HomeMy WebLinkAbout2026-06-23 - AGENDA REPORTS - INVESTMENT MGMT AND ADVISORY SERVICES CONTRO
Agenda Item: 9
CITY OF SANTA CLARITA
.` AGENDA REPORT
CONSENT CALENDAR
CITY MANAGER APPROVAL: �04a:t2
DATE: June 23, 2026
SUBJECT: INVESTMENT MANAGEMENT AND ADVISORY SERVICES
CONTRACT
DEPARTMENT: Administrative Services
PRESENTER: German Lopez
RECOMMENDED ACTION
City Council:
1. Award a three-year contract to PFM Asset Management, a division of U.S. Bancorp Asset
Management, Inc., for investment management and advisory services in an amount not to
exceed $275,000 annually, for a total contract amount not to exceed $825,000.
2. Authorize the City Manager or designee to execute up to two additional one-year renewal
options beginning in year four, not to exceed the annual contract amount of $275,000 plus
adjustments necessary for changes in portfolio size in accordance with the fee schedule.
3. Authorize the City Manager or designee to execute all contracts and associated documents,
subject to City Attorney review.
BACKGROUND
An investment advisor is utilized by the City of Santa Clarita (City) to strategically invest the
City's idle funds in a manner which will provide the maximum security with best investment
return, while meeting the daily cash flow demands of the City and conforming to all
state/province and local statutes governing the investment of public funds. A full -service
investment management firm provides value to the City because it has the resources necessary to
formulate investment strategies, manage risk, and capitalize on market opportunities in a timely,
reliable manner.
To ensure the City receives high -quality investment management and advisory services, a
Request for Proposals (RFP) was published on April 1, 2026. The RFP was published on BidNet,
the City's electronic procurement platform. The City transmitted the solicitation to 1,158 vendors
Page 1
Packet Pg. 69
O
on BidNet, of which 76 firms downloaded the RFP. A total of 10 firms submitted proposals for
consideration.
These proposals were reviewed and evaluated based on each company's ability to meet the
specific needs of the City. An evaluation panel comprised of City staff reviewed and scored the
responses using the following categories of weighted criteria:
• The firm adheres to the instructions in this request for proposals on preparing and
submitting the proposals (15 points)
• The firm's past experience and performance on comparable government portfolios (30
points)
• Adequacy of proposed staffing plan (20 points)
• Commitment to meet the needs of the City as described in the Scope of Work section (20
points)
• The firm's technology and user platform (15 points)
The evaluation team scored the responses based on a 100-point system, with the results outlined
below:
Rank
Company
Location
Score
I
Meeder Public Funds
Dublin, OH
93
2
Chandler Asset Management
San Diego, CA
93
3
Public Trust Advisors
Orlando, FL
91
4
PFM Asset Management, a division of
U.S. Bancorp Asset Management, Inc.
Minneapolis, MN
91
5
Insight Investment
New York, NY
90
6
RBC Global Asset Management
Minneapolis, MN
88
7
Garcia Hamilton & Associates, L.P.
Houston, TX
87
8
Clearwater Advisors
Boise, ID
86
9
Columbia Capital Management, LLC
Merriam, KS
85
10
Academy Asset Management
New York, NY
85
In addition to evaluating written proposals, City staff conducted interviews with the four highest -
scoring firms: Meeder Public Funds, Chandler Asset Management, Public Trust Advisors, and
PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc. (PFMAM), the
City's current investment advisor. The interviews provided an opportunity for firms to further
discuss their approach and demonstrate the ability and capacity to manage the City's current
investment portfolio, which consists of approximately $500 million in assets.
Interview scores were as follows (100 points maximum):
Interview
Proposal
Total
Rank
Company
Location
Score
Score
Score
1
PFM Asset Management, a division of
Minneapolis, MN
99
91
190
U.S. Bancorp Asset Management, Inc.
2
Public Trust Advisors
Orlando, FL
96
91
187
Page 2
Packet Pg. 70
O
(Cont).
Rank
Company
Location
Interview
Score
Proposal
Score
Total
Score
3
Chandler Asset Management
San Diego, CA
94
93
187
4
Meeder Public Funds
Dublin, OH
94
93
187
As a result of the proposal evaluation and interview process, PFMAM is recommended based on
their ability to provide professional guidance, qualified staff, experience investing local
government funds, and their ability to provide a technology platform with dedicated,
knowledgeable resources. PFMAM demonstrated how their team would support the City's
efforts to enhance efficiency and streamline processes. PFMAM has provided investment
management services for more than 45 years, serving more than 180 public sector clients in
California.
Based on the City's average monthly portfolio, the costs of investment management and advisory
services are estimated not to exceed $275,000 annually and will be offset by investment returns.
FISCAL IMPACT
The cost of investment management and advisory services is not to exceed $275,000 annually
and will be offset by investment returns.
ATTACHMENTS
Request for Proposal - Investment Management and Advisory Services (available in City Clerk's
Reading File)
Page 3
Packet Pg. 71
U �
�=r
o�yo�° �$ hfcEz"nsE�h��
lid
r�w�Rrl� ja
,r riurr�+�r�p�r mow. „w r►
Investment Management
and Advisory Services
PROPOSAL # FIN-25-26-34
TABLE OF CONTENTS
PROPOSAL # FIN-25-26-34
Investment Management and Advisory Services
City of Santa Clarita, California
SECTION A
NOTICE INVITING PROPOSALS
PROPOSAL INSTRUCTIONS
DOCUMENT CHECKLIST
SECTION B
SCOPE OF WORK
RESPONSE FORMAT AND SELECTION CRITERIA
SECTION C
NOTICE TO PROPOSERS REGARDING CONTRACTUAL REQUIREMENTS
DESIGNATION OF SUBCONTRACTORS/SUBCONSULTANTS
REFERENCES
ACKNOWLEDGEMENT AND ACCEPTANCE OF SCOPE OF WORK
SECTION D
SAMPLE PROFESSIONAL SERVICES AGREEMENT — STANDARD
SUBCONTRACTOR CLAUSES
EXHIBIT A
ATTACHMENTS
SECTION A
RFP Information & Instructions
CITY OF SANTA CLARITA REQUEST FOR PROPOSALS
Project Name: Investment Management and Advisory Services
Proposal #: FIN-25-26-34
Dates Published: April 1, 2026
Last Day for Questions: April 24, 2026 before 11:00 AM (PT)
Proposal Closing: April 30, 2026 before 11:00 AM (PT)
Project Description: The City of Santa Clarita is requesting proposals from firms to provide
investment management and advisory services for approximately $500 million
investment portfolio.
Prevailing Wage: No
Bond Requirements: No
Contact Information: Jaclyn Abston I jabston@santaclarita.gov
Specifications for this request for proposals (RFP) may be downloaded from the City's Purchasing website
at: www.bidnetdirect.com//cityofsantaclarita. Please refer to specifications for complete details and RFP
requirements. The specifications in this notice shall be considered a part of any contract made pursuant
thereto. A paper copy of the RFP documents is available upon request in the City Clerk's office, suite 120.
RFP Questions must be submitted electronically via the BidNet "Question and Answer" tab.
Addenda, if issued by the CITY, will be transmitted on BidNet. Addenda must be digitally acknowledged
via BidNet in addition to a printed and signed version submitted with the proposal response. If addenda
are not signed and submitted with the proposal response, the submission may be deemed non-
responsive and rejected.
PROPOSAL INSTRUCTIONS
PROPOSAL # FIN-25-26-34
Investment Management and Advisory Services
City of Santa Clarita, California
1. SUBMITTING PROPOSALS.
1.1. The response must be submitted on this form and include all forms provided or information
requested or required by the scope of work or specifications, (uploaded via BidNet).
1.2. All documentation of unit pricing or other cost breakdowns as outlined in this proposal must be
submitted to support the total proposed price.
1.3. Proposals/corrections received after the closing time will not be accepted. The City will not be
responsible for proposals not properly or timely, uploaded. Upon award, all submissions become
a matter of public record.
2. ADDENDA. The City will not accept responsibility for incomplete packages or missing addenda. It is
the vendor's responsibility to monitor BidNet for release of the addenda prior to submission of the
quote to make certain the package is complete and all required addenda are included. This
information will be available via BidNet. Vendors are cautioned against relying on verbal information
in the preparation of proposal responses. All official information and guidance will be provided as
part of this solicitation or written addenda. Addenda, if issued by the Agency, will be transmitted via
BidNet. Addenda must be digitally acknowledged through BidNet in addition to a printed and signed
version submitted with the proposal. If addenda are not signed and submitted with the proposal
response, the proposal may be deemed non -responsive and rejected.
REQUEST FOR PROPOSAL QUESTIONS. Questions shall be submitted and responses provided
electronically through the BidNet platform in accordance with the date and time shown on the "CITY
OF SANTA CLARITA NOTICE INVITING PROPOSALS."
4. AWARDS.
4.1. The City reserves the right to waive any irregularity in any proposal.
4.2. This RFP does not commit the City to award a contract, or to pay any amount incurred in the
preparation of the proposal. The City reserves the right to accept or reject all proposals received
as a result of this request, to negotiate with any qualified consultant, or to cancel this RFP in part
or in its entirety. The City may require the selected consultant to participate in negotiations and
to submit such technical, price, or other revisions of the proposal as may result from negotiations.
The City reserves the right to extend the time allotted for the proposal, and to request a best and
final offer, should it be in its best interest to do so.
4.3. The proposal may be awarded in its entirety as proposed; however, the City reserves the right to
award elements of the work, independently, and to do portions "in-house." Additionally, the City
reserves the right to award subsequent work on this project based on information presented in
this proposal, without recourse to a separate or subsequent RFP process, should it be in its best
interest to do so.
4.4. The City may make an award based on partial items unless the proposal submitted is marked "All
or none." Where detailed specifications and/or standards are provided the City considers them
to be material and may accept or reject deviations. The list of proposals submitted will be posted
on BidNet, normally within 24 hours.
4.5. Proposals and subsequent offers shall be effective/valid for a period of 120 days after the RFP
due date. The City of Santa Clarita may request Proposers to extend the validity of proposals
and offers for the City's acceptance beyond the specified time period.
5. COOPERATIVE BIDDING. Other public agencies may be extended the opportunity to purchase off this
solicitation with the agreement of the successful vendor(s) and the City. The lack of exception to this
clause in vendor's response will be considered agreement. However, the City is not an agent of,
partner to or representative of these outside agencies and is not obligated or liable for any action or
debts that may arise out of such independently negotiated "piggy -back" procurements.
6. DELIVERY. Unless otherwise specified, delivery shall be D.D.P., the City of Santa Clarita, site of user
division and contract delivery may begin no later than fifteen (15) calendar days from receipt of order.
