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HomeMy WebLinkAboutRESOLUTION 2024-056 N.C.S. 06/03/2024 DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE Resolution No. 2024-056 N.C.S. of the City of Petaluma, California RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PETALUMA REGARDING RECEIPT AND FILING OF THE CITY TREASURER'S QUARTERLY REPORT DATED MARCH 31, 2024 WHEREAS, the City of Petaluma Investment policy approved by the City Council pursuant to Resolution no. 2023-079 N.C.S. adopted June 5, 2023 requires the City Treasurer to provide a quarterly investment report to the City Council for compliance with the adopted City Investment Policy; and WHEREAS,the City Treasurer has provided for City Council review a quarterly Treasurer's report dated March 31, 2024; and WHEREAS, this action is exempt from the requirements of the California Environmental Quality Act(CEQA) in accordance with CEQA Guidelines Section 15378, as approving the City's investment policy does not meet CEQA's definition of a "project," because the action does not have the potential for resulting in either a direct physical change in the environment or a reasonably foreseeable indirect physical change in the environment, it is a fiscal activity which does not involve commitment to any specific project, and because the action constitutes organizational or administrative activities of governments that will not result in direct or indirect physical changes in the environment. NOW, THEREFORE,BE IT RESOLVED,by the City Council of the City of Petaluma as follows: 1. Declares the above recitals to be true and correct and are incorporated into this resolution as findings of the City Council. 2. The City Council has received and approves the City Treasurer's Quarterly Report dated March 31,2024, attached hereto as Exhibit A. 3. Finds that this action is exempt from the requirements of the California Environmental Quality Act (CEQA) in accordance with CEQA Guidelines Section 15378, as approving the City's investment policy does not meet CEQA's definition of a"project,"because the action does not have the potential for resulting in either a direct physical change in the environment or a reasonably foreseeable indirect physical change in the environment, it is a fiscal activity which does not involve commitment to any specific project, and because the action constitutes organizational or administrative activities of governments that will not result in direct or indirect physical changes in the environment. 4. The City Council directs the City Clerk to file the quarterly Treasurer's Report dated March 31, 2024 in the official City records. Under the power and authority conferred upon this Council by the Charter of said City. REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to Council of the City of Petaluma at a Regular meeting on the 3rd day of June 2024, oocusigne�5y tn: by the following vote: �Q, City Attorney Resolution No. 2024-056 N.C.S. Page 1 DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE AYES: McDonnell,Barnacle,Cader Thompson,Healy,Nau,Pocekay,Shribbs NOES: None ABSENT: None ABSTAIN: None DocuSigned by: DocuSigned by: C�� LFE316449A062476 Q ATTEST: c� >ty� �81k429E4492... Ma ... Resolution No. 2024-056 N.C.S. Page 2 DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE EXHIBIT A CITY TREASURER'S QUARTERLY REPORT Resolution No. 2024-056 N.C.S. Page 3 DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE Exhibit A City of Petaluma Quarterly Investment Report January 1 to March 31 , 2024 A- L Zj- �I o ,iuu Z' J 8 This report is presented in accordance with the City's investment policy and the California Government Code. The policy and Government Code requires the Treasurer to certify that sufficient cash flow is available for the next six months to meet the expected demand or provide an explanation as to why sufficient cash may not be available. The attached report outlines the current investments, weighted average and yields of pooled investments. The month end account statement of assets managed by Public Financial Management, LLC (PFM), the Local Agency Investment Funds (LAIF) quarterly statement, and the City's performance summary of portfolio investments as compared to applicable benchmarks are included. The report also includes the Treasurer's certification of adequate cash flow. We respectfully submit the quarterly investment report for the quarter ending March 31, 2024. DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE CITY OF PETALUMA, CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending March 31, 2024 Cash activity for the fiscal year: Cash and Investments, Beginning of the quarter, 1/1/24 $ 206,878,054 Cash Receipts 84,963,768 Cash Disbursements (92,676,204) Cash and Investments, End of the Quarter,3/31/24 $ 199,165,619 Cash and Investment Portfolio at March 31,2024 Percent Fair Market Par Value of Value* (Cost) Portfolio Investments Managed by City Treasurer: Local Agency Investment Funds (LAIF) 72,178,016 73,375,439 36.84% CAMP Pool (CA Asset Management Prog) 31,495,852 31,495,852 15.81% PFM Investments Securities ** 79,174,772 79,824,085 40.08% Checking Accounts 3,110,520 3,110,520 1.56% Subtotal 185,959,160 187,805,895 94.30% Investments Managed by Fiscal Agents: Trustee Money Market Accounts 11,359,723 11,359,723 5.70% Subtotal 11,359,723 11,359,723 5.70% Total Cash and Investments 197,318,883 199,165,619 100.00% I certify that this report contains the total amounts of cash and investments at March 31, 2024 The investments are in conformity with the Investment Policy. A copy of the Investment Policy is available for review in the Finance Department. The City Treasurer's cash management program provides sufficient liquidity to meet expenditure requirements for the next six months. We respectfully submit the quarterly investment report for the quarter ending March 31, 2024 A� L-� 3 -;4 ssie Gooch, Finance Director Dated *Fair market values are furnished by the State of California, Local Agency Investment Fund and California Asset Management Program. ** See detail attached DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE CITY OF PETALUMA,CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending:March 31,2024 Investments/Financial Institute Investments Managed by City Treasurer: LAIF 71,877,634.88 722,093.81 72,599,728,69 LAIF accrued interest 722,093.81 775,710.08 (722,093.91) 775,710.08 Sub-Total LAIF 72,599,728.69 1,497,803.89 (722,093.81) 73,375,438.77 CAMP Pool-Treasurer's Investment Money Market 30,844,042.42 21,782,056.02 (21,130,246.15) 31,495,852 29 Sub-Total CAMP Pool Managed Account 30,844,042.42 21,782,056.02 (21,130,246.15) 31,495,852.29 Federal Agency Bonds/Discount Notes 16,768,906.92 (1,741,123.45) 15,027,783-47 Fed Agency accrued interest 73,020.02 112,876.38 (147,103.36) 