less any amounts deposited into the Principal Fund during such 12-month period and theretofore paid from the Principal Fund to redeem or purchase Term Bonds during such 12-month period; provided that if the Commission certifies to the Trustee that any principal payments are expected to be refunded on or prior to their respective due dates or paid from amounts on deposit in a Bond Reserve Fund that would be in excess of the Bond Reserve Requirement applicable to such Bond Reserve Fund upon such payment, no amounts need be on deposit with respect to such principal payments. At the beginning of each Fiscal Year and in any event not later than June 1 of each year, the Trustee is required to request from the Commission a Certificate of the Commission setting forth the principal payments for which deposits will not be necessary pursuant to the preceding sentence and the reason therefor. On June 1 of each year or as soon as practicable thereafter any excess amounts in the Principal Fund not needed to pay principal on such date (and not held to pay principal on Bonds having principal payment dates other than June 1) are required to be transferred to the Commission. 3. Bond Reserve Fund. The Indenture also requires the Trustee to make deposits to the Bond Reserve Fund, to the extent required. See "— No Reserve Fund" below. 4. Subordinate Obligations Fund. As long as any Subordinate Obligations remain unpaid, any Revenues remaining in the Revenue Fund after the transfers described in (1), (2) and (3) above have been made shall be transferred to the Notes Trustee. After the Notes Trustee has made the required deposit of Revenues under the Subordinate Indenture, the Notes Trustee shall transfer any remaining Revenues back to the Trustee. 5. Fees and Expenses Fund. At the direction of the Commission, after the transfers described in (1), (2), (3) and (4) above have been made, the Trustee is required to deposit as soon as practicable in each month in the Fees and Expenses Fund (i) amounts necessary for payment of fees, expenses and similar charges (including fees, expenses and similar charges relating to any Liquidity Facility or Credit Enhancement for the Bonds or any Parity Obligations) owing in such month or the following month by the Commission in connection with the Bonds or any Parity Obligations and (ii) amounts necessary for payment of fees, expenses and similar charges owing in such month or the following month by the Commission in connection with Subordinate Obligations. The Commission shall inform the Trustee of such amounts, in writing, on or prior to the first Business Day of each month. 46616375.6 20 587 Any Revenues remaining in the Revenue Fund after the foregoing transfers described in (1), (2), (3), (4) and (5) above, except as the Commission shall otherwise direct in writing or as is otherwise provided in a supplemental indenture, shall be transferred to the Commission on the same Business Day or as soon as practicable thereafter. The Commission may use and apply the Revenues when received by it for any lawful purpose of the Commission, including the redemption of Bonds upon the terms and conditions set forth in the supplemental indenture relating to such Bonds and the purchase of Bonds as and when and at such prices as it may determine If, five (5) days prior to any principal payment date, Interest Payment Date or mandatory redemption date, the amounts on deposit in the Revenue Fund, the Interest Fund, the Principal Fund, including the Sinking Accounts therein, and, as and to the extent not required to satisfy the Bond Reserve Requirement, any Bond Reserve Fund established in connection with the 2009 Bonds with respect to the payments to be made on such upcoming date are insufficient to make such payments, the Trustee shall immediately notify the Commission, in writing, of such deficiency and direct that the Commission transfer the amount of such deficiency to the Trustee on or prior to such payment date. The Commission has covenanted and agreed to transfer to the Trustee from any Revenues in its possession the amount of such deficiency on or prior to the principal, interest or mandatory redemption date referenced in such notice. See "APPENDIX C — SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE — Allocation of Sales Tax Revenues" and "— Definitions" for a more complete discussion. No Reserve Fund Upon issuance of the 2009 Bonds, a 2009 Bonds Reserve Fund was established pursuant to the Second Supplemental Indenture for the 2009 Bonds at the 2009 Bonds Reserve Requirement. Pursuant to the Fourth Supplemental Indenture, and with the consent of the previous Liquidity Provider, effective on September 30, 2011 the Commission reduced the 2009 Bonds Reserve Fund Requirement to $0. Monies released from the 2009 Bonds Reserve Fund were transferred to the 2009 Excess Reserve Proceeds Project Fund established by the Fourth Supplemental Indenture and applied to pay a portion of the Costs of the Project. Additional Bonds and Parity Obligations Under the Indenture, the Commission may issue other obligations payable in whole or in part from Sales Tax Revenues, subject to the limitations of the Act and to the terms and conditions contained in the Indenture. Issuance of Additional Series of Bonds. The Commission may by Supplemental Indenture establish one or more additional Series of Bonds payable from Sales Tax Revenues and secured by the pledge made under the Indenture equally and ratably with the 2009 Bonds, but only upon compliance by the Commission with the provisions of the Indenture, including the conditions that: 46616375.6 (1) No Event of Default shall have occurred and then be continuing. 21 588 (2) The aggregate principal amount of Bonds issued pursuant to the Indenture may not exceed any limitation imposed by the Act. (3) If so required in the Supplemental Indenture providing for the issuance of such Series, either (i) a Bond Reserve Fund shall be established to provide additional security for such Series of Bonds or (ii) the balance in an existing Bond Reserve Fund, forthwith upon the receipt of the proceeds of the sale of Bonds of such Series shall be increased, if necessary, to an amount at least equal to the Bond Reserve Requirement with respect to all Bonds to be considered Outstanding upon the issuance of Bonds of such Series. Said deposit may be made from the proceeds of the sale of Bonds of such Series or from other funds of the Commission or from both such sources or may be made in the form of a Reserve Facility. (4) The Commission shall place on file with the Trustee a Certificate of the Commission certifying that the amount of Sales Tax Revenues and 1988 Sales Tax Revenues collected during the Fiscal Year for which audited financial statements are available preceding the date on which such additional Series of Bonds will become Outstanding shall have been at least equal to 1.5 times Maximum Annual Debt Service on all Series of Bonds and Parity Obligations then Outstanding and the additional Series of Bonds then proposed to be issued, which Certificate shall also set forth the computations upon which such Certificate is based. Nothing in the Indenture shall prevent or be construed to prevent the Supplemental Indenture providing for the issuance of an additional Series of Bonds from pledging or otherwise providing, in addition to the security given or intended to be given by the Indenture, additional security for the benefit of such additional Series of Bonds or any portion thereof. Issuance of Refunding Bonds. Refunding Bonds may be authorized and issued by the Commission without compliance with the provisions of the Indenture described above under (4) "Issuance of Additional Series of Bonds" and other terms of the Indenture; provided, that Maximum Annual Debt Service on all Bonds and Parity Obligations Outstanding following the issuance of such Refunding Bonds is less than or equal to Maximum Annual Debt Service on all Bonds and Parity Obligations Outstanding prior to the issuance of such Refunding Bonds, or (ii) that the Commission expects a reduction in Debt Service on all Bonds Outstanding and all Parity Obligations outstanding to result from the refunding to be effected with the proceeds of such Refunding Bonds. Issuance of Parity Obligations. The Commission may also issue Parity Obligations which will have, when issued, an equal lien and charge upon the Sales Tax Revenues, provided that the conditions to the issuance of such Parity Obligations set forth in the Indenture are satisfied, including satisfaction of the coverage test described in subsection (4) above under the caption "Issuance of Additional Series of Bonds" (unless such Parity Obligations are being issued for refunding purposes, in which case the coverage test shall not apply). As defined in the Indenture, "Parity Obligations" means any indebtedness, installment sale obligation, lease obligation or other obligation of the Commission for borrowed money, the Existing Swaps or any other Interest Rate Swap Agreement (excluding fees and expenses and termination payments on Interest Rate Swap Agreements) entered into in connection with a Series of Bonds, in each case incurred in accordance with the provisions of the Indenture and 46616375.6 22 589 having an equal lien and charge upon the Sales Tax Revenues and therefore being payable on a parity with the Bonds (whether or not any Bonds are Outstanding). The Commission's obligation to make regularly scheduled payments under the Existing Swap Agreements (as defined below) constitutes a Parity Obligation under the Indenture. OTHER SALES TAX OBLIGATIONS Existing Bonds On November 30, 2010, the Commission issued its $37,630,000 Sales Tax Revenue Bonds (Limited Tax Bonds) 2010 Series A (Tax -Exempt) (the "2010 Series A Bonds") and $112,370,000 Sales Tax Revenue Bonds (Limited Tax Bonds) 2010 Series B (Taxable Build America Bonds) (the "2010 Series B Bonds" and, together with the 2010 Series A Bonds, the "2010 Bonds"). The 2010 Series B Bonds have been designated by the Commission as "Build America Bonds" that are "qualified bonds" under the American Recovery and Reinvestment Act of 2009 (the "Stimulus Act"). The Trustee is to receive on the Commission's behalf cash subsidy payments from the United States Treasury ("Subsidy Payments") equal to 35% of the interest payable on the 2010 Series B Bonds, or 45% of the interest payable on such 2010 Series B Bonds that have been additionally designated as "Recovery Zone Economic Development Bonds." On March 1, 2013, the federal government announced the implementation of certain automatic spending cuts known as the sequester. As a result of the sequester, Subsidy Payments for the 2010 Series B Bonds will be reduced by 7.2% (or $214,712) for the federal fiscal year ending September 30, 2014, unless Congressional action changes the reduction percentage. See "RISK FACTORS — Reduction in Subsidy Payments." The Commission is obligated to make all payments of Debt Service on the 2010 Series B Bonds from Sales Tax Revenues regardless of whether it receives the full amount of the Subsidy Payments. The Commission does not believe that the reduction in Subsidy Payments due to the sequester will have a material adverse effect on the Commission's ability to pay Debt Service on the 2010 Series B Bonds or any other Bonds. On July 3, 2013, the Commission issued $462,200,000 in aggregate principal amount of its Sales Tax Revenue Bonds (Limited Tax Bonds) 2013 Series A (the "2013 Bonds"). The 2013 Bonds and the 2010 Bonds are payable from and secured by Revenues on a parity with the 2009 Bonds. See "DEBT SERVICE SCHEDULE." Existing Swap Agreements The Commission has entered into the following interest rate swap agreements (collectively, the "Existing Swap Agreements"), in the combined initial notional amount of $185,000,000 (subject to amortization corresponding to the amortization of the 2009 Bonds), which Existing Swap Agreements have an effective date of October 1, 2009 and expire on June 1, 2029, and are designed to provide that the interest obligation with respect to the 2009 Bonds when combined with the Existing Swap Agreements approximates a synthetic fixed rate: (i) 46616375.6 An ISDA Master Agreement, dated as of August 22, 2006, between Bank of America, N.A. (`BofA") and the Commission, as supplemented by the Schedule, dated as of August 22, 2006 and the confirmation of a transaction with an initial 23 590 notional amount of $100,000,000 entered into on August 22, 2006 between BofA and the Commission (the `BofA Swap Agreement"). (ii) An ISDA Master Agreement, dated as of September 24, 2008, between Deutsche Bank AG, New York Branch ("DBAG") and the Commission, as supplemented by the Schedule, dated as of September 24, 2008 and the confirmation of a transaction with an initial notional amount of $85,000,000 entered into on September 24, 2008 between DBAG and the Commission (the "DBAG Swap Agreement"). The Commission's obligation to make regularly scheduled payments to the swap counterparties under the Existing Swap Agreements is secured by Revenues on a parity basis with the Commission's obligation to pay principal of and interest on the Bonds, including the 2009 Bonds, and therefore such obligation constitutes a Parity Obligation under the Indenture. The Commission's obligation to make any early termination payment under the Existing Swap Agreements is secured by a pledge of Revenues subordinate to the pledge of Revenues in favor of the Bonds, Parity Obligations and payment of principal of and interest on Subordinate Obligations. The BofA Swap Agreement currently is outstanding in the notional amount of $83,400,000, subject to amortization as set forth therein, which corresponds to the combined amortization of the 2009 Series B Bonds and 2009 Series C Bonds. Pursuant to this agreement, BofA has agreed to pay the Commission a floating rate equal to 67% of USDLIBOR (One Month) and the Commission has agreed to pay BofA a fixed rate equal to 3.679%. The BofA Swap Agreement is subject to early termination in the event that the unenhanced ratings on the Bonds issued by Moody's Investors Service ("Moody's") and Standard & Poor's Rating Services ("S&P") fall below investment grade or are withdrawn or suspended; a reduction in the long- term unsubordinated ratings of BofA below investment grade can also result in an early termination of the BofA Swap Agreement. The Commission has the option of terminating the BofA Swap Agreement upon two Business Days' notice provided it has sufficient funds to pay any early termination amount. The Commission is not required to post collateral with respect to its obligations under the BofA Swap Agreement. The DBAG Swap Agreement currently is outstanding in the notional amount of $70,900,000), subject to amortization as set forth therein, which corresponds to the amortization of the 2009 Series A Bonds. Pursuant to this agreement, DBAG has agreed to pay the Commission a floating rate equal to 67% of USDLIBOR (One Month) and the Commission has agreed to pay DBAG a fixed rate equal to 3.206%. The DBAG Swap Agreement is subject to early termination in the event that the unenhanced ratings on the Bonds issued by Moody's and S&P fall below investment grade or are withdrawn or suspended; a reduction in the unenhanced ratings of the long-term unsecured unsubordinated debt of DBAG below investment grade can also result in an early termination of the DBAG Swap Agreement. The Commission has the option of terminating the DBAG Swap Agreement upon two Business Days' notice provided it has sufficient funds to pay any early termination amount. The Commission is not required to post collateral with respect to its obligations under the DBAG Swap Agreement. 46616375.6 24 591 In the event of an early termination of one or both of the Existing Swap Agreements, a termination payment will be payable by either the Commission or the swap counterparty depending on the then current market value of the Existing Swap Agreement subject to termination. Any such termination payment payable by the Commission could be substantial. As of June 30, 2014, the value of the termination payment, if each of the Existing Swap Agreements were terminated based on the mid -market swap curve and assuming functioning markets was estimated by the Commission's financial advisor to be approximately $21,840,000 payable by the Commission. Subordinate Obligations The Commission may issue obligations ("Subordinate Obligations") payable out of Sales Tax Revenues on a basis subordinate to the payment of the principal, premium, interest and reserve fund requirements for the Bonds and all Parity Obligations, as the same become due and payable. The Commission's Sales Tax Revenue Commercial Paper Notes (Limited Tax Bonds) (the "Notes") and the credit agreements supporting the Notes constitute Subordinate Obligations under the Indenture. As of September 1, 2014, there was $0 principal amount of Notes outstanding out of an authorized $60,000,000 program. The program was initially established at a maximum of $185,000,000 in principal amount and has been reduced to a maximum of $60,000,000 in principal amount of Notes. The Notes are payable from draws under an irrevocable, direct -pay letter of credit (the "Letter of Credit") issued by Union Bank, N.A., now known as MUFG Union Bank, N.A. ("Union Bank"). The stated amount of the Letter of Credit is $60,750,000. The Letter of Credit expires October 17, 2014, unless terminated earlier as provided in the related reimbursement agreement. The Commission is currently in negotiations with letter of credit providers to replace the Letter of Credit issued by Union Bank. The Commission's obligation to reimburse Union Bank for draws under the Letter of Credit to pay the principal of and interest on the Notes is secured by a pledge of Sales Tax Revenues subordinate to the pledge in favor of the holders of the Bonds, including the 2009 Bonds, and on parity with the obligation to pay Note holders. If the Commission is unable to extend or replace the Letter of Credit by its expiration date, the Commission may refund any related Notes and any related reimbursement obligations due to Union Bank with the proceeds of an additional Series of Bonds, in accordance with the requirements of the Indenture. See "SECURITY AND SOURCES OF PAYMENT FOR THE 2009 BONDS — Additional Bonds and Parity Obligations" herein. The Commission's obligation to make any early termination payment under the Existing Swap Agreements is secured by a pledge of Revenues subordinate to the pledge of Revenues in favor of the Bonds, Parity Obligations and payment of principal of and interest on Subordinate Obligations. Limitation on Outstanding Sales Tax Obligations Under the Ordinance, as amended, the Commission has the power to sell or issue, from time to time, bonds or other evidence of indebtedness, including but not limited to capital 46616375.6 25 592 appreciation bonds, secured solely by Sales Tax Revenues, in the aggregate principal amount at any one time outstanding of not to exceed $975 million. A ballot measure increasing the limitation from its original $500 million amount to $975 million was approved by a majority of those voting at a special election held in the County on November 2, 2010. See "SECURITY AND SOURCES OF PAYMENT FOR THE 2009 BONDS — Additional Bonds and Parity Obligations" herein. THE LIQUIDITY FACILITIES General The Liquidity Provider is expected to provide each Liquidity Facility for each of the 2009 Series A Bonds, the 2009 Series B Bonds and the 2009 Series C Bonds on September 18, 2014. Each Liquidity Facility contains various provisions, covenants and conditions, certain of which are summarized below. Certain words or terms used in the following summary are defined below and other words or terms not defined below are defined elsewhere in this Remarketing Memorandum, in the applicable Liquidity Facility or the Indenture, and reference thereto is made for such definitions. Each Liquidity Facility contains substantially identical terms. The following summary of each Liquidity Facility does not purport to be comprehensive or definitive and is subject to all of the terms and provisions of the Liquidity Facility to which reference is made hereby. Investors are urged to obtain and review a copy of the respective Liquidity Facility to understand all of the terms of those documents. Each Liquidity Facility requires the Liquidity Provider to provide funds for the purchase of the related 2009 Bonds that have been tendered and not remarketed subject to certain conditions described below. The Liquidity Facilities do not guarantee the payment of principal of or interest nor redemption premium, if any, on the 2009 Bonds in the event of non-payment of such interest, principal or redemption premium, if any, by the Commission. The obligation of the Liquidity Provider pursuant to the applicable Liquidity Facility to provide funds for the purchase of the related 2009 Bonds that have been tendered and not remarketed will end on the earliest of (1) [March 15], 2019, as such date may be extended from time to time in accordance with the applicable Liquidity Facility, (2) the date on which no related Eligible Bonds (as defined in the Liquidity Facility) are outstanding, (3) the close of business on the Conversion Date (as defined in the Liquidity Facility); provided that the Liquidity Provider has paid in full the amount set forth in a notice of purchase provided to the Liquidity Provider in connection with a mandatory purchase of the related 2009 Bonds on such date, (4) the close of business on the thirtieth (30th) day following the date on which the Commission and the Trustee receive a notice from the Liquidity Provider that the applicable Liquidity Facility is being terminated pursuant to the terms of the applicable Liquidity Facility following certain events of default under such Liquidity Facility, or if such thirtieth (30th) day is not a Business Day, the next succeeding Business Day, and (5) the date on which the Available Commitment (as defined in the Liquidity Facility) has been reduced to zero or terminated in its entirety at the option of the Commission or immediately and without notice following certain Rating Events or Special Events of Default (as defined herein) under the Liquidity Facility under the circumstances 46616375.6 26 593 described below under the headings "Ratings Event" or "Special Events of Default." The period referred to in the preceding sentence is hereinafter referred to as the "Commitment Period." Subject to the terms and conditions of the applicable Liquidity Facility, the Liquidity Provider agrees from time to time during the Commitment Period to purchase, with its own funds, related 2009 Bonds that have been tendered for purchase and not remarketed, at the Purchase Price on a purchase date. The Liquidity Provider's obligation is limited to an amount equal to the aggregate principal amount of the related 2009 Bonds then outstanding plus an amount equal to at least 34 days of interest on such outstanding 2009 Bonds calculated at a rate of interest of 12% per annum based on a 365-day year. The obligation of the Liquidity Provider to purchase the related 2009 Bonds on any date is subject to the satisfaction of the following conditions, unless waived in writing by the Liquidity Provider: (i) no Ratings Event, Special Event of Default or Suspension Event (as each is hereinafter defined) has occurred and is continuing and the Liquidity Provider's obligations under the applicable Liquidity Facility has not otherwise been terminated or suspended and (ii) the Liquidity Provider has timely received a notice of purchase. If and to the extent that a Suspension Event has been cured as set forth under paragraph (2) under the heading "Remedies" below, the condition described in the applicable Liquidity Facility with respect to such Suspension Event will be deemed satisfied;. Ratings Event The following occurrences constitute a ratings event (each, a "Ratings Event") under each Liquidity Facility: (1) the withdrawal or suspension for a credit related reason by each Rating Agency (as defined in the Liquidity Facility) then rating the related 2009 Bonds of the unenhanced long term rating assigned by each such Rating Agency to such 2009 Bonds or any Parity Obligations; or (2) the reduction by each Rating Agency then rating the related 2009 Bonds of the long term rating assigned to such 2009 Bonds or any Parity Obligations below Investment Grade. "Investment Grade" means "BBB-" (or its equivalent) by Fitch, "BBB-" (or its equivalent) by S&P and `Baa3" (or its equivalent) by Moody's, respectively. A withdrawal or suspension of the long term rating assigned by each such Rating Agency to the related 2009 Bonds or any Parity Obligations due to the purchase of such 2009 Bonds or Parity Obligations by the Commission does not constitute a "Ratings Event." Special Events of Default The following occurrences constitute Special Events of Default (each, a "Special Event of Default") under each Liquidity Facility: (1) The Commission fails to pay when due (i) any principal or sinking fund requirement due on any related 2009 Bonds (including any Bank Bond (as defined in the 46616375.6 27 594 Liquidity Facility) prior to the commencement of the Bank Bond Amortization Period (as defined in the Liquidity Facility), but not including any Bank Bond during the Bank Bond Amortization Period) and (ii) any interest on any related 2009 Bonds (including any Bank Bond); or (2) One or more final, unappealable judgment(s) against the Commission for the payment of money, which judgment(s) is not covered by insurance, and which judgment(s) is to be enforced pursuant to liens upon, or an attachment against, any or all of the Sales Tax Revenues, the operation or result of which judgment(s), individually or in the aggregate, equal or exceed $15,000,000 and which judgment(s) remains unpaid, undischarged, unbonded or undismissed for a period of sixty (60) days; or (3) The Commission commences any case, proceeding or other action (i) (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding -up, liquidation, dissolution, composition or other relief with respect to it, the related 2009 Bonds or the Parity Obligations, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets or for all or any substantial portion of the Sales Tax Revenues (excluding appointment of any trustee pursuant to the terms of the Indenture or the indenture relating to the CP Notes (as defined in the Liquidity Facility), and the pledges of Sales Tax Revenues thereunder), or the Commission makes a general assignment for the benefit of its creditors; or (ii) the Commission takes any action indicating its consent to, approval of, or acquiescence in, any of the acts constituting an Involuntary Insolvency Suspension Event; or (iii) the Commission admits in writing its inability to pay its debts as they become due; or (iv) the Commission becomes insolvent within the meaning of Section 101(32) of the United States Bankruptcy Code of 1978, as it may be amended from time to time, and any successor statute thereto; or (4) (i) The Act or the 2002 Ordinance (as defined in Liquidity Facility) is repealed, (ii) any provision of the Act, the 2002 Ordinance, such Liquidity Facility, the Indenture or the related 2009 Bonds relating to (A) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or (B) the Sales Tax Revenues securing said 2009 Bonds shall at any time and for any reason, cease to be valid and binding on the Commission, or is found or ruled to be null and void, invalid or unenforceable as the result of a final nonappealable judgment by any federal or state court or as a result of any legislative or administrative action by any Governmental Authority (as defined in the Liquidity Facility) having jurisdiction over the Commission; or (iii) the Commission repudiates further liability or obligation under or with respect to any provision of the Act, the 2002 Ordinance, such Liquidity Facility, the Indenture, the related 2009 Bonds or the Parity Obligations relating to (A) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or on any Parity Obligation or (B) the Sales Tax Revenues securing said 2009 Bonds and Parity Obligation; or (iv) the State, acting on behalf of the Commission, has taken or permitted to be taken any official action, or has duly enacted any statute, which supplements, modifies and/or amends in any manner that makes invalid or unenforceable any provision of such Liquidity Facility, the related 2009 Bonds, the Act, the 2002 Ordinance or the Indenture relating to (A) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank 46616375.6 28 595 Bonds) or (B) the Sales Tax Revenues securing said 2009 Bonds (including any Bank Bonds); or (v) the Commission has taken or permitted to be taken any official action which supplements, modifies and/or amends in any manner that makes invalid or unenforceable any provision of such Liquidity Facility, the related 2009 Bonds, the Act, the 2002 Ordinance, the Indenture or any Parity Obligation relating to (A) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or on any Parity Obligation or (B) the Sales Tax Revenues securing said 2009 Bonds (including any Bank Bonds) and Parity Obligation; or (vi) a debt moratorium or comparable extraordinary restriction on repayment of principal or interest on any debt has been declared (whether or not in writing) by the Commission or imposed pursuant to a finding or ruling by a Governmental Authority with jurisdiction over the Commission with respect to the 2009 Bonds (including any Bank Bond); or (5) The Commission fails to make any payment in respect of principal or interest on any Parity Obligation, issued and outstanding or to be issued, when due (i.e., whether upon said Parity Obligation's scheduled maturity, required prepayment, acceleration, upon demand or otherwise, except as such payments may be accelerated, demanded or required to be prepaid under such Liquidity Facility), and such failure continues after the applicable grace period, if any, specified in the agreement or instrument relating to such Parity Obligation. Suspension Events The following occurrences constitute suspension events (each, a "Suspension Event") under each Liquidity Facility: (1) The Commission fails to pay when due any principal payment due on any Bank Bond during the Bank Bond Amortization Period pursuant to such Liquidity Facility (a "Bank Bond Nonpayment Suspension Event"); or (2) (i) There is commenced against the Commission any case, proceeding or other action in a court of competent jurisdiction, the commencement of which results in an immediate suspension as described below in paragraph (2)(ii) under "Remedies," relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered against the Commission, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding -up, liquidation, dissolution, composition or other relief with respect to it or the related 2009 Bonds, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets or for all or any substantial portion of the Sales Tax Revenues, which case, proceeding or other action remains undismissed, undischarged or unbonded for sixty (60) days from the commencement of such case, proceeding or other action; or (ii) any case, proceeding or other action commenced against the Commission in a court of competent jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered against the Commission, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding -up, liquidation, dissolution, composition or other relief with respect to it or the related 2009 Bonds, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets or for all or any substantial portion of the Sales Tax Revenues, results in an order for such relief or in the 46616375.6 29 596 appointment of a receiver or similar official (each of (i) and (ii) being an "Involuntary Insolvency Suspension Event"); or (3) There is commenced against the Commission, any case, proceeding or other action (excluding any action by the State Board of Equalization to recover its fees related to the disbursement of Sales Tax Revenues to the Commission), the commencement of which results in an immediate suspension as described below in paragraph (2)(iv) under "Remedies," by a Governmental Authority seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets or for all or any substantial portion of the Sales Tax Revenues, which case, proceeding or other action shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the commencement thereof (a "Government Action Suspension Event"); or (4) (i) Any Governmental Authority with jurisdiction to rule on the validity or enforceability of such Liquidity Facility, the related 2009 Bonds, the Act, the 2002 Ordinance or the Indenture finds or rules, in a judicial or administrative proceeding, that any provision of such Liquidity Facility, the related 2009 Bonds, the Act or the Indenture, as the case may be, relating to (A) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or (B) the Sales Tax Revenues securing said 2009 Bonds (including any Bank Bonds), is not valid or not binding on, or enforceable against, the Commission; (ii) the State, acting on behalf of the Commission (A) makes a claim in a judicial or administrative proceeding that the Commission has no further liability or obligation under such Liquidity Facility, under the related 2009 Bonds (including any Bank Bonds), the Act or the Indenture to pay, when due, the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or (B) contests in a judicial or administrative proceeding the validity or enforceability of any provision of such Liquidity Facility, the related 2009 Bonds (including any Bank Bonds), the Act, the 2002 Ordinance or the Indenture relating to or otherwise affecting (y) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or (z) the Sales Tax Revenues securing said 2009 Bonds (including any Bank Bonds); or (iii) the Commission (A) makes a claim in a judicial or administrative proceeding that the Commission has no further liability or obligation under such Liquidity Facility, under the related 2009 Bonds (including any Bank Bonds), the Act, the Indenture or any Parity Obligation to pay, when due, the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or on any Parity Obligation or (B) contests in a judicial or administrative proceeding the validity or enforceability of any provision of such Liquidity Facility, the related 2009 Bonds (including any Bank Bonds), the Act, the 2002 Ordinance, the Indenture or any Parity Obligation relating to or otherwise affecting (y) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or on any Parity Obligation or (z) the Sales Tax Revenues securing said 2009 Bonds (including any Bank Bonds) and Parity Obligations (in all cases, a "Pending Invalidity Suspension Event"). Events of Default Not Constituting a Suspension Event or a Special Event of Default The following occurrences constitute events of default (each, an "Event of Default") that do not constitute a Special Event of Default or a Suspension Event under such Liquidity Facility: 46616375.6 30 597 (1) The Commission fails to pay when due any fee, expense or other amount payable to the Liquidity Provider under such Liquidity Facility or the related Fee Letter (as defined in the Liquidity Facility); or (2) Any material representation or warranty made by or on behalf of the Commission in such Liquidity Facility, the Indenture or in any other Related Document (as defined in the Liquidity Facility) or in any certificate or statement delivered under said documents is incorrect or untrue in any material respect when made or deemed to have been made; or (3) The Commission defaults in the due performance or observance of any of the covenants set forth in specified sections of such Liquidity Facility; or (4) The Commission materially defaults in the due performance or observance of any other term, covenant or agreement contained in such Liquidity Facility (other than those referred to in paragraphs (1), (2) and (3) above), the Indenture or any other Related Document and such default remains unremedied for a period of thirty (30) days after the Commission has received notice thereof from such Liquidity Provider; provided, that, if such default cannot be remedied within such time period, such time period will be extended by the Liquidity Provider for a period of up to ninety (90) additional days, as long as the Commission is diligently pursuing the remedy therefor during such period; or (5) Except as specified in paragraph (5) under the heading "Special Events of Default" above, any "event of default" set forth in the Indenture occurs and is continuing or any "event of default" occurs and is continuing under any other agreement between the Commission and the Liquidity Provider regarding Parity Obligations, if any; or (6) The Commission shall fail to preserve the pledge indicated in such Liquidity Facility; or (7) Any rescission of or amendment to the Sales Tax Law which would materially reduce the amount of the Sales Tax Revenues or the allocation of the Revenues to the payment of the related 2009 Bonds, the related Bank Bonds or the Obligations of the Commission under such Liquidity Facility or which would materially impair the rights of the Commission to receive the Sales Tax Revenues. Remedies Following the occurrence of certain of the above -referenced Ratings Event, Special Events of Default, Suspension Events or other Events of Default, the Liquidity Provider may take any one or more of the following actions. Reference is made to each Liquidity Facility for a complete listing of all consequences of the above -referenced Ratings Events, Special Events of Default, Suspension Events or other Events of Default. (1) In the case of a Ratings Event or any Special Event of Default, the Available Commitment will immediately be reduced to zero, in which case, the obligations of the Liquidity Provider under the applicable Liquidity Facility (including any obligations which have been suspended pursuant to paragraph (2) below) will immediately terminate and expire without requirement of notice by the Liquidity Provider; provided, that (i) the Suspension Event described 46616375.6 31 598 in paragraph (1) under the heading "Special Events of Default" will not qualify as a "Special Event of Default" under such Liquidity Facility if the failure to pay the principal of, or interest on, a Bank Bond is due solely to an acceleration of all of the Bank Bonds by the Liquidity Provider for any reason other than nonpayment as described in paragraph (1) under the heading "Special Events of Default" above and (ii) the Suspension Events described in paragraph (2) below will not qualify as "Special Events of Default" unless and until the conditions described in paragraph (2) below for such qualification have been satisfied. After such termination or expiration, the Liquidity Provider will deliver promptly to the Commission, the Trustee and the Remarketing Agent written notice of such termination or expiration; provided, however, that failure to provide such written notice will have no effect on the validity or enforceability of such termination or expiration. (2) In the case of a Suspension Event, the obligation of the Liquidity Provider to purchase Eligible Bonds under such Liquidity Facility will be immediately suspended without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds until the Available Commitment is reinstated as described below (or is otherwise terminated or expires pursuant to the terms of such Liquidity Facility). Promptly upon the occurrence of any such Suspension Event, the Liquidity Provider will notify the Commission, the Trustee and the Remarketing Agent of such suspension and the effective date of such suspension in writing by facsimile, promptly confirmed by regular mail; provided, however, that failure to provide such written notice will have no effect on the validity or enforceability of such suspension. (i) Upon the occurrence of a Bank Bond Nonpayment Suspension Event, the Liquidity Provider's obligations to purchase Eligible Bonds will be suspended immediately and automatically and remain suspended until the Commission cures the Liquidity Provider Bond Nonpayment Suspension Event resulting in said suspension or the Final Date (as defined in the Liquidity Facility) occurs, whichever is first. If the Commission cures the Liquidity Provider Bond Nonpayment Suspension Event prior to the Final Date, then the Available Commitment and the obligations of the Liquidity Provider under such Liquidity Facility will thereupon be reinstated (unless the Commitment Period will otherwise have been terminated, suspended or expired as provided in such Liquidity Facility). Notwithstanding the foregoing, if the Commission has not cured the Liquidity Provider Bond Nonpayment Suspension Event resulting in said suspension prior to date when principal is due on such Bank Bond during the Liquidity Provider Bond Amortization Period, then the Available Commitment and the obligations of the Liquidity Provider to purchase Eligible Bonds will terminate on the Final Date without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds. (ii) Upon the commencement of the case, proceeding or other action constituting an Involuntary Insolvency Suspension Event described in paragraph (2)(i) under the heading "Suspension Events" above, the Liquidity Provider's obligations to purchase Eligible Bonds will be immediately and automatically suspended and remain suspended until the case, proceeding or other action referred to therein is either dismissed, discharged or bonded within sixty (60) days from the commencement of such case, proceeding or action, or the Final Date occurs, whichever is first. In the event that said 46616375.6 32 599 case, proceeding or other action has been dismissed, discharged or bonded within the sixty (60) day period described therein and prior to the Final Date, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will be reinstated and the terms of such Liquidity Facility will continue in full force and effect as if there had been no such suspension (unless the Commitment Period will otherwise have been terminated, suspended or expired as provided in the Liquidity Facility). In the event that said case, proceeding or other action has not been dismissed, discharged or bonded within such sixty (60) day period, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will terminate at the close of business on such sixtieth (60th) day without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds. (iii) Upon the occurrence of an Involuntary Insolvency Suspension Event described in paragraph (2)(ii) under the heading "Suspension Events" above, the Liquidity Provider's obligations to purchase Eligible Bonds will be suspended immediately and automatically and remain suspended until said case, proceeding or other action referred to therein is either dismissed, discharged or bonded or the Final Date occurs, whichever is first. In the event that said Involuntary Insolvency Suspension Event has been dismissed, discharged or bonded prior to the Final Date, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will be reinstated and the terms of such Liquidity Facility will continue in full force and effect as if there had been no such suspension (unless the Commitment Period will otherwise have been terminated, suspended or expired as provided in such Liquidity Facility). In the event that said Involuntary Insolvency Suspension Event has not been dismissed, discharged or bonded prior to the Final Date, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will terminate on such Final Date without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds. (iv) Upon the commencement of the case, proceeding or other action constituting a Government Action Suspension Event, the Liquidity Provider's obligations to purchase Eligible Bonds will be immediately and automatically suspended and remain suspended until the case, proceeding or other action referred to therein is either vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the commencement of such case, proceeding or action, or the Final Date occurs, whichever is first. In the event that the case, proceeding or other action has been vacated, discharged, or stayed or bonded pending appeal within the sixty (60) day period described therein and prior to the Final Date, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will be reinstated and the terms of such Liquidity Facility will continue in full force and effect as if there had been no such suspension (unless the Commitment Period will otherwise have been terminated, suspended or expired as provided in such Liquidity Facility). In the event that the case, proceeding or other action has not been vacated, discharged, or stayed or bonded pending appeal within such sixty (60) day period, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will terminate at the close of business on such sixtieth (60th) day without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds. 46616375.6 33 600 (v) Upon the occurrence of a Pending Invalidity Suspension Event, the Liquidity Provider's obligations to purchase Eligible Bonds will be immediately and automatically suspended and remain suspended unless and until a court with jurisdiction to rule on such a Pending Invalidity Suspension Event enters a final and nonappealable judgment that any of the material provisions of the Act or any other document described in paragraph 4(i) under the heading "Suspension Events" are not valid or not binding on, or enforceable against, the Commission or that a claim or contest described in paragraph 4(ii) under the heading "Suspension Events" has been upheld in favor of the State, acting on behalf of the Commission, or the Commission in accordance with a final and nonappealable judgment, then, in each such case, the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will immediately terminate without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds. If a court with jurisdiction to rule on such a Pending Invalidity Suspension Event finds or rules by entry of a final and nonappealable judgment that the material provision of the Act or any other document described in paragraph 4(i) under the heading "Suspension Events" is valid and binding on, or enforceable against, the State, acting on behalf of the Commission, or the Commission or that the claim or contest described in paragraph 4(ii) under the heading "Suspension Events" has been dismissed pursuant to a final and nonappealable judgment, then the Available Commitment and the obligations of the Liquidity Provider under such Liquidity Facility will, in each such case, thereupon be reinstated (unless the Commitment Period will otherwise have been terminated, suspended or expired as provided in such Liquidity Facility). Notwithstanding the foregoing, if the suspension of the obligations of the Liquidity Provider pursuant to a Pending Invalidity Suspension Event remains in effect and litigation is still pending and a determination regarding same has not been dismissed or otherwise made pursuant to a final and non -appealable judgment, as the case may be, when the Final Date occurs, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will terminate on the Final Date without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds. In the case of each Suspension Event, the Commission will cause the Trustee to subsequently notify all Bondholders of the suspension and/or termination of both the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds. (3) Upon the occurrence of a Ratings Event, Suspension Event or any Event of Default, the Liquidity Provider will have all remedies provided at law or equity, including, without limitation, specific performance; and in addition, the Liquidity Provider, in its sole discretion, may do one or more of the following: (i) declare all obligations of the Commission to the Liquidity Provider hereunder (other than payments of principal and redemption price of and interest on the Bank Bonds) to be immediately due and payable, and the same will thereupon become due and payable without demand, presentment, protest, notice of intent to accelerate, notice of acceleration or further notice of any kind, all of which are hereby expressly waived; (ii) the Liquidity Provider may give written notice of such Event of Default and termination of the Agreement (a "Notice of Termination Date") to the Trustee, the Commission and the Remarketing Agent requesting a Default Tender; provided, that the obligation of the Liquidity Provider to purchase related 2009 Bonds will terminate on the thirtieth (30th) day (or if such day 46616375.6 34 601 is not a Business Day, the next following Business Day) after such Notice of Termination Date is received by the Trustee and, on such date, the Available Commitment will terminate and the Liquidity Provider will be under no obligation under the Liquidity Facility to purchase related 2009 Bonds; (iii) exercise any right or remedy available to it under any other provision of the Liquidity Facility; or (iv) exercise any other rights or remedies available under the Indenture and any other Related Document, any other agreement or at law or in equity; provided, further, however, the Liquidity Provider will not have the right to terminate its obligation to purchase related 2009 Bonds except as provided under the heading "Remedies" hereunder. Notwithstanding anything to the contrary in the Liquidity Facility, no failure or delay by the Liquidity Provider in exercising any right, power or privilege under such Liquidity Facility, under the Indenture and any other Related Document or under the related 2009 Bonds and no course of dealing between the Commission and the Liquidity Provider will operate as a waiver nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided in such Liquidity Facility will be cumulative and not exclusive of any rights or remedies which the Liquidity Provider would otherwise have. (4) In addition to the foregoing, upon the occurrence of a Ratings Event, Special Event of Default, Suspension Event or any Event of Default under such Liquidity Facility, all Obligations (as defined in the Liquidity Facility) due and payable under such Liquidity Facility (including any Bank Bonds) will bear interest at the Default Rate. THE LIQUIDITY PROVIDER The Bank of Tokyo -Mitsubishi UFJ, Ltd., the Liquidity Provider (`BTMU"), is a Japanese banking corporation with its head office in Tokyo, Japan. It is a wholly -owned subsidiary of Mitsubishi UFJ Financial Group Inc. (the "Parent"). With 37,527 employees and approximately 839 branches worldwide (as of March 31, 2014), BTMU is Japan's largest bank. BTMU also provides a wide range of banking and financial services worldwide, and is one of the largest banks in the world by deposits and loan portfolio. Mitsubishi UFJ Financial Group is one of the top 10 banks in the world as measured by assets and market capitalization. As of March 31, 2014, BTMU and subsidiaries had total assets of approximately ¥201,615 billion (U.S. $1,959 billion) and deposits of approximately ¥132,732 billion (U.S. $1,290 billion). Net income for BTMU and subsidiaries for the Fiscal Year ended March 31, 2014, was approximately ¥754 billion (U.S. $7.3 billion). These figures are extracted from the Annual Securities Report (Excerpt) for the Fiscal Year ended March 31, 2014, for BTMU and subsidiaries (the "Annual Securities Report"). The Annual Securities Report can be found at www. bk. mufg jp. The financial information presented above was translated into U.S. dollars from the Japanese yen amounts set forth in the audited financial statements in the Annual Securities Report, which were prepared in accordance with the auditing standards generally accepted in Japan ("JGAAP"), and not in accordance with U.S. GAAP. The translations of the Japanese yen amounts into U.S. dollar amounts were included solely for the convenience of readers outside Japan, and were made at the rate of ¥102.92 to U.S. $1, the approximate rate of exchange at 46616375.6 35 602 March 31, 2014. Such translations should not be construed as representations that the Japanese yen amounts could be converted into U.S. dollars at that or any other rate. Each Liquidity Facility will be solely an obligation of BTMU, and will not be an obligation of, or otherwise guaranteed by, the Parent, and no assets of the Parent or any affiliate of BTMU or the Parent will be pledged to the payment thereof. The information contained under this caption "THE LIQUIDITY PROVIDER," including financial information, relates to and has been obtained from BTMU, and is furnished solely to provide limited introductory information regarding BTMU, and does not purport to be comprehensive. Any financial information provided under this caption "THE LIQUIDITY PROVIDER" is qualified in its entirety by the detailed information appearing in the Annual Securities Report referenced above. The delivery hereof shall not create any implication that there has been no change in the affairs of BTMU since March 31, 2014. THE SALES TAX General The Act, among other things, authorizes the Commission to develop a countywide consensus on a proposed transaction expenditure plan to be submitted to the voters as part of an ordinance imposing a retail transactions and use tax in the County in accordance with the provisions of the California Transactions and Use Tax Law (Revenue and Taxation Code Section 7251 et seq.). In accordance with the Act, on November 5, 2002, more than two-thirds of the voters of the County voting on the measure approved Measure "A," which authorized the imposition of the Sales Tax in the County. The Sales Tax commenced on July 1, 2009 and will be collected for a thirty-year period ending on June 30, 2039. The Sales Tax consists of a one- half of one percent (1/2%) sales tax on the gross receipts of retailers from the sale of tangible personal property sold in the County and a use tax at the same rate upon the storage, use or other consumption in the County of such property purchased from any retailer for storage, use or other consumption in the County, subject to certain limited exceptions described below. See "RIVERSIDE COUNTY TRANSPORTATION COMMISSION — The Transportation Expenditure Plan" herein. The one-half of one percent sales tax imposed in the County for transportation purposes and administered by the Commission, is in addition to a seven and one-half percent sales tax levied statewide by the State of California (the "State"). In general, the statewide sales tax applies to the gross receipts of retailers from the sale of tangible personal property. The statewide use tax is imposed on the storage, use or other consumption in the state of property purchased from a retailer for such storage, use or other consumption. Since the use tax does not apply to cases where the sale of the property is subject to the sales tax, the application of the use tax generally is to purchases made outside of the State for use within the State. On November 8, 1988, more than two-thirds of the voters approved the Riverside County Transportation Commission Transportation Expenditure Plan and Retail Transaction and Use Tax Ordinance (the "Prior Ordinance") which authorized the imposition of a retail transactions and use tax of one-half of one percent (1/2%) of the gross receipts of retailers from the sales of all 46616375.6 36 603 tangible personal property sold at retail in the county and a use tax at the same rate upon the storage, use or other consumption in the County of such property purchased from any retailer for storage, use or other consumption in the county, subject to certain limited exceptions (the "1988 Sales Tax"). The 1988 Sales Tax ceased to be effective on June 30, 2009. The Commission has previously issued indebtedness secured by the 1988 Sales Tax, and all outstanding principal and interest with respect to such indebtedness was fully paid on or before June 1, 2009. The Sales Tax is generally imposed upon the same transactions and items subject to the sales and use tax levied statewide by the State (hereinafter collectively referred to as the "State Sales Tax"), with generally the same exceptions. Many categories of transactions are exempt from the State Sales Tax and the Sales Tax. The most important of these exemptions are: sales of food products for home consumption, prescription medicine, edible livestock and their feed, seed and fertilizer used in raising food for human consumption, and gas, electricity and water when delivered to consumers through mains, lines and pipes. In addition, "Occasional Sales" (i.e., sales of property not held or used by a seller in the course of activities for which he or she is required to hold a seller's permit) are generally exempt from the State Sales Tax and from the Sales Tax; however, the "Occasional Sales" exemption does not apply to the sale of an entire business and other sales of machinery and equipment used in a business. Sales of property to be used outside the county which are shipped to a point outside the county, pursuant to the contract of sale, by delivery to such point by the retailer, or by delivery by the retailer to a carrier for shipment to a consignee, at such point, are exempt from the State Sales Tax and from the Sales Tax. Action by the State Legislature or by voter initiative could change the transactions and items upon which the State Sales Tax and the Sales Tax are imposed. Such changes or amendments could have either an adverse or beneficial effect on Sales Tax Revenues. The Commission is not currently aware of any proposed legislative change which would have a material adverse effect on Sales Tax Revenues. See also "RISK FACTORS — Proposition 218" herein. Collection of Sales Tax Revenues Collection of the Sales Tax is administered by the Board of Equalization. The Commission and the Board of Equalization have entered into an agreement for state administration of district transactions and use taxes to authorize payment of Sales Tax Revenues directly to the Trustee. The Board of Equalization, after deducting amounts payable to itself, is required to remit the balance of amounts received from the Sales Tax directly to the Trustee. The Trustee is required to apply the Sales Tax Revenues to make deposits to the funds and accounts established under the Indenture and to transfer the remaining amounts to U.S. Bank Trust National Association, as issuing and paying agent for the Notes (the "Issuing and Paying Agent"). See "SECURITY AND SOURCES OF PAYMENT FOR THE 2009 BONDS" herein. The remaining unapplied Sales Tax Revenues, if any, are transferred to the Commission for use for any purpose contemplated by the Ordinance. The fee that the Board of Equalization is authorized to charge for collection of the Sales Tax is determined by State legislation. The Board of Equalization fee for collection of the Sales Tax for fiscal year 2014-15 is estimated to be $1,918,510. 46616375.6 37 604 Historical Sales Tax Revenues The following table sets forth net sales tax revenues for the Fiscal Years indicated below. Net sales tax revenues through Fiscal Year 2008-09 were generated under the Prior Ordinance and were levied by the Commission at the same rate and on the same types of transactions as the Sales Tax. RIVERSIDE COUNTY TRANSPORTATION COMMISSION HISTORICAL SALES TAX REVENUES Fiscal Year Ended June 30 Net Sales Tax Revenues(1) Change From Prior Fiscal Year 2004 $120,564,890 13.97% 2005 138,921,247 15.23 2006 157,236,314 13.18 2007 154,539,723 (1.71) 2008 142,537,548 (7.77) 2009 119,688,289 (16.03) 2010 114,526,254 (4.31) 2011 123,439,833 7.78 2012 134,984,307 9.35 2013 149,428,124 10.70 (1) Net of Board of Equalization administrative fee. Source: The Commission. [discussion of 2014 numbers to come when August data is available] The Commission is unable to predict the amount of Sales Tax Revenues it will receive in the future. For a summary of historical taxable retail sales within the County, see the table entitled "County of Riverside, Taxable Sales Transactions" in "APPENDIX B — COUNTY DEMOGRAPHIC AND ECONOMIC INFORMATION." The following table sets forth the Maximum Annual Debt Service coverage on the Bonds based on Sales Tax Revenues for the Fiscal Year ended June 30, 2013. 2013 Maximum Annual Sales Tax Revenues $149,428,124 Debt Service on all Bonds(') Coverage Ratio $55,917,000 2.67x (1) Interest on variable rate debt is calculated assuming the interest rates are equal to the fixed rates on the Existing Swaps. Under the Indenture, the federal subsidy payments to be received in connection with the 2010 Bonds are treated as an offset to Debt Service. "See DEBT SERVICE SCHEDULE" herein. Source: The Commission and Fieldman, Rolapp & Associates. 46616375.6 38 605 RIVERSIDE COUNTY TRANSPORTATION COMMISSION General The Commission is charged with a number of important responsibilities in serving the residents of the County. Administering the sales tax program, which has raised more than $1 billion, has been by far the most prominent of these responsibilities. The Commission, which has the responsibility of placing future transportation ballot measures before the public, was successful in November 2002 in obtaining more than two-thirds voter approval of the Sales Tax. In addition to the Commission's Measure A responsibilities, the Commission has also been designated as the congestion management agency (the "CMA") for the County. As the CMA, the Commission has developed a congestion management program that more effectively utilizes transportation funds by linking land use, transportation and air quality efforts. The Commission serves as the Service Authority for Freeway Emergencies and operates the freeway service patrol (the "FSP") for the County. The results of these programs — 614 call boxes along the County roadways and 22 FSP tow trucks providing assistance to more than 48,300 motorists annually — are among the most visible of the Commission's programs. In 1998, the State Legislature gave new authority to the Commission by changing the way funding is distributed from the State Transportation Improvement Program, which is funded through state and federal gas taxes. In simple terms, counties no longer apply to the State for funding their most urgent transportation needs. Instead, State transportation dollars are given directly as an entitlement, leaving the decision making about transportation spending up to the designated county transportation commission like the Commission. While this gives the Commission greater control over how transportation dollars are spent, it also requires a much higher level of local communication and participation to determine how these dollars are spent throughout a county with so many transportation needs. The Commission has the responsibility to program funds received under the California Transportation Development Act, a statewide source of funding for transit purposes, primarily to the County's major public transit providers, although the Commission has no responsibility to provide transit services. The Transportation Expenditure Plan On November 5, 2002, 69.2% of the voters of the County approved Measure "A" — The Riverside County Transportation Commission Transportation Expenditure Plan (the "Expenditure Plan") and Retail Transaction and Use Tax Ordinance which expressed the following concerns in its preamble: "The transportation system in Riverside County is rapidly deteriorating and our population and economy are growing rapidly. Maintenance and repairs of existing roadways and improvements to relieve congestion cannot be accomplished with available funds. Without additional funds, the system will bog down and pavement will crumble into permanent disrepair.... Local governments must either generate revenues to expand our system and maintain our investments or watch the system collapse and endanger the health, welfare and safety of all Riverside County residents." 46616375.6 39 606 The goals of the Expenditure Plan are as follows: (1) Maintain and improve the quality of life in Riverside County by supplementing existing funds for transportation; (2) provide for accountability in the expenditure of taxpayer funds; (3) provide for equity in the distribution of Measure "A" Revenues; and (4) provide for local control of the Transportation Improvement Program. To address the concerns as expressed in the preamble, and to accomplish its goals and policies, the ordinance provided that sales tax revenues be distributed to the specific geographic areas of Riverside County (i.e., Western County, Coachella Valley, and Palo Verde Valley) based on their proportionate share of revenues generated in the County, and that funds be allocated for highway and regional arterial projects, local streets and roads, transit and commuter rail, new corridors and economic development. In the Western County, $370 million is to be used for new corridor projects, $1.020 billion for highway projects, $300 million for regional arterial projects, $390 million for public transit, $970 million for local street and road improvements, $270 million for bond financing costs, and the remaining $40 million for economic development projects. In the Coachella Valley, fifty percent is to be earmarked for its highway and regional arterial system, thirty-five percent for local streets and roads, and the remaining fifteen percent for transit. All Palo Verde Valley funds are designated for the maintenance of local streets and roads. Commissioners Section 130053 of the California Public Utilities Code specifies that the Commission consists of five members of the Riverside County Board of Supervisors, one member from each incorporated city in Riverside County (each of whom must be a mayor or member of the City Council) and one non -voting member appointed by the governor of the State. The role of the Commission is to act as the policy -making board for Riverside County transportation activities. Executive Staff The Commission's key staff members, the position held by each and a brief statement of the background of each staff member are set forth below. Anne Mayer, Executive Director. Anne Mayer was appointed in October 2007 as the Executive Director of the Commission. She is responsible for overall management of the Commission including execution of operational policies and procedures and all personnel decisions. Ms. Mayer joined the Commission in May 2005 as Deputy Executive Director. Prior to joining the Commission, she was the District 8 Director for the California Department of Transportation ("Caltrans"). As District Director, she was responsible for management of the State highway system in San Bernardino and Riverside counties. Ms. Mayer is a Professional Engineer in the State of California with over 30 years of experience in the public works field, working at Caltrans for 14 of those years. Ms. Mayer holds a civil engineering degree from Michigan State University. 46616375.6 40 607 John Standiford, Deputy Executive Director. In January 2008, John Standiford was appointed as Deputy Executive Director for the Commission. He joined the Commission in 1999 and was the Public Affairs Director prior to his current appointment. Mr. Standiford also served as the Manager of Government and Media Relations for the Orange County Transportation Authority, where he worked for more than seven years. Earlier in his career, Mr. Standiford worked for three state legislators from the Los Angeles area. He received his bachelor's and master's degrees from the University of California, Irvine. Theresia Trevino, Chief Financial Officer. Ms. Trevino joined the Commission as the Chief Financial Officer in January 2004. Ms. Trevino previously worked as Manager of Accounting and Financial Reporting for the Orange County Transportation Authority. She also served as an adjunct professor for governmental accounting and reporting at the University of Redlands. Ms. Trevino's 19-year public accounting career included 16 years with Ernst & Young LLP. As Senior Manager in its Assurance and Advisory Business Services practice serving government clients, she led the development of the Southern California practice and served as a national technical resource. She is a Certified Public Accountant in California and completed the Executive Management Program at the University of California, Riverside. Ms. Trevino received a bachelor of science degree in accounting from Loyola Marymount University with Magna Cum Laude Honors. RISK FACTORS Economic Conditions The amount of Sales Tax Revenues collected at any time is directly dependent upon the level of retail sales within the County. During the latter part of 2007 through 2010 the economy of the County was in a recession, as evidenced by a high unemployment rate, a decrease in total personal income and taxable sales, a drop in residential and commercial building permits, a decline in the rate of home sales and the median price of single-family homes and condominiums, an increase in notices of default on mortgage loans secured by homes and condominiums and an increase in foreclosures resulting from such defaults. Sales Tax Revenues have rebounded from the low point in 2010, growing 10.7% in fiscal year 2012-13 and an estimated [5.6]% in fiscal year 2013-14. While the Commission's outlook for fiscal year 2014- 15 continues to be cautiously optimistic, a deterioration in economic activity within the County could have a material adverse impact upon the level of Sales Tax Revenues generated. For information relating to economic conditions within the County and the State, see "APPENDIX B — COUNTY DEMOGRAPHIC AND ECONOMIC INFORMATION." Investments The Commission has significant holdings in a broad range of investments. Market fluctuations have affected and will continue to affect materially the value of those investments and those fluctuations may be and historically have been material. Recent market disruptions have exacerbated the market fluctuations, but as a result of stable investments in government securities, the Commission's portfolio has not suffered any major losses with respect to the principal amount of funds invested. The Commission has experienced a reduction in interest income on such investments as a result of current market conditions. 