7. INVOICES. Invoices will be forwarded to:
City of Santa Clarita
AS - Finance
Attn: German Lopez
23920 Valencia Blvd. Ste. 295
Santa Clarita, CA 91355-2196
Invoices will reflect the purchase order # and goods or service delivered in accordance with the terms
of the contract. Invoice processing begins on receipt of the material or invoice, whichever is later.
8. PREPARATION. All proposals and required forms must be uploaded as laid out in the BidNet General
Attachments Section.
8.1. For hard copy submissions, proposals must be typed or written in black ink except signatures.
Errors may be crossed out and corrected in ink, then initialed in ink by the person signing the
proposal. In compliance with Resolution 93-9, all hard copy proposals and attachments must
be submitted double -sided on recycled paper.
9. REJECTION. The City reserves the right to reject any or all proposals and to waive any informality in
any proposal. The City may reject the proposal of any vendor who has previously failed to perform
properly, or complete on time, contracts of a similar nature, or to reject the proposal of a vendor who
is not in a position to perform such a contract satisfactorily. The City may reject the proposal of any
vendor who is in default of the payment of taxes, licenses or other monies due to the City of Santa
Clarita.
10. PROPOSAL VALIDITY. All proposals, including all pricing, shall be effective/valid for a minimum
period of 120 calendar days after the date of RFP closing. In the event a final contract has not been
awarded within this period, the City reserves the right to negotiate extensions to this period.
11. RENEWAL AND PRICING ADJUSTMENT. Contracts entered into pursuant to this RFP may be renewed
annually, up to two times, in accordance with the terms of the contract. If not otherwise stated, the
contract may be renewed if the new pricing of the contract does not change more than the Consumer
Price Index - All Urban Consumers (not seasonally adjusted), Los Angeles Area -Riverside -Orange
county area and prevailing wage rates, if applicable. The index level for the month preceding the
month of solicitation advertisement will become the beginning index. The price adjustment limit will
be the percentage change based on the difference between the beginning level or the adjustment
level last used and the index level for the period 90 days prior to the award anniversary. The final
adjusted amount will be determined by Purchasing staff. If a price adjustment is not requested prior
to the award anniversary date, the previous year's rates will apply. Proposer shall honor proposal
prices for One -Hundred and Twenty Days (120 days) or for the stated contract period, whichever is
longer.
12. LITIGATION WARRANTY. The bidding vendor, by bidding, warrants that the vendor is not currently
involved in litigation or arbitration concerning the vendor's performance concerning the same or
similar service to be supplied pursuant to this RFP and that no judgments or awards have been made
against bidding vendor on the basis of vendor's performance in supplying the same or similar service,
unless such fact is disclosed to the City in the responding proposal. Disclosure may not disqualify the
bidding vendor. The City reserves the right to evaluate proposals on the basis of the facts surrounding
such litigation or arbitration and to require the selected vendor to furnish the City with a surety bond
executed by a surety company authorized to do business in the State of California and approved by
the City of Santa Clarita in a sum equal to one hundred percent (100%) of the contract price
conditional on the faithful performance by selected vendor of the contract in the event the contract
is awarded to selected vendor, notwithstanding the litigation or arbitration.
13. BEST AND FINAL OFFER. The City may request Best and Final offers based upon improved
understanding of the offers or changed Scope of Work. Based on the initial proposals, the pre -
proposal meeting, and Best and Final offers, if requested, the panel will select the proposal which best
fulfills the requirements and is the best value to the City. The City will negotiate with that seller to
determine final pricing, and contract form. Because this proposal is negotiable, all pricing data will
remain confidential until after award is made, and there will be no public opening and reading of
Proposals. Overall responsiveness to the Request for Proposals is an important factor in the evaluation
process.
14. SUBCONTRACTORS. For all projects, the vendor must list any subcontractors/subconsultants that will
be used, the work to be performed by them, and total number of hours or percentage of time they
will spend on the project.
Each proposer must submit with their proposal the following:
• The Full name of each subcontracting firm as required by Government Code, Sec. 4201, typed or
legibly printed.
• The address of each firm.
• The telephone number at the place of business.
• Work to be performed by each subcontracting firm.
• Total approximate dollar amount of each subcontract.
Copies of subcontracts will be provided to the City Engineer upon their request.
15. TERMINATION. The City may terminate any purchase, service or contract with or without cause either
verbally or in writing at any time without penalty.
The City of Santa Clarita's "Terms and Conditions" is found on a separate attachment in BidNet.
DOCUMENTS CHECKLIST
PROPOSAL # FIN-25-26-34
Investment Management and Advisory Services
City of Santa Clarita, California
In addition to the items requested for the proposal the following documents are required to be
completed and submitted by the proposer.
The following documents must be provided by ALL proposers:
Uploaded via BidNet (see Section C)
❑ Response File
❑ Cost File (to be submitted separately from Response File)
❑ Notice to Proposers Regarding Contractual Requirements
❑ Designation of Subcontractors/Subconsultants
❑ References
❑ Acknowledgement and Acceptance of Scope of Work
❑ All signed addendums (if any)
The following documents must be provided by the AWARDEE ONLY (With Agreement)
Delivered to City Hall, Attn: German Lopez
❑ Professional Services Agreement
❑ Insurance Required by Contract
❑ W-9 Form
SECTION B
Solicitation Information
SCOPE OF WORK
PROPOSAL # FIN-25-26-34
Investment Management and Advisory Services
City of Santa Clarita, California
The City of Santa Clarita (City) requests proposals for the following purpose according to the terms and conditions
attached. In the preparation of this Request for Proposal the words "Bidder", "Contractor", and "Consultant" are used
interchangeably.
Purpose: The City of Santa Clarita is requesting proposals from firms to provide investment management and
advisory services for approximately $500 million in investment portfolio in accordance with the City's Investment
Policy and applicable laws. The initial term will be three years, with two one-year renewal options thereafter, which
may be exercised at the City's sole discretion.
There is no expressed or implied obligation for the City to reimburse responding firms for any expenses incurred in
preparing proposals in response to this request.
During the evaluation process, the City reserves the right, where it may serve the City's best interest, to request
additional information or clarification from proposers, or to allow corrections of errors or omissions. At the City's
discretion, firms submitting proposals may be requested to make oral presentations as part of the evaluation process.
The City reserves the right to retain all proposals submitted and to use any idea(s) in a proposal regardless of whether
that proposal is selected. Submission of a proposal indicates acceptance by the firm of the conditions contained in
this request for proposals, unless clearly and specifically noted in the proposal submitted and confirmed in the
contract between the City and the firm selected.
It is anticipated the selection of a firm will be completed by May 16, 2026. Following the notification of the selected
firm, we expect a contract will be executed between both parties by June 30, 2026.
Proposal Schedule: Following is a tentative schedule of events:
EVENT
Solicitation advertisement
Last day for questions
Return of proposals
Evaluations of proposals
Possible Interviews/Demo
Contract award
Project completion date
Introduction/Background:
Financial Information
DATE
April 1, 2026
April 24, 2026
April 30, 2026
May 1-8, 2026
May 11-15, 2026
June 9, 2026
Annual
*Dates are subject to change at the City's discretion*
The City is a General Law City in the State of California, and is located 35 miles northwest of downtown Los Angeles
and 40 miles east of the Pacific Ocean. The City was incorporated on December 15, 1987 and operates under a
council-manager form of government. The City is a community consisting of approximately 64.4 square miles with
an estimated population of 230,428. The City government is divided into eight departments: Administrative
Services, City Manager's Office, Community Development, Neighborhood Services, Recreation and Community
Services, Economic Development, Public Works and Human Resources and Library Services.
Santa Clarita operates as a "contract city" primarily utilizing contracts with other government entities, private
firms and individuals to provide manytraditional municipal servicesto the community. Contracted services include
Sheriff, Fire, City Attorney, and Animal Control.
The City's net appropriation for FY 2025-26 is $344.6 million. This is inclusive of $81.5 million budget for Capital
Projects.
The City has a total payroll budget of approximately $86 million covering 501 full-time equivalent employees plus
additional part-time and project employees. The accounting and financial reporting are centralized in the
Administrative Services Department.
More detailed information about the government and its finances can be found on the City's website at
www.santaclarita.gov.
4. Work Statement:
Scope of Services
The overall scope of services is to provide investment management and advisory services for the City's
approximately $500 million investment portfolio. The City's primary investment objectives in order are the safety
and preservation of capital in the overall portfolio, the liquidity of assets to meetthe City's operating requirements
and the return on investment with the objective of attaining a benchmark rate of return commensurate with the
City's investment risk constrains and the cash flow characteristics of the portfolio. Although the generation of
revenues through earnings on investments is a primary goal, capital preservation in the overall portfolio and
maintaining required liquidity are equally important consideration in making investing decisions. The City shall
invest public funds in such manner as to comply with state and local law, and meet the objectives of the
Investment Policy, in priority order of Safety, Liquidity and Return on Investment.
Selected firms shall provide qualified personnel for services that may include, but are not limited, to the following:
1. Develop and implement sound investment strategies, which will maximize the portfolio's
performance within the parameters of the City's current Investment Policy and California
codes.
2. Assume the management of the City's investment portfolio.
3. Provide technical and fundamental market research, including yield curve analysis.
4. Assist the City with cash flow/maturity analysis.
5. Provide interest income estimates/forecasts to be utilized for budget.
6. Provide credit analysis of investment instruments in portfolio.
7. Provide monthly/quarterly/annually reporting. These reports will cover a range
including but not limited to: local, national economy, the City's portfolio holdings,
composition and sector analysis, return, weight average maturity, duration,
performance objectives, and policy compliance.
8. Host quarterly meetings with Finance and the City Manager's Office. In -person meetings are
highly desirable.
9. Evaluate market risk and develop strategies that minimize the impact on the portfolio.
10. Provide assurance of portfolio compliance with applicable policies, laws, and with the
standards of the "the Association of Public Treasurers of the United States and Canada
for purposes of the "Investment Policy Certificate of Excellence Award."
11. Establish an appropriate performance benchmark as part of reporting requirements.
12. Review investment policy annually and recommend appropriate amendments.
13. Monitor the creditworthiness of financial institutions and the
investments in the portfolio.
14. Perform due diligence reviews of current and proposed broker/dealers.
15. Firm shall not have custody or possession of the funds/securities that
the City has placed under its management. The City will retain a
custodian to take and have possession of its invested assets
16. Provide authorized City staff with online access to the City's current investment
account.
17. Assist with annual audit inquiries and reporting.
18. Answer questions regarding the City's investments and general market data upon request.
19. Provide reports, graphs and tables to assist in the compilation of the monthly the Monthly
Treasurer's Report (MTR). See Exhibit A for examples.
Form of Agreement
A copy of the City's standard Professional Services Agreement, is attached hereto as Section D
and incorporated herein. By submitting a Proposal, the Respondent agrees to enter into the
Agreement using the attached form with no exceptions to the form of the Agreement, unless
otherwise approved by the City.