38,793.04 US Treasury Bonds/Notes 52,549,768.95 21,063,416.99 (9,457,171.87) 64,156,014.07 US Treasury accrued interest 402,521.61 642,454.14 (443,481.52) 601,494.23 Sub-Total PFM Securities;Managed Account** 69,794,217.49 21,818,747.51 (11,788,880.20) 79,824,084.80 Subtotal 173,237,988.60 45,098,607.42 (33,641,220.16) 184,695,375.86 Checking Accounts: Exchange-General Operating 22,219,982.81 32,218,267.45 (51,515,637.44) 2,922,612.82 Exchange-Payroll 126,314.21 7,500,000.00 (7,519,346.32) 106,967.89 Police Trust 80,867.31 71.58 80,938.89 Sub-Total Checking Accounts 22,427,164.33 39,718,339.03 (59,034,983.76) 3,110,519.60 Total Cash and Investments Managed by the City Treasurer 195,665,152.93 84,816,946.45 (92,676,203.92) 187,805,895.46 Investments Managed by Trustees Fiscal Agents: Bank of New York 11,203,034.47 146,703.51 11,349,737.98 US Bank First American Treas 9,866.92 118.42 9,985.34 Sub-Total Trustees Money Market Account 11,212,901.39 146,821.93 11,359,723.32 Total Cash and Investments Managed by Fiscal Agents 11,212,901.39 146,821.93 11,359,723.32 TOTAL CASH AND INVESTMENTS 206,878,054.32 84,963,768.38 (92,676,203.92) 199,165,618.78 "See detail attached Accrued interest (1,415,997 35) General Ledger 197,749,621 44 DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE bn O L a r.+ a N kn In � o C\ C en M Q p 1I) M O � � � Q w ~ V N � 0 N N O oo O C� a� a, c a� U � � U U Eo � M � M M DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE CITY OF PETALUMA,CALIFORNIA CITY TREASURER'S QUARTERLY REPORT For the quarter ending March 31,2024 Cost vs.Fair Market Value Unrealized Cost FV Gain/(Loss) US Treasury Bond/Note 64,156,014.07 64,005,418.96 (150,595.11) Federal Agency Bond/Discount Note 15,027,783.47 15,169,352.85 141,569.38 Corporate Note - - - Certificate of Deposit - Sub-Total PFM Treasurer's Invest.Securities 79,183,797.54 79,174,771.81 (9,025.73) CAMP Pool Money Market Fund/Term 31,495,852.29 31,495,852.29 - Sub-Total CAMP Treasurer's Investments 110,679,649.83 110,670,624.10 (9,025.73) Accrued Interest 640,287.27 CAMP Total Investment Managed Securities Held** 111,310,911.37 LAIF 72,599,728.69 72,178,016.25 (421,712.44) LAIF amortized cost rate 0.99419126700 **See detail attached DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE City of Petaluma Performance Summaries Returns as of BAML 1-3 Year Treasury March 31, 2024 City of Petaluma Index Past Quarter 0.43% 0.30% Past 6 Months 2.94% 2.80% Past Year 3.40% 2.97% Past 3 Years 0.36% 0.08% Past 5 Years 1.36% 1.16%_ _ Yield to Maturity 4.20% - Notes: 1. ICE Bank of America Merrill Lynch(BAML) Indices provided by Bloomberg Financial Markets. 2. CAMP Cash Reserve Pool and CAMP Term holdings excluded from performance and yield calculations. 3. Performance numbers for periods greater than one year are presented on an annualized basis. 4. Yield for the City is calculated as the average of the quarter's three-month end Yield to Maturity at Cost. DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE OILJIL4, IL:Lzj 1"IVI Untitled Page �'W 4 MALIA M. COHEN California State Controller LOCAL AGENCY INVESTMENT FUND REMITTANCE ADVICE Agency Name PETALUMA Account Number 98-49-650 As of 04/15/2024, your Local Agency Investment Fund account has been directly credited with the interest earned on your deposits for the quarter ending 03/31/2024. Earnings Ratio .00011755619077389 Interest Rate 4.30% Dollar Day Total $ 