46616375.6 41 608 The Sales Tax With limited exceptions, the Sales Tax will be imposed upon the same transactions and items subject to the sales tax levied statewide by the State. The State Legislature or the voters within the State, through the initiative process, could change or limit the transactions and items upon which the statewide sales tax and the Sales Tax are imposed. Any such change or limitation could have an adverse impact on the Sales Tax Revenues collected. For a further description of the Sales Tax, see "THE SALES TAX." Increased Internet Use May Reduce Sales Tax Revenues The increasing use of the Internet to conduct electronic commerce may affect the levels of Sales Tax Revenues. Internet sales of physical products by businesses located in the State, and Internet sales of physical products delivered to the State by businesses located outside of the State are generally subject to the Sales Tax. However, the Commission believes that many of these transactions may avoid taxation either through error or deliberate non -reporting and this potentially reduces the amount of Sales Tax Revenues. As a result, the more that the Internet is used to conduct electronic commerce, along with the failure to collect sales taxes on such Internet purchases, the more that the Commission may experience reductions of Sales Tax Revenues. Financial and Operating Risks of the SR-91 Project On July 3, 2013, the Commission issued its $123,825,000 Toll Revenue Senior Lien Bonds 2013 Series A (Current Interest Obligations) and $52,829,601.60 Toll Revenue Senior Lien Bonds 2013 Series B (Capital Appreciation Obligations). The Commission will incur approximately $597,709,011 of senior and subordinate debt payable from and secured by Toll Revenues to finance a portion of the costs of the Riverside SR-91 Corridor Improvement Project (the "SR-91 Project"). The SR-91 Project will connect with the OCTA SR-91 Express Lanes at the Orange County/Riverside County line using a two-mile long mixing area (allowing vehicles to use either or both sections of the tolled lanes) and continue approximately eight miles to the Interstate 15/SR-91 interchange in Riverside County, California. In addition to its debt service obligations arising from such SR-91 Project debt, the Commission will have ongoing operation and maintenance expenses as well as certain repair and rehabilitation obligations over the 50- year period following substantial completion of the SR-91 Project. The Commission will also face continued liability as the owner of the SR-91 Project. The SR-91 Project is currently experiencing a construction cost overrun of approximately $95 million. The primary source of funding for such additional costs is Sales Tax Revenues on a pay-as-you-go basis, subordinate to the Commission's obligation to pay Bonds, Parity Obligations, Subordinate Obligations, Liquidity Provider fees and expenses and early termination payments under the Existing Swap Agreements. The Commission has no prior experience with the ownership and operation of an enterprise like the SR-91 Project. While the Commission's financial obligations with respect to the SR-91 Project after substantial completion are limited to Toll Revenues, any financial distress affecting the SR-91 Project may also affect the Commission. The SR-91 Project is not 46616375.6 42 609 owned by a stand-alone municipal entity that may file for Chapter 9 bankruptcy separately from the Commission. If the SR-91 Project were to experience financial difficulty severe enough to justify protection under the Bankruptcy Code, the Commission would be the entity filing for Chapter 9 bankruptcy. See "Impact of Bankruptcy of the Commission" below. Impact of Bankruptcy of the Commission The Commission may be authorized to file for Chapter 9 municipal bankruptcy under certain circumstances. Should the Commission file for bankruptcy, there could be adverse effects on the holders of the 2009 Bonds. If the Sales Tax Revenues are "special revenues" under the Bankruptcy Code, then Sales Tax Revenues collected after the date of the bankruptcy filing should be subject to the lien of the Indenture. "Special revenues" are defined to include taxes specifically levied to finance one or more projects or systems, excluding receipts from general property, sales, or income taxes levied to finance the general purposes of the governmental entity. The Sales Tax was levied to finance the Expenditure Plan, which includes a number of projects (collectively referred to herein as the "Expenditure Plan Projects"), and some of these Expenditure Plan Projects are described in broad terms. If a court determined that the Sales Tax was levied to finance the general purposes of the Commission, rather than specific projects, then Sales Tax Revenues would not be special revenues. No assurance can be given that a court would not hold that the Sales Tax Revenues are not special revenues or are not subject to the lien of the Indenture. Were the Sales Tax Revenues determined not to be "special revenues," then Sales Tax Revenues collected after the commencement of a bankruptcy case would likely not be subject to the lien of the Indenture. The holders of the 2009 Bonds may not be able to assert a claim against any property of the Commission other than the Sales Tax Revenues, and were these amounts no longer subject to the lien of the Indenture following commencement of a bankruptcy case, then there could thereafter be no amounts from which the holders of the 2009 Bonds are entitled to be paid. The Bankruptcy Code provides that special revenues can be applied to necessary operating expenses of the project or system from which the special revenues are derived, before they are applied to other obligations. This rule applies regardless of the provisions of the transaction documents. The law is not clear as to whether, or to what extent, Sales Tax Revenues would be considered to be "derived" from the Expenditure Plan Projects. To the extent that Sales Tax Revenues are determined to be derived from the Expenditure Plan Projects, the Commission may be able to use Sales Tax Revenues to pay necessary operating expenses of the Expenditure Plan Projects, before the remaining Sales Tax Revenues are turned over to the Trustee to pay amounts owed to the holders of the 2009 Bonds. It is not clear precisely which expenses would constitute necessary operating expenses. If the Commission is in bankruptcy, the parties (including the holders of the 2009 Bonds) may be prohibited from taking any action to collect any amount from the Commission or to enforce any obligation of the Commission, unless the permission of the bankruptcy court is obtained. These restrictions may also prevent the Trustee from making payments to the holders of the 2009 Bonds from funds in the Trustee's possession. The procedure pursuant to which Sales Tax Revenues are paid directly by the Board of Equalization to the Trustee may no longer 46616375.6 43 610 be enforceable, and the Commission may be able to require the Board of Equalization to pay Sales Tax Revenues directly to the Commission. The Commission as a debtor in bankruptcy may be able to borrow additional money that is secured by a lien on any of its property (including Sales Tax Revenues), which lien could have priority over the lien of the Indenture, or to cause some Sales Tax Revenues to be released to it, free and clear of lien of the Indenture, in each case provided that the bankruptcy court determines that the rights of the Trustee and the holders of the 2009 Bonds will be adequately protected. The Commission may also be able, without the consent and over the objection of the Trustee and the holders of the 2009 Bonds, to alter the priority, interest rate, payment terms, collateral, maturity dates, payment sources, covenants (including tax -related covenants), and other terms or provisions of the Indenture and the 2009 Bonds, provided that the bankruptcy court determines that the alterations are "fair and equitable." There may be delays in payments on the 2009 Bonds while the court considers any of these issues. There may be other possible effects of a bankruptcy of the Commission that could result in delays or reductions in payments on the 2009 Bonds, or result in losses to the holders of the 2009 Bonds. Regardless of any specific adverse determinations in a Commission bankruptcy proceeding, the fact of a Commission bankruptcy proceeding could have an adverse effect on the liquidity and value of the 2009 Bonds. Reduction in Subsidy Payments The 2010 Series B Bonds have been designated by the Commission as "Build America Bonds" that are "qualified bonds" under the Stimulus Act. The Trustee is to receive on the Commission's behalf Subsidy Payments from the United States Treasury equal to 35% of the interest payable on the 2010 Series B Bonds, and 45% of the interest payable on such 2010 Series B Bonds that have been additionally designated as "Recovery Zone Economic Development Bonds." The amount of any Subsidy Payments to be received in connection with the 2010 Series B Bonds is subject to legislative changes by the United States Congress. Further, Subsidy Payments will only be paid if the 2010 Series B Bonds continue to qualify as Build America Bonds or Recovery Zone Economic Development Bonds. For the 2010 Series B Bonds to be and remain Build America Bonds or Recovery Zone Economic Development Bonds, the Commission must comply with certain covenants and establish certain facts and expectations with respect to the 2010 Series B Bonds, the use and investment of proceeds thereof and the use of property financed thereby. Thus, it is possible that the Commission may not receive the Subsidy Payments. Subsidy Payments are also subject to offset against amounts that may, for unrelated reasons, be owed by the Commission to any agency of the United States of America. On March 1, 2013, the federal government announced the implementation of certain automatic spending cuts known as the sequester. Subsidy payments for "qualified bonds" issued pursuant to the Stimulus Act, including the Subsidy Payments for the 2010 Series B Bonds, will be reduced by 7.2% (or $214,712) for the federal fiscal year ending September 30, 2014 unless Congressional action changes the reduction percentage. Existing federal law does not affect payments for future years, although under the Budget Control Act of 2011 there could be additional reductions in future years through and including federal fiscal year 2021. Under the Indenture, Subsidy Payments are treated as an offset to Debt Service, but the Commission 46616375.6 44 611 remains obligated to make all payments of Debt Service on the Bonds from Revenues regardless of whether it receives the full amount of the Subsidy Payments. The Commission does not believe that failure to receive all or any portion of the Subsidy Payments, due to the sequester or other causes, will have a material adverse effect on the Commission's ability to pay Debt Service on the 2010 Series B Bonds or any other Bonds. Limitations of the Liquidity Facilities The ability to obtain funds under a Liquidity Facility in accordance with its terms may be limited by federal or State law. Bankruptcy, conservatorship, receivership and similar laws governing financial institutions or any issuer of a Liquidity Facility may prevent or restrict payment under such Liquidity Facility. To the extent the short-term rating on any Series of the 2009 Bonds depends in any manner on the rating of the Liquidity Provider, the short-term ratings on such Series of 2009 Bonds could be downgraded or withdrawn if the Liquidity Provider were to be downgraded, placed on credit watch or have its ratings suspended or withdrawn or were to refuse to perform under its Liquidity Facility. The obligation of the Liquidity Provider under each Liquidity Facility to purchase unremarketed 2009 Bonds of a Series is subject to the conditions and limitations set forth therein, and is also subject to all rights and defenses available to contracting parties generally. The Liquidity Facilities are not a guaranty to pay the purchase price of any Series of 2009 Bonds tendered for purchase. Each Liquidity Facility is a general contract, subject to certain conditions and limitations, and is not a letter of credit. Purchasers of any 2009 Bonds should consult their legal counsel for an explanation of the differences between a general contract and a letter of credit or guaranty. The following is included as a summary of selected differences and does not purport to be complete or definitive. In general, a letter of credit is an independent, special contract by a bank to pay a third party such as a bond trustee holding the letter of credit for the benefit of owners of such bonds. Banks are required by law to honor their letters of credit except in specified circumstances. If a dispute were to develop between a bank and its borrower, except in limited circumstances, the dispute should not jeopardize payment under the letter of credit because (a) the letter of credit would be independent of the disputed contract between the borrower and the bank and (b) the beneficiary of the letter of credit (typically, the bond trustee) would have direct rights under the letter of credit. Further, and although there are defenses to payment of letters of credit, such defenses are limited by law to specified circumstances. In contrast, a standby bond purchase agreement, such as a Liquidity Facility, is merely a general contract. No law expressly requires performance of the contract, although the non - breaching party would be entitled to allowable damages if there were a breach of contract. Although the Trustee is authorized to draw funds in accordance with each Liquidity Facility, the Liquidity Provider has no independent obligation to the Trustee. If a dispute were to develop, the Liquidity Provider will have all defenses allowed at law or in equity to its payment under or other performance of such Liquidity Facility, including but not limited to disputes (whether valid or not) regarding the authority of any party to enter into or perform under such Liquidity Facility. 46616375.6 45 612 In general, the provider of a standby bond purchase agreement has more defenses against performance than the provider of a letter of credit. The Liquidity Provider or the Commission may seek to have any future dispute resolved in court and appealed to final judgment before it performs under a Liquidity Facility. Further, even if the Commission were to prevail against the Liquidity Provider, a court would not necessarily order the Liquidity Provider to perform under the applicable Liquidity Facility; it could instead award damages for breach of contract to the Commission. Any such award would not necessarily be in an amount sufficient to pay the purchase price of the applicable Series of 2009 Bonds. No Acceleration Provision except for Liquidity Facility Bonds The Indenture does not contain a provision allowing for acceleration of the 2009 Bonds in the event of a default in the payment of principal of and interest on the 2009 Bonds when due; however, Liquidity Facility Bonds are subject to acceleration as set forth in the Liquidity Facility. Upon a default by the Commission, each Holder of a 2009 Bond will have the rights to exercise the remedies set forth in the Indenture, subject to the limitations thereon. See "APPENDIX C — SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE." Loss of Tax Exemption As discussed under "TAX MATTERS," interest on the 2009 Bonds could become includable in federal gross income, possibly from the date of issuance of the 2009 Bonds, as a result of acts or omissions of the Commission subsequent to the issuance of the 2009 Bonds. Should interest become includable in federal gross income, the 2009 Bonds are not subject to mandatory redemption by reason thereof and may remain outstanding until maturity. Proposition 218 On November 5, 1996, voters in the State approved an initiative known as the Right to Vote on Taxes Act ("Proposition 218"). Proposition 218 added Articles XIIIC and XIIID to the California Constitution. Article XIIIC requires majority voter approval for the imposition, extension or increase of general taxes and two-thirds voter approval for the imposition, extension or increase of special taxes by a local government, which is defined to include local or regional governmental agencies such as the Commission. The Sales Tax was approved by more than two-thirds of the voters in Riverside County and is therefore in compliance with the requirements of Proposition 218. Article XIIIC also removes limitations that may have applied to the voter initiative power with regard to reducing or repealing previously authorized local taxes, even previously voter -approved taxes like the Sales Tax. In the view of the Commission, however, any attempt by the voters to use the initiative provisions of Proposition 218 to rescind or reduce the levy and collection of the Sales Tax in a manner which would prevent the payment of debt service on the 2009 Bonds, would violate the Contracts Clause of the United States Constitution and, accordingly, would be precluded. The interpretation and application of Proposition 218 will ultimately be determined by the courts. 46616375.6 46 613 Further Initiatives Proposition 218 was adopted as a measure that qualified for the ballot pursuant to California's initiative process. From time to time other initiative measures could be adopted, which may affect the Commission's ability to levy and collect the Sales Tax, or change the types of transactions or items subject to a Sales Tax. FINANCIAL STATEMENTS The financial statements of the Commission for the Fiscal Year ended June 30, 2013, included in APPENDIX A of this Remarketing Memorandum, have been audited by McGladrey LLP, certified public accountants, as stated in its report therein. McGladrey LLP, our independent auditor, has not been engaged to perform, and has not performed, since the date of its report included in APPENDIX A, any procedures on the financial statements addressed in that report. McGladrey LLP also has not performed any procedures relating to this Remarketing Memorandum. LITIGATION There is not now pending any litigation restraining or enjoining the imposition or collection of the Sales Tax, the construction or operation of the SR-91 Project or the issuance or delivery of the 2009 Bonds or questioning or affecting the validity of the 2009 Bonds or the proceedings and authority under which they were issued. Neither the creation, organization or existence of the Commission, nor the title of the present members of the Commission to their respective offices, is being contested. TAX MATTERS On the date of original issuance and delivery of the 2009 Bonds, Orrick, Herrington & Sutcliffe LLP, rendered its opinion that based upon an analysis of existing laws, regulations, rulings, and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the 2009 Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 (the "Code") and is exempt from State personal income taxes. It was the further opinion of Orrick, Herrington & Sutcliffe LLP that interest on the 2009 Bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes. Orrick, Herrington & Sutcliffe LLP expressed no opinion as to whether some or all interest on the 2009 Bonds is included in adjusted current earnings when calculating corporate alternative minimum taxable income. A complete copy of such opinion is attached as APPENDIX E hereto. Such opinion will not be updated in connection with the remarketing of the 2009 Bonds hereunder and Orrick, Herrington & Sutcliffe LLP is not rendering any opinion on the current tax status of the 2009 Bonds. 2009 Bonds purchased, whether at original issuance or otherwise, for an amount higher than their principal amount payable at maturity (or, in some cases, at their earlier call date) ("Premium Bonds") will be treated as having amortizable bond premium. No deduction is allowable for the amortizable bond premium in the case of bonds the interest on which is excluded from gross income for federal income tax purposes. However, the amount of tax- 46616375.6 47 614 exempt interest received, if any, and a Beneficial Owner's basis in a Premium Bond, will be reduced by the amount of amortizable bond premium properly allocable to such Beneficial Owner. Beneficial Owners of Premium Bonds should consult their own tax advisors with respect to the proper treatment of amortizable bond premium in their particular circumstances. The Code imposes various restrictions, conditions and requirements relating to the exclusion from gross income for federal income tax purposes of interest on obligations such as the 2009 Bonds. The Commission made certain representations and covenanted to comply with certain restrictions, conditions and requirements designed to ensure that interest on the 2009 Bonds will not be included in federal gross income. Inaccuracy of these representations or failure to comply or to have complied with these covenants may result in interest on the 2009 Bonds being included in gross income for federal income tax purposes, possibly from the date of original issuance of the 2009 Bonds. The opinion of Orrick, Herrington & Sutcliffe LLP assumed the accuracy of these representations and compliance with these covenants. Orrick, Herrington & Sutcliffe LLP has not undertaken to determine (or to inform any person) whether any actions taken (or not taken), or events occurring (or not occurring), or any other matters coming to Orrick, Herrington & Sutcliffe LLP's attention after the date of issuance of the 2009 Bonds has adversely affected or may in the future adversely affect the value of, or the tax status of interest on, the 2009 Bonds. Accordingly, the opinion of Orrick, Herrington & Sutcliffe LLP was not intended to, and may not, be relied upon in connection with any such actions, events or matters. Although Orrick, Herrington & Sutcliffe LLP was of the opinion that interest on the 2009 Bonds is excluded from gross income for federal income tax purposes and is exempt from State of California personal income taxes, the ownership or disposition of, or the accrual or receipt of interest on, the 2009 Bonds may otherwise affect a Beneficial Owner's federal, state or local tax liability. The nature and extent of these other tax consequences depends upon the particular tax status of the Beneficial Owner or the Beneficial Owner's other items of income or deduction. Orrick, Herrington & Sutcliffe LLP expressed no opinion regarding any such other tax consequences. Legislative proposals, if enacted into law, clarification of the Code or court decisions subsequent to the date of original issuance and delivery of the 2009 Bonds, may cause or have caused interest on the 2009 Bonds to be subject, directly or indirectly, to federal income taxation or to be subject to or exempted from state income taxation, or otherwise prevent Beneficial Owners from realizing the full current benefit of the tax status of such interest. The introduction or enactment of any such legislative proposals, clarification of the Code or court decisions subsequent to the date of original issuance and delivery of the 2009 Bonds, may also affect or have affected the market price for, or marketability of, the 2009 Bonds. Prospective purchasers of the 2009 Bonds should consult their own tax advisors regarding any federal or state tax legislation, regulations or litigation that are pending or proposed or that occurred or were enacted subsequent to the date of original issuance and delivery of the 2009 Bonds, as to which Orrick, Herrington & Sutcliffe LLP expressed no opinion. The opinion of Orrick, Herrington & Sutcliffe LLP was based on current legal authority as of the date of original issuance and delivery of the 2009 Bonds, covered certain matters not directly addressed by such authorities, and represented Orrick, Herrington & Sutcliffe LLP's 46616375.6 48 615 judgment as to the proper treatment of the 2009 Bonds for federal income tax purposes. It was and is not binding on the Internal Revenue Service ("IRS") or the courts. Furthermore, Orrick, Herrington & Sutcliffe LLP could not give and has not given any opinion or assurance about the activities of the Commission subsequent to the date of original issuance and delivery of the 2009 Bonds or about the effect of changes in the Code, the applicable regulations, the interpretation thereof or the enforcement thereof by the IRS subsequent to such date. On the date of original issuance and delivery of the 2009 Bonds, however, the Commission covenanted to comply with the requirements of the Code. Orrick, Herrington & Sutcliffe LLP is not obligated to defend the Commission or the Beneficial Owners regarding the tax-exempt status of the 2009 Bonds in the event of an audit examination by the IRS. Under current procedures, parties other than the Commission and their appointed counsel, including the Beneficial Owners, would have little, if any, right to participate in the audit examination process. Moreover, because achieving judicial review in connection with an audit examination of tax-exempt bonds is difficult, obtaining an independent review of IRS positions with which the Commission legitimately disagrees, may not be practicable. Any action of the IRS, including but not limited to selection of the 2009 Bonds for audit, or the course or result of such audit, or an audit of bonds presenting similar tax issues may affect the market price for, or the marketability of, the 2009 Bonds, and may cause the Commission or the Beneficial Owners to incur significant expense. CERTAIN LEGAL MATTERS On the original date of execution and delivery of the 2009 Bonds, Orrick, Herrington & Sutcliffe LLP, rendered its opinion as to the validity and enforceability of the 2009 Bonds. The opinion of Orrick, Herrington & Sutcliffe LLP has not been updated as of the date of this Remarketing Memorandum. A complete copy of the opinion of Orrick, Herrington & Sutcliffe LLP delivered in connection with the original issuance of the 2009 Bonds is attached as APPENDIX E hereto. Orrick, Herrington & Sutcliffe LLP is currently serving as Bond Counsel to the Commission. Bond Counsel undertakes no responsibility for the accuracy, completeness or fairness of this Remarketing Memorandum. Fulbright & Jaworski LLP, a member of Norton Rose Fulbright, is currently serving as Disclosure Counsel to the Commission. Nixon Peabody LLP is currently serving as counsel to the Remarketing Agents. RATINGS Moody's Investors Service, Inc., Standard & Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc., and Fitch Ratings have assigned each Series of the 2009 Bonds the long-term municipal bond credit ratings of "," "" and "," respectively, and the short-term ratings of " ," " " and " ," respectively, based on the Liquidity Facilities. Each such rating should be evaluated independently of any other rating. Such ratings reflect only the views of such organizations and any desired explanation of the significance of such ratings should be obtained from the rating agency furnishing the same. The ratings described above do not constitute a recommendation to buy, sell or hold the 2009 Bonds. The Commission has furnished to the rating agencies certain information respecting the 2009 Bonds and the Commission. Generally, rating agencies base their ratings on such 46616375.6 49 616 information and materials and their own investigations, studies and assumptions. The ratings are subject to revision, suspension or withdrawal at any time by the rating agencies, and there is no assurance that the ratings will continue for any period of time or that they will not be lowered or withdrawn. The Commission and the Remarketing Agents undertake no responsibility to oppose any such revision, suspension or withdrawal. Any downward revision, suspension or withdrawal of any rating may have an adverse effect on the market price of the 2009 Bonds or the ability to remarket the 2009 Bonds. REMARKETING AGENTS Stifel, Nicolaus & Company, Incorporated is serving as Remarketing Agent for the 2009 Series A Bonds. Barclays Capital Inc. is serving as Remarketing Agent for the 2009 Series B Bonds and the 2009 Series C Bonds. Each Remarketing Agent carries out the duties and obligations provided for such Remarketing Agent under and in accordance with the provisions of the Indenture and the related Remarketing Agreement, each dated as of September 1, 2014, by and between the Commission and the applicable Remarketing Agent. See "SPECIAL CONSIDERATIONS RELATING TO THE 2009 BONDS SUBJECT TO OPTIONAL TENDER AND REMARKETING" herein. FINANCIAL ADVISOR The Commission has retained Fieldman, Rolapp & Associates, Irvine, California, as Financial Advisor in connection with the remarketing of the 2009 Bonds. The Financial Advisor is not obligated to undertake, and has not undertaken to make, an independent verification or assume responsibility for the accuracy, completeness or fairness of the information contained in this Remarketing Memorandum. The Financial Advisor is an independent registered municipal advisory firm and is not engaged in the business of underwriting, trading or distributing municipal securities or other public securities. CONTINUING DISCLOSURE The Commission has executed the Continuing Disclosure Agreement and agreed therein for the benefit of the beneficial owners of the 2009 Bonds to provide certain financial information and operating data relating to the Commission and the Sales Tax by not later than nine months after the end of the Commission's prior fiscal year (the "Annual Reports"), and to provide notices of the occurrence of certain enumerated events (the "Listed Events"). The Annual Reports and notices of Listed Events will be filed with the MSRB. See "APPENDIX F — FORM OF CONTINUING DISCLOSURE UNDERTAKING." MISCELLANEOUS The references herein to the Act and the Indenture are brief outlines of certain provisions thereof. Such outlines do not purport to be complete and for full and complete statements of such provisions reference is made to said documents or the Act, as the case may be. Copies of the documents mentioned under this heading are available for inspection at the Commission and following delivery of the 2009 Bonds will be on file at the offices of the Trustee in Los Angeles, California. References are made herein to certain documents and reports which are brief 46616375.6 50 617 summaries thereof which do not purport to be complete or definitive. Reference is made to such documents and reports for full and complete statements of the content thereof. Any statement in this Remarketing Memorandum involving matters of opinion, whether or not expressly so stated, are intended as such and not as representations of fact. This Remarketing Memorandum is not to be construed as a contract or agreement between the Commission and the purchasers or Holders of any of the 2009 Bonds. The execution and delivery of this Remarketing Memorandum has been duly authorized by the Commission. 46616375.6 RIVERSIDE COUNTY TRANSPORTATION COMMISSION By: /s/ Anne Mayer Executive Director 51 618 APPENDIX A COMMISSION AUDITED FINANCIAL STATEMENTS FOR FISCAL YEAR ENDED JUNE 30, 2013 46616375.6 A-1 619 APPENDIX B COUNTY DEMOGRAPHIC AND ECONOMIC INFORMATION Set forth below is certain demographic and economic information with respect to the County of Riverside (the "County"). Such information is provided as general information and has been obtained from sources that the Commission believes to be reliable, but the Commission makes no representation as to the accuracy or completeness of the information included. The weakness of the economy at the County, State and national levels may not be reflected in the data presented below, as more recent information has not been made available to the Commission. The County was organized in 1893 from territory in San Bernardino and San Diego Counties and encompasses 7,177 square miles. The County is bordered on the north by San Bernardino County, on the east by the State of Arizona, on the south by San Diego and imperial Counties and on the west by Orange and San Bernardino Counties. The County is the fourth largest county (by area) in the State and stretches 185 miles from the Arizona border to within 20 miles of the Pacific Ocean. There are 28 incorporated cities in the County. In its 120 years of existence, the County's economy has diversified and prospered. Originally, the County was a very agricultural area, known for a variety of crops grown on its fertile soils. The County remains a strong agricultural area, but it is increasingly becoming a leader in manufacturing, transportation, construction, and tourism. Population The County has experienced a long period of growth and development. It is currently the eleventh most populous county in the United States, and fourth largest in the State. Total population for the County is expected to be over three million by the year 2030. The County's population as of January 1, 2014 is estimated to be 2,279,967 people. The estimated population of the County is approximately 47.5% greater than the 2000 population, representing an average annual compound growth rate of 2.63%. 46616375.6 B-1 620 The following table sets forth annual population figures as of January 1 of each year for cities located within the County for each of the years listed: COUNTY OF RIVERSIDE POPULATION OF CITIES WITHIN THE COUNTY0) (As of January 1) CITY 2010 2011 2012 2013 2014 Banning 29,603 29,723 30,051 30,177 30,325 Beaumont 36,877 38,034 38,966 39,787 40,876 Blythe 20,817 20,063 20,440 19,609 18,992 Calimesa 7,879 7,910 8,022 8,096 8,231 Canyon Lake 10,561 10,606 10,721 10,771 10,826 Cathedral City 51,200 51,400 52,108 52,350 52,595 Coachella 40,704 41,339 42,030 42,795 43,633 Corona 152,374 153,047 154,985 156,864 159,132 Desert Hot Springs 25,938 27,277 27,721 27,835 28,001 Eastvale 54,090 55,770 57,266 59,185 Hemet 78,657 79,309 80,329 80,899 81,537 Indian Wells 4,958 4,990 5,050 5,083 5,137 Indio 76,036 76,817 78,298 81,415 81,398 Jurupa Valley - 96,745 97,272 97,774 Lake Elsinore 51,821 52,294 53,183 55,444 56,718 La Quinta 37,467 37,688 38,190 38,412 39,032 Menifee 77,519 79,139 80,831 82,314 83,716 Moreno Valley 193,365 194,451 197,086 198,183 199,258 Murrieta 103,466 104,051 105,300 105,860 106,425 Norco 27,063 26,968 27,123 26,632 26,582 Palm Desert 48,445 48,920 49,619 49,962 50,417 Palm Springs 44,552 44,829 45,414 45,752 46,135 Perris 68,386 69,506 70,391 70,983 72,103 Rancho Mirage 17,218 17,399 17,556 17,643 17,745 Riverside 303,871 306,069 309,407 312,035 314,034 San Jacinto 44,199 44,421 44,937 45,229 45,563 Temecula 100,097 101,255 103,403 104,907 106,289 Wildomar 32,176 32,414 32,818 33,182 33,718 County -wide 2.189,641 2.205,731 2,234,193 2,255,653 2,279,967 California 37,253,956 37,427,946 37,668,804 37,984,138 38,340,074 Source: U.S. Census Bureau for 2010, State Department of Finance, Demographic Research Unit for 2009 (with 2000 DRU Benchmark) and 2011-14 (with 2010 DRU Benchmark) . (I) Includes the City of Eastvale, which was incorporated in October 2010, and the City of Jurupa Valley, which was incorporated in July 2011. 46616375.6 B-2 621 Personal Income The following tables show the per capita personal income for the County, the State of California and the United States from 2005 through 2013. PER CAPITA PERSONAL INCOME(I) County of Riverside, State of California, and United States 2005-2013 County of Year Riverside California United States 2005 $28,873 $38,969 $35,888 2006 30,309 41,627 38,127 2007 30,871 43,157 39,804 2008 30,808 43,609 40,873 2009 29,433 41,569 39,357 2010 29,563 42,297 40,163 2011 31,074 44,666 42,298 2012 31,742 46,477 43,735 2013 33,163 47,401 44,543 (1) Per capita personal income is the total personal income divided by the total mid -year population estimates of the U.S. Bureau of the Census. All dollar estimates are in current dollars (not adjusted for inflation). Source: U.S. Department of Commerce, Bureau of Economic Analysis. 46616375.6 B-3 622 Industry and Employment The County is a part of the Riverside -San Bernardino -Ontario Metropolitan Statistical Area ("MSA"), which includes all of Riverside and San Bernardino Counties. The following table sets forth the annual average employment by industry for the MSA. INDUSTRY RIVERSIDE-SAN BERNARDINO-ONTARIO MSA ANNUAL AVERAGE EMPLOYMENT (In Thousands) 2009 2010 2011 2012 2013 Agriculture 14.9 15.0 14.8 15.0 14.6 Construction 67.9 59.7 59.1 62.6 69.2 Financial Activities 42.5 41.0 40.4 40.8 42.0 Government 235.2 234.3 225.2 224.6 225.0 Manufacturing 88.8 85.1 85.5 86.7 86.8 Mining 1.1 1.0 1.1 1.2 1.2 Retail Trade 156.2 155.5 160.5 162.3 164.8 Professional and Business Services 125.1 123.4 126.6 127.1 132.6 Educational and Health Services 155.0 154.0 157.6 167.2 182.0 Leisure and Hospitality 123.8 122.8 128.2 129.3 136.2 Other Services 37.3 38.2 40.1 40.1 40.8 Transportation, Warehousing and Utilities 66.8 66.6 69.9 73.8 78.6 Wholesale Trade 48.9 48.6 50.6 52.1 56.0 Information 14.1 14.0 11.7 11.5 11.3 TOTAL(1) 1,117.6 1,159.3 1,162.2 1,194.2 1,241.0 Source: State Employment Development Department, Labor Market Information Division. (I) The employment figures by industry which are shown above are not directly comparable to the "Total, All Industries" employment figures due to rounded data. 46616375.6 B-4 623 The following tables show the largest employers located in the County as of Fiscal Year ended June 30, 2013. Ran k 1. 2. Name of Business County of Riverside March Air Reserve Base LARGEST EMPLOYERS County of Riverside 2013 3. Stater Bros. Markets 4. Walmart 5. University of California, Riverside 6. Riverside Unified School District 7. Corona -Norco Unified School District 8. Kaiser Permanente Riverside Med. Center 9. Moreno Valley Unified School District 10. Hemet Unified School District Type of Business County Government Military Reserve Base Supermarkets Retail University School District School District Medical Center School District School District % of County Employees Employment 18,728 2.23% 9,000 1.07 6,900 0.82 5,681 0.68 5,497 0.65 5,000 0.60 4,633 0.55 4,500 0.54 3,355 0.40 3,270 0.39 Source: County of Riverside `Comprehensive Annual Financial Report' for year ending June 30, 2013. Unemployment statistics for the County, the State and the United States are set forth in the following table. COUNTY OF RIVERSIDE COUNTY, STATE AND NATIONAL UNEMPLOYMENT DATA County(I) California(l) United States July 2009 2010 2011 2012 2013 2014 13.4% 11.3 9.3 14.5% 12.4 9.6 13.6% 11.7 8.9 12.2% 10.5 8.1 10.3 % 8.9 7.5 9.5% 7.8 6.5 Source: State of California Employment Development Department Labor Market Information Division; U.S. Bureau of Labor Statistics. (1) Data is not seasonally adjusted. The unemployment data for the County and the State is calculated using unrounded data. Commercial Activity Commercial activity is an important factor in the County's economy. Much of the County's commercial activity is concentrated in central business districts or small neighborhood commercial centers in cities. There are five regional shopping malls in the County: Galleria at 46616375.6 B-5 624 Tyler (Riverside), Hemet Valley Mall, Westfield Palm Desert Shopping Center, Moreno Valley Mall, and The Promenade in Temecula. There are also two factory outlet malls (Desert Hills Factory Stores and Lake Elsinore Outlet Center) and over 200 area centers in the County. Taxable Sales Transactions The following table shows the recent history of taxable transactions in the County. Year 2005 2006 2007 2008 2009 2010 2011 2012 Retail Permits 22,691 23,322 22,918 23,604 29,829 32,534 33,398 34,683 TAXABLE SALES County of Riverside (Dollars in Thousands) Retail Stores Taxable Transactions $20,839,212 21,842,345 21,242,516 18,689,249 16,057,488 16,919,500 18,576,285 20,016,668 Total Permits 44,222 43,672 45,279 46,272 42,765 45,688 46,886 48,316 Total Outlets Taxable Transactions $28,256,491 29,816,237 29,023,609 26,003,595 22,227,877 23,152,780 25,641,497 28,096,009 Note: In 2009, retail permits expanded to include permits for food services. 2013 figures unavailable. Source: "Taxable Sales in California (Sales & Use Tax)," California Board of Equalization. Building and Real Estate Activity The following tables provide summaries of the building permit valuations and the number of new dwelling units authorized in the County from 2009 through 2013. Valuation ($000): Residential Non-residential Total Residential Units: Single family Multiple family Total BUILDING PERMIT VALUATIONS County of Riverside 2009-2013 (Dollars in thousands) 2009 2010 2011 2012 2013 $1,053,694 $1,079,637 $873,411 $885,473 $1,375,593 376,819 539,379 559,398 526,369 873,977 $1,430,513 $1,619,016 $1,432,809 $1,411,842 $2,249,570 3,431 4,031 2,659 2,981 4,716 759 526 1,061 560 1,427 4,190 4,557 3,720 3,541 6,143 Note: Totals may not add to sums because of rounding. Source: California Homebuilding Foundation/Construction Industry Research Board. 46616375.6 B-6 625 The following table sets forth a comparison of median housing prices for Los Angeles County, Riverside County and Southern California as of May 2013 and May 2014. COUNTY OF RIVERSIDE COMPARISON OF MEDIAN HOUSING PRICES July July Percent 2013 2014 Change County of Riverside $291,000 $265,000 9.81 % Los Angeles County 457,250 429,000 6.59 Southern California(l) 413,000 385,000 7.30 Source: MDA DataQuick Information Systems. (I) Southern California comprises Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura Counties. The following table sets forth a comparison of home and condominium foreclosures recorded in Los Angeles County, Riverside County, San Bernardino County and Southern California for the years indicated. COUNTY OF RIVERSIDE COMPARISON OF HOME FORECLOSURES San Southern Year Los Angeles Riverside Bernardino California") 2008 35,366 32,443 23,601 125,117 2009 29,943 25,309 19,560 100,106 2010 26,817 20,586 16,735 86,797 2011 25,597 17,383 14,154 77,105 2012 15,298 10,707 9,270 47,442 2013 Source: MDA DataQuick Information Systems. (I) Southern California comprises Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura Counties. Agriculture Agriculture remains an important source of income in the County. Principal agricultural products are: nursery, milk, table grapes, eggs, avocados, grapefruit, alfalfa, bell peppers, dates, and lemons. Four areas in the County account for the major portion of agricultural activity: the Riverside/Corona and San Jacinto/Temecula Valley Districts in the western portion of the County, the Coachella Valley in the central portion and the Palo Verde Valley near the County's eastern border. The value of agricultural production in the County for the years 2008 through 2012 is set forth in the following table. 46616375.6 B-7 626 Citrus Fruits Trees and Vines Vegetables, Melons, Misc. Field and Seed Crops Nursery Apiculture Aquaculture Products Total Crop Valuation Livestock and Poultry Valuation Grand Total COUNTY OF RIVERSIDE VALUE OF AGRICULTURAL PRODUCTION 2008 2009 2010 $ 135,759,000 173,678,000 266,414,900 123,545,400 230,416,200 5,637,000 12,077,700 $ 947,529,000 321,060,900 $1,268,589,900 $ 101,652,000 191,682,600 221,286,700 69,699,800 206,499,900 5,017,600 5,243,900 $ 801,082,500 $ 140,501,000 164,994,000 292,002,200 81,328,300 169,341,300 4,631,700 4,921,700 $ 857,720,200 214,672,800 235,926,300 $1,015,755,300 $1,093,646,500 Source: Riverside County Agricultural Commissioner. (1) Most recent year for which data is available. Transportation 2011 $ 119,942,513 232,649,262 278,628,295 149,198,052 200,154,964 4,844,400 4,808,250 $ 990,225,736 2012(') $ 125,684,390 217,073,170 286,172,478 147,185,665 190,878,100 4,983,400 4,204,750 $ 976,181,953 292,030,380 276,548,118 $1,282,256,116 $1,252,730,071 Several major freeways and highways provide access between the County and all parts of Southern California. The Riverside Freeway (State Route 91) extends southwest through Corona and connects with the Orange County freeway network in Buena Park. Interstate 10 traverses the width of the County, the western -most portion of which links up with major cities and freeways in the southern part of San Bernardino County with the eastern part linking to the County's Desert cities and Arizona. Interstates 15 and 215 extend north and then east to Las Vegas, and south to San Diego. State Route 60 provides an alternate (to Interstate 10) east -west link to Los Angeles County. Currently, Metrolink provides commuter rail service to Los Angeles, San Bernardino and Orange Counties from several stations in the County. Transcontinental passenger rail service is provided by Amtrak with stops in Riverside and Indio. Freight service to major west coast and national markets is provided by two transcontinental railroads — Union Pacific Railroad and the BNSF Railway. Truck service is provided by several common carriers, making available overnight delivery service to major California cities. Transcontinental bus service is provided by Greyhound Lines. Intercounty, intercity and local bus service is provided by the Riverside Transit Agency to western County cities and communities. There are also four municipal transit operators in the western County providing services within the cities of Banning, Beaumont, Corona and Riverside. The SunLine Transit Agency provides local bus service throughout the Coachella Valley, including the cities of Palm Springs and Indio. The Palo Verde Valley Transit Agency provides service in the far eastern portion of the County (City of Blythe and surrounding communities). The County seat, located in the City of Riverside, is within 20 miles of the Ontario International Airport in neighboring San Bernardino County. This airport is operated by the Los Angeles Department of Airports. Four major airlines schedule commercial flight service at Palm Springs Regional Airport. County -operated general aviation airports include those in Thermal, 46616375.6 B-8 627 Hemet, Blythe and French Valley. The cities of Riverside, Corona and Banning also operate general aviation airports. There is a military base at March Air Reserve Base, which converted from an active duty base to a reserve -only base on April 1, 1996. Plans for joint military and civilian use of the base thereafter are presently being formulated by the March AFB Joint Powers Authority, comprised of the County and the Cities of Riverside, Moreno Valley and Perris. Education There are four elementary school districts, one high school district, eighteen unified (K-12) school districts and four community college districts in the County. Ninety-five percent of all K-12 students attend schools in the unified school districts. The three largest unified school districts are Riverside Unified School District, Moreno Valley Unified School District and Corona -Norco Unified School District. There are seven two-year community college campuses located in the communities of Riverside, Moreno Valley, Norco, San Jacinto, Menifee, Coachella Valley and Palo Verde Valley. There are also three universities located in the City of Riverside: the University of California at Riverside, La Sierra University and California Baptist University. In addition, a campus of California State University San Bernardino is located in Palm Desert. 46616375.6 B-9 628 APPENDIX C SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE 46616375.6 C-1 629 APPENDIX D BOOK ENTRY SYSTEM The information in this Appendix D concerning The Depository Trust Company, New York, New York ("DTC'), and DTC's Book -Entry System has been obtained from DTC and the Commission, the Trustee and the Remarketing Agents take no responsibility for the completeness or accuracy thereof. The Commission, the Trustee and the Remarketing Agents cannot and do not give any assurances that DTC, DTC Participants or Indirect Participants or others will distribute any (a) payments of principal or purchase price or interest with respect to the 2009 Bonds, (b) certificates representing ownership interest in or other confirmation or ownership interest in the 2009 Bonds, or (c) redemption, tender or other notices sent to DTC or Cede & Co., its nominee, as the registered owner of the 2009 Bonds, or that they will do so on a timely basis, or that DTC, DTC Participants or DTC Indirect Participants will act in the manner described in this Appendix D. The current "Rules" applicable to DTC are on file with the Securities and Exchange Commission and the current "Procedures" of DTC to be followed in dealing with DTC Participants are on file with DTC. The Commission, the Trustee and the Remarketing Agents are not responsible or liable for the failure of DTC or any DTC Participant to make any payment or give any notice to a beneficial owner with respect to the 2009 Bonds or an error or delay relating thereto. DTC will act as securities depository for the 2009 Bonds. The 2009 Bonds were issued as fully -registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully - registered certificate will be issued for each maturity of the 2009 Bonds, in the aggregate principal amount of such maturity, and will be deposited with DTC. DTC is a limited -purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post -trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book -entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly -owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or 46616375.6 D-1 630 maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has a Standard & Poor's rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com. The information set forth on such website is not incorporated by reference. Purchases of 2009 Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the 2009 Bonds on DTC's records. The ownership interest of each actual purchaser of each 2009 Bond (`Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the 2009 Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the 2009 Bonds, except in the event that use of the book -entry system for the 2009 Bonds is discontinued. To facilitate subsequent transfers, all 2009 Bonds deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of the 2009 Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the 2009 Bonds; DTC's records reflect only the identity of the Direct Participants to whose accounts such 2009 Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of the 2009 Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the 2009 Bonds, such as redemptions, tenders, defaults, and proposed amendments to the 2009 Bond documents. For example, Beneficial Owners of the 2009 Bonds may wish to ascertain that the nominee holding the 2009 Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them. Redemption and tender notices shall be sent to DTC. If less than all of the 2009 Bonds are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the 2009 Bonds unless authorized by a Direct Participant in accordance with DTC's 46616375.6 D-2 631 MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the Commission as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the 2009 Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Payments of principal or purchase price of and interest on the 2009 Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from the Commission or the Trustee, on payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, the Trustee, or the Commission, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal of, premium, if any, and interest on the 2009 Bonds to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Commission or the Trustee, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. DTC may discontinue providing its services as depository with respect to the 2009 Bonds at any time by giving reasonable notice to the Commission or the Trustee. Under such circumstances, in the event that a successor depository is not obtained, security certificates are required to be printed and delivered. The Commission may decide to discontinue use of the system of book -entry -only transfers through DTC (or a successor securities depository). In that event, security certificates will be printed and delivered to DTC. 46616375.6 D-3 632 APPENDIX E ORIGINAL OPINION OF BOND COUNSEL 46616375.6 E-1 633 APPENDIX F CONTINUING DISCLOSURE AGREEMENT 46616375.6 F-1 634 AGENDA ITEM 9 REVISION TO ATTACHMENT 5 Additions are noted by underline, Deletions are noted by ke-u944 NRF DRAFT OF 0409/2704/14 REMARKETED ISSUE —BOOK -ENTRY ONLY On the date of original issuance and delivery of the 2009 Bonds, Orrick Herrington & Sutcliffe LLP rendered its opinion= Bond Counsel to the Commission delivered an opinion with respect to 2009 Bonds issued on such date to the effect that based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming among other matters the accuracy of certain representations and compliance with certain covenants interest on the 2009 Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and is exempt from State of California personal income taxes. Bond Counsels opinion further stated that interest on the 2009 Bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes. Bond Counsel expressed no opinion as to whether .some or all of ,such interest is included in adjusted current earnings when calculating corporate alternative minimum taxable income. Bond Counsel expressed no opinion regarding any other tax consequences related to the ownership or disposition of, or the accrual or receipt of interest on the 2009 Bonds. In connection with the substitution of liquidity facilities and remarketing of the 2009 Bonds Bond Counsel will deliver its opinion that .such .substitution will not in and of itself, adversely affect the tax-exempt status of the 2009 Bonds. Bond Counsel is not rendering any opinion on the current tax status of the 2009 Bonds. See "TAX MATTERS" herein for additional information. A copy of the opinion of Orrick, Herrington & Sutcliffe LLP delivered in connection with the original issuance of the 2009 Bonds is attached hereto as Appendix E. Scc "TAX MATTERS." [DAC Logo] RATINGS: Moody's: " VMIG 1/Aa2" S&P: " / " Fitch: " / " $154,300,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series $70,900,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series A CUSIP No. 769125 DP7 $54,210,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series B CUSIP No. 769125 DR3 See "RATINGS" herein $29,190,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series C CUSIP No. 769125 DT9 Dated: October 1, 2009 Price: 100% Due: June 1, 2029 (plus accrued interest) The Sales Tax Revenue Bonds described above (individually referred to as the "2009 Series A Bonds," the "2009 Series B Bonds" and the "2009 Series C Bonds," and collectively referred to herein as the "2009 Bonds") were issued and deliveredare being remarketed by the Riverside County Transportation Commission (the "Commission") and were issued and are outstanding pursuant to an Indenture, dated as of June 1, 2008, between the Commission and U.S. Bank National Association, as trustee (the "Trustee"), as supplemented and amended (collectively, the "Indenture"). The 2009 Bonds are dated October 1, 2009 and bear interest at a Weekly Rate during a Weekly Rate Period. Interest on the 2009 Bonds during a Weekly Rate Period is payable on the first Business Day of each calendar month. The 2009 Bonds were issued as fully registered bonds without coupons in the denominations of $100,000 and any integral multiple of $5,000 in excess thereof. The 2009 Bonds are registered in the name of Cede & Co., as holder of the 2009 Bonds and nominee for The Depository Trust Company, New York, New York ("DTC"). The principal or redemption price of and interest on the 2009 Bonds are payable by wire transfer to DTC which, in turn, is obligated to remit such principal, redemption price or interest to DTC Participants for subsequent disbursement to the Beneficial Owners of the 2009 Bonds. This Remarketing Memorandum describes terms of the 2009 Bonds only during a Weekly Rate Period. There are significant differences in the terms of the 2009 Bonds bearing interest using other Interest Rate Determination Methods. This Remarketing Memorandum is not intended to provide information with respect to the 2009 Bonds bearing interest at a Rate other than a Weekly Rate. The 2009 Bonds are subject to optional and mandatory sinking fund redemption and to optional and mandatory tender for purchase as described herein. See "THE 2009 BONDS" herein. 4r'i r' F .r4661617S 7 The 2009 Bonds are being remarketed following a mandatory tender in connection with the replacement of the prior liquidity facilities on September 18, 2014. Payment of the purchase price of tendered 2009 Bonds is payable from the proceeds of remarketing of the 2009 Bonds and, to the extent remarketing proceeds are insufficient, from amounts available under separate Standby Bond Purchase Agreements, each dated as of September 1, 2014 (each, a "Liquidity Facility" and, together, the "Liquidity Facilities"), each by and between the Commission and The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting through its New York Branch (the "Liquidity Provider"), relating to each Series of 2009 Bonds and thereafter from such Alternate Liquidity Facility as may be obtained by the Commission to provide for payment of the purchase price of the applicable Series of 2009 Bonds. Each Liquidity Facility becomesfollowing the mandatory tender and remarketing will become effective on September 18, 2014 and terminatesterminate on [March 15], 2019, unless extended or terminated sooner in accordance with its terms. Under certain circumstances -as described herein, the Liquidity Facilities may be terminated or suspended immediately and without notice. [Bank logo] The 2009 Bonds are special obligations of the Commission payable from and secured solely by a pledge of the Revenues (which is defined herein and which principally includes the receipts from the imposition in the County of Riverside, California (the "County") of a V2-cent sales tax that became effective on July 1, 2009 (the "Sales Tax"), less certain administrative fees paid to the California State Board of Equalization), as described herein. The Sales Tax was approved by more than a two-thirds vote of the electorate of the County on November 5, 2002 and is scheduled to expire on June 30, 2039. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE COUNTY OF RIVERSIDE, THE STATE OF CALIFORNIA OR ANY POLITICAL SUBDIVISION OR PUBLIC AGENCY THEREOF, OTHER THAN THAT OF THE COMMISSION TO THE EXTENT OF THE PLEDGE OF THE REVENUES, IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, PURCHASE PRICE, OR INTEREST ON THE 2009 BONDS. This cover page contains certain information for general reference only. It is not a summary of the security or terms of this issue. Investors must read the entire Remarketing Memorandum to obtain information essential to make an informed investment decision with respect to the 2009 Bonds. Orrick, Herrington & Sutcliffe LLP is currently serving as Bond Counsel to the Commission. Fulbright & Jaworski LLP, a member of Norton Rose Fulbright, is currently serving as Disclosure Counsel to the Commission Chapman and Cutler LLP is currently serving as counsel to the Liquidity Provider. Nixon Peabody LLP is currently serving as counsel to the Remarketing Agents. Stifel Barclays Remarketing Agent for the 2009 Series A Bonds Dated: September _, 2014 Remarketing Agent for the 2009 Series B Bonds and the 2009 Series C Bonds 4r'--1("F-(4661617S 7 No dealer, salesman or any other person has been authorized by the Riverside County Transportation Commission (the "Commission") or the Remarketing Agents of the 2009 Bonds (the "Remarketing Agents") to give any information or to make any representations, other than those contained in this Remarketing Memorandum, and, if given or made, such other information or representations must not be relied upon as having been authorized by the Commission or the Remarketing Agents. This Remarketing Memorandum does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the 2009 Bonds by a person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. This Remarketing Memorandum is not to be construed as a contract with the purchasers of the 2009 Bonds. Neither the delivery of this Remarketing Memorandum nor the sale of any of the 2009 Bonds implies that the information herein is correct as of any time subsequent to the date hereof. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Remarketing Memorandum nor any sale made hereunder shall, under any circumstances, create the implication that there has been no change in the matters described herein since the date hereof. This Remarketing Memorandum is submitted in connection with the sale of securities referred to herein and may not be reproduced or be used, as a whole or in part, for any other purpose. The information set forth herein has been obtained from the Commission and other sources believed to be reliable. The information and expressions of opinions herein are subject to change without notice and neither delivery of the Remarketing Memorandum nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the Commission since the date hereof. All summaries contained herein of the Indenture (as defined herein) or other documents are made subject to the provisions of such documents and do not purport to be complete statements of any or all of such provisions. All statements made herein are made as of the date of this document by the Commission except statistical information or other statements where some other date is indicated in the text. CUSIP is a registered trademark of the American Bankers Association. CUSIP data on the cover hereof and herein is provided by CUSIP Global Services, managed by Standard & Poor's Financial Services LLC on behalf of The American Bankers Association. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Services. The Commission, the Financial Advisor and the Remarketing Agents are not responsible for the selection or correctness of the CUSIP numbers set forth on the cover hereof or herein. 4 66163-7.446616375.7 FORWARD -LOOKING STATEMENTS Certain statements included or incorporated by reference in this Remarketing Memorandum constitute forward -looking statements. Such statements are generally identifiable by the terminology used such as "plan," "expect," "estimate," "project," "budget" or other similar words. The achievement of certain results or other expectations contained in such forward -looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward -looking statements. No assurance is given that actual results will meet the forecasts of the Commission in any way, regardless of the level of optimism communicated in the information. The Commission is not obligated to issue any updates or revisions to the forward -looking statements if or when its expectations, or events, conditions or circumstances on which such statements are based occur. THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH FORWARD LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS DESCRIBED TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD -LOOKING STATEMENTS. THE COMMISSION DOES NOT PLAN TO ISSUE ANY UPDATES OR REVISIONS TO THOSE FORWARD -LOOKING STATEMENTS IF OR WHEN ANY OF ITS EXPECTATIONS, OR EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH SUCH STATEMENTS ARE BASED DO OR DO NOT OCCUR. 4 66163-7.446616375.7 [Intentionally left blank.] 4GG1 G3-7.446616375.7 RIVERSIDE COUNTY TRANSPORTATION COMMISSION BOARD MEMBERS Marion Ashley, County of Riverside, Chair Daryl R. Busch, City of Perris, Vice Chair Scott Matas, City of Desert Hot Springs, 2nd Vice Chair John J. Benoit County of Riverside Kevin Jeffries County of Riverside Jeff Stone County of Riverside John F. Tavaglione County of Riverside Debbie Franklin City of Banning Roger Berg City of Beaumont Joseph DeConinck City of Blythe Ella Zanowic City of Calimesa Mary Craton City of Canyon Lake Greg Pettis City of Cathedral City Deputy Executive Director John Standiford Steven Hernandez City of Coachella Karen Spiegel City of Corona Adam Rush City of Eastvale Larry Smith City of Hemet Douglas Hanson City of Indian Wells Glenn Miller City of Indio Frank Johnston City of Jurupa Valley Terry Henderson City of La Quinta Bob Magee City of Lake Elsinore Scott Mann City of Menifee MANAGEMENT Executive Director Anne Mayer Jesse Molina City of Moreno Valley Rick Gibbs City of Murrieta Berwin Hanna City of Norco Jan Harnik City of Palm Desert Ginny Foat City of Palm Springs Ted Weill City of Rancho Mirage Steve Adams City of Riverside Andrew Kotyuk City of San Jacinto Ron Roberts City of Temecula Ben Benoit City of Wildomar Basem Muallem Caltrans, District #8 Chief Financial Officer Theresia Trevino SPECIAL SERVICES Bond Counsel Orrick, Herrington & Sutcliffe LLP San Francisco, California Financial Advisor Fieldman, Rolapp & Associates Irvine, California Disclosure Counsel Fulbright & Jaworski LLP a member of Norton Rose Fulbright Los Angeles, California Trustee U.S. Bank National Association Los Angeles, California 4GG1 G3-7.446616375.7 [Intentionally left blank.] 4GG1 G3-7.446616375.7 TABLE OF CONTENTS Page INTRODUCTION 1 General 1 Authority for Issuance 1 Purpose and Application of Original Proceeds 2 The 2009 Bonds 2 Security for the 2009 Bonds 2 Liquidity Facilities 3 No Reserve Fund 3 Existing Bonds 3 Existing Swaps 3 Continuing Disclosure 4 Remarketing Agents 4 References 4 THE 2009 BONDS 5 General 5 Weekly Rate 5 Conversion of Interest Rate 6 Redemption 8 Purchase In Lieu of Redemption 9 General Redemption Provisions 9 Tender Provisions 10 SPECIAL CONSIDERATIONS RELATING TO THE 2009 BONDS SUBJECT TO OPTIONAL TENDER AND REMARKETING 14 The Remarketing Agents are Paid by the Commission 14 The Remarketing Agents Routinely Purchase 2009 Bonds for their Own Account 14 2009 Bonds May Be Offered at Different Prices on Any Date Including a Rate Determination Date 15 The Ability to Sell the 2009 Bonds Other Than through Tender Process May Be Limited 15 No Remarketing Agent Successor in Certain Circumstances 15 DEBT SERVICE SCHEDULE 16 SECURITY AND SOURCES OF PAYMENT FOR THE 2009 BONDS 17 Limited Obligation 17 Pledge of Revenues 17 Revenue Fund; Allocation of Revenues 18 No Reserve Fund 21 Additional Bonds and Parity Obligations 21 i TABLE OF CONTENTS (continued) Page OTHER SALES TAX OBLIGATIONS 23 Existing Bonds 23 Existing Swap Agreements 2324 Subordinate Obligations 25 Limitation on Outstanding Sales Tax Obligations 2526 THE LIQUIDITY FACILITIES 26 General 26 Ratings Event 27 Special Events of Default 2721 Suspension Events 29 Events of Default Not Constituting a Suspension Event or a Special Event of Default 3-on Remedies 3432. THE LIQUIDITY PROVIDER 36 THE SALES TAX 36 General 36 Collection of Sales Tax Revenues 38 Historical Sales Tax Revenues 38 RIVERSIDE COUNTY TRANSPORTATION COMMISSION HISTORICAL SALES TAX REVENUES 39 RIVERSIDE COUNTY TRANSPORTATION COMMISSION 40 General 40 The Transportation Expenditure Plan 40 The SR-91 Project and the Commission's Toll Revenue Debt 41 Commissioners 4442 Executive Staff 4442 Cash and Investments 42 Debt Management Policy 4a RISK FACTORS 424a Economic Conditions 42n Investments 4244 The Sales Tax 314 Increased Internet Use May Reduce Sales Tax Revenues 4344 Financial and Operating Risks of the SR-91 Project 314 Impact of Bankruptcy of the Commission 4445 � ii TABLE OF CONTENTS (continued) Page Reduction in Subsidy Payments 4546 Limitations of the Liquidity Facilities 464_7 No Acceleration Provision except for Liquidity Facility Bonds 474$ Loss of Tax Exemption 711$ Proposition 218 474$ Further Initiatives 484_g FINANCIAL STATEMENTS 484g LITIGATION 484_9 TAX MATTERS 484g CERTAIN LEGAL MATTERS 5-0n RATINGS 5-051 REMARKETING AGENTS 54-51 FINANCIAL ADVISOR 54-52. CONTINUING DISCLOSURE 54-51 MISCELLANEOUS 54-52 APPENDIX A — 2013 A-1 APPENDIX B — APPENDIX C — APPENDIX D — APPENDIX E — APPENDIX F — Commission Audited Financial Statements for Fiscal Year Ended June 30, County Demographic and Economic Information B-1 Summary of Certain Provisions of the Indenture C-1 Book -Entry System D-1 Original Opinion of Bond Counsel E-1 Continuing Disclosure Agreement F-1 iii REMARKETING MEMORANDUM $154,300,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series $70,900,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series A General $54,210,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series B INTRODUCTION $29,190,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION Sales Tax Revenue Bonds (Limited Tax Bonds) 2009 Series C This Remarketing Memorandum, which includes the cover page and the appendices hereto, sets forth certain information in connection with the remarketing by the Riverside County Transportation Commission (the "Commission") of $70,900,000 principal amount of Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series A (the "2009 Series A Bonds"), $54,210,000 principal amount of Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series B (the "2009 Series B Bonds") and $29,190,000 principal amount of Riverside County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), 2009 Series C (the "2009 Series C Bonds" and, together with the 2009 Series A Bonds and the 2009 Series B Bonds, the "2009 Bonds"). As used herein, the term "Bonds" means any Bonds, including the 2009 Bonds, issued pursuant to the Indenture (as defined below). Authority for Issuance The 2009 Bonds were issued by the Commission under and pursuant to the Riverside County Transportation Sales Tax Act, being Division 25 of the Public Utilities Code of the State of California (Section 240000 et seq.) (the "Act"), the Transportation Expenditure Plan and Retail Transaction and Use Tax Ordinance, adopted by the Commission on May 8, 2002 and approved by at least two-thirds of electors of the County of Riverside, California (the "County") voting on such proposition in the November 5, 2002 election, and any amendments or extensions thereto (collectively, and together with the Act, the "Law"); and an Indenture, dated as of June 1, 2008, as amended and supplemented to the date hereof (collectively, the "Indenture"), between the Commission and U.S. Bank National Association, as trustee (the "Trustee"). All capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in "APPENDIX C — SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE" or in the Indenture. 4 66163-7.446616375.7 At a special election held in the County on November 2, 2010, an amendment to the Ordinance increasing the limitation on the amount of the Commission's bonds secured by Sales Tax Revenues from $500 million to $975 million was approved by a majority of those voting on the proposition. See "OTHER SALES TAX OBLIGATIONS — Limitation on Outstanding Sales Tax Obligations." Purpose and Application of Original Proceeds The proceeds of the 2009 Bonds were applied to (i) refund all of the Commission's then outstanding Sales Tax Revenue Bonds (Limited Tax Bonds) Series 2008 (the "Refunded Bonds"), (ii) retire $53,716,000 aggregate principal amount of the Commission's then outstanding Commercial Paper Notes (Limited Tax Bonds), Series A, (iii) fund a portion of a debt service reserve for the 2009 Bonds, and (iv) pay costs of issuance of the 2009 Bonds. The 2009 Bonds The 2009 Bonds are dated October 1, 2009 and currently bear interest at a Weekly Rate during a Weekly Rate Period. Interest on the 2009 Bonds during a Weekly Rate Period is payable on the first Business Day of each calendar month. The Remarketing Agent for each Series sets a Weekly Rate for such 2009 Bonds, by 5:00 p.m., New York City time, on each Wednesday (or the immediately succeeding Business Day, if such Wednesday is not a Business Day) for the next Calendar Week; provided, that, the Weekly Rate for the first Calendar Week (or portion thereof) following a Conversion Date resulting in a change in the Interest Rate Determination Method to a Weekly Rate shall be set by such Remarketing Agent on the Business Day immediately preceding such Conversion Date. See "THE 2009 BONDS — Weekly Rate" herein. The 2009 Bonds were issued as fully registered bonds without coupons in the denominations of $100,000 and any integral multiple of $5,000 in excess thereof. The 2009 Bonds are registered in the name of Cede & Co., as holder of the 2009 Bonds and nominee for The Depository Trust Company, New York, New York ("DTC"). Purchasers will not receive physical certificates representing their interest in the 2009 Bonds purchased. This Remarketing Memorandum describes terms of the 2009 Bonds only during a Weekly Rate Period. There are significant differences in the terms of the 2009 Bonds bearing interest using other Interest Rate Determination Methods. This Remarketing Memorandum is not intended to provide information with respect to the 2009 Bonds bearing interest at a Rate other than a Weekly Rate. The 2009 Bonds are subject to optional and mandatory sinking fund redemption and to optional and mandatory tender for purchase. See "THE 2009 BONDS" herein. Security for the 2009 Bonds The 2009 Bonds are limited obligations of the Commission payable from and secured by certain revenues (the "Revenues") pledged under the Indenture, including a pledge of revenues (the "Sales Tax Revenues") derived from a 1/2-cent sales tax that became effective on July 1, 2009 (the "Sales Tax"), imposed in the County in accordance with the Law and the California Transactions and Use Tax Law (Revenue and Taxation Code Section 7251 et seq.), net of an administrative fee paid to the California State Board of Equalization (the "Board of 6616375.6'46616375.7 2 Equalization") in connection with the collection and disbursement of the Sales Tax. The Sales Tax was approved by more than a two-thirds vote of the electorate of the County on November 5, 2002 and is scheduled to expire on June 30, 2039. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE COUNTY OF RIVERSIDE, THE STATE OF CALIFORNIA OR ANY POLITICAL SUBDIVISION OR PUBLIC AGENCY THEREOF, OTHER THAN THE COMMISSION TO THE EXTENT OF THE PLEDGE OF THE REVENUES, IS PLEDGED TO THE PAYMENT OF THE 2009 BONDS. Liquidity Facilities Payment of the purchase price of tendered 2009 Bonds iswill be payable from the proceeds of remarketing of the 2009 Bonds and, to the extent remarketing proceeds are insufficient, from amounts available under separate Standby Bond Purchase Agreements, each dated as of September 1, 2014 (each, a "Liquidity Facility" and, together, the "Liquidity Facilities"), each by and between the Commission and The Bank of Tokyo -Mitsubishi UFJ, Ltd., acting through its New York Branch (the "Liquidity Provider"), relating to each Series of 2009 Bonds and thereafter from such Alternate Liquidity Facility as may be obtained by the Commission to provide for payment of the purchase price of the applicable Series of 2009 Bonds. Each Liquidity Facility becomes effective on September 18, 2014 and terminates on [March 15], 2019, unless extended or terminated sooner in accordance with its terms. See "THE LIQUIDITY FACILITIES" and "THE LIQUIDITY PROVIDER" herein. No Reserve Fund The 2009 Bonds are not secured by amounts on deposit in any debt service reserve fund. See "SECURITY AND SOURCES OF PAYMENT FOR THE 2009 BONDS — No Reserve Fund." No outstanding Bonds of the Commission are secured by a debt service reserve fund. Existing Bonds On November 30, 2010, the Commission issued its $37,630,000 Sales Tax Revenue Bonds (Limited Tax Bonds) 2010 Series A (Tax -Exempt) (the "2010 Series A Bonds") and $112,370,000 Sales Tax Revenue Bonds (Limited Tax Bonds) 2010 Series B (Taxable Build America Bonds) (the "2010 Series B Bonds" and, together with the 2010 Series A Bonds, the "2010 Bonds"). On July 3, 2013, the Commission issued its $462,200,000 Sales Tax Revenue Bonds (Limited Tax Bonds) 2013 Series A (the "2013 Bonds"). See "OTHER SALES TAX OBLIGATIONS." The 2010 Bonds and the 2013 Bonds are payable from and secured by Revenues (as defined below) on a parity with the 2009 Bonds. Existing Swaps The Commission has entered into interest rate swap agreements, with an effective date of October 1, 2009 and with a combined notional amount of $154,300,000 as of September _, 2014 (subject to amortization corresponding to the amortization of the 2009 Bonds). The swaps expire on June 1, 2029 and are designed, when combined with the interest obligation with respect to the 2009 Bonds, to approximate a synthetic fixed rate. Under the swaps, the Commission has 6616375.6±(616375.7 3 agreed to pay a fixed interest rate to the swap providers and the swap providers have agreed to pay the Commission a floating rate of interest based upon an index. The Commission's obligation to make regularly scheduled payments under the swaps constitutes a Parity Obligation under the Indenture. The Commission's obligation to pay any early termination amounts under the swaps is secured by a pledge of Sales Tax Revenues subordinate to the pledge in favor of the 2009 Bonds. See "OTHER SALES TAX OBLIGATIONS — Existing Swap Agreements" herein. Continuing Disclosure The Commission has voluntarily agreed to follow the requirements of Rule 15c2-12 (the "Rule"), promulgated by the U.S. Securities and Exchange Commission (the "SEC") pursuant to the Securities Exchange Act of 1934, as amended, and in such connection delivered a Continuing Disclosure Agreement (the "Continuing Disclosure Agreement"), in which the Commission undertakes, for the benefit of the beneficial owners of the 2009 Bonds, to provide certain information to the Municipal Securities Rulemaking Board (the "MSRB") as set forth therein. See "APPENDIX F — CONTINUING DISCLOSURE AGREEMENT." Remarketing Agents The Remarketing Agent for the 2009 Series A Bonds is Stifel, Nicolaus & Company, Incorporated (the "2009 Series A Remarketing Agent"). The Remarketing Agent for the 2009 Series B Bonds and the 2009 Series C Bonds is Barclays Capital Inc. (the "2009 Series B and Series C Remarketing Agent" and, together with the 2009 Series A Remarketing Agent, the "Remarketing Agents"). See "SPECIAL CONSIDERATIONS RELATING TO THE 2009 BONDS SUBJECT TO OPTIONAL TENDER AND REMARKETING" herein. References The descriptions and summaries of the Indenture and various other documents referenced herein do not purport to be comprehensive or definitive, and reference is made to each such document for the complete details of all terms and conditions. All statements herein are qualified in their entirety by reference to each such document, copies of which are available for inspection at the offices of the Commission. d 6616375.6'46616375.7 4 THE 2009 BONDS General The 2009 Bonds are dated October 1, 2009 and bear interest at a Weekly Rate during a Weekly Rate Period. This Remarketing Memorandum describes terms of the 2009 Bonds only during a Weekly Rate Period. There are significant differences in the terms of the 2009 Bonds bearing interest using other Interest Rate Determination Methods. This Remarketing Memorandum is not intended to provide information with respect to the 2009 Bonds bearing interest at a Rate other than a Weekly Rate. Interest on the 2009 Bonds during a Weekly Rate Period is payable on the first Business Day of each calendar month. "Business Day" means any day other than (1) a Saturday, Sunday, or a day on which banking institutions in the State, the State of New York or the jurisdiction in which the Corporate Trust Office of the Trustee is located are authorized or obligated by law or executive order to be closed, (2) for purposes of payments and other actions relating to Bonds secured by Credit Enhancement or supported by a Liquidity Facility, a day upon which commercial banks in the city in which is located the office of the issuing bank at which demands for payment under the Credit Enhancement or Liquidity Facility, as applicable, are to be presented are authorized or obligated by law or executive order to be closed, or (3) a day on which the New York Stock Exchange is closed. DTC is the initial securities depository for the 2009 Bonds. See "APPENDIX D — BOOK -ENTRY SYSTEM." Under the Indenture, the Commission may appoint a successor securities depository to DTC for the 2009 Bonds. The Holders of the 2009 Bonds have no right to certificated securities while the book -entry system is in effect for the 2009 Bonds. The information under this caption, "THE 2009 BONDS," is subject in its entirety to the provisions described in "APPENDIX D — BOOK -ENTRY SYSTEM" while the 2009 Bonds are in the book -entry only system. There are a number of provisions in the Indenture relating to the terms of 2009 Bonds purchased by the Liquidity Provider that are not described in this Remarketing Memorandum. All references to the terms of the 2009 Bonds in this Remarketing Memorandum describe only 2009 Bonds that are not owned by the Liquidity Provider unless expressly indicated herein. The 2009 Bonds are subject to optional and mandatory sinking fund redemption and to optional and mandatory tender for purchase as described herein. See "THE 2009 BONDS — Redemption" herein. Weekly Rate The Remarketing Agent for each Series of the 2009 Bonds sets a Weekly Rate for such 2009 Bonds,Serieby 5:00 p.m., New York City time, on each Wednesday (or the immediately succeeding Business Day, if such Wednesday is not a Business Day) for the next Calendar Week; provided, that, the Weekly Rate for the first Calendar Week (or portion thereof) following a Conversion Date resulting in a change in the Interest Rate Determination Method to a Weekly Rate shall be set by such Remarketing Agent on the Business Day immediately preceding such Conversion Date "Calendar Week" means the period of seven days from and including Thursday of any week to and including Wednesday of the next following week 6616375.6'46616375.7 5 Each Weekly Rate shall be the rate of interest that, if borne by such 2009 Bonds in the Weekly Rate Period, would, in the judgment of the Remarketing Agent, having due regard for the prevailing financial market conditions for Tax -Exempt Securities that are of the same general nature as such 2009 Bonds for which the Weekly Rate is to be determined, or Tax -Exempt Securities that are competitive as to credit and maturity (or period for tender) with the credit and maturity (or period for tender) of the 2009 Bonds for which the Weekly Rate is to be determined, be the lowest interest rate that would enable the Remarketing Agent to place all such 2009 Bonds at a price equal to 100% of the aggregate principal amount of such 2009 Bonds (plus accrued interest, if any) on the first day of such Weekly Rate Period. See "APPENDIX C — SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE — Additional Provisions Regarding Determination of Weekly Rates." Conversion of Interest Rate Right of Conversion. The Interest Rate Determination Method for any Series of 2009 Bonds is subject to Conversion from time to time by the Commission, with such right to be exercised by delivery of a Conversion Notice to the Notice Parties for the 2009 Bonds of such Series as follows: (1) at least two Business Days prior to the fifteenth day preceding the effective date of such proposed Conversion, in the event of a Conversion from the Weekly Rate to a Daily Rate or Commercial Paper Rate; and (2) at least three Business Days prior to the fifteenth day preceding the effective date of such proposed Conversion, in the event of a Conversion to a Long -Term Rate or a Fixed Rate. The date of the proposed Conversion must be a Business Day and a date on which such 2009 Bonds are subject to mandatory tender. The Conversion Notice must be accompanied by (i) an Opinion of Bond Counsel stating that the Conversion is authorized and permitted under the Indenture and will not, in and of itself, adversely affect the Tax -Exempt status of the interest on the 2009 Bonds to be converted, and (ii) a notice of any 2009 Liquidity Facility or any 2009 Credit Enhancement, if at the same time as such 2009 Bonds are being converted an Alternate Liquidity Facility or a new 2009 Credit Enhancement with respect to such 2009 Bonds will be provided. No Conversion to a new Interest Rate Determination Method may take effect under the Indenture unless each of the following conditions shall have been satisfied: (i) the Trustee shall have received a Favorable Opinion of Bond Counsel with respect to such Conversion; (ii) all 2009 Bonds to be converted are successfully purchased or deemed purchased (from remarketing proceeds or from funds provided by the 2009 Liquidity Provider) and remarketed in the new Interest Rate Determination Method on the Conversion Date; (iii) in the case of a Conversion to a Daily Rate or a Commercial Paper Rate, the 2009 Liquidity Facility for such 2009 Bonds must cover principal plus accrued interest, (computed at the Maximum Interest Rate then in effect on the basis of a 365 day year and actual days elapsed or a 360 day year of twelve 30 day months, as applicable) for the maximum number of days between Interest Payment Dates permitted under that Interest Rate Determination Method, plus such additional number of days, if any, as shall be required by each Rating Agency 6616375.6±(616375.7 6 then rating such 2009 Bonds; provided that if the number of days of interest coverage provided by the applicable 2009 Liquidity Facility is being changed from the number of days previously in place, the Trustee shall have also received a Rating Confirmation from each of the Rating Agencies then rating such 2009 Bonds; and (iv) such other conditions as are specified in the Indenture. On the Conversion Date, the Commission may, at its sole option, purchase 2009 Bonds not remarketed to other investors, but it will be under no obligation to do so. Conversion of the Interest Rate Determination Method requires that all 2009 Bonds to be converted must be tendered for purchase on the Conversion Date. See "APPENDIX C — SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE." Notice of Conversion to DTC and Beneficial Owners. Upon receipt of a Conversion Notice, as soon as possible, but in any event not less than 15 days prior to the proposed Conversion Date, the Trustee is to give notice of the proposed Conversion to DTC by first-class mail. Conveyance of notices and other communications by DTC to DTC Direct Participants, by DTC Direct Participants to DTC Indirect Participants, and by DTC Direct Participants and DTC Indirect Participants to Beneficial Owners of 2009 Bonds to be converted will be governed by arrangements among them, and the Commission and the Trustee will not have any responsibility or obligation to send a Conversion Notice to Beneficial Owners of 2009 Bonds. Failure of DTC or a Beneficial Owner of 2009 Bonds to receive the notice described in the preceding paragraph, or any defect therein, will not affect the validity of any Rate or any continuation of or change in the Interest Rate Determination Method for any of the 2009 Bonds or extend the period for tendering any of the 2009 Bonds for purchase, and the Trustee will not be liable to DTC or any Beneficial Owner of a 2009 Bond by reason of the failure of such Holder to receive such notice or any defect therein. Rescission of Notice of Conversion. Notwithstanding anything in the Indenture to the contrary, the Commission may rescind any previously given Conversion Notice by giving written notice thereof to the Notice Parties two or more Business Days prior to the proposed Conversion Date. If the Trustee receives notice of such rescission prior to the time the Trustee has given notice of the proposed Conversion to DTC, then the Conversion Notice previously delivered by the Commission shall be of no force and effect. If the Trustee receives notice from the Commission of such rescission after the Trustee has given notice of the proposed Conversion to DTC, then the 2009 Bonds subject to the proposed conversion shall continue to be subject to mandatory tender for purchase on the proposed Conversion Date (unless, prior to the proposed Conversion Date, such 2009 Bonds were in a Long -Term Rate Period for which there was no Liquidity Facility) and the Rate Period for such 2009 Bonds shall automatically adjust to, or continue as, a Weekly Rate Period on the proposed Conversion Date. No Opinion of Bond Counsel is required in connection with any automatic adjustment to a Weekly Rate Period. Failure to Convert. The Indenture includes provisions setting forth the procedures and conditions for the exercise by the Commission of its right of Conversion of the Interest Rate Determination Method for any Series of 2009 Bonds, including the conditions described above under "— Right of Conversion." Under certain circumstances, a planned Conversion may not be 6616375.6±(616375.7 7 completed. However, once a notice of Conversion is provided to DTC as described above, all 2009 Bonds subject to the proposed conversion must be tendered for purchase. The Indenture provides that a failed Conversion of the Interest Rate Determination Method for any Series of 2009 Bonds means that such 2009 Bonds will continue to bear interest at the Interest Rate Determination Method in effect prior to the proposed Conversion Date (as if no proceedings for Conversion had taken place) and the rate of interest thereon shall be determined on the proposed Conversion Date. If the failed conversion is due to insufficient funds, such 2009 Bonds will be returned to their respective Holders and will bear interest at the lesser of the SIFMA Swap Index plus three percent (3%) and the Maximum Interest Rate of 12% from the date of such failed purchase until all such 2009 Bonds are purchased as required in accordance with the Indenture. Such failed purchase and return does not constitute an Event of Default under the Indenture. Redemption Optional Redemption. The 2009 Bonds of a Seriesbearing interest at a Daily Rate or a Weekly Rate are subject to redemption prior to their stated maturity, at the option of the Commission, in whole or in part, in Authorized Denominations, on any Business Day, at a Redemption Price equal to the principal amount of 2009 Bonds called for redemption, plus accrued interest, if any, without premium. "Authorized Denominations" means $100,000 and any integral multiple of $5,000 in excess thereof. Mandatory Redemption of the 2009 Bonds from Mandatory Sinking Account Payments. The 2009 Bonds of each Series are subject to mandatory redemption from Mandatory Sinking Account Payments on each date a Mandatory Sinking Account Payment for such 2009 Bonds is due, and in the principal amount equal to the Mandatory Sinking Account Payment due on such date at a redemption price equal to the principal amount thereof, plus accrued but unpaid interest to the redemption date, without premium, as set forth below. 2009 Series A Bonds Redemption Date Mandatory Sinking Redemption Date Mandatory Sinking (June 1) Account Payment (June 1) Account Payment 2015 $3,400,000 2023 $4,900,000 2016 3,600,000 2024 5,100,000 2017 3,700,000 2025 5,300,000 2018 3,900,000 2026 5,500,000 2019 4,100,000 2027 5,800,000 2020 4,300,000 2028 6,000,000 2021 4,400,000 20291- 6,300,000 2022 4,600,000 t Final Maturity. d 6616375.61€616375.7 8 2009 Series B Bonds Redemption Date Mandatory Sinking Redemption Date Mandatory Sinking (June 1) Account Payment (June 1) Account Payment 2015 $2,600,000 2023 $3,705,000 2016 2,730,000 2024 3,900,000 2017 2,860,000 2025 4,030,000 2018 2,990,000 2026 4,225,000 2019 3,120,000 2027 4,420,000 2020 3,250,000 2028 4,615,000 2021 3,380,000 20291- 4,810,000 2022 3,575,000 t Final Maturity. 2009 Series C Bonds Redemption Date Mandatory Sinking Redemption Date Mandatory Sinking (June 1) Account Payment (June 1) Account Payment 2015 $1,400,000 2023 $1,995,000 2016 1,470,000 2024 2,100,000 2017 1,540,000 2025 2,170,000 2018 1,610,000 2026 2,275,000 2019 1,680,000 2027 2,380,000 2020 1,750,000 2028 2,485,000 2021 1,820,000 20291- 2,590,000 2022 1,925,000 t Final Maturity. Purchase In Lieu of Redemption The Commission reserves the right at all times to purchase any of its 2009 Bonds on the open market. In lieu of mandatory redemption, the Commission may surrender to the Trustee for cancellation 2009 Bonds purchased on the open market, and such 2009 Bonds shall be cancelled by the Trustee. If any 2009 Bonds are so cancelled, the Commission may designate the Mandatory Sinking Account Payments or portions thereof within such 2009 Bonds so purchased that are to be reduced as a result of such cancellation. General Redemption Provisions Selection of 2009 Bonds for Redemption. The Commission will designate which Series of 2009 Bonds and which maturities of such Series are to be redeemed; provided, that 2009 Bonds of such Series registered in the name of the 2009 Liquidity Provider must be redeemed prior to redeeming any other 2009 Bonds of such Series. If less than all 2009 Bonds of a Series 6616375.6±(616375.7 9 maturing on any one date are to be redeemed at any one time, DTC's practice is to determine by lot the amount of the interest of each DTC Direct Participant in the Series to be redeemed. For purposes of such selection, the 2009 Bonds of such Series shall be deemed to be composed of multiples of minimum Authorized Denominations and any such multiple may be separately redeemed. The Commission may designate the Mandatory Sinking Account Payments, or portions thereof, that are to be reduced as a result of such redemption. Notice of Redemption. Each notice of redemption is to be mailed by the Trustee not less than 10 nor more than 90 days prior to the redemption date, to DTC, the Remarketing Agents and other parties specified in the Indenture. Conveyance of notices and other communications by DTC to DTC Direct Participants, by DTC Direct Participants to DTC Indirect Participants, and by DTC Direct Participants and DTC Indirect Participants to Beneficial Owners of 2009 Bonds will be governed by arrangements among them, and the Commission and the Trustee will not have any responsibility or obligation to send a notice of redemption except to DTC. Failure of DTC to receive any notice of redemption or any defect therein will not affect the sufficiency of any proceedings for redemption. Rescission. The Commission may, at its option, prior to the date fixed for redemption in any notice of redemption rescind and cancel such notice of redemption by written notice of the Commission to the Trustee and the Trustee shall mail notice of such cancellation to the recipients of the notice of redemption being cancelled. Effect of Redemption. Notice of redemption having been duly given as aforesaid, and moneys for payment of the redemption price of, together with interest accrued to the redemption date on, the 2009 Bonds (or portions thereof) so called for redemption being held by the Trustee, on the redemption date designated in such notice, the 2009 Bonds (or portions thereof) so called for redemption shall become due and payable at the redemption price specified in such notice, together with interest accrued thereon to the date fixed for redemption, interest on the 2009 Bonds so called for redemption shall cease to accrue, such 2009 Bonds (or portions thereof) shall cease to be entitled to any benefit or security under the Indenture, and the Holders of such 2009 Bonds shall have no rights in respect thereof except to receive payment of said redemption price and accrued interest to the date fixed for redemption. Partial Redemption of Bonds. Upon surrender of any Bond to be redeemed in part only, the Commission shall execute, and the Trustee shall authenticate and deliver to the Holder of such 2009 Bond, at the expense of the Commission, a new Bond or Bonds of Minimum Authorized Denominations equal in aggregate principal amount to the unredeemed portion of the Bond surrendered, at the same maturity and terms as the surrendered Bond. Tender Provisions Optional Tender of 2009 Bonds for Purchase. Except as otherwise provided in the Indenture, during any Weekly Rate Period, any 2009 Bond or (provided that the amount so purchased and the amount not so purchased must each be an Authorized Denomination) a portion thereof, may be tendered for purchase on any Business Day at the applicable Purchase Price, payable in accordance with the Indenture in immediately available funds, upon (A) delivery by the Holder or Beneficial Owner of such 2009 Bond to the Remarketing Agents and to the Trustee 6616375.6'46616375.7 10 at its Principal Office of an irrevocable written notice or notice by Electronic Means by 5:00 p.m. (New York City time) on any Business Day at least seven (7) days prior to the Purchase Date, which states the principal amount of such 2009 Bond to be tendered for purchase and the Purchase Date, and (B) delivery of such 2009 Bond to the Trustee on the Purchase Date in accordance with the Indenture. Mandatory Tender of 2009 Bonds for Purchase. The 2009 Bonds shall be subject to mandatory tender for purchase at the applicable Purchase Price, at the following times and upon the occurrence of any of the events stated below: (1) with respect to any Series of 2009 Bonds, on the Conversion Date for such 2009 Bonds to a new Interest Rate Determination Method specified in a Conversion Notice (whether or not the proposed Conversion becomes effective on such date, unless converting from a Long -Term Rate Period for which there is no Liquidity Facility and the proposed Conversion does not occur, in which case the mandatory tender will be cancelled); (2) (A) on the fifth (5th) Business Day preceding (i) the scheduled Expiration of a 2009 Liquidity Facility or (ii) the Termination of a 2009 Liquidity Facility, at the election of the Commission as permitted by such 2009 Liquidity Facility; and (B) on the date of the provision of an Alternate Liquidity Facility for such 2009 Bonds pursuant to the Indenture and the resultant Termination of the existing 2009 Liquidity Facility; provided, however, that, notwithstanding any other provision of the Indenture to the contrary, no mandatory tender for purchase shall be required pursuant to this subsection if a Rating Confirmation shall be delivered by each Rating Agency then rating the 2009 Bonds on the date of the provision of the Alternate Liquidity Facility pursuant to the Indenture and the resultant Termination of the existing 2009 Liquidity Facility; and (3) with respect to each 2009 Bond bearing interest at a Weekly Rate or a Daily Rate upon receipt by the Trustee of written notice from the 2009 Liquidity Provider for such 2009 Bonds that an event of default or an event of termination (other than an immediate termination or suspension) has occurred under the related 2009 Liquidity Facility with the effect that the obligations of such 2009 Liquidity Provider to purchase such 2009 Bonds or otherwise provide for the Purchase Price of such 2009 Bonds under such 2009 Liquidity Facility shall terminate on the date specified in such notice, in which event such 2009 Bonds shall be subject to purchase on a Business Day selected by the Trustee which date shall be not more than five (5) Business Days after receipt of such notice, but in no event later than the Business Day preceding the termination date specified in the notice received from such 2009 Liquidity Provider. Notice of mandatory tender for purchase on the Conversion Date shall be given by the Trustee to the Holders as provided in the Indenture. The 2009 Bonds will be registered in the name of Cede & Co., as Holder of the 2009 Bonds and nominee for DTC. The Trustee shall give notice by first class mail to the Holders of affected 2009 Bonds of each Termination of a 2009 Liquidity Facility and each Expiration of a 2009 Liquidity Facility making 2009 Bonds subject to mandatory tender as provided above, which notice shall (i) state the date of such Termination, substitution or Expiration; (ii) state that unless a Rating Confirmation is received with respect to the substitution (in which event no mandatory tender for purchase shall occur), such 2009 Bonds shall be subject to mandatory tender for purchase on the specified Purchase Date at the applicable 6616375.6±(616375.7 11 Purchase Price (which shall be specified in such notice); and (iii) be mailed by the Trustee not later than the fifteenth (15th) day prior to such Termination, substitution or expiration. The Trustee shall give notice by first class mail within two (2) Business Days of receipt of a notice from a 2009 Liquidity Provider, to the Holders of the affected 2009 Bonds at their addresses shown on the bond registration books maintained by the Trustee which notice shall: (1) state such 2009 Bonds are subject to mandatory tender for purchase at the applicable Purchase Price (which shall be specified in such notice); and (2) state the Purchase Date. With respect to any 2009 Bond that is registered in book -entry form with a Securities Depository, delivery of such 2009 Bond to the Trustee in connection with any optional or mandatory tender for purchase pursuant to the Indenture shall be effected by the making of, or the irrevocable authorization to make, appropriate entries on the books of the Securities Depository for such 2009 Bond or any Participant of such Securities Depository to reflect the transfer of the beneficial ownership interest in such 2009 Bond to the account of the Trustee, or to the account of a Participant of such Securities Depository acting on behalf of the Trustee. With respect to any 2009 Bond that is not registered in book -entry form with a Securities Depository, delivery of such 2009 Bond to the Trustee in connection with any optional or mandatory tender for purchase shall be effected by physical delivery of such 2009 Bond to the Trustee at its Principal Office, by 1:00 p.m. (New York City time) on the Purchase Date, accompanied by an instrument of transfer thereof, in a form satisfactory to the Trustee, executed in blank by the Holder thereof with the signature of such Holder guaranteed in accordance with the guidelines set forth by one of the nationally recognized medallion signature programs. If moneys sufficient to pay the Purchase Price of 2009 Bonds to be purchased pursuant to the Indenture shall be held by the Trustee on the applicable Purchase Date, such 2009 Bonds shall be deemed to have been purchased for all purposes of the Indenture, irrespective of whether or not such 2009 Bonds shall have been delivered to the Trustee or transferred on the books of a Securities Depository for such 2009 Bonds, and neither the former Holder or Beneficial Owner of such 2009 Bonds nor any other person shall have any claim thereon, under the Indenture or otherwise, for any amount other than the Purchase Price thereof. In the event of non -delivery of any 2009 Bond to be purchased pursuant to the Indenture, the Trustee shall segregate and hold uninvested the moneys for the Purchase Price of such 2009 Bond in trust, without liability for interest thereon, for the benefit of the former Holders or Beneficial Owners of such 2009 Bond, who shall, except as provided in the following sentence, thereafter be restricted exclusively to such moneys for the satisfaction of any claim for the Purchase Price of such 2009 Bond. Any moneys that the Trustee shall segregate and hold in trust for the payment of the Purchase Price of any 2009 Bond and remaining unclaimed for two (2) years after the date of purchase shall, subject to satisfaction of all amounts then due and payable to the Liquidity Provider (other than 2009 Liquidity Facility Bonds), be paid automatically to the Commission. After the payment of such unclaimed moneys to the Commission, the former Holder or Beneficial Owner of such 2009 Bond shall look only to the Commission for the payment thereof. Mandatory Tender for Purchase of 2009 Bonds at the Direction of the Commission. The 2009 Bonds, or any of them, shall be subject to mandatory tender for purchase by the d 6616375.61€616375.7 12 Commission, in whole or in part (such that the portion that is subject to mandatory tender for purchase and the portion not subject to such mandatory tender shall each be in an Authorized Denomination), at the applicable Optional Purchase Price on each Optional Purchase Date. "Optional Purchase Price" means, with respect to the 2009 Bonds to be purchased pursuant to the Indenture on any Optional Purchase Date, the principal amount thereof, plus accrued interest to such Optional Purchase Date, plus an amount equal to the premium, if any, that would be payable upon the redemption, at the option of the Commission exercised on such Optional Purchase Date, of such 2009 Bonds. "Optional Purchase Date" means each date on which the 2009 Bonds would be subject to optional redemption and therefore are subject to purchase at the option of the Commission pursuant to the Indenture. If the Commission determines to purchase any 2009 Bonds on any Optional Purchase Date, the Commission shall provide the Trustee with written notice of such determination at least fifteen (15) days prior to the Optional Purchase Date, which notice shall specify the Series of 2009 Bonds and the principal amount of such 2009 Bonds of each maturity that are to be purchased and the Optional Purchase Date on which such purchase is to occur. When the Trustee shall receive notice from the Commission of its determination to purchase 2009 Bonds, the Trustee shall give notice, in the name of the Commission, of the mandatory tender for purchase of such 2009 Bonds, which notice shall be mailed, by first class mail, postage prepaid, not more than ninety (90) nor less than ten (10) days before the Optional Purchase Date to the Holders of any 2009 Bonds or portions of 2009 Bonds to be purchased at their addresses appearing in the bond registration books maintained by the Trustee, with a copy to the Notice Parties. Such notice shall specify the Series of 2009 Bonds and the maturities of such 2009 Bonds to be purchased, the Optional Purchase Date, the Optional Purchase Price and the place or places where the Optional Purchase Price due upon such tender for purchase shall be payable and, if less than all of the 2009 Bonds of such Series and of like maturity are to be purchased, the letters and numbers or other distinguishing marks of such 2009 Bonds so to be purchased, and, in the case of 2009 Bonds to be purchased in part only, such notice shall also specify the respective portions of the principal amount thereof to be purchased. Such notice shall further state that on such Optional Purchase Date there shall become due and payable upon each 2009 Bond to be purchased, the Optional Purchase Price thereof, or the Optional Purchase Price of the specified portions of the principal amount thereof to be purchased in the case of 2009 Bonds to be purchased in part only, and that from and after such Optional Purchase Date interest on such 2009 Bond for the benefit of the current Holder of such 2009 Bond or the portion of such 2009 Bond to be purchased shall cease to accrue and be payable. Receipt of such notice of mandatory tender for purchase shall not be a condition precedent to the mandatory tender for purchase of the 2009 Bonds and failure of any Holder of a 2009 Bond to receive any such notice or any defect in such notice shall not affect the validity of the proceedings for the mandatory tender for purchase of the 2009 Bonds. If at the time the Trustee sends any notice of mandatory tender for purchase of the 2009 Bonds, the Commission has not deposited with the Trustee an amount sufficient to pay the full Optional Purchase Price of the 2009 Bonds, or the portions thereof, to be purchased, such notice shall state that such mandatory tender for purchase is conditional upon the receipt by the Trustee on or prior to the Optional Purchase Date fixed for such purchase of moneys sufficient to pay the 6616375.6±(616375.7 13 Optional Purchase Price of such 2009 Bonds, or the portions thereof to be purchased, and that if such moneys shall not have been so received said notice shall be of no force and effect and the Commission shall not be required to purchase such 2009 Bonds. In the event that such notice of mandatory tender for purchase contains such a condition and such moneys are not so received, no purchase of the 2009 Bonds identified in the notice of mandatory tender for purchase shall be made and the Trustee shall, within a reasonable time thereafter, give notice, to the Remarketing Agent and to the persons and in the manner in which the notice of tender was given, that such moneys were not so received and that there will be no purchase of 2009 Bonds pursuant to the notice of mandatory tender for purchase. Tenders of 2009 Bonds and Deliveries of Converted 2009 Bonds Are Subject to DTC Procedures. As long as the book -entry only system is in effect with respect to the 2009 Bonds, all tenders for purchase and deliveries upon Conversion of 2009 Bonds tendered for purchase or subject to mandatory tender under the provisions of the Indenture shall be made pursuant to DTC's procedures as in effect from time to time, and neither the Commission, the Trustee, nor any Remarketing Agent shall have any responsibility for or liability with respect to the implementation of these procedures. SPECIAL CONSIDERATIONS RELATING TO THE 2009 BONDS SUBJECT TO OPTIONAL TENDER AND REMARKETING The information under this caption "SPECIAL CONSIDERATIONS RELATING TO THE 2009 BONDS SUBJECT TO OPTIONAL TENDER AND REMARKETING" has been provided by the Remarketing Agents for inclusion in this Remarketing Memorandum and the Commission makes no representation regarding its completeness or accuracy. The Remarketing Agents are Paid by the Commission The Remarketing Agents' responsibilities include determining the interest rate from time to time and remarketing 2009 Bonds that are optionally or mandatorily tendered by the Owners thereof (subject, in each case, to the terms of the applicable Remarketing Agreement), as further described in this Remarketing Memorandum. The Remarketing Agents are appointed by the Commission and are paid by the Commission for their services. As a result, the interests of the Remarketing Agents may differ from those of existing Holders and potential purchasers of such 2009 Bonds. The Remarketing Agents Routinely Purchase 2009 Bonds for their Own Account The Remarketing Agents act as remarketing agent for a variety of variable rate demand obligations and, in their sole discretion, routinely purchase such obligations for their own account. The Remarketing Agents are permitted, but not obligated, to purchase tendered 2009 Bonds for their own account and, in their sole discretion, routinely acquire such tendered 2009 Bonds to achieve a successful remarketing of the 2009 Bonds (i.e., because there otherwise are not enough buyers to purchase the 2009 Bonds) or for other reasons. However, the Remarketing Agents are not obligated to purchase 2009 Bonds, and may cease doing so at any time without notice. The Remarketing Agents may also make a market in the 2009 Bonds by routinely purchasing and selling 2009 Bonds other than in connection with an optional or mandatory 6616375.6'46616375.7 14 tender and remarketing. Such purchases and sales may be at or below par. However, the Remarketing Agents are not required to make a market in the 2009 Bonds. The Remarketing Agents may also sell any 2009 Bonds they have purchased to one or more affiliated investment vehicles for collective ownership or enter into derivative arrangements with affiliates or others in order to reduce its exposure to the 2009 Bonds. The purchase of 2009 Bonds by the Remarketing Agents may create the appearance that there is greater third party demand for the 2009 Bonds in the market than is actually the case. The practices described above also may result in fewer 2009 Bonds being tendered in a remarketing. 2009 Bonds May Be Offered at Different Prices on Any Date Including a Rate Determination Date Pursuant to the Remarketing Agreements, each Remarketing Agent is required to determine the applicable rate of interest that, in its judgment, is the lowest rate that would permit the sale of the applicable 2009 Bonds bearing interest at the applicable interest rate at par plus accrued interest, if any, on and as of the applicable date. The interest rate will reflect, among other factors, the level of market demand for the applicable 2009 Bonds (including whether such Remarketing Agent is willing to purchase such 2009 Bonds for its own account). There may or may not be 2009 Bonds tendered and remarketed on any given date, such Remarketing Agent may or may not be able to remarket any 2009 Bonds tendered for purchase on such date at par and such Remarketing Agent may sell 2009 Bonds at varying prices to different investors on such date or any other date. The Remarketing Agents are not obligated to advise purchasers in a remarketing if they do not have third parry buyers for all of the applicable 2009 Bonds at the remarketing price. If a Remarketing Agent owns any 2009 Bonds for its own account, it may, in its sole discretion in a secondary market transaction outside the tender process, offer such 2009 Bonds on any date at a discount to par to some investors. The Ability to Sell the 2009 Bonds Other Than through Tender Process May Be Limited The Remarketing Agents may buy and sell 2009 Bonds other than through the tender process. However, they are not obligated to do so and may cease doing so at any time without notice and may require holders that wish to tender their 2009 Bonds to do so through the tender agenr with appropriate notice. Thus, investors who purchase the 2009 Bonds, whether in a remarketing or otherwise, should not assume that they will be able to sell their 2009 Bonds other than by tendering the 2009 Bonds in accordance with the tender process. No Remarketing Agent Successor in Certain Circumstances Under certain circumstances a Remarketing Agent may be removed or have the ability to resign or cease its remarketing efforts, without a successor having been named, subject to the terms of the applicable Remarketing Agreement and the Indenture. d 6616375.61€616375.7 15 DEBT SERVICE SCHEDULE 2009 Bonds 2010 Series A Bonds 2010 Series B Bonds Fiscal Year Ending June 30 Principal Interest(l) Principal Interest Principal Interest 2015 $ 7,400,000 $ 5,340,638 $ 1,881,500 $ 7,649,026 2016 7,800,000 5,098,368 1,881,500 7,649,026 2017 8,100,000 4,814,474 1,881,500 7,649,026 2018 8,500,000 4,533,938 1,881,500 7,649,026 2019 8,900,000 4,239,632 1,881,500 7,649,026 2020 9,300,000 3,942,330 1,881,500 7,649,026 2021 9,600,000 3,609,719 1,881,500 7,649,026 2022 10,100,000 3,277,300 1,881,500 7,649,026 2023 10,600,000 2,927,432 1,881,500 7,649,026 2024 11,100,000 2,567,605 1,881,500 7,649,026 2025 11,500,000 2,176,304 1,881,500 7,649,026 2026 12,000,000 1,778,240 1,881,500 7,649,026 2027 12,600,000 1,362,718 1,881,500 7,649,026 2028 13,100,000 929,092 1,881,500 7,649,026 2029 13,700,000 472,925 1,881,500 7,649,026 2030 - $12,105,000 1,881,500 7,649,026 2031 - 12,710,000 1,276,250 7,649,026 2032 - 12,815,000 640,750 $ 530,000 7,649,026 2033 - - 14,010,000 7,612,949 2034 - - 14,630,000 6,659,288 2035 - - 15,275,000 5,663,424 2036 - - 15,955,000 4,623,655 2037 - - 16,660,000 3,537,598 2038 - - 17,330,000 2,403,552 2039 17,980,000 1,223,899 Total $154,300,000 $47,070,715 $37,630,000 $32,021,000 $112,370,000 $169,406,830 Interest on the 2009 Bonds is calculated assuming the interest rates are equal to the fixed rates on the Existing Sw provider fees and expenses. See "OTHER SALES TAX OBLIGATIONS — Existing Swap Agreements." Under the Indenture, Subsidy Payments expected to be received from the United States Treasury Department are reflect a decrease of 7.2% from the original amounts due to automatic spending cuts under the Budget Control Act Payments." 1 16 Subsidy Payments(z) $ (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,767,401) (2,755,683) (2,445,934) (2,122,477) (1,784,760) (1,432,009) (1,003,723) (511,100) $(61,868,895) 2013 Bonds Principal Interest $22,960,000 $ 12,020,556 12,090,000 22,893,113 12,690,000 22,288,613 13,325,000 21,654,113 13,995,000 20,987,863 14,695,000 20,288,113 15,425,000 19,553,363 16,23 5,000 18,743, 550 17,090,000 17, 891,213 17,985,000 16,993,988 18,930,000 16,049,775 19,925,000 15,055,950 20,970,000 14,009, 888 22,070,000 12,908,963 23,230,000 11,750,288 24,450,000 10,530,713 25,735,000 9,247,088 27,075,000 7,896,000 28,505,000 6,474,563 30,005,000 4,978,050 31,580,000 3,402,788 33,235,000 1,744.838 Annual Net Debt Service $ 19,503,764 19,661,494 19,677,599 54,777,619 54,885,870 54,984,068 54,951,957 55,123,287 55,273,670 55,409,093 55,417,979 55,522,578 55,704,831 55,771,993 55,917,000 53,848,013 53,846,838 53,847,663 53,847,979 53,825,442 53,786,947 53,773,457 53,748,639 53,712,616 53,672,636 $462,200,000 $307,363,381 $1,260,493,031 aps, without including any remarketing agent or liquidity treated as an offset to Debt Service. The amounts shown of 2011. See "RISK FACTORS — Reduction in Subsidy SECURITY AND SOURCES OF PAYMENT FOR THE 2009 BONDS Limited Obligation THE 2009 BONDS ARE LIMITED TAX OBLIGATIONS OF THE COMMISSION PAYABLE SOLELY FROM REVENUES AS DEFINED AND PROVIDED IN THE INDENTURE AND CERTAIN OTHER FUNDS PLEDGED UNDER THE INDENTURE. THE COMMISSION IS NOT OBLIGATED TO PAY THE 2009 BONDS EXCEPT FROM REVENUES AND THOSE CERTAIN OTHER FUNDS PLEDGED UNDER THE INDENTURE. THE 2009 BONDS DO NOT CONSTITUTE A DEBT OR LIABILITY OF THE STATE OR ANY POLITICAL SUBDIVISION OF THE STATE OTHER THAN THE COMMISSION, OR A PLEDGE OF THE FULL FAITH AND CREDIT OF THE STATE OR OF ANY POLITICAL SUBDIVISION OF THE STATE. THE GENERAL FUND OF THE COMMISSION IS NOT LIABLE, AND THE CREDIT OR TAXING POWER (OTHER THAN AS DESCRIBED IN THE INDENTURE) OF THE COMMISSION IS NOT PLEDGED, FOR THE PAYMENT OF THE 2009 BONDS, THEIR INTEREST, OR ANY PREMIUM DUE UPON REDEMPTION OF THE 2009 BONDS. THE 2009 BONDS ARE NOT SECURED BY A LEGAL OR EQUITABLE PLEDGE OF, OR CHARGE, LIEN OR ENCUMBRANCE UPON, ANY OF THE PROPERTY OF THE COMMISSION OR ANY OF ITS INCOME OR RECEIPTS, EXCEPT THE REVENUES AND THE CERTAIN OTHER FUNDS PLEDGED UNDER THE INDENTURE. Pledge of Revenues All Revenues, consisting of Sales Tax Revenues and Swap Revenues are irrevocably pledged by the Commission to secure the punctual payment of the principal of, premium, if any, and interest on the 2009 Bonds and any additional Series of Bonds issued under the Indenture and all amounts owing on any Parity Obligations in accordance with their terms. The Revenues shall not be used for any other purpose while any of the Bonds or Parity Obligations remain Outstanding, except as permitted by the provisions of the Indenture permitting the application thereof for the purposes and on the terms and conditions set forth therein. Additionally, all amounts (including proceeds of the Bonds) held by the Trustee under the Indenture (except for amounts held in the Rebate Fund, any Letter of Credit Account and any Bond Purchase Fund) are pledged to secure the payment of all amounts owing on the Bonds and Parity Obligations, subject only to the provisions of the Indenture permitting the application thereof for the purposes and on the terms and conditions set forth therein. Pursuant to the Indenture, the pledge of Revenues constitutes a first lien to secure the Bonds and Parity Obligations. The pledge of Revenues shall be irrevocable until all Bonds issued under the Indenture, including the 2009 Bonds, and all Parity Obligations are no longer Outstanding. The Revenues pledged to the payment of the Bonds and Parity Obligations shall be applied without priority or distinction of one over the other and the Sales Tax Revenues shall constitute a trust fund for the security and payment of the Bonds and Parity Obligations; but nevertheless out of Revenues certain amounts may be applied for other purposes as provided in the Indenture. d 6616375.61€616375.7 17 For a detailed description of the Sales Tax and projected receipts of Sales Tax Revenues, see "THE SALES TAX" herein. For a discussion of Swap Revenues, see "OTHER SALES TAX OBLIGATIONS — Existing Swap Agreements" herein. Revenue Fund; Allocation of Revenues As long as any Bonds are Outstanding or any Parity Obligations remain unpaid, the Commission has assigned the Sales Tax Revenues to the Trustee and shall cause the Board of Equalization to transmit the same directly to the Trustee. The Sales Tax Revenues shall be received and held in trust by the Trustee for the benefit of the Holders of the Bonds and any Parity Obligations. The Trustee shall forthwith deposit all Sales Tax Revenues in the Revenue Fund, maintained and held in trust by the Trustee, when and as such Sales Tax Revenues are received by the Trustee. See "APPENDIX C — SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE — Allocation of Sales Tax Revenues." Investment income on amounts held by the Trustee (other than amounts held in the Rebate Fund or for which particular instructions are provided) shall also be deposited in the Revenue Fund. In each month while Bonds remain Outstanding, the Trustee is required to set aside receipts of Sales Tax Revenues in the following respective funds, amounts and order of priority (provided that deficiencies in any previously required deposit shall be made up prior to the deposit to a fund subsequent in priority and further provided that set asides or transfers required with respect to Parity Obligations, including certain regularly scheduled payments pursuant to Interest Rate Swap Agreements that are payable on a parity with the 2009 Bonds, shall be made on a parity basis, as provided in the Indenture): 1. Interest Fund. The Indenture requires the Trustee to make monthly deposits in the Interest Fund in an amount equal to (a) one -sixth of the aggregate half -yearly amount of interest becoming due and payable on Outstanding Current Interest Bonds (other than Bonds constituting Variable Rate Indebtedness) during the ensuing six-month period, plus (b) the aggregate amount of interest to accrue during that month on Outstanding Variable Rate Indebtedness, calculated, if the actual rate of interest is not known, at the interest rate specified in writing by the Commission, or if the Commission has not specified an interest rate in writing, calculated at the maximum interest rate borne by such Variable Rate Indebtedness during the month prior to the month of deposit plus one hundred (100) basis points (provided, however, that the amount of such deposit into the Interest Fund for any month may be reduced by the amount by which the deposit in the prior month exceeded the actual amount of interest accrued and paid during that month on said Outstanding Variable Rate Indebtedness and provided further that the amount of such deposit into the Interest Fund for any month will be increased by the amount by which the deposit in the prior month was less than the actual amount of interest accruing during that month on said Outstanding Variable Rate Indebtedness). No deposit need be made into the Interest Fund if the amount contained therein is at least equal to the interest to become due and payable on the Interest Payment Dates falling within the next six (6) months upon all of the Outstanding Bonds issued under the Indenture, and on June 1 and December 1 of each year any excess amounts in the Interest Fund not needed to pay interest on such date (and not held to pay interest on Bonds having Interest Payment Dates other than June 1 and December 1) will be transferred to d 6616375.61€616375.7 18 the Commission (but excluding, in each case, any moneys on deposit in the Interest Fund from the proceeds of any Series of Bonds or other source and reserved as capitalized interest to pay interest on any future Interest Payment Dates following such Interest Payment Dates). All Swap Revenues received with respect to Interest Rate Swap Agreements that are Parity Obligations shall be deposited in the Interest Fund and credited to the above -required deposits, and that payments on such Interest Rate Swap Agreements (other than fees and expenses and termination payments) shall be payable from the Interest Fund and the above -required deposits shall be adjusted to include such payments. The Third Supplemental Indenture provides that immediately upon receipt of any Subsidy Payment with respect to the 2010 Series B Bonds, the Trustee shall deposit such amounts into the Interest Fund. In addition, the Fifth Supplemental Indenture provides that amounts on deposit in the 2013 Capitalized Interest Fund shall be transferred to the Interest Fund, on or before the Interest Payment Dates and in the amounts specified therein, to be used solely for paying interest on the 2013 Bonds through December 1, 2017. 2. Principal Fund; Sinking Accounts. The Indenture also requires the Trustee to make monthly deposits in the Principal Fund in an amount equal to at least (a) one -sixth of the aggregate semiannual amount of principal and accreted value, if applicable, becoming due and payable within the next six months on Outstanding Bonds having semiannual maturity dates, plus (b) one -twelfth of the aggregate yearly amount of principal, accreted value, if applicable, becoming due and payable within the next twelve months on Outstanding Bonds having annual maturity dates, plus (c) one -sixth of the aggregate of the Mandatory Sinking Account Payments to be paid during the next six-month period into the respective Sinking Accounts for the Term Bonds of all Series for which Sinking Accounts have been created and for which semiannual mandatory redemption is required from said Sinking Accounts, plus (d) one -twelfth of the aggregate of the Mandatory Sinking Account Payments to be paid during the next 12-month period into the respective Sinking Accounts for the Term Bonds of all Series for which Sinking Accounts have been created and for which annual mandatory redemption is required from such Sinking Accounts; provided that if the Commission certifies to the Trustee that any principal payments are expected to be refunded on or prior to their respective due dates or paid from amounts on deposit in a Bond Reserve Fund that would be in excess of the Bond Reserve Requirement applicable to such Bond Reserve Fund upon such payment, no amounts are required to be set aside toward such principal to be so refunded or paid. All of the aforesaid deposits made in connection with future Mandatory Sinking Account Payments are to be made without priority of any payment into any one such Sinking Account over any other such payment. If the Sales Tax Revenues are not sufficient to make the required deposits so that moneys in the Principal Fund on any principal or mandatory redemption date are equal to the amount of Bond Obligation to become due and payable on the Outstanding Serial Bonds of all Series plus the Bond Obligation amount of and redemption premium on the Outstanding Term Bonds required to be redeemed or paid at maturity on such date, then such moneys will be applied on a Proportionate Basis and in such proportion as said Serial Bonds and said Term Bonds shall bear to each other, after first deducting for such purposes from said Term Bonds any of said Term Bonds required to be redeemed d 6616375.61€616375.7 19 annually which will have been redeemed or purchased during the preceding 12-month period and any of said Term Bonds required to be redeemed semiannually which will have been redeemed or purchased during the six-month period ending on such date or the immediately preceding six month period. In the event that the Sales Tax Revenues will not be sufficient to pay in full all Mandatory Sinking Account Payments required to be paid at any one time into all such Sinking Accounts, then payments into all such Sinking Accounts are to be made on a Proportionate Basis, in proportion that the respective Mandatory Sinking Account Payments required to be made into each Sinking Account during the then current 12-month period bear to the aggregate of all of the Mandatory Sinking Account Payments required to be made into all such Sinking Accounts during such 12-month period. No deposit must be made into the Principal Fund as long as such fund holds (i) moneys sufficient to pay the Bond Obligations of all then Outstanding Serial Bonds maturing by their terms within the next twelve (12) months plus (ii) the aggregate of all Mandatory Sinking Account Payments required to be made in such 12-month period, but less any amounts deposited into the Principal Fund during such 12-month period and theretofore paid from the Principal Fund to redeem or purchase Term Bonds during such 12-month period; provided that if the Commission certifies to the Trustee that any principal payments are expected to be refunded on or prior to their respective due dates or paid from amounts on deposit in a Bond Reserve Fund that would be in excess of the Bond Reserve Requirement applicable to such Bond Reserve Fund upon such payment, no amounts need be on deposit with respect to such principal payments. At the beginning of each Fiscal Year and in any event not later than June 1 of each year, the Trustee is required to request from the Commission a Certificate of the Commission setting forth the principal payments for which deposits will not be necessary pursuant to the preceding sentence and the reason therefor. On June 1 of each year or as soon as practicable thereafter any excess amounts in the Principal Fund not needed to pay principal on such date (and not held to pay principal on Bonds having principal payment dates other than June 1) are required to be transferred to the Commission. 3. Bond Reserve Fund. The Indenture also requires the Trustee to make deposits to the Bond Reserve Fund, to the extent required. See "— No Reserve Fund" below. 4. Subordinate Obligations Fund. As long as any Subordinate Obligations remain unpaid, any Revenues remaining in the Revenue Fund after the transfers described in (1), (2) and (3) above have been made shall be transferred to the Notes Trustee. After the Notes Trustee has made the required deposit of Revenues under the Subordinate Indenture, the Notes Trustee shall transfer any remaining Revenues back to the Trustee. 5. Fees and Expenses Fund. At the direction of the Commission, after the transfers described in (1), (2), (3) and (4) above have been made, the Trustee is required to deposit as soon as practicable in each month in the Fees and Expenses Fund (i) amounts necessary for payment of fees, expenses and similar charges (including fees, expenses and similar charges relating to any Liquidity Facility or Credit Enhancement for the Bonds or any Parity Obligations) owing in such month or the following month by the d 6616375.61€616375.7 20 Commission in connection with the Bonds or any Parity Obligations and (ii) amounts necessary for payment of fees, expenses and similar charges owing in such month or the following month by the Commission in connection with Subordinate Obligations. The Commission shall inform the Trustee of such amounts, in writing, on or prior to the first Business Day of each month. Any Revenues remaining in the Revenue Fund after the foregoing transfers described in (1), (2), (3), (4) and (5) above, except as the Commission shall otherwise direct in writing or as is otherwise provided in a supplemental indenture, shall be transferred to the Commission on the same Business Day or as soon as practicable thereafter. The Commission may use and apply the Revenues when received by it for any lawful purpose of the Commission, including the redemption of Bonds upon the terms and conditions set forth in the supplemental indenture relating to such Bonds and the purchase of Bonds as and when and at such prices as it may determine If, five (5) days prior to any principal payment date, Interest Payment Date or mandatory redemption date, the amounts on deposit in the Revenue Fund, the Interest Fund, the Principal Fund, including the Sinking Accounts therein, and, as and to the extent not required to satisfy the Bond Reserve Requirement, any Bond Reserve Fund established in connection with the 2009 Bonds with respect to the payments to be made on such upcoming date are insufficient to make such payments, the Trustee shall immediately notify the Commission, in writing, of such deficiency and direct that the Commission transfer the amount of such deficiency to the Trustee on or prior to such payment date. The Commission has covenanted and agreed to transfer to the Trustee from any Revenues in its possession the amount of such deficiency on or prior to the principal, interest or mandatory redemption date referenced in such notice. See "APPENDIX C — SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE — Allocation of Sales Tax Revenues" and "— Definitions" for a more complete discussion. No Reserve Fund Upon issuance of the 2009 Bonds, a 2009 Bonds Reserve Fund was established pursuant to the Second Supplemental Indenture for the 2009 Bonds at the 2009 Bonds Reserve Fund Requirement. Pursuant to the Fourth Supplemental Indenture, and with the consent of the previous Liquidity Provider, effective on September 30, 2011 the Commission reduced the 2009 Bonds Reserve Fund Requirement to $0. Monies released from the 2009 Bonds Reserve Fund were transferred to the 2009 Excess Reserve Proceeds Project Fund established by the Fourth Supplemental Indenture and applied to pay a portion of the Costs of the Project. The Commission has no Bonds Reserve Fund Requirement for any of its Outstanding Bonds. Additional Bonds and Parity Obligations Under the Indenture, the Commission may issue other obligations payable in whole or in part from Sales Tax Revenues, subject to the limitations of the Act and to the terms and conditions contained in the Indenture. Issuance of Additional Series of Bonds. The Commission may by Supplemental Indenture establish one or more additional Series of Bonds payable from Sales Tax Revenues and 6616375.6±(616375.7 21 secured by the pledge made under the Indenture equally and ratably with the 2009 Bonds, but only upon compliance by the Commission with the provisions of the Indenture, including the conditions that: (1) No Event of Default shall have occurred and then be continuing. (2) The aggregate principal amount of Bonds issued pursuant to the Indenture may not exceed any limitation imposed by the Act. (3) If so required in the Supplemental Indenture providing for the issuance of such Series, either (i) a Bond Reserve Fund shall be established to provide additional security for such Series of Bonds or (ii) the balance in an existing Bond Reserve Fund, forthwith upon the receipt of the proceeds of the sale of Bonds of such Series shall be increased, if necessary, to an amount at least equal to the Bond Reserve Requirement with respect to all Bonds to be considered Outstanding upon the issuance of Bonds of such Series. Said deposit may be made from the proceeds of the sale of Bonds of such Series or from other funds of the Commission or from both such sources or may be made in the form of a Reserve Facility. (4) The Commission shall place on file with the Trustee a Certificate of the Commission certifying that the amount of Sales Tax Revenues and 1988 Sales Tax Revenues collected during the Fiscal Year for which audited financial statements are available preceding the date on which such additional Series of Bonds will become Outstanding shall have been at least equal to 1.5 times Maximum Annual Debt Service on all Series of Bonds and Parity Obligations then Outstanding and the additional Series of Bonds then proposed to be issued, which Certificate shall also set forth the computations upon which such Certificate is based. Nothing in the Indenture shall prevent or be construed to prevent the Supplemental Indenture providing for the issuance of an additional Series of Bonds from pledging or otherwise providing, in addition to the security given or intended to be given by the Indenture, additional security for the benefit of such additional Series of Bonds or any portion thereof. Issuance of Refunding Bonds. Refunding Bonds may be authorized and issued by the Commission without compliance with the provisions of the Indenture described above under (4) "Issuance of Additional Series of Bonds" and other terms of the Indenture; provided, that Maximum Annual Debt Service on all Bonds and Parity Obligations Outstanding following the issuance of such Refunding Bonds is less than or equal to Maximum Annual Debt Service on all Bonds and Parity Obligations Outstanding prior to the issuance of such Refunding Bonds, or (ii) that the Commission expects a reduction in Debt Service on all Bonds Outstanding and all Parity Obligations outstanding to result from the refunding to be effected with the proceeds of such Refunding Bonds. Issuance of Parity Obligations. The Commission may also issue Parity Obligations which will have, when issued, an equal lien and charge upon the Sales Tax Revenues, provided that the conditions to the issuance of such Parity Obligations set forth in the Indenture are satisfied, including satisfaction of the coverage test described in subsection (4) above under the caption "Issuance of Additional Series of Bonds" (unless such Parity Obligations are being issued for refunding purposes, in which case the coverage test shall not apply). 6616375.6±(616375.7 22 As defined in the Indenture, "Parity Obligations" means any indebtedness, installment sale obligation, lease obligation or other obligation of the Commission for borrowed money, the Existing Swaps or any other Interest Rate Swap Agreement (excluding fees and expenses and termination payments on Interest Rate Swap Agreements) entered into in connection with a Series of Bonds, in each case incurred in accordance with the provisions of the Indenture and having an equal lien and charge upon the Sales Tax Revenues and therefore being payable on a parity with the Bonds (whether or not any Bonds are Outstanding). The Commission's obligation to make regularly scheduled payments under the Existing Swap Agreements (as defined below) constitutes a Parity Obligation under the Indenture. OTHER SALES TAX OBLIGATIONS Existing Bonds On November 30, 2010, the Commission issued its $37,630,000 Sales Tax Revenue Bonds (Limited Tax Bonds) 2010 Series A (Tax -Exempt) (the "2010 Series A Bonds") and $112,370,000 Sales Tax Revenue Bonds (Limited Tax Bonds) 2010 Series B (Taxable Build America Bonds) (the "2010 Series B Bonds" and, together with the 2010 Series A Bonds, the "2010 Bonds"). The 2010 Series B Bonds have been designated by the Commission as "Build America Bonds" that are "qualified bonds" under the American Recovery and Reinvestment Act of 2009 (the "Stimulus Act"). The Trustee is to receive on the Commission's behalf cash subsidy payments from the United States Treasury ("Subsidy Payments") equal to 35% of the interest payable on the 2010 Series B Bonds, or 45% of the interest payable on such 2010 Series B Bonds that have been additionally designated as "Recovery Zone Economic Development Bonds." On March 1, 2013, the federal government announced the implementation of certain automatic spending cuts known as the sequester. As a result of the sequester, Subsidy Payments for the 2010 Series B Bonds will be reduced by 7.2% (or $214,712) for the federal fiscal year ending September 30, 2014, unless Congressional action changes the reduction percentage. See "RISK FACTORS — Reduction in Subsidy Payments." The Commission is obligated to make all payments of Debt Service on the 2010 Series B Bonds from Sales Tax Revenues regardless of whether it receives the full amount of the Subsidy Payments. The Commission does not believe that the reduction in Subsidy Payments due to the sequester will have a material adverse effect on the Commission's ability to pay Debt Service on the 2010 Series B Bonds or any other Bonds. On July 3, 2013, the Commission issued $462,200,000 in aggregate principal amount of its Sales Tax Revenue Bonds (Limited Tax Bonds) 2013 Series A (the "2013 Bonds"). The 2013 Bonds and the 2010 Bonds are payable from and secured by Revenues on a parity with the 2009 Bonds. See "DEBT SERVICE SCHEDULE." As described above, payment of the purchase price of tendered 2009 Bonds is supported by the Liquidity Facilities. The obligation of the Commission to reimburse the Liquidity Provider and to make any other payments under any Liquidity Facility is secured by a pledge of Sales Tax Revenues on a parity with the pledge securing the Bonds, including the 2009 Bonds. Under certain circumstances, 2009 Bonds purchased by the Liquidity Provider and not remarketed may become Liquidity Facility Bonds. Such Liquidity Facility Bonds shall bear d 6616375.6'46616375.7 23 interest as provided in the relevant Liquidity Facility and may be subject to mandatory prepayment upon the occurrence of certain events of default described in such Liquidity Facility. Existing Swap Agreements The Commission has entered into the following interest rate swap agreements (collectively, the "Existing Swap Agreements"), in the combined initial notional amount of $185,000,000 (subject to amortization corresponding to the amortization of the 2009 Bonds), which Existing Swap Agreements have an effective date of October 1, 2009 and expire on June 1, 2029, and are designed to provide that the interest obligation with respect to the 2009 Bonds when combined with the Existing Swap Agreements approximates a synthetic fixed rate: (i) An ISDA Master Agreement, dated as of August 22, 2006, between Bank of America, N.A. (`BofA") and the Commission, as supplemented by the Schedule, dated as of August 22, 2006 and the confirmation of a transaction with an initial notional amount of $100,000,000 entered into on August 22, 2006 between BofA and the Commission (the `BofA Swap Agreement"). (ii) An ISDA Master Agreement, dated as of September 24, 2008, between Deutsche Bank AG, New York Branch ("DBAG") and the Commission, as supplemented by the Schedule, dated as of September 24, 2008 and the confirmation of a transaction with an initial notional amount of $85,000,000 entered into on September 24, 2008 between DBAG and the Commission (the "DBAG Swap Agreement"). The Commission's obligation to make regularly scheduled payments to the swap counterparties under the Existing Swap Agreements is secured by Revenues on a parity basis with the Commission's obligation to pay principal of and interest on the Bonds, including the 2009 Bonds, and therefore such obligation constitutes a Parity Obligation under the Indenture. The Commission's obligation to make any early termination payment under the Existing Swap Agreements is secured by a pledge of Revenues subordinate to the pledge of Revenues in favor of the Bonds, Parity Obligations and payment of principal of and interest on Subordinate Obligations. The BofA Swap Agreement currently is outstanding in the's current notional amount efis $83,400,000, subject to amortization as set forth therein, which corresponds to the combined amortization of the 2009 Series B Bonds and 2009 Series C Bonds. Pursuant to this agreement, BofA has agreed to pay the Commission a floating rate equal to 67% of USDLIBOR (One Month) and the Commission has agreed to pay BofA a fixed rate equal to 3.679%. The BofA Swap Agreement is subject to early termination in the event that the unenhanced ratings on the Bonds issued by Moody's Investors Service ("Moody's") and Standard & Poor's Rating Services ("S&P") fall below investment grade or are withdrawn or suspended; a reduction in the long-term unsubordinated ratings of BofA below investment grade can also result in an early termination of the BofA Swap Agreement. The Commission has the option of terminating the BofA Swap Agreement upon two Business Days' notice provided it has sufficient funds to pay any early termination amount. The Commission is not required to post collateral with respect to its obligations under the BofA Swap Agreement. 