Special Consideration
For 31 consecutive years, the City has obtained the "Investment Policy Certificate of Excellence
Award" from the Association of Public Treasurers of the United States and Canada. It is the City's
intention to continue to receive this award annually and will expect the Respondent to annually
review the City's policy and provide recommendations to meet the requirements of the award.
5. Required Qualifications:
To qualify, the firm must have extensive experience in managing Investment portfolios with
similar structure and risk appetite as well as comparable balances. The firm must also be able to
answer questions from the City's Finance personnel and members of the Investment Committee
which includes but is not limited to the City Manager, Assistant City Manager, and the Director of
Administrative Services.
In addition, it is highly desirable, but not required, for the firm to support the streamlined
development of recurring monthly investment reports and analysis, including providing a
software platform for data analysis and report compilation. A sample of the City's Monthly
Treasurer's Report and Investment Committee Report is attached for reference in Exhibit A.
6. Time Schedule:
It is expected that the awarded firm will commence services as of July 1, 2026. As such, the firm
will aid in the coordination of secured funds transfer from the current service provider if needed.
This includes providing a timeline and a detailed plan for the transition of the portfolio.
RESPONSE FORMAT AND SELECTION CRITERIA
PROPOSAL # FIN-25-26-34
Investment Management and Advisory Services
City of Santa Clarita, California
Contents of proposal
Submitted proposals must follow the format outlined below and all requested information must be
supplied. Failure to submit proposals in the required format may result in elimination from proposal
evaluation.
Unnecessarily complex or decorative proposals are not desired.
Format
Each proposal must be submitted in two parts as described in the sections below:
a) Part I must relate to the Technical Proposal/Response File
b) Part 11 must relate to the Cost Proposal
1. PART I - TECHNICAL PROPOSAL
1.1 Cover Letter - Must include the name, address, and telephone number of the company, and be
signed by the person or persons authorized to represent the firm.
1.2 Table of Contents - Clearly identify material contained in the proposal by section and page
number.
1.3 Introduction (Section 1) - Contents to be determined by contractor.
1.4 General Qualifications - Provide a brief description of the Respondent's business, including the
number of years in business under the current name. Describe the size of the business, including
total number of employees and offices, and identify and briefly describe each local office that will
be involved in providing the services if awarded the Agreement. Describe how and why
Respondent is qualified to provide the Services.
1.5 Experience/References - Identify services Respondent has provided in the last five years that are
similar in scope and nature to the Services required by this RFP, particularly with respect to
services provided to other cities or public agencies. For each example, provide (1) a brief
description of the services provided, (2) an explanation of why this experience is relevant to the
required Services, and (3) the name and address of the contracting agency, including contact
information for a reference check (name, title, phone number, and email address). Complete and
return the "References" form provided with the RFP document.
1.6 Staffing - Identify by name and title Respondent's key personnel that will be assigned to provide
the Services and for each, include a resume with his or her education, training, and experience.
Clearly identify personnel who will attend required quarterly meetings with Finance and the City
Manager's Office. Identify by name, address, and website, each subconsultant or subcontractor,
if any, that will be involved with providing the Services, including the proposed role for each such
subconsultant or subcontractor. Include all applicable license numbers for any license required to
perform the Services.
1.7 Proposed Approach - Briefly describe Respondent's proposed approach to providing the Services
and how that approach will offer value to the City. Identify any proposed innovations that may be
used to achieve more cost-effective delivery of the Services. Provide a work plan and proposed
schedule for the tasks described in the Scope of Services.
1.8 Technology - Describe Respondent's user platform (if one is available), the features available
through the platform such as the ability to run ad hoc reports, access to portfolio data, utilize
cash forecasting features, generate data to more easily compile the City's Monthly Treasurer's
Report and Investment Committee Report (samples attached in Exhibit A), as well as the ability
for multiple users to have access. A demo may be requested as part of the evaluation process.
2. PART II - COST PROPOSAL
2.1 The cost proposal should be kept separate from the Technical Proposal/Response File and
uploaded in the "Cost File" section of BidNet. Do not include pricing or cost proposal information
with the Technical Proposal/Response File.
2.2 Name and Address- the Cost Proposal must list the name and complete address of the bidder in
the upper, left-hand corner.
2.3 Fee Schedule- Provide a detailed fee schedule that is fully inclusive of all costs to provide the
Services in the Scope of Services Section, including hourly billing rates, all labor, materials,
equipment, supplies, the insurance required under the terms of the Agreement, travel fees, etc.
Attach a copy of billing rates that would apply to any authorized additional Services. If an annual
tiered fee rate is used, provide definitions for all terms, provide the frequency of billing and any
increase expected during the duration of the contract.
2.4 Statement of Offer and Signature - The proposal shall be signed by an individual authorized to
bind the consultant, shall contain a statement to the effect that the proposal is a firm offer for a
120-day period, and shall contain a statement that the proposed work will be performed at the
"not -to -exceed" price.
3. PROPOSAL SUBMISSION
3.1 All proposals must be submitted according to specifications set forth in Section I - Contents of
Proposal and this section. Failure to adhere to these specifications may be cause for rejection of
proposal.
3.2 Signature- An authorized representative of the bidder should sign all proposals.
3.3 Due Date- All proposals must be received as noted in the "Instructions" section. Late
bids/proposals will not be accepted. Any correction or resubmission done by the proposer will
not extend the submittal due date.
3.4 Addenda- City may modify the proposal and/or issue supplementary information or guidelines
relating to the RFP during the proposal preparation period of 04/01/2026 to 04/30/2026.
Proposers are cautioned against relying on verbal information in the preparation of proposal
responses. All official information and guidance will be provided as part of this solicitation or
written addenda.
3.5 Rejection- A proposal may be deemed non -responsive and may be immediately rejected if:
• It is received at anytime after the exact date and time set for receipt of proposals and/or;
• It is not prepared in the format prescribed and/or;
• It is signed by an individual not authorized to represent the firm.
Seethe Proposal Instructions for additional information regarding rejection.
3.6 Disposition of Proposals- The City reserves the right to reject any or all proposals. All responses
become the property of the City. A copy of the proposal shall be retained for City files.
3.7 Proposal Changes- Once submitted, proposals, including the composition of the contracting team,
cannot be altered without the prior written consent of the City. All proposals constitute an offer
to the City and may not be withdrawn for a period of one hundred and twenty (120) days after
the last day to accept proposals.
4. PROPOSAL EVALUATION AND SELECTION CRITERIA
4.1 An evaluation panel comprised of representatives from the requesting department will evaluate
all proposals to determine responsiveness to the RFP. The panel will recommend the selection
of the responsible Proposer whose proposal is most advantageous to the City.
4.2 The overall criteria listed below are listed in relative order of importance. As proposals are
considered by the City to be more equal in their technical merit, the evaluated cost or price
becomes more important so that when technical proposals are evaluated as essentially equal,
cost or price may be the deciding factor.
4.3 Scoring Criteria:
a) The firm adheres to the instructions in this request for proposals on preparing and
submitting the proposals.
d) The firm's past experience and performance on comparable government portfolios.
e) Adequacy of proposed staffing plan.
f) Commitment to meet the needs of the City as described in the Scope of Work section.
g) The firm's technology and user platform.
4.4 During the selection process, the evaluation panel may wish to interview bidders with scores
above a natural break. Should an interview process take place, the results of the interview may
carry great weight in the selection process. The City reserves the right to make a selection solely
on the basis of the proposals without further contact.
SECTION C
Form
NOTICE TO PROPOSERS REGARDING CONTRACTUAL REQUIREMENTS
PROPOSAL # FIN-25-26-34
Investment Management and Advisory Services
City of Santa Clarita, California
1. SUMMARY OF CONTRACTUAL REQUIRMENTS
a. A contract is required for any service performed on behalf of the City of Santa Clarita (City).
b. By submitting a proposal, you have reviewed the sample contract documents contained within this
request for proposals and agree to be bound by the requirements set forth.
c. Questions and requests for modification of these terms must be negotiated and approved prior to
proposal submission and are at the full discretion of the City.
2. SUMMARY OF INDEMNITY AND INSURANCE REQUIREMENTS
a. These are the Indemnity and Insurance Requirements for Contractors providing services or supplies to
City of Santa Clarita (City). By agreeing to perform the work or submitting a proposal, you verify that you
comply with and agree to be bound by these requirements. If any additional Contract documents are
executed, the actual Indemnity language and Insurance Requirements may include additional provisions
as deemed appropriate by City's Purchasing Agent.
b. You should check with your Insurance advisors to verify compliance and determine if additional
coverage or limits may be needed to adequately insure your obligations under this agreement. These are
the minimum required and do not in any way represent or imply that such coverage is sufficient to
adequately cover the Contractor's liability under this agreement. The full coverage and limits afforded
under Contractor's policies of Insurance shall be available to Buyer and these Insurance Requirements
shall not in any way act to reduce coverage that is broader or includes higher limits than those required.
The Insurance obligations under this agreement shall be: 1—all the Insurance coverage and limits carried
by or available to the Contractor; or 2—the minimum Insurance requirements shown in this agreement,
whichever is greater. Any insurance proceeds in excess of the specified minimum limits and coverage
required, which are applicable to a given loss, shall be available to City.
c. Contractor shall furnish the City with original Certificates of Insurance including all required amendatory
endorsements and a copy of the Declarations and Endorsement Page of the CGL policy listing all policy
endorsements to City before work begins. City reserves the right to require full -certified copies of all
Insurance coverage and endorsements.
3. INDEMNIFICATION
a. To the fullest extent permitted by law, CONSULTANT shall defend (with legal counsel reasonably
acceptable to CITY), indemnify and hold harmless CITY and its officers, agents, departments, officials,
representatives and employees (collectively "Indemnitees") from and against any and all claims, loss, cost,
damage, injury (including, without limitation, economic harm, injury to or death of an employee of
CONSULTANT or its subconsultants), expense and liability of every kind, nature and description that arise
from or relate to (including, without limitation, incidental and consequential damages, court costs,
attorneys' fees, litigation expenses and fees of expert consultants or expert witnesses incurred in
connection therewith and costs of investigation) that arise from or relate to, directly or indirectly, in whole
or in part, from: (1) CONSULTANT's performance of Services under this Agreement, or any part thereof;
(2) any negligent act or omission of CONSULTANT, any subconsultant, anyone directly or indirectly
employed by them, or anyone that they control; (3) any actual or alleged infringement of the patent rights,
copyright, trade secret, trade name, trademark, service mark or any other intellectual or proprietary right
of any person or persons in consequence of the use by CITY, or any other Indemnitee, of articles or
Services to be supplied in the performance of this Agreement; or (4) any breach of this Agreement
(collectively "Liabilities"). Such obligations to defend, hold harmless and indemnify any Indemnitee shall
not apply to the extent such Liabilities are caused by the sole negligence or willful misconduct of such
Indemnitee, but shall apply to all other Liabilities. The foregoing shall be subject to the limitations of
California Civil Code section 2782.8 as to any design professional services performed by CONSULTANT and
in particular the limitation on CONSULTANT's duty to defend whereby such duty only arises for claims
relating to the negligence, recklessness or willful misconduct of CONSULTANT as well as the limitation on
the cost to defend whereby CONSULTANT will only bear such cost in proportion to CONSULTANT's
proportionate percentage of fault (except as otherwise provided in section 2782.8).
b. The foregoing indemnification provisions will not reduce or affect other rights or obligations which
would otherwise exist in favor of the CITY and other Indemnitees.
c. CONSULTANT shall place in its subconsulting agreements and cause its subconsultants to agree to
indemnities and insurance obligations in favor of CITY and other Indemnitees in the exact form and
substance of those contained in this Agreement.