6,598,632,278.88 Quarter End Principal Balance $ 72,599,728.69 Quarterly Interest Earned $ 775,710.08 https://laif.sco.ca.gov/Result.asox 1/1 DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE %NVEST,h��9 State of California W a Pooled Money Investment Account o Market Valuation 3/31/2024 Carrying Cost Plus Description Accrued Interest Purch. Amortized Cost Fair Value Accrued Interest United States Treasury: Bills $ 29,016,845,381.94 $ 29,371,836,247.06 $ 29,367,095,500.00 NA Notes $ 62,110,996,962.28 $ 62,104,127,889.83 $ 61,362,065,500.00 $ 369,303,999.50 Federal Agency: SBA $ 261,355,671.12 $ 261,355,671.12 $ 260,406,267.21 $ 1,266,206.33 MBS-REMICs $ 2,005,373.23 $ 2,005,373.23 $ 1,960,327.91 $ 8,754.66 Debentures $ 7,783,430,186.00 $ 7,782,764,811.01 $ 7,697,999,950.00 $ 46,603,305.45 Debentures FR $ - $ - $ - $ - Debentures CL $ 800,000,000.00 $ 800,000,000.00 $ 788,678,500.00 $ 7,575,278.00 Discount Notes $ 23,090,969,201.38 $ 23,348,321,402.73 $ 23,332,896,000.00 NA Supranational Debentures $ 2,719,839,134.05 $ 2,719,839,134.05 $ 2,685,816,600.00 $ 13,363,501.50 Supranational Debentures FR $ - $ - $ - $ CDs and YCDs FR $ - $ - $ - $ - Bank Notes $ - $ - $ - CDs and YCDs $ 14,450,000,000.00 $ 14,450,000,000.00 $ 14,449,006,916.17 $ 207,463,250.04 Commercial Paper $ 10,127,921,458.38 $ 10,230,717,347.37 $ 10,227,601,597.30 NA Corporate: Bonds FR $ - $ - $ - $ - Bonds $ 670,418,926.95 $ 670,265,926.95 $ 654.690.660.00 $ 6,109,777.60 Repurchase Agreements $ - $ $ - $ - Reverse Repurchase $ - $ - $ - $ - Time Deposits $ 5,089,000,000.00 $ 5,089,000,000.00 $ 5,089,000,000.00 NA PMIA&GF Loans $ 349,660,000.00 $ 349,660,000.00 $ 349,660,000.00 NA TOTAL $ 156,472,442,295.33 1 $ 157,179,893,803.35 1 $ 156,266,877,818.59 $ 651,694,073.08 Fair Value Including Accrued Interest $ 156,918,571,891.67 Repurchase Agreements,Time Deposits, PMIA&General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). The value of each participating dollar equals the fair value divided by the amortized cost(0.994191267). As an example: if an agency has an account balance of$20,000,000.00, then the agency would report its participation in the LAIF valued at$19,883,825.35 or$20,000,000.00 x 0.994191267. o ms)nEnvelope ID:@se 04G+D7-7BgSE@ e34BmcE 2 a- gmc - FA � m ; IA 8 8 \ C) \ \ \ C) » > 7 % J © \ k $ \ \ > 9 \ / . § C VI a 0 • @ ■ w » » 2 2 2 ' . ƒ ® m E B E E 2 y » a a a » \ - m , . ° k x '0. - k n 2 8 8 7 CD CD 8 / 8 m 2 / e CD k \ $ / Ln \ Ln / r a � m § J 2 k 2 ¥ 2 \ 4 2 y 2 x L n 2 { J \ \ J / } / } / § q ®� a m m m m n � _ -n ` � \ } 0 2 y 2 ® 7 \ a ' m 7 \ \ - « / \ \ z m \ k / / / m a � / \ 2 o m / § m u / \ - + o w a { 5 f ^ - - ® w _ w 2 § ƒ § \ % § § \ \ / / / � k } § / k / a # # w \ v - w \ _ IA0 k 7 / R \ Lq / § / \ § / / \ ® 2 � E § a « c $ 5 � § § / § r =r W o CD0 � k ; � � § � 2un (D rqp � 2 E ru IV no, � 2 2 g V � . \ § \ § \ \ \ § \ m o a0 - Ln � NJ \ / 2 / ? / w w (71 , » k .rIj . . . . . .I li . ƒ / \ M c / 3 a 3 / a % ; re � / % > fD 2 / > % § / Ln § � o t / / -VI \ / -PI \ / o 0 3 r o / E § / / ■ ° w 2 \ / ƒ .4 ) / $ § § 0 � } S § @ § § w w 2 k k DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE vc vc vc vc vc vc vc vc vc vc vc vc vc vc u► T in Ln I cn Ln m Ln Ln cn cn Ln Ln cn in to m `iy v � < v v -1 v v -1 v v < v � v -1 v � v < v v O r A r 7D r X O 70 O z o .'o o A o A o X O A o A o A CD ;a o X \ m �f7n1 m o m 00 m V �fT�17 . m rn �n m m �n m a �n m r �n G F, D D F, D N F, D W D D w D F, D w D F, D w D W D D 01 e* I . in in C w to to C: cn cn to in 'r .