6616375.6'46616375.7 24 The DBAG Swap Agreement currently is outstanding in the's current notional amount e- $70,900,000),is $70,900,000, subject to amortization as set forth therein, which corresponds to the amortization of the 2009 Series A Bonds. Pursuant to this agreement, DBAG has agreed to pay the Commission a floating rate equal to 67% of USDLIBOR (One Month) and the Commission has agreed to pay DBAG a fixed rate equal to 3.206%. The DBAG Swap Agreement is subject to early termination in the event that the unenhanced ratings on the Bonds issued by Moody's and S&P fall below investment grade or are withdrawn or suspended; a reduction in the unenhanced ratings of the long-term unsecured unsubordinated debt of DBAG below investment grade can also result in an early termination of the DBAG Swap Agreement. The Commission has the option of terminating the DBAG Swap Agreement upon two Business Days' notice provided it has sufficient funds to pay any early termination amount. The Commission is not required to post collateral with respect to its obligations under the DBAG Swap Agreement. In the event of an early termination of one or both of the Existing Swap Agreements, a termination payment will be payable by either the Commission or the swap counterparty depending on the then current market value of the Existing Swap Agreement subject to termination. Any such termination payment payable by the Commission could be substantial. As of June 30, 2014, the value of the termination payment, if each of the Existing Swap Agreements were terminated based on the mid -market swap curve and assuming functioning markets was estimated by the Commission's financial advisor to be approximately $21,840,000 payable by the Commission. [update] Subordinate Obligations The Commission may issue obligations ("Subordinate Obligations") payable out of Sales Tax Revenues on a basis subordinate to the payment of the principal, premium, interest and reserve fund requirements for the Bonds and all Parity Obligations, as the same become due and payable. The Commission's Sales Tax Revenue Commercial Paper Notes (Limited Tax Bonds) (the "Notes") and the credit agreements supporting the Notes constitute Subordinate Obligations under the Indenture. As of September 1, 2014, there was $0 principal amount of Notes outstanding out of an authorized $60,000,000 program. The program was initially established at a maximum of $185,000,000 in principal amount and has been reduced to a maximum of $60,000,000 in principal amount of Notes. The Notes are payable from draws under an irrevocable, direct -pay letter of credit (the "Letter of Credit") issued by Union Bank, N.A., now known as MUFG Union Bank, N.A. ("Union Bank"). The stated amount of the Letter of Credit is $60,750,000. The Letter of Credit expires October 17, 2014, unless terminated earlier as provided in the related reimbursement agreement. The Commission is currently in negotiations with letter of credit providers to replace the Letter of Credit issued by Union Bank. The Commission's obligation to reimburse Union Bank for draws under the Letter of Credit to pay the principal of and interest on the Notes is secured by a pledge of Sales Tax Revenues subordinate to the pledge in favor of the holders of the Bonds, including the 2009 Bonds, and on parity with the obligation to pay Note holders. If the Commission is unable to extend or replace the Letter of Credit by its expiration date, the Commission may refund any 6616375.6'46616375.7 25 related Notes and any related reimbursement obligations due to Union Bank with the proceeds of an additional Series of Bonds, in accordance with the requirements of the Indenture. See "SECURITY AND SOURCES OF PAYMENT FOR THE 2009 BONDS — Additional Bonds and Parity Obligations" herein. The Commission's obligation to make any early termination payment under the Existing Swap Agreements is secured by a pledge of Revenues subordinate to the pledge of Revenues in favor of the Bonds, Parity Obligations and payment of principal of and interest on Subordinate Obligations. Limitation on Outstanding Sales Tax Obligations Under the Ordinance, as amended, the Commission has the power to sell or issue, from time to time, bonds or other evidence of indebtedness, including but not limited to capital appreciation bonds, secured solely by Sales Tax Revenues, in the aggregate principal amount at any one time outstanding of not to exceed $975 million. A ballot measure increasing the limitation from its original $500 million amount to $975 million was approved by a majority of those voting at a special election held in the County on November 2, 2010. See "SECURITY AND SOURCES OF PAYMENT FOR THE 2009 BONDS — Additional Bonds and Parity Obligations" herein. THE LIQUIDITY FACILITIES General The Liquidity Provider is expected to provide eaelia Liquidity Facility for each of the 2009 Series A Bonds, the 2009 Series B Bonds and the 2009 Series C Bonds, each to be effective on September 18, 2014. Each Liquidity Facility contains various provisions, covenants and conditions, certain of which are summarized below. Certain words or terms used in the following summary are defined below and other words or terms not defined below are defined elsewhere in this Remarketing Memorandum, in the applicable Liquidity Facility or the Indenture, and reference thereto is made for such definitions. Each Liquidity Facility contains substantially identical terms. The following summary of each Liquidity Facility does not purport to be comprehensive or definitive and is subject to all of the terms and provisions of the Liquidity Facility to which reference is made hereby. Investors are urged to obtain and review a copy of the respective Liquidity Facility to understand all of the terms of those documents. Each Liquidity Facility requires the Liquidity Provider to provide funds for the purchase of the related 2009 Bonds that have been tendered and not remarketed subject to certain conditions described below. The Liquidity Facilities do not guarantee the payment of principal of or interest nor redemption premium, if any, on the 2009 Bonds in the event of non-payment of such interest, principal or redemption premium, if any, by the Commission. The obligation of the Liquidity Provider pursuant to the applicable Liquidity Facility to provide funds for the purchase of the related 2009 Bonds that have been tendered and not remarketed will end on the earliest of (1) [March 15], 2019, as such date may be extended from time to time in accordance with the applicable Liquidity Facility, (2) the date on which no related 6616375.6'46616375.7 26 Eligible Bonds (as defined in the Liquidity Facility) are outstanding, (3) the close of business on the Conversion Date (as defined in the Liquidity Facility); provided that the Liquidity Provider has paid in full the amount set forth in a notice of purchase provided to the Liquidity Provider in connection with a mandatory purchase of the related 2009 Bonds on such date, (4) the close of business on the thirtieth (30th) day following the date on which the Commission and the Trustee receive a notice from the Liquidity Provider that the applicable Liquidity Facility is being terminated pursuant to the terms of the applicable Liquidity Facility following certain events of default under such Liquidity Facility, or if such thirtieth (30th) day is not a Business Day, the next succeeding Business Day, and (5) the date on which the Available Commitment (as defined in the Liquidity Facility) has been reduced to zero or terminated in its entirety at the option of the Commission or immediately and without notice following certain Rating Events or Special Events of Default (as defined herein) under the Liquidity Facility under the circumstances described below under the headings "Ratings Event" or "Special Events of Default." The period referred to in the preceding sentence is hereinafter referred to as the "Commitment Period." Subject to the terms and conditions of the applicable Liquidity Facility, the Liquidity Provider agrees from time to time during the Commitment Period to purchase, with its own funds, related 2009 Bonds that have been tendered for purchase and not remarketed, at the Purchase Price on a purchase date. The Liquidity Provider's obligation is limited to an amount equal to the aggregate principal amount of the related 2009 Bonds then outstanding plus an amount equal to at least 34 days of interest on such outstanding 2009 Bonds calculated at a rate of interest of 12% per annum based on a 365-day year. The obligation of the Liquidity Provider to purchase the related 2009 Bonds on any date is subject to the satisfaction of the following conditions, unless waived in writing by the Liquidity Provider: (i) no Ratings Event, Special Event of Default or Suspension Event (as each is hereinafter defined) has occurred and is continuing and the Liquidity Provider's obligations under the applicable Liquidity Facility has not otherwise been terminated or suspended and (ii) the Liquidity Provider has timely received a notice of purchase. If and to the extent that a Suspension Event has been cured as set forth under paragraph (2) under the heading "Remedies" below, the condition described in the applicable Liquidity Facility with respect to such Suspension Event will be deemed satisfied;. Ratings Event The following occurrences constitute a ratings event (each, a "Ratings Event") under each Liquidity Facility: (1) the withdrawal or suspension for a credit related reason by each Rating Agency (as defined in the Liquidity Facility) then rating the related 2009 Bonds of the unenhanced long term rating assigned by each such Rating Agency to such 2009 Bonds or any Parity Obligations; or (2) the reduction by each Rating Agency then rating the related 2009 Bonds of the long term rating assigned to such 2009 Bonds or any Parity Obligations below Investment Grade. d 6616375.6'46616375.7 27 "Investment Grade" means "BBB-" (or its equivalent) by Fitch, "BBB-" (or its equivalent) by S&P and `Baa3" (or its equivalent) by Moody's, respectively. A withdrawal or suspension of the long term rating assigned by each such Rating Agency to the related 2009 Bonds or any Parity Obligations due to the purchase of such 2009 Bonds or Parity Obligations by the Commission does not constitute a "Ratings Event." Special Events of Default The following occurrences constitute Special Events of Default (each, a "Special Event of Default") under each Liquidity Facility: (1) The Commission fails to pay when due (i) any principal or sinking fund requirement due on any related 2009 Bonds (including any Bank Bond (as defined in the Liquidity Facility) prior to the commencement of the Bank Bond Amortization Period (as defined in the Liquidity Facility), but not including any Bank Bond during the Bank Bond Amortization Period) and (ii) any interest on any related 2009 Bonds (including any Bank Bond); or (2) One or more final, unappealable judgment(s) against the Commission for the payment of money, which judgment(s) is not covered by insurance, and which judgment(s) is to be enforced pursuant to liens upon, or an attachment against, any or all of the Sales Tax Revenues, the operation or result of which judgment(s), individually or in the aggregate, equal or exceed $15,000,000 and which judgment(s) remains unpaid, undischarged, unbonded or undismissed for a period of sixty (60) days; or (3) The Commission commences any case, proceeding or other action (i) (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding -up, liquidation, dissolution, composition or other relief with respect to it, the related 2009 Bonds or the Parity Obligations, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets or for all or any substantial portion of the Sales Tax Revenues (excluding appointment of any trustee pursuant to the terms of the Indenture or the indenture relating to the CP Notes (as defined in the Liquidity Facility), and the pledges of Sales Tax Revenues thereunder), or the Commission makes a general assignment for the benefit of its creditors; or (ii) the Commission takes any action indicating its consent to, approval of, or acquiescence in, any of the acts constituting an Involuntary Insolvency Suspension Event; or (iii) the Commission admits in writing its inability to pay its debts as they become due; or (iv) the Commission becomes insolvent within the meaning of Section 101(32) of the United States Bankruptcy Code of 1978, as it may be amended from time to time, and any successor statute thereto; or (4) (i) The Act or the 2002 Ordinance (as defined in Liquidity Facility) is repealed, (ii) any provision of the Act, the 2002 Ordinance, such Liquidity Facility, the Indenture or the related 2009 Bonds relating to (A) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or (B) the Sales Tax Revenues securing said 2009 Bonds shall at any time and for any reason, cease to be valid and binding on the 6616375.6'46616375.7 28 Commission, or is found or ruled to be null and void, invalid or unenforceable as the result of a final nonappealable judgment by any federal or state court or as a result of any legislative or administrative action by any Governmental Authority (as defined in the Liquidity Facility) having jurisdiction over the Commission; or (iii) the Commission repudiates further liability or obligation under or with respect to any provision of the Act, the 2002 Ordinance, such Liquidity Facility, the Indenture, the related 2009 Bonds or the Parity Obligations relating to (A) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or on any Parity Obligation or (B) the Sales Tax Revenues securing said 2009 Bonds and Parity Obligation; or (iv) the State, acting on behalf of the Commission, has taken or permitted to be taken any official action, or has duly enacted any statute, which supplements, modifies and/or amends in any manner that makes invalid or unenforceable any provision of such Liquidity Facility, the related 2009 Bonds, the Act, the 2002 Ordinance or the Indenture relating to (A) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or (B) the Sales Tax Revenues securing said 2009 Bonds (including any Bank Bonds); or (v) the Commission has taken or permitted to be taken any official action which supplements, modifies and/or amends in any manner that makes invalid or unenforceable any provision of such Liquidity Facility, the related 2009 Bonds, the Act, the 2002 Ordinance, the Indenture or any Parity Obligation relating to (A) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or on any Parity Obligation or (B) the Sales Tax Revenues securing said 2009 Bonds (including any Bank Bonds) and Parity Obligation; or (vi) a debt moratorium or comparable extraordinary restriction on repayment of principal or interest on any debt has been declared (whether or not in writing) by the Commission or imposed pursuant to a finding or ruling by a Governmental Authority with jurisdiction over the Commission with respect to the 2009 Bonds (including any Bank Bond); or (5) The Commission fails to make any payment in respect of principal or interest on any Parity Obligation, issued and outstanding or to be issued, when due (i.e., whether upon said Parity Obligation's scheduled maturity, required prepayment, acceleration, upon demand or otherwise, except asbut excluding such payments may boon Liquidity Facility Bonds (as defined in the Indenture) to the extent that the same have been accelerated, demanded or required to be prepaid �•solelv_znursuant to the terms of the related Liquidity Facility), and such failure continues after the applicable grace period, if any, specified in the agreement or instrument relating to such Parity Obligation. Suspension Events The following occurrences constitute suspension events (each, a "Suspension Event") under each Liquidity Facility: (1) The Commission fails to pay when due any principal payment due on any Bank Bond during the Bank Bond Amortization Period pursuant to such Liquidity Facility (a "Bank Bond Nonpayment Suspension Event"); or (2) (i) There is commenced against the Commission any case, proceeding or other action in a court of competent jurisdiction, the commencement of which results in an immediate suspension as described below in paragraph (2)(ii) under "Remedies," relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered against d 6616375.6'46616375.7 29 the Commission, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding -up, liquidation, dissolution, composition or other relief with respect to it or the related 2009 Bonds, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets or for all or any substantial portion of the Sales Tax Revenues, which case, proceeding or other action remains undismissed, undischarged or unbonded for sixty (60) days from the commencement of such case, proceeding or other action; or (ii) any case, proceeding or other action commenced against the Commission in a court of competent jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered against the Commission, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding -up, liquidation, dissolution, composition or other relief with respect to it or the related 2009 Bonds, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets or for all or any substantial portion of the Sales Tax Revenues, results in an order for such relief or in the appointment of a receiver or similar official (each of (i) and (ii) being an "Involuntary Insolvency Suspension Event"); or (3) There is commenced against the Commission, any case, proceeding or other action (excluding any action by the State Board of Equalization to recover its fees related to the disbursement of Sales Tax Revenues to the Commission), the commencement of which results in an immediate suspension as described below in paragraph (2)(iv) under "Remedies," by a Governmental Authority seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets or for all or any substantial portion of the Sales Tax Revenues, which case, proceeding or other action shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the commencement thereof (a "Government Action Suspension Event"); or (4) (i) Any Governmental Authority with jurisdiction to rule on the validity or enforceability of such Liquidity Facility, the related 2009 Bonds, the Act, the 2002 Ordinance or the Indenture finds or rules, in a judicial or administrative proceeding, that any provision of such Liquidity Facility, the related 2009 Bonds, the Act or the Indenture, as the case may be, relating to (A) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or (B) the Sales Tax Revenues securing said 2009 Bonds (including any Bank Bonds), is not valid or not binding on, or enforceable against, the Commission; (ii) the State, acting on behalf of the Commission (A) makes a claim in a judicial or administrative proceeding that the Commission has no further liability or obligation under such Liquidity Facility, under the related 2009 Bonds (including any Bank Bonds), the Act or the Indenture to pay, when due, the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or (B) contests in a judicial or administrative proceeding the validity or enforceability of any provision of such Liquidity Facility, the related 2009 Bonds (including any Bank Bonds), the Act, the 2002 Ordinance or the Indenture relating to or otherwise affecting (y) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or (z) the Sales Tax Revenues securing said 2009 Bonds (including any Bank Bonds); or (iii) the Commission (A) makes a claim in a judicial or administrative proceeding that the Commission has no further liability or obligation under such Liquidity Facility, under the related 2009 Bonds (including any Bank Bonds), the Act, the Indenture or any Parity Obligation to pay, when due, the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or on any Parity Obligation or (B) 6616375.6±(616375.7 30 contests in a judicial or administrative proceeding the validity or enforceability of any provision of such Liquidity Facility, the related 2009 Bonds (including any Bank Bonds), the Act, the 2002 Ordinance, the Indenture or any Parity Obligation relating to or otherwise affecting (y) the payment, when due, of the principal of or interest on the related 2009 Bonds (including any Bank Bonds) or on any Parity Obligation or (z) the Sales Tax Revenues securing said 2009 Bonds (including any Bank Bonds) and Parity Obligations (in all cases, a "Pending Invalidity Suspension Event"). Events of Default Not Constituting a Suspension Event or a Special Event of Default The following occurrences constitute events of default (each, an "Event of Default") that do not constitute a Special Event of Default or a Suspension Event under such Liquidity Facility: (1) The Commission fails to pay when due any fee, expense or other amount payable to the Liquidity Provider under such Liquidity Facility or the related Fee Letter (as defined in the Liquidity Facility); or (2) Any material representation or warranty made by or on behalf of the Commission in such Liquidity Facility, the Indenture or in any other Related Document (as defined in the Liquidity Facility) or in any certificate or statement delivered under said documents is incorrect or untrue in any material respect when made or deemed to have been made; or (3) The Commission defaults in the due performance or observance of any of the covenants set forth in specified sections of such Liquidity Facility; or (4) The Commission materially defaults in the due performance or observance of any other term, covenant or agreement contained in such Liquidity Facility (other than those referred to in paragraphs (1), (2) and (3) above), the Indenture or any other Related Document and such default remains unremedied for a period of thirty (30) days after the Commission has received notice thereof from such Liquidity Provider; provided, that, if such default cannot be remedied within such time period, such time period will be extended by the Liquidity Provider for a period of up to ninety (90) additional days, as long as the Commission is diligently pursuing the remedy therefor during such period; or (5) Except as specified in paragraph (5) under the heading "Special Events of Default" above, any "event of default" set forth in the Indenture occurs and is continuing or any "event of default" occurs and is continuing under any other agreement between the Commission and the Liquidity Provider regarding Parity Obligations, if any; or (6) The Commission shall fail to preserve the pledge indicated in such Liquidity Facility; or (7) Any rescission of or amendment to the Sales Tax Law which would materially reduce the amount of the Sales Tax Revenues or the allocation of the Revenues to the payment of the related 2009 Bonds, the related Bank Bonds or the Obligations of the Commission under such Liquidity Facility or which would materially impair the rights of the Commission to receive the Sales Tax Revenues. 6616375.6±(616375.7 31 Remedies Following the occurrence of certain of the above -referenced Ratings Event, Special Events of Default, Suspension Events or other Events of Default, the Liquidity Provider may take any one or more of the following actions. Reference is made to each Liquidity Facility for a complete listing of all consequences of the above -referenced Ratings Events, Special Events of Default, Suspension Events or other Events of Default. (1) In the case of a Ratings Event or any Special Event of Default, the Available Commitment will immediately be reduced to zero, in which case, the obligations of the Liquidity Provider under the applicable Liquidity Facility (including any obligations which have been suspended pursuant to paragraph (2) below) will immediately terminate and expire without requirement of notice by the Liquidity Provider; provided, that (i) the Suspension Event described in paragraph (1) under the heading "Special Events of Default" will not qualify as a "Special Event of Default" under such Liquidity Facility if the failure to pay the principal of, or interest on, a Bank Bond is due solely to an acceleration of all of the Bank Bonds by the Liquidity Provider for any reason other than nonpayment as described in paragraph (1) under the heading "Special Events of Default" above and (ii) the Suspension Events described in paragraph (2) below will not qualify as "Special Events of Default" unless and until the conditions described in paragraph (2) below for such qualification have been satisfied. After such termination or expiration, the Liquidity Provider will deliver promptly to the Commission, the Trustee and the Remarketing Agent written notice of such termination or expiration; provided, however, that failure to provide such written notice will have no effect on the validity or enforceability of such termination or expiration. (2) In the case of a Suspension Event, the obligation of the Liquidity Provider to purchase Eligible Bonds under such Liquidity Facility will be immediately suspended without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds until the Available Commitment is reinstated as described below (or is otherwise terminated or expires pursuant to the terms of such Liquidity Facility). Promptly upon the occurrence of any such Suspension Event, the Liquidity Provider will notify the Commission, the Trustee and the Remarketing Agent of such suspension and the effective date of such suspension in writing by facsimile, promptly confirmed by regular mail; provided, however, that failure to provide such written notice will have no effect on the validity or enforceability of such suspension. (i) Upon the occurrence of a Bank Bond Nonpayment Suspension Event, the Liquidity Provider's obligations to purchase Eligible Bonds will be suspended immediately and automatically and remain suspended until the Commission cures the Liquidity Provider Bond Nonpayment Suspension Event resulting in said suspension or the Final Date (as defined in the Liquidity Facility) occurs, whichever is first. If the Commission cures the Liquidity Provider Bond Nonpayment Suspension Event prior to the Final Date, then the Available Commitment and the obligations of the Liquidity Provider under such Liquidity Facility will thereupon be reinstated (unless the Commitment Period will otherwise have been terminated, suspended or expired as provided in such Liquidity Facility). Notwithstanding the foregoing, if the Commission has not cured the Liquidity Provider Bond Nonpayment Suspension Event resulting in said d 6616375.6'46616375.7 32 suspension prior to date when principal is due on such Bank Bond during the Liquidity Provider Bond Amortization Period, then the Available Commitment and the obligations of the Liquidity Provider to purchase Eligible Bonds will terminate on the Final Date without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds. (ii) Upon the commencement of the case, proceeding or other action constituting an Involuntary Insolvency Suspension Event described in paragraph (2)(i) under the heading "Suspension Events" above, the Liquidity Provider's obligations to purchase Eligible Bonds will be immediately and automatically suspended and remain suspended until the case, proceeding or other action referred to therein is either dismissed, discharged or bonded within sixty (60) days from the commencement of such case, proceeding or action, or the Final Date occurs, whichever is first. In the event that said case, proceeding or other action has been dismissed, discharged or bonded within the sixty (60) day period described therein and prior to the Final Date, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will be reinstated and the terms of such Liquidity Facility will continue in full force and effect as if there had been no such suspension (unless the Commitment Period will otherwise have been terminated, suspended or expired as provided in the Liquidity Facility). In the event that said case, proceeding or other action has not been dismissed, discharged or bonded within such sixty (60) day period, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will terminate at the close of business on such sixtieth (60th) day without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds. (iii) Upon the occurrence of an Involuntary Insolvency Suspension Event described in paragraph (2)(ii) under the heading "Suspension Events" above, the Liquidity Provider's obligations to purchase Eligible Bonds will be suspended immediately and automatically and remain suspended until said case, proceeding or other action referred to therein is either dismissed, discharged or bonded or the Final Date occurs, whichever is first. In the event that said Involuntary Insolvency Suspension Event has been dismissed, discharged or bonded prior to the Final Date, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will be reinstated and the terms of such Liquidity Facility will continue in full force and effect as if there had been no such suspension (unless the Commitment Period will otherwise have been terminated, suspended or expired as provided in such Liquidity Facility). In the event that said Involuntary Insolvency Suspension Event has not been dismissed, discharged or bonded prior to the Final Date, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will terminate on such Final Date without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds. (iv) Upon the commencement of the case, proceeding or other action constituting a Government Action Suspension Event, the Liquidity Provider's obligations to purchase Eligible Bonds will be immediately and automatically suspended and remain suspended until the case, proceeding or other action referred to therein is either vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the d 6616375.6'46616375.7 33 commencement of such case, proceeding or action, or the Final Date occurs, whichever is first. In the event that the case, proceeding or other action has been vacated, discharged, or stayed or bonded pending appeal within the sixty (60) day period described therein and prior to the Final Date, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will be reinstated and the terms of such Liquidity Facility will continue in full force and effect as if there had been no such suspension (unless the Commitment Period will otherwise have been terminated, suspended or expired as provided in such Liquidity Facility). In the event that the case, proceeding or other action has not been vacated, discharged, or stayed or bonded pending appeal within such sixty (60) day period, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will terminate at the close of business on such sixtieth (60th) day without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds. (v) Upon the occurrence of a Pending Invalidity Suspension Event, the Liquidity Provider's obligations to purchase Eligible Bonds will be immediately and automatically suspended and remain suspended unless and until a court with jurisdiction to rule on such a Pending Invalidity Suspension Event enters a final and nonappealable judgment that any of the material provisions of the Act or any other document described in paragraph 4(i) under the heading "Suspension Events" are not valid or not binding on, or enforceable against, the Commission or that a claim or contest described in paragraph 4(ii) under the heading "Suspension Events" has been upheld in favor of the State, acting on behalf of the Commission, or the Commission in accordance with a final and nonappealable judgment, then, in each such case, the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will immediately terminate without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds. If a court with jurisdiction to rule on such a Pending Invalidity Suspension Event finds or rules by entry of a final and nonappealable judgment that the material provision of the Act or any other document described in paragraph 4(i) under the heading "Suspension Events" is valid and binding on, or enforceable against, the State, acting on behalf of the Commission, or the Commission or that the claim or contest described in paragraph 4(ii) under the heading "Suspension Events" has been dismissed pursuant to a final and nonappealable judgment, then the Available Commitment and the obligations of the Liquidity Provider under such Liquidity Facility will, in each such case, thereupon be reinstated (unless the Commitment Period will otherwise have been terminated, suspended or expired as provided in such Liquidity Facility). Notwithstanding the foregoing, if the suspension of the obligations of the Liquidity Provider pursuant to a Pending Invalidity Suspension Event remains in effect and litigation is still pending and a determination regarding same has not been dismissed or otherwise made pursuant to a final and non -appealable judgment, as the case may be, when the Final Date occurs, then the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds will terminate on the Final Date without notice or demand and, thereafter, the Liquidity Provider will be under no obligation to purchase Eligible Bonds. d 6616375.6'46616375.7 34 In the case of each Suspension Event, the Commission will cause the Trustee to subsequently notify all Bondholders of the suspension and/or termination of both the Available Commitment and the obligation of the Liquidity Provider to purchase Eligible Bonds. (3) Upon the occurrence of a Ratings Event, Suspension Event or any Event of Default, the Liquidity Provider will have all remedies provided at law or equity, including, without limitation, specific performance; and in addition, the Liquidity Provider, in its sole discretion, may do one or more of the following: (i) declare all obligations of the Commission to the Liquidity Provider hereunder (other than payments of principal and redemption price of and interest on the Bank Bonds) to be immediately due and payable, and the same will thereupon become due and payable without demand, presentment, protest, notice of intent to accelerate, notice of acceleration or further notice of any kind, all of which are hereby expressly waived; (ii) the Liquidity Provider may give written notice of such Event of Default and termination of the Agreement (a "Notice of Termination Date") to the Trustee, the Commission and the Remarketing Agent requesting a Default Tender; provided, that the obligation of the Liquidity Provider to purchase related 2009 Bonds will terminate on the thirtieth (30th) day (or if such day is not a Business Day, the next following Business Day) after such Notice of Termination Date is received by the Trustee and, on such date, the Available Commitment will terminate and the Liquidity Provider will be under no obligation under the Liquidity Facility to purchase related 2009 Bonds; (iii) exercise any right or remedy available to it under any other provision of the Liquidity Facility; or (iv) exercise any other rights or remedies available under the Indenture and any other Related Document, any other agreement or at law or in equity; provided, further, however, the Liquidity Provider will not have the right to terminate its obligation to purchase related 2009 Bonds except as provided under the heading "Remedies" hereunder. Notwithstanding anything to the contrary in the Liquidity Facility, no failure or delay by the Liquidity Provider in exercising any right, power or privilege under such Liquidity Facility, under the Indenture and any other Related Document or under the related 2009 Bonds and no course of dealing between the Commission and the Liquidity Provider will operate as a waiver nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided in such Liquidity Facility will be cumulative and not exclusive of any rights or remedies which the Liquidity Provider would otherwise have. (4) In addition to the foregoing, upon the occurrence of a Ratings Event, Special Event of Default, Suspension Event or any Event of Default under such Liquidity Facility, all Obligations (as defined in the Liquidity Facility) due and payable under such Liquidity Facility (including any Bank Bonds) will bear interest at the Default Rate. d 6616375.61€616375.7 35 THE LIQUIDITY PROVIDER The Bank of Tokyo -Mitsubishi UFJ, Ltd., the Liquidity Provider ("BTMU"), is a Japanese banking corporation with its head office in Tokyo, Japan. It is a wholly -owned subsidiary of Mitsubishi UFJ Financial Group Inc. (the "Parent"). With 37,527 employees and approximately 839 branches worldwide (as of March 31, 2014), BTMU is Japan's largest bank. BTMU also provides a wide range of banking and financial services worldwide, and is one of the largest banks in the world by deposits and loan portfolio. Mitsubishi UFJ Financial Group is one of the top 10 banks in the world as measured by assets and market capitalization. As of March 31, 2014, BTMU and subsidiaries had total assets of approximately ¥201,615 billion (U.S. $1,959 billion) and deposits of approximately ¥132,732 billion (U.S. $1,290 billion). Net income for BTMU and subsidiaries for the Fiscal Year ended March 31, 2014, was approximately ¥754 billion (U.S. $7.3 billion). These figures are extracted from the Annual Securities Report (Excerpt) for the Fiscal Year ended March 31, 2014, for BTMU and subsidiaries (the "Annual Securities Report"). The Annual Securities Report can be found at www. bk. mufg jp. The financial information presented above was translated into U.S. dollars from the Japanese yen amounts set forth in the audited financial statements in the Annual Securities Report, which were prepared in accordance with the auditing standards generally accepted in Japan ("JGAAP"), and not in accordance with U.S. GAAP. The translations of the Japanese yen amounts into U.S. dollar amounts were included solely for the convenience of readers outside Japan, and were made at the rate of ¥102.92 to U.S. $1, the approximate rate of exchange at March 31, 2014. Such translations should not be construed as representations that the Japanese yen amounts could be converted into U.S. dollars at that or any other rate. Each Liquidity Facility will be solely an obligation of BTMU, and will not be an obligation of, or otherwise guaranteed by, the Parent, and no assets of the Parent or any affiliate of BTMU or the Parent will be pledged to the payment thereof. The information contained under this caption "THE LIQUIDITY PROVIDER," including financial information, relates to and has been obtained from BTMU, and is furnished solely to provide limited introductory information regarding BTMU, and does not purport to be comprehensive. Any financial information provided under this caption "THE LIQUIDITY PROVIDER" is qualified in its entirety by the detailed information appearing in the Annual Securities Report referenced above. The delivery hereof shall not create any implication that there has been no change in the affairs of BTMU since March 31, 2014. THE SALES TAX General The Act, among other things, authorizes the Commission to develop a countywide consensus on a proposed transaction expenditure plan to be submitted to the voters as part of an ordinance imposing a retail transactions and use tax in the County in accordance with the provisions of the California Transactions and Use Tax Law (Revenue and Taxation Code Section 7251 et seq.). In accordance with the Act, on November 5, 2002, more than two-thirds of the 6616375.6'46616375.7 36 voters of the County voting on the measure approved Measure "A," which authorized the imposition of the Sales Tax in the County. The Sales Tax commenced on July 1, 2009 and will be collected for a thirty-year period ending on June 30, 2039. The Sales Tax consists of a one-half of one percent (1/2%) sales tax on the gross receipts of retailers from the sale of tangible personal property sold in the County and a use tax at the same rate upon the storage, use or other consumption in the County of such property purchased from any retailer for storage, use or other consumption in the County, subject to certain limited exceptions described below. See "RIVERSIDE COUNTY TRANSPORTATION COMMISSION — The Transportation Expenditure Plan" herein. The one-half of one percent sales tax imposed in the County for transportation purposes and administered by the Commission, is in addition to a seven and one-half percent sales tax levied statewide by the State of California (the "State") and certain other sales taxes imposed by cities and local agencies within the County. In general, the statewide sales tax applies to the gross receipts of retailers from the sale of tangible personal property. The statewide use tax is imposed on the storage, use or other consumption in the state of property purchased from a retailer for such storage, use or other consumption. Since the use tax does not apply to cases where the sale of the property is subject to the sales tax, the application of the use tax generally is to purchases made outside of the State for use within the State. On November 8, 1988, more than two-thirds of the voters approved the Riverside County Transportation Commission Transportation Expenditure Plan and Retail Transaction and Use Tax Ordinance (the "Prior Ordinance") which authorized the imposition of a retail transactions and use tax of one-half of one percent (1/2%) of the gross receipts of retailers from the sales of all tangible personal property sold at retail in the county and a use tax at the same rate upon the storage, use or other consumption in the County of such property purchased from any retailer for storage, use or other consumption in the county, subject to certain limited exceptions (the "1988 Sales Tax"). The 1988 Sales Tax ceased to be effective on June 30, 2009. The Commission has previously issued indebtedness secured by the 1988 Sales Tax, and all outstanding principal and interest with respect to such indebtedness was fully paid on or before June 1, 2009. The Sales Tax is generally imposed upon the same transactions and items subject to the sales and use tax levied statewide by the State (hereinafter collectively referred to as the "State Sales Tax"), with generally the same exceptions. Many categories of transactions are exempt from the State Sales Tax and the Sales Tax. The most important of these exemptions are: sales of food products for home consumption, prescription medicine, edible livestock and their feed, seed and fertilizer used in raising food for human consumption, and gas, electricity and water when delivered to consumers through mains, lines and pipes. In addition, "Occasional Sales" (i.e., sales of property not held or used by a seller in the course of activities for which he or she is required to hold a seller's permit) are generally exempt from the State Sales Tax and from the Sales Tax; however, the "Occasional Sales" exemption does not apply to the sale of an entire business and other sales of machinery and equipment used in a business. Sales of property to be used outside the county which are shipped to a point outside the county, pursuant to the contract of sale, by delivery to such point by the retailer, or by delivery by the retailer to a carrier for shipment to a consignee, at such point, are exempt from the State Sales Tax and from the Sales Tax. 6616375.6'46616375.7 37 Action by the State Legislature or by voter initiative could change the transactions and items upon which the State Sales Tax and the Sales Tax are imposed. Such changes or amendments could have either an adverse or beneficial effect on Sales Tax Revenues. The Commission is not currently aware of any proposed legislative change which would have a material adverse effect on Sales Tax Revenues. See also "RISK FACTORS — Proposition 218" herein. Collection of Sales Tax Revenues Collection of the Sales Tax is administered by the Board of Equalization. The Commission and the Board of Equalization have entered into an agreement for state administration of district transactions and use taxes to authorize payment of Sales Tax Revenues directly to the Trustee. The Board of Equalization, after deducting amounts payable to itself, is required to remit the balance of amounts received from the Sales Tax directly to the Trustee. The Trustee is required to apply the Sales Tax Revenues to make deposits to the funds and accounts established under the Indenture and to transfer the remaining amounts to U.S. Bank Trust National Association, as issuing and paying agent for the Notes (the "Issuing and Paying Agent"). See "SECURITY AND SOURCES OF PAYMENT FOR THE 2009 BONDS" herein. The remaining unapplied Sales Tax Revenues, if any, are transferred to the Commission for use for any purpose contemplated by the Ordinance. The fee that the Board of Equalization is authorized to charge for collection of the Sales Tax is determined by State legislation. The Board of Equalization fee for collection of the Sales Tax for fiscal year 2014-15 is estimated to be $1,918,510. Historical Sales Tax Revenues The following table sets forth net sales tax revenues for the Fiscal Years indicated below. Net sales tax revenues through Fiscal Year 2008-09 were generated under the Prior Ordinance and were levied by the Commission at the same rate and on the same types of transactions as the Sales Tax. d 6616375.61€616375.7 38 RIVERSIDE COUNTY TRANSPORTATION COMMISSION HISTORICAL SALES TAX REVENUES Fiscal Year Ended June 30 Net Sales Tax Revenues(') % Change From Prior Fiscal Year 2004 $120,564,890 13.97%, 2005 138,921,247 15.23_% 2006 157,236,314 13.18 2007 154,539,723 (1.71) 2008 142,537,548 (7.77) 2009 119,688,289 (16.03) 2010 114,526,254 (4.31) 2011 123,439,833 7.78 2012 134,984,307 9.35 2013 149,428,124 10.70 2014 152,158,583(2) NLA (1) Net of Board of Equalization administrative fee. (2) Preliminary and unaudited. The Commission has not received the final monthly payment attributable to Fiscal Year 2013-14 from the Board of Equalization. Source: The Commission. The Commission is unable to predict the amount of Sales Tax Revenues it will receive in the future. For a summary of historical taxable retail sales within the County, see the table entitled "County of Riverside, Taxable Sales Transactions" in "APPENDIX B — COUNTY DEMOGRAPHIC AND ECONOMIC INFORMATION." The following table sets forth the Maximum Annual Debt Service coverage on the Bonds based on Sales Tax Revenues for the Fiscal Year ended June 30, 2013. 2013 Maximum Annual Sales Tax Revenues $149,428,124 Debt Service on all Bonds(') Coverage Ratio $55,917,000 2.67x (1) Interest on variable rate debt is calculated assuming the interest rates are equal to the fixed rates on the Existing Swaps. Under the Indenture, the federal subsidy payments to be received in connection with the 2010 Bonds are treated as an offset to Debt Service. "See DEBT SERVICE SCHEDULE" herein. Source: The Commission and Fieldman, Rolapp & Associates. d 6616375.61€616375.7 39 RIVERSIDE COUNTY TRANSPORTATION COMMISSION General The Commission is charged with a number of important responsibilities in serving the residents of the County. Administering the sales tax program, which has raised more than $1 billion, has been by far the most prominent of these responsibilities. The Commission, which has the responsibility of placing future transportation ballot measures before the public, was successful in November 2002 in obtaining more than two-thirds voter approval of the Sales Tax. In addition to the Commission's Measure A responsibilities, the Commission has also been designated as the congestion management agency (the "CMA") for the County. As the CMA, the Commission has developed a congestion management program that more effectively utilizes transportation funds by linking land use, transportation and air quality efforts. The Commission serves as the Service Authority for Freeway Emergencies and operates the freeway service patrol (the "FSP") for the County. The results of these programs — 614 call boxes along the County roadways and 22 FSP tow trucks providing assistance to more than 48,300 motorists annually — are among the most visible of the Commission's programs. In 1998, the State Legislature gave new authority to the Commission by changing the way funding is distributed from the State Transportation Improvement Program, which is funded through state and federal gas taxes. In simple terms, counties no longer apply to the State for funding their most urgent transportation needs. Instead, State transportation dollars are given directly as an entitlement, leaving the decision making about transportation spending up to the designated county transportation commission like the Commission. While this gives the Commission greater control over how transportation dollars are spent, it also requires a much higher level of local communication and participation to determine how these dollars are spent throughout a county with so many transportation needs. The Commission has the responsibility to program funds received under the California Transportation Development Act, a statewide source of funding for transit purposes, primarily to the County's major public transit providers, although the Commission has no responsibility to provide transit services. The Transportation Expenditure Plan On November 5, 2002, 69.2% of the voters of the County approved Measure "A" — The Riverside County Transportation Commission Transportation Expenditure Plan (the "Expenditure Plan") and Retail Transaction and Use Tax Ordinance which expressed the following concerns in its preamble: "The transportation system in Riverside County is rapidly deteriorating and our population and economy are growing rapidly. Maintenance and repairs of existing roadways and improvements to relieve congestion cannot be accomplished with available funds. Without additional funds, the system will bog down and pavement will crumble into permanent disrepair.... Local governments must either generate revenues to expand our system and maintain our investments or watch the system collapse and endanger the health, welfare and safety of all Riverside County residents." 6616375.6'46616375.7 40 The goals of the Expenditure Plan are as follows: (1) Maintain and improve the quality of life in Riverside County by supplementing existing funds for transportation; (2) provide for accountability in the expenditure of taxpayer funds; (3) provide for equity in the distribution of Measure "A" Revenues; and (4) provide for local control of the Transportation Improvement Program. To address the concerns as expressed in the preamble, and to accomplish its goals and policies, the ordinance provided that sales tax revenues be distributed to the specific geographic areas of Riverside County (i.e., Western County, Coachella Valley, and Palo Verde Valley) based on their proportionate share of revenues generated in the County, and that funds be allocated for highway and regional arterial projects, local streets and roads, transit and commuter rail, new corridors and economic development. In the Western County, $370 million is to be used for new corridor projects, $1.020 billion for highway projects, $300 million for regional arterial projects, $390 million for public transit, $970 million for local street and road improvements, $270 million for bond financing costs, and the remaining $40 million for economic development projects. In the Coachella Valley, fifty percent is to be earmarked for its highway and regional arterial system, thirty-five percent for local streets and roads, and the remaining fifteen percent for transit. All Palo Verde Valley funds are designated for the maintenance of local streets and roads. The SR-91 Project and the nii sion's Toll Revenue Debt State Route 91 ("SR-91") is an east -west limited access highway running from Interstate 110 in Los Angeles County at its western end, through Orange County and to the interchange of Interstate 215 and State Route 60 in Riverside County on its eastern end The existing SR-91 cross section generally consists of four general purpose lanes, varying in width from 11 feet to 12 feet, as well as auxiliary lanes in each direction. In Orange County, two tolled express lanes ("OCTA SR-91 Express Lanes") are operated in each direction of SR-91 by the Orange County Transportation Authority. These express lanes transition into one high occupancy vehicle ("HOV") lane in each direction in Riverside County. The Riverside SR-91 Corridor Improvement Project (the "SR-91 Project") will connect with the OCTA SR-91 Express Lanes at the Orange County/Riverside County line using a two-mile long mixing area (allowing vehicles to use either or both sections of the tolled lanes) and continue approximately eight miles to the Interstate 15/SR-91 interchange in Riverside County. The SR-91 Project involves widening pavement on the outside of the existing highway to reposition general purpose lanes and repurposing the existing HOV lane to accommodate two tolled express lanes in the median in each direction, as well as the construction of connectors, ramps, retaining walls and related improvements. On July 2, 2013, the Commission entered into a TIFIA Loan Agreement in the approximate principal amount of $421,054,409 (the "TIFIA Loan") and on July 3, 2013, the Commission issued its Toll Revenue Bonds in the aggregate principal amount of d 6616375.61€616375.7 41 $176,654,601.60 (the "Toll Revenue Bonds") and issued the 2013 Bonds in the aggregate principal amount of $462,200,000. The Commission will apply the proceeds of the Toll Revenue Bonds, the 2013 Bonds and the TIFIA Loan to finance a portion of the costs of the SR-91 Project. The Toll Revenue Bonds and the TIFIA Loan are secured by and payable from Toll Revenues generated by the SR-91 Project. Neither the Toll Revenue Bonds nor the TIFIA Loan are secured by any pledge of Sales Tax Revenues. See "RISK FACTORS — Financial and Operating Risks of the SR-91 Project." Commissioners Section 130053 of the California Public Utilities Code specifies that the Commission consists of five members of the Riverside County Board of Supervisors, one member from each incorporated city in Riverside County (each of whom must be a mayor or member of the City Council) and one non -voting member appointed by the governor of the State The current Commission has 34 members. The role of the Commission is to act as the policy -making board for Riverside County transportation activities. Executive Staff The Commission's key staff members, the position held by each and a brief statement of the background of each staff member are set forth below. Anne Mayer, Executive Director. Anne Mayer was appointed in October 2007 as the Executive Director of the Commission. She is responsible for overall management of the Commission including execution of operational policies and procedures and all personnel decisions. Ms. Mayer joined the Commission in May 2005 as Deputy Executive Director. Prior to joining the Commission, she was the District 8 Director for the California Department of Transportation ("Caltrans"). As District Director, she was responsible for management of the State highway system in San Bernardino and Riverside counties. Ms. Mayer is a Professional Engineer in the State of California with over 30 years of experience in the public works field, working at Caltrans for 14 of those years. Ms. Mayer holds a civil engineering degree from Michigan State University. John Standiford, Deputy Executive Director. In January 2008, John Standiford was appointed as Deputy Executive Director for the Commission. He joined the Commission in 1999 and was the Public Affairs Director prior to his current appointment. Mr. Standiford also served as the Manager of Government and Media Relations for the Orange County Transportation Authority, where he worked for more than seven years. Earlier in his career, Mr. Standiford worked for three state legislators from the Los Angeles area. He received his bachelor's and master's degrees from the University of California, Irvine. Theresia Trevino, Chief Financial Officer. Ms. Trevino joined the Commission as the Chief Financial Officer in January 2004. Ms. Trevino previously worked as Manager of Accounting and Financial Reporting for the Orange County Transportation Authority. She also served as an adjunct professor for governmental accounting and reporting at the University of Redlands. Ms. Trevino's 19-year public accounting career included 16 years with Ernst & Young LLP. As Senior Manager in its Assurance and Advisory Business Services practice 6616375.6'46616375.7 42 serving government clients, she led the development of the Southern California practice and served as a national technical resource. She is a Certified Public Accountant in California and completed the Executive Management Program at the University of California, Riverside. Ms. Trevino received a bachelor of science degree in accounting from Loyola Marymount University with Magna Cum Laude Honors. Cash and Investments As of June 30, 2014 (based on unaudited financial information), the Commission had approximately $958.4 million, at market value, in cash and investments. Such cash and investments were comprised of non -discretionary trust accounts (including sales tax revenue and toll revenue bond proceeds for project costs, capitalized interest, and debt service reserve and debt service principal and interest funds) of approximately $384.1 million and discretionary (operating) accounts of approximately $574.3 million. The non -discretionary trust accounts are primarily invested in fixed income funds. The discretionary accounts were invested, as of June 30, 2014, as follows: Cash and Investments (Discretionary) Percentage of Total Book Value as of June 30, 2014 Riverside County Pooled Investment Fund 92.9% T,ocal Agency Investment Fund 0_6 Bank deposits 6.5 Total 100.0% Debt Management Policy The Commission's Board has adopted a Debt Management Policy with periodic revisions with the most recent revision approved by the Board on April 10, 2013. Since its initial adoption by the Board, the Debt Management Policy has stated that one of the Commission's main objectives in the sale of debt payable from Sales Tax Revenues is to maintain a 2.0x debt service coverage ratio. The Debt Management Policy is always subject to further revision by majority action of the Commissioners. RISK FACTORS Economic Conditions The amount of Sales Tax Revenues collected at any time is directly dependent upon the level of retail sales within the County. During the latter part of 2007 through 2010 the economy of the County was in a recession, as evidenced by a high unemployment rate, a decrease in total personal income and taxable sales, a drop in residential and commercial building permits, a decline in the rate of home sales and the median price of single-family homes and condominiums, an increase in notices of default on mortgage loans secured by homes and condominiums and an increase in foreclosures resulting from such defaults. Sales Tax Revenues have rebounded from the low point in 2010, growing 10.7% in fiscal year 2012-13 and an estimated [5.6]% in fiscal year 2013-14. While the Commission's outlook for fiscal year 2014-15 continues to be cautiously optimistic, a deterioration in economic activity within the 6616375.6'46616375.7 43 County could have a material adverse impact upon the level of Sales Tax Revenues generated. For information relating to economic conditions within the County and the State, see "APPENDIX B — COUNTY DEMOGRAPHIC AND ECONOMIC INFORMATION." Investments The Commission has significant holdings in a broad range of investments. Market fluctuations have affected and will continue to affect materially the value of those investments and those fluctuations may be and historically have been material. Recent market disruptions have exacerbated the market fluctuations, but as a result of stable investments in government securities, the Commission's portfolio has not suffered any major losses with respect to the principal amount of funds invested. The Commission has experienced a reduction in interest income on such investments as a result of current market conditions. The Sales Tax With limited exceptions, the Sales Tax will be imposed upon the same transactions and items subject to the sales tax levied statewide by the State. The State Legislature or the voters within the State, through the initiative process, could change or limit the transactions and items upon which the statewide sales tax and the Sales Tax are imposed. Any such change or limitation could have an adverse impact on the Sales Tax Revenues collected. For a further description of the Sales Tax, see "THE SALES TAX." Increased Internet Use May Reduce Sales Tax Revenues The increasing use of the Internet to conduct electronic commerce may affect the levels of Sales Tax Revenues. Internet sales of physical products by businesses located in the State, and Internet sales of physical products delivered to the State by businesses located outside of the State are generally subject to the Sales Tax. However, the Commission believes that many of these transactions may avoid taxation either through error or deliberate non -reporting and this potentially reduces the amount of Sales Tax Revenues. As a result, the more that the Internet is used to conduct electronic commerce, along with the failure to collect sales taxes on such Internet purchases, the more that the Commission may experience reductions of Sales Tax Revenues. Financial and Operating Risks of the SR-91 Project On July 3, 2013, the Commission issued its $123,825,000 Toll Revenue Senior Lien Bonds 2013 Series A (Current Interest Obligations) and $52,829,601.60 Toll Revenue Senior Lien Bonds 2013 Series B (Capital Appreciation Obligations). The Commission will incurThe Commission has incurred approximately $597,709,011 of senior and subordinate debt payable from and secured by Toll Revenues to finance a portion of the costs of the Riverside SR-91 Corridor Improvement Project (the "SR 91 Project"). The SR 91 Project will connect with the OCTA SR 91 Express Lanes at the Orange County/Riverside County line using a two mile long mixing area (allowing vehicles to use either or both sections of the tolled lanes) and continue approximately eight miles to the Interstate 15/SR 91 interchange in Riverside County, California.Project. See "RIVERSIDE COUNTY TRANSPORTATION COMMISSION — The SR-91 Project and the Commission's Toll Revenue Debt." In addition to its debt service d 6616375.6'46616375.7 44 obligations arising from such SR-91 Project debt, the Commission will have ongoing operation and maintenance expenses as well as certain repair and rehabilitation obligations over the 50-year period following substantial completion of the SR-91 Project. The Commission will also face continued liability as the owner of the SR-91 Project. The SR-91 Project is currently experiencing a construction cost overrun of approximately $95 million. The primary source of funding for such additional costs is Sales Tax Revenues on a pay-as-you-go basis, subordinate to the Commission's obligation to pay Bonds, Parity Obligations, Subordinate Obligations, Liquidity Provider fees and expenses and early termination payments under the Existing Swap Agreements. The Commission has no prior experience with the ownership and operation of an enterprise like the SR-91 Project. While the Commission's financial obligations with respect to the SR-91 Project after substantial completion are limited to Toll Revenues, any financial distress affecting the SR-91 Project may also affect the Commission. The SR-91 Project is not owned by a stand-alone municipal entity that may file for Chapter 9 bankruptcy separately from the Commission. If the SR-91 Project were to experience financial difficulty severe enough to justify protection under the Bankruptcy Code, the Commission would be the entity filing for Chapter 9 bankruptcy. See "Impact of Bankruptcy of the Commission" below. Impact of Bankruptcy of the Commission The Commission may be authorized to file for Chapter 9 municipal bankruptcy under certain circumstances. Should the Commission file for bankruptcy, there could be adverse effects on the holders of the 2009 Bonds. If the Sales Tax Revenues are "special revenues" under the Bankruptcy Code, then Sales Tax Revenues collected after the date of the bankruptcy filing should be subject to the lien of the Indenture. "Special revenues" are defined to include taxes specifically levied to finance one or more projects or systems, excluding receipts from general property, sales, or income taxes levied to finance the general purposes of the governmental entity. The Sales Tax was levied to finance the Expenditure Plan, which includes a number of projects (collectively referred to herein as the "Expenditure Plan Projects"), and some of these Expenditure Plan Projects are described in broad terms. If a court determined that the Sales Tax was levied to finance the general purposes of the Commission, rather than specific projects, then Sales Tax Revenues would not be special revenues. No assurance can be given that a court would not hold that the Sales Tax Revenues are not special revenues or are not subject to the lien of the Indenture. Were the Sales Tax Revenues determined not to be "special revenues," then Sales Tax Revenues collected after the commencement of a bankruptcy case would likely not be subject to the lien of the Indenture. The holders of the 2009 Bonds may not be able to assert a claim against any property of the Commission other than the Sales Tax Revenues, and were these amounts no longer subject to the lien of the Indenture following commencement of a bankruptcy case, then there could thereafter be no amounts from which the holders of the 2009 Bonds are entitled to be paid. The Bankruptcy Code provides that special revenues can be applied to necessary operating expenses of the project or system from which the special revenues are derived, before they are applied to other obligations. This rule applies regardless of the provisions of the 6616375.6'46616375.7 45 transaction documents. The law is not clear as to whether, or to what extent, Sales Tax Revenues would be considered to be "derived" from the Expenditure Plan Projects. To the extent that Sales Tax Revenues are determined to be derived from the Expenditure Plan Projects, the Commission may be able to use Sales Tax Revenues to pay necessary operating expenses of the Expenditure Plan Projects, before the remaining Sales Tax Revenues are turned over to the Trustee to pay amounts owed to the holders of the 2009 Bonds. It is not clear precisely which expenses would constitute necessary operating expenses. If the Commission is in bankruptcy, the parties (including the holders of the 2009 Bonds) may be prohibited from taking any action to collect any amount from the Commission or to enforce any obligation of the Commission, unless the permission of the bankruptcy court is obtained. These restrictions may also prevent the Trustee from making payments to the holders of the 2009 Bonds from funds in the Trustee's possession. The procedure pursuant to which Sales Tax Revenues are paid directly by the Board of Equalization to the Trustee may no longer be enforceable, and the Commission may be able to require the Board of Equalization to pay Sales Tax Revenues directly to the Commission. The Commission as a debtor in bankruptcy may be able to borrow additional money that is secured by a lien on any of its property (including Sales Tax Revenues), which lien could have priority over the lien of the Indenture, or to cause some Sales Tax Revenues to be released to it, free and clear of lien of the Indenture, in each case provided that the bankruptcy court determines that the rights of the Trustee and the holders of the 2009 Bonds will be adequately protected. The Commission may also be able, without the consent and over the objection of the Trustee and the holders of the 2009 Bonds, to alter the priority, interest rate, payment terms, collateral, maturity dates, payment sources, covenants (including tax -related covenants), and other terms or provisions of the Indenture and the 2009 Bonds, provided that the bankruptcy court determines that the alterations are "fair and equitable." There may be delays in payments on the 2009 Bonds while the court considers any of these issues. There may be other possible effects of a bankruptcy of the Commission that could result in delays or reductions in payments on the 2009 Bonds, or result in losses to the holders of the 2009 Bonds. Regardless of any specific adverse determinations in a Commission bankruptcy proceeding, the fact of a Commission bankruptcy proceeding could have an adverse effect on the liquidity and value of the 2009 Bonds. Reduction in Subsidy Payments The 2010 Series B Bonds have been designated by the Commission as "Build America Bonds" that are "qualified bonds" under the Stimulus Act. The Trustee is to receive on the Commission's behalf Subsidy Payments from the United States Treasury equal to 35% of the interest payable on the 2010 Series B Bonds, and 45% of the interest payable on such 2010 Series B Bonds that have been additionally designated as "Recovery Zone Economic Development Bonds." The amount of any Subsidy Payments to be received in connection with the 2010 Series B Bonds is subject to legislative changes by the United States Congress. Further, Subsidy Payments will only be paid if the 2010 Series B Bonds continue to qualify as Build America Bonds or Recovery Zone Economic Development Bonds. For the 2010 Series B Bonds to be and remain Build America Bonds or Recovery Zone Economic Development Bonds, the Commission 6616375.6'46616375.7 46 must comply with certain covenants and establish certain facts and expectations with respect to the 2010 Series B Bonds, the use and investment of proceeds thereof and the use of property financed thereby. Thus, it is possible that the Commission may not receive the Subsidy Payments. Subsidy Payments are also subject to offset against amounts that may, for unrelated reasons, be owed by the Commission to any agency of the United States of America. On March 1, 2013, the federal government announced the implementation of certain automatic spending cuts known as the sequester. Subsidy payments for "qualified bonds" issued pursuant to the Stimulus Act, including the Subsidy Payments for the 2010 Series B Bonds, will be reduced by 7.2% (or $214,712) for the federal fiscal year ending September 30, 2014 unless Congressional action changes the reduction percentage. Existing federal law does not affect payments for future years, although under the Budget Control Act of 2011 there could be additional reductions in future years through and including federal fiscal year 2021. Under the Indenture, Subsidy Payments are treated as an offset to Debt Service, but the Commission remains obligated to make all payments of Debt Service on the Bonds from Revenues regardless of whether it receives the full amount of the Subsidy Payments. The Commission does not believe that failure to receive all or any portion of the Subsidy Payments, due to the sequester or other causes, will have a material adverse effect on the Commission's ability to pay Debt Service on the 2010 Series B Bonds or any other Bonds. Limitations of the Liquidity Facilities The ability to obtain funds under a Liquidity Facility in accordance with its terms may be limited by federal or State law. Bankruptcy, conservatorship, receivership and similar laws governing financial institutions or any issuer of a Liquidity Facility may prevent or restrict payment under such Liquidity Facility. To the extent the short-term rating on any Series of the 2009 Bonds depends in any manner on the rating of the Liquidity Provider, the short-term ratings on such Series of 2009 Bonds could be downgraded or withdrawn if the Liquidity Provider were to be downgraded, placed on credit watch or have its ratings suspended or withdrawn or were to refuse to perform under its Liquidity Facility. The obligation of the Liquidity Provider under each Liquidity Facility to purchase unremarketed 2009 Bonds of a Series is subject to the conditions and limitations set forth therein, and is also subject to all rights and defenses available to contracting parties generally. The Liquidity Facilities are not a guaranty to pay the purchase price of any Series of 2009 Bonds tendered for purchase. Each Liquidity Facility is a general contract, subject to certain conditions and limitations, and is not a letter of credit. Purchasers of any 2009 Bonds should consult their legal counsel for an explanation of the differences between a general contract and a letter of credit or guaranty. The following is included as a summary of selected differences and does not purport to be complete or definitive. In general, a letter of credit is an independent, special contract by a bank to pay a third party such as a bond trustee holding the letter of credit for the benefit of owners of such bonds. Banks are required by law to honor their letters of credit except in specified circumstances. If a dispute were to develop between a bank and its borrower, except in limited circumstances, the dispute should not jeopardize payment under the letter of credit because (a) the letter of credit 6616375.6'46616375.7 47 would be independent of the disputed contract between the borrower and the bank and (b) the beneficiary of the letter of credit (typically, the bond trustee) would have direct rights under the letter of credit. Further, and although there are defenses to payment of letters of credit, such defenses are limited by law to specified circumstances. In contrast, a standby bond purchase agreement, such as a Liquidity Facility, is merely a general contract. No law expressly requires performance of the contract, although the non -breaching party would be entitled to allowable damages if there were a breach of contract. Although the Trustee is authorized to draw funds in accordance with each Liquidity Facility, the Liquidity Provider has no independent obligation to the Trustee. If a dispute were to develop, the Liquidity Provider will have all defenses allowed at law or in equity to its payment under or other performance of such Liquidity Facility, including but not limited to disputes (whether valid or not) regarding the authority of any party to enter into or perform under such Liquidity Facility. In general, the provider of a standby bond purchase agreement has more defenses against performance than the provider of a letter of credit. The Liquidity Provider or the Commission may seek to have any future dispute resolved in court and appealed to final judgment before it performs under a Liquidity Facility. Further, even if the Commission were to prevail against the Liquidity Provider, a court would not necessarily order the Liquidity Provider to perform under the applicable Liquidity Facility; it could instead award damages for breach of contract to the Commission. Any such award would not necessarily be in an amount sufficient to pay the purchase price of the applicable Series of 2009 Bonds. No Acceleration Provision except for Liquidity Facility Bonds The Indenture does not contain a provision allowing for acceleration of the 2009 Bonds in the event of a default in the payment of principal of and interest on the 2009 Bonds when due; however, Liquidity Facility Bonds are subject to acceleration as set forth in the related Liquidity Facility. Upon a default by the Commission, each Holder of a 2009 Bond will have the rights to exercise the remedies set forth in the Indenture, subject to the limitations thereon. Liquidity Facility Bonds are secured by Sales Tax Revenues on a parity with the Bonds. See "APPENDIX C — SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE." Loss of Tax Exemption As discussed under "TAX MATTERS," interest on the 2009 Bonds could become includable in federal gross income, possibly from the date of issuance of the 2009 Bonds, as a result of acts or omissions of the Commission subsequent to the issuance of the 2009 Bonds. Should interest become includable in federal gross income, the 2009 Bonds are not subject to mandatory redemption by reason thereof and may remain outstanding until maturity. Proposition 218 On November 5, 1996, voters in the State approved an initiative known as the Right to Vote on Taxes Act ("Proposition 218"). Proposition 218 added Articles XIIIC and XIIID to the California Constitution. Article XIIIC requires majority voter approval for the imposition, extension or increase of general taxes and two-thirds voter approval for the imposition, extension 6616375.6±(616375.7 48 or increase of special taxes by a local government, which is defined to include local or regional governmental agencies such as the Commission. The Sales Tax was approved by more than two-thirds of the voters in Riverside County and is therefore in compliance with the requirements of Proposition 218. Article XIIIC also removes limitations that may have applied to the voter initiative power with regard to reducing or repealing previously authorized local taxes, even previously voter -approved taxes like the Sales Tax. In the view of the Commission, however, any attempt by the voters to use the initiative provisions of Proposition 218 to rescind or reduce the levy and collection of the Sales Tax in a manner which would prevent the payment of debt service on the 2009 Bonds, would violate the Contracts Clause of the United States Constitution and, accordingly, would be precluded. The interpretation and application of Proposition 218 will ultimately be determined by the courts. Further Initiatives Proposition 218 was adopted as a measure that qualified for the ballot pursuant to California's initiative process. From time to time other initiative measures could be adopted, which may affect the Commission's ability to levy and collect the Sales Tax, or change the types of transactions or items subject to a Sales Tax. FINANCIAL STATEMENTS The financial statements of the Commission for the Fiscal Year ended June 30, 2013, included in APPENDIX A of this Remarketing Memorandum, have been audited by McGladrey LLP, certified public accountants, as stated in its report therein. McGladrey LLP, our independent auditor, has not been engaged to perform, and has not performed, since the date of its report included in APPENDIX A, any procedures on the financial statements addressed in that report. McGladrey LLP also has not performed any procedures relating to this Remarketing Memorandum. LITIGATION There is not now pending any litigation restraining or enjoining the imposition or collection of the Sales Tax, the implementation of the Expenditure Plan, the construction or operation of the SR-91 Project or the issuance or delivery of the 2009 Bonds or questioning or affecting the validity of the 2009 Bonds or the proceedings and authority under which they were issued. Neither the creation, organization or existence of the Commission, nor the title of the present members of the Commission or its officers to their respective offices, is being contested. TAX MATTERS On the date of original issuance and delivery of the 2009 Bonds, Orrick, Herrington & Sutcliffe LLP, rendered its opinion that based upon an analysis of existing laws, regulations, rulings, and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the 2009 Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 (the "Code") and is exempt from State personal income taxes. It was the further opinion of Orrick, Herrington & Sutcliffe LLP that interest on the 2009 Bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes. d 6616375.6'46616375.7 49 Orrick, Herrington & Sutcliffe LLP expressed no opinion as to whether some or all interest on the 2009 Bonds is included in adjusted current earnings when calculating corporate alternative minimum taxable income. A complete copy of such opinion is attached as APPENDIX E hereto. Such opinion will not be updated inIn connection with the substitution of liquidity facilities and remarketing of the 2009 Bonds hereunder and , Bond Counsel will deliver its opinion that such substitution will not, in and of itself, adversely affect the tax-exempt status of the 2009 Bonds. Orrick, Herrington & Sutcliffe LLP is not rendering any opinion on the current tax status of the 2009 Bonds. 2009 Bonds purchased, whether at original issuance or otherwise, for an amount higher than their principal amount payable at maturity (or, in some cases, at their earlier call date) ("Premium Bonds") will be treated as having amortizable bond premium. No deduction is allowable for the amortizable bond premium in the case of bonds the interest on which is excluded from gross income for federal income tax purposes. However, the amount of tax-exempt interest received, if any, and a Beneficial Owner's basis in a Premium Bond, will be reduced by the amount of amortizable bond premium properly allocable to such Beneficial Owner. Beneficial Owners of Premium Bonds should consult their own tax advisors with respect to the proper treatment of amortizable bond premium in their particular circumstances. The Code imposes various restrictions, conditions and requirements relating to the exclusion from gross income for federal income tax purposes of interest on obligations such as the 2009 Bonds. The Commission made certain representations and covenanted to comply with certain restrictions, conditions and requirements designed to ensure that interest on the 2009 Bonds will not be included in federal gross income. Inaccuracy of these representations or failure to comply or to have complied with these covenants may result in interest on the 2009 Bonds being included in gross income for federal income tax purposes, possibly from the date of original issuance of the 2009 Bonds. The opinion of Orrick, Herrington & Sutcliffe LLP assumed the accuracy of these representations and compliance with these covenants. Orrick, Herrington & Sutcliffe LLP has not undertaken to determine (or to inform any person) whether any actions taken (or not taken), or events occurring (or not occurring), or any other matters coming to Orrick, Herrington & Sutcliffe LLP's attention after the date of issuance of the 2009 Bonds has adversely affected or may in the future adversely affect the value of, or the tax status of interest on, the 2009 Bonds. Accordingly, the opinion of Orrick, Herrington & Sutcliffe LLP was not intended to, and may not, be relied upon in connection with any such actions, events or matters. Although Orrick, Herrington & Sutcliffe LLP wasrendered its opinion at the original issuance of the epiiiien2009 Bonds that interest on the 2009 Bonds is excluded from gross income for federal income tax purposes and is exempt from State of California personal income taxes, the ownership or disposition of, or the accrual or receipt of amounts treated as interest on, the 2009 Bonds may otherwise affect a Beneficial Owner's federal, state or local tax liability. The nature and extent of these other tax consequences depends upon the particular tax status of the Beneficial Owner or the Beneficial Owner's other items of income or deduction. Orrick, Herrington & Sutcliffe LLP expressedexpresses no opinion regarding any such other tax consequences. 