4. INSURANCE
a. Before commencing performance under this Agreement, and at all other times this Agreement is
effective, CONSULTANT will procure and maintain the following types of insurance with coverage limits
complying, at a minimum, with the limits set forth below:
Type of Insurance Limits
Commercial general liability: $1,000,000
Professional liability $1,000,000
Business automobile liability $1,000,000
Workers compensation Statutory requirement
b. Commercial general liability insurance will meet or exceed the requirements of ISO-CGL Form No. CG
00 011185 or 88. The amount of insurance set forth above will be a combined single limit per occurrence
for bodily injury, personal injury, and property damage for the policy coverage. Automobile coverage will
be written on ISO Business Auto Coverage Form CA 00 0106 92, including symbol 1 (Any Auto). Liability
policies will be endorsed to name CITY, its officials, and employees as "additional insureds" under said
insurance coverage and to state that such insurance will be deemed "primary" such that any other
insurance that may be carried by CITY will be excess thereto. Such endorsement must be reflected on ISO
Form No. CG 20 10 1185 or 88, or equivalent. Such insurance will be on an "occurrence," not a "claims
made," basis and will not be cancelable or subject to reduction except upon thirty (30) days prior written
notice to CITY.
c. Professional liability coverage will be on an "occurrence basis" if such coverage is available, or on a
"claims made" basis if not available. When coverage is provided on a "claims made basis," CONSULTANT
will continue to renew the insurance for a period of at least three (3) years after this Agreement expires
or is terminated. Such insurance will have the same coverage and limits as the policy that was in effect
during the term of this Agreement, and will cover CONSULTANT for all claims made by CITY arising out of
any errors or omissions of CONSULTANT, or its officers, employees or agents during the time this
Agreement was in effect.
d. CONSULTANT will furnish to CITY duly authenticated Certificates of Insurance evidencing maintenance
of the insurance required under this Agreement, including endorsements, and such other evidence of
insurance or copies of policies as may be reasonably required by CITY from time to time. Insurance must
be placed with California -admitted insurers with (other than workers compensation) a current A.M. Best
Company Rating of at least "A:VII."
e. Waiver of Subrogation: The insurer(s) agree to waive all rights of subrogation against CITY, its elected
or appointed officers, officials, agents, volunteers and employees for losses paid under the terms of the
workers compensation policy which arise from work performed by CONSULTANT for CITY.
f. Should CONSULTANT, for any reason, fail to obtain and maintain the insurance required by this
Agreement, CITY may obtain such coverage at CONSULTANT's expense and deduct the cost of such
insurance from payments due to CONSULTANT under this Agreement or terminate pursuant to
TERMINATION section. In the alternative, should CONSULTANT fail to meet any of the insurance
requirements under this Agreement, City may terminate this Agreement immediately with no penalty.
g. Should CONSULTANT'S insurance required by this Agreement be cancelled at any point prior to
expiration of the policy, CONSULTANT must notify City within 24 hours of receipt of notice of cancellation.
Furthermore, CONSULTANT must obtain replacement coverage that meets all contractual requirements
within 10 days of the prior insurer's issuance of notice of cancellation. CONSULTANT must ensure that
there is no lapse in coverage.
h. The CITY shall be entitled to any coverage in excess of the minimums required herein.
I have read and understand the above requirements and agree to be bound by them for any work
performed for the City.
Authorized Signature:
Printed Name:
Date:
DESIGNATION OF SUBCONTRACTORS/SUBCONSULTANTS
PROPOSAL # FIN-25-26-34
Investment Management and Advisory Services
City of Santa Clarita, California
Listed below are the names and locations of the places of business of each subcontractor, supplier, and vendor who will perform work or labor
or render service in excess of Y: of 1 percent, or $10,000 (whichever is greater) of the prime contractor's total bid. If no Subcontractors will be
used fill out the form with NA. Please add additional sheets if needed.
Subcontractor
DIR Registration No.
Dollar Value of Work
Location and Place of Business
Bid Schedule Item No's:
Description of Work
License No.
Exp. Date: / /
Phone ( )
Subcontractor
DIR Registration No.
Dollar Value of Work
Location and Place of Business
Bid Schedule Item No's:
Description of Work
License No.
Exp. Date: / /
Phone ( )
Subcontractor
DIR Registration No.
Dollar Value of Work
Location and Place of Business
Bid Schedule Item No's:
Description of Work
License No.
Exp. Date: / /
Phone ( )
NOTE: A contractor or subcontractor shall not be qualified to propose on, be listed in a proposal, subject to the requirements of Section 4104 of
the Public Contract Code, or engage in the performance of any contract for public work, as defined in this chapter, unless currently registered
and qualified to perform public work pursuant to Section 1725.5 of the Labor Code. It is not a violation of this section for an unregistered
contractor to submit a proposal that is authorized by Section 7029.1 of the Business and Professions Code or by Section 10164 or 20103.5 of the
Public Contract Code, provided the contractor is registered to perform public work pursuant to Section 1725.5 of the Labor Code at the time the
contract is awarded.
REFERENCES
PROPOSAL # FIN-25-26-34
Investment Management and Advisory Services
City of Santa Clarita, California
The following are the names, addresses, and telephone numbers of three public agencies for which proposer
has performed work of a similar scope and size within the past 3 years. If the instructions on this form conflict
with the references requested in the scope of work, the scope of work shall govern. Complete this form out
accordingly. Fill out this form completely and upload it with your proposal.
1.
Name and Address of Owner / Agency
Name and Telephone Number of Person Familiar with Project
Contract Amount Type of Work Date Completed
2.
Name and Address of Owner / Agency
Name and Telephone Number of Person Familiar with Project
Contract Amount Type of Work Date Completed
3.
Name and Address of Owner / Agency
Name and Telephone Number of Person Familiar with Project
Contract Amount Type of Work Date Completed
ACKNOWLEDGEMENT & ACCEPTANCE OF SCOPE OF WORK
PROPOSAL # FIN-25-26-34
Investment Management and Advisory Services
City of Santa Clarita, California
By providing the three (3) required signatures below, the Contractor acknowledges full understanding,
complete agreement to, and accepts in its entirety, all Scope of Work for the Investment Management
and Advisory Services project. The Contractor will be expected to perform maintenance practices and
uphold the standards herein to the established Scope of Work throughout the length of the contract.
*Supervisor's Signature: Date:
*Estimator's Signature: Date:
*Owner's Signature: Date:
*All three signatures required
SECTION D
Sample Contra
STANDARD AGREEMENT —SAMPLE ONLY
CON-6
Council Approval Date:
Agenda Item:
Contract Amount:
PROFESSIONAL SERVICES AGREEMENT
BETWEEN
THE CITY OF SANTA CLARITA AND
FOR
This AGREEMENT by and between the CITY OF SANTA CLARITA, a municipal
corporation and general law city ("CITY") and ,
KI
is dated
CONSIDERATION.
("CONSULTANT"), and
As partial consideration, CONSULTANT agrees to perform the Services listed in the
SCOPE OF SERVICES, below; and
As additional consideration, CONSULTANT and CITY agree to abide by the terms and
conditions contained in this Agreement; and
As additional consideration, CITY agrees to pay CONSULTANT a sum not to exceed
dollars ($ ) for
CONSULTANT's Services. CITY may modify this amount as set forth below.
Unless otherwise specified by written amendment to this Agreement, CITY will
pay this sum as specified in the attached Exhibit(s) " " which is/are
incorporated by reference.
SCOPE OF SERVICES.
CONSULTANT will perform Services listed in the attached Exhibit(s) " " which
is/are incorporated by reference.
CONSULTANT will, in a professional manner, furnish all of the labor, technical,
administrative, professional and other personnel, all supplies and materials,
equipment, printing, vehicles, transportation, office space and facilities, and all
tests, testing and analyses, calculation, and all other means whatsoever, except as
herein otherwise expressly specified to be furnished by CITY, necessary or proper
to perform and complete the Services and provide the professional Services
required of CONSULTANT by this Agreement.
PERFORMANCE STANDARDS.
By executing this Agreement, CONSULTANT represents that it has demonstrated
trustworthiness and possesses the quality, fitness and capacity to perform the
Agreement in a manner satisfactory to CITY. CONSULTANT represents that its
financial resources, surety and insurance experience, service experience,
completion ability, personnel, current workload, experience in dealing with private
consultants, and experience in dealing with public agencies all suggest that
CONSULTANT is capable of performing the proposed contract and has a
demonstrated capacity to deal fairly and effectively with and to satisfy a public
CITY.
CONSULTANT will perform its Services in a skillful manner, comply fully with all City
established criteria, and with all applicable federal, state, and local laws, codes, and
professional standards.
CONSULTANT agrees to comply with all applicable federal and state employment laws
regulations and rules including those that relate to minimum hours and wages,
occupational health and safety, workers compensation insurance and state, county
and local orders.
CONSULTANT will staff this Agreement with personnel qualified to adequately and
professionally perform the Services.
CONSULTANT will not subcontract any portion of these Services without the CITY's
prior written approval.
CITY's approval of any payment, or conducting of any inspection, reviews, approvals, or
oral statements, or any governmental entity's certification, will in no way limit the
CONSULTANT's obligations under this Agreement or CONSULTANT's
complete responsibility for all Services hereunder.
PAYMENTS.
For CITY to pay CONSULTANT as specified by this Agreement and as provided in
attached Exhibit(s) " " , CONSULTANT must submit a detailed invoice
to CITY which lists the hours worked and hourly rates for each personnel category
and reimbursable costs (all as set forth in Exhibit(s) " " ) the tasks
performed, the percentage of the task completed during the billing period, the
cumulative percentage completed for each task, the total cost of that Services during
the preceding billing month and a cumulative cash flow curve showing projected
and actual expenditures versus time to date.
CITY may withhold all or a portion of payment otherwise due in the event that Services
are either improperly or not performed.