� �. 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CD O CD O CD O O CDf...a g g g g g g g a oo + + + + + + + + + + + + + T xo c D D D D D D D D D D D D D n, o, a a a m Wa m w 0, n, n, rt 0 = or a a m u, m o, a a IN o, m n, m 7 �C Yi (O v r r O O CD O O CD CD CD CD CD CD CDm O C O O N O O F+ r W O F+ W F+ \ (\ \ O \ a, O lO rt C N N N N N N N N N N N N N N fD (p W W W W W W W W w W W W C "H r r O O O O O O O O O O O O U l0 m\ O O, O, \ ` \ W \ ` \ = v to r O f+ CDN O CDr r W CDf+ W f+ D) rt M ~ �e rt 'T N N N N N N N N N N W W w W W W Lu W W w W w A rt fD N r N N r N r N r W r r ,O i0 ? r C. N T In O (n ,0 N ,O ,O m O ,0 w N -N O -91 -D, N m ? l0 O r VI r (n m �D V O m r N m V ? n = ID to Lo 10 O t0 i- V In F+ co A U1 .P r -N co ,0 10 O r V w V V W U1 V7 o, 01 o, in o C. 00 Ij o Ij w r o 00 o in in r 0� O, m N ,0 O I0 -N m m O O lO w ? ? Ij m V Ln In 10 m V m m 01 m ,O N �0 w O, O m W CD In m -N 0° In O 0 3 Y1 rt O N 41 V ,O r O w In N m A N rt n O, V O ,D ,O V -N m N V w m -11 m fD .� V W V m VI �O T W 1 C O ,O -N 41w Ln r r CD VI N m N O In m In N V VI V O Q, f+ ,O N 't C TI O r fD N r N N r N r N r w r r a 3 ID 10 41 - r O N O, (n O Ul to N 10 O iD m O ,D -N w -S� O -r� N W V 41 10 N V Ol O, F+ VI m O CO V N o m V7 n O 10 m N m r [n O of lD r V W U1 O O r N V t0 N r V m ,D ? N O rt N T r V U1 Vf W GO r O V r U1 m r N fD m w 0, m V N N V m -IN O V l0 Ln Ij C fl n N O, m O, ,D m W w m V N ,D m 7• O � 3 a, W N Sr C, O r O N V7 Ut ,O U7 i0 N ZD 6 O CDr t0 w CD N m -N ,O w O, w m O m ? Cn O, m ,D m tO o m O m N W G W P� cn in o 00 01 W (n -N -N rn V o Ij W m N 10 In ? N I0 m W N VI w Ln C a :Ij .i �4 W ,D o o w o v PI o r o O O N LO UI O, ? V w C, N V ID m O O N G rt O (D O O V V7 m w In N r O O O In O N V DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE .4 v T v -n v T O T v T v -n A C p T Vl p C v C v C v C O C O C T 2 2 2 2 -j 2 � 2 2 fD (n -1 U) In -I In -I (/� --1 lfI v3 v3 v3 v3 v3 v3 v � v � v � v � v -� v � v � n C) w O � CDLn CD L r L r C:, t CD ;0 O O 70 r A r .T r f n C. o C3 o � C> 0 3 o w �=• r U, N r vDi �, lDn d D O m , (n (n z r � r t0 C C C c � C � C m N N D N D N D N D N D N N D ;;0 N x N A N A N A N JD a {/1 CD N O N O N CO N C) N CD CDN O { O { O { O { O { O { `G (D N N N N N r r r r r r T r fD N Q Er O to to to to A V D A H A Z A Z A Z W Z w Z W ? y mrF w w w w w w 3 w C A 00 A W � co A co A W -S, W rt N N O O N o r w cr r Z r Z O Z w Z w Z cn Z 0 3 r O O N N V 01 { O N 9 N Q C. 9 .V 9 V 0 N H o to o o r A o O to o C. L In � N Q 0 0 0 0 0 0 o o m o m o rn o m o m o rn C 01 3 CD CDo CD CD (D o 'n o N o r r N r w y 9 �Ij O rr a o O o 0 C. r C � Ln � � 7 N N N N N N N N N N N N N 3 CD C, C. 0 0 C:, m m o 0 0 o O O o d N N N N N N C N N N N N N N rt to In tJl to A A A V V V a, m 01 C .rp X U m w w w w w w w 10 to �D ko 10 to r r r r r r r r r r r r r W W W 14 W W W N N N N N N C I�i V V V V V V V OO 00 W 00 OD OD 6-4 z W W =c = 00W v n 7nC N N N N A 3 a m W N W r r W N W r O W Ll1 O O i to O O V 01 r 01 O In fn to O V O (n O O to A N O1 00 O O O O [n O O O W A r A V C CD CD C, C. C) C)O C. NCDCO N O CD CD C, O CD O IU O O 01 N tO Nat O O O O O O 01 CJ1 O C, V A N A r O C) O C. O CDO W U2 O C) V A A 10 O O a) CD C) O C. CDm $ g g � g g g g g � g d ao o a + + + + + + + + + + + + + 0 M D D D D D D D D D D D O ^ O m a 0i of or o, of a o, a �' Q = m a a a Oi w w o, 0) v 0i 01 of O ,C P=F tQ v O C. O r r C. O O O O O O r OO \ ` O r \ O`0 \ tJ N r N N v i rt O N r O O N W r r C. O O O \ N 22 ` rt a N N N N N N N N N N N N N Q (D N W N N N N N A A A A A w O O O O r r C. O O O O O O r O w r r r W O r Z! aD w ` rn 01 c\n ` io ` rt rt C N N N N N N N N N N N N N Q (p = N c+.w N N N N N A A A A A W Qt m A (A F+ N N w N r N W r w r r W N r O W to C. O A ID O 0+ V1 r 01 O1 A W w r V r V A r OO O 01 01 O r O In tD W r (� �. (D w W 01 N r tD w r C) V O In In In 00 01 tJl OO 01 C) N r O 01 w O 01 00 V W to O N N A W r V r tD N ryf S. 01 r w 01 A W N O 01 r r N W In 01 V tO N to 01 N m 00 V V ID In A O w A w -4 to w w A ;A :91 :P, ? rt In 0+ I.n V N C) 00 IJ N A r CD N A r CDA r N C) r r 00 01 to t0 LrI r Q IN rt 01 O ~ � o r1i ,nwi t0 to V A A CO V N 01 W Ni 00 CD rt (n'1 W Li 01 W N C) W O 00 A V V 01 m A �O lD 00 CO l0 ? V 01 01 :4 90 90 C v F+ r In w O 01 N V r to C. o1 Q t0 V V N V tD V W 01 V to t0 V CO rrr a TI O 3 A (D N N W N r N 3 w r W r r W N r O W cn O O O A tD o V 01 r 01 OD A W w r V r 7 N o 01 aO r r 91 m 00 o A O rt O to N w In to w N I--` to C0 � w O 01 to C) V N A to V O N O 01 m 00 A r A V V 01 A N V 41 N r r rr w O F+ A 07 (n O r 01 W N V to V r W a Q D 00 r W O w 01 01 O N r V N 01 Ln 7 O 07 c 3 n w p N N W N r N S r W r N r r W N O r O w A C) O A tp 10 V rn r m N w w r 10 V O 3 w O W 01 tD r O W O r N O W N 01 C) C, A r O W 00 N 00V N V Lito Lar W C. O+ W O to O r to r 01 C O V 01 01 N O N t0 W CO O N N Q Q N to o r o N %0 00 in w r v o to a rt N (D t0 10 r ID O V to 01 V w to O O O co A DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE O T O -n -n O T O T O -n O -n O -n O -n O T O -n O -n O T O T 0 3 0 3 0 3 o D 0 3 0 3 0 3 0 3 0 3 0 3 0 3 0 3 0 3 0 3 n O N O (A O N O N O N O m O CA OLA O US O L r E r W O N O C � 21 � o � o O � � o � o � o � o � � l�Do � o obi 'r O y� N I--` W r W W 01 N N N N O N N N F-` Ut O Lq O W N W -4 �} T CIn D Ln O � VI W w N N W O V N D N D IV D N W N D N D N D N D N D N D N D N D N D N D C. VI O N O N O N O D O N O N O N O N O N O N O f O N O N O N rt T 1D 1D 01 N 01 O 10 m01 Ol Ln co Ln VI N W W N N N N N N W W W W W Pr UI N N V V V O 1D 1D r w V N W V O O O -9� 4 r 10 10 VI O VI co N (p CD 00 00 N VI UI O VI Ln �-` co CD � 10 0 y o o O o 0 0 0 o O o 0 0 0 CD CD CD CD O CD CD r �+ CD CD CD ' V \ N r \ r N N \ 1D W O \ 9 ♦♦//�� � — � O rt.y� O O CD CD O O O O O O O O O O O tD i 3 3 N N N N N N N N N N N N N N o O O o O o O o O O o 0 0 0 of D N N N N N N N N N N N N N N ON 01 O 01 01 01 m U1 VI Ln Ln U1 VI VI C Ln rr .' 7 U r m n w w w w w w w w w w w w w w A (n r r w r r r r r r r r w w w w w w w w w w w w w w w w w C v .I V > 03 V .i V V V V V V V z W T -AD W co z W 00O O X co W m A z z p z z z z z 3 3 x w w m 9 � i G) � n O n m V ? A 00 UI VI 00 -P� 4� V N ~ N 3 m z N 01 VI N W N r W r UI U7 0% N w r VI N - O V V V V N N In O V (n UI O Vn W O UI N In Cn UI In 01 O Un O O O O O N C. O O O N O C. O C. O N O O lD O O O O -PI O O O O O lD O O V O O O O r O O 0) to O O CD O O O 0% CD O O O 10 O O W O O O OD (D O 00 CDO O CD CD CD (Dr g g g g g g g g g d goCD oo a + + + + + + + + + + + + + + UD ;a o D D D D D D D D D D D D 0 O N C DI a D1 w DI a m DI or o, w aFp DI o, a v a a m a DI ni m a fu a 7 ,C rF L O r O O O O O O O O O O r O Q (D W O � W w ` O W ` QD O Ln v O r W O r O O N N N O ZZ w w r C w o`D o `n rt CL N N N N N N N N N N N N N N O (p W w w N W W La N w W