6616375.6'46616375.7 50 LegislativeCurrent and future legislative proposals, if enacted into law, clarification of the Code or court decisions subsequent to the date of original issuance and delivery of the 2009 Bonds, may cause or have caused interest on the 2009 Bonds to be subject, directly or indirectly, in whole or in part, to federal income taxation or to be subject to or exempted from state income taxation, or otherwise prevent Beneficial Owners from realizing the full current benefit of the tax status of such interest For example, Representative Dave Camp, Chair of the House Ways and Means Committee, released draft legislation that would subject interest on the 2009 Bonds to a federal income tax at an effective rate of 10% or more for individuals, trusts, and estates in the highest tax bracket, and the Obama Administration proposed legislation that would limit the exclusion from gross income of interest on the 2009 Bonds to some extent for high -income individuals. The introduction or enactment of any such legislative proposals; clarification of the Code or court decisions subsequent to the date of original issuance and delivery of the 2009 Bonds, may also affect or have affected, perhaps significantly. the market price for, or marketability of, the 2009 Bonds. Prospective purchasers of the 2009 Bonds should consult their own tax advisors regarding the potential impact of annending or rnosed federal or state tax legislation, regulations or litigation that are pending or proposed or that occurred or were acted subsequent to the date of original issuance and delivery of the 2009 Bonds, as to which Orrick, Herrington & Sutcliffe LLP expressed, as to which Bond Counsel expresses no opinion. The opinion of Orrick, Herrington & Sutcliffe LLP was based on current legal authority as of the date of original issuance and delivery of the 2009 Bonds, covered certain matters not directly addressed by such authorities, and represented Orrick, Herrington & Sutcliffe LLP's judgment as to the proper treatment of the 2009 Bonds for federal income tax purposes. It was and is not binding on the Internal Revenue Service ("IRS") or the courts. Furthermore, Orrick, Herrington & Sutcliffe LLP could not give and has not given any opinion or assurance about the activities of the Commission subsequent to the date of original issuance and delivery of the 2009 Bonds or about the effect of changes in the Code, the applicable regulations, the interpretation thereof or the enforcement thereof by the IRS subsequent to such date. On the date of original issuance and delivery of the 2009 Bonds, however, the Commission covenanted to comply with the requirements of the Code. Orrick, Herrington & Sutcliffe LLP is not obligated to defend the Commission or the Beneficial Owners regarding the tax-exempt status of the 2009 Bonds in the event of an audit examination by the IRS. Under current procedures, parties other than the Commission and their appointed counsel, including the Beneficial Owners, would have little, if any, right to participate in the audit examination process. Moreover, because achieving judicial review in connection with an audit examination of tax-exempt bonds is difficult, obtaining an independent review of IRS positions with which the Commission legitimately disagrees, may not be practicable. Any action of the IRS, including but not limited to selection of the 2009 Bonds for audit, or the course or result of such audit, or an audit of bonds presenting similar tax issues may affect the market price for, or the marketability of, the 2009 Bonds, and may cause the Commission or the Beneficial Owners to incur significant expense. CERTAIN LEGAL MATTERS On the original date of execution and delivery of the 2009 Bonds, Orrick, Herrington & Sutcliffe LLP, rendered its opinion as to the validity and enforceability of the 2009 Bonds. The 6616375.6'46616375.7 51 opinion of Orrick, Herrington & Sutcliffe LLP has not been updated as of the date of this Remarketing Memorandum. A complete copy of the opinion of Orrick, Herrington & Sutcliffe LLP delivered in connection with the original issuance of the 2009 Bonds is attached as APPENDIX E hereto. Orrick, Herrington & Sutcliffe LLP is currently serving as Bond Counsel to the Commission. Bond Counsel undertakes no responsibility for the accuracy, completeness or fairness of this Remarketing Memorandum. Fulbright & Jaworski LLP, a member of Norton Rose Fulbright, is currently serving as Disclosure Counsel to the Commission Chapman and Cutler LLP is currently serving as counsel to the Liquidity Provider. Nixon Peabody LLP is currently serving as counsel to the Remarketing Agents. RATINGS Moody's Investors Service, Inc., Standard & Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc., and Fitch Ratings have assigned each Series of the 2009 Bonds the long-term municipal bond credit ratings of ",Aa2," "" and "," respectively, and the short-term ratings of " ,VMIG 1," " " and " ," respectively, based on the Liquidity Facilities. Each such rating should be evaluated independently of any other rating. Such ratings reflect only the views of such organizations and any desired explanation of the significance of such ratings should be obtained from the rating agency furnishing the same. The ratings described above do not constitute a recommendation to buy, sell or hold the 2009 Bonds. The Commission has furnished to the rating agencies certain information respecting the 2009 Bonds and the Commission. Generally, rating agencies base their ratings on such information and materials and their own investigations, studies and assumptions. The ratings are subject to revision, suspension or withdrawal at any time by the rating agencies, and there is no assurance that the ratings will continue for any period of time or that they will not be lowered or withdrawn. The Commission and the Remarketing Agents undertake no responsibility to oppose any such revision, suspension or withdrawal. Any downward revision, suspension or withdrawal of any rating may have an adverse effect on the market price of the 2009 Bonds or the ability to remarket the 2009 Bonds. REMARKETING AGENTS For the remarketing of the 2009 Bonds following their mandatory tender in connection with the replacement of the prior liquidity facilities on September 18, 2014, (i) Stifel, Nicolaus & Company, Incorporated iswill be serving as Remarketing Agent for the 2009 Series A Bonds—= and (ii) Barclays Capital Inc. (swill be serving as Remarketing Agent for the 2009 Series B Bonds and the 2009 Series C Bonds. Each Remarketing Agent carries out the duties and obligations provided for such Remarketing Agent under and in accordance with the provisions of the Indenture and the related Remarketing Agreement, each dated as of September 1, 2014, by and between the Commission and the applicable Remarketing Agent. See "SPECIAL CONSIDERATIONS RELATING TO THE 2009 BONDS SUBJECT TO OPTIONAL TENDER AND REMARKETING" herein. d 6616375.6'46616375.7 52 FINANCIAL ADVISOR The Commission has retained Fieldman, Rolapp & Associates, Irvine, California, as Financial Advisor in connection with the remarketing of the 2009 Bonds. The Financial Advisor is not obligated to undertake, and has not undertaken to make, an independent verification or assume responsibility for the accuracy, completeness or fairness of the information contained in this Remarketing Memorandum. The Financial Advisor is an independent registered municipal advisory firm and is not engaged in the business of underwriting, trading or distributing municipal securities or other public securities. CONTINUING DISCLOSURE The Commission has executed the Continuing Disclosure Agreement and agreed therein for the benefit of the beneficial owners of the 2009 Bonds to provide certain financial information and operating data relating to the Commission and the Sales Tax by not later than nine months after the end of the Commission's prior fiscal year (the "Annual Reports"), and to provide notices of the occurrence of certain enumerated events (the "Listed Events"). The Annual Reports and notices of Listed Events will be filed with the MSRB. See "APPENDIX F — FORM OF CONTINUING DISCLOSURE UNDERTAKING." MISCELLANEOUS The references herein to the Act and the Indenture are brief outlines of certain provisions thereof. Such outlines do not purport to be complete and for full and complete statements of such provisions reference is made to said documents or the Act, as the case may be. Copies of the documents mentioned under this heading are available for inspection at the Commission and following delivery of the 2009 Bonds will be on file at the offices of the Trustee in Los Angeles, California. References are made herein to certain documents and reports which are brief summaries thereof which do not purport to be complete or definitive. Reference is made to such documents and reports for full and complete statements of the content thereof. Any statement in this Remarketing Memorandum involving matters of opinion, whether or not expressly so stated, are intended as such and not as representations of fact. This Remarketing Memorandum is not to be construed as a contract or agreement between the Commission and the purchasers or Holders of any of the 2009 Bonds. The execution and delivery of this Remarketing Memorandum has been duly authorized by the Commission. d 6616375.6'46616375.7 RIVERSIDE COUNTY TRANSPORTATION COMMISSION By: /s/ Anne Mayer Executive Director 53 APPENDIX A COMMISSION AUDITED FINANCIAL STATEMENTS FOR FISCAL YEAR ENDED JUNE 30, 2013 6616375.6'46616375.7 A- 1 APPENDIX B COUNTY DEMOGRAPHIC AND ECONOMIC INFORMATION Set forth below is certain demographic and economic information with respect to the County of Riverside (the "County"). Such information is provided as general information and has been obtained from sources that the Commission believes to be reliable, but the Commission makes no representation as to the accuracy or completeness of the information included. The weakness of the economy at the County, State and national levels may not be reflected in the data presented below, as more recent information has not been made available to the Commission. The County was organized in 1893 from territory in San Bernardino and San Diego Counties and encompasses 7,177 square miles. The County is bordered on the north by San Bernardino County, on the east by the State of Arizona, on the south by San Diego and imperial Counties and on the west by Orange and San Bernardino Counties. The County is the fourth largest county (by area) in the State and stretches 185 miles from the Arizona border to within 20 miles of the Pacific Ocean. There are 28 incorporated cities in the County. In its 120 years of existence, the County's economy has diversified and prospered. Originally, the County was a very agricultural area, known for a variety of crops grown on its fertile soils. The County remains a strong agricultural area, but it is increasingly becoming a leader in manufacturing, transportation, construction, and tourism. Population The County has experienced a long period of growth and development. It is currently the eleventh most populous county in the United States, and fourth largest in the State. Total population for the County is expected to be over three million by the year 2030. The County's population as of January 1, 2014 is estimated to be 2,279,967 people. The estimated population of the County is approximately 47.5% greater than the 2000 population, representing an average annual compound growth rate of 2.63%. 6616375.6'46616375.7 B- 1 The following table sets forth annual population figures as of January 1 of each year for cities located within the County for each of the years listed: COUNTY OF RIVERSIDE POPULATION OF CITIES WITHIN THE COUNTY0) (As of January 1) CITY 2010 2011 2012 2013 2014 Banning 29,603 29,723 30,051 30,177 30,325 Beaumont 36,877 38,034 38,966 39,787 40,876 Blythe 20,817 20,063 20,440 19,609 18,992 Calimesa 7,879 7,910 8,022 8,096 8,231 Canyon Lake 10,561 10,606 10,721 10,771 10,826 Cathedral City 51,200 51,400 52,108 52,350 52,595 Coachella 40,704 41,339 42,030 42,795 43,633 Corona 152,374 153,047 154,985 156,864 159,132 Desert Hot Springs 25,938 27,277 27,721 27,835 28,001 Eastvale - 54,090 55,770 57,266 59,185 Hemet 78,657 79,309 80,329 80,899 81,537 Indian Wells 4,958 4,990 5,050 5,083 5,137 Indio 76,036 76,817 78,298 81,415 81,398 Jurupa Valley - - 96,745 97,272 97,774 Lake Elsinore 51,821 52,294 53,183 55,444 56,718 La Quinta 37,467 37,688 38,190 38,412 39,032 Menifee 77,519 79,139 80,831 82,314 83,716 Moreno Valley 193,365 194,451 197,086 198,183 199,258 Murrieta 103,466 104,051 105,300 105,860 106,425 Norco 27,063 26,968 27,123 26,632 26,582 Palm Desert 48,445 48,920 49,619 49,962 50,417 Palm Springs 44,552 44,829 45,414 45,752 46,135 Perris 68,386 69,506 70,391 70,983 72,103 Rancho Mirage 17,218 17,399 17,556 17,643 17,745 Riverside 303,871 306,069 309,407 312,035 314,034 San Jacinto 44,199 44,421 44,937 45,229 45,563 Temecula 100,097 101,255 103,403 104,907 106,289 Wildomar 32,176 32,414 32,818 33,182 33,718 County -wide 2,189,641 2,205,731 2,234,193 2,255,653 2,279,967 California 37,253,956 37,427,946 37,668,804 37,984,138 38,340,074 Source: U.S. Census Bureau for 2010, State Department of Finance, Demographic Research Unit for 2009 (with 2000 DRU Benchmark) and 2011-14 (with 2010 DRU Benchmark) . 0) Includes the City of Eastvale, which was incorporated in October 2010, and the City of Jurupa Valley, which was incorporated in July 2011. 6616375.61E616375.7 B- 2 Personal Income The following tables show the per capita personal income for the County, the State of California and the United States from 2005 through 2013. PER CAPITA PERSONAL INCOME0) County of Riverside, State of California, and United States 2005-2013 County of Year Riverside California United States 2005 $28,873 $38,969 $35,888 2006 30,309 41,627 38,127 2007 30,871 43,157 39,804 2008 30,808 43,609 40,873 2009 29,433 41,569 39,357 2010 29,563 42,297 40,163 2011 31,074 44,666 42,298 2012 31,742 46,477 43,735 2013 33,163 47,401 44,543 0) Per capita personal income is the total personal income divided by the total mid -year population estimates of the U.S. Bureau of the Census. All dollar estimates are in current dollars (not adjusted for inflation). Source: U.S. Department of Commerce, Bureau of Economic Analysis. 6616375.6±(616375.7 B- 3 Industry and Employment The County is a part of the Riverside -San Bernardino -Ontario Metropolitan Statistical Area ("MSA"), which includes all of Riverside and San Bernardino Counties. The following table sets forth the annual average employment by industry for the MSA. INDUSTRY RIVERSIDE-SAN BERNARDINO-ONTARIO MSA ANNUAL AVERAGE EMPLOYMENT (In Thousands) 2009 2010 2011 2012 2013 Agriculture 14.9 15.0 14.8 15.0 14.6 Construction 67.9 59.7 59.1 62.6 69.2 Financial Activities 42.5 41.0 40.4 40.8 42.0 Government 235.2 234.3 225.2 224.6 225.0 Manufacturing 88.8 85.1 85.5 86.7 86.8 Mining 1.1 1.0 1.1 1.2 1.2 Retail Trade 156.2 155.5 160.5 162.3 164.8 Professional and Business Services 125.1 123.4 126.6 127.1 132.6 Educational and Health Services 155.0 154.0 157.6 167.2 182.0 Leisure and Hospitality 123.8 122.8 128.2 129.3 136.2 Other Services 37.3 38.2 40.1 40.1 40.8 Transportation, Warehousing and Utilities 66.8 66.6 69.9 73.8 78.6 Wholesale Trade 48.9 48.6 50.6 52.1 56.0 Information 14.1 14.0 11.7 11.5 11.3 TOTAL(1) 1,117.6 1,159.3 1,162.2 1,194.2 1,241.0 Source: State Employment Development Department, Labor Market Information Division. (l) The employment figures by industry which are shown above are not directly comparable to the "Total, All Industries" employment figures due to rounded data. 6616375.646616375.7 B- 4 The following tables show the largest employers located in the County as of Fiscal Year ended June 30, 2013. Ran k 1. 2. Name of Business County of Riverside March Air Reserve Base LARGEST EMPLOYERS County of Riverside 2013 3. Stater Bros. Markets 4. Walmart 5. University of California, Riverside 6. Riverside Unified School District 7. Corona -Norco Unified School District 8. Kaiser Permanente Riverside Med. Center 9. Moreno Valley Unified School District 10. Hemet Unified School District Type of Business County Government Military Reserve Base Supermarkets Retail University School District School District Medical Center School District School District Employees 18,728 9,000 % of County Employment 2.23% 1.07 6,900 0.82 5,681 0.68 5,497 0.65 5,000 0.60 4,633 0.55 4,500 0.54 3,355 0.40 3,270 0.39 Source: County of Riverside `Comprehensive Annual Financial Report' for year ending June 30, 2013. Unemployment statistics for the County, the State and the United States are set forth in the following table. COUNTY OF RIVERSIDE COUNTY, STATE AND NATIONAL UNEMPLOYMENT DATA County(1) California(') United States 2009 2010 2011 2012 13.4% 11.3 9.3 14.5% 12.4 9.6 13.6% 11.7 8.9 12.2% 10.5 8.1 July 2013 2014 10.3% 8.9 7.5 9.5% 7.8 6.5 Source: State of California Employment Development Department Labor Market Information Division; U.S. Bureau of Labor Statistics. 0) Data is not seasonally adjusted. The unemployment data for the County and the State is calculated using unrounded data. Commercial Activity Commercial activity is an important factor in the County's economy. Much of the County's commercial activity is concentrated in central business districts or small neighborhood commercial centers in cities. There are five regional shopping malls in the County: Galleria at 6616375.646616375.7 B- 5 Tyler (Riverside), Hemet Valley Mall, Westfield Palm Desert Shopping Center, Moreno Valley Mall, and The Promenade in Temecula. There are also two factory outlet malls (Desert Hills Factory Stores and Lake Elsinore Outlet Center) and over 200 area centers in the County. Taxable Sales Transactions The following table shows the recent history of taxable transactions in the County. Year 2005 2006 2007 2008 2009 2010 2011 2012 Retail Permits 22,691 23,322 22,918 23,604 29,829 32,534 33,398 34,683 TAXABLE SALES County of Riverside (Dollars in Thousands) Retail Stores Taxable Transactions $20,839,212 21,842,345 21,242,516 18,689,249 16,057,488 16,919,500 18,576,285 20,016,668 Total Permits 44,222 43,672 45,279 46,272 42,765 45,688 46,886 48,316 Total Outlets Taxable Transactions $28,256,491 29,816,237 29,023,609 26,003,595 22,227,877 23,152,780 25,641,497 28,096,009 Note: In 2009, retail permits expanded to include permits for food services. 2013 figures unavailable. Source: "Taxable Sales in California (Sales & Use Tax)," California Board of Equalization. Building and Real Estate Activity The following tables provide summaries of the building permit valuations and the number of new dwelling units authorized in the County from 2009 through 2013. Valuation ($000): Residential Non-residential Total Residential Units: Single family Multiple family Total BUILDING PERMIT VALUATIONS County of Riverside 2009-2013 (Dollars in thousands) 2009 2010 2011 2012 2013 $1,053,694 $1,079,637 $873,411 $885,473 $1,375,593 376,819 539,379 559,398 526,369 873,977 $1,430,513 $1,619,016 $1,432,809 $1,411,842 $2,249,570 3,431 4,031 2,659 2,981 4,716 759 526 1061 560 1,427 4,190 4,557 3,720 3,541 6,143 Note: Totals may not add to sums because of rounding. Source: California Homebuilding Foundation/Construction Industry Research Board. ,16616375.6 46616375.7 B- 6 The following table sets forth a comparison of median housing prices for Los Angeles County, Riverside County and Southern California as of May 2013 and May 2014. COUNTY OF RIVERSIDE COMPARISON OF MEDIAN HOUSING PRICES County of Riverside Los Angeles County Southern California(') July July Percent 2013 2014 Change $291,000 457,250 413,000 $265,000 429,000 385,000 9.81% 6.59 7.30 Source: MDA DataQuick Information Systems. (l) Southern California comprises Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura Counties. The following table sets forth a comparison of home and condominium foreclosures recorded in Los Angeles County, Riverside County, San Bernardino County and Southern California for the years indicated. COUNTY OF RIVERSIDE COMPARISON OF HOME FORECLOSURES Year Los Angeles 2008 35,366 2009 29,943 2010 26,817 2011 25,597 2012 15,298 2013 Riverside 32,443 25,309 20,586 17,383 10,707 San Bernardino 23,601 19,560 16,735 14,154 9,270 Southern_ Californiao) 125,117 100,106 86,797 77,105 47,442 16,576 Source: MDA DataQuick Information Systems. (I) Southern California comprises Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura Counties. Agriculture Agriculture remains an important source of income in the County. Principal agricultural products are: nursery, milk, table grapes, eggs, avocados, grapefruit, alfalfa, bell peppers, dates, and lemons. Four areas in the County account for the major portion of agricultural activity: the Riverside/Corona and San Jacinto/Temecula Valley Districts in the western portion of the County, the Coachella Valley in the central portion and the Palo Verde Valley near the County's eastern border. The value of agricultural production in the County for the years 2008 through 2012 is set forth in the following table. '16616375.61E616375.7 B- 7 Citrus Fruits Trees and Vines Vegetables, Melons, Misc. Field and Seed Crops Nursery Apiculture Aquaculture Products Total Crop Valuation Livestock and Poultry Valuation Grand Total COUNTY OF RIVERSIDE VALUE OF AGRICULTURAL PRODUCTION 2008 $ 135,759,000 173,678,000 266,414,900 123,545,400 230,416,200 5,637,000 12,077,700 $ 947,529,000 321,060,900 $1,268,589,900 2009 $ 101,652,000 191,682,600 221,286,700 69,699,800 206,499,900 5,017,600 5,243,900 $ 801,082,500 214,672,800 $1,015,755,300 Source: Riverside County Agricultural Commissioner. (l) Most recent year for which data is available. Transportation 2010 $ 140,501,000 164,994,000 292,002,200 81,328,300 169,341,300 4,631,700 4,921,700 $ 857,720,200 235,926,300 $1,093,646,500 2011 $ 119,942,513 232,649,262 278,628,295 149,198,052 200,154,964 4,844,400 4,808,250 $ 990,225,736 292,030,380 $1,282,256,116 20120) $ 125,684,390 217,073,170 286,172,478 147,185,665 190,878,100 4,983,400 4,204,750 $ 976,181,953 276,548,118 $1,252,730,071 Several major freeways and highways provide access between the County and all parts of Southern California. The Riverside Freeway (State Route 91) extends southwest through Corona and connects with the Orange County freeway network in Buena Park. Interstate 10 traverses the width of the County, the western -most portion of which links up with major cities and freeways in the southern part of San Bernardino County with the eastern part linking to the County's Desert cities and Arizona. Interstates 15 and 215 extend north and then east to Las Vegas, and south to San Diego. State Route 60 provides an alternate (to Interstate 10) east -west link to Los Angeles County. Currently, Metrolink provides commuter rail service to Los Angeles, San Bernardino and Orange Counties from several stations in the County. Transcontinental passenger rail service is provided by Amtrak with stops in Riverside and Indio. Freight service to major west coast and national markets is provided by two transcontinental railroads — Union Pacific Railroad and the BNSF Railway. Truck service is provided by several common carriers, making available overnight delivery service to major California cities. Transcontinental bus service is provided by Greyhound Lines. Intercounty, intercity and local bus service is provided by the Riverside Transit Agency to western County cities and communities. There are also four municipal transit operators in the western County providing services within the cities of Banning, Beaumont, Corona and Riverside. The SunLine Transit Agency provides local bus service throughout the Coachella Valley, including the cities of Palm Springs and Indio. The Palo Verde Valley Transit Agency provides service in the far eastern portion of the County (City of Blythe and surrounding communities). The County seat, located in the City of Riverside, is within 20 miles of the Ontario International Airport in neighboring San Bernardino County. This airport is operated by the Los Angeles Department of Airports. Four major airlines schedule commercial flight service at Palm Springs Regional Airport. County -operated general aviation airports include those in Thermal, 6616375.6'46616375.7 B- 8 Hemet, Blythe and French Valley. The cities of Riverside, Corona and Banning also operate general aviation airports. There is a military base at March Air Reserve Base, which converted from an active duty base to a reserve -only base on April 1, 1996. Plans for joint military and civilian use of the base thereafter are presently being formulated by the March AFB Joint Powers Authority, comprised of the County and the Cities of Riverside, Moreno Valley and Perris. Education There are four elementary school districts, one high school district, eighteen unified (K-12) school districts and four community college districts in the County. Ninety-five percent of all K-12 students attend schools in the unified school districts. The three largest unified school districts are Riverside Unified School District, Moreno Valley Unified School District and Corona -Norco Unified School District. There are seven two-year community college campuses located in the communities of Riverside, Moreno Valley, Norco, San Jacinto, Menifee, Coachella Valley and Palo Verde Valley. There are also three universities located in the City of Riverside: the University of California at Riverside, La Sierra University and California Baptist University. In addition, a campus of California State University San Bernardino is located in Palm Desert. 6616375.6'46616375.7 B- 9 APPENDIX C SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE 4C(46 7_ 646616375.7 C- 1 APPENDIX D BOOK ENTRY SYSTEM The information in this Appendix D concerning The Depository Trust Company, New York, New York ("DTC'), and DTC's Book -Entry System has been obtained from DTC and the Commission, the Trustee and the Remarketing Agents take no responsibility for the completeness or accuracy thereof. The Commission, the Trustee and the Remarketing Agents cannot and do not give any assurances that DTC, DTC Participants or Indirect Participants or others will distribute any (a) payments of principal or purchase price or interest with respect to the 2009 Bonds, (b) certificates representing ownership interest in or other confirmation or ownership interest in the 2009 Bonds, or (c) redemption, tender or other notices sent to DTC or Cede & Co., its nominee, as the registered owner of the 2009 Bonds, or that they will do so on a timely basis, or that DTC, DTC Participants or DTC Indirect Participants will act in the manner described in this Appendix D. The current "Rules" applicable to DTC are on file with the Securities and Exchange Commission and the current "Procedures" of DTC to be followed in dealing with DTC Participants are on file with DTC. The Commission, the Trustee and the Remarketing Agents are not responsible or liable for the failure of DTC or any DTC Participant to make any payment or give any notice to a beneficial owner with respect to the 2009 Bonds or an error or delay relating thereto. DTC will act as securities depository for the 2009 Bonds. The 2009 Bonds were issued as fully -registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully -registered certificate will be issued for each maturity of the 2009 Bonds, in the aggregate principal amount of such maturity, and will be deposited with DTC. DTC is a limited -purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post -trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book -entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly -owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect 6616375.6'46616375.7 D- 1 Participants"). DTC has a Standard & Poor's rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com. The information set forth on such website is not incorporated by reference. Purchases of 2009 Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the 2009 Bonds on DTC's records. The ownership interest of each actual purchaser of each 2009 Bond (`Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the 2009 Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the 2009 Bonds, except in the event that use of the book -entry system for the 2009 Bonds is discontinued. To facilitate subsequent transfers, all 2009 Bonds deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of the 2009 Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the 2009 Bonds; DTC's records reflect only the identity of the Direct Participants to whose accounts such 2009 Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of the 2009 Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the 2009 Bonds, such as redemptions, tenders, defaults, and proposed amendments to the 2009 Bond documents. For example, Beneficial Owners of the 2009 Bonds may wish to ascertain that the nominee holding the 2009 Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them. Redemption and tender notices shall be sent to DTC. If less than all of the 2009 Bonds are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the 2009 Bonds unless authorized by a Direct Participant in accordance with DTC's MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the Commission 6616375.6'46616375.7 D- 2 as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the 2009 Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Payments of principal or purchase price of and interest on the 2009 Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from the Commission or the Trustee, on payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, the Trustee, or the Commission, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal of, premium, if any, and interest on the 2009 Bonds to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Commission or the Trustee, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. DTC may discontinue providing its services as depository with respect to the 2009 Bonds at any time by giving reasonable notice to the Commission or the Trustee. Under such circumstances, in the event that a successor depository is not obtained, security certificates are required to be printed and delivered. The Commission may decide to discontinue use of the system of book -entry -only transfers through DTC (or a successor securities depository). In that event, security certificates will be printed and delivered to DTC. 6616375.6'46616375.7 D- 3 APPENDIX E ORIGINAL OPINION OF BOND COUNSEL 4 C(4 63--7 ,-646616375.7 E- l APPENDIX F CONTINUING DISCLOSURE AGREEMENT 6616375.6'46616375.7 F-1 Document comparison by Workshare Compare on Thursday, September 04, 2014 7:35:26 PM Input: Document 1 ID interwovenSite://US DMS/US2014/46616375/6 Description #46616375v6<US2014> - Remarketing Memorandum - RCTC Series 2009 Bonds Remarketing Document 2 ID interwovenSite://US DMS/US2014/46616375/7 Description #46616375v7<US2014> - Remarketing Memorandum - RCTC Series 2009 Bonds Remarketing Rendering set Standard Legend: Insertion Deletion Moved from Moved to Style change Format change Moved deletion Inserted cell Deleted cell Moved cell Split/Merged cell Padding cell Statistics: Count Insertions 148 Deletions 102 Moved from 2 Moved to 2 Style change 0 Format changed 0 Total changes 254 Standby Bond Purchase Agreements for 2009 Bonds September 10, 2014 Interest rates variable Remarketed weekly Supported by 3rd party liquidity/credit facility 2009 Variable Rate Bonds Integrated with swaps for synthetic fixed rate debt ��E > / \Z \ September 2009* • $185m bonds issued (Series A, B, C) • SBPAs with JPMorgan for 2 years • Remarketing agents July2011* • SBPAs extended for 3 years •$14.4M debt service reserve released for project costs * Prior Authorizing Resolutions July 2014 • Competitive SBPAs solicitation •Awarded substitution of SBPAs to BTMU September 2014 • BTMU SBPA substitution before JPM SBPAs expire • $154.3M bonds outstanding Adopt Resolution 14-026 Pay professional costs SBPAs Substitution Approve Remarketing Memorandum Ratify Remarketing Agent Agreements Ratify BTMU Agreements Commission (September 10) Approve recommendations • Advise of misstatements or omissions in Remarketing Memorandum Transaction Close (by September 1 Executive Director and/or CFO sign BTMU SBPAs in place through documents March 15, 2019 AGENDA ITEM 10 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Theresia Trevino, Chief Financial Officer John Standiford, Deputy Executive Director THROUGH: Anne Mayer, Executive Director SUBJECT: Substitution of Letter of Credit for Commercial Paper Program BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission to: 1) Award 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; and 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. 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 10 635 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 10 636 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 or replacement of documents without further authorization by the Commission. Staff, Fieldman, and legal counsel have Agenda Item 10 637 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 10 638 Financial Information In Fiscal Year Budget: Yes Year: FY 2014/15 Amount: $350,000 N/A FY 2015/16+ $450,000 Source of Funds: 2009 Measure A Western County Bond Financing Budget Adjustment: No N/A 264 19 65XXX $200,000 (professional services) GL/Project Accounting No.: 264 19 65505 $600,000 (bank fees) Fiscal Procedures Approved: \)/414,e4,441'-°�v''�° 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 10 639 ATTACHMENT 1 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 WHEREAS, the Riverside County Transportation Commission (the "Commission") is a county transportation commission duly organized and existing pursuant to the County Transportation Commissions Act, being Division 12 of the Public Utilities Code of the State of California (Section 130000 etseq.); WHEREAS, the Commission is authorized pursuant to the Riverside County Transportation Sales Tax Act, being Division 25 of the Public Utilities Code of the State of California (Section 240000 et seq.) (the "Act"), to, among other things, and with voter approval, levy a retail transactions and use tax in accordance with the provisions of Part 1.6 (commencing with Section 7251) of Division 2 of the California Revenue and Taxation Code (the "Sales Tax Law"); WHEREAS, the Commission adopted Ordinance No. 02-001, named the "Transportation Expenditure Plan and Retail Transaction and Use Tax Ordinance" (as it has been subsequently amended, the "Ordinance") on May 8, 2002, pursuant to the provisions of the Act, which Ordinance provides for the imposition of a retail transactions and use tax (the "Sales Tax") applicable in the incorporated and unincorporated territory of the County in accordance with the provisions of the Sales Tax Law at the rate of one-half of one percent (1/2%) for a period not to exceed thirty (30) years from June 30, 2009; WHEREAS, by its terms, the Ordinance became effective at the close of the polls on November 5, 2002, the day of the election at which the proposition imposing the Sales Tax was approved by more than two-thirds of the electors voting on the measure; WHEREAS, the Commission is authorized by the Ordinance and the Act to issue from time to time limited tax bonds secured and payable in whole or in part from revenues of the Sales Tax, to finance capital expenditures for various purposes, including to carry out the transportation projects described in the Riverside County Transportation Improvement Plan, adopted as part of the Ordinance, including any amendments thereto; WHEREAS, the Commission has heretofore authorized the issuance of not to exceed $120,000,000 in aggregate principal amount of its Commercial Paper Notes (Limited Tax Bonds), Series A (the "Series A Notes" and not to exceed $80,000,000 in aggregate principal amount of its Commercial Paper Notes (Limited Tax Bonds), Series B (the "Series B Notes" and with the Series A Notes the "CP Notes"), pursuant to an Indenture dated as of March 1, 2005 (the OHSUSA:758890191.4 640 "Indenture"), by and between the Commission and U.S. Bank National Association, as successor trustee; WHEREAS, the CP Notes are authenticated and delivered from time to time pursuant to an Issuing and Paying Agent Agreement, dated as of March 1, 2005 (the "Issuing and Paying Agent Agreement"), between the Commission and U.S. Bank Trust National Association, as issuing and paying agent (the "Issuing and Paying Agent"); WHEREAS, pursuant to the First Supplement to the Issuing and Paying Agent Agreement, dated as of April 1, 2012 (the "First Supplement to the Issuing and Paying Agent Agreement"), the Commission limited the aggregate principal amount of the Series A Notes to $60,000,000 and the aggregate principal amount of the Series B Notes to $60,000,000; WHEREAS, the Commission, in connection with the issuance of its Sales Tax Revenue Bonds (Limited Tax Bonds), 2013 Series A, retired all then outstanding CP Notes and terminated the letter of credit supporting the Series B Notes and, subject to the Commission's bond limit, unless the Commission obtains a new letter of credit supporting the Series B Notes, only the Series A Notes may be issued in an amount not to exceed the lesser of $60,000,000 or the maximum principal amount supported by any applicable credit and liquidity facility; WHEREAS, the Series A Notes are offered and sold from time to time by Barclays Capital, Inc. ("Barclays"), pursuant to a Commercial Paper Dealer Agreement, dated March 1, 2005, as it has been amended by a First Amendment to Commercial Paper Dealer Agreement, dated as of June 1, 2007, and a Second Amendment to Commercial Paper Dealer Agreement, dated as of February 25, 2010 (collectively, the "Dealer Agreement"), each by and between the Commission and Barclays, as successor in interest to Lehman Brothers (the "Dealer"); WHEREAS, in order to provide information about the CP Notes and related matters to purchasers and potential purchasers of the CP Notes, the Commission executed and delivered an Offering Memorandum, dated March 22, 2005, with supplements thereto dated February 26, 2010 and April 17, 2012 (collectively, the "Offering Memorandum"); WHEREAS, pursuant to the terms of a Reimbursement Agreement, dated as of April 1, 2012 (the "Existing Credit Agreement"), by and between the Commission and Union Bank, N.A. ("Union Bank"), Union Bank issued an Irrevocable Direct Draw Letter of Credit (the "Existing Letter of Credit") in favor of the Issuing and Paying Agent, which Existing Letter of Credit currently secures the Series A Notes and is scheduled to expire pursuant to its terms on October 14, 2014; WHEREAS, it is in the best interests of the Commission, to terminate and replace the Existing Letter of Credit providing credit and liquidity support for the Series A Notes; WHEREAS, the Commission has previously authorized, pursuant to its Resolution No. 05-001, its Resolution No. 10-006, its Resolution No. 12-009 and its Resolution No. 13-021 (together, the "Prior Resolutions"), that all consents, approvals, directions, notices, orders, requests and other actions required or permitted by any of the documents authorized in such Prior Resolutions, including the Indenture, the Issuing and Paying Agent Agreement, the Dealer Agreement, the Offering Memorandum and the Existing Credit Agreement including, without OHSUSA:758890191.4 -2- 641 limitation, actions which may be necessary or desirable in connection with any amendment of any such documents, the termination, extension or replacement of the Existing Credit Agreement and the Existing Letter of Credit, the removal or replacement of the Trustee or the Dealer or any similar action may be given or taken by an Authorized Representative (as such term is defined in the Indenture), without further authorization or direction by this Board, and the Commission has further authorized and directed each Authorized Representative to give any such approval, consent, direction, notice, order, or request and to take any such action which such Authorized Representative may deem necessary or desirable to further the purposes of such Prior Resolutions (collectively, the "Prior Authorization"); WHEREAS, it is proposed that credit and liquidity support will be provided for the issuance, from time to time, of the CP Notes pursuant to a reimbursement agreement and related fee agreement (collectively, the "Credit Agreement"), to be entered into when necessary to support the Series A Notes; WHEREAS, it is proposed that a Credit Agreement (the "Replacement Credit Agreement") be entered into between the Commission and State Street Bank and Trust Company ("State Street"), providing for the issuance of an Irrevocable Direct Draw Letter of Credit (the "Replacement Letter of Credit") by State Street in favor of the Issuing and Paying Agent, in order to provide credit support when needed following the termination of the Existing Credit Agreement and Existing Letter of Credit with respect to the Series A Notes; WHEREAS, the Commission has been presented with proposed forms of the Replacement Credit Agreement and the Replacement Letter of Credit; WHEREAS, there has been prepared and presented to the Commission a proposed form of Supplement to Offering Memorandum (the "Supplement") describing the issuance of Series A Notes secured by the Replacement Credit Agreement and the Replacement Letter of Credit and related matters; WHEREAS, in connection with the CP Notes, it may be necessary and desirable to amend and supplement certain provisions of the Indenture, the Issuing and Paying Agent Agreement and the Dealer Agreement in order to reflect certain terms of the Replacement Credit Agreement and the Replacement Letter of Credit and any other replacements of the Credit Agreement with respect to the CP Notes; WHEREAS, the Commission wishes to ratify, confirm, continue and extend its Prior Authorization, for an Authorized Representative to execute and deliver documents necessary to terminate, amend or replace or provide new credit agreements securing the CP Notes, the Replacement Credit Agreement, the Supplement and any replacements, amendments or supplements thereto or to the Existing Credit Agreement, the Indenture, Issuing and Paying Agent Agreement and the Dealer Agreement (collectively, the "CP Documents"), as such Authorized Representative deems necessary or desirable in connection with the CP Notes, all in furtherance of the purposes set forth in the Prior Resolutions and the transactions contemplated thereby; OHSUSA:758890191.4 -3- 642 WHEREAS, all acts, conditions and things required by the Act, the Sales Tax Law and the Constitution and laws of the State of California to exist, to have happened and to have been performed precedent to and in connection with the ratification, confirmation and extension of the Prior Authorization and the authorization of the Replacement Letter of Credit with respect to the CP Notes do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the Commission is now duly authorized and empowered, pursuant to each and every requirement of law, to ratify, confirm and extend its authorization of the Credit Agreements and the Replacement Letter of Credit for the CP Notes, and to acknowledge and confirm its authorization of the execution of documents to replace the Existing Letter of Credit, the Replacement Credit Agreement, the Supplement and any amendments or supplements to the CP Documents, including future amendments thereof or substitutions therefor, deemed necessary or desirable by an Authorized Representative; NOW THEREFORE, THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION RESOLVES: Section 1. The Commission finds and determines that the foregoing recitals are true and correct. Section 2. The Commission ratifies, confirms, continues and extends its Prior Authorization, and acknowledges and confirms that an Authorized Representative is authorized and directed to execute and deliver the Replacement Credit Agreement pursuant to which the Replacement Letter of Credit will be issued, and the Supplement, each in substantially the forms presented to this meeting, with such changes therein as the officer executing the same may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof, and any terminations, replacements, amendments or supplements to any of the CP Documents and agreements or documents relating thereto, and any future replacements (including new Credit Agreements following periods without Credit Agreements), amendments or supplements to any such documents, as such Authorized Representative deems necessary or desirable in connection with the continuation of the CP Notes and the transactions contemplated thereby. The maximum rate of interest accruing on any obligation of the Commission pursuant to the terms of any Credit Agreement and the Replacement Letter of Credit shall not exceed eighteen percent (18%) per annum. The Dealer is hereby authorized to distribute the Offering Memorandum, together with the Supplement, in the form so executed by an Authorized Representative, if the Authorized Representative determines such distribution is appropriate for the sale of the CP Notes. Section 3. All actions heretofore taken by the officers and agents of the Commission with respect to the expiration of the Existing Letter of Credit and the execution and delivery of the Replacement Letter of Credit, and such other actions as have been or shall be necessary in connection therewith, are hereby ratified, confirmed and approved. The Commission hereby confirms that if, at the time of execution of any of the documents authorized hereby, the Executive Director is unavailable, such documents may be executed by the Deputy Executive Director of the Commission or the Chief Financial Officer in lieu of the Executive Director. The Commission further confirms that the Clerk of the Board of the Commission is authorized to attest to the execution by the Executive Director or the Deputy Executive Director or the Chief Financial Officer of any of such documents as said officers deem appropriate. OHSUSA:758890191.4 -4- 643 Section 4. This Resolution shall take effect immediately upon its adoption and approval. APPROVED AND ADOPTED by the Riverside County Transportation Commission at its meeting on September 10, 2014. ATTEST: By: Clerk of the Board of the Commission By: Chair, Board of Commissioners OHSUSA:758890191.4 -5- 644 CERTIFICATE OF THE CLERK OF THE BOARD OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION I, Jennifer Harmon, Clerk of the Board of the Riverside County Transportation Commission (the "Commission"), hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted at a meeting of the governing board of said Commission duly and regularly held in Riverside, California, on September 10, 2014, of which meeting all of the members of said Commission had due notice. I further certify that I have carefully compared the foregoing copy with the original minutes of said meeting on file and of record in my office; that said copy is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes; and that said resolution has not been amended, modified, rescinded or revoked in any manner since the date of its adoption, and the same is now in full force and effect. I further certify that an agenda of said meeting was posted at least 72 hours before said meeting at a location in Riverside, California, freely accessible to the public and a brief general description of the resolution to be adopted at said meeting appeared on said agenda. IN WITNESS WHEREOF, I have executed this certificate hereto as of this date, , 2014. By Clerk OHSUSA:758890191.4 -6- 645 ATTACHMENT 2 NP DRAFT 9/2 REIMBURSEMENT AGREEMENT Dated as of October 1, 2014 by and between RIVERSIDE COUNTY TRANSPORTATION COMMISSION and STATE STREET BANK AND TRUST COMPANY Relating to Riverside County Transportation Commission Commercial Paper Notes (Limited Tax Bonds) Series A 15093122.4 646 TABLE OF CONTENTS SECTION HEADING PAGE ARTICLE 1 DEFINITIONS 2 Section 1.1. Defined Terms 2 Section 1.2. Use of Defined Terms 10 Section 1.3. Rules of Construction 10 ARTICLE 2 TERMS OF THE LETTER OF CREDIT 11 Section 2.1. Issuance of Letter of Credit; Substitution or Termination of Letter of Credit 11 Section 2.2. Advances under the Letter of Credit 11 Section 2.3. Interest on Advances 12 Section 2.4. Repayment of Advances; Fees; and Other Payments 12 Section 2.5. Liability of Bank 14 Section 2.6. Obligations Absolute 15 Section 2.7. Increased Costs 16 Section 2.8. Taxes 17 Section 2.9. Payment on Non -Business Days 18 Section 2.10. Book Entries 18 Section 2.11. Term of Agreement 18 Section 2.12. Extension of Stated Expiration Date; Reduction in Stated Amount 18 Section 2.13. Revolving Note 19 Section 2.14. Reserved 19 Section 2.15. Note Operations 19 ARTICLE 3 CONDITIONS 20 Section 3.1. Conditions Precedent to Issuance of the Letter of Credit 20 Section 3.2. Payment of Certain Fees and Expenses 22 ARTICLE 4 REPRESENTATIONS AND WARRANTIES 22 ARTICLE 5 SECURITY 26 Section 5.1. Pledge of Available Revenues and Funds 26 Section 5.2. Nature of the Obligations 27 ARTICLE 6 COVENANTS OF THE OBLIGOR 27 Section 6.1. Affirmative Covenants 27 Section 6.2. Negative Covenants 33 ARTICLE 7 EVENTS OF DEFAULT AND RATING EVENT 35 Section 7.1. Events of Default 35 Section 7.2. Rating Event 38 Section 7.3. Miscellaneous 39 ARTICLE 8 MISCELLANEOUS 39 Section 8.1. Amendments Etc 39 15093122.4 -1- 647 Section 8.2. Addresses for Notices; Payments to the Bank 39 Section 8.3. No Waiver; Remedies 41 Section 8.4. Indemnification 41 Section 8.5. Survival of this Agreement 42 Section 8.6. Fees and Expenses 42 Section 8.7. Severability 42 Section 8.8. GOVERNING LAW; OTHER MATTERS 42 Section 8.9. Participants 43 Section 8.10. Counterparts 43 Section 8.11. Certificates Etc 43 Section 8.12. Table of Contents; Headings 43 Section 8.13. Integration 43 Section 8.14. Waiver of Jury Trial; Judicial Reference 43 Section 8.15. Waiver of Rules of Construction 44 Section 8.16. Assignment to Federal Reserve 44 Section 8.17. Dealing with the Obligor the Issuing and Paying Agent and/or the Dealer 44 Section 8.18. USA Patriot Act; Government Regulations 44 Section 8.19. ENTIRE AGREEMENT 45 EXHIBIT A EXHIBIT B EXHIBIT C EXHIBIT D EXHIBIT E FORM OF IRREVOCABLE DIRECT PAY LETTER OF CREDIT FORM OF REVOLVING NOTE FORM OF COMPLIANCE CERTIFICATE REQUEST FOR DECREASE OF STATED AMOUNT REQUEST FOR EXTENSION 15093122.4 -11- 648 REIMBURSEMENT AGREEMENT This REIMBURSEMENT AGREEMENT, dated as of October 1, 2014, is by and between the RIVERSIDE COUNTY TRANSPORTATION COMMISSION, a public entity organized and existing under the laws of the State of California (together with its successors and assigns, the "Obligor"), and STATE STREET BANK AND TRUST COMPANY (together with its successors and assigns, the "Bank"). PRELIMINARY STATEMENT A. Pursuant to Resolution No. 05-001 of the Obligor adopted on February 9, 2005, Resolution 10-006 of the Obligor adopted on February 10, 2010, Resolution No. 12-009 of the Obligor adopted on March 14, 2012, and Resolution No. 13-021 of the Obligor adopted on September 11, 2013, and Resolution 14-027 of the Obligor adopted on September 10, 2014 (collectively, the "Resolutions"), the Indenture, dated as of March 1, 2005 (as heretofore supplemented and as further supplemented hereafter, the "Indenture"), between the Obligor and U.S. Bank National Association, as trustee (along with its successors and assigns, the "Trustee"), the Issuing and Paying Agent Agreement, dated as of March 1, 2005, as supplemented by a First Supplement to the Issuing and Paying Agent Agreement, dated as of April 1, 2012 (as heretofore supplemented and as further supplemented hereafter, the "Issuing and Paying Agent Agreement"), each between the Obligor and U.S. Bank National Association, as issuing and paying agent (along with its successors and assigns, the "Issuing and Paying Agent'), and pursuant to Section 240309 of the California Public Utilities Code (the "Utilities Code"), Ordinance No. 02-001, named the "Transportation Expenditure Plan and Retail Transaction and Use Tax Ordinance" (the "Ordinance") adopted by the Obligor on May 8, 2002 pursuant to the provisions of the Riverside County Transportation Sales Tax Act, being Division 25 of the Public Utilities Code of the State of California (Sections 240000 et seq.) (the "Act'), which Ordinance provides for the imposition of a retail transactions and use tax applicable in the incorporated and unincorporated territory of the County (as hereinafter defined) in accordance with the provisions of Part 1.6 (commencing with Section 7251) of Division 2 of the California Revenue and Taxation Code (the "Sales Tax Law") the rate of one-half of one percent (1/2%) for a period not to exceed thirty (30) years, the Obligor may from time to time issue its Commercial Paper Notes (Limited Tax Bonds) Series A (the "Notes"). B. Union Bank, N.A. as the prior bank (the "Prior Bank") previously issued its irrevocable direct pay letter of credit (the "Prior Letter of Credit') in the amount of $60,750,000 pursuant to the Reimbursement Agreement, dated as of April 1, 2012 (the "Prior Reimbursement Agreement'), by and among the Obligor and the Prior Bank to provide support for the payment of principal of and interest on previously -issued Notes, and the Prior Letter of Credit has a stated expiration date of October 17, 2014. C. The Obligor is replacing the Prior Bank and has requested the Bank, and the Bank has agreed and is willing upon satisfaction of certain conditions specified herein, to issue its Letter of Credit (as hereinafter defined) in order to assure timely payment of the principal and interest with respect to the Notes in accordance with their terms. 15093122.4 649 D. All obligations of the Obligor arising hereunder as reimbursement to the Bank for drawings honored by the Bank under the Letter of Credit and for Advances and Term Loans (as such term is hereinafter defined) plus interest thereon at the rate specified herein (the "Reimbursement Obligations") and to pay all other amounts payable to the Bank under this Agreement and the hereinafter defined Fee Agreement (the "Payment Obligations" and together with the Reimbursement Obligations being hereinafter collectively referred to as the "Obligations") are created under and will be evidenced by this Agreement and the Fee Agreement. ARTICLE 1 DEFINITIONS Section 1.1. Defined Terms. In addition to terms defined elsewhere in this Agreement, as used herein the following terms shall have the following meanings, unless the context otherwise requires and such meanings shall be equally applicable to both singular and plural forms of the terms herein defined: "Act" shall have the meaning set forth in the Preliminary Statement hereof. "Additional Commercial Paper" shall mean any commercial paper (whether taxable or tax-exempt) issued pursuant to any supplement to the Indenture adopted in accordance with the Indenture, in addition to the Notes supported by the Letter of Credit on the Date of Issuance. "Advance" shall mean a drawing under the Letter of Credit in accordance with its terms to pay the principal of and/or interest on the Notes on their respective maturity dates. "Advance Date" shall mean, with respect to an Advance, the date on which such Advance is made. "Agreement" shall mean this Reimbursement Agreement, as the same may from time to time be amended, supplemented or otherwise modified in accordance with its terms. "Alternate Credit Facility" shall mean a letter of credit or liquidity facility delivered by a financial institution other than the Bank in substitution for the Letter of Credit in accordance with Section 2.1(c) hereof and in accordance with the terms of the Indenture. "Authorized Representative" shall mean any person at the time designated to act on behalf of the Obligor, the Issuing and Paying Agent or the Dealer, as the case may be, for purposes of this Agreement by written certificate furnished to the Bank containing the specimen signature of such person. "Available Revenues" shall mean the Revenues remaining after payment to or deposit with a Senior Lien Trustee of such amount of Revenues as is required to be paid or deposited into funds or accounts pursuant to the terms of one or more Senior Lien Bond Indentures in connection with any obligations of the Obligor payable from Revenues under the terms of such Senior Lien Bond Indentures. 15093122.4 -2- 650 "Bank" shall have the meaning set forth in the introductory paragraph hereof. "Base Rate" shall mean for any day, the highest of (i) the sum of the Reference Rate for such day plus one percent (1.00%), (ii) the sum of the Federal Funds Rate for such day plus two percent (2.00%), and (iii) seven percent (7.00%). Each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Reference Rate or the Federal Funds Rate, as the case may be. "Bond Counsel" shall mean Orrick Herrington & Sutcliffe LLP or any other firm of recognized bond counsel familiar with the transactions contemplated under the Indenture and acceptable to the Obligor. "Business Day" shall mean, for so long as The Depository Trust Company ("DTC") shall be the depository for the Notes, any day on which DTC is scheduled to be open for money market instrument settlement services, and is other than: (i) a Saturday, Sunday or day upon which banking institutions in the State or the State of New York are authorized or obligated by law or executive order to be closed; (ii) a day on which the New York Stock Exchange is authorized or obligated by law or executive order to be closed; and (iii) for purposes of payments and other actions relating to a Note, a day upon which commercial banks are authorized or obligated by law or executive order to be closed in the city in which demands for payment are to be presented pursuant to the Letter of Credit. "Change of Law" shall mean the adoption or implementation, after the Date of Issuance, of, or any change, after the Date of Issuance, in, any law, rule, treaty or regulation, or any policy, guideline or directive of, or any change, after the Date of Issuance, in the interpretation or administration thereof by any court, central bank or other administrative or Governmental Authority (in each case whether or not having the force of law), or compliance by the Bank with any request or directive of any such court, central bank or other administrative or Governmental Authority (whether or not having the force of law) or the occurrence of the effective date of any of the foregoing if adopted prior to the Date of Issuance or any change after the Date of Issuance in the application, interpretation or enforcement of any of the foregoing, provided that notwithstanding anything herein to the contrary, (x) the Dodd -Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, shall in each case be deemed to be a "Change of Law" regardless of the date enacted, adopted or issued. As of the Date of Issuance, the Bank has no knowledge of any Change of Law that would result in the payment of any costs pursuant to Section 2.7 hereof. "Code" shall mean the Internal Revenue Code of 1986, as amended, and the rules and all promulgated and temporary regulations thereunder. "County" shall mean the County of Riverside, California. "Credit Facility Fund' shall mean the Series A Credit Facility Fund, as defined in the Indenture. 15093122.4 -3- 651 "Date of Issuance" shall mean October _, 2014, which, subject to the satisfaction of the conditions precedent set forth in Section 3.1 hereof, is the date on which the Bank shall issue the Letter of Credit to the Issuing and Paying Agent. "Dealer Agreement" shall mean the agreement between the Dealer and the Obligor relating to the sale of the Notes, as it may be amended supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof or any dealer agreement with a substitute or successor dealer relating to the Notes. "Dealers" shall mean Barclays Capital Inc. or any nationally recognized successor commercial paper dealer under the Dealer Agreement or its permitted substitute or permitted successor in interest acting under the Dealer Agreement. "Debt" of any Person shall mean at any date, without duplication, (i) all obligations of such Person for borrowed money and reimbursement obligations which are not contingent, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar debt instruments, (iii) obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business, (iv) and all obligations of such Person as lessee under leases which are or should be, in accordance with GAAP, recorded as capital leases, (v) all Debt of others Guaranteed by such Person, and (vi) all payment obligations of such Person, in addition to any obligations set forth in clauses (i) through (v) above, arising under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate futures contract, interest rate option contract or other similar arrangement and under any foreign exchange contract, currency swap agreement, foreign exchange futures contract, foreign exchange option contract, synthetic cap or other similar agreement; provided that it is understood that Debt does not include contingent obligations of such Person to reimburse any other Person in respect of surety bonds or letters of credit to the extent that such surety bonds or letters of credit support Debt of such Person or payment obligations of such Person due in the future which are not known with certainty. "Default" shall mean any condition or event which with the giving of notice or lapse of time, or both, would, unless cured or waived, become an Event of Default. "Default Rate" shall mean a fluctuating rate of interest per annum equal to the sum of the Base Rate from time to time in effect plus 3.00%. "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended, or any successor statute thereto. "Event of Default" shall mean any event specified in Section 7.01 hereof. "Expiration Date" shall have the meaning ascribed thereto in the Letter of Credit. "Federal Funds Rate" means for any day, a fluctuating interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not published for any day which is a Business Day, the average of 15093122.4 -4- 652 the quotations for such day on such transactions received by the Bank from three Federal funds brokers of recognized standing selected by it. "Fee Agreement" shall mean that certain Fee Agreement dated October _, 2014, between the Bank and the Obligor, as the same may be amended, supplemented or otherwise modified form time to time. "Final Drawing Notice" shall have the meaning set forth in the Letter of Credit. "Financing Documents" shall mean, collectively, this Agreement, the Fee Agreement, the Revolving Note, the Resolutions, the Indenture, the Notes, the Letter of Credit, the Issuing and Paying Agent Agreement and the Dealer Agreement. "Fiscal Year" shall have the meaning assigned thereto in the Indenture. "Fitch" shall mean Fitch, Inc., a corporation organized and existing under the laws of the State of Delaware, its successors and assigns, except that if such corporation shall no longer perform the functions of a securities rating agency for any reason, the term "Fitch" shall be deemed to refer to any other nationally recognized securities rating agency selected by the Obligor. "GAAP" shall mean generally accepted accounting principles in the United States of America from time to time as set forth in (a) the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and (b) statements and pronouncements of the Financial Accounting Standards Board, as modified by the opinions, statements and pronouncements of any similar accounting body of comparable standing having authority over accounting by governmental entities. "Governmental Authority" shall mean any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi - governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau or entity (including any zoning authority, the Federal Deposit Insurance Corporation, the Federal Reserve Board, any central bank and any comparable authority) or any arbitrator with authority to bind a party at law. "Guarantee" by any Person shall mean any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt (whether arising by virtue of partnership arrangements, by agreement to keep -well, to purchase assets, securities, to take -or -pay, or to maintain financial statement conditions or otherwise), (ii) entered into for the purpose of assuring in any other manner the obligee of such Debt of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part) or (iii) with respect to any letter of credit issued for the account of such other Person or as to which such other Person is otherwise liable for reimbursement of drawings, provided that the term Guarantee shall not include (x) endorsements for collection or deposit in the ordinary course of business, or (y) performance or completion guarantees. The term "Guarantee" used as a verb has a corresponding meaning. 15093122.4 -5- 653 "Indenture" shall have the meaning set forth in the Preliminary Statement hereof. "Investment Securities" shall have the meaning set forth thereto in the Indenture. "Issuing and Paying Agent" shall have the meaning set forth in the Preliminary Statement hereof. "Issuing and Paying Agent Agreement" shall have the meaning set forth in the Preliminary Statement hereof. "Law" shall mean the Act, the Utilities Code, the Sales Tax Law and the Ordinance, each as now in effect and as it may from time to time hereafter be amended or supplemented. "Letter of Credit" shall mean the irrevocable direct pay letter of credit to be issued by the Bank pursuant hereto for the account of the Obligor in favor of the Issuing and Paying Agent, as beneficiary, which shall be in substantially the form of Exhibit A to this Agreement, as the same may be amended and supplemented from time to time. "Letter of Credit Expiration Date" shall mean the earlier to occur of (i) the Stated Expiration Date and (ii) the date on which the Letter of Credit otherwise terminates in accordance with its terms. "Lien" shall mean, with respect to any asset, (i) any lien, charge, claim, mortgage, security interest, pledge or assignment of revenues of any kind in respect of such asset or (ii) the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. "Liquidity Period" shall mean, with respect to each Advance, the period of time from and after the related Advance Date, to and including the earliest to occur (i) the date one hundred eighty (180) days immediately succeeding such Advance Date, (ii) the Stated Expiration Date, (iii) the date on which an Alternate Credit Facility becomes effective in substitution of the Letter of Credit and (iv) the date the Stated Amount is permanently reduced to zero or the Letter of Credit is otherwise terminated prior to the Stated Expiration Date, including the result of the occurrence of an Event of Default (provided that, for the avoidance of doubt, reductions or terminations resulting from either the Letter of Credit expiring on the Stated Expiration Date in accordance with its terms or its expiring prior to the Stated Expiration Date as a result of the occurrence of a Rating Event shall not terminate the Liquidity Period pursuant to subclause (iv) of this definition). "Liquidity Rate" shall have the meaning set forth therefor in Section 2.3 hereof. "Maturity Date" shall mean the maturity date of any Term Loan, which date shall be the earliest of (i) the date which is five (5) years from the date of the Advance converted to such Term Loan, (ii) the Sales Tax Expiration Date, (iii) the date on which an Alternate Credit Facility becomes effective in substitution of the Letter of Credit, (iv) the date established pursuant to Section 7.02(iii) of this Agreement, and (v) the date the Stated Amount is permanently reduced to zero or the Letter of Credit is otherwise terminated prior to the Stated Expiration Date, including the result of the occurrence of an Event of Default (provided that, for the avoidance of 15093122.4 -6- 654 doubt, reductions or terminations resulting from either the Letter of Credit expiring on the Stated Expiration Date in accordance with its terms or its expiring prior to the Stated Expiration Date as a result of the occurrence of a Rating Event shall not be considered a Maturity Date under subclause (v) of this definition). "Maximum Interest Rate" shall mean the lesser of (i) 18% per annum and (ii) the maximum non -usurious lawful rate of interest permitted by applicable law. "Moody's" shall mean Moody's Investors Service, Inc., a corporation organized and existing under the laws of the State of New York, its successors and assigns, except that if such corporation shall no longer perform the functions of a securities rating agency for any reason, the term "Moody's" shall be deemed to refer to any other nationally recognized securities rating agency selected by the Obligor. "Note Fund" shall have the meaning set forth thereto in the Indenture. "Notes" shall have the meaning set forth in the Preliminary Statement hereof. "Notice of No Issuance" shall mean a Notice of No Issuance in substantially the form of the certificate attached to the Letter of Credit as Annex F. "Obligor" shall have the meaning set forth in the introductory paragraph hereof. "Obligations" shall have the meaning set forth in the Preliminary Statement hereof. "Offering Memorandum" shall mean the Offering Memorandum dated October _, 2014, relating to the Notes, including any supplement or amendment thereto. "Ordinance" shall have the meaning set forth in the Preliminary Statement hereof. "Other Taxes" shall have the meaning set forth in Section 2.8 hereof. "Parity Debt" shall mean the Notes, the Obligations and any Sales Tax Debt payable from and secured by Available Revenues on a parity basis with the Notes. "Parity Annual Debt Service" shall mean, for any Fiscal Year, total principal becoming due in such period and total interest expenses (including that portion attributable to capital leases) of the Obligor in respect of all outstanding Notes and any other Parity Debt. "Participant" shall mean any Person participating in the Letter of Credit, the Revolving Note and/or this Agreement. "Participation Agreement" shall mean any Participation Agreement, between the Bank and the other Person purchasing a Participation and named therein. "Payment Account" shall mean [TO COME], or such other account or office as the Bank may from time to time designate. 15093122.4 -7- 655 "Payment Obligations" shall have the meaning set forth in the Preliminary Statement hereof. "Person" shall mean an individual, a corporation, a partnership, an association, a trust, a government, a political subdivision, a governmental agency or instrumentality or any other entity or organization. "Plan" shall mean, with respect to the Obligor at any time, an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code. "Prior Bank" shall have the meaning set forth in the Preliminary Statement hereof. "Prior Letter of Credit" shall have the meaning set forth in the Preliminary Statement hereof. "Prior Reimbursement Agreement" shall have the meaning set forth in the Preliminary Statement hereof. "Proceeds Fund" shall have the meaning set forth therefor in the Indenture. "Project" shall have the meaning set forth therefor in the Indenture. "Rating Agency" shall mean Moody's or S&P or Fitch and their successors and assigns; provided, however, that if any action or consent is required or referred to as coming from only one Rating Agency, "Rating Agency" shall mean either Moody's or S&P. "Rating Event" means the occurrence of either (i) S&P assigning a long-term unenhanced rating to any Senior Lien Bonds of the Obligor, or, in the event no Senior Lien Bonds are then outstanding, an Underlying Rating, below "BBB+" (or its equivalent) or suspending or withdrawing such rating for credit related reasons, or (ii) Moody's assigning a long-term unenhanced rating to any Senior Lien Bonds of the Obligor, or, in the event no Senior Lien Bonds are then outstanding, an Underlying Rating, below "Baal" (or its equivalent) or suspending or withdrawing such rating for credit related reasons. "Reference Rate" means, for any day, the rate per annum equal to the rate of interest announced or otherwise established by the Bank from time to time as its prime commercial rate as in effect on such day, with any change in the Reference Rate resulting from a change in said prime commercial rate to be effective as of the date of the relevant change in said prime commercial rate (it being acknowledged and agreed that such rate may not be the Bank's best or lowest rate). "Reimbursement Obligations" shall have the meaning set forth in the Preliminary Statement hereof. "Request for Decrease in Stated Amount" means a notice from the Obligor to the Bank substantially in the form of Exhibit D hereto. 15093122.4 -8- 656 "Request for Extension" means a notice from the Obligor to the Bank substantially in the form of Exhibit E hereto. "Resolutions" shall have the meaning set forth in the Preliminary Statement hereof. "Revenues" shall have the meaning set forth thereto in the Indenture. "Revolving Note" means the Obligor's revolving note, substantially in the form of Exhibit B attached hereto, issued to the Bank pursuant to Section 2.13 hereof, to evidence the indebtedness of the Obligor due and owing to the Bank under this Agreement with respect to amounts drawn on the Letter of Credit. "Sales Tax" shall have the meaning set forth thereto in the Indenture. "Sales Tax Debt" shall have the meaning set forth thereto in the Indenture. "Sales Tax Expiration Date" shall mean June 30, 2039 or such earlier date as of which the Sales Tax Law may be terminated or repealed. "Sales Tax Law" shall have the meaning set forth in the Preliminary Statement hereof. "Sales Tax Revenues" shall have the meaning set forth thereto in the Indenture. "Semi -Annual Payment Date" shall mean the first Business Day of each January and July of each year. "Senior Lien Bond Indenture" shall mean an indenture or indentures entered into after the date of the Indenture between the Obligor and a Senior Lien Trustee, as amended by any Supplemental Indenture, providing for the issuance of bonds secured by a lien on Sales Tax Revenues or other obligations of the Obligor payable from Revenues on a senior priority to the obligation of the Obligor to pay the Notes issued hereunder. "Senior Lien Bonds" shall mean any bonds secured by a lien on Sales Tax Revenues issued and outstanding pursuant to a Senior Lien Bond Indenture, and any reserve fund surety bonds or other reserve facilities issued on behalf of or entered into by the Obligor in connection therewith. "Senior Lien Obligations" shall mean, collectively, any Senior Lien Bonds and any obligations secured by a lien on Sales Tax Revenues of the Obligor on a parity therewith. "Senior Lien Trustee" shall mean a trustee or other fiduciary under any Senior Lien Bond Indenture. "State" shall mean the State of California. "Stated Amount" shall mean, as of any date, the maximum amount which, by the terms of the Letter of Credit, is available to be drawn under the Letter of Credit as of such date. "Stated Expiration Date" shall have the meaning set forth in the Letter of Credit. 