PROJECT COORDINATION AND SUPERVISION.
CONSULTANT will assign as CONSULTANT's
Project Manager and will be responsible for job performance, negotiations,
contractual matters, and coordination with CITY's Project Manager.
CONSULTANT may change its Project Manager only with CITY consent.
CITY will assign as CITY's Project Manager, will
be personally in charge of and personally supervise or perform the technical
execution of the project on a day-to-day basis on behalf of CITY, and will maintain
direct communication with CONSULTANT's Proj ect Manager. CITY may change
its Project Manager at any time with notice to CONSULTANT.
NON -APPROPRIATION OF FUNDS. Payments due and payable to CONSULTANT for
current Services are within the current budget and within an available, unexhausted and
unencumbered appropriation of the CITY. In the event the CITY has not appropriated sufficient
funds for payment of CONSULTANT Services beyond the current fiscal year, this Agreement will
cover only those costs incurred up to the conclusion of the current fiscal year.
FAMILIARITY WITH SERVICES AND SITE.
By executing this Agreement, CONSULTANT represents that it has:
i. Carefully investigated and considered the scope of Services to be
performed; and
ii. Carefully considered how the Services should be performed; and
iii. Understands the facilities, difficulties, and restrictions attending
performance of the Services under this Agreement.
B. If the Services under this Agreement are to be performed upon any site, or
otherwise require CONSULTANT to access a site, by executing this Agreement
CONSULTANT represents that it has or will investigate the site and is or will be
fully acquainted with the conditions there existing, before commencing the
Services under this Agreement.
TERM.
The term of this Agreement will be from to
Unless otherwise determined by written amendment between
Agreement will terminate in the following instances:
the parties, this
Completion of the Services specified in Exhibit(s) " or
ii. Termination pursuant to Section 17 TERMINATION.
C. Except as otherwise separately and expressly provided by the CITY in writing, the
provisions of this Agreement shall survive any expiration, breach, or termination
of this Agreement, and any completion of the Services.
TIME FOR PERFORMANCE. CONSULTANT will not perform any Services under this
Agreement until:
D. CONSULTANT furnishes proof of insurance as required under Section 24
INSURANCE; and
E. CITY gives CONSULTANT a written notice to proceed.
Should CONSULTANT begin Services on any phase in advance of receiving written authorization
to proceed, any such professional Services are at CONSULTANT's own risk.
SCHEDULE OF PERFORMANCE AND EXTENSIONS.
F. Should the progress of the Services under this Agreement at any time fall behind
schedule for any reason other than excusable delays CONSULTANT shall apply
such additional manpower and resources as necessary to bring progress of the
Services under this Agreement back on schedule and consistent with the standard
of professional skill and care required by this Agreement. Time is of the essence
in the performance of this Agreement.
G. Should CONSULTANT be delayed by causes beyond CONSULTANT's control,
CITY may grant a time extension for the completion of the contracted Services. If
delay occurs, CONSULTANT must notify the CITY's designated representative
within forty-eight hours (48 hours), in writing, of the cause and the extent of the
delay and how such delay interferes with the Agreement's schedule. The CITY
will extend the completion time, when appropriate, for the completion of the
contracted Services.
CHANGES. CITY may order changes in the Services within the general scope of this Agreement,
consisting of additions, deletions, or other revisions, and the contract sum and the contract time
will be adjusted accordingly. All such changes must be authorized in writing, executed by
CONSULTANT and CITY. The cost or credit to CITY resulting from changes in the Services
will be determined in accordance with written agreement between the parties.
ADDITIONAL SERVICES.
H. The CITY may request CONSULTANT to provide Services in addition to Scope
of Services, called "Additional Services". Additional Services that incur additional
costs (contingency) of up to 15% of the total contract amount must be authorized
by CITY by change order or other documented means. Costs beyond this amount
must first be approved by CITY in accordance with applicable thresholds and
procedures. Additional Services must be authorized by CITY in writing prior to
performance. CONSULTANT shall be compensated for Additional Services as set
forth in Exhibit(s) " " or as specified in the written authorization.
I. If CONSULTANT believes Additional Services are needed to complete the Scope
of Services, CONSULTANT will provide the CITY with written notification that
contains a specific description of the proposed additional Services, reasons for such
additional Services, and a detailed proposal regarding cost. CITY is under no
obligation to approve any increase in the agreed -upon costs for the performance of
this Agreement.
PERMITS AND LICENSES. CONSULTANT, at its sole expense, will obtain and maintain
during the term of this Agreement, all necessary permits, licenses, and certificates that may be
required in connection with the performance of Services under this Agreement.
SITE INSPECTION; DISCOVERY OF HAZARDOUS MATERIALS OR LATENT
CONDITIONS. The discovery, presence, handling or removal of hazardous substances is outside
of CONSULTANT's expertise, unless otherwise specified in Exhibit(s) " " , and is not
included in the scope of Services. Should CONSULTANT discover any hazardous material, or
latent or unknown conditions that may materially affect the performance of the Services,
CONSULTANT will immediately inform CITY of such fact and will not proceed except at
CONSULTANT's own risk until written instructions are received from CITY.
PREVAILING WAGES. CONSULTANT shall comply with the California Prevailing Wage
Law to the extent it applies to work performed under this Agreement. If applicable,
CONSULTANT shall pay prevailing wages to its employees and shall comply with the additional
provisions set forth below:
CONSULTANT shall pay prevailing wages to its employees on any agreement when
required by applicable law. Copies of the general prevailing rates of per diem
wages for each craft, classification, or type of worker needed to execute the
Agreement, as determined by the Director of the State of California Department of
Industrial Relations, are on file at the County's Capital Projects Office and may be
obtained from the California Department of Industrial Relations website
http://www.dir.ca.gov/OPRL/DPreWageDetennination.htm. CONSULTANT
shall comply with the 8-hours per day/40 hours per week/overtime/working hours
restrictions for all employees, pursuant to the California Labor
Code. CONSULTANT and all subconsultants shall keep and maintain accurate
employee payroll records for Work performed under the Agreement. The payroll
records shall be certified and submitted as required by law, including Labor Code
Sections 1771.4 (if applicable) and 1776, including to the Labor Commissioner no
less frequently than monthly. CONSULTANT shall comply fully with Labor Code
Section 1777.5 in the hiring of apprentices for work relating to the Agreement.
CONSULTANT acknowledges and agrees that it will comply with AB 1768 (effective
January 1, 2020), which amended and expanded the definition of "construction" for
which prevailing wages must be paid to include "work performed during the
design, site assessment, feasibility study, and other pre -construction phases of
construction ... regardless of whether any further construction work is
conducted... "
CONSULTANT shall forfeit, as a penalty to Owner, the penalty or penalties as provided
by the California Labor Code, for each laborer, workman, or mechanic employed
in performing labor in and about the Work provided for in the Agreement for each
day, or portion thereof, that such laborer, workman or mechanic is paid less than
the said stipulated rates for any work done under the Agreement by him or her or
by any Subconsultant under him or her, in violation of Articles 1 and 2 of Chapter
1 of Part 7 of Division 11 of the California Labor Code. The sums and amounts
which shall be forfeited pursuant to this Paragraph and the terms of the California
Labor Code shall be withheld and retained from payments due to CONSULTANT
the California Labor Code, but no sum shall be so withheld, retained or forfeited
except from the final payment without a full investigation by either the State
Department of Industrial Relations or by Owner. The Labor Commissioner
pursuant to California Labor Code § 1775 shall determine the final amount of
forfeiture.
CONSULTANT shall insert in every subcontract or other arrangement which
CONSULTANT may make for performance of Work or labor on Work provided
for in the Agreement provision that Subconsultant shall pay persons performing
labor or rendering service under subcontract or other arrangement not less than the
general prevailing rate of per diem wages for work of a similar character in the
locality in which the Work is performed, and not less than the general prevailing
rate of per diem wages for holiday and overtime work fixed in the California Labor
Code.
CONSULTANT and Subconsultants must keep accurate payroll records, showing the
name, address, social security number, work classification, straight time and
overtime hours worked each day and week, and the actual per diem wages paid to
each journeyman, apprentice, worker, or other employee employed by him or her
in connection with the Work of the Agreement Documents. Each payroll record
shall contain or be verified by a written declaration as required by Labor Code
Section 1776. The payroll records enumerated above must be certified and shall be
available for inspection at all reasonable hours at the principal office of
CONSULTANT as required by Labor Code Section 1776. This Project is subject
to prevailing wage compliance monitoring and enforcement by the Department of
Industrial Relations.
WAIVER. CITY's review or acceptance of, or payment for, Services or product prepared by
CONSULTANT under this Agreement will not be construed to operate as a waiver of any rights
CITY may have under this Agreement or of any cause of action arising from CONSULTANT's
performance. A waiver by CITY of any breach of any term, covenant, or condition contained in
this Agreement will not be deemed to be a waiver of any subsequent breach of the same or any
other term, covenant, or condition contained in this Agreement, whether of the same or different
character.
TERMINATION.
Termination for Convenience. CITY may terminate this Agreement at any time with or
without cause by written notice to CONSULTANT.
CONSULTANT will be entitled to recover its costs expended up to the
termination plus reasonable profit thereon to the termination date not to
exceed the total costs under Section I(C), but may recover no other loss,
cost, damage, or expense.
Termination for Cause. CITY may terminate this Agreement in whole or part for default
should CONSULTANT commit a material breach of this Agreement, and such
breach has not been cured within fifteen (15) calendar days of the date of CITY's
written notice to CONSULTANT demanding such cure. In the event CITY
terminates this Agreement for default, CONSULTANT will be liable to CITY for
all costs to cure the deficiencies, and all loss, cost, expense, damage, and liability
resulting from such breach and termination.
Upon receiving a termination notice, CONSULTANT will immediately cease performance
under this Agreement unless otherwise provided in the termination notice. Except
as otherwise provided in the termination notice, any Services performed by
CONSULTANT after receiving a termination notice will be performed at
CONSULTANT'S own cost; CITY will not be obligated to compensate
CONSULTANT for such Services.
Upon a termination, all finished or unfinished documents, data, studies, surveys, drawings,
maps, reports and other materials prepared by CONSULTANT will become
CITY's property and CONSULTANT will deliver any such items in its possession
to CITY within thirty (30) days of termination.
Should the Agreement be terminated pursuant to this Section, CITY may procure on its
own terms Services similar to those terminated.
OWNERSHIP OF DOCUMENTS. All documents, data, studies, drawings, maps, models,
photographs and reports prepared by CONSULTANT under this Agreement are CITY's property.
CONSULTANT may retain copies of said documents and materials as desired, but will deliver all
original materials to CITY upon CITY's written notice. CITY agrees that use of
CONSULTANT's documents and/or materials for purposes other than identified in this Agreement
is at CITY's own risk.