W Li N N O h / CDF+ O O O CD CD O O O O O F+ O U O\D O l\!1 v {/� m CD N r O O N r O W wW N r N SU [� ` \ `0 z 01 \ l0 ` \ ` \ ` zt PP r7 N N N N N N N N N N N N N N W A (p = W W N w W w N w w W W N N 1"h U) t+ 01 VI N N N r W r VI UI O r W lD f+ r O 00 O O V 01 O r W 10 V O �p t0 r (n N W In O P tD r W W V n 10 N A lD VI 01 V 01 00 r I-+ O OD -P� W V O O r r 01 V lD 01 1D VI w O O U1 V W V N N 1N`F a N W W W O N N V UI 1D N � co w 01 O N VI W W O r r V .A - r in w -91 -;1 -I� w -4 -tl 41 Pq :N w rt O - r V 10 W r W w W ? N U7 — yS T N 1D 01 01 V W m W 10 01 ? N O O 3 IN '+ a -P� 01 rn w 10 w t o cn O M n 01 W C. V W N V W w V VI 4�- ? (D O V W lD 01 1D In 01 00 V O V O C 4�, 01 VI co N O V 1D V In N V W W (p c1 V O in rn in 4 rn UI 01 w rt O. TI O rt 3 (D a 3 N 01 VI N N N F+ W r VI U1 01 r W 3 O O N r O 00 01 01 V V r r 4P 1D V 7 A In 01 1D 1D V V N r In 01 W V In (� O V N O N r 01 1D OD r W 10 00 N W O lD N VI N UI 01 01 Ni 1D O N 10 1D W N' T W N UI UI 01 �` V V1 O lD r O 01 � O O D OD -C, cn 1D %D r ID C. 10 1D 01 m V W G Q n 01 V N N OD W r 'I VI 10 00 V 01 V n a O La � 3 rt � w n N 01 VI N N N r W r VI UI O r W S O W CD CD 01 01 01 01 r r ? 10 01 6 �n N 1D O ? V W lD O N W cn V C 0 O r V V 10 00 ? �-` ? N O W V W 01 - VI VI V 1D W M r N Ul N V W VI 01 C F N 1D 01 UI V lD V OD lD 01 OD t-' W N LO 01 ? r 01 W N CD VI iD N O r V w O rt 0 (D w O to V 00 01 1D O V O] 01 V 01 V N %a A DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE V A O -n cm 0 -n O -n O T O -n O T O T O -n O T O -n O -p z _ _ 3 3 3 r 3 of r 0 3 O D 0 3 0 `G n o C' o n CD o N `- in r 0 r CA o m O N O Ln C C N C 00 N 'D .2 rn Q coo rn m y 'o' rn N •� O o - o D o o D o D o D o 3 0 o D o D o D a `G (D r T fD r r r T N N F, N r N F, N F, - N F, N �, N G v rt rty 41 D H to Ij D O m rn N o+ iD m ID (p r� C w 3 C W W 3 r w W N N N N N Q N r Q r N r lf1 r ? Ol N (n N N ? (A co V 00 (D r "'I Lnw lJl W O 41 W N O N C 0 o o D o 0 0 0 0 0 o 01 O 'T 01 r O 'T O r O O O O O O QI ID C D :�! C \ \ Q �E W � � � O e�F (n o o CDo O o 0 0 0 o O 3 -� 3 N m N N rn N N N N N N N N g o m CD C. o 0 o C. o 0 o O d i�iil N O N N O N N N N N N N N T 00 V T V rn 01 0) ON m 0A rnLn C r'7 '•r C U I r p r- m U n w w w w w w w w w w w A N r r r r r r r r r r r w w w w w w w w w w w C ►-r V V V V V O, V V V V W -ni co (WA C L Z A Z T C < G1 T 0 N .�A O O Ln m N -11 V .A o m w w 3 N W N N w W W w w Ln w N N Ul N O �O Ln V V V a, N V V In (n 01 O Vn V1 V7 O Vl In lJ1 O C lfl O N O O O o O O O O C O O O O O O O -P� O O O O C O O l0 O O O O N O O O O 01 Ln C o N p0 O CD O O V O O O O _w U2 O CD N W CD O O O N (D CDO CDI ► M g cn o g g g g $ g g d a + + + + V c n o D D D D D D D D D ; NJ _a aa D O 0) a w m w ,CLq 10 CDr r r r r r CDr O r N Q (p \o o r r C ` r \a o o C w N O O r r N O O r r rt 01 N N N N N N N N N N N (D (D N w w W W w w w w W W O h O r r r r r r O r O r D o r r C r o O C E lY O W r O N N N r I-+ N N N N N N N N N N N N w w w W w w w LiN N m = W W rt o y w N w F+ N W W w W w U7 w N N V N w In In -P� O ? m W O r 00 lO 01 V In r N V r O n O V N to V r in OD ID � 00 V W N � W 00 w ID ? 00 Ln rt ?• Q O CD A 00 .A W � O [n N � 01 �D V V DD W T W In 01 O In lnl w w O1 O C. T ON r 00 -91 w 00 w W A lfl l.n In Vn Vl -1� In ? In QD r O O r CD O r N W r Cm r � .4 0, (.n N Li � 41 G N 3 rr N V 00 V ID 41 '0 ID V r V to rr fn'! V V � 00 Ol V 414m r 00 V (D V V V O In N 0) Vn [n O W 00 Vn C V V !