15093122.4 -9- 657 "Supplemental Indenture" shall have the meaning set forth thereto in the Indenture. "Swap Contract" means an interest rate swap, cap, collar, option, floor, forward, derivative, or other hedging agreement, arrangement or security, however denominated, entered into between the Obligor and any counterparty thereto, in connection with or incidental to, the issuance or carrying of bonds, securities or other obligations secured by or payable from Revenues, including, without limitation, an interest rate swap, cap, collar, option, floor, forward, derivative, or other hedging agreement, arrangement or security entered into in advance of the issuance of bonds, securities or other obligations secured by or payable from Revenues. "S&P" shall mean Standard & Poor's Ratings Service, a Standard & Poor's Financial Services LLC, its successors and assigns, except that if such corporation shall no longer perform the functions of a securities rating agency for any reason, the term "S&P" shall be deemed to refer to any other nationally recognized securities rating agency selected by the Obligor. "Taxes" shall have the meaning set forth in Section 2.8 hereof. "Term Loan" shall have the meaning set forth in Section 2.4 hereof. "Term Loan Rate" shall have the meaning set forth in Section 2.3(b) hereof. "Term -Out Date" shall have the meaning set forth in Section 2.4 hereof. "Trustee" shall have the meaning set forth in the Preliminary Statement hereof. "Underlying Rating" means the long-term underlying senior lien debt rating assigned to the Obligor by any Rating Agency. "Utilities Code" shall have the meaning set forth in the Preliminary Statement hereof. Section 1.2. Use of Defined Terms. Terms defined in this Agreement shall have their defined meanings when used in any document, certificate, report or agreement furnished from time to time in connection with this Agreement unless the context otherwise requires. Section 1.3. Rules of Construction. When used in this Agreement: (0 the singular includes the plural and the plural includes the singular; (ii) "or" is not exclusive; (iii) a reference to a law includes any amendment or modification to such law; (iv) a reference to a person includes its permitted successors and permitted assigns; (v) a reference to an agreement, instrument, document, regulation, law, statute or act shall include such agreement, instrument, document, regulation, law, statute or act as the same may be amended, modified or supplemented 15093122.4 -10- 658 from time to time in accordance, if an agreement, instrument or document, with its terms and as permitted hereby; and (vi) all references to time shall mean New York City time, unless otherwise specified. ARTICLE 2 TERMS OF THE LETTER OF CREDIT Section 2.1. Issuance of Letter of Credit; Substitution or Termination of Letter of Credit. (a) The Bank hereby agrees, on the terms and subject to the conditions hereinafter set forth and relying upon the representations and warranties set forth in this Agreement or incorporated herein by reference, to issue to the Issuing and Paying Agent its Letter of Credit (substantially in the form of Exhibit A hereto), dated the Date of Issuance and completed in accordance with such form and the terms of this Section 2.1(a). The Stated Amount of the Letter of Credit on the Date of Issuance shall be [$60,750,000]. The Stated Amount may be from time to time reduced and/or reinstated in accordance with the terms of the Letter of Credit and the Obligor irrevocably approves such reductions and reinstatements. The Bank will use only its own funds in honoring an Advance on the Letter of Credit. Unless otherwise terminated in accordance with its terms, the Letter of Credit shall expire on the Stated Expiration Date as such date may be extended from time to time in accordance with the terms hereof and thereof. (b) The Letter of Credit shall be transferred in accordance with its terms to any successor Issuing and Paying Agent. (c) The Obligor may at any time and at its option terminate the Letter of Credit. The Obligor hereby agrees to (i) give the Bank 30 days' prior written notice of any such termination and (ii) pay to the Bank, in immediately available funds as of the date of such termination, all Obligations payable hereunder and under the Fee Agreement, including, without limitation, all principal and interest due and owing on any Advance or Term Loan and any fee related to such termination, if any. Notwithstanding any such termination, so long as any obligations owing hereunder remain unpaid, this Agreement shall remain in full force and effect. Section 2.2. Advances under the Letter of Credit. As set forth in the Letter of Credit, all Advances to be made under the Letter of Credit shall be made by facsimile, in the form of Annex A-1 or A-2 to the Letter of Credit, accompanied by a sight draft in the form of Annex H to the Letter of Credit, addressed to the Bank and submitted by the Issuing and Paying Agent at the time and place specified in the Letter of Credit, and no further presentation of documentation, including the original Letter of Credit, need be made; it being understood that the facsimile shall, in all events, be considered to be the sole operative instrument of drawing. The Obligor hereby directs the Bank to honor drawings under the Letter of Credit as provided therein. The Bank may rely upon any such drawing request under the Letter of Credit made by facsimile which it, in good faith, believes to have been dispatched by the Issuing and Paying Agent or its authorized agent. 15093122.4 -11- 659 Section 2.3. Interest on Advances. (a) Each Advance not required to be repaid on its related Advance Date pursuant to Section 2.4(a) hereof shall bear interest during the Liquidity Period (computed on the basis of a 365 or 366-day year, as applicable, and actual days elapsed) payable monthly in arrears on the first Business Day of each month for the immediately preceding calendar month (commencing on the first such date to occur after the related Advance Date) and on the last day of the related Liquidity Period at a rate per annum equal to the Base Rate from time to time in effect (the "Liquidity Rate"); provided however that in no event shall the Liquidity Rate be less than the rate of interest applicable to any outstanding Notes. (b) All Term Loans shall bear interest (computed on the basis of a 365 or 366 day year, as applicable, and the actual number of days elapsed) payable monthly in arrears on the first Business Day of each month for the immediately preceding calendar month (commencing on the first such date to occur after the related Term -Out Date) and on the related Maturity Date at a rate per annum equal to the sum of the Base Rate from time to time in effect plus 1.00% (the "Term Loan Rate"); provided however that in no event shall the Term Loan Rate be less than the rate of interest applicable to any outstanding Notes. (c) Notwithstanding anything to the contrary contained herein or in any of the Financing Documents, upon the occurrence of any Event of Default, the Obligor shall pay interest on all Obligations, including all outstanding Advances and Term Loans, at the Default Rate. If the Obligor shall fail to pay any amount due and payable hereunder, each such unpaid amount shall bear interest for each day from and including the date it was so due until paid in full at a rate per annum equal to the Default Rate. Interest that accrues hereunder at the Default Rate shall be computed on the basis of a year of a 365 or 366-day year, as applicable and actual days elapsed. Any amount of interest accruing hereunder at the Default Rate shall accrue each day and shall be payable on demand. (d) Notwithstanding anything herein or in the other Financing Documents to the contrary, to the extent permitted by law, if at any time the rate per annum payable hereunder exceeds the Maximum Interest Rate for any period for which interest is payable, then (i) interest at the Maximum Interest Rate shall be due and payable with respect to such interest period, and (ii) interest at the rate equal to the difference between (A) the rate of interest calculated in accordance with the terms hereof without regard to the Maximum Interest Rate and (B) the Maximum Interest Rate (such amount of interest not received by the Bank on the date due being herein referred to as the "Clawback Amount") shall be deferred until such date as the rate of interest calculated in accordance with the terms hereof ceases to exceed the Maximum Interest Rate, and such subsequent reduction in such rate shall not reduce the rate of interest utilized for the calculation of amounts payable to the Bank under this Section 2.3 hereof until the total Clawback Amount has been paid to the Bank; provided however that if such Clawback Amount due to the Bank has not been paid to the Bank on or prior to the Maturity Date, such amounts due shall, to the extent permitted by law, convert to a termination fee due and payable on the Maturity Date; and provided further that any Clawback Amount shall, to the extent permitted by law, bear interest at the Term Loan Rate until paid in full. Section 2.4. Repayment of Advances; Fees; and Other Payments. The Obligor agrees to reimburse the Bank, at the times, in the manner and otherwise in accordance with the terms of this Agreement, for any drawing honored by the Bank under the Letter of Credit and to pay all 15093122.4 -12- 660 other amounts specified herein and in the Fee Agreement, together with interest thereon, pursuant to the terms hereof. (a) Repayment of Advances. Upon the making of an Advance, the Bank will be subrogated to the extent permissible by law to the rights of the Holders of the Notes to which an Advance related. The Obligor shall pay or cause to be paid to the Bank, by 5:00 p.m., New York City time, on the Advance Date the full amount of such Advance. Any payment received after 5:00 p.m., New York City time, shall be deemed received as of the next Business Day. Notwithstanding the above, so long as no Default or Event Default has occurred and is continuing on the related Advance Date, any Advance made on an Advance Date may remain outstanding and unpaid during the Liquidity Period and, thereafter, may be converted to a term loan (a "Term Loan"), provided all conditions set forth in Section 2.4(e) hereof shall have been met. Any Advance that is not converted to a Term Loan pursuant to Section 2.4(e) hereof shall be due and payable on the last day of the related Liquidity Period. (b) Fees. The Obligor hereby agrees to perform the obligations provided for in the Fee Agreement, including, without limitation, the payment of any and all fees and expenses provided for therein, at the times and in the amounts set forth therein. The terms and provisions of the Fee Agreement are hereby incorporated herein by reference as if fully set forth herein. All references to amounts or obligations due hereunder or in this Agreement shall be deemed to include all amounts and obligations (including without limitation fees and expenses) under the Fee Agreement. (c) Manner and Place of Payments; and Interest Calculation. (i) All payments to be made to the Bank hereunder or in connection herewith, whether by the Obligor, or the Issuing and Paying Agent or by the Issuing and Paying Agent on behalf of the Obligor, shall be made to the Bank at its Payment Account in U.S. Dollars in immediately available funds. Subject to Section 2.4(a) hereof, all such payments shall be made to the Bank as aforesaid not later than 4:00 P.M., New York City time, on the date due at its Payment Account; and funds received after 4:00 P.M., New York City time, shall be deemed to have been received on the next succeeding Business Day. All payments not received on the date due shall bear interest until payment in full thereof at a rate equal to the Default Rate and payable on demand. (ii) Whenever a payment is due to the Bank under this Agreement, the Obligor shall be deemed to have made such payment at the time such payment is received by the Bank. (iii) All fees payable hereunder and under the Fee Agreement shall be calculated on the basis of the actual days elapsed and a year of 360 days and shall be payable as set forth in the Fee Agreement. (d) Reserved. (e) Term Loans. In the event the portion of any Advance used to pay the principal of or interest on any Notes on the maturity date thereof has not been repaid in full by the last day of the Liquidity Period (the "Term -Out Date") (provided however that if the Liquidity Period ends as the result of the occurrence of an event set forth in clause (iii) or (iv) of 15093122.4 -13- 661 the definition of the term "Liquidity Period " such Advance shall become due and payable on the last day of the Liquidity Period and shall not become a Term Loan), then, provided (i) no Default or Event of Default has occurred and is continuing on such date and all representations and warranties of the Obligor set forth in Section 4 hereof (other than the representations set forth in Section 4(j) hereof, or incorporated herein by reference, are true and correct in all material respects as of the related Term -Out Date, and (ii) the sum of the Notes outstanding, plus, if applicable, interest on such Notes to their stated maturity dates, plus all unreimbursed Advances and all Term Loans then outstanding including the Term Loan then proposed to be made, shall not exceed the Stated Amount on such Term -Out Date, such Advance shall be converted to a Term Loan. Each Term Loan shall be for a maximum five (5) year term commencing on the related Advance Date and ending not later than the Maturity Date. The Obligor shall pay the principal amount of each Term Loan in equal semi-annual installments over the term of the applicable Term Loan (together with interest thereon in accordance with Section 2.3(b) hereof) to be made on each Semi -Annual Payment Date commencing with the first Semi -Annual Payment Date following the Term -Out Date until paid in full on or prior to the Maturity Date. The entire then outstanding principal amount of such Term Loan shall be due and payable on the related Maturity Date. The Obligor may prepay each Term Loan, in whole or in part, at any time, provided that such prepayment is accompanied by all interest accrued thereon with respect to the amount of such Term Loan prepaid. (f) Mandatory Prepayment. In the event that the Issuing and Paying Agent issues any Notes while any Advance or Term Loan remains unpaid, the Obligor shall apply the proceeds of any such Note, first, to the payment of principal or interest on any Notes maturing on such date and, second, to the prepayment of such outstanding Advances and Term Loans. Any prepayment in part under this Section 2.4(f) shall be applied against each such Advance or Term Loan, as applicable, in the order in which each such Advance or Term Loan, as applicable, was made. Section 2.5. Liability of Bank. As between the Obligor and the Bank, the Obligor assumes all risks of the acts, omissions, or misuse of the Letter of Credit by the Issuing and Paying Agent. Neither the Bank nor any of its officers and directors shall be responsible: (i) for the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of the Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) for the validity or sufficiency of any instrument transferring or assigning, or purporting to transfer or assign, the Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) for failure of the Issuing and Paying Agent to comply fully with conditions required in order to draw upon the Letter of Credit; (iv) for errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex, facsimile transmission or otherwise, whether or not they be in cipher; (v) for errors in interpretation of technical terms; (vi) for any loss or delay in the transmission or otherwise of any document required in order to make a drawing under the Letter of Credit or of the proceeds thereof; (vii) for the misapplication by the Issuing and Paying Agent or the Trustee of the proceeds of any drawing under the Letter of Credit; and (viii) for any consequences arising from causes beyond the control of the Bank; except that the Obligor shall have a claim against the Bank, and the Bank shall be liable to the Obligor, to the extent of any direct, as opposed to consequential, damages suffered by the 15093122.4 -14- 662 Obligor that the Obligor proves were caused by the Bank's gross negligence or willful misconduct (x) in determining whether documents presented under the Letter of Credit comply strictly with the terms of the Letter of Credit or (y) in failing to make lawful payment under the Letter of Credit after the proper presentation to the Bank by the beneficiary thereof of a drawing strictly complying with the terms and conditions of such Letter of Credit. In furtherance and not in limitation of the foregoing, the Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary; provided, that if the Bank shall receive prior written notification from both the Obligor and the beneficiary that sufficiently identifies, in the opinion of the Bank, documents to be presented to the Bank that are not to be honored, the Bank will not honor such documents. Section 2.6. Obligations Absolute. The payment obligations of the Obligor under this Agreement and the Fee Agreement are primary, absolute, independent, irrevocable and unconditional, and shall be paid strictly in accordance with the terms of this Agreement and the Fee Agreement under all circumstances, including, without limitation, the following circumstances: (a) any lack of validity or enforceability of the Letter of Credit or any of the Financing Documents; (b) any amendment or waiver of or any consent or departure from the terms and conditions of all or any of the Financing Documents; (c) the existence of any claim, set-off, defense, or other right that the Obligor may have at any time, whether in connection with this Agreement, the transactions contemplated herein or in the other Financing Documents or any unrelated transaction, against the Trustee, the Issuing and Paying Agent or any other beneficiary or the Bank, or any transferee of the Letter of Credit (or any persons or entities for whom the Trustee, the Issuing and Paying Agent, any such beneficiary, or any such transferee may be acting), or any other person or entity; (d) any statement or any other document presented under the Letter of Credit proving to be forged, fraudulent, invalid, or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; provided that this paragraph (d) shall not apply to any statement or document which the Bank actually knew to be forged or fraudulent prior to the Bank honoring any drawing under such statement or document and, in connection with such drawing under the Letter of Credit, the Bank funded a party other then the Issuing and Paying Agent or Obligor; (e) payment by the Bank to the Issuing and Paying Agent under the Letter of Credit against presentation of a draft or certificate which does not strictly comply with the terms of the Letter of Credit; or (f) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing. No payment by the Obligor under any other agreement (whether voluntary, or involuntary or pursuant to court order or otherwise) shall constitute a defense to the various obligations hereunder except to the extent that the Bank has been indefeasibly paid in full. 15093122.4 -15- 663 Section 2.7. Increased Costs. (a) If the Bank or any Participant shall have determined that a Change of Law has occurred, the result of which is to (A) change the basis of taxation of payments to the Bank or any Participant of any amounts payable hereunder (except for taxes on the overall net income of the Bank or such Participant), (B) impose, modify or deem applicable any reserve, special deposit or similar requirement against performing or maintaining its obligations under this Agreement or maintaining the Letter of Credit or assets held by, or deposited with or for the account of, the Bank or such Participant or (C) impose on the Bank or any Participant any other condition regarding this Agreement, or the Letter of Credit, and the result of any event referred to in clause (A), (B) or (C) above shall be to increase the cost to the Bank or such Participant of performing or maintaining its obligations hereunder or maintaining the Letter of Credit, or to reduce the amount of any sum received or receivable by the Bank or such Participant hereunder or under the Fee Agreement, then, the Obligor shall pay to the Bank or such Participant at such time and in such amount as is set forth in paragraph (c) of this Section 2.7, such additional amount or amounts as will compensate the Bank or such Participant for such increased costs or reductions in amount received or receivable. (b) If the Bank or any Participant shall have determined that a Change of Law has occurred that shall impose, modify or deem applicable any capital adequacy, liquidity or similar requirement (including, without limitation, a request or requirement that affects the manner in which the Bank or the Participant allocates capital resources to its commitments, including its obligations under the Letter of Credit) that either (A) affects or would affect the amount of capital or liquidity to be maintained by the Bank or any Participant or (B) reduces or would reduce the rate of return on the Bank's or the Bank's controlling corporation's or Participant's or the Participant's controlling corporation's capital to a level below that which the Bank or the Participant could have achieved but for such circumstances (taking into consideration the Bank's or the Bank's controlling corporation's or Participant's or the Participant's controlling corporation's policies with respect to capital adequacy) then, the Obligor shall pay to the Bank at such time and in such amount as is set forth in paragraph (c) of this Section 2.7, such additional amount or amounts as will compensate the Bank or the Bank's controlling corporation or the Participant or the Participant's controlling corporation for such costs of maintaining such increased capital or such reduction in the rate of return on the Bank's or the Bank's controlling corporation's capital or the Participant's or the Participant's controlling corporation's capital related to the maintenance of this Agreement and the Letter of Credit. (c) All payments of amounts referred to in paragraphs (a) and (b) of this Section 2.7 shall be due and payable in full on the next Semi -Annual Payment Date that is at least thirty (30) calendar days after the Obligor's receipt of notice thereof. Interest on the sums due as described in paragraphs (a) and (b) of this Section 2.7, and in the preceding sentence, shall begin to accrue from the Semi -Annual Payment Date when the payments were first due at a rate per annum equal to the Default Rate until such amounts have been paid in full and shall be payable on demand and in accordance with the terms hereof. A certificate as to such increased cost, increased capital or reduction in return incurred by the Bank or any Participant as a result of any event mentioned in paragraph (a) or (b) of this Section 2.7 setting forth, in reasonable detail, the basis for calculation and the amount of such calculation shall be submitted by the Bank to the Obligor and shall be conclusive (absent manifest error) as to the amount thereof. In making the determinations contemplated by such certificate, the Bank or the Participant may make such 15093122.4 -16- 664 reasonable estimates, assumptions, allocations and the like as the Bank or the Participant, as applicable, in good faith determines to be appropriate. (d) The obligations of the Obligor under this Section 2.7 shall survive the termination of this Agreement. (e) Notwithstanding the foregoing, in no event shall the Obligor be required to pay to the Bank on behalf of any Participant any increased cost required under this Agreement in excess of the amount the Obligor would have paid to the Bank if the Bank had not entered into a participation with such Participant. Section 2.8. Taxes. (a) To the extent permitted by law, any and all payments by the Obligor hereunder, under the Fee Agreement or under the Revolving Note shall be made, in accordance with Section 2.6 hereof, free and clear of and without deduction for any and all taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding taxes imposed on the overall net income of the Bank (and franchise taxes imposed in lieu of net income taxes) by the jurisdiction of the Bank's applicable lending office or any political subdivision thereof (all such non -excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as "Taxes"). To the best knowledge of the undersigned officer of the Bank, there are no such Taxes currently imposed or required to be withheld or deducted. If the Obligor shall be required by law to withhold or deduct any Taxes from or in respect of any sum payable hereunder, under the Fee Agreement or under the Revolving Note, then, to the extent permitted by law, (i) the sum payable shall be increased as may be necessary so that after making all required withholdings or deductions (including those Taxes payable solely by reason of additional sums payable under this Section 2.8) the Bank receives an amount equal to the sum it would have received had no such withholdings or deductions been made, (ii) the Obligor shall make such withholdings or deductions and (iii) the Obligor shall pay the full amount withheld or deducted to the relevant taxation authority or other authority in accordance with applicable law. (b) In addition, to the extent permitted by law, the Obligor agrees to pay any present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies that arise under the laws of the United States or the State or any other taxing jurisdiction from any payment made hereunder, under the Revolving Note or under the Fee Agreement or from the execution or delivery or otherwise with respect to this Agreement, the Revolving Note or the Letter of Credit (hereinafter referred to as "Other Taxes"). (c) If the Obligor fails to pay Taxes and/or Other Taxes (including Taxes imposed by any jurisdiction on amounts payable under this Section 2.8) required to be paid by the Obligor pursuant to clause (a) or (b) in accordance with applicable law, then the Obligor will indemnify and hold harmless the Bank, and reimburse the Bank, as applicable, for the full amount of Taxes and Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 2.8) paid by the Bank or any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. Payments by the Obligor pursuant to this Section shall be made within 30 days from the date the Bank makes 15093122.4 -17- 665 written demand therefor which demand shall be accompanied by a certificate describing in reasonable detail the basis thereof. (d) Within 30 days after the date of any payment of Taxes by the Obligor, the Obligor shall furnish to the Bank with respect to which such payment was made, at its address referred to in Section 8.2 hereof, the original or a certified copy of a receipt evidencing payment thereof. The Obligor shall compensate the Bank for all reasonable losses and expenses sustained by the Bank as a result of any failure by such party to so furnish such copy of such receipt. (e) Any amounts paid by the Obligor to the Bank pursuant to this Section 2.8 which are subsequently recovered by the Bank from any taxing agency shall be repaid to the Obligor within 30 days of receipt thereof by the Bank. (0 Without prejudice to the survival of any other agreement of the Obligor hereunder, the agreements and obligations contained in this Section 2.8 shall survive the payment in full of fees, principal and interest hereunder, under the Fee Agreement and under the Revolving Note. Section 2.9. Payment on Non -Business Days. Whenever any payment to be made hereunder, under the Fee Agreement or under the Revolving Note shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day (and if so made, shall be deemed to have been made when due), and such extension of time shall in such case be included in the computation of the payment of interest due hereunder. Section 2.10. Book Entries. The Bank shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Obligor resulting from Advances and Term Loans and the amounts of principal and interest payable and paid from time to time hereunder and under the Revolving Note. In any legal action or proceeding in respect of this Agreement or the Letter of Credit, the entries made in such account or accounts shall, in the absence of manifest error, be conclusive evidence of the existence and amounts of the obligations of the Obligor therein recorded. Section 2.11. Term of Agreement. The term of this Agreement shall be until the later of (x) the Maturity Date and (y) the payment in full of the principal of and interest and all other amounts due hereunder and under the Letter of Credit, the Fee Agreement and the Revolving Note. Section 2.12. Extension of Stated Expiration Date; Reduction in Stated Amount. (a) Extension of Stated Expiration Date. On the Date of Issuance, the Stated Expiration Date shall be October _, 2017; provided that such date shall be subject to extension as set forth below and in the Letter of Credit or as the Obligor and the Bank may otherwise agree. At least 90 days prior to the current Stated Expiration Date, the Obligor may request in writing that the Bank extend the Stated Expiration Date for an additional period as the parties may agree by delivery to the Bank of a Request for Extension. Within 30 days of the date of any such Request for Extension, the Bank will notify the Obligor in writing of the decision by the Bank in its absolute discretion whether to extend for such additional period the Stated Expiration Date, including in such notice the extended Stated Expiration Date and the conditions of such 15093122.4 -18- 666 consent (including conditions relating to legal documentation and the consent of the Issuing and Paying Agent). If the Bank does so agree to extend, the Bank shall deliver an executed Notice of Extension to the Issuing and Paying Agent. If the Bank shall not so notify the Obligor, the Bank shall be deemed to have denied any such extension. (b) Reduction in Stated Amount. The Obligor may elect to reduce the Stated Amount of the Letter of Credit from time to time prior to the Letter of Credit Expiration Date by delivery of a Request for Decrease in Stated Amount to the Bank, upon receipt of which the Bank will notify the Issuing and Paying Agent by means of a notice in the form attached to the Letter of Credit as Annex J, thereby reducing the Stated Amount, all as set forth in the Letter of Credit. Upon such reduction, the Stated Amount of the Letter of Credit shall not be less than the principal amount of all outstanding Notes plus, if applicable, interest on such Notes to their stated maturity dates. Upon any such reduction, the Obligor shall pay any fees set forth in the Fee Agreement related to such reduction, if any. Section 2.13. Revolving Note. To evidence the indebtedness of the Obligor due and owing to the Bank under this Agreement with respect to amounts drawn under the Letter of Credit, the Obligor shall issue the Revolving Note, substantially in the form of Exhibit B attached hereto, to the Bank on the Date of Issuance. The Bank shall note on the grid attached to the Revolving Note principal amounts owing to the Bank, and the maturity schedule therefor pursuant to Sections 2.4(a) and 2.4(e) hereof respecting outstanding Advances and Term Loans with interest until payment in full pursuant to the terms of the Revolving Note; provided however that the failure of the Bank to make any such notation shall not limit or otherwise affect the Obligations of the Obligor hereunder and under the Fee Agreement. Section 2.14. Reserved. Section 2.15. Note Operations. (a) Issuance Generally. The Obligor will permit Notes to be issued, and authorize the Issuing and Paying Agent to issue Notes, only in accordance with the terms of the Indenture, the Issuing and Paying Agent Agreement and this Agreement. (b) No -Issuance Notices; Final Drawing Notice. Notes may be issued from time to time prior to the Stated Expiration Date in accordance herewith and with the Indenture and the Issuing and Paying Agent Agreement so long as (i) the Issuing and Paying Agent is not in receipt of Notice of No Issuance that has not been rescinded or (ii) the Issuing and Paying Agent is not in receipt of the Final Drawing Notice. The Bank may deliver a Notice of No Issuance or a Final Drawing Notice at any time when an Event of Default or Rating Event shall have occurred and be continuing. A Notice of No Issuance or the Final Drawing Notice shall be effective when received by the Issuing and Paying Agent; provided however that a Notice of No Issuance or the Final Drawing Notice received by the Issuing and Paying Agent after 12:30 P.M. New York time, on any day on which Notes are being issued shall be effective on the next succeeding day. A Notice of No Issuance or the Final Drawing Notice may be given by facsimile or electronic mail transmission, confirmed in writing within twenty-four (24) hours, but the failure to so confirm such Notice of No Issuance or the Final Drawing Notice in writing shall not render such Notice of No Issuance or the Final Drawing Notice ineffective. The Bank will 15093122.4 -19- 667 furnish a copy of any Notice of No Issuance or the Final Drawing Notice to the Obligor promptly following delivery thereof to the Issuing and Paying Agent, but the failure to furnish any such copy shall not render ineffective such Notice of No Issuance or the Final Drawing Notice. ARTICLE 3 CONDITIONS Section 3.1. Conditions Precedent to Issuance of the Letter of Credit. The obligation of the Bank to issue the Letter of Credit shall be subject to the fulfillment of the following conditions precedent on or before the Date of Issuance thereof, in a manner satisfactory to the Bank and its counsel: (a) The Bank shall have received an opinion or opinions addressed to the Bank, or reliance letters addressed to the Bank, of Bond Counsel or special counsel to the Obligor, as applicable, each in form and substance satisfactory to the Bank and its counsel, dated the Date of Issuance. (b) The Bank shall have received an opinion of Best, Best & Krieger, LLP, as counsel to the Obligor, addressed to the Bank, in form and substance satisfactory to the Bank and its counsel, dated the Date of Issuance. (c) (i) The Trustee shall be instructed that the Prior Letter of Credit shall be immediately canceled by the Trustee and surrendered to the Prior Bank on the Date of Issuance upon receipt by the Trustee of the Letter of Credit hereunder, and (ii) the Prior Bank shall have received all amounts due and owing to it under the Prior Reimbursement Agreement. (d) (i) The ratings assigned by Moody's and S&P to the Notes shall be not less than "P1" and "A-1," respectively, (ii) the Bank shall have received a copy of the rating letters or other documents evidencing such ratings, and (iii) such rating shall continue to be in effect on the Date of Issuance. (e) The Bank shall have received on the Date of Issuance the Revolving Note executed and delivered by the Obligor. (0 The Bank shall have received on the Date of Issuance, certified copies or executed originals, as the Bank may request, of the Ordinance and the Financing Documents, the Offering Memorandum and any other documents which the Bank may reasonably request evidencing that all such Financing Documents are in full force and effect and that all necessary actions required to be taken in connection with the authorization, execution, issuance, delivery and performance of this Agreement and the other Financing Documents, the Offering Memorandum and any other document required to be delivered pursuant to or in connection with this Agreement or the other Financing Documents, the Offering Memorandum, or the transactions contemplated hereby or thereby has been taken. (g) The Bank shall have received such certifications as to matters of fact, evidence of corporate authority, including copies of any necessary resolutions authorizing the execution and delivery of the Financing Documents, and copies of all governmental consents, 15093122.4 -20- 668 permits, licenses and approvals, and other documents as shall be reasonably requested by the Bank, and the form and substance of any order or other official action granting any consent, permit, license or approval shall be satisfactory to the Bank. (h) (i) The representations and warranties set forth in Section 4 of this Agreement, and in any other certificate, letter, writing or instrument delivered on or prior to the Date of Issuance by the Obligor to the Bank pursuant hereto or in connection herewith, shall be true and correct as of the Date of Issuance; (ii) except as disclosed to the Bank or in the Offering Memorandum no material adverse change shall have occurred in the condition or operations (financial or otherwise) of the Obligor, including but not limited to the Obligor's ratings from any Rating Agency, between the date of the audited financial statements for the most recent Fiscal Year of the Obligor received by the Bank pursuant to Section 3(k) hereof and the Date of Issuance, (iii) on or prior to the Date of Issuance no material transactions or obligations (not in the ordinary course of business) shall have been entered into by the Obligor subsequent to such financial statements, except as disclosed in the Offering Memorandum or to the Bank in writing; and (iv) on the Date of Issuance no Default or Event of Default, shall have occurred and be continuing, and the Obligor shall have delivered to the Bank a certificate dated the Date of Issuance certifying as to the accuracy of the representations and warranties set forth in Section 4 of this Agreement and with respect to clauses (ii), (iii) and (iv) immediately above. (0 All conditions precedent to the issuance of the Notes shall have been satisfied. (j) The appointments of the Issuing and Paying Agent and Dealers shall have been made and approved by the Bank. (k) The Bank shall have received (i) the three most recent audited financial statements of the Obligor, and (ii) the operating budget for the Obligor's Fiscal Year 2014-2015. (1) The Bank shall have received a certificate or certificates of one or more Authorized Representatives of the Obligor, the Issuing and Paying Agent and the Dealers dated the Date of Issuance certifying the name, incumbency and signature of each individual authorized to sign this Agreement, the other Financing Documents and the other documents or certificates to be delivered by the Obligor, the Issuing and Paying Agent or the Dealers pursuant hereto, thereto or the Letter of Credit, on which the Bank may conclusively rely until a revised certificate is similarly delivered. (m) The Bank shall have received a copy of the investment policy, guidelines and permitted investments of the Obligor, certified as of a recent date to the Date of Issuance, each of which shall be satisfactory to the Bank and, to the extent that the foregoing are available to the Bank on the Obligor's website on the Date of Issuance, the foregoing condition shall have been deemed satisfied. (n) The Bank shall have received written evidence satisfactory to the Bank that a CUSIP number has been obtained and reserved from Standard & Poor's CUSIP Service for the Revolving Note and that a rating of at least investment grade has been assigned to the Revolving Note by at least one Rating Agency. 15093122.4 -21- 669 (o) The Bank shall have received satisfactory evidence that the long-term unenhanced rating assigned to Senior Lien Bonds is at least ["Aa2"] from Moody's, ["AA+"] from S&P and ["AA"] from Fitch. (p) (i) No Default or Event of Default shall have occurred and be continuing as of the date hereof or will result from the execution and delivery by the Obligor of this Agreement, (ii) the representations and warranties made by the Obligor in Section 4 hereof shall be true and correct in all material respects on and as of the Date of Issuance, as if made on and as of such date, (iii) the conditions precedent to the issuance of the Letter of Credit set forth in this Section 3.1 shall have been satisfied, (iv) no material adverse change in the ratings, financial condition, business, assets, liabilities or prospects of the Obligor shall have occurred since June 30, 2013, except as disclosed in writing to the Bank prior to the Date of Issuance and (v) the Bank shall have received a certificate, given and made as of the Closing Date, from the Obligor to the foregoing effect. (q) All other legal matters pertaining to the execution and delivery of this Agreement and the other Financing Documents, the Offering Memorandum, the issuance of the Notes and the Letter of Credit shall be satisfactory to the Bank and its counsel and the Bank shall have received such other statements, certificates, agreements, documents and information with respect to the Obligor and the matters contemplated by this Agreement as the Bank may request. Section 3.2. Payment of Certain Fees and Expenses. The Bank shall have received payment of all fees and expenses payable (including, without limitation, the reasonable fees and expenses of counsel to the Bank) on the Date of Issuance and which have been invoiced by the Bank to the Obligor within fifteen (15) days after the later to occur of (i) the Date of Issuance and (ii) the receipt of an invoice from the Bank to the Obligor with respect to such fees and expenses payable on the Date of Issuance. ARTICLE 4 REPRESENTATIONS AND WARRANTIES In order to induce the Bank to enter into this Agreement and to issue the Letter of Credit, the Obligor represents and warrants as of the Date of Issuance and as of each Term -Out Date as follows: (a) Corporate Existence and Power. The Obligor is a duly and validly created and existing public agency of the State and has the requisite power to carry on its present and proposed activities, and has and had full power, right and authority to issue and sell the Notes, enter into and deliver or adopt this Agreement, the Financing Documents to which it is a party, and any and all instruments and documents required to be executed, adopted or delivered pursuant to or in connection herewith or therewith and to perform each and all of the matters and things herein and therein provided for and has the requisite power to carry on its business as now conducted and has, as of the Date of Issuance, full power, right and authority to deliver the Offering Memorandum. 15093122.4 -22- 670 (b) Approvals. The Obligor has taken all requisite action to authorize or approve, as appropriate, the execution or adoption, issuance and delivery of, and the performance of its obligations under, this Agreement, the other Financing Documents to which it is a party, the Offering Memorandum and any and all instruments and documents required to be executed, adopted or delivered pursuant to or in connection herewith or therewith, and to pledge thereto the Available Revenues for the payment of the Notes and the Obligations. (c) Binding Effect. Each Financing Document to which the Obligor is a party has been duly executed and delivered or adopted by the Obligor and each constitutes the valid and legally binding obligation of the Obligor, which obligation is enforceable in accordance with its terms, subject to the limitations imposed by bankruptcy, insolvency, fraudulent conveyance, receivership, conservatorship, reorganization, arrangement, liquidation, moratorium or other similar laws affecting the enforcement of creditors' rights. (d) Contravention. The execution or adoption, delivery and performance by the Obligor of its obligations under this Agreement and the other Financing Documents to which it is a party, the Offering Memorandum and any and all instruments or documents required to be executed in connection herewith or therewith, were and are within the powers of the Obligor and will not violate any provision of any applicable law, regulation, decree or governmental authorization, and will not violate or cause a default under any provision of any contract, agreement, mortgage, indenture or other undertaking to which it is a party or which is binding upon it or any of its property or assets, and will not result in the imposition or creation of any Lien, charge, or encumbrance upon any of its properties or assets pursuant to the provisions of any such contract, agreement, mortgage, indenture or undertaking other than that imposed in the Financing Documents on the Available Revenues. (e) Compliance; No Event of Default. The Obligor is in compliance with the terms and conditions of (i) this Agreement, (ii) each of the other Financing Documents to which it is a party, (iii) any law or regulation relative to the issuance of Debt, (iv) each agreement or instrument relating to any Debt, and (v) any other applicable law, rule or regulation, including, but not limited to the Obligor's investment policy and guidelines, non-compliance with which could result in a material adverse effect on the condition or operations (financial or otherwise) of the Obligor or the Obligor's ability or obligation to satisfy its obligations under this Agreement and the other Financing Documents; and no Default, Event of Default or Rating Event has occurred and is continuing. (0 Financial Information. The Obligor shall deliver or has delivered to the Bank a copy of the Obligor's audited financial statements as of June 30, 2013, which collectively comprise the basic financial statements: the government -wide statement of net assets and statement of activities and the governmental funds balance sheet and statement of revenues, expenditures and changes in fund balance, together with the required reconciliations from the fund financial statements to the government -wide statements, and the statement of fiduciary net assets for the Obligor's agency fund accompanied by all required notes to the financial statements, certified by a firm of independent certified public accountants of recognized standing. The data on which such financial statements are based is true and correct. Such financial statements present fairly the government -wide net assets and the funds' financial position of the Obligor as of such date and the government -wide activities and funds' revenues, 15093122.4 - 23 - 671 expenditures, and changes in fund balances for the period then ended. Such financial statements have been prepared in accordance with GAAP. Except as disclosed in writing to the Bank, since June 30, 2013 there has been no material adverse change in the financial position of the Obligor, operations undertaken by the Obligor or projections of financial performance of the Obligor. The Obligor has no material contingent liabilities or other material contracts or commitments which are not reflected in such financial statements or in the notes thereto or have otherwise been disclosed in writing by the Obligor to the Bank. (g) Litigation. Except as described in the Offering Memorandum or as otherwise disclosed in writing by the Obligor to the Bank, there is no action, suit, investigation or proceeding pending, or to the best knowledge of the Obligor, threatened, against or affecting the Obligor before any court, arbitrator or administrative or governmental body which (i) could result in any material adverse change in the financial position of the Obligor and its ability to repay the Notes, (ii) in any manner draws into question the validity or enforceability of this Agreement, any other Financing Document, the Law or any Lien created hereby or thereby, (iii) in any manner could affect the issuance of the Notes, (iv) in any way contests the existence, organization or powers of the Obligor, or (v) could materially adversely affect the ability of the Obligor to satisfy its obligations under or in respect of this Agreement and each of the other Financing Documents. (h) Disclosure and Information Provided to the Bank. All information, documents, statements and certificates provided in writing to the Bank by or on behalf of the Obligor in connection with the transactions contemplated by the Financing Documents and the Offering Memorandum are true and correct as of the date thereof and were provided in expectation of the Bank's reliance thereon in issuing the Letter of Credit. Any financial, budget and other projections furnished to the Bank were prepared in good faith on the basis of the assumptions stated therein, which assumptions were fair and reasonable in light of conditions existing at the time of delivery of such financial, budget or other projections. (i) Tax Status of Interest on Notes. It is the intention of the Obligor and the Bank that the interest on the Notes be excluded from the gross income of the owners thereof for Federal income tax purposes by reason of the provisions of Section 103 of the Code, or any substantially similar successor provision hereinafter enacted. To that end, the Obligor represents to the Bank that it has not taken any action, and has no actual knowledge of any action that any other Person has taken, which would cause interest on all of the Notes to be includable in the gross income of the recipients thereof for Federal income tax purposes. 0) Immunity. The Obligor is not exempt from immunity from liability or suit in connection with any legal proceedings to enforce or collect any Obligation under this Agreement, the Fee Agreement, and/or the other Financing Documents; and the Obligor is subject to services of process and legal proceedings may be commenced and maintained against the Obligor for enforcement and collection in respect of any of the Obligor's obligations under this Agreement, recognizing, however, that the procedural requirements of the California civil and commercial law which apply to the Obligor are, in many respects, different from the procedural requirements which would apply to an individual, partnership, corporation or other private entity under similar circumstances. 15093122.4 -24- 672 (k) Obligor for Incurrence of Obligations. The Obligor is authorized to enter into this Agreement, the Fee Agreement and the other Financing Documents and the transactions contemplated hereby by Law. (1) Incorporation of Representations and Warranties by Reference. The Obligor hereby makes to the Bank the same representations and warranties made by the Obligor in each of the Financing Documents to which it is a party, which representations and warranties, as well as the related defined terms contained therein, are hereby incorporated by reference for the benefit of the Bank with the same effect as if each and every such representation and warranty and defined term were set forth herein in its entirety. No amendment to such representations and warranties or defined terms made pursuant to any such Financing Document shall be effective to amend such representations and warranties and defined terms as incorporated by reference herein without the prior written consent of the Bank. (m) Liens. No filings, recordings, registrations or other actions are necessary to create and perfect the Liens provided for in the Indenture and herein; all Obligations of the Obligor hereunder are secured by the Lien provided for herein and such Lien constitutes a valid Lien subject to no other Liens other than a Lien established by or permitted in the Indenture; the Lien on the Available Revenues established by or permitted in the Indenture in respect of the Notes constitutes a valid Lien subject to no other Liens other than the Lien provided for in or permitted by the Indenture and the Senior Lien Bond Indenture. (n) No Proposed Legal Changes. There is no amendment, or to the knowledge of the Obligor, no proposed amendment certified for placement on a statewide or local ballot, to the Constitution of the State or any published administrative interpretation of the Constitution of the State, the Law or any other State law, or any legislation that has passed either house of the State legislature, or any published judicial decision interpreting any of the foregoing, the effect of which, if enacted or enforced, is (i) to materially adversely affect the Notes or any holder thereof, (ii) to materially adversely affect the ability of the Obligor to perform its obligations under the Notes, this Agreement or any other Financing Document or (iii) invalidate, eliminate or reduce the Sales Tax. (o) Offering Memorandum. The Offering Memorandum and any supplements, amendments and updates thereto, furnished by the Obligor and used by the Dealer (including amendments, supplements and replacements thereof), until such time as they shall have been subsequently amended, updated or replaced, shall not contain any untrue, incorrect or misleading statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. (p) Pension Obligations. The Obligor has an actuarial liability with respect to the employee benefit plan maintained by the Obligor or in which the Obligor participates. The Obligor is otherwise in compliance with the terms of any such plan in which the Obligor maintains or in which the Obligor participates. Neither the Obligor nor any employee benefit plan maintained by the Obligor is subject to ERISA. The Obligor is not subject to ERISA and maintains no Plans thereunder. 15093122.4 - 25 - 673 (q) No Maximum Rate. There is no limitation under California law on the rate of interest payable by the Obligor with respect to the Obligations, the Revolving Note or any other obligations payable to the Bank hereunder, under the Fee Agreement or under any Financing Document. (r) Environmental. Except as disclosed in writing to the Bank, the Obligor has not received notice to the effect that its operations are not in compliance with any of the requirements of applicable federal, state or local environmental, health and safety statutes and regulations or are the subject of any governmental investigation evaluating whether any remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the environment, which non-compliance or remedial action, when taken as a whole, could have a material adverse effect on the ability of the Obligor to satisfy its obligations under this Agreement and the other Financing Documents. (s) Margin Regulations. The Obligor is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U or X of the Board of Governors of the Federal Reserve System), and no part of the proceeds furnished by the Bank under this Agreement or the Letter of Credit will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock. (t) Swap Termination Payments. The Obligor is not a party to any Swap Contract that provides that any termination payment thereunder is payable from or secured by Revenues on a basis that is senior to or on a parity with the lien securing the Notes, the Revolving Note and the Reimbursement Obligations. ARTICLE 5 SECURITY Section 5.1. Pledge of Available Revenues and Funds. The Obligations of the Obligor under this Agreement, the Revolving Note and the Fee Agreement, including, without limitation, the Obligor's obligations to make payments under Section 2 hereof, shall be secured by a Lien on and a pledge of (i) Available Revenues, on a basis junior and subordinate in all respects to the Lien and pledge of Revenues contained in or permitted by the Senior Lien Bond Indenture securing the payment of Senior Lien Obligations (provided that the Obligations other than Reimbursement Obligations are secured by a pledge of Available Revenues on a basis junior and subordinate in all respects to the Lien and pledge of Available Revenues contained in the Indenture securing the payment of Parity Debt, including the Notes and the Lien and pledge of Available Revenues in this Agreement securing the payment of the Revolving Note and the Reimbursement Obligations), (ii) amounts held in the Series A Note Fund and the accounts therein until the amounts deposited therein are used for authorized purposes, subject to the right of the holders of the Notes for such amounts to be used to pay the principal of and interest on the Notes, (iii) amounts held in the Credit Facility Fund until the amounts deposited therein are used for authorized purposes, provided, however, amounts in the Credit Facility Fund attributable to and derived from Advances shall be used first to pay the principal of and interest on the Notes in full, (iv) amounts held in the Proceeds Fund until such amounts are used to pay or otherwise 15093122.4 -26- 674 encumbered to pay for the costs of the Project, (v) the proceeds from the sale of any Sales Tax Debt or other obligations issued for the purpose of repaying or refunding any of the obligations of the Obligor hereunder and under the Fee Agreement, and (vi) to the extent authorized by the Indenture, the proceeds of the Notes or amounts held in any of the funds or accounts established under the Indenture, and the Obligor by execution of this Agreement does hereby grant such pledge and Lien to secure the repayment of the Advances, Term Loans and any other amounts due to the Bank pursuant to this Agreement. All Reimbursement Obligations due to the Bank pursuant to this Agreement, the Fee Agreement and the Revolving Note shall be and are hereby equally and ratably secured by and payable from a Lien on and pledge of the sources hereinabove identified in clauses (i) through (vi), subject only to the exceptions noted therein. With respect to Reimbursement Obligations, such rights of the Bank are to be on a parity with the rights of the holders of the Notes and on a parity with any Additional Commercial Paper and any provider of liquidity or credit support for such Additional Commercial Paper, in each case other than Senior Lien Obligations. The security described in clauses (i) through (vi) above shall be immediately subject to the Lien of the pledge made hereby without any further act, and the Lien of this pledge shall be valid and binding as against the Obligor, the Issuing and Paying Agent, the Dealers, the holders of any Notes or any Sales Tax Debt, irrespective of whether such parties have notice thereof. Section 5.2. Nature of the Obligations. The obligations of the Obligor hereunder, under the Fee Agreement and under the Revolving Note are special limited obligations of the Obligor payable solely from the Available Revenues, the proceeds from the sale of any Sales Tax Debt or other obligations issued for the purpose of repaying or refunding any of the obligations of the Obligor hereunder and under the Revolving Note and, to the extent authorized by the Indenture, the proceeds of the Notes or amounts held in any of the funds or accounts established under the Indenture. ARTICLE 6 COVENANTS OF THE OBLIGOR So long as the Letter of Credit is outstanding and until all Obligations of the Obligor shall have been paid in full, the Obligor shall do the following: Section 6.1. Affirmative Covenants. (a) Reports Certificates and Other Information. The Obligor will furnish or cause to be furnished to the Bank: 0) As soon as available and in any event within 210 days after the end of each Fiscal Year of the Obligor, a copy of the following financial statements for the Fiscal Year then ended which collectively comprise the Obligor's basic financial statements: the government -wide statement of net assets and statement of activities and the governmental funds balance sheet and statement of revenues, expenditures and changes in fund balance, together with the required reconciliations from the fund financial statements to the government -wide statements, and the statement of fiduciary net assets for the Obligor's agency fund accompanied by all required notes to the financial statements, certified by a firm of independent certified 15093122.4 -27- 675 public accountants of recognized standing selected by the Obligor (which certification shall contain no qualification unsatisfactory to the Bank), together with (A) a certificate of such accountants stating that, in connection with such audit, nothing came to such accountant's attention that caused him/her to believe that the Obligor failed to comply with the terms, covenants, provisions, or conditions of Section 6.2(g) or Section 6.2(1), insofar as they relate to accounting matters, or, if any such failure exists, specifying the nature and period of existence thereof and (B) a certificate of the chief financial officer of the Obligor in the form of Exhibit C hereof; (ii) Promptly after adoption thereof and in any event within 60 days after the beginning of each Fiscal Year, a copy of the final budget of the Obligor for each Fiscal Year during the term of this Agreement; (iii) Within 30 days following a request by the Bank, any other relevant financial information as may be so requested by the Bank; (iv) Promptly upon completion thereof, a copy of any other non - routine, periodic or special reports relating to the financial condition of the Obligor and copies of any material adverse notice or other material adverse communications received by the Obligor from any governmental authority; (v) Promptly upon obtaining knowledge of any condition or event which constitutes an Event of Default or Rating Event, notice of such condition or event, and within ten days thereafter, a certificate signed by an Authorized Representative of the Obligor specifying in reasonable detail the nature and period of existence thereof and what action the Obligor has taken or proposes to take with respect thereto; (vi) Promptly, and in any event within fifteen (15) days, after the posting thereof, notice of the posting on EMMA of any preliminary or final offering memorandum or other disclosure documents prepared with respect to any Parity Debt, Senior Lien Obligations or any other Debt secured by or payable from Sales Tax Revenues; (vii) As promptly as practicable, written notice to the Bank of all material litigation filed against the Obligor and all proceedings before any court or governmental authority which relate to the Sales Tax Revenues, the Ordinance, the Sales Tax, this Agreement, the Letter of Credit, the Law, the Notes or any of the other Financing Documents, the Offering Memorandum or any Senior Lien Bond Indenture; (viii) Certified copies of any amendments or modifications to the Law or any other legislation which may adversely impact upon the Sales Tax Revenues or the Obligor's ability to perform its obligations under the Notes, the other Financing Documents, the Offering Memorandum or the Preliminary Offering Memorandum; (ix) Written notice as soon as possible after receiving the same (1) the filing of a complaint against the Obligor in any court or administrative agency, where the amount claimed is in excess of Ten Million Dollars ($10,000,000), (2) the filing of any action or the occurrence of any activity which would could lead to an initiative or referendum which could annul, amend, modify or replace the Law or which could lead to the diminution or reallocation of 15093122.4 -28- 676 the Available Revenues, the Sales Tax Revenues or any portion thereof or (3) any other event which, in the reasonable judgment of the Obligor, is likely to have a material adverse effect on the financial condition or operations of the Obligor or affect the ability of the Obligor to perform its obligations under the Notes, this Agreement or under any other Financing Document; (x) Notice of any resignation of the Issuing and Paying Agent or either Dealer immediately upon receiving such resignation; and (xi) Such other information regarding the business, affairs and financial condition of the Obligor as the Bank may from time to time reasonably request. (b) Maintenance of Books and Records. The Obligor will keep proper books of records and accounts in which full, true and correct entries in accordance with GAAP will be made of all dealings or transactions in relation to its business and activities. (c) Access to Books and Records; Request for Additional Information. The Obligor will permit any representative designated by the Bank to visit any of the offices of the Obligor to examine the books and financial records, including minutes of meetings of the Board of the Obligor, or any relevant governmental committees or agencies, and make copies thereof or extracts therefrom, and to discuss the affairs, finances and accounts of the Obligor with its principal officials, and shall provide such additional information concerning the Notes or the Obligor as the Bank may reasonably request, all at such reasonable times and as often as the Bank may reasonably request. The Bank agrees to maintain the confidentiality of all such books, records and information regarding the Obligor; provided, however, that the Bank shall not be precluded from disclosing such information or the contents of such books and records to the extent required by statute, rule, regulation or judicial process or upon the lawful demand of any court or agency having jurisdiction over the Bank or any Participant. (d) Compliance with Documents. The Obligor agrees that it will perform and comply with each and every covenant and agreement required to be performed or observed by it in the other Financing Documents, which provisions, as well as related defined terms contained therein, are hereby incorporated by reference herein with the same effect as if each and every such provision were set forth herein in its entirety all of which shall be deemed to be made for the benefit of the Bank and shall be enforceable against the Obligor. To the extent that any such incorporated provision permits the Obligor, the Issuing and Paying Agent or the holders of one or more Notes to waive compliance with such provision or requires that a document, opinion or other instrument or any event or condition be acceptable or satisfactory to the Obligor, the Issuing and Paying Agent or the holders of one or more Notes, for purposes of this Agreement, then such provision shall not be complied with only if it is specifically waived by the Bank in writing and such document, opinion or other instrument and such event or condition shall be acceptable or satisfactory only if it is acceptable or satisfactory to the Bank which shall only be evidenced by the Bank's written approval of the same. No termination or amendment to such covenants and agreements or defined terms or release of the Obligor with respect thereto made pursuant to the other Financing Documents shall be effective to terminate or amend such covenants and agreements and defined terms or release of the Obligor with respect thereto as incorporated by reference herein without the prior written consent of the Bank. Notwithstanding any termination or expiration of any such Financing Document, the Obligor shall continue to 15093122.4 -29- 677 observe the covenants therein contained for the benefit of the Bank until the termination of this Agreement. All such incorporated covenants shall be in addition to the express covenants contained herein and shall not be limited by the express covenants contained herein nor shall such incorporated covenants be a limitation on the express covenants contained herein. (e) Further Assurances. From time to time hereafter, the Obligor will execute and deliver such additional instruments, certificates or documents, and will take all such actions as the Bank may reasonably request and are necessary for the purposes of implementing or effectuating the provisions of this Agreement and each of the other Financing Documents or for the purpose of more fully perfecting or renewing the Bank's rights with respect to the rights, properties or assets subject to such documents (or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other property or assets hereafter acquired by the Obligor which may be deemed to be a part thereof) pursuant hereto or thereto. Upon the exercise by the Bank of any power, right, privilege or remedy pursuant to this Agreement and each of the other Financing Documents which requires any consent, approval, registration, qualification or authorization of any governmental authority or instrumentality, the Obligor will, to the extent permitted by law, execute and deliver all necessary applications, certifications, instruments and other documents and papers that the Bank may be required to obtain for such governmental consent, approval, registration, qualification or authorization. (0 Maintenance of Existence. The Obligor shall (i) preserve and maintain its existence as a public agency organized and existing under the laws of the State, and its rights, franchises and privileges material to the conduct of its business, and (ii) not liquidate or dissolve, or combine, merge or consolidate with or into any other entity. (g) Licenses Permits Etc. The Obligor will take all necessary and appropriate action to ensure the continuance in force of all material consents, licenses, permits, orders, decrees, approvals, authorizations, registrations and filings obtained or made in connection with this Agreement, the Notes or the other Financing Documents or necessary to authorize the adoption or the execution, delivery and performance by the Obligor of this Agreement, the other Financing Documents and all other agreements to be delivered in connection with any thereof. (h) Sources of Payments. The Obligor shall make, or cause to be made, such payments from the sources and in the manner provided in the Indenture as are necessary to provide for the payment of the principal and interest with respect to the Obligations and the Notes when due and to pay any and all other amounts when due hereunder. (i) Preservation of Pledge. The Obligor shall take any and all actions necessary or reasonably requested by the Bank to maintain the pledges and security interests described in Section 5 hereof. 0) Taxes and Liabilities. The Obligor shall pay, or cause to be paid, all its Debt and other obligations promptly and in accordance with their terms and pay and discharge or cause to be paid and discharged promptly all taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits, or upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default, which default could have an adverse effect on the ability of the Obligor to satisfy its obligations under this 15093122.4 -30- 678 Agreement or under any other Financing Document; provided that the Obligor shall have the right to defer payment or performance of obligations to Persons other than the Bank so long as it is contesting in good faith the validity of such obligations by appropriate legal action and no final order or judgment has been entered with respect to such obligations. (k) Invalidity. In the event this Agreement, the Fee Agreement, the Letter of Credit, the Notes or the Indenture or any provision thereof is declared null and void or ceases to be valid and binding on the Obligor, as determined in a final judgment rendered by a court of competent jurisdiction, and such event, in the judgment of the Bank, would or could adversely affect or reduce the amount that otherwise would be paid to the Bank when due under this Agreement or the Fee Agreement or otherwise affect the security of the Bank, the Obligor will immediately take all necessary actions, including, if required, the authorization, execution and delivery of any additional or substitute indentures, trust agreements, resolutions or other agreements and the appointment of any additional or substitute trustee, to ensure that all payments required to be paid under the Indenture and this Agreement are paid when due. (1) Compliance with Laws and Other Obligations. The Obligor will comply with all applicable laws, rules, regulations, orders and directions of any governmental authority, including, but not limited to, rules, regulations, orders and directions and the Obligor's investment policy and guidelines, and all agreements and obligations binding on the Obligor, noncompliance with which would have a material adverse effect on the Obligor, its financial condition, assets, or ability to satisfy its obligations under this Agreement and the other Financing Documents to which the Obligor is a party, provided that the Obligor may in good faith contest such laws, rules, regulations, orders and directions and the applicability thereof to the Obligor. (m) Replacement of Bank. In the event the Bank elects not to extend the Stated Expiration Date pursuant to Section 2.1(a) hereof, the Obligor agrees to use its best efforts to substitute an Alternate Credit Facility for the Bank or refund, repay or otherwise defease all outstanding Notes and all Obligations hereunder, under the Fee Agreement and the Revolving Note, other than any Term Loan not otherwise then due and payable, on or prior to the Stated Expiration Date. In addition, the Obligor agrees that in connection with it obtaining an Alternate Credit Facility to replace the Letter of Credit, such Alternate Credit Facility shall provide for repayment to the Bank of any Advance and Term Loan, or the Obligor will otherwise provide available funds to refund, repay or otherwise defease all installments of any Advance and Term Loan, on or prior to the date due and in accordance with Section 2.4(e) hereof, and to pay all other Obligations hereunder and under the Revolving Note on the date due. (n) Transfer of Available Revenues. The Obligor shall cause all Senior Lien Bond Indentures to provide, so long as the Letter of Credit is in effect or any Obligations outstanding, that the Senior Lien Trustee shall forward any and all Available Revenues directly to the Trustee for disbursement pursuant to the Indenture. (o) Changes to Law. The Obligor shall vigorously oppose any rescission of or amendment to or any other action under or in connection with the Sales Tax Revenues (including, without limitation, any modification of the Law) which would or could materially reduce the amount of the Sales Tax Revenues or the allocation of the Available Revenues to the 15093122.4 -31- 679 payment of the Notes or the Obligations of the Obligor hereunder or which would or could in any manner materially impair or adversely affect the rights of the Obligor to any or all of the Revenues or to the security of the Bank. (p) Senior Lien Ratings. The Obligor shall maintain long term unenhanced ratings of the Senior Lien Obligations, if any, from any two of Moody's, S&P or Fitch. (q) Most Favored Nations. In the event that the Obligor has or shall, directly or indirectly, enter into or otherwise consent to any credit agreement, bond purchase agreement, liquidity agreement or other agreement or instrument (or any amendment, supplement or modification thereto) (each such agreement referred to herein as a "Bank Agreement") under which, directly or indirectly, any Person or Persons (each a "Provider") undertake(s) to make or provide funds to make payment of, or to purchase or provide liquidity support or credit enhancement for any Sales Tax Debt of the Obligor secured by or payable from the Revenues on a basis that is on parity with the Notes, which such Bank Agreement provides such Provider with more restrictive covenants, additional or different events of default and/or greater rights and remedies than are provided to the Bank in this Agreement (each such term or provision referred to herein as a "More Favorable Term"), the Obligor shall promptly notify the Bank of any more Favorable Terms and shall provide the Bank with a copy of each such Bank Agreement and such More Favorable Term and if, within 30 days of its receipt of such Bank Agreement, the Bank so requests the Obligor shall promptly enter into an amendment to this Agreement to include the More Favorable Terms and other provisions of such Bank Agreement; provided that until such amendment is entered into, such More Favorable Terms shall automatically be deemed to be incorporated into this Agreement and the Bank shall have the benefits of such More Favorable Term as if specifically set forth herein; provided further that if the Bank shall fail to request any amendment within the 30 day period set forth above (or sooner if the Bank rejects the amendment), the Bank shall no longer have the benefit of the More Favorable Terms from the related Bank Agreement. (r) Issuing and Paying Agent and Dealer. The Obligor shall at all times maintain an Issuing and Paying Agent and Dealer reasonably acceptable to the Bank. The Obligor agrees to cause the Dealer to use its best efforts to sell Notes up to the maximum rate applicable to Notes in order to repay maturing Notes. If any Advance remains outstanding for a period of thirty (30) consecutive calendar days or the Dealer fails to perform its duties under the Dealer Agreement, at the written direction of the Bank, the Obligor shall cause the related Dealer (that has been unable to sell rollover Commercial Paper Notes or fails to perform its duties) to be replaced with a Dealer reasonably satisfactory to the Bank within thirty (30) calendar days of the receipt of such written direction. Any Dealer Agreement with a successor Dealer shall provide that such dealer may resign upon at least sixty (60) days' prior written notice to the Obligor, the Issuing and Paying Agent and the Bank. (s) Sovereign Immunity. To the extent that the Obligor has or hereafter may acquire under any applicable law any right to immunity from legal proceedings, on the grounds of sovereign immunity or any other similar doctrine, to the extent permitted by law, the Obligor hereby irrevocably waives such rights to immunity for itself in respect of any claims arising under or related to this Agreement or any other Financing Document. 