PUBLICATION OF DOCUMENTS. Except as necessary for performance under this
Agreement, CONSULTANT will not release copies, sketches, or graphs of materials, including
graphic art services, prepared pursuant to this Agreement to any other person or public entity
without CITY's prior written approval. All press releases, including graphic display information
to be published in newspapers or magazines, will be approved and distributed solely by CITY,
unless otherwise provided by written agreement between the parties.
INDEMNIFICATION AND LIABILITY.
To the fullest extent permitted by law, CONSULTANT shall defend (with legal counsel
reasonably acceptable to CITY), indemnify and hold harmless CITY and its
officers, agents, departments, officials, representatives and employees (collectively
"Indemnitees") from and against any and all claims, loss, cost, damage, injury
(including, without limitation, economic harm, injury to or death of an employee
of CONSULTANT or its subconsultants), expense and liability of every kind,
nature and description that arise from or relate to (including, without limitation,
incidental and consequential damages, court costs, attorneys' fees, litigation
expenses and fees of expert consultants or expert witnesses incurred in connection
therewith and costs of investigation) that arise from or relate to, directly or
indirectly, in whole or in part, from: (1) CONSULTANT's performance of
Services under this Agreement, or any part thereof, (including any additional
services authorized by CITY in writing) (2) any negligent act or omission of
CONSULTANT, any subconsultant, anyone directly or indirectly employed by
them, or anyone that they control; (3) any actual or alleged infringement of the
patent rights, copyright, trade secret, trade name, trademark, service mark or any
other intellectual or proprietary right of any person or persons in consequence of
the use by CITY, or any other Indemnitee, of articles or Services to be supplied in
the performance of this Agreement; or (4) any breach of this Agreement
(collectively "Liabilities"). Such obligations to defend, hold harmless and
indemnify any Indemnitee shall not apply to the extent such Liabilities are caused
by the sole negligence or willful misconduct of such Indemnitee, but shall apply to
all other Liabilities. The foregoing shall be subject to the limitations of California
Civil Code section 2782.8 as to any design professional services performed by
CONSULTANT and in particular the limitation on CONSULTANT's duty to
defend whereby such duty only arises for claims relating to the negligence,
recklessness or willful misconduct of CONSULTANT as well as the limitation on
the cost to defend whereby CONSULTANT will only bear such cost in proportion
to CONSULTANT's proportionate percentage of fault (except as otherwise
provided in section 2782.8).
The foregoing indemnification provisions will not reduce or affect other rights or
obligations which would otherwise exist in favor of the CITY and other
Indemnitees.
CONSULTANT shall place in its subconsulting agreements and cause its subconsultants
to agree to indemnities and insurance obligations in favor of CITY and other
Indemnitees in the exact form and substance of those contained in this Agreement.
ASSIGNABILITY. This Agreement is for CONSULTANT's professional services.
CONSULTANT or any subconsultant's attempts to assign the benefits or burdens of this
Agreement without CITY's written approval are prohibited and will be null and void.
INDEPENDENT CONTRACTOR. CONSULTANT shall at all times be deemed an
independent contractor wholly responsible for the manner in which it performs the Services, and
fully liable for the acts and omissions of its employees, subconsultants and agents. Under no
circumstances shall this Agreement be construed as creating an employment, agency, joint venture
or partnership relationship between CITY and CONSULTANT, and no such relationship shall be
implied from performance of this Agreement. Terms in this Agreement referring to direction from
CITY shall be construed as providing for direction as to policy and the result of Services only, and
not as to means and methods by which such a result is obtained. CONSULTANT shall pay all
taxes (including California sales and use taxes) levied upon this Agreement, the transaction, or the
Services and/or goods delivered pursuant hereto without additional compensation, regardless of
which parry has liability for such tax under applicable law, and any deficiency, interest or penalty
asserted with respect thereto. CONSULTANT shall pay all other taxes including but not limited
to any applicable City business tax, not explicitly assumed in writing by CITY hereunder.
CONSULTANT shall comply with all valid administrative regulations respecting the assumption
of liability for the payment of payroll taxes and contributions as above described and to provide
any necessary information with respect thereto to proper authorities. CONSULTANT has no
authority to bind the CITY.
AUDIT OF RECORDS. CONSULTANT will maintain full and accurate records with respect to
all Services and matters covered under this Agreement. Those records include, without limitation,
correspondence, internal memoranda, calculations, books and accounts, accounting records
documenting its services under its Agreement, and invoices, payrolls, records and all other data
related to matters covered by this Agreement. CITY and its designees will have free access at all
reasonable times to such records, including the right to audit, examine, and make copies, excerpts,
and transcripts from such records, and to inspect all program data, documents, proceedings and
activities. If CITY receives funds from another governmental entity for the payment in whole or
part of the Services, that governmental entity will have all rights the CITY has under this Section.
CONSULTANT will retain all records subject to this Section for at least three (3) years after
termination or final payment under this Agreement.
INSURANCE. [All insurance terms subject to review and approval of City Risk Manager]
Before commencing performance under this Agreement, and at all other times this
Agreement is effective, CONSULTANT will procure and maintain the following
types of insurance with coverage limits complying, at a minimum, with the limits
set forth below:
Type of Insurance Limits
Commercial general liability: $1,000,000/$2,000,000 (aggregate)
Professional liability $1,000,000
Business automobile liability $1,000,000
Workers compensation Statutory requirement
Commercial general liability insurance will meet or exceed the requirements of ISO-CGL
Form No. CG 00 01 11 85 or 88. The amount of insurance set forth above will be
a combined single limit of $1,000,000 per occurrence, $2,000,000 general
aggregate, for bodily injury, personal injury, and property damage for the policy
coverage. Automobile coverage will be written on ISO Business Auto Coverage
Form CA 00 0106 92, including symbol 1 (Any Auto). Liability policies will be
endorsed to name CITY, its officials, and employees as "additional insureds"
under said insurance coverage and to state that such insurance will be deemed
"primary" such that any other insurance that may be carried by CITY will be
excess thereto. Such endorsement must be reflected on ISO Form No. CG 20 10
11 85 or 88, or equivalent. Such insurance will be on an "occurrence," not a
"claims made," basis and will not be cancelable or subject to reduction except
upon thirty (30) days prior written notice to CITY.
Professional liability coverage will be on an "occurrence basis" if such coverage is
available, or on a "claims made" basis if not available. When coverage is
provided on a "claims made basis," CONSULTANT will continue to renew the
insurance for a period of at least three (3) years after this Agreement expires or is
terminated. Such insurance will have the same coverage and limits as the policy
that was in effect during the term of this Agreement, and will cover
CONSULTANT for all claims made by CITY arising out of any errors or
omissions of CONSULTANT, or its officers, employees or agents during the time
this Agreement was in effect.
CONSULTANT will furnish to CITY duly authenticated Certificates of Insurance
evidencing maintenance of the insurance required under this Agreement,
including endorsements, and such other evidence of insurance or copies of
policies as may be reasonably required by CITY from time to time. Insurance
must be placed with California -admitted insurers with (other than workers
compensation) a current A.M. Best Company Rating of at least "A:VII."
Waiver of Subrogation: The insurer(s) agree to waive all rights of subrogation against
CITY, its elected or appointed officers, officials, agents, volunteers and
employees for losses paid under the terms of the workers compensation policy
which arise from work performed by CONSULTANT for CITY.
Should CONSULTANT, for any reason, fail to obtain and maintain the insurance
required by this Agreement, CITY may obtain such coverage at
CONSULTANT's expense and deduct the cost of such insurance from payments
due to CONSULTANT under this Agreement or terminate pursuant to contract
language. In the alternative, should CONSULTANT fail to meet any of the
insurance requirements under the Agreement, City may terminate this Agreement
immediately with no penalty.
Should CONSULTANT'S insurance required by this Agreement be cancelled at any
point prior to expiration of the policy, CONSULTANT must notify City within 24
hours of receipt of notice of cancellation. Furthermore, CONSULTANT must
obtain replacement coverage that meets all contractual requirements within 10
days of the prior insurer's issuance of notice of cancellation. CONSULTANT
must ensure that there is no lapse in coverage.
The CITY shall be entitled to any coverage in excess of the minimums required herein.
Primary/noncontributing. Coverage provided by CONSULTANT shall be primary and
any insurance or self-insurance procured or maintained by CITY shall not be
required to contribute with it. The limits of insurance required herein 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 CITY before the CITY' S own insurance or self- insurance shall be
called upon to protect it as a named insured.
Additional insured status. General liability, automobile liability, and umbrella/excess
liability insurance policies shall provide or be endorsed to provide that CITY and
its officers, officials, employees, agents, and volunteers shall be additional
insureds under such policies.
INCIDENTAL TASKS. CONSULTANT will meet with CITY monthly to provide the status on
the Services, which will include a schedule update and a short narrative description of progress
during the past month for each major task, a description of the Services remaining and a description
of the Services to be done before the next schedule update.
DISPUTE RESOLUTION.
In the event of any dispute between CONSULTANT and CITY regarding any claim,
demand or request by CONSULTANT for time, money, or additional compensation
for any reason whatsoever CONSULTANT shall submit to CITY, within 21 days
of CONSULTANT's first knowledge of the dispute, a written description of
CONSULTANT's claim, demand or request that provides a narrative of the
pertinent events, the contractual basis of the CONSULTANT's position, pricing
calculations (if applicable) and attaches supporting documentation. CITY will then
review the issue and make a decision thereon. If CONSULTANT shall fail to
provide timely notice of any such claim, demand or request, then CONSULTANT
shall waive is rights to such claim, demand or request, unless CONSULTANT can
demonstrate a manifest lack of prejudice to CITY resulting from such late notice.
CONSULTANT shall continue its work throughout the course of any dispute, and
CONSULTANT's failure to continue work during a dispute shall be a material
breach of this Agreement.
If the CITY denies CONSULTANT's claim, demand, or request in whole or part and
CONSULTANT disagrees, and the claim, demand or request exceeds $50,000 then
the parties shall, as a precondition to initiating litigation, submit the dispute claim,
demand, or request to the Los Angeles JAMS office for non -binding mediation
under the appropriate rules. The parties may agree to any other dispute resolution
process. Nothing herein will limit CONSULTANT's obligation to timely submit
to CITY a statutory Government Code Claim, in accordance with Government
Code sections 910 et seq.
NOTICES. All communications to either parry by the other party will be deemed made when
received by such party at its respective name and address as follows:
If to CONSULTANT: If to CITY:
ATTN:
City of Santa Clarita
ATTN: Kenneth W. Striplin, City Manager
23920 Valencia Boulevard, Suite 300
Santa Clarita, CA 91355
Any such written communications by mail will be conclusively deemed to have been received by
the addressee three days after deposit thereof in the United States mail, postage prepaid and
properly addressed as noted above. In all other instances, notices will be deemed given at the time
of actual delivery. Changes may be made in the names or addresses of persons to whom notices
are to be given by giving notice in the manner prescribed in this Section.