+ 00 00 O In O [n m r ID -P, (D V V O m 00 r O) O ? to N 0) N a O S O (D w N D 3 N W P. N w W W W w U1 W N N 3 O A N V w ? LrI In � O In m w 7 .A iD N r iD V J� lD N In n 0 rt N N V m O W �D 0) In W 01 N O O rY In 10 CD 10 VCDl0 In N A (A D o N o 00 w r vi o w A rn '•r m N N O 00 ? In w V ? V N %D N Q fn'1 N N A In V �0 r ON O C, N r 4 a O C � w O A N W V N W W W W W -P W N N O , w OV n N N lDD Cn N V N O� w 00 00 N N LA N V 00 N N N N T N r .A 00 lD -N r CO r to O In lD A 01 w V r lD �D V1 w (D w w N 41 uj in is r o '1 00 in ry fD rt O F+ 00 00 w I r kD 10 0+ 00 -D, 00 V w N 0 DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE a Vl _r 3 y O m O mA m m O^ m O^ T Nl TI K n n c 3 a n p D O m m p O p 0 0 D O 0 D O A a c c m c rr m O m m rr m r I mo C �G ►r N ' CL _0 V2 r�T D 000 Ow w a�0i D rn D 7 G V7 o m �G N W r O m O r O r , W r N W r a _ rt m a o a r" _ 3 _ _ = -- x m (A rt C 1 n o 3 o n o 3 0 3 0 3 0 3 C `C N 3 & rGr m m N z W m W m � m m m am r-t rr A N a C c r O r r r r rt v C 3 rt C o OD m m o OD o D D O O (n O O N OI C O O W O O W O W O W O m 0 3 ? y D D D D D C O Z o r O Z o Z z o z 9 O CIO p � 7c 0`D —m r. t! ; � � � � O rr to d z W co z ; z z W Z 3 0 0 o o m o m S rl1 rn " rIj Ln cNn cmn Ln M � `" rIj w C D 3 U m Cl � Lj r r r r o a o 0 0 0 (C/1 —' x < D 3 3 T 5 < � o o Ln w (rn r o a z 00 —1 3 N - V1 V w O O N In V F+ N V N N O V (n (n F+ Vn In Vn O In WVi D7 V N N O O O C. O O N N O O O O o O C. O a (n N N N O O O o O C. O , W U2 A 10 to {n O o 0 0 0 0 0 1--& m 0 u, b a g g g g o go C:) n � o o D D D D D D a cN C a a a a a < �+ rr ,o ui t+ Ln rn v w w ow w a � t rt O N O N N W a d `/ \ � � m o rt a W N W W W W m m h z zw W Ow w a (/, O O O N N W a (� W N W W W W m m rh V �D 00 10 o In V w ID C) Q �O YI ID w G1 i0 N Pj L-j lAD N CA N V V - O w 9 O 4 fr �' LL N N YI %D ? C) O V C, V 0) W %D uD A O o 0 o in C) to ? A A -41 w in -.91 - A rt ONo1 al N Ln LAJ O V o OOi H 3 rt C% C% O O F+ w w 00 00N Ln N W N m V O O V 00 lD O N tD OJ V A C N O o N F+ o ID in oo o+ m V O O V V 'I O N m ID a O rD a 3 W o o u, .i w ID o 3 0 �+ (n w N 4J � tVt1 � Nj w Ln A O :3 V !On Do N V O O In ID ID N N � D N N Cn W w O cD N � 9D rt j 0G0 Iz 0 � w w o Ln ID m o O. d O C � � 3 In 10 10 F+ V 01 w 6 N A N � 41 V N o in 14 w ID c � c o O o in w a N � w � M o G 3 w �D N O% CO oo V �o a -N o7 a al O 01 -9 F+ V A N N F+ �0 O V Ln co rn oD C 7C ((DD W N F+ N N 00 N iD V �o r o in m em'r O F+ V V O %o uD r A w Ln to C. o N r A DocuSign Envelope ID:615B504C-56D7-477F-905B-9178294BB6CE nn nc � vo nn nc � - o nn ncz � o (� Ol S 7 0 C . d 3 = (D C -p �l 3 M M C T O d cn _ r) (D (n O (n a � (D (n O Q a n rD �7 3 YI 7 (D (D S S Ifl 7 fD (D � 7 zT N 7 (D m 3 7 `G 7 rD FF , N 7 N rP_ 3 N 7 o O EL 3 7 Q a Q � . En m y < a (D d < o3i an d < � m a En E a n F c a is a � c a rt N K rD ((nn r-f 0) K CD (Ln rtM CD CD pl rr (n rt a aft c ft a d c c �1 m m C (D S c (D o co o m _ o A to m (D m �D N n n 0 rt al rr m 3 cD N V r G N V N r rt O O O o r V r r 10 O U) NJ C O O COP, `t-. N N N � t-` O O -� V O O ul O P I--` O� O LO Ul N 0 0 0 C) 0 V r W O w W W N O O v W lVfl O O O O O O O V O kD O 01 W N N O O W V �D O O O O O O O kD r N O v V W O to O O v Ul r O o a n a � '30 T V C m 0 370 � o a 3 a �v a Do a V�y 3 O C 3 K rr+ 3 0 CA o D r O O V �D O z Ul W 3 O L N r O OD N O 0 0 m n CL o�2 5 0 D 3v 0-V T t0 o n o-a (D r* c D3i o r 01 Ln Doi N V r C A W " A O :D r S rCD C IQ � rD o W C W o tj o :+ CD w N LO o o�D ID O m A o w NJ A A r