15093122.4 -32- 680 (t) Bonding Capacity. The Obligor shall at all times maintain the ability under the Indenture and the Senior Lien Bond Indenture to issue long-term bonded indebtedness secured by Sales Tax Revenues in an amount at least equal to the sum of (i) the aggregate principal amount of the Notes and any Additional Commercial Paper authorized under the Indenture, plus (ii) the aggregate amount of accrued interest to maturity on all Notes and any Additional Commercial Paper, plus (iii) any other obligations (other than with respect to principal and interest on Notes and any Additional Commercial Paper) owing to any credit enhancer or liquidity provider on the Notes and any Additional Commercial Paper. Section 6.2. Negative Covenants. So long as the Letter of Credit is outstanding and until all of the Obligations of the Obligor to the Bank shall have been paid in full, the Obligor shall not do any of the following, without the prior written consent of the Bank: (a) Removal of Issuing and Paying Agent or Dealer. Cause the removal of the Trustee, the Issuing and Paying Agent or the Dealer or the appointment of successors thereto without the prior written consent of the Bank (such consent not to be unreasonably withheld); (b) Actions. Take any action, or cause the Trustee, Issuing and Paying Agent or the Dealer to take any action, under the Financing Documents inconsistent with the rights of the Bank under this Agreement, subject to the provisions of the Indenture including, without limitation, its obligations to make payments to the Bank; (c) Income Tax Status. Take any action, or omit to take any action under present or future laws, rules, regulations or official interpretations thereof, including, without limitation, making payments to the United States, restricting yield on investments, and making necessary filings, which, if taken or omitted, would cause interest on the Notes to become includable in the gross income of the owners thereof for federal income tax purposes; (d) Violate Any Law. Violate any law, rule, regulation, or governmental order to which the Obligor is subject (including but not limited to any rule, regulation or governmental order to which the Obligor is subject, and the Obligor's investment policy and guidelines), which violation could materially and adversely affect its financial condition, business or results of operations or its ability to perform its obligations under this Agreement, the Notes or any other Financing Document; (e) Offering Memorandum; Use of Bank's Name. (i) Permit the marketing of the Notes pursuant to any Offering Memorandum unless the Bank shall have approved in writing of the description of the Bank contained in such Offering Memorandum, and (ii) include in an offering document for the Notes any information concerning the Bank (other than identifying the Bank as a party to this Agreement and the issuer of the Letter of Credit) that is not supplied in writing, or otherwise consented to in writing, by the Bank expressly for inclusion therein; (0 Amendments. Consent or agree to or permit any rescission of or amendment to or otherwise take any action under or in connection with Financing Documents or the Sales Tax Revenues (including, without limitation, consenting or agreeing to any modification of Financing Documents, the Act, the Sales Tax Law or any other law affecting such Sales Tax Revenues) which would or could reduce the amount of the Sales Tax Revenues 15093122.4 -33- 681 or the allocation of the Available Revenues to the payment of the Notes or the Obligations of the Obligor hereunder or under the Fee Agreement or under the other Finance Documents or which would or could in any manner impair or adversely affect the rights, interests, security or remedy of the Bank hereunder or under any Financing Document, or the rights of the Obligor to any or all of the Revenues or to the security of the Bank or agree to any amendment or supplement of the Indenture whatsoever; provided, however, the foregoing covenant shall not prohibit the issuance of Senior Lien Obligations, Additional Commercial Paper or Parity Debt in accordance with the Indenture; (g) No Liens. Create or suffer to be created any pledge of or Lien on the Revenues or any of the funds pledged to the Bank pursuant to Section 5.1 hereof, other than the pledges and Liens provided for in the Senior Lien Bond Indenture or permitted by the Senior Lien Bond Indenture, in the Indenture and in this Agreement, and the Obligor will take all actions and do all things necessary to maintain the pledge of and the Lien on the Revenues and such funds, provided that the Obligor may create or suffer to be created any pledge of or Lien on the Revenues and such funds as contemplated by such documents on the date hereof, provided that after giving effect to such pledge or Lien, the Obligor would not otherwise be in default of this Agreement. (h) Expenditure of Money. (i) Expend or cause to be expended the proceeds of a drawing under the Letter of Credit for any purpose other than to pay the principal of and interest on Notes on their respective maturity dates and, to the extent any such drawing under the Letter of Credit is in excess of the amount needed to pay the principal of and interest on the Notes, to reimburse such excess amount to the Bank, or (ii) expend or cause to be expended the proceeds of the Notes for any purpose other than for payment of the costs of the Project, the payment of amounts owed to the Bank under this Agreement or the payment of the principal of and interest on Notes; (0 Permitted Investments. Invest any moneys in any of the funds established under the Indenture or the Issuing and Paying Agent Agreement in any investments other than investments permitted pursuant to the terms of the Indenture; (.0 Investment Practices. Deviate from the investment policies of the Obligor or from the provisions of the Government Code of the State, as in effect from time to time; (k) Issuance of Notes. Instruct the Issuing and Paying Agent to authenticate or deliver any Note if, immediately after the authentication and delivery of, and receipt of payment for, such Note, the aggregate principal amount of Notes then to be Outstanding under the Indenture plus, if applicable, interest on such Notes to their stated maturity dates, would exceed the Stated Amount; or instruct the Issuing and Paying Agent to authenticate or deliver any Note if the Issuance and Paying Agent has received a No -Issuance Notice or a Final Drawing Notice, unless and until such No -Issuance Notice is rescinded; (1) Additional Sales Tax Debt. Issue or incur any additional Sales Tax Debt other than in accordance with the Indenture and the Senior Lien Bond Indenture. 15093122.4 -34- 682 (m) Swap Termination Payments. Enter into any Swap Contract unless any and all termination payments that may become owing by the Obligor thereunder shall be subordinate to the Reimbursement Obligations payable to the Bank hereunder and under the Fee Agreement. The Obligor shall not permit any Lien on any portion of the Revenues securing any swap termination payments to be pari passu with or senior to the Lien on the Revenues created pursuant to the Indenture, the Issuing and Paying Agent Agreement or this Agreement to secure the payment of the principal of and interest on the Notes, the Revolving Note, Advances, Term Loans and other Reimbursement Obligations; or (n) Alternate Credit Facility. The Obligor shall not permit an Alternate Credit Facility to become effective with respect to less than all of the Notes without the prior written consent of the Bank. (o) Margin Regulations. No portion of the proceeds of any drawings under the Letter of Credit or Advances hereunder shall be used by the Obligor (or the Issuing and Paying Agent or any other Person on behalf of the Obligor) for the purpose of "purchasing" or "carrying" any margin stock or used in any manner which might cause the borrowing or the application of such proceeds to violate Regulation U of the Board of Governors of the Federal Reserve System or any other regulation of the Obligor or to violate the Securities Exchange Act of 1934, as amended, in each case as in effect on the date or dates of such Drawings or Advances and such use of proceeds. (p) Condition Precedent to Initial Issuance of Notes. The initial issuance of Notes following the effectiveness of this Agreement shall not occur until the Revolving Note shall have been assigned a long-term rating of at least `Baa3" from Moody's. The Issuing and Paying Agent shall acknowledge the foregoing covenant of the Obligor in a certificate addressed to the Bank and dated the Date of Issuance. ARTICLE 7 EVENTS OF DEFAULT AND RATING EVENT Section 7.1. Events of Default. If any of the following Events of Default shall occur and be continuing: (a) The Obligor shall fail to pay, or cause to be paid, when due (i) the principal of or interest on any Reimbursement Obligation or (ii) any other amount payable hereunder or under the Fee Agreement, and such default shall continue unremedied for five (5) Business Days; or (b) The issuance of any Notes shall result in a violation by the Obligor of any law, rule or regulation, or any order of any court, governmental agency or regulatory body, or any indenture or loan or credit agreement (including this Agreement), or any other agreement or instrument, applicable to the Obligor or to such issuance; or 15093122.4 -35- 683 (c) An "event of default" shall occur and be continuing under any other Financing Documents or any Senior Lien Bond Indenture and the expiration of any applicable grace period shall have occurred; or (d) The Obligor shall default in the performance of any term, covenant or agreement contained in Section 6.1(f), (i), (n), (p), (s) or 6.2 hereof or the condition set forth in Section 3.2 hereof; or (e) The Obligor shall default in the performance of any other covenant or agreement contained in this Agreement and such default shall continue for 30 days after the earlier of (i) written notice of such default shall have been given to the Obligor by the Bank and (ii) the Obligor has actual knowledge of such default; or (0 Any representation or warranty on the part of the Obligor contained in this Agreement or in any other Financing Document or in any certificate, letter or other writing or instrument furnished or delivered by the Obligor to the Bank pursuant hereto or thereto or in connection herewith or therewith, shall at any time prove to have been incorrect or incomplete in any material respect when made or when effective or when reaffirmed, as the case may be; or (g) Any provision of this Agreement, any of the other Financing Documents or any Senior Lien Bond Indenture shall at any time for any reason cease to be valid and binding on the related obligor thereunder or shall be declared to be null and void by any court or governmental authority or agency having jurisdiction over the Obligor, or the validity or the enforceability thereof shall be contested by the Obligor or any Governmental Authority of competent jurisdiction or the Obligor shall deny that it has any or further liability under this Agreement, the Fee Agreement or any other Financing Document; or (h) The Obligor shall default in the payment of principal of or interest on any Debt of the Obligor payable from or secured by Sales Tax Revenues outstanding in a principal amount of $500,000 or more, and the continuance of such default beyond any applicable grace period, if any, provided in the instrument under which such Debt was created; or (i) (i) Any event or condition shall occur which results in the acceleration of the maturity of any Debt of the Obligor payable from or secured by Sales Tax Revenues or Guarantee thereof of the Obligor outstanding in a principal amount of $500,000 or more, or enables the holder of such Debt of the Obligor payable from or secured by Sales Tax Revenues or Guarantee thereof or any Person acting on such holder's behalf to accelerate the maturity thereof (whether or not such Debt is accelerated) or with the giving of notice or lapse of time or both would enable the holder of such Debt of the Obligor payable from or secured by Sales Tax Revenues or Guarantee thereof or any Person acting on such holder's behalf to accelerate the maturity thereof (whether or not such Debt is accelerated); or (ii) Any event of default shall occur which results in the mandatory tender or redemption of any Debt of the Obligor payable from or secured by Sales Tax Revenues or Guarantee thereof of the Obligor outstanding in a principal amount of $500,000 or more, or enables the holder of such Debt of the Obligor payable from or secured by Sales Tax Revenues or Guarantee thereof or any Person acting on such holder's behalf to demand purchase or 15093122.4 -36- 684 redemption thereof (whether or not such Debt is purchased or redeemed) or with the giving of notice or lapse of time or both would enable the holder of such Debt of the Obligor payable from or secured by Sales Tax Revenues or Guarantee thereof or any Person acting on such holder's behalf to require the purchase or redemption thereof (whether or not such Debt is purchased or redeemed); or 0) Any funds on deposit in, or otherwise to the credit of, any funds or accounts established under the Indenture shall become subject to any writ, judgment, warrant or attachment, execution or similar process by a court of competent jurisdiction; or (k) (i) The Obligor shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it or seeking to adjudicate it insolvent or a bankrupt or seeking reorganization, arrangement, adjustment, winding -up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for itself or for any substantial part of its property, or the Obligor shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the Obligor any case, proceeding or other action of a nature referred to in clause (i) and the same shall remain undismissed for a period of 30 days; or (iii) there shall be commenced against the Obligor any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its property which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal, within 60 days from the entry thereof; or (iv) the Obligor shall take action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii) or (iii) above; or (v) the Obligor shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due or shall repudiate or declare a moratorium on the payment of its debts; or (1) A final non -appealable judgment or order by a court of competent jurisdiction shall be rendered against the Obligor for the payment of money in excess of $15,000,000 not covered by insurance, and such judgment shall not be satisfied for a period of thirty (30) days; or (m) S&P shall have assigned a long-term unenhanced rating to any Senior Lien Bonds of the Obligor, or, in the event no Senior Lien Bonds are then outstanding, an Underlying Rating, below "BBB-" (or its equivalent) or suspended or withdrawn such rating for credit related reasons, or Moody's shall have assigned a long-term unenhanced rating to any Senior Lien Bonds of the Obligor, or, in the event no Senior Lien Bonds are then outstanding, an Underlying Rating, below `Baa3" (or its equivalent) or suspended or withdrawn such rating for credit related reasons; or (n) The Obligor shall fail to preserve the pledge made in Section 5 hereof or in the Indenture or any legislation is enacted, repealed, reenacted, amended or otherwise modified, and such repeal, reenactment, amendment, modification or enactment, in the sole opinion of the Bank, dilutes or eliminates the pledge of or security interest of the Bank granted in such Section 5 hereof or in the Indenture; or 15093122.4 -37- 685 (o) A change occurs in the financial or operating conditions of the Obligor, the ratings on the Obligor, or in the rules or regulations to which the Obligor is subject (or in the interpretation or administration thereof), that, in the Bank's reasonable judgment, has a materially adverse effect on the ability of the Obligor to perform its obligations hereunder or under the Financing Documents, and the Obligor fails to cure such condition within six (6) months after receipt by the Obligor of written notice thereof from the Bank; or (p) Any rescission of or amendment to or any other action under or in connection with the Sales Tax Revenues (including, without limitation, any modification of the Law) which would or could materially reduce the amount of the Sales Tax Revenues or the allocation of the Available Revenues to the payment of the Notes or the Obligations of the Obligor hereunder or which would or could in any manner materially impair or adversely affect the rights of the Obligor to any or all of the Revenues or to the security of the Bank; or (q) A moratorium shall have been declared or announced by the Obligor or any Governmental Authority with respect to any Debt of the Obligor secured by or payable from Sales Tax Revenues senior to or on a parity with the Notes; or (r) The dissolution or termination of the existence of the Obligor; then, and in any such event, the Bank may, at the same or different times, so long as such Event of Default shall not have been remedied to the sole satisfaction of the Bank, take one or more of the following actions: (i) exercise all of the rights and remedies available to the Bank under this Agreement, any other Financing Document, any applicable law or at equity; (ii) instruct the Obligor and the Issuing and Paying Agent to immediately cease issuing, delivering and selling additional Notes by delivering to the Obligor and the Issuing and Paying Agent a Notice of No Issuance; (iii) instruct the Obligor and the Issuing and Paying Agent to immediately cease issuing, delivering and selling additional Notes, instruct the Issuing and Paying Agent to make a final drawing under the Letter of Credit in accordance with its terms, by delivering a Final Drawing Notice (the effect of which shall be to cause the Letter of Credit Expiration Date to occur on the 15th day after the date of receipt thereof by the Issuing and Paying Agent) and (iv) by notice to the Obligor, declare all Obligations payable by the Obligor under the Revolving Note, this Agreement and the Fee Agreement including, without limitation, any and all unpaid Advances or Term Loans to be immediately due and payable (and the same shall upon such notice become immediately due and payable), in each case without any presentment, demand, protest or other notice or formality of any kind (all of which are hereby expressly waived by the Obligor to the extent allowed by law); provided, however, that if any event specified in clause (k) of this Section 7.01 occurs, the consequences of the Bank's notice described in clauses (ii), (iii) and (iv) above shall result automatically upon the occurrence of such event without notice from the Bank. Section 7.2. Rating Event. In the event a Rating Event shall have occurred, the Bank may, at the same or different times, so long as such Rating Event shall not have been remedied to the sole satisfaction of the Bank, take one or more of the following actions: (i) instruct the Obligor and the Issuing and Paying Agent to immediately cease issuing, delivering and selling additional Notes by delivering to the Obligor and the Issuing and Paying Agent a Notice of No Issuance; (ii) instruct the Obligor and the Issuing and Paying Agent to immediately cease 15093122.4 -38- 686 issuing, delivering and selling additional Notes, instruct the Issuing and Paying Agent to make a final drawing under the Letter of Credit in accordance with its terms, by delivering a Final Drawing Notice (the effect of which shall be to cause the Letter of Credit Expiration Date to occur on the 15th day after the date of receipt thereof by the Issuing and Paying Agent) and (iii) by notice to the Obligor, establish the Maturity Date on a date which is at least 180 days following the date such notice is provided to the Obligor. Notwithstanding anything set forth herein to the contrary, the parties hereto hereby acknowledge and agree that a Rating Event shall not constitute a Default or Event of Default for purposes of this Agreement. Section 7.3. Miscellaneous. No remedy herein conferred or reserved is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or any Financing Document, or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default, omission or failure of performance hereunder shall impair any such right or power or shall be construed to be a waiver thereof, but any such right or power may be exercised from time to time and as often as may be deemed expedient. In order to exercise any remedy reserved to the Bank in this Agreement, it shall not be expressly required. In the event any provision contained in this Agreement should be breached by any party and thereafter duly waived in accordance herewith, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other breach hereunder. No waiver, amendment, relief or modification of this Agreement shall be established by conduct, custom or course of dealing, but solely by an instrument in writing duly executed by the parties thereto duly authorized by this Agreement. No notice to or demand on the Obligor in any case shall entitle the Obligor to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of the Bank to any other or further action in any circumstances without notice or demand. ARTICLE 8 MISCELLANEOUS Section 8.1. Amendments Etc. No amendment, modification or waiver of any provision of this Agreement nor consent to any departure by the parties hereto shall in any event be effective unless the same shall be in writing and signed by such parties, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. Section 8.2. Addresses for Notices; Payments to the Bank. All notices and other communications provided for hereunder shall be in writing and mailed or delivered to the applicable party at the addresses indicated below: If to the Obligor by U.S. Postal Service: 15093122.4 -39- 687 If to the Obligor by other carrier: If to the Bank, with respect to credit matters: If to the Bank, with respect to wire instructions for Letter of Credit reimbursement of drawings: If to the Bank, with respect to wire instructions for all other amounts: If to the Issuing and Paying Agent: 15093122.4 -40- 688 If to the Dealer: or as to each party at such other address as shall be designated by such party in a written notice to the other party. All such notices and other communications shall, when mailed certified or registered mail, be effective three days after the date of deposit in the mail, addressed as aforesaid. Section 8.3. No Waiver; Remedies. No failure on the part of the Bank to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other further exercise thereof or the exercise of any other right. No notice to or demand on the Obligor in any case shall entitle the Obligor to any other or further notice or demand in the same, similar or other circumstances. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Section 8.4. Indemnification. To the extent permitted by law, the Obligor hereby indemnifies and holds harmless the Bank from and against any and all claims, damages, losses, liabilities, costs or expenses whatsoever (including, without limitation, the fees and expenses of counsel) which the Bank may incur or suffer (or which may be claimed against the Bank by any Person or entity whatsoever) by reason of or in connection with the offering and sale of the Notes (including, without limitation, by reason of any inaccuracy in any material respect, or any untrue statement or alleged untrue statement of any material fact, contained in the Offering Memorandum or any amendment or supplement thereto, or by reason of the omission or alleged omission to state therein a material fact necessary to make such statements, in the light of the circumstances under which they were made, not misleading), the execution and delivery of this Agreement, the Letter of Credit, any other Financing Document or the transfer of the Letter of Credit, or payment or failure to pay under the Letter of Credit, or any impairment or potential impairment of the Sales Tax; provided, however, that the Obligor shall not be required to indemnify the Bank for any claims, damages, losses, liabilities, costs or expenses to the extent, but only to the extent, caused by (a) the willful misconduct or gross negligence of the Bank in determining whether a certificate presented under the Letter of Credit complied with the terms of the Letter of Credit or (b) the Bank's willful failure or gross negligence in failing to pay under the Letter of Credit after the proper presentation to it by the Issuing and Paying Agent of a certificate strictly complying with the terms and conditions of the Letter of Credit; provided further, that in the case of any action or proceeding alleging an inaccuracy in a material respect, or an untrue statement, with respect to information supplied in writing by the Bank contained in the Offering Memorandum (the "Bank Information"), if, in any such action or proceeding, it is 15093122.4 -41- 689 finally determined that the Bank was liable in providing Bank Information which contained an inaccuracy in any material respect or an untrue statement of a material fact, then the Obligor shall not be required to indemnify the Bank pursuant to this Section for any claims, damages, losses, liabilities, costs or expenses to the extent caused by such inaccuracy or untrue statement. Nothing in this Section 8.4 is intended to limit any other obligations of the Obligor contained in Section 2 hereof. The provisions of this Section 8.4 shall survive the termination of this Agreement and payment of the Obligations. Section 8.5. Survival of this Agreement. All covenants, agreements, representations and warranties made in this Agreement shall survive the issuance by the Bank of the Letter of Credit and shall continue in full force and effect so long as the Letter of Credit shall be unexpired or any sums drawn or due thereunder or any other Obligations shall be outstanding and unpaid, including but not limited to the Term Loan, regardless of any investigation made by any person and so long as any amount payable hereunder remains unpaid. Whenever in this Agreement the Bank is referred to, such reference shall be deemed to include the successors and assigns of the Bank and all covenants, promises and agreements by or on behalf of the Obligor which are contained in this Agreement shall inure to the benefit of the successors and assigns of the Bank. The rights and duties of the Obligor, however, may not be assigned or transferred, except as specifically provided in this Agreement or with the prior written consent of the Bank, and all obligations of the Obligor hereunder shall continue in full force and effect notwithstanding any assignment by the Obligor of any of its rights or obligations under any of the Financing Documents or this Agreement or any entering into, or consent by the Obligor to, any supplement or amendment to, or termination of, any of the Related Documents or this Agreement. Section 8.6. Fees and Expenses. The Obligor shall pay or cause to be paid, any and all fees and expenses, including taxes and recording costs or charges, if any, payable or incurred by the Bank in connection with the execution and delivery of the Financing Documents (including the fees and expenses of counsel to the Bank). In addition, the Obligor shall pay or cause to be paid, any and all fees and expenses, including taxes and recording costs or charges, if any, payable or incurred by the Bank subsequent to the Date of Issuance in connection with the performance, administration, interpretation and enforcement of the Financing Documents, and any amendments, modifications, supplements, consents and waivers with respect thereto, and agrees to save the Bank harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such fees, expenses, taxes, costs and charges, if any, provided that the Bank agrees promptly to notify the Obligor of any such fees, expenses and taxes, if any. Section 8.7. Severability. Any provision of this Agreement and the Fee Agreement which is prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or non - authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in any other jurisdiction. Section 8.8. GOVERNING LAW; OTHER MATTERS. THIS AGREEMENT AND THE LETTER OF CREDIT SHALL BE DEEMED TO BE A CONTRACT UNDER, AND FOR ALL PURPOSES SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; PROVIDED, 15093122.4 -42- 690 HOWEVER, THAT THE AUTHORIZATION OF THIS AGREEMENT AND THE FEE AGREEMENT AND THE OBLIGATIONS OF THE AUTHORITY HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA. THE PARTIES HERETO FURTHER IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS SET FORTH IN SECTION 8.2 HEREOF, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE PARTIES HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. Section 8.9. Participants. The Bank shall have the right to grant participations from time to time (to be evidenced by one or more Participation Agreements or certificates of participation) in this Agreement, the Fee Agreement and the Letter of Credit to one or more other Persons, provided that the grant of any such participation shall not terminate or otherwise affect any obligation of the Bank hereunder. Each Person purchasing such a participation shall in the discretion of the Bank have all rights of the Bank hereunder to the extent of the participation purchased. In connection with the granting of participations, the Bank may disclose to any proposed Participant any information that the Obligor delivers or discloses pursuant to this Agreement. The Bank shall give notice to the Obligor of any Person that is granted a participation pursuant to this Section 8.9. Section 8.10. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but both or all of which, when taken together, shall constitute but one document, and shall become effective when copies hereof which, when taken together, bear the signatures of each of the parties hereto. Section 8.11. Certificates Etc. In connection with the execution and delivery of this Agreement, the parties hereto may rely on any certificates delivered by or on behalf of each other respective party hereto as representations and warranties as to the matters therein certified. Section 8.12. Table of Contents; Headings. Table of Contents and section and subsection headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. Section 8.13. Integration. This Agreement is intended to be the final agreement between the parties hereto relating to the subject matter hereof and this Agreement and any agreement, document or instrument attached hereto or referred to herein shall supersede all oral negotiations and prior writings with respect to the subject matter hereof. Section 8.14. Waiver of Jury Trial; Judicial Reference. (a) Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement, the Fee Agreement or any other Financing Document or the transactions contemplated hereby or thereby (whether based on contract, tort or any other theory). If and to the extent the foregoing waiver of the right to a jury trial is unenforceable for any reason, the parties hereto hereby consent to the adjudication of any and all claims pursuant to judicial 15093122.4 - 43 - 691 reference as provided in California Code of Civil Procedure Section 638, and the judicial referee shall be empowered to determine any and all issues in such reference whether fact or law. Each party hereto acknowledges and represents that it and the other parties hereto have been induced to enter into this Agreement, the Fee Agreement and the other Financing Documents by, among other things, the mutual waivers and certifications in this Section, and that it has reviewed this waiver and consent, and knowingly and intentionally waives its jury trial rights and consents to judicial references following the opportunity to consult with legal counsel of its choice on such matters. In the event of litigation, a copy of this Agreement may be filed as a written consent to a trial by the court or to judicial reference under California Code of Civil Procedures Section 678 as provided herein. (b) To the extent permitted by law, the waivers made pursuant to this Section 8.14 shall be irrevocable and unmodifiable, whether in writing or orally, and shall be applicable to any subsequent amendments, renewals, supplements or modifications of this Agreement. In the event of litigation, this Agreement may, to the extent permitted by applicable law, be filed as a written consent to a trial by the court sitting without a jury. Section 8.15. Waiver of Rules of Construction. The Obligor hereby waives any and all provisions of law (including, without limitation, California Civil Code Section 1654) to the effect that an ambiguity in a contract or agreement should be interpreted against the party responsible for its drafting. Section 8.16. Assignment to Federal Reserve. The Bank may assign and pledge all or any portion of the Obligations owing to it to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Obligations made by the Obligor to the Bank in accordance with the terms of this Agreement shall satisfy the Obligor's obligations hereunder in respect of such assigned obligation to the extent of such payment. No such assignment shall release the Bank from its obligations hereunder. Section 8.17. Dealing with the Obligor the Issuing and Paying Agent and/or the Dealer. The Bank and its affiliates may accept deposits from, extend credit to and generally engage in any kind of banking, trust or other business with the Obligor, the Issuing and Paying Agent, and/or the Dealer regardless of the capacity of the Bank hereunder. Section 8.18. USA Patriot Act; Government Regulations. The Bank hereby notifies the Obligor that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Patriot Act"), the Bank is required to obtain, verify and record information that identifies the Obligor, which information includes the name and address of the Obligor and other information that will allow the Bank to identify the Obligor in accordance with the Patriot Act. The Obligor shall, promptly following a request by the Bank, provide all documentation and other information that the Bank reasonably requests in order to comply with its ongoing obligations under applicable law or regulation, including, without limitation, "know your customer" and anti -money laundering rules and regulations, including the Patriot Act, and shall comply with all applicable Bank Secrecy Act ("BSA") laws and regulations, as amended. 15093122.4 -44- 692 The Obligor hereby represents and warrants and covenants and agrees (a) that it is not and shall not be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control ("OFAC"), the Department of the Treasury or included in any Executive Orders, that prohibits or limits the Bank from making any advance or extension of credit to the Obligor or from otherwise conducting business with the Obligor and (b) to ensure that the proceeds of the Commercial Paper Notes shall not be used to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto. Section 8.19. ENTIRE AGREEMENT. THIS AGREEMENT AND THE FEE AGREEMENT TOGETHER WITH THE REVOLVING NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES HERETO. [Remainder of Page Left Blank] 15093122.4 - 45 - 693 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first above written. RIVERSIDE COUNTY TRANSPORTATION COMMISSION By: Name: Title: STATE STREET BANK AND TRUST COMPANY By: Name: Title: 15093122.4 [Signature Page to Reimbursement Agreement] 694 EXHIBIT A IRREVOCABLE DIRECT PAY LETTER OF CREDIT (SSBTC No. ILC- ) October , 2014 U.S. [$60,750,000] No. Beneficiary: Ladies and Gentlemen: At the request and for the account of our customer, the Riverside County Transportation Commission (the "Obligor"), State Street Bank and Trust Company (the "Bank") hereby establishes in your favor this Irrevocable Direct Pay Letter of Credit (SSBTC No.ILC- ) ("Letter of Credit") issued pursuant to the terms of the Reimbursement Agreement, dated as of October 1, 2014, by and between the Obligor and the Bank (as amended, supplemented or otherwise modified from time to time, the "Agreement"). This Letter of Credit is issued to you as Issuing and Paying Agent (the "Issuing and Paying Agent") for the benefit of the holders of the Riverside County Transportation Commission Commercial Paper Notes (Limited Tax Bonds) Series A (the "Notes") issued pursuant to the Indenture, dated as of March 1, 2005 (the "Indenture"), between the Obligor and U.S. Bank Trust National Association, as trustee. Subject to the terms and conditions herein, this Letter of Credit authorizes you to draw on us in an amount not exceeding [$60,750,000] (as such amount may be reduced and reinstated as provided herein, the "Stated Amount"). Subject to the other provisions of this Letter of Credit, you or any duly authorized successor Issuing and Paying Agent may obtain the funds available under this Letter of Credit by presentment to us of your sight draft or drafts drawn on State Street Bank and Trust Company mentioning thereon our Letter of Credit. Each draft presented to us must be accompanied by a certification in the form of one or more of the Annexes attached hereto as set forth below. Your sight draft in the form of Annex G hereto accompanied by a certification to us in the form of (i) Annex A-1 hereto or (ii) Annex A-2 hereto and, in any case, presented in full compliance with the terms and conditions of this Letter of Credit at or before 10:30 a.m. New York time, on a Business Day, will be honored by our payment to you of the draft amount in immediately available funds, no later than 2:00 p.m. New York time, on the same Business Day. If we receive your draft and the required Annex A-1 hereto or A-2, as applicable, in full compliance with the terms and conditions of this Letter of Credit after 10:30 a.m. New York 15093122.3 Exhibit A-1 695 time, on a Business Day, we shall honor your demand for payment no later than 2:00 p.m. New York time, on the date specified, but no earlier than the following Business Day. All payments made by the Bank under this Letter of Credit shall be made with the Bank's own funds in immediately available funds as designated in the Annex delivered to the Bank. Each draft presented for payment against this Letter of Credit and each accompanying certification must be dated the date of their presentation to us, and may be presented only on a Business Day. As used in this Letter of Credit, "Business Day" shall mean any day other than (i) a Saturday, Sunday or a day on which banking institutions in the State of California or the State of New York are authorized or obligated by law or executive order to be closed, (ii) a day on which the New York Stock Exchange is authorized or obligated by law or executive order to be closed and (iii) a day upon which commercial banks are authorized or obligated by law or executive order to be closed in the city in which demands for payment are to be presented under the Letter of Credit. Subject to the foregoing and the further provisions of this Letter of Credit, a demand for payment under this Letter of Credit shall be made by you by facsimile at 617-988- 6674, or at any other office or facsimile number which may be designated by us by written notice delivered to you. If a demand for payment made by you hereunder does not, in any instance, conform to the terms and conditions of this Letter of Credit, we shall use our best efforts to give you prompt notice that the demand was not effected in accordance with the terms and conditions of this Letter of Credit, stating the reasons therefor and that we are holding the relative documents at your disposal or are returning the same to you, as we may elect. Upon being notified that the demand was not effected in conformity with this Letter of Credit, you may attempt to correct any such nonconforming demand for payment if, and to the extent that, you as Issuing and Paying Agent are entitled and able to do so on or before the Expiration Date. Upon our honoring any draft, the Stated Amount and the amount available to be drawn hereunder by you by a subsequent draft shall be automatically decreased by an amount equal to the amount of such draft. In connection therewith, the Stated Amount and the amounts from time to time available to be drawn by you hereunder by any draft (other than a draft resulting from the delivery of a Final Drawing Notice) shall be reinstated when and to the extent, but only when and to the extent: (i) you transfer to us on the date such drawing is honored of proceeds of new Notes issued on such date or other funds furnished by or on behalf of the Obligor to us for such purpose, in either case in an aggregate amount equal to the amount of proceeds or funds actually received by us, or upon written notice from us in the form attached hereto as Annex J ("Notice of Reinstatement") to you that we have been reimbursed by or on behalf of the Obligor for any amount drawn hereunder, provided that any such reinstatement shall not exceed the amount honored by us in the related drawing and (ii) you have not received from us a Notice of No Issuance in the form attached hereto as Exhibit F to the Reimbursement Agreement or a Final Drawing Notice in the form attached hereto as Annex H. In the event that the Bank receives reimbursement from or on behalf of the Obligor, the Bank will deliver to you a Notice of Reinstatement substantially in the form attached hereto as Annex J within 10 Business Days following the Bank's receipt of the reimbursement. 15093122.3 Exhibit A-2 696 In the event that the Bank elects to rescind a Notice of No Issuance, the Bank will deliver to you a Rescission of Notice of No Issuance in the form of Exhibit G to the Reimbursement Agreement. The Stated Amount of this Letter of Credit shall also be reduced from time to time on each Decrease Date specified in, and in the amounts set forth in, a notice from us to you in the form attached hereto as Annex I (each, a "Decrease Notice"). As of the applicable Decrease Date and upon such reduction, the new Stated Amount shall not be less than your certification in the applicable Decrease Notice that such amount is not less than the principal amount of all outstanding Notes on the Decrease Date plus, if applicable, interest on such Notes to their stated maturity dates. By paying you an amount demanded in accordance with this Letter of Credit, we make no representation as to the correctness of the amount demanded or your calculations and representations on the certificates required of you by this Letter of Credit. This Letter of Credit shall expire at 4:00 p.m., New York time, on the earliest of the following (the "Expiration Date") (i) October _, 2017 as such date may be extended by us upon delivery of a Notice of Extension in the form of Annex F hereto (the "Stated Expiration Date"), (ii) the date on which we honor a draw request in the form of Annex B hereto, (iii) the date of our receipt of notice from you that an Alternate Credit Facility has been substituted for the Letter of Credit, which notice shall be in the form of the certificate attached hereto as Annex C, (iv) the date of our receipt of notice from you that no Notes (other than Notes with respect to which an Alternate Credit Facility has been issued and is in effect) remain outstanding under the Indenture and the Obligor does not contemplate any further issuance of Notes, which notice shall be in the form of the certificate attached hereto as Annex D or (v) the earlier of (a) the 15th calendar day after the date on which you receive from us a notice in the form of Annex H (the "Final Drawing Notice") (you shall promptly confirm to us receipt of such Final Drawing Notice) and (b) the date on which the drawing in the form of Annex A-2 resulting from such Final Drawing Notice is honored hereunder. Except as expressly stated herein, this Letter of Credit is governed by, and construed in accordance with, the terms of the International Standby Practices 1998, International Chamber of Commerce Publication No. 590 (the ` ISP98 "). As to matters not governed by ISP98, this Letter of Credit shall be governed by and construed in accordance with the laws of the State of New York, including without limitation the Uniform Commercial Code as in effect in the State of New York, without regard to conflict of laws. This Letter of Credit sets forth in full our undertaking, and such undertaking shall not in any way be modified, amended, amplified or limited by reference to any document, instrument or agreement referred to herein (including, without limitation, the Notes), except only the Annexes and drafts referred to herein; and any such reference shall not be deemed to incorporate herein by reference any document, instrument or agreement except for such Annexes and drafts. This Letter of Credit is transferable to any transferee whom you have certified to us has succeeded you as Issuing and Paying Agent, and may be successively transferred in its entirety. Transfer of the available balance under this Letter of Credit to such transferee shall be effected 15093122.3 Exhibit A-3 697 by the presentation to us of this Letter of Credit accompanied by a Transfer Request in the form of Annex E attached hereto signed by the transferor and the transferee (each a "Transfer") together with the original Letter of Credit. Transfers to designated foreign nationals and/or specially designated nationals are not permitted as such transfers are contrary to the U.S. Treasury Department or Foreign Assets Control Regulations. Upon the effective date of such transfer, as set forth in such Transfer, the transferee instead of the transferor shall without necessity of further action, be entitled to all benefits of and rights under this Letter of Credit in the transferor's place. Communications with respect to this Letter of Credit shall be addressed to us at , specifically referring to the number of this Letter of Credit, or as otherwise provided in writing by us. We hereby agree, for the benefit of the beneficiary hereof, that all drafts and/or documents drawn and presented in accordance and compliance with the terms of this Letter of Credit will be duly honored upon presentation, as set forth herein. Very truly yours, STATE STREET BANK AND TRUST COMPANY By: Name: Title: By: Name: Title: 15093122.3 Exhibit A-4 698 ANNEX A-1 PAYMENT OF PRINCIPAL OF AND INTEREST ON NOTES AT MATURITY IRREVOCABLE DIRECT PAY LETTER OF CREDIT (SSBTC NO. ILC Ladies and Gentlemen: ) We refer to your Letter of Credit (SSBTC No. ILC- ) (the "Letter of Credit"). Any term below which is defined in the Letter of Credit shall have the same meaning when used herein. A. We hereby make demand under the Letter of Credit, by our presentment of the sight draft accompanying this Certificate, for payment of from the Letter of Credit to pay the principal amount of Notes in the amount of when due and interest accrued thereon in the amount of when due. B. Following your payment of the amount demanded hereunder, the Stated Amount of the Letter of Credit will be reduced by such amount. We hereby request that, following your payment of the amount set forth in Paragraph A, you reinstate the Letter of Credit in accordance with the terms thereof The undersigned, a duly authorized officer of or "We," hereby certifies to you that: 1. We are the Issuing and Paying Agent or a successor issuing and paying agent under the Indenture for the holders of the Obligor's Notes. 2. The amount of the draft accompanying this Certificate does not exceed the Stated Amount available on the date hereof to be drawn under the Letter of Credit. This amount was computed in accordance with the terms and conditions of the Notes and Indenture. This Letter of Credit has not terminated prior to the time of delivery of this Certificate and the accompanying draft. 3. The payment hereby demanded is requested to be made no later than 2:00 p.m. New York time, on [if this certificate and accompanying draft are presented at or before 10:30 a.m. New York time on a Business Day then insert a date which is the same Business Day on which those documents are delivered; if this certificate and an accompanying draft are delivered after 10:30 a.m. New York time on a Business Day then insert a date which is the next following Business Day on 15093122.3 Exhibit A-5 699 which those documents are delivered.] Unless otherwise agreed to in a writing signed by you and us, payment by the Bank pursuant to this drawing shall be made to [insert name and address of banking institution to receive funds], ABA Number , our account number , Attention: , Re: 4. The principal amount of outstanding Notes plus the amount of accrued interest from the date of issuance until the maturity of the outstanding Notes does not exceed the Stated Amount of the Letter of Credit on the date hereof. 5. Upon receipt by the undersigned of the amount demanded hereby, (a) the undersigned will deposit the same directly into the appropriate account maintained by the Depositary pursuant to the Indenture and apply the same directly to the payment when due of the principal amount of Notes and the interest amount owing on account of the Notes pursuant to the Indenture, (b) no portion of said amount shall be applied by the undersigned for any other purpose, (c) no portion of said amount shall be commingled with other funds held by the undersigned, except for other funds drawn under the Letter of Credit, and (d) when such Notes have been presented for payment and paid by us, we will cancel such matured Notes. IN WITNESS WHEREOF, we have executed and delivered this certificate as Issuing and Paying Agent as of the day of Very truly yours, and Paying Agent , as Issuing By: Name: Title: 15093122.3 Exhibit A-6 700 ANNEX A-2 PAYMENT OF PRINCIPAL OF AND INTEREST ON NOTES AFTER FINAL DRAWING NOTICE IRREVOCABLE DIRECT PAY LETTER OF CREDIT (SSBTC NO. ILC Ladies and Gentlemen: ) We refer to your Letter of Credit (SSBTC No. ILC- ) (the "Letter of Credit"). Any term below which is defined in the Letter of Credit shall have the same meaning when used herein. We have received a Final Drawing Notice and hereby make demand under the Letter of Credit, by our presentment of the sight draft accompanying this Certificate, for payment of from the Letter of Credit to pay the principal amount of Notes in the amount of when due and interest accrued thereon in the amount of when due. The undersigned, a duly authorized officer of or "We," hereby certifies to you that: 1. We are the Issuing and Paying Agent or a successor issuing and paying agent under the Indenture for the holders of the Obligor's Notes. 2. The Issuing and Paying Agent has received the Final Drawing Notice. 3. The amount of the draft accompanying this Certificate does not exceed the Stated Amount available on the date hereof to be drawn under the Letter of Credit. This amount was computed in accordance with the terms and conditions of the Notes and Indenture. This Letter of Credit has not terminated prior to the time of delivery of this Certificate and the accompanying draft. 4. The payment hereby demanded is requested to be made no later than 2:00 p.m. New York time, on [if this certificate and accompanying draft are presented at or before 10:30 a.m. New York time on a Business Day then insert a date which is the same Business Day on which those documents are delivered; if this certificate and an accompanying draft are delivered after 10:30 a.m. New York time on a Business Day then insert a date which is the next following Business Day on which those documents are delivered.] Unless otherwise agreed to in a writing signed 15093122.3 Exhibit A-7 701 by you and us, payment by the Bank pursuant to this drawing shall be made to [insert name and address of banking institution to receive funds], ABA Number our account number Attention: , Re: 5. The principal amount of outstanding Notes plus the amount of accrued interest from the date of issuance until the maturity of the outstanding Notes does not exceed the Stated Amount of the Letter of Credit on the date hereof. 6. Upon receipt by the undersigned of the amount demanded hereby, (a) the undersigned will deposit the same directly into the appropriate account maintained by the Issuing and Paying Agent pursuant to the Indenture and apply the same directly to the payment when due of the principal amount of Notes and the interest amount owing on account of the Notes pursuant to the Indenture, (b) no portion of said amount shall be applied by the undersigned for any other purpose, (c) no portion of said amount shall be commingled with other funds held by the undersigned, except for other funds drawn under the Letter of Credit, and (d) when such Notes have been presented for payment and paid by us, we will cancel such matured Notes. 7. This Certificate is being presented to the Bank on a date which is no later than the 15th calendar day after receipt by the Depositary of the Final Drawing Notice. 8. Immediately following your payment of this drawing under the Letter of Credit, the Stated Amount will be reduced to 0.00 and the Letter of Credit will be terminated automatically. IN WITNESS WHEREOF, we have executed and delivered this certificate as Issuing and Paying Agent as of the day of Very truly yours, Agent , as Issuing and Paying By: Name: Title: 15093122.3 Exhibit A-8 702 ANNEX B FINAL PAYMENT OF PRINCIPAL OF AND INTEREST ON NOTES IRREVOCABLE DIRECT PAY LETTER OF CREDIT (SSBTC NO. ILC ) Ladies and Gentlemen: We refer to your Letter of Credit (SSBTC No. ILC- ) (the "Letter of Credit"). Any term below which is defined in the Letter of Credit shall have the same meaning when used herein. We hereby make demand under the Letter of Credit, by our presentment of the sight draft accompanying this Certificate, for payment of from the Letter of Credit to pay Notes in the amount of and interest accrued thereon in the amount of when due. The undersigned, a duly authorized officer of or "We," hereby certifies to you that: 1. We are the Issuing and Paying Agent or a successor issuing and paying agent under the Indenture for the holders of the Obligor's Notes. 2. The amount of the draft accompanying this Certificate does not exceed the Stated Amount available on the date hereof to be drawn under the Letter of Credit. This amount was computed in accordance with the terms and conditions of the Notes and the Indenture. This Letter of Credit has not terminated prior to the time of delivery of this Certificate and the accompanying draft. 3. The payment hereby demanded is requested to be made no later than 2:00 p.m. New York time, on [if this certificate and accompanying draft are presented at or before 10:30 a.m. New York time on a Business Day then insert a date which is the next following Business Day on which those documents are delivered; if this certificate and an accompanying draft are delivered after 10:30 a.m. New York time on a Business Day then insert a date which is a Business Day and which is no earlier than the second Business Day immediately following the date those documents are delivered.] Unless otherwise agreed to in a writing signed by you and us, payment by the Bank pursuant to this drawing shall be made to [insert name and address of banking institution to receive funds], ABA Number 15093122.3 Exhibit A-9 703 our account number Attention: Re: 4. Immediately following your payment of this draw under the Letter of Credit, the Stated Amount will be reduced to 0.00 and the Letter of Credit will be terminated automatically. 5. Following payment of the principal of and interest on all outstanding Notes with the proceeds of this drawing, no Notes will remain outstanding under the Indenture nor does the Obligor intend to issue any additional Notes under the Indenture. 6. Upon receipt by the undersigned of the amount demanded hereby, (a) the undersigned will deposit the same directly into the appropriate account maintained by the Depositary pursuant to the Indenture and apply the same directly to the payment when due of the principal amount of Notes and the interest amount owing on account of the Notes pursuant to the Indenture, (b) no portion of said amount shall be applied by the undersigned for any other purpose, (c) no portion of said amount shall be commingled with other funds held by the undersigned, except for other funds drawn under the Letter of Credit, and (d) when such Notes have been presented for payment and paid by us, we will cancel such matured Notes. IN WITNESS WHEREOF, we have executed and delivered this certificate as Issuing and Paying Agent as of the day of , Very truly yours, and Paying Agent By: , as Issuing Name: Title: 15093122.3 Exhibit A-10 704 ANNEX C NOTICE OF ALTERNATE CREDIT FACILITY IRREVOCABLE DIRECT PAY LETTER OF CREDIT (SSBTC NO. ILC ) Ladies and Gentlemen: We refer to your Letter of Credit (SSBTC No. ILC- ) (the "Letter of Credit"). Any term below which is defined in the Letter of Credit shall have the same meaning when used herein. The undersigned, a duly authorized officer of or ("We"), hereby certifies to you that: 1. We are the Issuing and Paying Agent or a successor issuing and paying agent under the Indenture for the holders of the Obligor's Notes. 2. The conditions precedent to the acceptance of an Alternate Credit Facility set forth in the Indenture have been satisfied. 3. An Alternate Credit Facility in full and complete substitution for the Letter of Credit has been accepted by the Issuing and Paying Agent and is in effect. 4. There will be no further Advances requested from the Bank under the Letter of Credit. 5. Upon receipt by the Bank of this Certificate the Letter of Credit shall terminate, and the Letter of Credit is returned to you herewith for cancellation. 6. No payment is demanded of you in connection with this notice. 15093122.3 Exhibit A-11 705 IN WITNESS WHEREOF, we have executed and delivered this certificate as Issuing and Paying Agent as of the day of Very truly yours, and Paying Agent , as Issuing By: Name: Title: 15093122.3 Exhibit A-12 706 ANNEX D NOTICE NO OUTSTANDING NOTES IRREVOCABLE DIRECT PAY LETTER OF CREDIT (SSBTC NO. ILC ) Ladies and Gentlemen: We refer to your Letter of Credit (SSBTC No. ILC- ) (the "Letter of Credit"). Any term below which is defined in the Letter of Credit shall have the same meaning when used herein. 1. We are the Issuing and Paying Agent or a successor issuing and paying agent under the Indenture for the holders of the Obligor's Notes. 2. No Notes (other than Notes with respect to which an Alternate Credit Facility is in effect) remain outstanding under the Indenture nor does the Obligor intend to issue any additional Notes under the Indenture. 3. There will be no further Advances requested from the Bank under the Letter of Credit, and the Letter of Credit is terminated and returned to you herewith for cancellation. 4. No payment is demanded of you in connection with this notice. IN WITNESS WHEREOF, we have executed and delivered this certificate as Issuing and Paying Agent as of the day of Very truly yours, and Paying Agent , as Issuing By: Name: Title: 15093122.3 Exhibit A-13 707 ANNEX E TRANSFER REQUEST IRREVOCABLE DIRECT PAY LETTER OF CREDIT (SSBTC NO. ILC ) Re: Instruction to Transfer Letter of Credit (SSBTC No. ILC- ) We, the undersigned "Transferor", hereby irrevocably transfer all of our rights to draw under the above referenced Letter of Credit ("Credit") in its entirety to: NAME OF TRANSFEREE (Print Name and complete address of the Transferee) "Transferee" ADDRESS OF TRANSFEREE CITY, STATE/COUNTRY ZIP In accordance with ISP98, Rule 6, regarding transfer of drawing rights, all rights of the undersigned Transferor in such Letter of Credit are transferred to the Transferee, who shall have the sole rights as beneficiary thereof, including sole rights relating to any amendments whether increases or extensions or other amendments and whether now existing or hereafter made. All amendments are to be advised directly to the Transferee without necessity of any consent of or notice to the undersigned Transferor. We certify that the Transferee has succeeded the undersigned as Issuing and Paying Agent. The original Letter of Credit, including amendments to this date, is attached and the undersigned Transferor requests that you endorse an acknowledgment of this transfer on the reverse thereof or issue a new Irrevocable Letter of Credit in favor of the Transferee with provisions consistent with the Letter of Credit. The undersigned Transferor requests that you notify the Transferee of this Letter of Credit in such form and manner as you deem appropriate, and the terms and conditions of the Letter of Credit as transferred. The undersigned Transferor acknowledges that you incur no obligation hereunder and that the transfer shall not be effective until you have expressly consented to effect the transfer by notice to the Transferee. 15093122.3 Exhibit A-14 708 If you agree to these instructions, please advise the Transferee of the terms and conditions of this transferred Letter of Credit and these instructions. Payment of transfer fee of U.S. $ is for the account of the Commission, who agrees to pay you on demand any expense or cost you may incur in connection with the transfer. Receipt of such shall not constitute consent by you to effect the transfer. Transferor represents and warrants to Transferring Bank that (i) our execution, delivery, and performance of this request to Transfer (a) are within our powers (b) have been duly authorized (c) constitute our legal, valid, binding and enforceable obligation (d) do not contravene any charter provision, by-law, resolution, contract, or other undertaking binding on or affecting us or any of our properties (e) do not require any notice, filing or other action to, with, or by any governmental authority (f) the enclosed Letter of Credit is original and complete, (g) there is no outstanding demand or request for payment or transfer under the Letter of Credit affecting the rights to be transferred, (h) the Transferee's name and address are correct and complete and the Transferee's use of the Credit as transferred and the transactions underlying the Letter of Credit and the requested Transfer do not violate any applicable United States or other law, rule or regulation. The Effective Date shall be the date hereafter on which Transferring Bank effects the requested transfer by acknowledging this request and giving notice thereof to Transferee. WE WAIVE ANY RIGHT TO TRIAL BY JURY THAT WE MAY HAVE IN ANY ACTION OR PROCEEDING RELATING TO OR ARISING OUT OF THIS TRANSFER. (Signature Page Follows) 15093122.3 Exhibit A-15 709 This Transfer is made subject to ISP98 and is subject to and shall be governed by the laws of the State of New York, without regard to principles of conflict of laws. Sincerely yours, (Print Name of Transferor) (Transferor's Authorized Signature) (Print Authorized Signers Name and Title) (Telephone Number/Fax Number) Acknowledged: (Print Name of Transferee) (Transferee's Authorized Signature) (Print Authorized Signers Name and Title) (Telephone Number/Fax Number) SIGNATURE GUARANTEED Signature(s) with title(s) conform(s) with that/those on file with us for this individual, entity or company and signer(s) is/are authorized to execute this agreement. We attest that the individual, company or entity has been identified by us in compliance with USA PATRIOT Act procedures of our bank. (Print Name of Bank) (Address of Bank) (City, State, Zip Code) (Print Name and Title of Authorized Signer) (Authorized Signature) (Telephone Number) (Date) SIGNATURE GUARANTEED Signature(s) with title(s) conform(s) with that/those on file with us for this individual, entity or company and signer(s) is/are authorized to execute this agreement. We attest that the individual, company or entity has been identified by us in compliance with USA PATRIOT Act procedures of our bank. (Print Name of Bank) (Address of Bank) (City, State, Zip Code) (Print Name and Title of Authorized Signer) (Authorized Signature) (Telephone Number) (Date) 15093122.3 Exhibit A-16 710 ANNEX F NOTICE OF EXTENSION IRREVOCABLE DIRECT PAY LETTER OF CREDIT (SSBTC NO. ILC ) Beneficiary: as Issuing and Paying Agent Re: Notice of Extension Ladies and Gentlemen: Reference is hereby made to that certain Irrevocable Direct -Pay Letter of Credit (SSBTC No. ILC- ) dated October , 2014 (the "Letter of Credit"), as established by us in your favor as Beneficiary. We hereby notify you that, in accordance with the terms of the Letter of Credit, the Stated Expiration Date (as defined in the Letter of Credit) has been extended to . You are hereby authorized to attach this Notice of Extension to the Letter of Credit and to treat this Notice of Extension as an amendment to the Letter of Credit. 15093122.3 Exhibit A-17 711 IN WITNESS WHEREOF, we have executed and delivered this certificate to the Issuing and Paying Agent as of the day of Very truly yours, STATE STREET BANK AND TRUST COMPANY By: Name: Title: By: Acknowledged as of by , as Issuing and Paying Agent By Name: Title: Name: Title: 15093122.3 Exhibit A-18 712 ANNEX G SIGHT DRAFT IRREVOCABLE DIRECT PAY LETTER OF CREDIT (SSBTC NO. ILC ) Ladies and Gentlemen: This sight draft is presented to you for the amount of for the purposes set forth in the accompanying Certificate. Pay to , on , U.S. ( United States Dollars). Drawn under State Street Bank and Trust Company, Irrevocable Direct Pay Letter of Credit No. Very truly yours, , as Issuing and Paying Agent By: Name: Title: 15093122.3 Exhibit A-19 713 ANNEX H FINAL DRAWING NOTICE IRREVOCABLE DIRECT PAY LETTER OF CREDIT (SSBTC NO. ILC ) as Issuing and Paying Agent Attention: Reference is made to Irrevocable Letter of Credit (SSBTC No. ILC- ) (the "Letter of Credit"; the terms defined therein and not otherwise defined herein being used herein as therein defined) issued by the Bank in your favor as Issuing an Paying Agent. Please be advised that: (1) An Event of Default or Rating Event under and as defined in the Reimbursement Agreement has occurred and is continuing. (2) The Bank hereby instructs the Issuing and Paying Agent, effective upon receipt of this Notice, to cease issuing Notes. (3) The Letter of Credit will no longer be reinstated. 15093122.3 Exhibit A-20 714 (4) The Bank hereby further notifies the Issuing and Paying Agent that (i) the Issuing and Paying Agent is instructed to make the final drawing under the Letter of Credit to provide for the payment of Notes issued in accordance with the Indenture which are outstanding and are maturing or are hereafter to mature, and (ii) the Expiration Date of the Letter of Credit will occur and the Letter of Credit will terminate on the earlier of (a) date which is the 15th calendar day after the date of receipt by the Issuing and Paying Agent of this notice, and (b) the dare on which the drawing resulting from the delivery of this notice is honored by us. Upon your receipt of this Final Drawing Notice, you shall promptly confirm receipt thereof by faxing to us, at the fax number provided in the Letter of Credit, an acknowledged copy of this Final Drawing Notice. Acknowledged by: Paying Agent , as Issuing and By Name: Title: STATE STREET BANK AND TRUST COMPANY By Name: Title: By: Name: Title: 15093122.3 Exhibit A-21 715 ANNEX I NOTICE OF DECREASE IN STATED AMOUNT IRREVOCABLE DIRECT PAY LETTER OF CREDIT (SSBTC NO. ILC ) Beneficiary: as Issuing and Paying Agent Re: Notice of Decrease in Stated Amount Ladies and Gentlemen: The undersigned, duly authorized signatories of State Street Bank and Trust Company (the "Bank"), hereby notifies (the "Issuing and Paying Agent"), with reference to Irrevocable Letter of Credit (SSBTC No. ILC- ) (the "Letter of Credit" the terms defined therein and not otherwise defined herein being used herein as therein defined) issued by the Bank in favor of the Issuing and Paying Agent, that the Stated Amount of the Letter of Credit shall be decreased in the amount of , effective as of (the "Decrease Date"). The new Stated Amount of the Letter of Credit is . You are hereby authorized to attach this Notice of Decrease in Stated Amount to the Letter of Credit and to treat this Notice of Decrease in Stated Amount as an amendment to the Letter of Credit. 15093122.3 Exhibit A-22 716 IN WITNESS WHEREOF, we have executed and delivered this certificate to the Issuing and Paying Agent as of the day of Very truly yours, STATE STREET BANK AND TRUST COMPANY By: Name: Title: By: Name: Title: By acknowledgement hereof, the Issuing and Paying Agent certifies that the new Stated Amount of the Letter of Credit set forth above is not less than the sum of the principal amount of all outstanding Notes plus, if applicable, interest on the Notes to their stated maturity dates. Acknowledged as of by Issuing and Paying Agent , as By Name: Title: 15093122.3 Exhibit A-23 717 ANNEX J NOTICE OF REINSTATEMENT IRREVOCABLE DIRECT PAY LETTER OF CREDIT (SSBTC NO. ILC ) Beneficiary: as Issuing and Paying Agent Re: Notice of Reinstatement Ladies and Gentlemen: We refer to our Letter of Credit (SSBTC No. ILC- ) dated October _, 2014 (the "Letter of Credit"). Any term below which is defined in the Letter of Credit shall have the same meaning when used herein. We hereby notify you that the Bank has received reimbursement from or on behalf of the Riverside County Transportation Commission for a draw or draws under our Letter of Credit (SSBTC No. ILC- ) in the amount of . As a result, the amount of was reinstated on to a Stated Amount of IN WITNESS WHEREOF, we have executed and delivered this certificate as Issuing and Paying Agent as of the day of Very truly yours, STATE STREET BANK AND TRUST COMPANY By: Name: Title: By: Name: Title: 15093122.4 Exhibit A-24 718 EXHIBIT B [FORM OF REVOLVING NOTE] REVOLVING NOTE CUSIP: Date: October , 2014 Registered Owner: State Street Bank and Trust Company Principal Amount: Not to Exceed [Sixty Million Seven Hundred and Fifty Thousand Dollars ($60,750,000)] RIVERSIDE COUNTY TRANSPORTATION COMMISSION (including its successors and assigns, the "Obligor"), for value received, hereby promises to pay to STATE STREET BANK AND TRUST COMPANY (including its successors and assigns, the "Bank"), or registered assigns, under the Reimbursement Agreement hereinafter referred to, at the principal office of the Bank in Los Angeles, California, the sum of [SIXTY MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($60,750,000)] or, if less, the aggregate principal amount of all drawings paid by the Bank under the Letter of Credit and all Advances and Term Loans made by the Bank pursuant to the Reimbursement Agreement, together with accrued and unpaid interest thereon. The unpaid principal amount hereof from time to time outstanding shall bear interest at the rate or rates and be payable as provided in and calculated in the manner set forth in the Reimbursement Agreement (subject to the limitations set forth in Section 2.3(d) thereof). Payments of both principal and interest are to be made in lawful money of the United States of America. Annexed hereto and made a part hereof is a grid (the "Grid") on which shall be shown all drawings paid by the Bank and all Advances and Term Loans outstanding from time to time under the Reimbursement Agreement and the amounts of principal and interest payable and paid from time to time under the Reimbursement Agreement. The Obligor hereby appoints the Bank as its agent to endorse the principal amounts owing to the Bank and the maturity schedule therefor pursuant to Section 2.4(a) and 2.4(e) of the Reimbursement Agreement respecting outstanding Advances and Term Loans with interest until payment in full pursuant to the terms of this Revolving Note (the "Note"), and the date and the amount of each such drawing, Advance or Term Loan or principal or interest repayment made hereunder. In any legal action or proceeding in respect of this Note, the entries made in such accounts shall be prima facie evidence of the existence and the amounts of the obligations of the Obligor recorded therein. This Note is issued in accordance with the provisions of the hereinafter defined Reimbursement Agreement relating to the duly authorized issue of Riverside County Transportation Commission Commercial Paper Notes (Limited Tax Bond) Series A issued pursuant to an Issuing and Paying Agent Agreement, dated as of March 1, 2005, as supplemented by a First Supplement to the Issuing and Paying Agent Agreement, dated as of April 1, 2012 (as supplemented, the "Issuing and Paying Agent Agreement"), each by and between the Obligor 15093122.4 719 and U.S. Bank Trust National Association, as issuing and paying agent (the "Issuing and Paying Agent") and an Indenture, dated as of March 1, 2005, by and between the Obligor and U.S. Bank Trust National Association, as trustee (the "Trustee"). This Note has been issued to the Bank to evidence the obligation of the Obligor to repay Series A Advances and Series A Credit Provider Loans (as each such term is defined in the Indenture) incurred under, and subject to the terms and provisions of, a Reimbursement Agreement dated as of October 1, 2014 (the "Reimbursement Agreement"), as the same may at any time be amended or modified and in effect, by and between the Obligor and the Bank, to which reference is hereby made for a statement of said terms and provisions, including those under which this Note may be paid prior to its due date or its interest rate adjusted or its due date accelerated. The Obligor hereby agrees to pay or cause to be paid all expenses, including reasonable attorneys' fees and legal expenses, incurred by the holder of this Note in endeavoring to collect any amounts payable hereunder which are not paid when due, whether by acceleration or otherwise. This Note is a limited obligation of the Obligor and payable, both as to principal and interest, solely from a pledge of (i) the Available Revenues (as defined in the Reimbursement Agreement and as further described in and limited by the terms of the Indenture), subject to the prior payment of Senior Lien Debt (as defined in the Indenture), and (ii) certain moneys the Trustee holds in funds and accounts it has established pursuant to the Indenture as set forth in the Indenture, and not out of any other fund or moneys of the Obligor. Reference is hereby made to the Indenture and the Issuing and Paying Agent Agreement for the provisions with regard to the nature and extent of the Available Revenues. This Note is made under the laws of the State of California, and for all purposes shall be governed by and construed in accordance with the laws of said State, without regard to principles of conflicts of law. The Note does not constitute an indebtedness of the Obligor within the meaning of any constitutional or statutory debt limitation or restriction. Unless otherwise specified, capitalized terms not otherwise defined herein have the meaning set forth in the Reimbursement Agreement. It is hereby certified that all conditions, acts and things required to exist, happen and be performed under the Reimbursement Agreement precedent to and in the issuance of this Note, exist, have happened and have been performed, and that the issuance, authentication and delivery of this Note have been duly authorized by resolution of the Obligor duly adopted. The Obligor hereby waives presentment for payment, demand, protest, notice of protest, notice of dishonor and all other notices and demands whatsoever. 