CONFLICT OF INTEREST. CONSULTANT will comply with all conflict of interest laws and
regulations including, without limitation, CITY's Conflict of Interest Code (on file in the City
Clerk's Office). It is incumbent upon the CONSULTANT or CONSULTING FIRM to notify the
CITY pursuant to Section 27 NOTICES of any staff changes relating to this Agreement.
J. In accomplishing the Scope of Services of this Agreement, all officers, employees
and/or agents of CONSULTANT(S), unless as indicated in Subsection (B), will be
performing a very limited and closely supervised function, and, therefore, unlikely
to have a conflict of interest arise. No disclosures are required for any officers,
employees, and/or agents of CONSULTANT, except as indicated in Subsection
(B).
Initials of Consultant
In accomplishing the Scope of Services of this Agreement, CONSULTANT will be
performing a specialized or general service for the CITY, and there is substantial
likelihood that the CONSULTANT's Services product will be presented, either
written or orally, for the purpose of influencing a governmental decision. As a
result, the following CONSULTANT personnel shall be subject to the Disclosure
Category "1" of the CITY's Conflict of Interest Code:
SOLICITATION. CONSULTANT maintains and warrants that it has not employed nor retained
any company or person, other than CONSULTANT's bona fide employee, 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 CONSULTANT's bona fide employee, any fee, commission,
percentage, brokerage fee, gift or other consideration contingent upon or resulting from the award
or making of this Agreement. Should CONSULTANT breach or violate this warranty, CITY may
rescind this Agreement without liability.
THIRD PARTY BENEFICIARIES. CONSULTANT's subconsultants shall agree to be bound
to the terms of the Agreement to the extent of their scope of services, including but not limited to,
terms regarding indemnity and dispute resolution, and shall agree that CITY is deemed an express
third party beneficiaries of their subconsultant agreement. Nothing in this Agreement, however,
shall operate to confer such or similar rights or benefits on persons or entities not party to this
Agreement.
INTERPRETATION. This Agreement was drafted in, and will be construed in accordance with
the laws of the State of California. The exclusive venue for any action involving this Agreement
will be in Los Angeles County.
ENTIRE AGREEMENT. This Agreement, and its Attachments, sets forth the entire
understanding of the parties with respect to the subject matter hereof. There are no other
understandings, terms or other agreements expressed or implied, oral or written.
There is/are ( ) Exhibits (s) to this Agreement. To the extent of a conflict between this
Agreement and one of the Exhibits, the terms of the Agreement shall take precedence. This
Agreement will bind and inure to the benefit of the parties to this Agreement and any subsequent
successors and assigns.
RULES OF CONSTRUCTION. Each party had the opportunity to independently review this
Agreement with legal counsel. Accordingly, this Agreement will be construed simply, as a whole,
and in accordance with its fair meaning; it will not be interpreted strictly for or against either party.
SEVERABILITY. If any portion of this Agreement is declared by a court of competent
jurisdiction to be invalid or unenforceable, then such portion will be deemed modified to the extent
necessary in the opinion of the court to render such portion enforceable and, as so modified, such
portion and the balance of this Agreement will continue in full force and effect.
AUTHORITY/MODIFICATION. The parties represent and warrant that all necessary action
has been taken by the parties to authorize the undersigned to execute this Agreement and to engage
in the actions described herein. To the extent of any contingency above the original Agreement
amount previously approved by the CITY's City Council, additional Services may be added to this
Agreement by an additional authorization executed by both parties. This Agreement may be
otherwise modified by written amendment, which generally requires approval of the CITY's City
Council. CITY's City Manager, or designee, may execute any such authorization or amendment
on behalf of CITY.
CAPTIONS. The captions of the sections and paragraphs of this Agreement are for convenience
of reference only and will not affect the interpretation of this Agreement.
TIME IS OF ESSENCE. Time is of the essence for each and every provision of this Agreement.
DELAY. CONSULTANT shall complete all Services required by this Agreement within the times
specified in the Agreement, except where (1) an event outside of CONSULTANT's reasonable
control causes a delay and (2) CONSULTANT promptly advises CITY of such delay (such prompt
notice to occur no more than 15 days after the first occurrence of the delay). Such events shall be
limited to: acts of neglect by CITY or CITY's agents or by consultants when acting at CITY's
direction; breaches of this Agreement by CITY; Acts of God such as fire and flood; explosion,
acts of terrorism, war and embargo; and other similar causes beyond the Parties' reasonable
control. In the event of an excusable delay the City may elect whether to terminate this Agreement
or extend the time for performance.
FORCE MAJEURE. Except for defaults of subcontractors at any tier, CONSULTANT shall not
be liable for any excess costs if the failure to perform the Agreement arises from causes beyond
the control and without the fault or negligence of CONSULTANT, including without limitation
failure to reasonably mitigate any adverse impacts (Force Majeure).
Force Majeure events include the following: Acts of God, fires, floods, earthquake, other natural
disasters, epidemics and pandemics, abnormal weather conditions beyond the parameters
otherwise set forth in this Article, nuclear accidents, strikes, lockouts, freight embargos,
interruptions in service by a regulated utility, or governmental statutes or regulations enacted or
imposed after the fact (together, "force maj eure events").
PROTECTION OF RESIDENT WORKERS. The CITY actively supports the Immigration and
Nationality Act (INA) which includes provisions addressing employment eligibility, employment
verification, and nondiscrimination. Under the INA, employers may hire only persons who may
legally work in the United States (i.e., citizens and nationals of the U.S., and aliens authorized to
work in the U.S.). The employer must verify the identity and employment eligibility of anyone to
be hired, which includes completing the Employment Eligibility Verification Form (Form I-9),
reviewing required proofs of both identify and employment authorization, and retaining the Form
I-9 for the required period. Updated form I-9 information is available at www.uscis.gov. The
CONSULTANT shall establish appropriate procedures and controls so no Services or products
under the Agreement will be performed or manufactured by any worker who is not legally eligible
to perform such Services or employment.
2. SAFETY OF PERSONS AND PROPERTY. SAFETY OF PERSONS AND
PROPERTY. CONSULTANT shall comply with, and give notices required by applicable laws,
statutes, ordinances, codes, rules and regulations, and lawful orders of public authorities, bearing
on safety of persons or property or their protection from damage, injury, or loss, all as may be
amended from time to time.
FACSIMILE OR ELECTRONIC TRANSMISSION OF CONTRACT AND SIGNATURE.
The parties agree that this Agreement may be transmitted and signed by facsimile or electronic
mail by either/any or both/all parties, and that such signatures shall have the same force and
effect as original signatures, in accordance with California Government Code section 16.5 and
Civil Code section 1633.7.
STANDARD SUPPLEMENTAL PROVISIONS. Notwithstanding Section 32 ENTIRE
AGREEMENT above, the following Standard Supplemental Provision(s), attached to this
Agreement, is(are) incorporated herein by this reference and takes precedence over any conflicting
provision of this Agreement: [Insert name of any applicable SSP(s), and attach only that
SSP(s)—omit remaining SSP(s). Insert "None" if *applicable.)
[SIGNATURES ON NEXT PAGE]
IN WITNESS WHEREOF, the parties hereto have executed this contract on the date set forth
below.
FOR CONSULTANT:
Print Name & Title
IF CORPORATION:
Print Name & Title
Date: Date
FOR CITY OF SANTA CLARITA:
KENNETH W. STRIPLIN, CITY MANAGER
By:
City Manager
Date:
APPROVED AS TO FORM:
JOSEPH M. MONTES, CITY ATTORNEY
By:
City Attorney
Date:
EXHIBIT A
Attachments
GRAPH 3 depicts the current investment portfolio by type of investment as a percentage of the total portfolio.
GRAPH 3
INVESTMENT TYPES AS A PERCENTAGE OF
THE TOTAL INVESTMENT PORTFOLIO
® CAMP ❑ LAIF p LACPIF
■ Asset Backed Securities0.12% 0.02% o
,, 0.55 %
■ Negotiak
0.71'
■ Treasuries
43.06%
larket Account
).43%
■ Federal Agencies
19.70%
❑ Corporate Bonds
24.95%
SCHEDULE C shows the investment activity (investments purchased, matured, called or sold) during the month of February
2026.
SCHEDULE C
INVESTMENT TRANSACTIONS
SALES
MATURITY
COUPON
DESCRIPTION
PRINCIPAL
PAR
DATE
RATE
Y.T.M.
US TREASURY N/B
$
3,256,816
3,300,000
02/15/27
2.250%
3.558%
US TREASURY N/B
$
2,313,788
2,355,000
02/28/27
1.875%
3.566%
FHMS K522 A2
$
1,997,526
2,000,000
05/25/29
4.803%
3.845%
FHMS K522 A2
$
1,996,918
2,000,000
05/25/29
4.803%
3.855%
US TREASURY N/B
$
7,003,663
6,910,000
01/31/29
4.000%
3.514%
US TREASURY N/B
$
3,141,036
3,085,000
03/31/29
4.125%
3.500%
PURCHASES
MATURITY
COUPON
DESCRIPTION
PRINCIPAL
PAR
DATE
RATE
Y.T.M.
US TREASURY N/B
$
10,966,055
11,000,000
01/31/31
3.750%
3.818%
US TREASURY N/B
$
3,994,844
3,995,000
01/31/31
3.750%
3.751%
TREASURY BILL
$
2,552,965
2,555,000
02/17/26
3.584%
3.636%
ALPHABET INC
$
727,350
730,000
02/15/29
3.700%
3.829%
ALPHABET INC
$
784,160
785,000
02/15/29
3.700%
3.738%
ALPHABET INC
$
784,223
785,000
02/15/29
3.700%
3.735%
ALPHABET INC
$
4,695,206
4,700,000
02/15/29
3.700%
3.736%
WI TREASURY SEC.
$
3,779,681
3,785,000
03/03/26
3.613%
3.669%
CATERPILLAR FINL SERVICE
$
3,180,796
3,185,000
02/23/29
3.750%
3.797%
N7
SECTION V - INVESTMENTS
The City of Santa Clarita's adopted investment policy states that the City is to invest temporarily idle or surplus funds. In accordance with principles of sound treasury
management and various legal guidelines, the City's treasury management strives to meet three basic objectives when making investments. These objectives are, in
order of priority: safety, liquidity, and return on investment.
SCHEDULE F shows the City's current investment portfolio by investment type, percent of each type of investment, the average remaining days to maturity, and the
average yield. The current investment portfolio is in full compliance with the City's adopted investment policy.