15093122.4 -2- 720 IN WITNESS WHEREOF, the RIVERSIDE COUNTY TRANSPORTATION COMMISSION has caused this Note to be duly executed in its name by the manual or facsimile signature of an Authorized Officer as of October _, 2014. ATTEST: By: Title: RIVERSIDE COUNTY TRANSPORTATION COMMISSION By Name: Title: 15093122.4 -3- 721 REVOLVING NOTE GRID DRAWINGS ADVANCES AND TERM LOANS AND PAYMENTS OF PRINCIPAL AND INTEREST ADVANCE OF TERM DATE LOAN AMOUNT OF ADVANCE OR TERM LOAN PRINCIPAL AMOUNT OF ADVANCES OR TERM LOANS REPAID AMOUNT OF INTEREST ON ADVANCES OR TERM LOANS REPAID AGGREGATE ADVANCE OR TERM LOAN NOTATION BALANCE MADE BY Note: Additional pages of this Revolving Note and Revolving Note Grid may be attached to the Revolving Note as may be necessary to record certain information regarding each drawing, Advance or Term Loan. 15093122.4 -4- 722 EXHIBIT C FORM OF COMPLIANCE CERTIFICATE I, , Chief Financial Officer of Riverside County Transportation Commission (the "Obligor") do hereby certify that to the best of my knowledge, no Default or Event of Default or Rating Event, as defined in that certain Reimbursement Agreement dated as of October 1, 2014 between the Obligor and State Street Bank and Trust Company has occurred and is continuing at , DATED: RIVERSIDE COUNTY TRANSPORTATION COMMISSION By Name: Title: 15093122.4 723 EXHIBIT D REQUEST FOR DECREASE OF STATED AMOUNT Irrevocable Direct Pay Letter of Credit No. Ladies and Gentlemen: The undersigned, a duly authorized representative of the undersigned Riverside County Transportation Commission (the "Obligor"), hereby certify to State Street Bank and Trust Company (the "Bank"), with reference to Irrevocable Letter of Credit No. (the "Letter of Credit' the terms defined therein and not otherwise defined herein being used herein as therein defined) issued by the Bank in favor of the Issuing and Paying Agent, as follows: 1. Pursuant to Section 2.12(b) of the Reimbursement Agreement dated as of October 1, 2014 (the "Reimbursement Agreement', to which reference is made for the definition of capitalized terms not otherwise defined herein), by and between the Obligor and the Bank, the Obligor hereby elects to reduce the Stated Amount of the Letter of Credit in the amount of , effective as of (the "Decrease Date"). 2. The Decrease Date for which such decrease is requested is , which is not more than five (5) days after the date the Bank receives this Request for Decrease in Stated Amount. 3. The new Stated Amount of the Letter of Credit will be . The aggregate principal amount of Notes Outstanding under the Indenture (and, if applicable, interest on the Notes to their stated maturity dates), will not exceed the new Stated Amount of the Letter of Credit. As of the Decrease Date and upon such reduction, the Stated Amount will not be less than the aggregate principal amount of all outstanding Notes (and, if applicable, interest on the Notes to their stated maturity dates). 15093122.4 724 IN WITNESS WHEREOF, the undersigned has executed and delivered this certificate as of the day of cc: as Issuing and Paying Agent Very truly yours, RIVERSIDE COUNTY TRANSPORTATION COMMISSION By Name: Title: 15093122.4 -2- 725 EXHIBIT E REQUEST FOR EXTENSION Irrevocable Direct Pay Letter of Credit No. Ladies and Gentlemen: The undersigned, a duly authorized representative of the undersigned Riverside County Transportation Commission (the "Obligor"), hereby certify to State Street Bank and Trust Company (the "Bank"), with reference to Irrevocable Letter of Credit No. (the "Letter of Credit" the terms defined therein and not otherwise defined herein being used herein as therein defined) issued by the Bank in favor of the Issuing and Paying Agent, as follows: 1. Pursuant to Section 2.12(a) of the Reimbursement Agreement dated as of October 1, 2014 (the "Reimbursement Agreement', to which reference is made for the definition of capitalized terms not otherwise defined herein), by and between the Obligor and the Bank, the Obligor hereby requests an extension of the Stated Expiration Date to 2. All representations and warranties contained in Section 4 of the Reimbursement Agreement are true and correct and will be true and correct as of the date of this Certificate as if made on and as of the date hereof and no Default, Event of Default or Rating Event has occurred and is continuing or will occur as a result of the extension of the Stated Expiration Date of the Letter of Credit. IN WITNESS WHEREOF, the undersigned has executed and delivered this certificate as of the day of cc: as Issuing and Paying Agent Very truly yours, RIVERSIDE COUNTY TRANSPORTATION COMMISSION By Name: Title: 15093122.4 726 ATTACHMENT 3 NP DRAFT 9/2 October , 2014 Riverside County Transportation Commission Riverside, California Ladies and Gentlemen: Reference is made to the Letter of Credit and Reimbursement Agreement, dated as of October 1, 2014 (as the same may be amended and supplemented from time to time, the "Agreement"), between the Riverside County Transportation Commission (the "Obligor") and State Street Bank and Trust Company (the "Bank"). Any capitalized term herein that is defined in the Agreement shall have the same meaning when used herein. This letter is the Fee Agreement described in the Agreement. In order to induce the Bank to enter into the Agreement and issue the Letter of Credit in support of the Notes pursuant to the Agreement, the Obligor agrees to make the following payments at the following times: (A) Commitment Fee. (1) The Obligor agrees to pay to the Bank a commitment fee (the "Commitment Fee") at the rate of M% per annum (the initial "Commitment Fee Rate") of the daily average Stated Amount of the Letter of Credit in effect from time to time as may be adjusted from time to time pursuant to the table below: Level Senior Lien Bonds Rating (Moody's/S&P/Fitch) Commitment Fee Rate I Aa3/AA-/AA- or above II A 1 /A+/A+ _ III A2/A/A _ IV A3/A-/A- _ V Baal /BBB+/BBB+ _ VI Baa2/BBB/BBB _ VII Baa3/ BBB -/BBB- _ VIII Below Baa3/ BBB -/BBB- or Rating Suspension, Withdrawal or Cancellation 15096233.3 727 (2) The "Commitment Fee Rate" for any date shall be determined by reference to the Senior Lien Bonds Rating for such date. In the event of a split Rating (i.e., one Senior Lien Bonds Rating is at a lower Level than the other Senior Lien Bonds Rating), the Commitment Fee shall be based upon the Level in which the lowest Senior Lien Bonds Rating appears. In addition to the increases set forth above, if one or more Rating Agencies shall withdraw or suspend its Senior Lien Bonds Rating, or upon the occurrence of an Event of Default under the Agreement, and for so long as said Senior Lien Bonds Rating has not been reinstated or said Event of Default has not been waived by the Bank in writing or cured to the Bank's satisfaction, then the Commitment Fee Rate then in effect shall increase automatically and immediately by . basis points and shall remain in effect for so long as such withdrawal or suspension remains in effect or until such Event of Default has been waived by the Bank in writing or cured to the Bank's satisfaction. The Commitment Fee Rate will be increased or reduced on such date that the Rating Agency or Rating Agencies in question shall have publicly announced: (i) a downgrade, suspension or withdrawal of its Senior Lien Bonds Rating, (ii) the reinstatement of its Senior Lien Bonds Rating to the level that was applicable thereto prior to such downgrade, suspension or withdrawal, or (iii) the elevation of its Senior Lien Bonds Rating. (3) The Commitment Fee shall be payable in immediately available funds quarterly in arrears commencing on the first Business Day of January, 2015 (which such initial payment shall include the Commitment Fee accruing from and including the Date of Issuance) and, thereafter, on the first Business Day of each July, October, January and April and upon the Expiration Date, in all cases, covering the period from the date of the immediately preceding payment to such Business Day. The Bank's determination of the Commitment Fee pursuant hereto shall be conclusive absent manifest error. The Bank agrees to use commercially reasonable efforts to submit an invoice to the Commission thirty (30) days prior to each date a Commitment Fee is due (assuming no change in ratings or commitment amount for such invoice); provided, however, that no failure on the part of the Bank to do so shall in any way diminish or affect the obligations of the Commission or the rights of the Bank with respect thereto. (B) Amendment/Transfer Fee. In connection with the written request by the Obligor, the Issuing and Paying Agent or the Trustee for: (i) any amendment, supplement, waiver, consent or other modification of the Agreement or any other Financing Document requiring any action on the part of the Bank, or (ii) any transfer of the rights and obligations under the Agreement or any other Financing Document by the Obligor, the Issuing and Paying Agent, the Trustee or the Dealer, the Obligor, shall pay or cause to be paid to the Bank a fee of $-, plus, in each case, the reasonable fees and expenses of counsel to the Bank. (C) Draw Fee. The Obligor shall pay to the Bank a fee in an amount equal to $. on the date of each drawing under the Letter of Credit. -2- 728 (D) Legal Fees. On or before the Date of Issuance, the Obligor will pay to the Bank's counsel (Nixon Peabody LLP) its fees and expenses incurred in connection with the preparation and execution of this Fee Agreement and the Agreement in an amount not to exceed $�. If the Stated Amount is reduced (but not to zero) on a permanent basis prior to the first anniversary of the Date of Issuance (the "Reduction Date") for any reason, and provided that the circumstances described in sub -clauses (i), (ii) and (iii) of the foregoing paragraph are inapplicable, the Obligor, hereby agrees to pay, or cause to be paid, to the Bank, in immediately available funds, an amount equal to the Commitment Fee payable pursuant to paragraph (A) hereof on the amount of the Stated Amount that has been so reduced (based upon the Stated Amount in effect from the Date of Issuance to the Reduction Date) through the first anniversary of the Date of Issuance, less the actual amount of Commitment Fees the Obligor has previously paid to the Bank during such period on the Stated Amount so reduced pursuant to paragraph (A) hereof. Computations of the Commitment Fee shall be made on the basis of a 360-day year and actual days elapsed, without regard as to whether any unreimbursed Advances or Term Loans made under the Letter of Credit remain outstanding. All amounts paid pursuant to this Fee Agreement shall be paid in the manner set forth in the Agreement. -3- 729 This Fee Agreement may not be amended or waived except by an instrument in writing signed by the Bank and the Obligor. This Fee Agreement may be executed in any number of counterparts, each of which shall be an original, and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this Fee Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart hereof This Fee Agreement shall be subject to Section 8.8 of the Agreement. This Fee Agreement is delivered to the Obligor on the understanding that, except as customarily submitted to Obligor members or as required by law, regulation or a court of competent jurisdiction or in connection with a dispute, including but not limited to legal proceedings, between the Obligor and the Bank, the Obligor will use its best efforts, without liability, to ensure that neither this Fee Agreement nor any of its terms shall be disclosed directly by the Obligor to any other financial institution nor posted to the Municipal Securities Rulemaking Board's Electronic Municipal Market Access system. The Bank acknowledges that this Fee Agreement is subject to open records requests received by the Obligor and will be submitted to Obligor members and discussed in open meetings as is customary practice and procedure for the Obligor. Should this Fee Agreement be disclosed pursuant to such a request or procedures, the Obligor shall have no responsibility or liability for the further dissemination of this Fee Agreement or any of the information contained therein to other persons. [Remainder of page intentionally left blank.] -4- 730 NP DRAFT 9/2 Please confirm that the foregoing is the Obligor's understanding by signing and returning to the Bank an executed counterpart of this Fee Agreement. This Fee Agreement shall become effective as of the date first above referenced upon the Bank's receipt of an executed counterpart of this Fee Agreement from the Obligor. Very truly yours, STATE STREET BANK AND TRUST COMPANY By: Name: Title: Accepted and agreed to as of the date first written above by: RIVERSIDE COUNTY TRANSPORTATION COMMISSION By: Name: Title: 15096233.3 -1 731 ATTACHMENT 4 NRF DRAFT OF 08/19/14 Ratings: Moody's: S&P: (See "Ratings" herein) SUPPLEMENT DATED OCTOBER _, 2014 TO OFFERING MEMORANDUM DATED MARCH 23, 2005 In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Commission, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Notes, when issued in accordance with the Indenture, the Tax Certificate and the Issuing and Paying Agent Agreement, is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and is exempt from State of California personal income taxes. The amount treated as interest on the Notes and excluded from gross income may depend upon the taxpayer's election under Internal Revenue Service Notice 94-84. In the further opinion of Bond Counsel, interest on the Notes is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although Bond Counsel observes that such interest is included in adjusted current earnings when calculating corporate alternative minimum taxable income. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the accrual or receipt of interest on, the Notes. See "TAX MATTERS." $60,000,000 RIVERSIDE COUNTY TRANSPORTATION COMMISSION COMMERCIAL PAPER NOTES (LIMITED TAX BONDS) SERIES A This Supplement, dated October _, 2014 (this "Supplement"), to the Offering Memorandum, dated March 23, 2005 (the "Offering Memorandum"), relates to the Riverside County Transportation Commission Commercial Paper Notes (Limited Tax Bonds), Series A (the "Notes"). This Supplement is being delivered in connection with the delivery of an irrevocable, direct -pay letter of credit (the "Letter of Credit") issued by State Street Bank and Trust Company (the "Bank") to support the payment of principal and interest with respect to the Notes. The Stated Expiration Date for the Letter of Credit is October _, 2017. Capitalized terms used and not defined herein shall have the meanings ascribed to such terms in the Offering Memorandum. The commercial paper program of the Riverside County Transportation Commission (the "Commission") was initially established at a maximum of $185,000,000 in principal amount outstanding at any time, consisting of Series A Notes and Series B Notes. Pursuant to Resolution No. 13-021 adopted by the Commission on September 11, 2013, the Commission terminated its authorization of Series B Notes and continued its authorization of Series A Notes at a maximum of $60,000,000 in principal amount outstanding at any time. This Supplement updates and supersedes the following sections of the Offering Memorandum: "THE LETTER OF CREDIT," "THE BANK," "TAX MATTERS," "RATINGS" and "THE DEALERS." Further, this Supplement updates Appendices D and E to the Offering Memorandum, and adds two new sections to the Offering Memorandum, entitled "RECEIVER'S POWER TO REPUDIATE LETTERS OF CREDIT" and "IMPACT OF BANKRUPTCY OF THE COMMISSION." The section of the Offering Memorandum entitled "THE COMMISSION," together with APPENDIX A — "INFORMATION REGARDING THE COUNTY OF RIVERSIDE" and APPENDIX B — "AUDITED FINANCIAL STATEMENTS OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION FOR FISCAL YEAR ENDED JUNE 30, 2004," are not being updated by this Supplement and are hereby deleted from the Offering Memorandum. The offering and sale of the Notes is made only by means of the Offering Memorandum as supplemented by this Supplement. Neither delivery of the Offering Memorandum and this Supplement nor any sale made thereunder and hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the Commission since the date of the Offering Memorandum or in any other matters that are material to the full and punctual payment of any Notes. Because the payment of principal of and interest on the Notes is payable from draws made under the Letter of Credit, this Supplement does not contain information relating to the ability of the Commission to pay principal of or interest on the Notes as they mature. Accordingly, the investment decision to purchase the Notes should be made solely on the basis of the creditworthiness of the Bank issuing the Letter of Credit from which will be paid all principal and interest with respect to the Notes. Barclays Capital 40914968.3 11407612 732 THE LETTER OF CREDIT The following is a summary of certain provisions of the Letter of Credit. This summary is not to be considered a full statement of the terms of the Letter of Credit and accordingly is qualified by reference thereto and is subject to the full text thereof. Except as otherwise defined herein, capitalized terms used in this Offering Memorandum without definition have the respective meanings set forth in the Letter of Credit. At the request and for the account of the Commission, State Street Bank and Trust Company (the "Bank") intends to issue the Letter of Credit in favor of the Issuing and Paying Agent, on or prior to October _, 2014. The current stated amount of the Letter of Credit is equal to $60,750,000. The stated amount of the Letter of Credit in effect from time to time shall be subject to reductions and reinstatements as set forth in the Letter of Credit. The Issuing and Paying Agent will draw moneys under the Letter of Credit to the extent necessary to pay the principal of and interest on the Notes on their respective maturity dates or as further provided in the Letter of Credit. Drawings by the Issuing and Paying Agent under the Letter of Credit will reduce the amounts available for subsequent drawings under the Letter of Credit, subject to reinstatement as provided in the Letter of Credit. The Bank will use only its own funds in honoring a drawing on the Letter of Credit. The Letter of Credit shall expire on the earliest of the following: (i) October _, 2017, as such date may be extended by the Bank upon delivery of a Notice of Extension in the form set forth in the Letter of Credit, (ii) the date on which the Bank honors a draw request accompanied by the Issuing and Paying Agent's certification terminating the Letter of Credit, (iii) the date of the Bank's receipt of notice from the Issuing and Paying Agent that an Alternate Credit Facility (as defined in the Indenture) has been substituted for the Letter of Credit, (iv) the date of the Bank's receipt of notice from the Issuing and Paying Agent that no Notes (other than Notes with respect to which an Alternate Credit Facility has been issued and is in effect) remain outstanding under the Indenture and the Commission does not contemplate any further issuance of Notes, or (v) the earlier of (a) the 15th calendar day after the date on which the Issuing and Paying Agent receives a Final Drawing Notice (as defined in the Letter of Credit) and (b) the date on which the drawing resulting from such Final Drawing Notice is honored under the Letter of Credit. The Commission has the right to deliver to the Issuing and Paying Agent an Alternate Credit Facility for the Letter of Credit upon satisfaction of certain conditions set forth in the Indenture. The Issuing and Paying Agent will provide 30 days' advance written notice of the acceptance of any Alternate Credit Facility to the owners of the Notes. THE BANK The following information has been provided by the Bank for use in this Offering Memorandum. Such information has not been confirmed or verified by the Commission. The Commission makes no representation as to the accuracy or adequacy of such information or as to the absence of material adverse changes in such information subsequent to the date hereof. State Street Bank and Trust Company (the "Bank") is a wholly -owned subsidiary of State Street Corporation (the "Corporation"). The Corporation (NYSE: STT) provides financial 40914968.3 11407612 733 services to institutional investors, including investment servicing, investment management and investment research and trading. With $27.43 trillion in assets under custody and administration and $2.35 trillion in assets under management as of December 31, 2013, the Corporation operates in more than 100 geographic markets worldwide. The consolidated total assets of the Bank as of December 31, 2013 accounted for approximately 98% of the consolidated total assets of the Corporation as of the same date. As of December 31, 2013, the Corporation had consolidated total assets of $243.29 billion, total deposits (including deposits in non-U.S. offices) of $182.27 billion, total investment securities of $116.91 billion, total loans and leases, net of unearned income and allowance for loan losses, of $13.46 billion and total shareholders' equity of $20.38 billion. The Bank's Consolidated Reports of Condition and Income for A Bank With Domestic and Foreign Offices Only -- FFIEC 031 (the "Call Reports") through December 31, 2013 have been submitted through the Federal Financial Institutions Examination Council and provided to the Board of Governors of the Federal Reserve System, the primary U.S. federal banking agency responsible for regulating the Corporation and the Bank. Publicly available portions of those Call Reports, and future Call Reports so submitted by the Bank, are available on the Federal Deposit Insurance Corporation's website at www.fdic.gov. The Call Reports are prepared in conformity with regulatory instructions that do not in all cases follow U.S. generally accepted accounting principles. Additional financial and other information related to the Corporation and the Bank, including the Corporation's Annual Report on Form 10-K for the year ended December 31, 2013 and additional annual, quarterly and current reports subsequently filed or furnished by the Corporation with the U.S. Securities and Exchange Commission (the "SEC"), can be accessed free of charge on the SEC's website at www.sec.gov. Any statement contained in any document referred to above shall be deemed to be modified or superseded for purposes of this Offering Memorandum to the extent that a statement contained herein or in any subsequently submitted, filed or furnished document that also is referred to above modifies or supersedes such statement. The delivery hereof shall not create any implication that there has been no change in the affairs of the Bank or the Corporation since the date hereof, or that information contained or referred to under the caption "THE BANK" is correct as of any time subsequent to the date of this Supplement. A copy of any or all of the publicly available portions of the documents referred to above, other than exhibits to such documents, may be obtained without charge to each person to whom a copy of this Offering Memorandum has been delivered, on the written request of any such person. Written requests for such copies should be directed to Investor Relations, State Street Corporation, One Lincoln Street, Boston, Massachusetts 02111, telephone number 617-786-3000. The Letter of Credit is an obligation solely of the Bank and is not an obligation of, or otherwise guaranteed by, the Corporation or any of its affiliates (other than the Bank). Neither the Corporation nor any of its affiliates (other than the Bank) is required to make payments under the Letter of Credit. None of the Bank, the Corporation or any of their respective affiliates makes any representation as to, or is responsible for the suitability of 40914968.3 2 734 the Notes for any investor, the feasibility or performance of any project or compliance with any securities or tax laws or regulations. The Notes are not direct obligations of, or guaranteed by, the Bank, the Corporation or any of their respective affiliates, except to the extent provided by in the Letter of Credit. RECEIVER'S POWER TO REPUDIATE LETTER OF CREDIT If a financial institution, such as the Bank, is placed into receivership, the receiver generally will have broad powers with respect to the disposition of the assets and liabilities of such financial institution. A receiver may, depending on the circumstances and the scope of its legal authority, repudiate letters of credit issued by the failed financial institution while discharging its powers as receiver. No assurance can be given that if the Bank were to enter receivership that the Letter of Credit would not be subject to repudiation by the Bank's receiver. IMPACT OF BANKRUPTCY OF THE COMMISSION As a municipal entity, the Commission may be qualified to file a petition under Chapter 9 of the United States Bankruptcy Code ("Chapter 9") under certain circumstances. In a Chapter 9 bankruptcy, the pledge of Sales Tax Revenues to the Trustee for the benefit of owners of the Notes will be enforceable only if a bankruptcy court determines that the Sales Tax Revenues are special revenues under Chapter 9 ("Special Revenues"). The results of Chapter 9 proceedings are difficult to predict. The fact that the Sales Tax was specifically levied to finance the projects described in the Commission's Transportation Expenditure Plan (under this caption, the "Project") would support a determination that the Sales Tax Revenues constitute Special Revenues. However, if a bankruptcy court concludes that the Sales Tax is a general sales tax levied to finance the general purposes of the Commission as well as the Project, the court could rule that the Sales Tax Revenues do not constitute Special Revenues. If the Sales Tax Revenues are held not to be Special Revenues, the owners of the Notes would no longer be entitled to any lien on the Sales Tax Revenues and may be treated as general unsecured creditors of the Commission. If a bankruptcy court rules that the Sales Tax Revenues constitute Special Revenues, the court could further rule that the pledge is subordinate to the payment of necessary operating expenses of the Project. In order to make such a ruling, however, the court must first determine that the Sales Tax Revenues are "derived from" the Project. Such a determination does not appear to be supported by the facts and would involve the court holding that an indirect nexus is sufficient to find that sales taxes specifically levied to finance a transportation project are "derived from" the transportation system. TAX MATTERS In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Commission ("Bond Counsel"), based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Notes, when issued in accordance with the Indenture, the Issuing and Paying Agent Agreement and the Master Tax Certificate of the Commission, dated March 30, 2005, as amended and supplemented from time to time 40914968.3 3 735 (collectively, the "Tax Certificate"), is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 (the "Code") and is exempt from State of California personal income taxes. In the further opinion of Bond Counsel, interest on the Notes is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although Bond Counsel observes that such interest is included in adjusted current earnings when calculating corporate alternative minimum taxable income. A complete copy of the opinion Bond Counsel to be delivered on October _, 2014 is set forth in Appendix E hereto. Notice 94-84, 1994-2 C.B. 559, states that the Internal Revenue Service (the "IRS") is studying whether the amount of the payment at maturity on short-term debt obligations (i.e., debt obligations with a stated fixed rate of interest which mature not more than one year from the date of issue) that is excluded from gross income for federal income tax purposes is (i) the stated interest payable at maturity or (ii) the difference between the issue price of the short-term debt obligations and the aggregate amount to be paid at maturity of the short-term debt obligations (the "original issue discount"). For this purpose, the issue price of the short-term debt obligations is the first price at which a substantial amount of the short-term debt obligations is sold to the public (excluding bond houses, brokers, or similar persons or organizations acting in the capacity of dealer, placement agents or wholesalers). Until the IRS provides further guidance with respect to tax-exempt short-term debt obligations, taxpayers may treat either the stated interest payable at maturity or the original issue discount as interest that is excluded from gross income for federal income tax purposes. However, taxpayers must treat the amount to be paid at maturity on all tax-exempt short-term debt obligations in a consistent manner Prospective purchasers of Notes should consult their own tax advisors with respect to the tax consequences of ownership of Notes if the prospective purchaser elects original issue discount treatment. Notes purchased, whether at original issuance or otherwise, for an amount higher than their principal amount payable at maturity (or, in some cases, at their earlier call date) ("Premium Notes") will be treated as having amortizable bond premium. No deduction is allowable for the amortizable bond premium in the case of notes, like the Premium Notes, the interest on which is excluded from gross income for federal income tax purposes. However, the amount of tax-exempt interest received, and a Holder's basis in a Premium Note, will be reduced by the amount of amortizable bond premium properly allocable to such Holder. Holders of Premium Notes should consult their own tax advisors with respect to the proper treatment of amortizable bond premium in their particular circumstances. The Code imposes various restrictions, conditions and requirements relating to the exclusion from gross income for federal income tax purposes of interest on obligations such as the Notes. The Commission has made certain representations and covenanted to comply with certain restrictions, conditions and requirements designed to ensure that interest on the Notes will not be included in federal gross income. Inaccuracy of these representations or failure to comply with these covenants may result in interest on the Notes being included in gross income for federal income tax purposes, possibly from the date of original issuance of the Notes. The opinion of Bond Counsel assumes the accuracy of these representations and compliance with these covenants Bond Counsel has not undertaken to determine (or to inform any person) whether any actions taken (or not taken), or events occurring (or not occurring), or any other matters coming to Bond Counsel's attention after October _, 2014, may adversely affect the 40914968.3 4 736 value of, or the tax status of interest on, the Notes. Accordingly, the opinion of Bond Counsel is not intended to, and may not, be relied upon in connection with any such actions, events or matters. Although Bond Counsel is of the opinion that interest on the Notes is excluded from gross income for federal income tax purposes and is exempt from State of California personal income taxes, the ownership or disposition of, or the accrual or receipt of interest on, the Notes may otherwise affect a Holder's federal, state or local tax liability. The nature and extent of these other tax consequences depends upon the particular tax status of the Holder or the Holder's other items of income or deduction. Bond Counsel expresses no opinion regarding any such other tax consequences. The opinion of Bond Counsel described herein shall be deemed delivered and in effect by Bond Counsel as to any Note issued after the date of such opinion, to the extent that, at the date of issuance of such Note: (i) there is no change in applicable existing federal or State of California law after the date of such opinion; (ii) the provisions of the Indenture, in so far as such provisions affect the terms and conditions pursuant to which Notes are issued and held, have not been materially amended or supplemented after the date of such opinion; (iii) the representations and covenants of the parties contained in the Indenture, the Issuing and Paying Agent Agreement, the Tax Certificate and certain certificates dated the date of the opinion of Bond Counsel and delivered by authorized officers of the Commission and others remain true and accurate and are complied with in all material respects; and (iv) no litigation affecting the issuance or validity of the Notes is pending at the time of delivery of any such Notes. Current and future legislative proposals, if enacted into law, clarification of the Code or court decisions may cause interest on the Notes to be subject, directly or indirectly, to federal income taxation or to be subject to or exempted from state income taxation, or otherwise prevent Beneficial Owners from realizing the full current benefit of the tax status of such interest. As one example, the Obama Administration recently announced a legislative proposal which, for tax years beginning on or after January 1, 2013, generally would limit the exclusion from gross income of interest on obligations like the Notes to some extent for taxpayers who are individuals and whose income is subject to higher marginal income tax rates. The introduction or enactment of any such legislative proposals, clarification of the Code or court decisions may also affect, perhaps significantly, the market price for, or marketability of, the Notes. Prospective purchasers of the Notes should consult their own tax advisors regarding any pending or proposed federal or state tax legislation, regulations or litigation, and regarding the impact of future legislation, regulations or litigation, as to which Bond Counsel expresses no opinion. The opinion of Bond Counsel is based on current legal authority, covers certain matters not directly addressed by such authorities, and represents Bond Counsel's judgment as to the proper treatment of the Notes for federal income tax purposes. It is not binding on the IRS or the courts. Furthermore, Bond Counsel cannot give and has not given any opinion or assurance about the activities of the Commission after the date of such opinion, or about the effect of changes in the Code after the date of such opinion, the applicable regulations, the interpretation thereof or the enforcement thereof by the IRS. The Commission has covenanted, however, to comply with the requirements of the Code. 40914968.3 5 737 The IRS has an ongoing program of auditing tax-exempt obligations to determine whether, in the view of the IRS, interest on such tax-exempt obligations is includable in the gross income of the owners thereof for federal income tax purposes. Bond Counsel is not obligated to defend the Commission or the Holders regarding the tax-exempt status of the Notes in the event of an audit examination by the IRS. Under current procedures, parties other than the Commission and their appointed counsel, including the Holders, would have little, if any, right to participate in the audit examination process. Moreover, because achieving judicial review in connection with an audit examination of tax-exempt notes is difficult, obtaining an independent review of IRS positions with which the Commission legitimately disagrees, may not be practicable. Any action of the IRS, including but not limited to selection of the Notes for audit, or the course or result of such audit, or an audit of notes presenting similar tax issues may affect the market price for, or the marketability of, the Notes, and may cause the Commission or the Holders to incur significant expense. SUPPLEMENTAL INFORMATION The Offering Memorandum is hereby supplemented by adding at the end of APPENDIX D — "SUMMARY OF THE LEGAL DOCUMENTS" on page D-37 the text set forth in Appendix D hereto. RATINGS The Notes have been assigned ratings of " " and " " by Moody's Investors Service and Standard & Poor's Ratings Services, respectively, based on the issuance by the Bank of the Letter of Credit. Certain information was supplied by the Commission to Moody's Investors Service and Standard & Poor's Ratings Services to be considered in evaluating the Notes. The ratings reflect only the views of such rating agencies and any explanation of the significance of such ratings should be obtained from the rating agencies. There is no assurance that any rating will be retained for any given period of time or that the same will not be revised downward or withdrawn entirely by either rating agency if in its judgment, circumstances so warrant. The Commission undertakes no responsibility to oppose any such revision or withdrawal. Any such downward revision or withdrawal of the ratings may have an adverse effect on the market price of the Notes. THE DEALER The Commission has appointed Barclays Capital Inc. as commercial paper dealer (the "Dealer") with respect to the offering and sale of the Notes pursuant to the related Dealer Agreement with the Dealer (the "Dealer Agreement"). The Dealer Agreement, among other things, does not require the Dealer to purchase the Notes. Furthermore, pursuant to the Dealer Agreement, the Dealer may resign or be replaced by the Commission. 40914968.3 6 738 The execution and delivery of this Supplement has been duly authorized by the Commission. RIVERSIDE COUNTY TRANSPORTATION COMMISSION By: /s/ Anne Mayer Executive Director 40914968.3 7 739 APPENDIX D SUMMARY OF FIRST SUPPLEMENT TO THE ISSUING AND PAYING AGENT AGREEMENT The following is a summary of certain provisions of the First Supplement to the Issuing and Paying Agent Agreement, dated as of April 1, 2012 (the "First Supplement"), between the Commission and the Issuing and Paying Agent, amending and supplementing the Issuing and Paying Agent Agreement. This summary does not purport to be a definitive or comprehensive summary of such document. This summary is qualified in its entirety by reference to the full text of the First Supplement. Additional Definition Notice of No Issuance and Final Drawing means a notice of such name issued with respect to a Series of Notes pursuant to the provisions of the Credit Agreement entered into in connection with such Series of Notes, which notifies the Issuer and the Issuing and Paying Agent that no additional Notes of such Series may be issued and instructs the Issuing and Paying Agent to make a final drawing on the applicable Credit Facility to pay at maturity all Outstanding Notes of such Series. A Notice of No Issuance and Final Drawing constitutes a Notice of No Issuance as defined in the Indenture. Amendments to Completion, Authentication and Delivery of Notes The First Supplement has amended and supplemented the portion of the Issuing and Paying Agent Agreement summarized under "Completion, Authentication and Delivery of Notes" in "APPENDIX DSUMMARY OF THE LEGAL DOCUMENTS —Summary of the Issuing and Paying Agent Agreement —Completion, Authentication and Delivery of Notes" as follows. An Issuance Request will be given by an Authorized Representative by telephone, promptly confirmed in writing (which writing may be transmitted by telecopier). Upon receipt of an Issuance Request as described in the Issuing and Paying Agent Agreement, the Issuing and Paying Agent agrees to withdraw the necessary Note(s) from safekeeping and, in accordance with such Issuance Request, agrees to: 40914968.3 (0 complete each Note as to principal amount (which principal amount will be $100,000 or an integral multiple of $1,000 in excess thereof), date of issue, maturity date (which will not be more than 270 days from the date of issuance), interest rate and amount of interest thereon and to register such Note as directed by the applicable Dealer; (ii) manually authenticate each Note by any officer or employee duly authorized and designated for such purpose; (iii) deliver the Note(s) to the applicable Dealer or its agent within the Borough of Manhattan, South of Chambers Street, City and State of New York, which delivery will be against receipt for payment as provided in the Issuing and Paying Agent Agreement or as otherwise provided in such Issuance Request (if D-1 740 such Issuance Request does not provide for such receipt, such Dealer will nevertheless pay the purchase price for the Note(s)); and (iv) retain one (1) of the nonnegotiable copies of each Note for its records and promptly forward one (1) nonnegotiable copy of each Note to the Commission, the Trustee and the applicable Credit Provider, pursuant to the provisions of the applicable Credit Agreement. An Issuance Request by telephone must be received by the Issuing and Paying Agent by 12:30 p.m. New York City time, if the Note(s) are to be delivered the same day. Telephone transmission of an Issuance Request shall be confirmed in writing (which writing may be transmitted by telecopier) the same day. The Commission understands that although the Issuing and Paying Agent has been instructed and has agreed to deliver the Notes against payment, delivery of the Notes will, in accordance with the custom prevailing in the commercial paper market, be made before receipt of payment in immediately available funds. Therefore, once the Issuing and Paying Agent has delivered a Note to the applicable Dealer, or its agent, the Commission agrees to bear the risk that the applicable Dealer or its agent will fail to remit payment for the Note to the Issuing and Paying Agent. It is understood that each delivery of Notes under the Issuing and Paying Agent Agreement will be subject to the rules of the New York Clearing House in effect at the time of such delivery and, in accordance therewith, Notes are to be delivered by 2:00 p.m. New York City time. Notwithstanding any other provision of the Issuing and Paying Agent Agreement or the Indenture to the contrary, no Series A Notes will be authenticated or delivered by the Issuing and Paying Agent if: 0) such delivery would result in the aggregate principal amount of Series A Notes Outstanding being in excess of $60,000,000; or (ii) such delivery would result in the aggregate principal amount of Notes Outstanding together with interest to accrue thereon to maturity to be in excess of the Stated Amount under the applicable Credit Facility; or (iii) such delivery would result in the delivery of Series A Notes bearing interest at an average rate per annum (calculated on the principal amount of the Series A Notes on the basis of a 365/366 day year and actual days elapsed) to the maturity date of such Series A Notes in excess of 12% per annum; or (iv) the maturity date specified in the Issuance Request for such Series A Notes extends beyond two hundred seventy (270) days from the respective dates of authentication and issuance of such Series A Notes, or beyond the Sales Tax Expiration Date, or beyond five (5) days prior to the applicable Credit Facility Expiration Date, or beyond thirty (30) years from the date of initial issuance of the Series A Notes (as provided in the Tax Certificate); or 40914968.3 D-2 741 (v) a Notice of No Issuance, including a Notice of No Issuance and Final Drawing, in such form as is set forth as an annex to the Series A Credit Facility, shall have been delivered to the Issuing and Paying Agent by the Series A Credit Provider, and such Notice shall not have been withdrawn or revoked by the Series A Credit Provider; or (vi) the Issuing and Paying Agent shall have actual knowledge that an Event of Default under the Indenture shall have occurred and is continuing; or (vii) the Issuing and Paying Agent shall have received written notice that the Opinion of Bond Counsel delivered regarding the exclusion of interest on the Series A Notes from the gross income of the Holders thereof for federal income tax purposes has been or is being withdrawn, which notice shall be delivered by such Bond Counsel to the Commission and the Issuing and Paying Agent. If the Issuing and Paying Agent is unable to comply with an Issuance Request because of the existence of any of the above conditions, the Issuing and Paying Agent shall promptly notify the Commission, the Series A Dealer and the Trustee in writing of the circumstances prohibiting the issuance of the Series A Notes. In the event a Series A Advance or a Series A Credit Provider Loan is outstanding, the Issuing and Paying Agent may authenticate and deliver a principal amount of Series A Notes which, together with interest to accrue thereon to maturity, would exceed the Stated Amount if, upon receipt of the proceeds of such Series A Notes, the Issuing and Paying Agent shall have sufficient funds immediately available to reimburse the Credit Provider for a Series A Advance or a Series A Credit Provider Loan equal to such principal amount and the Issuing and Paying Agent shall have delivered a request for reinstatement in such form as is set forth as an annex to the Credit Facility, to the Credit Provider in accordance with the provisions set forth in the applicable Credit Facility. Notwithstanding any other provision of the Issuing and Paying Agent Agreement or the Indenture to the contrary, no Series B Notes shall be authenticated or delivered by the Issuing and Paying Agent if: (0 such delivery would result in the aggregate principal amount of Series B Notes Outstanding being in excess of $60,000,000; or (ii) such delivery would result in the aggregate principal amount of Notes Outstanding together with interest to accrue thereon to maturity to be in excess of the Stated Amount under the applicable Credit Facility; or (iii) such delivery would result in the delivery of Series B Notes bearing interest at an average rate per annum (calculated on the principal amount of the Series B Notes on the basis of a 365/366 day year and actual days elapsed) to the maturity date of such Series B Notes in excess of 12% per annum; or 40914968.3 D-3 742 (iv) the maturity date specified in the Issuance Request for such Series B Notes extends beyond two hundred seventy (270) days from the respective dates of authentication and issuance of such Series B Notes, or beyond the Sales Tax Expiration Date, or beyond five (5) days prior to the applicable Credit Facility Expiration Date, or beyond thirty (30) years from the date of initial issuance of the Series B Notes (as provided in the Tax Certificate); or (v) a Notice of No Issuance, including a Notice of No Issuance and Final Drawing, in such form as is set forth as an annex to the Series B Credit Facility, shall have been delivered to the Issuing and Paying Agent by the Series B Credit Provider, and such Notice shall not have been withdrawn or revoked by the Series B Credit Provider; or (vi) the Issuing and Paying Agent shall have actual knowledge that an Event of Default under the Indenture shall have occurred and is continuing; or (vii) the Issuing and Paying Agent shall have received written notice that the Opinion of Bond Counsel delivered regarding the exclusion of interest on the Series B Notes from the gross income of the Holders thereof for federal income tax purposes has been or is being withdrawn, which notice shall be delivered by such Bond Counsel to the Commission and the Issuing and Paying Agent. If the Issuing and Paying Agent is unable to comply with an Issuance Request because of the existence of any of the above conditions, the Issuing and Paying Agent shall promptly notify the Commission, the Series B Dealer and the Trustee in writing of the circumstances prohibiting the issuance of the Series B Notes. In the event a Series B Advance or a Series B Provider Loan is outstanding, the Issuing and Paying Agent may authenticate and deliver a principal amount of Series B Notes which, together with interest to accrue thereon with maturity, would exceed the Stated Amount if, upon receipt of the proceeds of such Series B Notes, the Issuing and Paying Agent shall have sufficient funds immediately available to reimburse the Initial Series Credit Provider for a Series B Advance or a Series B Credit Provider Loan equal to such principal amount and the Issuing and Paying Agent shall have delivered a request for reinstatement in such form as is set forth as an annex to the Initial Series Credit Facility, to the Credit Provider in accordance with the provisions set forth in the applicable Credit Facility. Notwithstanding any other provision of the Issuing and Paying Agent Agreement or the Indenture to the contrary, no Notes of any other Series shall be authenticated or delivered by the Issuing and Paying Agent if: (i) such delivery would result in the aggregate principal amount of Notes of such Series Outstanding being in excess of the principal amount authorized pursuant to the Supplemental Indenture authorizing the authentication and delivery of such Series of Notes; or 40914968.3 D-4 743 (ii) such delivery would result in the aggregate principal amount of Notes of such Series Outstanding together with interest to accrue thereon to maturity to be in excess of the Stated Amount under the applicable Credit Facility for the payment of such Series of Notes; or (iii) such delivery would result in the delivery of Notes of such Series bearing interest at an average rate per annum (calculated on the principal amount of such Series of Notes on the basis of a 365/366 day year and actual days elapsed) to the maturity date of such Series of Notes in excess of 12% per annum; or (iv) the maturity date specified in the Issuance Request for Notes of such Series extends beyond two hundred seventy (270) days from the respective dates of authentication and issuance of such Series of Notes, or beyond five (5) days prior to the applicable Credit Facility Expiration Date, or beyond the Sales Tax Expiration Date, or beyond thirty (30) years from the date of initial issuance of the Notes of such Series (as provided in the Tax Certificate) or beyond the date of expiration of the Commission's Expenditure Plan; or (v) a Notice of No Issuance shall have been delivered to the Issuing and Paying Agent by the Credit Provider for such Series of Notes and such Notice shall not have been withdrawn or revoked by such Credit Provider; or (vi) a Notice of Termination shall have been delivered to the Issuing and Paying Agent by the Credit Provider for such Series of Notes, and such Notice shall not have been withdrawn or revoked by such Credit Provider; or (vii) the Issuing and Paying Agent shall have actual knowledge or shall have received written notice that an Event of Default under the Indenture or under the Credit Agreement shall have occurred and is continuing; or (viii) the Issuing and Paying Agent shall have received notice that the Opinion of Bond Counsel delivered regarding the exclusion of interest on the Notes of such Series from the gross income of the Holders thereof for federal income tax purposes has been or is being withdrawn, which notice shall be delivered by such Bond Counsel to the Commission and the Issuing and Paying Agent. If the Issuing and Paying Agent is unable to comply with an Issuance Request because of the existence of any of the above conditions, the Issuing and Paying Agent shall promptly notify the Commission, the applicable Dealer and the Trustee of the circumstances prohibiting the issuance of the Notes of such Series. In the event an Advance or a Provider Loan is outstanding with respect to any Series of Notes other than the Series A Notes and the Series B Notes, the Issuing and Paying Agent may authenticate and deliver a principal amount of Notes of such Series which, together with interest to accrue thereon to maturity, would exceed the Stated Amount of the applicable Credit Facility if, upon receipt of the proceeds of the Notes of such Series, the Issuing and Paying Agent shall 40914968.3 D-5 744 have sufficient funds immediately available to reimburse the applicable Credit Provider for an Advance or a Credit Provider Loan equal to such principal amount and the Issuing and Paying Agent shall have delivered a request for reinstatement in such form as is set forth as an annex to the applicable Credit Facility, to the applicable Credit Provider in accordance with the provisions set forth in the applicable Credit Facility. Notwithstanding any other provision in the Indenture or the Issuing and Paying Agent Agreement to the contrary, so long as the Series A Master Note and the Series B Master Note are held by DTC, the Issuing and Paying Agent shall deliver the Series A Notes and the Series B Notes in accordance with the terms of the applicable Representation Letter. Amendments to Establishment and Application of Note Funds and Accounts The First Supplement has amended and supplemented the portion of the Issuing and Paying Agent Agreement summarized in paragraphs (e) and (f) under "Completion, Authentication and Delivery of Notes" in "APPENDIX DSUMMARY OF THE LEGAL DOCUMENTS —Summary of the Issuing and Paying Agent Agreement —Establishment and Application of Note Funds and Accounts" as follows: (e) On any date on which Series A Notes are maturing or upon receipt by the Issuing and Paying Agent of a Notice of No Issuance and Final Drawing, the Issuing and Paying Agent shall draw on the Series A Credit Facility by the times and in accordance with the terms thereof, in amounts sufficient to pay the principal of, and interest on, such Series A Notes when due, solely from moneys drawn under the Series A Credit Facility and deposited in the Series A Credit Facility Fund as provided in the Issuing and Paying Agent Agreement. To the extent that principal of and interest on maturing Series A Notes are paid from amounts drawn under the Series A Credit Facility, the Issuing and Paying Agent shall apply amounts on deposit in the Series A Note Interest Account to reimburse the Series A Credit Provider for the interest portion of such draw and shall apply amounts on deposit in the Issuer Series A Note Principal Account and the Dealer Series A Note Principal Account, with amounts on deposit in the Dealer Series A Note Principal Account to be applied first, to reimburse the Series A Credit Provider for any remaining interest portion of such draw and the principal portion of such draw, each drawing to be reimbursed by 4:30 p.m. (New York City time) on the date of such drawing. In the event that amounts held by the Issuing and Paying Agent on deposit in the Series A Note Interest Account are insufficient to reimburse the Series A Credit Provider for the interest portion of such draw or that amounts held by the Issuing and Paying Agent on deposit in the Issuer Series A Note Principal Account and the Dealer Series A Note Principal Account are insufficient to reimburse the Series A Credit Provider for any remaining interest portion of such draw and the principal portion of such draw, the Issuing and Paying Agent shall promptly notify the Issuer of the additional amount required to reimburse for the interest portion or principal portion of such draw, as applicable, which amounts shall constitute a Series A Advance. To the extent that Series A Advances or Series A Credit Provider Loans are outstanding, the Issuing and Paying Agent shall then apply remaining amounts on deposit in the Series A Note Interest Account to reimburse the Series A Credit Provider for the interest portion of such Series A Advances or Series A Credit Provider Loans and shall apply amounts on deposit in the Issuer Series A Note Principal Account and the Dealer Series A Note Principal Account, with amounts on deposit in the Dealer Series A Note Principal Account to be applied first, to reimburse the Series A Credit 40914968.3 D-6 745 Provider for any remaining interest portion and the principal portion of such Series A Advances or Series A Credit Provider Loans, each payment to be made by 4:30 p.m. (New York City time) on such date." (f) On any date on which Series B Notes are maturing or upon receipt by the Issuing and Paying Agent of a Notice of No Issuance and Final Drawing, the Issuing and Paying Agent shall draw on the Series B Credit Facility by the times and in accordance with the terms thereof, in amounts sufficient to pay the principal of, and interest on, such Series B Notes when due, solely from moneys drawn under the Series B Credit Facility and deposited in the Series B Credit Facility Fund as provided in the Issuing and Paying Agent Agreement. To the extent that principal of and interest on maturing Series B Notes are paid from amounts drawn under the Series B Credit Facility, the Issuing and Paying Agent shall apply amounts on deposit in the Series B Note Interest Account to reimburse the Series B Credit Provider for the interest portion of such draw and shall apply amounts on deposit in the Issuer Series B Note Principal Account and the Dealer Series B Note Principal Account, with amounts on deposit in the Dealer Series B Note Principal Account to be applied first, to reimburse the Series B Credit Provider for any remaining interest portion of such draw and the principal portion of such draw, each drawing to be reimbursed by 4:30 p.m. (New York City time) on the date of such drawing. In the event that amounts held by the Issuing and Paying Agent on deposit in the Series B Note Interest Account are insufficient to reimburse the Series B Credit Provider for the interest portion of such draw or that amounts held by the Issuing and Paying Agent on deposit in the Issuer Series B Note Principal Account and the Dealer Series B Note Principal Account are insufficient to reimburse the Series B Credit Provider for any remaining interest portion of such draw and the principal portion of such draw, the Issuing and Paying Agent shall promptly notify the Issuer of the additional amount required to reimburse for the interest portion or principal portion of such draw, as applicable, which amounts shall constitute a Series B Advance. To the extent that Series B Advances or Series B Credit Provider Loans are outstanding, the Issuing and Paying Agent shall then apply remaining amounts on deposit in the Series B Note Interest Account to reimburse the Series B Credit Provider for the interest portion of such Series B Advances or Series B Credit Provider Loans and shall apply amounts on deposit in the Issuer Series B Note Principal Account and the Dealer Series B Note Principal Account, with amounts on deposit in the Dealer Series B Note Principal Account to be applied first, to reimburse the Series B Credit Provider for any remaining interest portion and the principal portion of such Series B Advances or Series B Credit Provider Loans, each payment to be made by 4:30 p.m. (New York City time) on such date. Confirmation of Receipt of Notice of No Issuance and Final Drawing Promptly upon any receipt of a Notice of No Issuance and Final Drawing with respect to a Series of Notes, the Issuing and Paying Agent shall deliver written confirmation of such receipt to the Credit Provider with respect to such Series of Notes. 40914968.3 D-7 746 APPENDIX E FORM OF OPINION OF BOND COUNSEL [to be updated] October , 2014 Riverside County Transportation Commission Riverside, California Riverside County Transportation Commission Commercial Paper Notes (Limited Tax Bonds), Series A (Final Opinion) Ladies and Gentlemen: We have acted as bond counsel to the Riverside County Transportation Commission (the Issuer") in connection with the authorization of issuance of up to $60,000,000 aggregate principal amount (at any time Outstanding) of commercial paper notes by the Issuer, and designated Riverside County Transportation Commission Commercial Paper Notes (Limited Tax Bonds), Series A (the "Notes"). The Notes are authorized to be issued pursuant to Resolution No. 05-001, adopted by the Board of the Commissioners of the Issuer on February 9, 2005, Resolution No. 10-006, adopted by the Board of the Commissioners of the Issuer on February 10, 2010, Resolution No. 12-009, adopted by the Board of the Commissioners of the Issuer on March 14, 2012 and Ordinance No. 02-001, adopted by the Commission on May 8, 2002 and approved by more than two-thirds of the voters of the County of Riverside voting on the measure on November 5, 2002; an Indenture, dated as of March 1, 2005 (the "Indenture"), by and between the Issuer and U.S. Bank Trust National Association, as trustee; and an Issuing and Paying Agent Agreement, dated as of March 1, 2005, as supplemented by a First Supplement to Issuing and Paying Agent Agreement, dated as of April 1, 2012 (together, the "Issuing and Paying Agent Agreement"), by and between the Issuer and U.S. Bank Trust National Association, as issuing and paying agent. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Indenture. In such connection, we have reviewed the Indenture, the Issuing and Paying Agent Agreement, the Master Tax Certificate of the Issuer, dated March 30, 2005, as it has been supplemented and amended (the "Tax Certificate"), an opinion of counsel to the Issuer, certificates of the Issuer, the Issuing and Paying Agent and others and such other documents, opinions and matters to the extent we deemed necessary to render the opinions set forth herein. The opinions expressed herein are based on an analysis of existing laws, regulations, rulings and court decisions, and cover certain matters not directly addressed by such authorities. Such opinions may be affected by actions taken or omitted or events occurring after the date hereof and before or after the Notes are issued. We have not undertaken to determine, or to inform any 40914968.3 E-1 747 person, whether any such actions are taken or omitted or events do occur or any other matters come to our attention after the date hereof. Accordingly, this opinion speaks only as of its date and is not intended to, and may not, be relied upon or otherwise used in connection with any such actions, events or matters. We disclaim any obligation to update this letter. We have assumed the genuineness of all documents and signatures presented to us (whether as originals or as copies) and the due and legal execution and delivery thereof by, and validity against, any parties other than the Issuer. We have assumed, without undertaking to verify, the accuracy (as of the date hereof and as of the date of issuance from time to time of the Notes) of the factual matters represented, warranted or certified in the documents, and of the legal conclusions contained in the opinion, referred to in the second paragraph hereof. Furthermore, we have assumed compliance with all covenants and agreements contained in the Indenture, the Issuing and Paying Agent Agreement and the Tax Certificate, including (without limitation) covenants and agreements compliance with which is necessary to assure that future actions, omissions or events will not cause interest on the Notes to be included in gross income for federal income tax purposes, possibly retroactive to the date on which the first Notes were issued. We call attention to the fact that the rights and obligations under the Notes, the Indenture, the Issuing and Paying Agent Agreement and the Tax Certificate and their enforceability may be subject to bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium and other laws relating to or affecting creditors' rights, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases and to the limitations on legal remedies against county transportation commissions in the State of California. We express no opinion with respect to any indemnification, contribution, penalty, arbitration, judicial reference, choice of law, choice of forum, choice of venue, waiver or severability provisions contained in the foregoing documents, nor do we express any opinion with respect to the state or quality of title to or interest in any of the assets described in or as subject to the lien of the Indenture or the accuracy or sufficiency of the description contained therein of, or the remedies available to enforce liens on, any such assets. Our services did not include financial or other non -legal advice. Finally, we undertake no responsibility for the accuracy, completeness or fairness of the Offering Memorandum or other offering material relating to the Notes and express no opinion with respect thereto. Based on and subject to the foregoing and in reliance thereon, as of the date hereof, we are of the following opinions: 1. The Indenture and the Issuing and Paying Agent Agreement have each been duly executed and delivered by the Issuer and constitute valid and binding obligations of the Issuer. 2. The Notes, when duly issued in the form authorized by and otherwise in compliance with the Indenture and the Issuing and Paying Agent Agreement, executed by a duly authorized official of the Issuer and authenticated by the Issuing and Paying Agent against payment therefor, will constitute the valid and binding obligations of the Issuer. 3. Interest on the Notes, when issued in accordance with the Indenture, the Issuing and Paying Agent Agreement and the Tax Certificate, will be excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and exempt from State of California personal income taxes. The amount treated as interest on the Notes and excluded from gross income will depend upon the taxpayer's election under 40914968.3 E-2 748 Internal Revenue Service Notice 94-84. Interest on the Notes is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although we observe that interest on the Notes is included in adjusted current earnings when calculating corporate alternative minimum taxable income. We express no opinion regarding other tax consequences related to the ownership or disposition of, or the accrual or receipt of interest on, the Notes. Faithfully yours, ORRICK, HERRINGTON & SUTCLIFFE LLP per 40914968.3 E-3 749 Commercial Paper Program September 10, 2014 Interest rates fixed to maturity Maturity up to 270 days Supported by 3rd party liquidity/credit facility Issued as needed (used like line of credit) Take out of CP with long-term debt ��E Interim financing until 2009 Measure A Lower interest rate than fixed rate debt Unknown amounts and timing Ability to "roll over" until long- term financing March 2005* • $185M program • BofA LOC • Two dealers March 2010* • Reduced to $120M program • BofA LOC extended for 2 years March 2012* • Two new LOCs- $60M each • Union Bank • Bank of Tokyo • Expire October 2014 Cumulative amount of $327 million in CP Notes issued and retired with Sales Tax Bonds since CP program inception * Prior Authorizing Resolutions Summer 2013* • Terminated Bank of Tokyo LOC • Reduced to $60M program Summer 2014 • Competitive LOC solicitation • Current LOC expires October 2014 • $0 CP Notes outstanding Interim financing within Measure A debt limit LOC cost significantly lower VERY low short-term interest rates Request for Proposals •Released July 2014 •Seven proposals submitted • $60 million (Series A) • Term of 3 years • Agreement similar to Union Bank • 43% reduction in fees Pay professional costs Adopt Resolution 14-027 LOC Substitution Approve Offering Memorandum Supplement Ratify State Street Bank Agreements Commission (Septembe 0) Approve recommendations Advise of misstatements or omissions in Offering Supplement Transaction Close (by October Executive Director and/or CFO sign documents CP Program in place through October 2017 AGENDA ITEM 11 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: September 10, 2014 TO: Riverside County Transportation Commission FROM: Budget and Implementation Committee Shirley Medina, Planning and Programming Director John Standiford, Deputy Executive Director THROUGH: Anne Mayer, 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 BUDGET AND IMPLEMENTATION COMMITTEE AND STAFF RECOMMENDATION: This item is for the Commission 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 3) Direct staff to work with SCAG and the other county transportation commissions on assigning the appropriate fund source to each MPO ATP regional project for Federal Transportation Improvement Program (FTIP) programming, fund allocations, and timely project delivery. 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 11 750 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 August20, 2014, the CTC approved its project recommendations for the statewide competitive component. The CTC approved the following projects for Riverside County: TABLE 1 CTC/CALTRANS ATP PROJECT 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 AJackson 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 11 751 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/4t" Pedestrian and Road Improvements 79.0 89.0 2,300,000 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 *1,82200 0 9,012,000 Total Riverside County MPO/ATP Share $9,012,000 *ATP Requested by city is $2,575,000. 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 Mecca Sidewalk and Roadway Safety 65.7 75.7 571,000 11,723,000 Agenda Item 11 752 County Improvements 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 met with the project sponsors that are being recommended for funding from the ATP MPO pot, which included Riverside County, the cities of Coachella and Riverside. Staff and the project sponsors discussed partial funding or reduced funding for the city of Riverside's Norte Vista Sidewalk project, which cannot be fully funded without exceeding Riverside County's ATP target. It was determined that the city of Riverside will review other fund sources, such as SB 821 or other city funds, to close the funding shortfall of $753,000. Therefore, the amount of ATP MPO funding for the Norte Vista Sidewalk project is recommended at $1,822,000. Since the project is programmed for construction in FY 2015/16, funding to fill the shortfall must be identified no later than spring 2016. 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. Agenda Item 11 753 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 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 11 754 Active Transportation Program - Statewide and MPO Projects Shirley Medina Planning and Programming Director September 10, 2014 nTD 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 Approved Statewide Competition Riverside County Projects Approved by CTC from Statewide Funding Pot on August 20, 2014 (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 MPO Regional ATP Funding CTC Approval in Novempe. SCAG MPO Regional Funding — County Targets 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 Regional ATP Proposed Funding Recommendations ;or Riverside County Recommended Projects for SCAG/MPO Regional ATP Funds (Table 2) Agency Project CTC Score CTC Score + 10 pts ATP Funds $(000's) Riverside County Clark Street Sidewalk & Intersection Safety Improv. 79.5 89.5 721 Riverside County Avenida Rambla Sidewalk Safety Improvements 79.3 89.3 356 Riverside County Grapefruit/4th Pedestrian and Road Improvements 79.0 89.0 2,300 Riverside Iowa/Martin Luther King Boulevard Bike Improvements 75.0 85.0 267 Coachella ATP Improvements 74.3 84.3 1,764 Riverside Wells/Arlanza Sidewalk Improvements 71.3 81.3 1,782 Riverside Norte Vista Sidewalk Improvements 69.0 79.0 *1,822 Total Riverside County MPO/ATP Share $9,012 *City's request was $2.575 million SCAG is recommending approval of the project below from its 5 percent planning pot WRCOG Subregional Active Transportation Plan 80.0 90.0 $333 Next Steps ➢ Submit Riverside County ATP MPO projects to SCAG including contingency list ➢ October 2, 2014 - SCAG Approves MPO Regional ATP Projects, submits to CTC for approval in November ➢ Incorporate projects in Federal Transportation Improvement Program ➢ Work with Project Sponsors on State Allocations and Federal Obligation Funding Requests ➢ Work with CTC & Ca!trans on Guidelines/Process Improvements for Future ATP Funding Cycles ➢ Advise/Provide Guidance to RCTC Technical Advisory Committee Regarding Future ATP Funding Cycles and Application Process