SCHEDULEF
CITY OF SANTA CLARITA INVESTMENT PORTFOLIO
Summary as of February 28, 2026
Investments Par Value Market Value Cost Value % of Portfolio Duration Days to YTM at YTM at
Maturity Cost Market
Managed Pool Accounts
3,393,232
3,393,232
3,393,232
0.69%
1
Money Market
2,103,411
2,103,411
2,103,411
0.43%
-
-
-
Negotiable CDs
3,500,000
3,521,382
3,500,000
0.71%
0.38
139
5.08%
3.44%
Federal Agency Bonds - Non Callable
97,529,095
99,665,492
97,103,595
19.70%
2.79
1,018
4.72%
3.82%
Treasuries
212,905,000
215,443,620
212,216,422
43.06%
3.05
1,114
3.94%
3.55%
Corporate Bonds
124,211,000
125,154,425
122,970,470
24.95%
2.63
958
4.31%
3.92%
ABS
51,525,311
51,978,578
51,520,281
10.45%
3.57
1,302
4.52%
3.76%
Investments
495,167,050
501,260,140
492,807,412
100.00%
1.38
1,056
4.21%
3.68%
16
The City's portfolio strategy has been to limit the weighted average maturity of the investment portfolio to three years
or less. The City's current weighted average maturity is 1056 days with a yield of 4.21 %.
In order to provide a tool by which the City's investment portfolio yield can be reasonably measured, GRAPH 4 shows
the City's monthly weighted average yield compared to the 2-Yr Treasury Note and Bank of America Merrill Lynch
Indexes for the past twenty-one months. While this type of analysis, called benchmarking is a convenient way to
provide a general idea of how the City's portfolio is performing in terms of total yield, it should be noted that achieving
the maximum yield is not the City's primary objective. The City of Santa Clarita Statement of Investment Policy reads:
The objective of the investment portfolio is to meet the short and long-term cash flow
demands of the City. To achieve this objective, the portfolio will be structured to
provide Safety of Principal as first priority and Liquidity as second priority, while then
providing a Return on Investments.
Consequently, depending on the City's current liquidity needs, the portfolio yield could vary considerably from the
benchmark.
YIELD COMPARISONS
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
Ln Ln Ln Ln Ln Ln
N N N N N N N N N N N
U L C UA +' U
Q O Q LL Q Q O p LL
r -- City'sYield —N 2-Year T Note —x Bank of America Merill Lynch US Issuers*
INVESTMENT TRANSACTIONS
Investment Transactions as of: January 2026 and February 2026
January 2026
DESCRIPTION
PRINCIPAL
PAR
MATURITY DATE
Y.T.M.
US TREASURY N/B
$
9,702,393
$ 9,750,000
12/31/30
3.733%
CATERPILLAR FINLSERVICE
$
509,816
$ 510,000
01/08/31
4.158%
TOYOTA MOTOR CREDIT CORP
$
1,544,521
$ 1,545,000
01/10/31
4.207%
TAOT 2026-A A3
$
1,219,896
$ 1,220,000
09/16/30
3.895%
BANK OF NY MELLON CORP
$
270,000
$ 270,000
01/22/30
4.026%
US TREASURY N/B
$
611,523
$ 620,000
11/15/28
3.640%
US TREASURY N/B
$
3,054,159
$ 3,045,000
05/15/28
3.611%
US TREASURY N/B
$
1,404,645
$ 1,395,000
12/15/27
3.617%
Subtotal: $18,316,953 $18,355,000
February 2026
DESCRIPTION
PRINCIPAL
PAR
MATURITY DATE
Y.T.M.
US TREASURY N/B
$ 10,966,055
$ 11,000,000
01/31/31
3.818%
US TREASURY N/B
$ 3,994,844
$ 3,995,000
01/31/31
3.751%
TREASURY BILL
$ 2,552,965
$ 2,555,000
02/17/26
3.636%
ALPHABET INC
$ 727,350
$ 730,000
02/15/29
3.829%
ALPHABET INC
$ 784,160
$ 785,000
02/15/29
3.738%
ALPHABET INC
$ 784,223
$ 785,000
02/15/29
3.735%
ALPHABET INC
$ 4,695,206
$ 4,700,000
02/15/29
3.736%
WI TREASURY SEC.
$ 3,779,681
$ 3,785,000
03/03/26
3.669%
CATERPILLAR FINLSERVICE
$ 3,180,796
$ 3,185,000
02/23/29
3.797%
Subtotal:
$31,465,280
$31,520,000
Total Purchases $49,782,234 $49,875,000
January 2026
DESCRIPTION
PRINCIPAL
PAR
MATURITY DATE
Y.T.M.
US TREASURY N/B
$ 7,472,577
$ 7,640,000
12/31/26
3.530%
US TREASURY N/B
$ 2,480,981
$ 2,530,000
09/30/26
3.573%
US TREASURY N/B
$ 488,143
$ 490,000
12/31/30
3.709%
US TREASURY N/B
$ 1,545,398
$ 1,550,000
12/31/30
3.691%
US TREASURY N/B
$ 1,219,047
$ 1,220,000
04/30/28
3.534%
BANK OF NY MELLON CORP
$ 265,448
$ 270,000
01/26/27
3.741%
ALPHABET INC
$ 611,958
$ 610,000
11/15/28
3.749%
APPLE INC
$ 3,054,151
$ 3,035,000
05/10/28
3.700%
AMAZON.COM INC
$ 1,401,790
$ 1,380,000
12/01/27
3.621%
Subtotal:
$18,539,493
$18,725,000
February 2026
DESCRIPTION
US TREASURY N/B
US TREASURY N/B
FHMS K522 A2
FHMS K522 A2
US TREASURY N/B
US TREASURY N/B
Total Sold
IELDS (as of March 24, 2026)
x Treasury
x Agency (bullets)
PRINCIPAL
PAR
MATURITY DATE
$
3,256,816
$ 3,300,000
02/15/27
$
2,313,788
$ 2,355,000
02/28/27
$
1,997,526
$ 2,000,000
05/25/29
$
1,996,918
$ 2,000,000
05/25/29
$
7,003,663
$ 6,910,000
01/31/29
$
3,141,036
$ 3,085,000
03/31/29
Subtotal:
$19,709,747
$19,650,000
$38,249,240 $38,375,000
Y.T.M.
3.558%
3.566%
3.845%
3.855%
3.514%
3.500%
1 YR 2 YR 3 YR 5 YR
3.78% 3.90% 3.93% 4.03%
4.21% 4.16% 4.17% 4.33%
Page 5
3/30/2026 S:AFIMInvestment\Investment CommitteeAFY 25-26\04- Jan & Feb 2026\P. 3-12\P.5 Investment Transactions Jan Feb 2026
Investment Grade: "A" rating category or better is rated by a
Nationally Recognized Statistical Ratings Organization
(NSRO) (i.e. Moody's, S&P, Fitch) or its equivalent.
Cash + Investment Portfolio Evaluations:
LAIF Balance: $87,263 (as of 2/28/26) —Maximum balance authorized in LAIF: $75M (effective 111120)
Average balance fo r prior 12 months: $4M.
CAMP Balance: $575,279 (as of 2/28/26) - Holdings in CAMP were established 1115119.
Average balance for prior 12 months: $18.2M.
LACPIF Balance: $2,730,690 (as of 2/28/26) - Average balance for prior 12 months: $2.7M.
Treasuries: US Treasury notes, bonds, bills, etc. Full faith and credit of US is pledged for payment of principal and interest.
Agencies: US government -sponsored enterprise obligations, participations, or other instruments.
State Bonds : Registered state warrants or treasury notes or bonds of this state and any of the 49 states in addition to California.
Municipal Bonds: Bonds, notes, warrants, or other evidences of indebtedness of any local agency within the state of California.
Supranationals: Obligations (i.e. bonds) issued by the International Bankfor Reconstruction & Development (188 member countries),
International Finance Corporation (184 member countries), or Inter -American Development Bank (48 member countries). Banks are based in
DC. A supranational entity is formed by two or more central governments with the purpose ofpromoting economic development for the member
countries. Current holdings: AAA. Min req: AA. Sector examples: Agriculture, energy, transportation Project example: Transport systems
improvement project
Corporate Notes: Medium -term notes of a max of five years maturity issued by corporations organized and operating within the US
Commercial Paper: Unsecured obligations issued to finance short-term credit needs.
Negotiable CDs: Large denomination interest bearing deposits with a fixed maturity date that may be sold in the money market.
Asset Backed Securities: Pass -through instruments collateralized by installment loans, leases, revolving lines of credit, or other consumer
finance receivables.
Total Porfolio Balance: $491, 795, 674 (as of 2/28/26). Pending a $10M Transfer in March 2026
3/30/2026 S:\FIN\Investment\Investment Committee\FY 25-26\04- Jan & Feb 2026\P. 3-12\P.6 & P.7 Jan Feb 2026 - PFM Tables
Sector Allocation
As of February 28, 2026
Percentage of Sector Allocation by Original Cost
50%
0.431146438
40%
30%
0.19727912
20%
0.247775703
0.104670438
10%
0.006893812 0.005123763 0.007110725
0%
Investment Pools Cash Balanes Certificate of Deposit Agency CMBS U.S. Treasury Medium -Term Notes Asset -Backed
Securities
Sector Allocation by Original Cost
$250,000,000
$200,000,000
$150,000,000
$100,000,000
$50,000,000
$97,103, 595
$3,393,232 $2,521,989 $3,500,000 -
$0
Investment Pools Cash Balanes Certificate of Deposit Agency CMBS
$212,216,422
$121,958, 733
$51,520,281
U.S. Treasury Medium -Term Notes Asset -Backed
Securities
Page 6
3/30/2026 S:\FIN\Investment\Investment Committee\FY 25-26\04- Jan & Feb 2026\P. 3-12\P.6 & P.7 Jan Feb 2026 - PFM Tables
Average Maturity
As of February 28, 2026
Percentage of Maturity Distribution by Original Cost
35%
30%
25%
20%
15%
10%
5 %
0.029189764
0.011935822
0.019048171
■
0%
Cash
0-6 Months
6-12 Months
0.292681727
0.184701726
0.222706216
0.239736573
1-2 Years 2-3 Years 3-4 Years 4-5 Years
Maturity Distribtuon by Original Cost
$160,000,000
$145,048,858
$140,000,000
$120,000,000
$100,000,000 $91,535,521
$80,000,000
$60,000,000
$40,000,000
$20,000,000 $5 $9,440,000 $14,466,028
9_22 ■
$0
Cash 0-6 Months 6-12 Months 1-2 Years
$118,810,000
$110,370,000
2-3 Years 3-4 Years 4-5 Years
0
5+ Years
$0
5+ Years
Page 7
3/30/2026 S:\FIN\Investment\Investment Committee\FY 25-26\04- Jan & Feb 2026\P. 3-12\P.6 & P.7 Jan Feb 2026 - PFM Tables